485BPOS

Registration Nos. 033-10992/811-4998

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

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  /X/

Post-Effective Amendment No. 49      /X/

and/or

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

Amendment No. 53        /X/

T. Rowe Price Spectrum Fund, Inc.

Exact Name of Registrant as Specified in Charter

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

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

David Oestreicher

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

Approximate Date of Proposed Public Offering May 1, 2023

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

// Immediately upon filing pursuant to paragraph (b)

/X/ On May 1, 2023 pursuant to paragraph (b)

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

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

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

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

 If appropriate, check the following box:

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

PROSPECTUS May 1, 2023
			T. ROWE PRICE
			Spectrum Diversified Equity Fund
PRSGX TSVPX			Investor Class I Class
	The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Table of Contents

1	SUMMARY
	Spectrum Diversified Equity Fund 1
2	MORE ABOUT THE FUND
	Management of the Fund 8 More Information About the Fund’s Investment Objective(s), Strategies, and Risks 10 Portfolio Turnover 18 Financial Highlights 19 Disclosure of Fund Portfolio Information 22
3	INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS
	Investing with T. Rowe Price 23 Available Share Classes 23 Distribution and Shareholder Servicing Fees 25 Account Service Fee 27 Policies for Opening an Account 28 Pricing of Shares and Transactions 29 Investing Directly with T. Rowe Price 31 Investing Through a Financial Intermediary 37 General Policies Relating to Transactions 39 Contacting T. Rowe Price 46 Information on Distributions and Taxes 48 Rights Reserved by the Funds 56

SUMMARY 1

Investment Objective(s)

The fund seeks long-term capital appreciation and growth of income with current income a secondary objective.

Fees and Expenses

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

Fees and Expenses of the Fund
		Investor Class		I Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee		$20	a	—
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees		0.73	%	0.58	%
Other expenses		—		—
Total annual fund operating expenses		0.73		0.58
a	Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year		3 Years		5 Years		10 Years
Investor Class	$	75	$	233	$	406	$	906
I Class		59		186		324		726

Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 11.1% of the average value of its portfolio.

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Investments, Risks, and Performance

Principal Investment Strategies

Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments. The fund, which normally invests in a variety of U.S. and international equity funds and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding U.S. and international stocks; stocks of companies involved in activities related to commodities and other real assets; small-cap, mid-cap, and large-cap stocks; and growth and value stocks. In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum Diversified Equity Fund	Investment Range
Blue Chip Growth	5%-25	%
Dividend Growth	5%-25	%
Emerging Markets Stock	0%-10	%
Equity Income	5%-25	%
Growth and Income	0%-25	%
Growth Stock	5%-25	%
International Discovery	0%-10	%
International Stock	0%-20	%
International Value Equity	0%-20	%
Mid-Cap Growth	0%-15	%
Mid-Cap Value	0%-15	%
New Horizons	0%-15	%
Real Assets	0%-10	%
Small-Cap Value	0%-15	%
U.S. Large-Cap Core	5%-25	%
Value	5%-25	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The

SUMMARY 3

principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are

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subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.

Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

SUMMARY 5

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

Performance

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

SPECTRUM DIVERSIFIED EQUITY FUND

Calendar Year Returns

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	20.92%	Worst Quarter	3/31/20	-21.60%

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares

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through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

Average Annual Total Returns
			Periods ended
			December 31, 2022
									Since		Inception
			1 Year		5 Years		10 Years		inception		date
	Investor Class										06/29/1990
		Returns before taxes	-18.76	%	6.14	%	9.57	%	—	%
		Returns after taxes on distributions	-20.56		3.73		7.35		—
		Returns after taxes on distributions and sale
		of fund shares	-9.80		4.60		7.44		—
	I Class										05/03/2021
		Returns before taxes	-18.65		—		—		-7.69
	Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)
			-19.21		8.79		12.13		-5.77	b
	Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes)a
			-18.75		7.00		9.98		-6.30	b
	S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
			-18.11		9.42		12.56		-3.66	b
	Lipper Multi-Cap Core Funds Index
			-17.99		7.89		11.02		-5.72	b

a Combined Index Portfolio is an unmanaged blended benchmark that from 8/1/12 through 3/10/15, the blended benchmark was composed of 70% the Russell 3000^® Index and 30% the MSCI All Country World ex USA Index Net. From 3/11/15 to 3/31/20, the blended benchmark was composed of the Russell 3000^® Index (ranging from 82.90%-70%) and the MSCI All Country World Index ex USA Investable Market Index Net (ranging from 30%-17.10%). Since 4/1/20, the blended benchmark has been composed of 85% Russell 3000^® Index and 15% MSCI All Country World Index ex USA Investable Market Index Net. The indices and percentages may vary over time.

b Return since 5/3/21.

Updated performance information is available through troweprice.com.

Management

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

Portfolio Manager	Title	Managed Fund Since	Joined Investment Adviser
Charles M. Shriver	Cochair of Investment Advisory Committee	2011	1991
Toby M. Thompson	Cochair of Investment Advisory Committee	2020	1993*

* Mr. Thompson originally joined T. Rowe Price in 1993 and returned to T. Rowe Price in 2010.

SUMMARY 7

Purchase and Sale of Fund Shares

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

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, qualifying directly held accounts, and certain other types of accounts.

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

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

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

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

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MANAGEMENT OF THE FUND

Investment Adviser(s)

T. Rowe Price is the fund’s investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price also serves as investment adviser for the underlying funds in which the Spectrum Funds invest. T. Rowe Price is the investment adviser for all funds sponsored and managed by T. Rowe Price (T. Rowe Price Funds); is an SEC-registered investment adviser that provides investment management services to individual and institutional investors and sponsors; and serves as adviser and subadviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of December 31, 2022, T. Rowe Price and its affiliates (Firm) had approximately $1.27 trillion in assets under management and provided investment management services for more than 6.0 million individual and institutional investor accounts.

Portfolio Management

T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee cochairs are ultimately responsible for the day-to-day management of the fund’s portfolio and work with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: Charles M. Shriver and Toby M. Thompson, cochairs, Stephen L. Bartolini, Richard de los Reyes, David J. Eiswert, Arif Husain, Wyatt A. Lee, Paul M. Massaro, Christina Dove Noonan, Sebastien Page, Robert A. Panariello, Amelia Seman, Guido F. Stubenrauch, Justin Thomson, and Justin P. White. The following information provides the year that the cochairs first joined the Firm and the cochairs’ specific business experience during the past five years (although the cochairs may have had portfolio management responsibilities for a longer period). Mr. Shriver has been chair of the committee since 2011. He joined the Firm in 1991, and his investment experience dates from 1999. He has served as a portfolio manager with the Firm throughout the past five years. Mr. Thompson has been cochair of the committee since 2020. He originally joined the Firm in 1993, and returned in 2010. His investment experience dates from 1993. He has served as a portfolio manager with the Firm throughout the past five years. The Statement of Additional Information (SAI) provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of the fund’s shares.

Management of the Underlying Funds

For each of the underlying funds in which the fund invests, T. Rowe Price serves as investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio. For certain underlying funds in which the fund invests, T. Rowe Price has entered

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into a subadvisory agreement with T. Rowe Price Investment Management, Inc. (Price Investment Management), T. Rowe Price International Ltd (Price International), T. Rowe Price Hong Kong Limited (Price Hong Kong), T. Rowe Price Japan, Inc. (Price Japan), and/or T. Rowe Price Singapore Private Ltd. (Price Singapore), under which these affiliated entities are authorized to trade securities and make discretionary investment decisions on behalf of all or a portion of the underlying fund. Price Investment Management is registered as an investment adviser with the SEC and is headquartered in the United States in Baltimore, Maryland. Price International is registered as an investment adviser with the SEC and is authorized or licensed by the United Kingdom Financial Conduct Authority and other global regulators. Price International is headquartered in London and has several branch offices around the world. Price Investment Management and Price International are direct subsidiaries of T. Rowe Price. Price Hong Kong is registered as an investment adviser with the SEC and is licensed with the Securities and Futures Commission of Hong Kong. Price Japan is registered as an investment adviser with the SEC and is registered with the Japan Financial Services Agency to carry out investment management business. Price Singapore is registered as an investment adviser with the SEC and is licensed with the Monetary Authority of Singapore. Price Hong Kong is headquartered in Hong Kong, Price Japan is headquartered in Tokyo, and Price Singapore is headquartered in Singapore. Price Hong Kong, Price Japan, and Price Singapore are direct subsidiaries of Price International.

The majority of the directors and the officers of the fund and T. Rowe Price (and its affiliated investment advisers) also serve in similar positions with most of the underlying funds. Thus, if the interests of the fund and the underlying funds were ever to diverge, it is possible that a conflict of interest could arise and affect how the directors and officers fulfill their fiduciary duties to the fund and its underlying funds. The directors of the fund believe they have structured the fund to avoid these concerns. However, conceivably, a situation could occur where proper action for the fund could be adverse to the interests of an underlying fund, or the reverse. If such a possibility arises, the directors and officers of the affected funds and T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.

The Management Fee

The fund pays T. Rowe Price an all-inclusive management fee based on each class’ average daily net assets. The all-inclusive management fee rate for the Investor Class is 0.73% and the all-inclusive management fee rate for the I Class is 0.58%. The difference in the all-inclusive fee rate between share classes relates to differences in expected shareholder servicing expenses. The management fee is calculated and accrued daily, and it includes investment management services and ordinary, recurring operating expenses, but it does not cover interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses. In addition, T. Rowe Price receives management fees from managing the underlying funds, and Price Investment Management, Price International, Price Hong Kong, Price Japan, and/or Price Singapore may receive a portion of the management fee that T. Rowe Price receives from those underlying funds for which it serves as investment subadviser.

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A discussion about the factors considered by the fund’s Board of Directors (Board) and its conclusions in approving the fund’s investment management agreement (and any subadvisory agreement, if applicable) appear in the fund’s semiannual shareholder report for the period ended June 30.

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

Investment Objective(s)

The fund seeks long-term capital appreciation and growth of income with current income a secondary objective.

Principal Investment Strategies

The following information summarizes some of the basic differences between the Spectrum Funds.

The Spectrum Funds offer a professionally managed allocation of investments among a broad range of asset classes. To accommodate a wide range of investor preferences and time horizons, the Spectrum Funds offer different combinations of the growth potential of stocks, the greater income potential of bonds, different degrees of international investing, and the relative stability of money market securities. Certain Spectrum Funds also seek to reduce overall volatility through alternative investments or derivatives. Because the Spectrum Funds invest in a variety of asset classes, including other T. Rowe Price Funds, each Spectrum Fund is expected to benefit from broad diversification.

While there is no guarantee, the concept of diversification helps investors to reduce their overall risk by spreading assets among a variety of investments. Each type of investment tends to follow a cycle of its own and responds differently to changes in the economy and the marketplace. A decline in one investment can be balanced by returns in other investments that are stable or rising. Therefore, a benefit of the Spectrum Funds is the potential for attractive long-term returns with reduced volatility.

For investors who are seeking broad diversification to bonds in an effort to achieve relatively high income, Spectrum Income Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking a relatively balanced approach, with a greater emphasis on bonds than stocks, in an effort to achieve income and some capital appreciation, Spectrum Conservative Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking a relatively balanced approach, with a greater emphasis on stocks than bonds, in an effort to achieve capital appreciation and income, Spectrum Moderate Allocation Fund could be an appropriate part of your overall investment strategy.

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For investors who are seeking broad diversification that emphasizes stocks, with some exposure to bonds, in an effort to achieve capital appreciation and some income, Spectrum Moderate Growth Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification to stocks in an effort to achieve long-term capital appreciation and some income, Spectrum Diversified Equity Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification to international stocks in an effort to achieve long-term capital appreciation along with greater potential volatility, Spectrum International Equity Fund could be an appropriate part of your overall investment strategy.

Each Spectrum Fund’s broad diversification is designed to cushion severe losses in any one investment sector and moderate the funds’ overall price swings. However, the Spectrum Funds’ share prices will fluctuate as the prices of the underlying funds and asset classes rise or fall with changing market conditions. The following information describes the investment program for this particular Spectrum Fund. The specific investment program for each Spectrum Fund is described in greater detail in its prospectus.

Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. Shareholders will receive at least 60 days’ prior notice of a change to the fund’s 80% investment policy. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments. The fund, which normally invests in a variety of U.S. and international equity funds and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding U.S. and international stocks; stocks of companies involved in activities related to commodities and other real assets; small-cap, mid-cap, and large-cap stocks; and growth and value stocks.

Although the fund focuses its investments on its underlying funds, the fund may seek additional investment opportunities or potential tax efficiency and invest up to 10% of its net assets in individual securities.

When deciding on allocations to the underlying funds, T. Rowe Price considers relative values and prospects among the various sectors and investment styles represented by the underlying funds. Within the ranges shown in Section 1, T. Rowe Price may decide to overweight or underweight particular asset classes, sectors, or investment styles based on its outlook for the global economy and securities markets.

Because the fund gains its exposure to various asset classes and investment styles through investments in its underlying funds, the fund’s investment performance is directly tied to the investment performance of these underlying funds. Underlying funds may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy

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assets into more promising opportunities. In pursuing their investment objectives and programs, each of the underlying funds is permitted to engage in a wide range of investment policies and practices. As a result, shareholders of the fund will be affected by an underlying fund’s investment practices in direct proportion to the amount of assets the fund allocates to the underlying funds pursuing such practices.

The following table gives a brief description of each underlying fund’s investment program. Further information about the underlying funds, including their specific objectives, investment restrictions, and overall investment programs, are described in greater detail in each underlying fund’s prospectus and SAI. The fund invests in Z Class shares of each underlying fund.

Description of Underlying Funds
U.S. Equity Funds	Investment Program
Blue Chip Growth	Long-term capital growth by normally investing at least 80% of its net assets in the common stocks of large and medium-sized blue-chip growth companies. Income is a secondary objective.
Dividend Growth	Dividend income and long-term capital growth primarily through investments in stocks, with an emphasis on stocks that have a strong track record of paying dividends or that are expected to increase their dividends over time.
Equity Income	A high level of dividend income and long-term capital growth primarily through investments in stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued.
Growth Stock	Long-term capital growth by investing at least 80% of its net assets in the common stocks of a diversified group of larger growth companies.
Mid-Cap Growth	Long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth.
Mid-Cap Value	Long-term capital appreciation by investing primarily in mid-size companies that appear to be undervalued.
New Horizons	Long-term capital growth by investing primarily in common stocks of small, rapidly growing companies.
Real Assets	Long-term growth of capital by normally investing 80% of its net assets in “real assets” and securities of companies that derive at least 50% of their profits or revenues from, or commit at least 50% of assets to, real assets and activities related to real assets. The fund’s goal is to hold a portfolio of securities and other investments that, over time, should provide some protection against the impact of inflation.
Small-Cap Value	Long-term capital growth by investing primarily in small companies whose common stocks are believed to be undervalued.

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Description of Underlying Funds
U.S. Large-Cap Core	Long-term capital growth by normally investing at least 80% of its net assets in stocks of large-cap U.S. companies. The fund takes a core approach to investing, which provides exposure to both growth and value styles.
Value	Long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective.
International Equity Funds	Investment Program
Emerging Markets Stock	Long-term growth of capital by investing at least 80% of its net assets in stocks issued by companies in emerging markets. The fund takes a growth approach to stock selection.
International Discovery	Long-term growth of capital through investments primarily in the common stocks of rapidly growing, small to medium-sized companies outside the U.S. The fund takes a growth approach to stock selection.
International Stock	Long-term growth of capital through investments primarily in common stocks of established non-U.S. companies. The fund takes a growth approach to stock selection.
International Value Equity	Long-term capital growth and current income primarily through investments in non-U.S. stocks. The fund takes a value approach to stock selection.
Money Market Fund	Investment Program
U.S. Treasury Money	A money market fund managed to provide a stable share price of $1.00. Invests at least 80% of its net assets in U.S. Treasury securities, which are backed by the full faith and credit of the U.S. government, and repurchase agreements thereon. In addition, the fund operates as a “government money market fund,” which requires the fund to also invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are fully collateralized by government securities or cash.
Other Fund	Investment Program
Transition	Seeks the orderly transition of securities and other financial instruments in connection with a transition between the various underlying funds. When the fund is not actively being used to facilitate a portfolio transition, the fund will seek to preserve principal value by investing up to 100% of its assets in cash, T. Rowe Price money market funds, or other short-term instruments.

Principal Risks

The performance and risks of the fund will directly correspond to the performance and risks of the asset classes and underlying funds in which it invests. By seeking to be broadly diversified, the fund has partial exposure to the risks of many different areas of the market.

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The principal risks associated with the fund’s principal investment strategies, which may be even greater in bad or uncertain market conditions, include the following:

Active management/Asset allocation The performance and risks of the fund will directly correspond to the performance and risks of the underlying funds in which it invests. By investing in many underlying funds, which represent different asset classes, sectors, and investment styles, the fund has partial exposure to the risks associated with different areas of the market. The selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles could cause the fund to underperform the broad markets, relevant indices, or other funds with a similar benchmark or investment program. The fund’s overall risk is increased to the extent the fund invests in underlying funds that carry greater risks, and any decisions to underweight or overweight particular underlying funds based on the adviser’s outlook for market conditions could fail to produce the intended results and cause the fund to lag relevant benchmarks or similarly managed funds.

Investments in other funds As a fund of funds, the fund is subject to the risks of the performance and execution of the investment programs of its underlying funds. The fund does not control the investments of the underlying funds, which may implement their investment strategies in a manner not anticipated by the fund. Poor security selection by an underlying fund could cause that underlying fund to underperform relevant benchmarks or other funds with similar investment objectives, which in turn could cause the fund to underperform similarly managed funds. Although T. Rowe Price also serves as the investment adviser of the underlying funds in which the fund invests, an underlying fund may change its investment program or policies without the fund’s approval, which could force the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time.

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

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sanctions) in markets may impact interest rates, market volatility, and security pricing. The occurrence of any of these events could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets of specific countries or worldwide.

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stock markets as a whole can be volatile and decline for many reasons, such as adverse local, political, regulatory, or economic developments; changes in investor psychology; or heavy selling at the same time by major institutional investors in the market, such as mutual funds, pension funds, and banks. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the adviser’s assessment of companies whose stocks are held by an underlying fund may prove incorrect, resulting in losses or poor performance, even in rising markets. The fund’s overall exposure to certain investment styles or market capitalizations may limit its potential for appreciation when other investment styles or market capitalizations are in favor.

International investing Underlying funds that have exposure to investments outside the U.S. generally carry more risk than underlying funds that invest strictly in U.S. assets. Investments outside the U.S. may lose value because of declining foreign currencies or adverse political or economic events overseas, among other things. Securities of non-U.S. issuers tend to be more volatile than U.S. securities and are subject to trading markets with lower overall liquidity, governmental interference, and regulatory and accounting standards and settlement practices that differ from those of U.S. issuers. An underlying fund could experience losses based solely on the weakness of foreign currencies in which the underlying fund’s holdings are denominated versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. Any attempts by an underlying fund to hedge currency risk could be unsuccessful, and it is difficult to hedge the currency risks of many emerging markets countries. Risks can result from differing regulatory environments, less stringent investor protections, uncertain tax laws, and higher transaction costs compared with U.S. markets. Investments outside the U.S. could be subject to governmental actions such as capital or currency controls, nationalization of a company or industry, expropriation of assets, or imposition of high taxes. Market volatility may significantly impact prices and limit the liquidity of securities in a particular country or geographic region at the same time. The fund’s overall international investing risk level is increased to the extent it has exposure to emerging markets.

Emerging markets Underlying funds that have exposure to investments in emerging markets generally carry more risk than underlying funds that invest strictly in the U.S. and other developed markets. Investments in emerging markets are subject to the risk of abrupt and severe price declines. The economic and political structures of emerging market countries, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. These economies are less developed, can be overly reliant on particular industries and are more vulnerable to the ebb and flow of international trade, trade barriers, and other protectionist or retaliatory measures.

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Governments in many emerging market countries participate to a significant degree in their economies and securities markets. As a result, investments by an underlying fund may be restricted and subject to greater government control, including repatriation of sales proceeds. Emerging market securities exchanges are more likely to experience problems with the clearing and settling of trades, as well as the custody of holdings by local banks, agents, and depositories. In addition, the accounting standards in emerging market countries may be unreliable and could present an inaccurate picture of a company’s finances. Some countries have histories of instability and upheaval that could cause their governments to act in a detrimental or hostile manner toward private enterprise or foreign investment. The volatility of emerging markets may be heightened by the actions (such as significant buying or selling) of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, could cause fund share prices to decline.

Market capitalization Different market capitalizations tend to shift into and out of favor depending on market conditions and investor sentiment. Because the fund invests in certain stock funds that emphasize investments in small-cap stocks, mid-cap stocks, and large-cap stocks, the fund’s share price could be negatively affected if a market capitalization falls out of favor, and its potential for appreciation could be limited when one market capitalization is in favor over the other. The fund’s overall stock market risk is increased to the extent it has exposure to small- and mid-cap stocks. Small- and mid-cap companies often have narrower product lines, more limited financial resources, and management that may lack depth and experience. Small-cap companies seldom pay significant dividends that could help to cushion returns in a falling market. Although stocks issued by larger companies tend to have less overall volatility than stocks issued by smaller companies, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes and may suffer sharper price declines as a result of earnings disappointments.

Investment style Different investment styles tend to shift into and out of favor depending on market conditions and investor sentiment. Because the fund invests in certain stock funds that emphasize a growth approach to investing and certain stock funds that emphasize a value approach to investing, the fund’s potential for appreciation could be limited when one investment style is in favor over the other. Growth stocks tend to be more volatile than other types of stocks, and their prices may fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. Value stocks carry the risk that the market will not recognize a security’s intrinsic value for a long time (or at all) or that a stock judged to be undervalued may be appropriately priced. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be inexpensive for long periods of time and may not ever realize their full value.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines

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that could cause the fund to underperform similarly managed funds. Stock markets as a whole can decline for many reasons, and the share price of the underlying fund could fall because of weakness in the broad market, a particular industry, or specific holdings. Stocks of companies with a history of paying dividends may not benefit from a broad market advance to the same degree as the overall stock market. In addition, a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. Although the fund only purchases securities that present minimal credit risk, the credit quality of the fund’s holdings could change rapidly during periods of market stress. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity. This could reduce the market prices of securities held by the underlying fund and make it more difficult for the fund to maintain a stable $1.00 share price.

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

Additional Investment Management Practices

The SAI contains more detailed information about the fund and its investments, operations, and expenses. The fund’s investments may be subject to further restrictions and risks described in the SAI.

The fund typically buys and sells shares of its underlying funds, as appropriate, in order to realign the overall portfolio. However, the fund may at times make investments in the T. Rowe Price Transition Fund in order to facilitate transitions between its underlying funds or when rebalancing its allocations among its underlying funds.

Futures

The fund may also buy and sell futures contracts (thereby taking long or short positions, as appropriate). Investments involving futures would typically be used to manage cash flows efficiently, remain fully invested, or facilitate asset allocation and rebalancing.

To the extent the fund buys and sells futures contracts, it is potentially exposed to greater volatility than investing directly in stock and bond funds. Futures can experience reduced

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liquidity and become difficult to value, particularly during significant market events. While the fund would typically use stock index futures and interest rate futures that are traded on an exchange, the use of any instruments that are traded over-the-counter as opposed to through an exchange are also subject to the risk that a counterparty to the transaction will fail to meet its obligations under the contract.

Reserve Position

The fund may maintain a portion of its assets in reserves, which can consist of short-term, high-quality U.S. dollar-denominated money market securities or shares of the T. Rowe Price U.S. Treasury Money Fund. In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position that is inconsistent with its principal investment objective(s) and/or strategies and may invest, without limitation, in reserves. If the fund has significant holdings in reserves, the fund’s ability to achieve its objective(s) could be compromised.

Meeting Redemption Requests

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

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

During periods of deteriorating or stressed market conditions, or during extraordinary or emergency circumstances, the fund may be more likely to pay redemption proceeds with cash obtained through interfund lending or by redeeming a large redemption request in-kind.

PORTFOLIO TURNOVER

The fund’s portfolio turnover rate is expected to be low. The fund will purchase or sell holdings to: (i) accommodate purchases and sales of the fund’s holdings; and (ii) maintain or modify the allocation of the fund’s assets among the underlying funds within the percentage limits

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described earlier. A high turnover rate may increase transaction costs, result in additional capital gain distributions, and reduce fund total return. The fund’s portfolio turnover rates are shown in the Financial Highlights tables.

FINANCIAL HIGHLIGHTS

The Financial Highlights tables, which provide information about each class’ financial history, are based on a single share outstanding throughout the periods shown. The tables are part of the fund’s financial statements, which are included in its annual report and are incorporated by reference into the SAI (available upon request). The fund’s total returns may be higher or lower than the investment results of the individual underlying T. Rowe Price Funds. The financial statements in the annual report were audited by the fund’s independent registered public accounting firm, PricewaterhouseCoopers LLP.

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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

Investor Class
	Year Ended
	12/31/22		12/31/21		12/31/20		12/31/19		12/31/18
NET ASSET VALUE
Beginning of period	$27.42		$24.25		$23.29		$20.00		$24.36
Investment activities
Net investment income(1)(2)	0.12		0.16		0.19		0.29		0.26
Net realized and unrealized gain/loss	(5.27	)	4.81		4.04		5.11		(2.37	)
Total from investment activities	(5.15	)	4.97		4.23		5.40		(2.11	)
Distributions
Net investment income	(0.14	)	(0.17	)	(0.20	)	(0.30	)	(0.27	)
Net realized gain	(1.95	)	(1.63	)	(3.07	)	(1.81	)	(1.98	)
Total distributions	(2.09	)	(1.80	)	(3.27	)	(2.11	)	(2.25	)
NET ASSET VALUE
End of period	$20.18		$27.42		$24.25		$23.29		$20.00
Ratios/Supplemental Data
Total return(2)(3)(4)	(18.76	)%	20.58	%	18.38	%	27.03	%	(8.53	)%
Ratios to average net assets:(2)
Gross expenses before payments by Price Associates(4)	0.73	%	0.57	%	0.00	%	0.00	%	0.00	%
Net expenses after payments by Price Associates(4)	0.73	%	0.57	%	0.00	%	0.00	%	0.00	%
Weighted average net expenses of underlying Price Funds(5)	0.00	%	0.14	%	0.73	%	0.76	%	0.77	%
Effective net expenses	0.73	%	0.71	%	0.73	%	0.76	%	0.77	%
Net investment income(4)	0.51	%	0.58	%	0.82	%	1.25	%	1.05	%
Portfolio turnover rate(4)	11.1	%	8.6	%	12.9	%	19.3	%	10.8	%
Net assets, end of period (in millions)	$1,848		$4,156		$3,991		$3,795		$3,266

(1)	Per share amounts calculated using average shares outstanding method.
(2)	Includes the impact of expense-related arrangements with Price Associates. Effective March 24, 2021, the fund began charging an all-inclusive management fee based on the class' average daily net assets. On that same date, the fund converted its investments from each underlying Price Fund’s Investor Class to its Z Class, which has a net expense ratio of less than 0.01%.
(3)	Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. The fund's total return may be higher or lower than the investment results of the individual underlying Price Funds.
(4)	Reflects the activity of the fund, and does not include the activity of the underlying Price Funds. However, investment performance of the fund is directly related to the investment performance of the underlying Price Funds in which it invests.
(5)	Reflects the indirect expense impact to the fund from its investment in the underlying Price Funds, based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative average investment therein.

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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

I Class
	Year Ended 12/31/22		5/3/21(1)  Through 12/31/21
NET ASSET VALUE
Beginning of period	$27.36		$27.19
Investment activities
Net investment income(2)(3)	0.25		0.26
Net realized and unrealized gain/loss	(5.36	)	1.78
Total from investment activities	(5.11	)	2.04
Distributions
Net investment income	(0.22	)	(0.24	)
Net realized gain	(1.95	)	(1.63	)
Total distributions	(2.17	)	(1.87	)
NET ASSET VALUE
End of period	$20.08		$27.36
Ratios/Supplemental Data
Total return(3)(4)(5)	(18.65	)%	7.61	%
Ratios to average net assets:(3)
Gross expenses before payments by Price Associates(5)	0.58	%	0.58	%(6)
Net expenses after payments by Price Associates(5)	0.58	%	0.58	%(6)
Net investment income(5)	1.07	%	1.38	%(6)
Portfolio turnover rate(5)	11.1	%	8.6	%
Net assets, end of period (in millions)	$1,560		$371

(1)	Inception date
(2)	Per share amounts calculated using average shares outstanding method.
(3)	Includes the impact of expense-related arrangements with Price Associates.
(4)	Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. Total return is not annualized for periods less than one year. The fund's total return may be higher or lower than the investment results of the individual underlying Price Funds.
(5)	Reflects the activity of the fund, and does not include the activity of the underlying Price Funds. However, investment performance of the fund is directly related to the investment performance of the underlying Price Funds in which it invests.
(6)	Annualized

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DISCLOSURE OF FUND PORTFOLIO INFORMATION

Most T. Rowe Price Funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. At the discretion of the investment adviser, these holdings reports may exclude the issuer name and other information relating to a holding in order to protect the fund’s interests and to prevent harm to the fund or its shareholders. In addition, most T. Rowe Price Funds disclose their 10 largest holdings, along with the percentage of the relevant fund’s total assets that each of the 10 holdings represents, on troweprice.com on the seventh business day after each month-end. These holdings are listed in numerical order based on such percentages of the fund’s assets. A description of T. Rowe Price’s policies and procedures with respect to the disclosure of portfolio information is available in the SAI.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 3

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

INVESTING WITH T. ROWE PRICE

This section of the prospectus explains the basics of investing with T. Rowe Price and describes some of the different share classes that may be available. Certain share classes can be held directly with T. Rowe Price, while other share classes must typically be held through a financial intermediary, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and investment advisers.

AVAILABLE SHARE CLASSES

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

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

Investor Class

A T. Rowe Price Fund that does not include the term “institutional” or indicate a specific share class as part of its name is considered to be the Investor Class of that fund. The Investor Class is available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly from T. Rowe Price or through a retirement plan or financial intermediary. The Investor Class does not impose sales charges and does not make

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

I Class

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

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other types of accounts.

Certain qualifying accounts are eligible to invest in the I Class at a lower investment minimum through programs available to investors holding their accounts directly with T. Rowe Price, including, but not limited to, programs for which T. Rowe Price or its affiliate has discretionary authority. For investors eligible for the I Class through such programs, the terms and conditions, including applicable minimums, of the respective program will apply. Certain accounts, including most T. Rowe Price Brokerage sweep accounts and small business retirement plans with more than one participant that are held directly with T. Rowe Price, are not eligible to invest in the I Class, regardless of account balance.

Advisor Class

The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and advisers. The Advisor Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.25% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. You may also incur other fees or charges when buying or selling Advisor Class shares through a financial intermediary.

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

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R Class

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

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

Z Class

The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for additional purchases. The Z Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES

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

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

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

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

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

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

Additional Compensation to Financial Intermediaries

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

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

Comparison of Distribution and Shareholder Servicing Fees

The following table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class based on its average daily net assets.

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

ACCOUNT SERVICE FEE

Investor Class

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

The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price^® ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically

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waived for accounts that satisfy any of the following conditions as of the last business day in August:

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

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

· Certain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).

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

POLICIES FOR OPENING AN ACCOUNT

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

Tax Identification Number

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

Important Information Required to Open a New Account

Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only

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for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account.

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

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

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

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

PRICING OF SHARES AND TRANSACTIONS

How and When Shares are Priced

The trade date for your transaction request depends on the day and time that T. Rowe Price receives your request and will normally be executed using the next share price calculated after your order is received in correct form by T. Rowe Price or its agent (or by your financial intermediary if it has the authority to accept transaction orders on behalf of the fund). The share price, also called the net asset value, for each share class of a fund is calculated as of the close of trading on the New York Stock Exchange (NYSE), which is normally 4 p.m. ET, on each day that the NYSE is open for business. Net asset values are not calculated for the funds

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on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would typically be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the funds reserve the right to treat such day as a business day and accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.

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

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

T. Rowe Price uses various pricing services to provide closing market prices, as well as information used to adjust those prices and to value most fixed income securities. T. Rowe Price cannot predict how often it will use closing prices or how often it will adjust those prices. T. Rowe Price routinely evaluates its fair value processes.

Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If T. Rowe Price determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund’s securities, T. Rowe Price will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, T. Rowe Price reviews a variety of factors, including developments in foreign

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markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.

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

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

INVESTING DIRECTLY WITH T. ROWE PRICE

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

Options for Opening Your Account

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

For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for certain transactions (for example, to transfer ownership). There are multiple ways to establish a new account directly with T. Rowe Price.

Online In general, you can open a new Investor Class or I Class account online. Go to troweprice.com/newaccount to choose the type of account you wish to open.

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

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

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

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

How Your Trade Date Is Determined

If you invest directly with T. Rowe Price and your request to purchase, sell, or exchange shares is received by T. Rowe Price or its agent in correct form by the close of the NYSE (normally 4 p.m. ET), your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value. Systematic transactions that are scheduled to occur on a date the NYSE is closed will normally be processed the next business day (except for certain retirement plan payroll deduction orders generated by T. Rowe Price where the orders are processed the day before the day the NYSE is closed).

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

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disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET.

Transaction Confirmations

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

Telephone and Online Account Transactions

You may access your accounts and conduct most transactions involving Investor Class or I Class accounts using the telephone or the T. Rowe Price website at troweprice.com. Telephone conversations are recorded.

Preventing Unauthorized Transactions

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

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

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

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

Trusted Contacts Investors who hold shares of a T. Rowe Price Fund directly or through a T. Rowe Price Brokerage account have the option to add one or more trusted contacts to their brokerage and mutual fund accounts. Trusted contacts are intended to be a resource to help protect client assets. Any individuals designated as a trusted contact will be authorized to serve

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as a primary contact if T. Rowe Price has questions or concerns related to potentially fraudulent account activity or suspected financial exploitation or to confirm your contact information if we are unable to reach you (but are not authorized to act on your account). For more information or to add trusted contacts to your account, visit troweprice.com or call 1-800-225-5132.

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

Purchasing Shares

Shares may be purchased in a variety of ways.

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

By Electronic Transfer Shares may be purchased using the Automated Clearing House network if you have established the service on your account, which allows T. Rowe Price to request payment for your shares directly from your bank account or other financial institution account. You may also arrange for a wire to be sent to T. Rowe Price (wire transfer instructions can be found at troweprice.com/wireinstructions or by calling Shareholder Services). T. Rowe Price must receive the wire by the close of the NYSE to receive that day’s share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution.

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

Systematic Purchases (Automatic Asset Builder) You can instruct T. Rowe Price to automatically transfer money from your account at your bank or other financial institution at

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

Initial Investment Minimums

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

Additional Investment Minimums

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

Exchanging and Redeeming Shares

Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes. (Institutional investors are restricted from exchanging into a fund that operates as a retail money market fund.) You can set up systematic exchanges so that money is automatically moved from one fund account to another on a regular basis.

Receiving Redemption Proceeds Redemption proceeds can be mailed to your account address by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. You can set up systematic redemptions and have the proceeds automatically sent via check or Automated Clearing House on a regular basis. If your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the NYSE, proceeds are usually sent on the next business day. However, if you request a redemption from a money market fund on a business day prior to 12 p.m. (noon) ET and request to have proceeds sent via bank wire, proceeds are normally sent later that same day.

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Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale, and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale (except for wire redemptions from money market funds received prior to 12 p.m. (noon) ET). A $5 fee will be charged for an outgoing wire of less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.

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

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

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

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

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

Converting to Another Share Class

You may convert from one share class of a fund to another share class of the same fund (which may have a different expense ratio) over the telephone or in writing. Although the conversion has no effect on the dollar value of your investment in the fund, the number of shares owned after the conversion may be greater or less than the number of shares owned before the conversion, depending on the net asset values of the two share classes. A conversion between share classes of the same fund is a nontaxable event. The new account will have the same registration as the account from which you are converting.

Shareholders may contact T. Rowe Price at any time to convert eligible account balances to the I Class. In addition, T. Rowe Price may conduct periodic reviews of account balances. If your account balance in a fund meets or exceeds the applicable minimum amount required for the I Class, T. Rowe Price may, but is not required to, automatically convert your Investor Class shares to I Class shares of the same fund with advance notice, which may be in writing or delivered electronically if you have a valid email address on file with T. Rowe Price. Certain account restrictions will prevent an automatic conversion. If you opt out of any automatic conversions to the I Class, your election will apply to any future periodic reviews and automatic conversions for which you may otherwise be eligible unless you contact T. Rowe Price to change your election. If T. Rowe Price or its affiliates have investment discretion for your

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account, T. Rowe Price may convert your shares to a different share class without any advance notice to you. Automatic conversions only occur between share classes of the same fund.

Maintaining Your Account Balance

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

I Class To keep operating expenses lower, we ask that you maintain an account balance that at least meets the applicable I Class minimum necessary to open an account. If your investment in a fund falls below the applicable I Class minimum (even if due to market depreciation), we have the right to convert your account to a different share class in the same fund (if available) with a higher expense ratio or redeem your account at the then-current net asset value, after giving you 60 days’ advance notice to increase your balance. The redemption of your account by T. Rowe Price could result in a taxable gain or loss. However, if T. Rowe Price or its affiliates have investment discretion for your account, T. Rowe Price may convert your shares to a different share class without advance notice. Shareholders investing in a fund as part of a program that allows for a lower initial investment minimum will be subject to the applicable minimum account balance requirements of the respective program.

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

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

Eligibility Through Certain T. Rowe Price Programs

Direct investors with qualifying accounts may be eligible to invest in the I Class with a lower initial investment minimum and may be eligible to open new accounts in funds that are generally closed to new investors. For certain programs, eligibility is based on the aggregate value of qualifying accounts and certain other accounts held by direct investors in the same household. The terms and conditions of the respective program will apply and are subject to change. Contact T. Rowe Price for more information.

INVESTING THROUGH A FINANCIAL INTERMEDIARY

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

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

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financial intermediary may charge a fee, such as transaction fees or brokerage commissions, for its services.

Opening an Account

The financial intermediary must provide T. Rowe Price with its certified taxpayer identification number. Financial intermediaries should call Client Account Management for an account number and wire transfer instructions. In order to obtain an account number, the financial intermediary must supply the name, taxpayer identification number, and business street address for the account. (Please refer to “Contacting T. Rowe Price” later in this section for the appropriate telephone number and mailing address.) Financial intermediaries must also enter into a separate agreement with the fund or its agent.

How the Trade Date is Determined

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

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

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

Purchasing Shares

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

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Management. The fund may permit financial intermediaries to submit purchase orders for shares through various other methods as well, if approved by Client Account Management.

Investment Minimums

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

The Summit Funds require a $25,000 minimum initial investment, and other funds generally require a $2,500 minimum initial investment, although the minimum is generally waived or modified for any retirement plans and financial intermediaries establishing accounts in the Investor Class, Advisor Class, or R Class. I Class accounts require a $500,000 minimum initial investment per fund for each account registration, although the minimum is generally waived for certain types of accounts.

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

Redeeming Shares

Unless otherwise indicated, redemption proceeds will be sent via bank wire to the financial intermediary’s designated bank. Redemptions by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Client Account Management. The fund may permit financial intermediaries to submit redemption orders for shares through various other methods as well, if approved by Client Account Management. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or second business day after receipt of the order, depending on the arrangement with the financial intermediary. Proceeds for redemption orders received prior to 12 p.m. (noon) ET for a money market fund may be sent via wire the same business day. You must contact your financial intermediary about procedures for receiving your redemption proceeds.

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

GENERAL POLICIES RELATING TO TRANSACTIONS

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

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

T. ROWE PRICE 40

be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.

U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks. In addition, we request that you give us at least three business days’ notice for any purchase of $1 million or more.

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

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

Liquidity Fees and Redemption Gates—Retail Money Market Funds

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

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

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

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Omnibus Accounts If your shares are held through a financial intermediary, T. Rowe Price may rely on the financial intermediary to assess any applicable liquidity fees or impose redemption gates on underlying shareholder accounts. In certain situations, T. Rowe Price enters into agreements with financial intermediaries maintaining omnibus accounts that require the financial intermediary to assess liquidity fees or redemption gates. There are no assurances that T. Rowe Price will be successful in ensuring that all financial intermediaries will properly assess the fees.

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

Large Redemptions

Large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager’s ability to implement a fund’s investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to redeem in-kind. In general, any redemptions in-kind will represent a pro-rata distribution of a fund’s securities, subject to certain limited exceptions. The redeeming shareholder will be responsible for disposing of the securities, and the shareholder will be subject to the risks that the value of the securities could decline prior to their sale, the securities could be difficult to sell, and brokerage fees could be incurred. If you continue to hold the securities, you may be subject to any ownership restrictions imposed by the issuers. For example, real estate investment trusts (REITs) often impose ownership restrictions on their equity securities. In addition, we request that you give us at least three business days’ notice for any redemption of $1 million or more.

Delays in Sending Redemption Proceeds

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

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

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The Board of a retail money market fund may elect to temporarily suspend redemptions from the fund (i.e., a “redemption gate”) for up to 10 business days in a 90-day period if the fund’s weekly liquid assets fall below 30% of its total assets and the fund’s Board determines that imposing a redemption gate is in the fund’s best interests. In addition, under certain limited circumstances, the Board of a money market fund may elect to permanently suspend redemptions in order to facilitate an orderly liquidation of the fund (subject to any additional liquidation requirements).

Involuntary Redemptions and Share Class Conversions

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

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

Excessive and Short-Term Trading Policy

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

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

General Exceptions As of the date of this prospectus, the following types of transactions

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generally are not subject to the funds’ Excessive and Short-Term Trading Policy:

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

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

· Checkwriting redemptions from bond funds and money market funds;

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

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

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

· Shares purchased by asset transfer or direct rollover;

· Shares purchased or redeemed through IRA conversions and recharacterizations;

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

· Transactions in Section 529 college savings plans;

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

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

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

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

· Transactions having a value of $5,000 or less (retirement plans, including those for which T. Rowe Price serves as recordkeeper, and other financial intermediaries may apply the Excessive and Short-Term Trading Policy to transactions of any amount).

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

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

Financial Intermediary and Retirement Plan Accounts If you invest in T. Rowe Price Funds through a financial intermediary, including a retirement plan, you should review the financial intermediary’s or retirement plan’s materials carefully or consult with the financial intermediary or plan sponsor directly to determine the trading policy that will apply to your trades in the T. Rowe Price Funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.

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

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

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

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

Unclaimed Accounts and Uncashed Checks

If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price is deemed undeliverable, T. Rowe Price may be required to transfer (i.e., escheat) your account assets, including any assets related to uncashed checks, to the appropriate state under its abandoned property laws. For IRAs escheated to a state under these abandoned

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 45

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

Delivery of Shareholder Documents

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

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

Signature Guarantees

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

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

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

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

· Establishing certain services after an account is opened; or

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

Financial intermediaries should contact T. Rowe Price Client Account Management for specific requirements.

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

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Fund Operations and Shareholder Services

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

CONTACTING T. ROWE PRICE

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

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

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

T. Rowe Price Addresses

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

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

via U.S. mail T. Rowe Price Account Services
P.O. Box 17300
Baltimore, MD 21297-1300 via private carriers/overnight services T. Rowe Price Account Services
Mail Code 17300
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Account Services
P.O. Box 17468
Baltimore, MD 21298-8275 via private carriers/overnight services T. Rowe Price Account Services
Mail Code 17468
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Retirement Client Services
P.O. Box 17350
Baltimore, MD 21297-1350 via private carriers/overnight services T. Rowe Price
Attn.: Retirement Operations
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Client Account Management
P.O. Box 17300
Baltimore, MD 21297-1603 via private carriers/overnight services T. Rowe Price Client Account Management
Mail Code: OM-4232
4515 Painters Mill Road
Owings Mills, MD 21117-4842

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

INFORMATION ON DISTRIBUTIONS AND TAXES

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

To the extent possible, all net investment income and realized capital gains are distributed to shareholders. Generally, your share of the distribution is based on the number of shares of the fund outstanding on the applicable dividend record date. Therefore, if the fund has experienced a net redemption during the taxable period, your share of the distribution that is declared less frequently than daily may be relatively higher due to the smaller number of shares outstanding on the record date. See also “Taxes on Fund Distributions” below.

Dividends and Other Distributions

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

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

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distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.

The following table provides details on dividend payments:

Dividend Payment Schedule
Fund	Dividends
Money market funds	· Shares purchased via wire that are received by T. Rowe Price by 12 p.m. (noon) ET begin to earn any dividends on that day. Shares purchased via a wire received after 12 p.m. (noon) ET and through other methods normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
Bond funds, including Retirement Balanced, Retirement I Balanced–I Class, and Spectrum Income	· Shares normally begin to earn any dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Real Estate · Spectrum Conservative Allocation · Spectrum Moderate Allocation	· Dividends, if any, are declared and paid quarterly, in March, June, September, and December. · Must be a shareholder on the dividend record date.
Retirement Income 2020	· Dividends are declared and normally paid in the middle of each month.
All other funds	· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date.
All funds	· If necessary, a fund may make additional distributions on short notice to minimize any fund level tax liabilities.

For funds that declare dividends daily, shares earn any dividends through the date of a redemption (for redemptions from money market funds where the request is received prior to 12 p.m. (noon) ET and proceeds are sent via wire, shares only earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for

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example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.

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

Capital Gain Payments

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

Tax Information

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

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

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

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

· The fund makes dividend or capital gain distributions.

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

Tax-Free and Municipal Funds

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

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

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

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

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 51

Tax-Free and Municipal Funds

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

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

For corporate shareholders, a portion of ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds, bond funds, or money market funds is expected to qualify for this deduction. A fund that earns interest income may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) interest dividends, which would allow the recipient to treat the designated portion of such dividends as interest income for purposes of determining interest expense deduction limitation under Section 163(j) of the Internal Revenue Code. Section 163(j) interest dividends, if so designated by a fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service. To be eligible to treat a Section 163(j) interest dividend as interest income, you must have held the fund share for more than 180 days during the 361-day period beginning on the date which is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. The holding period requirement does not apply to money market funds or funds that declare interest dividends on a daily basis in an amount equal to at least 90% of the fund’s excess Section 163(j) interest income and distribute such dividends on a monthly basis.

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

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If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with any necessary tax forms. You should contact your financial intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.

Taxes on Fund Redemptions

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

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

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

For mutual fund shares acquired on or after January 1, 2012, federal income tax regulations require us to report the cost basis information on Form 1099-B using a cost basis method selected by the shareholder in compliance with such regulations or, in the absence of such selected method, our default method if you acquire your shares directly from T. Rowe Price. Our default method is average cost. For any fund shares acquired through a financial intermediary on or after January 1, 2012, you should check with your financial intermediary regarding the applicable cost basis method. You should note that the cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate. T. Rowe Price and financial intermediaries are not required to issue a Form 1099-B to report sales of money market fund shares.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 53

To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly following each transaction you make (except for systematic purchases and systematic redemptions) and a year-end statement detailing all of your transactions in each fund account during the year. If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with transaction confirmations and statements.

Taxes on Fund Distributions

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

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

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

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

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

T. ROWE PRICE 54

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

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

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

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

Taxes on Fund Distributions

Tax-Free and Municipal Funds

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

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

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

Limited Duration Inflation Focused Bond, U.S. Limited Duration TIPS Index, and Inflation Protected Bond Funds

· Inflation adjustments on Treasury inflation protected securities that exceed deflation adjustments for the year will be distributed as ordinary income.

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

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

Fund-of-Funds

· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains, which could have a significant tax impact to taxable account holders.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 55

Tax Consequences of Liquidity Fees

It is currently anticipated that shareholders of retail money market funds that impose a liquidity fee may generally treat the liquidity fee as offsetting the shareholder’s amount realized on the redemption (thereby decreasing the shareholder’s gain, or increasing the shareholder’s loss, on the redeemed amount). A fund that imposes a liquidity fee anticipates using 100% of the fee to help repair a market-based net asset value per share that was below $1.00.

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

Tax Consequences of Hedging

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

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

If you buy shares before or on the record date—the date that establishes you as the person to receive the upcoming distribution—you may receive a portion of the money you invested in the form of a taxable distribution. Therefore, you may wish to find out a fund’s record date before investing. In addition, a fund’s share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return. The amount of capital gains realized by the fund is dependent upon the price at which securities are sold compared with the cost basis of those securities. When evaluating investment opportunities and deciding to sell a particular holding, a portfolio manager may consider the fund’s cash position relative to the cash needed to meet shareholder redemptions and/or purchase other securities and may identify certain shares with a specific cost basis to be sold in an attempt to minimize capital gain distributions. Additional information is available in the fund’s annual and semiannual shareholder reports.

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RIGHTS RESERVED BY THE FUNDS

T. Rowe Price Funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through a financial intermediary no later than the business day after the order is received by the financial intermediary (including, but not limited to, orders deemed to result in excessive trading, market timing, or 5% ownership); (5) to cease offering fund shares at any time to all or certain groups of investors; (6) to freeze any account and suspend account services when notice has been received of a dispute regarding the ownership of the account, or a legal claim against an account, upon initial notification to T. Rowe Price of a shareholder’s death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed when permitted by law, including in cases of threatening or abusive conduct, suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money market funds, to suspend redemptions to facilitate an orderly liquidation.

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

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

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

1940 Act File No. 811-4998 F89-040 5/1/23

PROSPECTUS May 1, 2023
			T. ROWE PRICE
			Spectrum Income Fund
RPSIX TSPNX			Investor Class I Class
	The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Table of Contents

1	SUMMARY
	Spectrum Income Fund 1
2	MORE ABOUT THE FUND
	Management of the Fund 9 More Information About the Fund’s Investment Objective(s), Strategies, and Risks 11 Portfolio Turnover 21 Financial Highlights 22 Disclosure of Fund Portfolio Information 25
3	INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS
	Investing with T. Rowe Price 26 Available Share Classes 26 Distribution and Shareholder Servicing Fees 28 Account Service Fee 30 Policies for Opening an Account 31 Pricing of Shares and Transactions 32 Investing Directly with T. Rowe Price 34 Investing Through a Financial Intermediary 40 General Policies Relating to Transactions 42 Contacting T. Rowe Price 49 Information on Distributions and Taxes 51 Rights Reserved by the Funds 59

SUMMARY 1

Investment Objective(s)

The fund seeks a high level of current income with moderate share price fluctuation.

Fees and Expenses

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

Fees and Expenses of the Fund
		Investor Class		I Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee		$20	a	—
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees		0.62	%	0.47	%
Other expenses		—		—
Total annual fund operating expenses		0.62		0.47
a	Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year		3 Years		5 Years		10 Years
Investor Class	$	63	$	199	$	346	$	774
I Class		48		151		263		591

Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 20.7% of the average value of its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies

The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing

T. ROWE PRICE 2

specific market segments. The fund, which normally invests in a variety of U.S. and international bond funds, including emerging market bond funds, a money market fund, and an income-oriented stock fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding high-quality U.S. and international bonds, high-yield bonds (“junk” bonds), short- and long-term securities, inflation-linked securities, dividend-paying stocks and other instruments (such as bank loans). In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum Income Fund	Investment Range
Corporate Income	0%-10	%
Dynamic Global Bond	0%-10	%
Emerging Markets Bond	0%-20	%
Emerging Markets Local Currency Bond	0%-10	%
Equity Income	5%-25	%
Floating Rate	0%-10	%
GNMA	5%-20	%
High Yield	5%-25	%
Inflation Protected Bond	0%-10	%
International Bond	0%-15	%
International Bond (USD Hedged)	0%-20	%
Limited Duration Inflation Focused Bond	0%-10	%
New Income	10%-30	%
Short-Term Bond	0%-15	%
U.S. Treasury Intermediate Index	0%-10	%
U.S. Treasury Long-Term Index	0%-15	%
U.S. Treasury Money	0%-25	%
Ultra Short-Term Bond	0%-10	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks

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

SUMMARY 3

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.

Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with

T. ROWE PRICE 4

longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.

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

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

Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S.,

SUMMARY 5

emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Since floating interest rates on bank loans are typically based on a percentage above LIBOR (London Interbank Offered Rate), the expected discontinuation in 2023 for the majority of the LIBOR rates could adversely impact the performance of underlying funds that hold bank loans.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend.

Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

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

T. ROWE PRICE 6

Performance

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

SPECTRUM INCOME FUND

Calendar Year Returns

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	7.99%	Worst Quarter	3/31/20	-9.30%

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

SUMMARY 7

Average Annual Total Returns
			Periods ended
			December 31, 2022
									Since		Inception
			1 Year		5 Years		10 Years		inception		date
	Investor Class										06/29/1990
		Returns before taxes	-10.59	%	1.11	%	2.52	%	—	%
		Returns after taxes on distributions	-12.13		-0.39		0.96		—
		Returns after taxes on distributions and sale
		of fund shares	-6.08		0.37		1.38		—
	I Class										05/03/2021
		Returns before taxes	-10.53		—		—		-5.81
	Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)
			-13.01		0.02		1.06		-7.46	a
	Lipper Multi-Sector Income Funds Average
			-10.43		0.75		2.25		-5.82	b

a Return since 5/3/21.

b Return since 4/30/21.

Updated performance information is available through troweprice.com.

Management

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

Portfolio Manager	Title	Managed Fund Since	Joined Investment Adviser
Charles M. Shriver	Cochair of Investment Advisory Committee	2011	1991
Toby M. Thompson	Cochair of Investment Advisory Committee	2020	1993*

* Mr. Thompson originally joined T. Rowe Price in 1993 and returned to T. Rowe Price in 2010.

Purchase and Sale of Fund Shares

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

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its

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affiliate has discretionary investment authority, qualifying directly held accounts, and certain other types of accounts.

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

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

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

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

MORE ABOUT THE FUND 2

MANAGEMENT OF THE FUND

Investment Adviser(s)

T. Rowe Price is the fund’s investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price also serves as investment adviser for the underlying funds in which the Spectrum Funds invest. T. Rowe Price is the investment adviser for all funds sponsored and managed by T. Rowe Price (T. Rowe Price Funds); is an SEC-registered investment adviser that provides investment management services to individual and institutional investors and sponsors; and serves as adviser and subadviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of December 31, 2022, T. Rowe Price and its affiliates (Firm) had approximately $1.27 trillion in assets under management and provided investment management services for more than 6.0 million individual and institutional investor accounts.

Portfolio Management

T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee cochairs are ultimately responsible for the day-to-day management of the fund’s portfolio and work with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: Charles M. Shriver and Toby M. Thompson, cochairs, Stephen L. Bartolini, Richard de los Reyes, David J. Eiswert, Arif Husain, Wyatt A. Lee, Paul M. Massaro, Christina Dove Noonan, Sebastien Page, Robert A. Panariello, Amelia Seman, Guido F. Stubenrauch, Justin Thomson, and Justin P. White. The following information provides the year that the cochairs first joined the Firm and the cochairs’ specific business experience during the past five years (although the cochairs may have had portfolio management responsibilities for a longer period). Mr. Shriver has been chair of the committee since 2011. He joined the Firm in 1991, and his investment experience dates from 1999. He has served as a portfolio manager with the Firm throughout the past five years. Mr. Thompson has been cochair of the committee since 2020. He originally joined the Firm in 1993, and returned in 2010. His investment experience dates from 1993. He has served as a portfolio manager with the Firm throughout the past five years. The Statement of Additional Information (SAI) provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of the fund’s shares.

Management of the Underlying Funds

For each of the underlying funds in which the fund invests, T. Rowe Price serves as investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio. For certain underlying funds in which the fund invests, T. Rowe Price has entered

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into a subadvisory agreement with T. Rowe Price Investment Management, Inc. (Price Investment Management), T. Rowe Price International Ltd (Price International), T. Rowe Price Hong Kong Limited (Price Hong Kong), T. Rowe Price Japan, Inc. (Price Japan), and/or T. Rowe Price Singapore Private Ltd. (Price Singapore), under which these affiliated entities are authorized to trade securities and make discretionary investment decisions on behalf of all or a portion of the underlying fund. Price Investment Management is registered as an investment adviser with the SEC and is headquartered in the United States in Baltimore, Maryland. Price International is registered as an investment adviser with the SEC and is authorized or licensed by the United Kingdom Financial Conduct Authority and other global regulators. Price International is headquartered in London and has several branch offices around the world. Price Investment Management and Price International are direct subsidiaries of T. Rowe Price. Price Hong Kong is registered as an investment adviser with the SEC and is licensed with the Securities and Futures Commission of Hong Kong. Price Japan is registered as an investment adviser with the SEC and is registered with the Japan Financial Services Agency to carry out investment management business. Price Singapore is registered as an investment adviser with the SEC and is licensed with the Monetary Authority of Singapore. Price Hong Kong is headquartered in Hong Kong, Price Japan is headquartered in Tokyo, and Price Singapore is headquartered in Singapore. Price Hong Kong, Price Japan, and Price Singapore are direct subsidiaries of Price International.

The majority of the directors and the officers of the fund and T. Rowe Price (and its affiliated investment advisers) also serve in similar positions with most of the underlying funds. Thus, if the interests of the fund and the underlying funds were ever to diverge, it is possible that a conflict of interest could arise and affect how the directors and officers fulfill their fiduciary duties to the fund and its underlying funds. The directors of the fund believe they have structured the fund to avoid these concerns. However, conceivably, a situation could occur where proper action for the fund could be adverse to the interests of an underlying fund, or the reverse. If such a possibility arises, the directors and officers of the affected funds and T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.

The Management Fee

The fund pays T. Rowe Price an all-inclusive management fee based on each class’ average daily net assets. The all-inclusive management fee rate for the Investor Class is 0.62% and the all-inclusive management fee rate for the I Class is 0.47%. The difference in the all-inclusive fee rate between share classes relates to differences in expected shareholder servicing expenses. The management fee is calculated and accrued daily, and it includes investment management services and ordinary, recurring operating expenses, but it does not cover interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses. In addition, T. Rowe Price receives management fees from managing the underlying funds, and Price Investment Management, Price International, Price Hong Kong, Price Japan, and/or Price Singapore may receive a portion of the management fee that T. Rowe Price receives from those underlying funds for which it serves as investment subadviser.

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A discussion about the factors considered by the fund’s Board of Directors (Board) and its conclusions in approving the fund’s investment management agreement (and any subadvisory agreement, if applicable) appear in the fund’s semiannual shareholder report for the period ended June 30.

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

Investment Objective(s)

The fund seeks a high level of current income with moderate share price fluctuation.

Principal Investment Strategies

The following information summarizes some of the basic differences between the Spectrum Funds.

The Spectrum Funds offer a professionally managed allocation of investments among a broad range of asset classes. To accommodate a wide range of investor preferences and time horizons, the Spectrum Funds offer different combinations of the growth potential of stocks, the greater income potential of bonds, different degrees of international investing, and the relative stability of money market securities. Certain Spectrum Funds also seek to reduce overall volatility through alternative investments or derivatives. Because the Spectrum Funds invest in a variety of asset classes, including other T. Rowe Price Funds, each Spectrum Fund is expected to benefit from broad diversification.

While there is no guarantee, the concept of diversification helps investors to reduce their overall risk by spreading assets among a variety of investments. Each type of investment tends to follow a cycle of its own and responds differently to changes in the economy and the marketplace. A decline in one investment can be balanced by returns in other investments that are stable or rising. Therefore, a benefit of the Spectrum Funds is the potential for attractive long-term returns with reduced volatility.

For investors who are seeking broad diversification to bonds in an effort to achieve relatively high income, Spectrum Income Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking a relatively balanced approach, with a greater emphasis on bonds than stocks, in an effort to achieve income and some capital appreciation, Spectrum Conservative Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking a relatively balanced approach, with a greater emphasis on stocks than bonds, in an effort to achieve capital appreciation and income, Spectrum Moderate Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification that emphasizes stocks, with some exposure to bonds, in an effort to achieve capital appreciation and some income, Spectrum

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Moderate Growth Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification to stocks in an effort to achieve long-term capital appreciation and some income, Spectrum Diversified Equity Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification to international stocks in an effort to achieve long-term capital appreciation along with greater potential volatility, Spectrum International Equity Fund could be an appropriate part of your overall investment strategy.

Each Spectrum Fund’s broad diversification is designed to cushion severe losses in any one investment sector and moderate the funds’ overall price swings. However, the Spectrum Funds’ share prices will fluctuate as the prices of the underlying funds and asset classes rise or fall with changing market conditions. The following information describes the investment program for this particular Spectrum Fund. The specific investment program for each Spectrum Fund is described in greater detail in its prospectus.

The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments. The fund, which normally invests in a variety of U.S. and international bond funds, including emerging market bond funds, a money market fund, and an income-oriented stock fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding high-quality U.S. and international bonds, high-yield bonds (“junk” bonds), short- and long-term securities, inflation-linked securities, dividend-paying stocks and other instruments (such as bank loans).

Although the fund focuses its investments on its underlying funds, the fund may seek additional investment opportunities or potential tax efficiency and invest up to 10% of its net assets in individual securities.

When deciding on allocations to the underlying funds, T. Rowe Price considers relative values and prospects among the various sectors and investment styles represented by the underlying funds. Within the ranges shown in Section 1, T. Rowe Price may decide to overweight or underweight particular asset classes, sectors, or investment styles based on its outlook for the global economy and securities markets.

Because the fund gains its exposure to various asset classes and investment styles through investments in its underlying funds, the fund’s investment performance is directly tied to the investment performance of these underlying funds. Underlying funds may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy assets into more promising opportunities. In pursuing their investment objectives and programs, each of the underlying funds is permitted to engage in a wide range of investment policies and practices. As a result, shareholders of the fund will be affected by an underlying

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fund’s investment practices in direct proportion to the amount of assets the fund allocates to the underlying funds pursuing such practices.

The following table gives a brief description of each underlying fund’s investment program. Further information about the underlying funds, including their specific objectives, investment restrictions, and overall investment programs, are described in greater detail in each underlying fund’s prospectus and SAI. The fund invests in Z Class shares of each underlying fund.

Description of Underlying Funds
U.S. Bond/ Money Market Funds	Investment Program
Corporate Income	High income and some capital growth by normally investing at least 80% of its net assets in corporate debt securities with at least 85% of net assets receiving an investment-grade rating.
Floating Rate	High current income and, secondarily, capital appreciation by investing at least 80% of its net assets in floating rate loans and floating rate debt securities.
GNMA	High current income consistent with high overall credit quality and moderate price fluctuation by investing at least 80% of its total assets in GNMA securities backed by the full faith and credit of the U.S. government.
High Yield	High current income and, secondarily, capital appreciation by normally investing at least 80% of its net assets in a broadly diversified portfolio of high yield corporate bonds—often referred to as “junk” bonds.
Inflation Protected Bond	Inflation protection and income by investing at least 80% of its net assets in inflation protected bonds. Weighted average maturity will vary with market conditions.
Limited Duration Inflation Focused Bond	A level of income consistent with the current rate of inflation by investing in a diversified portfolio of short- and intermediate-term investment-grade inflation-linked securities. Duration is expected to normally range within plus or minus two years of the duration of the Bloomberg U.S. 1-5 Year Treasury TIPS Index.
New Income	Maximize total return through income and capital appreciation by investing at least 80% of its net assets in income-producing securities.
Short-Term Bond	High level of income consistent with minimal fluctuation in principal value and liquidity. Invests in short- and intermediate-term bonds rated within the four highest credit categories. Average effective maturity will not exceed three years.
U.S. Treasury Intermediate Index	Seeks to track the investment returns of the Bloomberg U.S. 4-10 Year Treasury Bond Index, which is an index consisting of fixed rate U.S. Treasury securities with maturities between four and ten years.

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Description of Underlying Funds
U.S. Treasury Long-Term Index	Seeks to track the investment returns of the Bloomberg U.S. Long Treasury Bond Index, which is an index consisting of fixed rate U.S. Treasury securities with maturities of 10 years or more.
U.S. Treasury Money	A money market fund managed to provide a stable share price of $1.00. Invests at least 80% of its net assets in U.S. Treasury securities, which are backed by the full faith and credit of the U.S. government, and repurchase agreements thereon. In addition, the fund operates as a “government money market fund,” which requires the fund to also invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are fully collateralized by government securities or cash.
Ultra Short-Term Bond	High level of income consistent with minimal fluctuations in principal value and liquidity. Invests in a diversified portfolio of shorter-term, investment-grade corporate and government bonds. Dollar-weighted average effective maturity will normally be 1.5 years or less.
U.S. Equity Fund	Investment Program
Equity Income	A high level of dividend income and long-term capital growth primarily through investments in stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued.
International/Global Bond Funds	Investment Program
Dynamic Global Bond	Seeks income and consistent returns through a flexible allocation to global bonds and other debt instruments. The fund also seeks to offer some protection against rising interest rates and provide a low correlation with equity markets.
Emerging Markets Bond	High income and capital appreciation by normally investing at least 80% of its net assets in debt securities of emerging market governments or companies located in emerging market countries.
Emerging Markets Local Currency Bond	High income and capital appreciation by normally investing at least 80% of its net assets in bonds that are denominated in emerging markets currencies and in derivative instruments that provide investment exposure to such securities.
International Bond	Current income and capital appreciation by normally investing at least 80% of its net assets in foreign bonds.
International Bond (USD Hedged)	Current income and capital appreciation by normally investing at least 80% of its net assets in non-U.S. dollar-denominated bonds. In addition, the fund normally maintains at least 80% of its net assets in U.S. dollar currency exposure.

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Description of Underlying Funds
Other Fund	Investment Program
Transition	Seeks the orderly transition of securities and other financial instruments in connection with a transition between the various underlying funds. When the fund is not actively being used to facilitate a portfolio transition, the fund will seek to preserve principal value by investing up to 100% of its assets in cash, T. Rowe Price money market funds, or other short-term instruments.

Principal Risks

The performance and risks of the fund will directly correspond to the performance and risks of the asset classes and underlying funds in which it invests. By seeking to be broadly diversified, the fund has partial exposure to the risks of many different areas of the market.

The principal risks associated with the fund’s principal investment strategies, which may be even greater in bad or uncertain market conditions, include the following:

Active management/Asset allocation The performance and risks of the fund will directly correspond to the performance and risks of the underlying funds in which it invests. By investing in many underlying funds, which represent different asset classes, sectors, and investment styles, the fund has partial exposure to the risks associated with different areas of the market. The selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles could cause the fund to underperform the broad markets, relevant indices, or other funds with a similar benchmark or investment program. The fund’s overall risk is increased to the extent the fund invests in underlying funds that carry greater risks, and any decisions to underweight or overweight particular underlying funds based on the adviser’s outlook for market conditions could fail to produce the intended results and cause the fund to lag relevant benchmarks or similarly managed funds.

Investments in other funds As a fund of funds, the fund is subject to the risks of the performance and execution of the investment programs of its underlying funds. The fund does not control the investments of the underlying funds, which may implement their investment strategies in a manner not anticipated by the fund. Poor security selection by an underlying fund could cause that underlying fund to underperform relevant benchmarks or other funds with similar investment objectives, which in turn could cause the fund to underperform similarly managed funds. Although T. Rowe Price also serves as the investment adviser of the underlying funds in which the fund invests, an underlying fund may change its investment program or policies without the fund’s approval, which could force the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time.

Market conditions The value of investments held by the fund may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the fund to liquidate its holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to

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general market conditions, including real or perceived economic developments, such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions. In addition, local, regional, or global events such as war, military conflict, acts of terrorism, political and social unrest, regulatory changes, recessions, shifts in monetary or trade policies, natural or environmental disasters, and the spread of infectious diseases or other public health issues could have a significant negative impact on securities markets and the fund’s investments. Any of these events may lead to unexpected suspensions or closures of securities exchanges; travel restrictions or quarantines; business disruptions and closures; inability to obtain raw materials, supplies, and component parts; reduced or disrupted operations for the fund’s service providers or issuers in which the fund invests; and an extended adverse impact on global market conditions. Government intervention (including sanctions) in markets may impact interest rates, market volatility, and security pricing. The occurrence of any of these events could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets of specific countries or worldwide.

Bond exposure The market prices of bonds owned by an underlying fund may go up or down, sometimes rapidly or unpredictably. An underlying fund’s investments may decline in value due to factors affecting the overall bond markets or particular industries or sectors. The value of a holding may decline due to developments related to a particular issuer, but also due to general bond conditions, including real or perceived adverse economic developments, such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry, such as labor shortages, increased production costs, or competitive conditions. An underlying bond fund may experience heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value.

Interest rates The prices of bonds and other fixed income securities typically increase as interest rates fall, and prices typically decrease as interest rates rise (bond prices and interest rates usually move in opposite directions). Prices could fall because the holdings in an underlying bond fund’s portfolio become less attractive to other investors when securities with higher yields become available. Generally, underlying funds with longer weighted average maturities (i.e., an average of the maturities of the underlying debt instruments, “weighted” by the percentage of the fund’s assets that it represents) and durations (i.e., the measure of the price sensitivity of a fund to changes in interest rates) have greater interest rate risk. As a result, in a rising interest rate environment, the net asset value of an underlying fund with a longer weighted average maturity or duration typically decreases at a faster rate than the net asset value of an underlying fund with a shorter weighted average maturity or duration. While a rise in interest rates is the principal source of interest rate risk for bond funds, falling rates bring the possibility that a bond may be called, or redeemed before maturity, and that the proceeds may need to be reinvested in lower-yielding securities. The prices and yields of inflation-linked bonds will fluctuate in response to changes in “real” interest rates, which represent nominal

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interest rates reduced by the expected impact of inflation. In addition, the discontinuation and replacement of a benchmark rate such as the London Interbank Offered Rate (LIBOR) (an indicative measure of the average interest rate at which major global banks could borrow from one another) may have a significant impact on the financial markets and may adversely impact an underlying fund’s performance. Extremely low or negative interest rates may increase an underlying fund’s susceptibility to interest rate risk and reduce the fund’s yield. Interest rates had been near historically low levels, but interest rates and inflation have been steadily rising. As a result, rapid changes in interest rates may increase the fund’s overall exposure to interest rate risk.

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

Junk investing The fund’s overall credit risk is increased to the extent it has exposure to below investment-grade investments through its underlying funds. Issuers of junk bonds and loans are not as strong financially as those with higher credit ratings, so the issuers and lenders are more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. As a result, below investment-grade investments carry greater risks of default and erratic price swings due to real or perceived changes in the credit quality of the issuer or lender. Because the credit quality of the issuer is lower, such investments are more sensitive to developments affecting the issuer’s or lender’s underlying fundamentals, such as changes in financial condition or a particular country’s general economy. In addition, the entire below investment-grade bond and loan markets can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by institutional investors, a high-profile default, or a change in the market’s psychology. This type of volatility is usually associated more with stocks than bonds, but investors in lower-quality bonds and loans should also anticipate it. Since mutual funds can be a major source of demand in certain junk bond and loan markets, substantial cash flows into and out of these funds can affect prices. If, for example, a significant number of funds were to sell bonds or loans to meet shareholder redemptions, bond and loan prices and certain underlying funds’ share prices could fall more than underlying fundamentals might justify.

Credit quality An issuer of a debt instrument held by an underlying fund could default (fail to make scheduled interest or principal payments), potentially reducing the underlying fund’s

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income and share price. Credit risk is increased when portfolio holdings are downgraded, or the perceived financial condition of an issuer deteriorates. Holdings with an investment-grade rating (AAA through BBB, or an equivalent rating) should have a relatively low risk of encountering financial problems and a relatively high probability of future payments. However, holdings rated BBB (or an equivalent rating) are more susceptible to adverse economic conditions than other investment-grade holdings and may have speculative characteristics. Holdings rated below investment grade should be regarded as speculative because their issuers may be more susceptible to financial setbacks and recession than more creditworthy issuers (commonly referred to as “junk”).

International investing Underlying funds that have exposure to investments outside the U.S. generally carry more risk than underlying funds that invest strictly in U.S. assets. Investments outside the U.S. may lose value because of declining foreign currencies or adverse political or economic events overseas, among other things. Securities of non-U.S. issuers tend to be more volatile than U.S. securities and are subject to trading markets with lower overall liquidity, governmental interference, and regulatory and accounting standards and settlement practices that differ from those of U.S. issuers. An underlying fund could experience losses based solely on the weakness of foreign currencies in which the underlying fund’s holdings are denominated versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. Any attempts by an underlying fund to hedge currency risk could be unsuccessful, and it is difficult to hedge the currency risks of many emerging markets countries. Risks can result from differing regulatory environments, less stringent investor protections, uncertain tax laws, and higher transaction costs compared with U.S. markets. Investments outside the U.S. could be subject to governmental actions such as capital or currency controls, nationalization of a company or industry, expropriation of assets, or imposition of high taxes. Market volatility may significantly impact prices and limit the liquidity of securities in a particular country or geographic region at the same time. The fund’s overall international investing risk level is increased to the extent it has exposure to emerging markets.

Emerging markets Underlying funds that have exposure to investments in emerging markets generally carry more risk than underlying funds that invest strictly in the U.S. and other developed markets. Investments in emerging markets are subject to the risk of abrupt and severe price declines. The economic and political structures of emerging market countries, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. These economies are less developed, can be overly reliant on particular industries and are more vulnerable to the ebb and flow of international trade, trade barriers, and other protectionist or retaliatory measures. Governments in many emerging market countries participate to a significant degree in their economies and securities markets. As a result, investments by an underlying fund may be restricted and subject to greater government control, including repatriation of sales proceeds. Emerging market securities exchanges are more likely to experience problems with the clearing and settling of trades, as well as the custody of holdings by local banks, agents, and depositories. In addition, the accounting standards in emerging market countries may be

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unreliable and could present an inaccurate picture of a company’s finances. Some countries have histories of instability and upheaval that could cause their governments to act in a detrimental or hostile manner toward private enterprise or foreign investment. The volatility of emerging markets may be heightened by the actions (such as significant buying or selling) of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, could cause fund share prices to decline.

Bank loans Underlying funds that invest in bank loans expose the fund to additional credit risk and other risks beyond those normally associated with bonds and more traditional debt instruments. Bank loans often have contractual restrictions on resale. These restrictions can delay or impede an underlying fund’s ability to sell loans and may adversely affect the price that can be obtained. Loans and unlisted securities are typically less liquid than securities traded on national exchanges. The secondary market for loans may be subject to irregular trading activity and extended settlement periods, and the liquidity of bank loans can vary significantly over time. During periods of infrequent trading, valuing a bank loan can be more difficult and buying or selling a loan at an acceptable price may not be possible or may be delayed. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. Since floating interest rates on bank loans are typically based on a percentage above LIBOR, the expected discontinuation in 2023 for the majority of the LIBOR rates could have an adverse impact on the market for, or value of, bank loans held by underlying funds. The risks associated with the expected discontinuation of LIBOR may be enhanced if the transition to an alternative reference rate is not completed in an orderly or timely manner.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform similarly managed funds. Stock markets as a whole can decline for many reasons, and the share price of the underlying fund could fall because of weakness in the broad market, a particular industry, or specific holdings. Stocks of companies with a history of paying dividends may not benefit from a broad market advance to the same degree as the overall stock market. In addition, a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

Liquidity An underlying fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, an underlying fund may not be able to sell a holding in a timely manner at a desired price. Sectors of the bond market can experience sudden downturns in trading activity. During periods of reduced market liquidity, the spread between the price at which a security can be bought and the price at which it can be sold can widen, and an underlying fund may not be able to sell a holding readily at a price that reflects what the underlying fund believes it should be worth. Securities with lower overall liquidity can also become more difficult to value. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional broker-dealers to make a market in fixed income securities or the lack of an active

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market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where selling activity from fixed income investors may be higher than normal, potentially causing increased supply in the market. To meet redemption requests during periods of illiquidity, an underlying fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. Although the fund only purchases securities that present minimal credit risk, the credit quality of the fund’s holdings could change rapidly during periods of market stress. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity. This could reduce the market prices of securities held by the underlying fund and make it more difficult for the fund to maintain a stable $1.00 share price.

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

Additional Investment Management Practices

The SAI contains more detailed information about the fund and its investments, operations, and expenses. The fund’s investments may be subject to further restrictions and risks described in the SAI.

The fund typically buys and sells shares of its underlying funds, as appropriate, in order to realign the overall portfolio. However, the fund may at times make investments in the T. Rowe Price Transition Fund in order to facilitate transitions between its underlying funds or when rebalancing its allocations among its underlying funds.

Futures

The fund may also buy and sell futures contracts (thereby taking long or short positions, as appropriate). Investments involving futures would typically be used to manage cash flows efficiently, remain fully invested, or facilitate asset allocation and rebalancing.

To the extent the fund buys and sells futures contracts, it is potentially exposed to greater volatility than investing directly in stock and bond funds. Futures can experience reduced liquidity and become difficult to value, particularly during significant market events. While the

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fund would typically use stock index futures and interest rate futures that are traded on an exchange, the use of any instruments that are traded over-the-counter as opposed to through an exchange are also subject to the risk that a counterparty to the transaction will fail to meet its obligations under the contract.

Reserve Position

The fund may maintain a portion of its assets in reserves, which can consist of short-term, high-quality U.S. dollar-denominated money market securities or shares of the T. Rowe Price U.S. Treasury Money Fund. In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position that is inconsistent with its principal investment objective(s) and/or strategies and may invest, without limitation, in reserves. If the fund has significant holdings in reserves, the fund’s ability to achieve its objective(s) could be compromised.

Meeting Redemption Requests

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

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

During periods of deteriorating or stressed market conditions, or during extraordinary or emergency circumstances, the fund may be more likely to pay redemption proceeds with cash obtained through interfund lending or by redeeming a large redemption request in-kind.

PORTFOLIO TURNOVER

The fund’s portfolio turnover rate is expected to be low. The fund will purchase or sell holdings to: (i) accommodate purchases and sales of the fund’s holdings; and (ii) maintain or modify the allocation of the fund’s assets among the underlying funds within the percentage limits described earlier. A high turnover rate may increase transaction costs, result in additional

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capital gain distributions, and reduce fund total return. The fund’s portfolio turnover rates are shown in the Financial Highlights tables.

FINANCIAL HIGHLIGHTS

The Financial Highlights tables, which provide information about each class’ financial history, are based on a single share outstanding throughout the periods shown. The tables are part of the fund’s financial statements, which are included in its annual report and are incorporated by reference into the SAI (available upon request). The fund’s total returns may be higher or lower than the investment results of the individual underlying T. Rowe Price Funds. The financial statements in the annual report were audited by the fund’s independent registered public accounting firm, PricewaterhouseCoopers LLP.

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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

Investor Class
	Year Ended
	12/31/22		12/31/21		12/31/20		12/31/19		12/31/18
NET ASSET VALUE
Beginning of period	$12.83		$13.00		$12.73		$11.86		$12.75
Investment activities
Net investment income(1)(2)	0.34		0.33		0.34		0.40		0.41
Net realized and unrealized gain/loss	(1.69	)	—	(3)	0.41		0.95		(0.74	)
Total from investment activities	(1.35	)	0.33		0.75		1.35		(0.33	)
Distributions
Net investment income	(0.39	)	(0.34	)	(0.38	)	(0.41	)	(0.42	)
Net realized gain	(0.15	)	(0.16	)	(0.10	)	(0.07	)	(0.14	)
Total distributions	(0.54	)	(0.50	)	(0.48	)	(0.48	)	(0.56	)
NET ASSET VALUE
End of period	$10.94		$12.83		$13.00		$12.73		$11.86
Ratios/Supplemental Data
Total return(2)(4)(5)	(10.59	)%	2.59	%	6.06	%	11.55	%	(2.62	)%
Ratios to average net assets:(2)
Gross expenses before payments by Price Associates(5)	0.62	%	0.45	%	0.00	%	0.00	%	0.00	%
Net expenses after payments by Price Associates(5)	0.62	%	0.45	%	0.00	%	0.00	%	0.00	%
Weighted average net expenses of underlying Price Funds(6)	0.00	%	0.14	%	0.65	%	0.63	%	0.62	%
Effective net expenses	0.62	%	0.59	%	0.65	%	0.63	%	0.62	%
Net investment income(5)	2.88	%	2.52	%	2.77	%	3.17	%	3.30	%
Portfolio turnover rate(5)	20.7	%	15.1	%	29.9	%	24.1	%	22.8	%
Net assets, end of period (in millions)	$1,983		$4,778		$6,890		$6,895		$6,389

(1)	Per share amounts calculated using average shares outstanding method.
(2)	Includes the impact of expense-related arrangements with Price Associates. Effective March 24, 2021, the fund began charging an all-inclusive management fee based on the class' average daily net assets. On that same date, the fund converted its investments from each underlying Price Fund’s Investor Class to its Z Class, which has a net expense ratio of less than 0.01%.
(3)	Amounts round to less than $0.01 per share.
(4)	Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. The fund's total return may be higher or lower than the investment results of the individual underlying Price Funds.
(5)	Reflects the activity of the fund, and does not include the activity of the underlying Price Funds. However, investment performance of the fund is directly related to the investment performance of the underlying Price Funds in which it invests.
(6)	Reflects the indirect expense impact to the fund from its investment in the underlying Price Funds, based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative average investment therein.

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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

I Class
	Year Ended 12/31/22		5/3/21(1)  Through 12/31/21
NET ASSET VALUE
Beginning of period	$12.84		$13.10
Investment activities
Net investment income(2)(3)	0.38		0.24
Net realized and unrealized gain/loss	(1.72	)	(0.09	)(4)
Total from investment activities	(1.34	)	0.15
Distributions
Net investment income	(0.41	)	(0.25	)
Net realized gain	(0.15	)	(0.16	)
Total distributions	(0.56	)	(0.41	)
NET ASSET VALUE
End of period	$10.94		$12.84
Ratios/Supplemental Data
Total return(3)(5)(6)	(10.53	)%	1.16	%
Ratios to average net assets:(3)
Gross expenses before payments by Price Associates(6)	0.47	%	0.47	%(7)
Net expenses after payments by Price Associates(6)	0.47	%	0.47	%(7)
Net investment income(6)	3.33	%	2.79	%(7)
Portfolio turnover rate(6)	20.7	%	15.1	%
Net assets, end of period (in millions)	$3,945		$2,422

(1)	Inception date
(2)	Per share amounts calculated using average shares outstanding method.
(3)	Includes the impact of expense-related arrangements with Price Associates.
(4)	The amount presented is inconsistent with the fund's aggregate gains and losses because of the timing of sales and redemptions of fund shares in relation to fluctuating market values for the investment portfolio.
(5)	Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. Total return is not annualized for periods less than one year. The fund's total return may be higher or lower than the investment results of the individual underlying Price Funds.
(6)	Reflects the activity of the fund, and does not include the activity of the underlying Price Funds. However, investment performance of the fund is directly related to the investment performance of the underlying Price Funds in which it invests.
(7)	Annualized

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DISCLOSURE OF FUND PORTFOLIO INFORMATION

Most T. Rowe Price Funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. At the discretion of the investment adviser, these holdings reports may exclude the issuer name and other information relating to a holding in order to protect the fund’s interests and to prevent harm to the fund or its shareholders. In addition, most T. Rowe Price Funds disclose their 10 largest holdings, along with the percentage of the relevant fund’s total assets that each of the 10 holdings represents, on troweprice.com on the seventh business day after each month-end. These holdings are listed in numerical order based on such percentages of the fund’s assets. A description of T. Rowe Price’s policies and procedures with respect to the disclosure of portfolio information is available in the SAI.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 3

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

INVESTING WITH T. ROWE PRICE

This section of the prospectus explains the basics of investing with T. Rowe Price and describes some of the different share classes that may be available. Certain share classes can be held directly with T. Rowe Price, while other share classes must typically be held through a financial intermediary, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and investment advisers.

AVAILABLE SHARE CLASSES

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

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

Investor Class

A T. Rowe Price Fund that does not include the term “institutional” or indicate a specific share class as part of its name is considered to be the Investor Class of that fund. The Investor Class is available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly from T. Rowe Price or through a retirement plan or financial intermediary. The Investor Class does not impose sales charges and does not make

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 27

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

I Class

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

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other types of accounts.

Certain qualifying accounts are eligible to invest in the I Class at a lower investment minimum through programs available to investors holding their accounts directly with T. Rowe Price, including, but not limited to, programs for which T. Rowe Price or its affiliate has discretionary authority. For investors eligible for the I Class through such programs, the terms and conditions, including applicable minimums, of the respective program will apply. Certain accounts, including most T. Rowe Price Brokerage sweep accounts and small business retirement plans with more than one participant that are held directly with T. Rowe Price, are not eligible to invest in the I Class, regardless of account balance.

Advisor Class

The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and advisers. The Advisor Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.25% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. You may also incur other fees or charges when buying or selling Advisor Class shares through a financial intermediary.

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

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R Class

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

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

Z Class

The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for additional purchases. The Z Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES

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

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

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 29

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

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

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

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

Additional Compensation to Financial Intermediaries

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

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

Comparison of Distribution and Shareholder Servicing Fees

The following table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class based on its average daily net assets.

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

ACCOUNT SERVICE FEE

Investor Class

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

The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price^® ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically

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waived for accounts that satisfy any of the following conditions as of the last business day in August:

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

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

· Certain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).

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

POLICIES FOR OPENING AN ACCOUNT

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

Tax Identification Number

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

Important Information Required to Open a New Account

Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only

T. ROWE PRICE 32

for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account.

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

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

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

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

PRICING OF SHARES AND TRANSACTIONS

How and When Shares are Priced

The trade date for your transaction request depends on the day and time that T. Rowe Price receives your request and will normally be executed using the next share price calculated after your order is received in correct form by T. Rowe Price or its agent (or by your financial intermediary if it has the authority to accept transaction orders on behalf of the fund). The share price, also called the net asset value, for each share class of a fund is calculated as of the close of trading on the New York Stock Exchange (NYSE), which is normally 4 p.m. ET, on each day that the NYSE is open for business. Net asset values are not calculated for the funds

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on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would typically be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the funds reserve the right to treat such day as a business day and accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.

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

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

T. Rowe Price uses various pricing services to provide closing market prices, as well as information used to adjust those prices and to value most fixed income securities. T. Rowe Price cannot predict how often it will use closing prices or how often it will adjust those prices. T. Rowe Price routinely evaluates its fair value processes.

Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If T. Rowe Price determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund’s securities, T. Rowe Price will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, T. Rowe Price reviews a variety of factors, including developments in foreign

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markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.

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

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

INVESTING DIRECTLY WITH T. ROWE PRICE

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

Options for Opening Your Account

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

For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for certain transactions (for example, to transfer ownership). There are multiple ways to establish a new account directly with T. Rowe Price.

Online In general, you can open a new Investor Class or I Class account online. Go to troweprice.com/newaccount to choose the type of account you wish to open.

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

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

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

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

How Your Trade Date Is Determined

If you invest directly with T. Rowe Price and your request to purchase, sell, or exchange shares is received by T. Rowe Price or its agent in correct form by the close of the NYSE (normally 4 p.m. ET), your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value. Systematic transactions that are scheduled to occur on a date the NYSE is closed will normally be processed the next business day (except for certain retirement plan payroll deduction orders generated by T. Rowe Price where the orders are processed the day before the day the NYSE is closed).

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

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disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET.

Transaction Confirmations

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

Telephone and Online Account Transactions

You may access your accounts and conduct most transactions involving Investor Class or I Class accounts using the telephone or the T. Rowe Price website at troweprice.com. Telephone conversations are recorded.

Preventing Unauthorized Transactions

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

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

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

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

Trusted Contacts Investors who hold shares of a T. Rowe Price Fund directly or through a T. Rowe Price Brokerage account have the option to add one or more trusted contacts to their brokerage and mutual fund accounts. Trusted contacts are intended to be a resource to help protect client assets. Any individuals designated as a trusted contact will be authorized to serve

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as a primary contact if T. Rowe Price has questions or concerns related to potentially fraudulent account activity or suspected financial exploitation or to confirm your contact information if we are unable to reach you (but are not authorized to act on your account). For more information or to add trusted contacts to your account, visit troweprice.com or call 1-800-225-5132.

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

Purchasing Shares

Shares may be purchased in a variety of ways.

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

By Electronic Transfer Shares may be purchased using the Automated Clearing House network if you have established the service on your account, which allows T. Rowe Price to request payment for your shares directly from your bank account or other financial institution account. You may also arrange for a wire to be sent to T. Rowe Price (wire transfer instructions can be found at troweprice.com/wireinstructions or by calling Shareholder Services). T. Rowe Price must receive the wire by the close of the NYSE to receive that day’s share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution.

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

Systematic Purchases (Automatic Asset Builder) You can instruct T. Rowe Price to automatically transfer money from your account at your bank or other financial institution at

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

Initial Investment Minimums

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

Additional Investment Minimums

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

Exchanging and Redeeming Shares

Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes. (Institutional investors are restricted from exchanging into a fund that operates as a retail money market fund.) You can set up systematic exchanges so that money is automatically moved from one fund account to another on a regular basis.

Receiving Redemption Proceeds Redemption proceeds can be mailed to your account address by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. You can set up systematic redemptions and have the proceeds automatically sent via check or Automated Clearing House on a regular basis. If your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the NYSE, proceeds are usually sent on the next business day. However, if you request a redemption from a money market fund on a business day prior to 12 p.m. (noon) ET and request to have proceeds sent via bank wire, proceeds are normally sent later that same day.

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Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale, and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale (except for wire redemptions from money market funds received prior to 12 p.m. (noon) ET). A $5 fee will be charged for an outgoing wire of less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.

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

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

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

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

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

Converting to Another Share Class

You may convert from one share class of a fund to another share class of the same fund (which may have a different expense ratio) over the telephone or in writing. Although the conversion has no effect on the dollar value of your investment in the fund, the number of shares owned after the conversion may be greater or less than the number of shares owned before the conversion, depending on the net asset values of the two share classes. A conversion between share classes of the same fund is a nontaxable event. The new account will have the same registration as the account from which you are converting.

Shareholders may contact T. Rowe Price at any time to convert eligible account balances to the I Class. In addition, T. Rowe Price may conduct periodic reviews of account balances. If your account balance in a fund meets or exceeds the applicable minimum amount required for the I Class, T. Rowe Price may, but is not required to, automatically convert your Investor Class shares to I Class shares of the same fund with advance notice, which may be in writing or delivered electronically if you have a valid email address on file with T. Rowe Price. Certain account restrictions will prevent an automatic conversion. If you opt out of any automatic conversions to the I Class, your election will apply to any future periodic reviews and automatic conversions for which you may otherwise be eligible unless you contact T. Rowe Price to change your election. If T. Rowe Price or its affiliates have investment discretion for your

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account, T. Rowe Price may convert your shares to a different share class without any advance notice to you. Automatic conversions only occur between share classes of the same fund.

Maintaining Your Account Balance

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

I Class To keep operating expenses lower, we ask that you maintain an account balance that at least meets the applicable I Class minimum necessary to open an account. If your investment in a fund falls below the applicable I Class minimum (even if due to market depreciation), we have the right to convert your account to a different share class in the same fund (if available) with a higher expense ratio or redeem your account at the then-current net asset value, after giving you 60 days’ advance notice to increase your balance. The redemption of your account by T. Rowe Price could result in a taxable gain or loss. However, if T. Rowe Price or its affiliates have investment discretion for your account, T. Rowe Price may convert your shares to a different share class without advance notice. Shareholders investing in a fund as part of a program that allows for a lower initial investment minimum will be subject to the applicable minimum account balance requirements of the respective program.

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

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

Eligibility Through Certain T. Rowe Price Programs

Direct investors with qualifying accounts may be eligible to invest in the I Class with a lower initial investment minimum and may be eligible to open new accounts in funds that are generally closed to new investors. For certain programs, eligibility is based on the aggregate value of qualifying accounts and certain other accounts held by direct investors in the same household. The terms and conditions of the respective program will apply and are subject to change. Contact T. Rowe Price for more information.

INVESTING THROUGH A FINANCIAL INTERMEDIARY

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

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

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financial intermediary may charge a fee, such as transaction fees or brokerage commissions, for its services.

Opening an Account

The financial intermediary must provide T. Rowe Price with its certified taxpayer identification number. Financial intermediaries should call Client Account Management for an account number and wire transfer instructions. In order to obtain an account number, the financial intermediary must supply the name, taxpayer identification number, and business street address for the account. (Please refer to “Contacting T. Rowe Price” later in this section for the appropriate telephone number and mailing address.) Financial intermediaries must also enter into a separate agreement with the fund or its agent.

How the Trade Date is Determined

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

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

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

Purchasing Shares

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

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Management. The fund may permit financial intermediaries to submit purchase orders for shares through various other methods as well, if approved by Client Account Management.

Investment Minimums

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

The Summit Funds require a $25,000 minimum initial investment, and other funds generally require a $2,500 minimum initial investment, although the minimum is generally waived or modified for any retirement plans and financial intermediaries establishing accounts in the Investor Class, Advisor Class, or R Class. I Class accounts require a $500,000 minimum initial investment per fund for each account registration, although the minimum is generally waived for certain types of accounts.

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

Redeeming Shares

Unless otherwise indicated, redemption proceeds will be sent via bank wire to the financial intermediary’s designated bank. Redemptions by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Client Account Management. The fund may permit financial intermediaries to submit redemption orders for shares through various other methods as well, if approved by Client Account Management. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or second business day after receipt of the order, depending on the arrangement with the financial intermediary. Proceeds for redemption orders received prior to 12 p.m. (noon) ET for a money market fund may be sent via wire the same business day. You must contact your financial intermediary about procedures for receiving your redemption proceeds.

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

GENERAL POLICIES RELATING TO TRANSACTIONS

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

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

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be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.

U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks. In addition, we request that you give us at least three business days’ notice for any purchase of $1 million or more.

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

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

Liquidity Fees and Redemption Gates—Retail Money Market Funds

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

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

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

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Omnibus Accounts If your shares are held through a financial intermediary, T. Rowe Price may rely on the financial intermediary to assess any applicable liquidity fees or impose redemption gates on underlying shareholder accounts. In certain situations, T. Rowe Price enters into agreements with financial intermediaries maintaining omnibus accounts that require the financial intermediary to assess liquidity fees or redemption gates. There are no assurances that T. Rowe Price will be successful in ensuring that all financial intermediaries will properly assess the fees.

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

Large Redemptions

Large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager’s ability to implement a fund’s investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to redeem in-kind. In general, any redemptions in-kind will represent a pro-rata distribution of a fund’s securities, subject to certain limited exceptions. The redeeming shareholder will be responsible for disposing of the securities, and the shareholder will be subject to the risks that the value of the securities could decline prior to their sale, the securities could be difficult to sell, and brokerage fees could be incurred. If you continue to hold the securities, you may be subject to any ownership restrictions imposed by the issuers. For example, real estate investment trusts (REITs) often impose ownership restrictions on their equity securities. In addition, we request that you give us at least three business days’ notice for any redemption of $1 million or more.

Delays in Sending Redemption Proceeds

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

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

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 45

The Board of a retail money market fund may elect to temporarily suspend redemptions from the fund (i.e., a “redemption gate”) for up to 10 business days in a 90-day period if the fund’s weekly liquid assets fall below 30% of its total assets and the fund’s Board determines that imposing a redemption gate is in the fund’s best interests. In addition, under certain limited circumstances, the Board of a money market fund may elect to permanently suspend redemptions in order to facilitate an orderly liquidation of the fund (subject to any additional liquidation requirements).

Involuntary Redemptions and Share Class Conversions

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

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

Excessive and Short-Term Trading Policy

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

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

General Exceptions As of the date of this prospectus, the following types of transactions

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generally are not subject to the funds’ Excessive and Short-Term Trading Policy:

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

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

· Checkwriting redemptions from bond funds and money market funds;

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

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

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

· Shares purchased by asset transfer or direct rollover;

· Shares purchased or redeemed through IRA conversions and recharacterizations;

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

· Transactions in Section 529 college savings plans;

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

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

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

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

· Transactions having a value of $5,000 or less (retirement plans, including those for which T. Rowe Price serves as recordkeeper, and other financial intermediaries may apply the Excessive and Short-Term Trading Policy to transactions of any amount).

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

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

Financial Intermediary and Retirement Plan Accounts If you invest in T. Rowe Price Funds through a financial intermediary, including a retirement plan, you should review the financial intermediary’s or retirement plan’s materials carefully or consult with the financial intermediary or plan sponsor directly to determine the trading policy that will apply to your trades in the T. Rowe Price Funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 47

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

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

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

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

Unclaimed Accounts and Uncashed Checks

If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price is deemed undeliverable, T. Rowe Price may be required to transfer (i.e., escheat) your account assets, including any assets related to uncashed checks, to the appropriate state under its abandoned property laws. For IRAs escheated to a state under these abandoned

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

Delivery of Shareholder Documents

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

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

Signature Guarantees

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

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

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

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

· Establishing certain services after an account is opened; or

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

Financial intermediaries should contact T. Rowe Price Client Account Management for specific requirements.

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

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 49

Fund Operations and Shareholder Services

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

CONTACTING T. ROWE PRICE

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

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

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

T. Rowe Price Addresses

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

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

via U.S. mail T. Rowe Price Account Services
P.O. Box 17300
Baltimore, MD 21297-1300 via private carriers/overnight services T. Rowe Price Account Services
Mail Code 17300
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Account Services
P.O. Box 17468
Baltimore, MD 21298-8275 via private carriers/overnight services T. Rowe Price Account Services
Mail Code 17468
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Retirement Client Services
P.O. Box 17350
Baltimore, MD 21297-1350 via private carriers/overnight services T. Rowe Price
Attn.: Retirement Operations
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Client Account Management
P.O. Box 17300
Baltimore, MD 21297-1603 via private carriers/overnight services T. Rowe Price Client Account Management
Mail Code: OM-4232
4515 Painters Mill Road
Owings Mills, MD 21117-4842

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

INFORMATION ON DISTRIBUTIONS AND TAXES

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

To the extent possible, all net investment income and realized capital gains are distributed to shareholders. Generally, your share of the distribution is based on the number of shares of the fund outstanding on the applicable dividend record date. Therefore, if the fund has experienced a net redemption during the taxable period, your share of the distribution that is declared less frequently than daily may be relatively higher due to the smaller number of shares outstanding on the record date. See also “Taxes on Fund Distributions” below.

Dividends and Other Distributions

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

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

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distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.

The following table provides details on dividend payments:

Dividend Payment Schedule
Fund	Dividends
Money market funds	· Shares purchased via wire that are received by T. Rowe Price by 12 p.m. (noon) ET begin to earn any dividends on that day. Shares purchased via a wire received after 12 p.m. (noon) ET and through other methods normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
Bond funds, including Retirement Balanced, Retirement I Balanced–I Class, and Spectrum Income	· Shares normally begin to earn any dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Real Estate · Spectrum Conservative Allocation · Spectrum Moderate Allocation	· Dividends, if any, are declared and paid quarterly, in March, June, September, and December. · Must be a shareholder on the dividend record date.
Retirement Income 2020	· Dividends are declared and normally paid in the middle of each month.
All other funds	· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date.
All funds	· If necessary, a fund may make additional distributions on short notice to minimize any fund level tax liabilities.

For funds that declare dividends daily, shares earn any dividends through the date of a redemption (for redemptions from money market funds where the request is received prior to 12 p.m. (noon) ET and proceeds are sent via wire, shares only earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for

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example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.

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

Capital Gain Payments

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

Tax Information

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

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

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

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

· The fund makes dividend or capital gain distributions.

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

Tax-Free and Municipal Funds

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

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

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

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

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Tax-Free and Municipal Funds

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

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

For corporate shareholders, a portion of ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds, bond funds, or money market funds is expected to qualify for this deduction. A fund that earns interest income may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) interest dividends, which would allow the recipient to treat the designated portion of such dividends as interest income for purposes of determining interest expense deduction limitation under Section 163(j) of the Internal Revenue Code. Section 163(j) interest dividends, if so designated by a fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service. To be eligible to treat a Section 163(j) interest dividend as interest income, you must have held the fund share for more than 180 days during the 361-day period beginning on the date which is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. The holding period requirement does not apply to money market funds or funds that declare interest dividends on a daily basis in an amount equal to at least 90% of the fund’s excess Section 163(j) interest income and distribute such dividends on a monthly basis.

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

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If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with any necessary tax forms. You should contact your financial intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.

Taxes on Fund Redemptions

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

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

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

For mutual fund shares acquired on or after January 1, 2012, federal income tax regulations require us to report the cost basis information on Form 1099-B using a cost basis method selected by the shareholder in compliance with such regulations or, in the absence of such selected method, our default method if you acquire your shares directly from T. Rowe Price. Our default method is average cost. For any fund shares acquired through a financial intermediary on or after January 1, 2012, you should check with your financial intermediary regarding the applicable cost basis method. You should note that the cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate. T. Rowe Price and financial intermediaries are not required to issue a Form 1099-B to report sales of money market fund shares.

T. ROWE PRICE 56

To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly following each transaction you make (except for systematic purchases and systematic redemptions) and a year-end statement detailing all of your transactions in each fund account during the year. If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with transaction confirmations and statements.

Taxes on Fund Distributions

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

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

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

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

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

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 57

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

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

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

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

Taxes on Fund Distributions

Tax-Free and Municipal Funds

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

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

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

Limited Duration Inflation Focused Bond, U.S. Limited Duration TIPS Index, and Inflation Protected Bond Funds

· Inflation adjustments on Treasury inflation protected securities that exceed deflation adjustments for the year will be distributed as ordinary income.

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

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

Fund-of-Funds

· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains, which could have a significant tax impact to taxable account holders.

T. ROWE PRICE 58

Tax Consequences of Liquidity Fees

It is currently anticipated that shareholders of retail money market funds that impose a liquidity fee may generally treat the liquidity fee as offsetting the shareholder’s amount realized on the redemption (thereby decreasing the shareholder’s gain, or increasing the shareholder’s loss, on the redeemed amount). A fund that imposes a liquidity fee anticipates using 100% of the fee to help repair a market-based net asset value per share that was below $1.00.

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

Tax Consequences of Hedging

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

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

If you buy shares before or on the record date—the date that establishes you as the person to receive the upcoming distribution—you may receive a portion of the money you invested in the form of a taxable distribution. Therefore, you may wish to find out a fund’s record date before investing. In addition, a fund’s share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return. The amount of capital gains realized by the fund is dependent upon the price at which securities are sold compared with the cost basis of those securities. When evaluating investment opportunities and deciding to sell a particular holding, a portfolio manager may consider the fund’s cash position relative to the cash needed to meet shareholder redemptions and/or purchase other securities and may identify certain shares with a specific cost basis to be sold in an attempt to minimize capital gain distributions. Additional information is available in the fund’s annual and semiannual shareholder reports.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 59

RIGHTS RESERVED BY THE FUNDS

T. Rowe Price Funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through a financial intermediary no later than the business day after the order is received by the financial intermediary (including, but not limited to, orders deemed to result in excessive trading, market timing, or 5% ownership); (5) to cease offering fund shares at any time to all or certain groups of investors; (6) to freeze any account and suspend account services when notice has been received of a dispute regarding the ownership of the account, or a legal claim against an account, upon initial notification to T. Rowe Price of a shareholder’s death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed when permitted by law, including in cases of threatening or abusive conduct, suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money market funds, to suspend redemptions to facilitate an orderly liquidation.

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

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

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

1940 Act File No. 811-4998 F88-040 5/1/23

PROSPECTUS May 1, 2023
			T. ROWE PRICE
			Spectrum International Equity Fund
PSILX TSINX			Investor Class I Class
	The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Table of Contents

1	SUMMARY
	Spectrum International Equity Fund 1
2	MORE ABOUT THE FUND
	Management of the Fund 8 More Information About the Fund’s Investment Objective(s), Strategies, and Risks 10 Portfolio Turnover 18 Financial Highlights 18 Disclosure of Fund Portfolio Information 21
3	INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS
	Investing with T. Rowe Price 22 Available Share Classes 22 Distribution and Shareholder Servicing Fees 24 Account Service Fee 26 Policies for Opening an Account 27 Pricing of Shares and Transactions 28 Investing Directly with T. Rowe Price 30 Investing Through a Financial Intermediary 36 General Policies Relating to Transactions 38 Contacting T. Rowe Price 45 Information on Distributions and Taxes 47 Rights Reserved by the Funds 55

SUMMARY 1

Investment Objective(s)

The fund seeks long-term capital appreciation.

Fees and Expenses

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

Fees and Expenses of the Fund
		Investor Class		I Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee		$20	a	—
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees		0.89	%	0.74	%
Other expenses		—		—
Total annual fund operating expenses		0.89		0.74
a	Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year		3 Years		5 Years		10 Years
Investor Class	$	91	$	284	$	493	$	1,096
I Class		76		237		411		918

Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10.2% of the average value of its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies

Under normal conditions, the fund invests at least 80% of its net assets (including any

T. ROWE PRICE 2

borrowings for investment purposes) in equity securities. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments outside the U.S. The fund, which normally invests in a variety of developed and emerging market equity funds, and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in stock funds that have holdings in many different developed countries outside the U.S., as well as emerging markets. The fund’s overall allocation to international stock funds is represented by a diversified mix of funds that employ both growth and value investment approaches and consists of large-cap, mid-cap, and small-cap stocks. In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum International Equity Fund	Investment Range
Africa & Middle East	0%-15	%
Emerging Europe	0%-15	%
Emerging Markets Discovery Stock	0%-10	%
Emerging Markets Stock	0%-10	%
European Stock	0%-30	%
International Discovery	0%-20	%
International Stock	0%-55	%
International Value Equity	0%-35	%
Japan	0%-30	%
Latin America	0%-15	%
New Asia	0%-20	%
Overseas Stock	0%-35	%
U.S. Treasury Money	0%-25	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks

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

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the

SUMMARY 3

selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

T. ROWE PRICE 4

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.

Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.

Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

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

Performance

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for

SUMMARY 5

the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

SPECTRUM INTERNATIONAL EQUITY FUND

Calendar Year Returns

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	18.87%	Worst Quarter	3/31/20	-23.22%

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

T. ROWE PRICE 6

Average Annual Total Returns
			Periods ended
			December 31, 2022
									Since		Inception
			1 Year		5 Years		10 Years		inception		date
	Investor Class										12/31/1996
		Returns before taxes	-18.00	%	0.87	%	4.29	%	—	%
		Returns after taxes on distributions	-19.06		-0.02		3.65		—
		Returns after taxes on distributions and sale
		of fund shares	-9.62		0.73		3.44		—
	I Class										05/03/2021
		Returns before taxes	-17.83		—		—		-12.00
	MSCI All Country World Index ex USA Net (reflects no deduction for fees or expenses)
			-16.00		0.88		3.80		-9.44	a
	Lipper International Multi-Cap Core Funds Average
			-15.11		0.88		4.33		-8.04	b

a Return since 5/3/21.

b Return since 4/30/21.

Updated performance information is available through troweprice.com.

Management

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

Portfolio Manager	Title	Managed Fund Since	Joined Investment Adviser
Charles M. Shriver	Cochair of Investment Advisory Committee	2011	1991
Toby M. Thompson	Cochair of Investment Advisory Committee	2020	1993*

* Mr. Thompson originally joined T. Rowe Price in 1993 and returned to T. Rowe Price in 2010.

Purchase and Sale of Fund Shares

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

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its

SUMMARY 7

affiliate has discretionary investment authority, qualifying directly held accounts, and certain other types of accounts.

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

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

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

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

MORE ABOUT THE FUND 2

MANAGEMENT OF THE FUND

Investment Adviser(s)

T. Rowe Price is the fund’s investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price also serves as investment adviser for the underlying funds in which the Spectrum Funds invest. T. Rowe Price is the investment adviser for all funds sponsored and managed by T. Rowe Price (T. Rowe Price Funds); is an SEC-registered investment adviser that provides investment management services to individual and institutional investors and sponsors; and serves as adviser and subadviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of December 31, 2022, T. Rowe Price and its affiliates (Firm) had approximately $1.27 trillion in assets under management and provided investment management services for more than 6.0 million individual and institutional investor accounts.

Portfolio Management

T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee cochairs are ultimately responsible for the day-to-day management of the fund’s portfolio and work with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: Charles M. Shriver and Toby M. Thompson, cochairs, Stephen L. Bartolini, Richard de los Reyes, David J. Eiswert, Arif Husain, Wyatt A. Lee, Paul M. Massaro, Christina Dove Noonan, Sebastien Page, Robert A. Panariello, Amelia Seman, Guido F. Stubenrauch, Justin Thomson, and Justin P. White. The following information provides the year that the cochairs first joined the Firm and the cochairs’ specific business experience during the past five years (although the cochairs may have had portfolio management responsibilities for a longer period). Mr. Shriver has been chair of the committee since 2011. He joined the Firm in 1991, and his investment experience dates from 1999. He has served as a portfolio manager with the Firm throughout the past five years. Mr. Thompson has been cochair of the committee since 2020. He originally joined the Firm in 1993, and returned in 2010. His investment experience dates from 1993. He has served as a portfolio manager with the Firm throughout the past five years. The Statement of Additional Information (SAI) provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of the fund’s shares.

Management of the Underlying Funds

For each of the underlying funds in which the fund invests, T. Rowe Price serves as investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio. For certain underlying funds in which the fund invests, T. Rowe Price has entered

MORE ABOUT THE FUND 9

into a subadvisory agreement with T. Rowe Price Investment Management, Inc. (Price Investment Management), T. Rowe Price International Ltd (Price International), T. Rowe Price Hong Kong Limited (Price Hong Kong), T. Rowe Price Japan, Inc. (Price Japan), and/or T. Rowe Price Singapore Private Ltd. (Price Singapore), under which these affiliated entities are authorized to trade securities and make discretionary investment decisions on behalf of all or a portion of the underlying fund. Price Investment Management is registered as an investment adviser with the SEC and is headquartered in the United States in Baltimore, Maryland. Price International is registered as an investment adviser with the SEC and is authorized or licensed by the United Kingdom Financial Conduct Authority and other global regulators. Price International is headquartered in London and has several branch offices around the world. Price Investment Management and Price International are direct subsidiaries of T. Rowe Price. Price Hong Kong is registered as an investment adviser with the SEC and is licensed with the Securities and Futures Commission of Hong Kong. Price Japan is registered as an investment adviser with the SEC and is registered with the Japan Financial Services Agency to carry out investment management business. Price Singapore is registered as an investment adviser with the SEC and is licensed with the Monetary Authority of Singapore. Price Hong Kong is headquartered in Hong Kong, Price Japan is headquartered in Tokyo, and Price Singapore is headquartered in Singapore. Price Hong Kong, Price Japan, and Price Singapore are direct subsidiaries of Price International.

The majority of the directors and the officers of the fund and T. Rowe Price (and its affiliated investment advisers) also serve in similar positions with most of the underlying funds. Thus, if the interests of the fund and the underlying funds were ever to diverge, it is possible that a conflict of interest could arise and affect how the directors and officers fulfill their fiduciary duties to the fund and its underlying funds. The directors of the fund believe they have structured the fund to avoid these concerns. However, conceivably, a situation could occur where proper action for the fund could be adverse to the interests of an underlying fund, or the reverse. If such a possibility arises, the directors and officers of the affected funds and T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.

The Management Fee

The fund pays T. Rowe Price an all-inclusive management fee based on each class’ average daily net assets. The all-inclusive management fee rate for the Investor Class is 0.89% and the all-inclusive management fee rate for the I Class is 0.74%. The difference in the all-inclusive fee rate between share classes relates to differences in expected shareholder servicing expenses. The management fee is calculated and accrued daily, and it includes investment management services and ordinary, recurring operating expenses, but it does not cover interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses. In addition, T. Rowe Price receives management fees from managing the underlying funds, and Price Investment Management, Price International, Price Hong Kong, Price Japan, and/or Price Singapore may receive a portion of the management fee that T. Rowe Price receives from those underlying funds for which it serves as investment subadviser.

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A discussion about the factors considered by the fund’s Board of Directors (Board) and its conclusions in approving the fund’s investment management agreement (and any subadvisory agreement, if applicable) appear in the fund’s semiannual shareholder report for the period ended June 30.

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

Investment Objective(s)

The fund seeks long-term capital appreciation.

Principal Investment Strategies

The following information summarizes some of the basic differences between the Spectrum Funds.

The Spectrum Funds offer a professionally managed allocation of investments among a broad range of asset classes. To accommodate a wide range of investor preferences and time horizons, the Spectrum Funds offer different combinations of the growth potential of stocks, the greater income potential of bonds, different degrees of international investing, and the relative stability of money market securities. Certain Spectrum Funds also seek to reduce overall volatility through alternative investments or derivatives. Because the Spectrum Funds invest in a variety of asset classes, including other T. Rowe Price Funds, each Spectrum Fund is expected to benefit from broad diversification.

While there is no guarantee, the concept of diversification helps investors to reduce their overall risk by spreading assets among a variety of investments. Each type of investment tends to follow a cycle of its own and responds differently to changes in the economy and the marketplace. A decline in one investment can be balanced by returns in other investments that are stable or rising. Therefore, a benefit of the Spectrum Funds is the potential for attractive long-term returns with reduced volatility.

For investors who are seeking broad diversification to bonds in an effort to achieve relatively high income, Spectrum Income Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking a relatively balanced approach, with a greater emphasis on bonds than stocks, in an effort to achieve income and some capital appreciation, Spectrum Conservative Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking a relatively balanced approach, with a greater emphasis on stocks than bonds, in an effort to achieve capital appreciation and income, Spectrum Moderate Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification that emphasizes stocks, with some exposure to bonds, in an effort to achieve capital appreciation and some income, Spectrum

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Moderate Growth Allocation Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification to stocks in an effort to achieve long-term capital appreciation and some income, Spectrum Diversified Equity Fund could be an appropriate part of your overall investment strategy.

For investors who are seeking broad diversification to international stocks in an effort to achieve long-term capital appreciation along with greater potential volatility, Spectrum International Equity Fund could be an appropriate part of your overall investment strategy.

Each Spectrum Fund’s broad diversification is designed to cushion severe losses in any one investment sector and moderate the funds’ overall price swings. However, the Spectrum Funds’ share prices will fluctuate as the prices of the underlying funds and asset classes rise or fall with changing market conditions. The following information describes the investment program for this particular Spectrum Fund. The specific investment program for each Spectrum Fund is described in greater detail in its prospectus.

Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. Shareholders will receive at least 60 days’ prior notice of a change to the fund’s 80% investment policy. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments outside the U.S. The fund, which normally invests in a variety of developed and emerging market equity funds, and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in stock funds that have holdings in many different developed countries outside the U.S., as well as emerging markets. The fund’s overall allocation to international stock funds is represented by a diversified mix of funds that employ both growth and value investment approaches and consists of large-cap, mid-cap, and small-cap stocks.

Although the fund focuses its investments on its underlying funds, the fund may seek additional investment opportunities or potential tax efficiency and invest up to 10% of its net assets in individual securities.

When deciding on allocations to the underlying funds, T. Rowe Price considers relative values and prospects among the various sectors and investment styles represented by the underlying funds. Within the ranges shown in Section 1, T. Rowe Price may decide to overweight or underweight particular asset classes, sectors, or investment styles based on its outlook for the global economy and securities markets.

Because the fund gains its exposure to various asset classes and investment styles through investments in its underlying funds, the fund’s investment performance is directly tied to the investment performance of these underlying funds. Underlying funds may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy assets into more promising opportunities. In pursuing their investment objectives and

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programs, each of the underlying funds is permitted to engage in a wide range of investment policies and practices. As a result, shareholders of the fund will be affected by an underlying fund’s investment practices in direct proportion to the amount of assets the fund allocates to the underlying funds pursuing such practices.

The following table gives a brief description of each underlying fund’s investment program. Further information about the underlying funds, including their specific objectives, investment restrictions, and overall investment programs, are described in greater detail in each underlying fund’s prospectus and SAI. The fund invests in Z Class shares of each underlying fund.

Description of Underlying Funds
International Equity Funds	Investment Program
Africa & Middle East	Long-term growth of capital by investing primarily in common stock of companies located (or with primary operations) in Africa and the Middle East. The fund takes a growth approach to stock selection.
Emerging Europe	Long-term growth of capital through investments primarily in common stocks of companies located (or with primary operations) in the emerging market countries of Europe.
Emerging Markets Discovery Stock	Long-term growth of capital by normally investing at least 80% of its net assets in stocks issued by companies in emerging markets. The fund takes a value approach to stock selection.
Emerging Markets Stock	Long-term growth of capital by normally investing at least 80% of its net assets in stocks issued by companies in emerging markets. The fund takes a growth approach to stock selection.
European Stock	Long-term growth of capital through investments primarily in common stocks of companies located (or with primary operations) in Europe. The fund does not emphasize growth or value characteristics, but seeks companies with quality management and strong cash flows.
International Discovery	Long-term growth of capital through investments primarily in the common stocks of rapidly growing, small to medium-sized companies outside the U.S. The fund takes a growth approach to stock selection.
International Stock	Long-term growth of capital through investments primarily in common stocks of established non-U.S. companies. The fund takes a growth approach to stock selection.
International Value Equity	Long-term capital growth and current income primarily through investments in non-U.S. stocks, with an emphasis on large-capitalization stocks. The fund takes a value approach to stock selection.

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Description of Underlying Funds
Japan	Long-term growth of capital through investments in common stocks of companies located (or with primary operations) in Japan. The fund takes a growth approach to stock selection.
Latin America	Long-term growth of capital through investments primarily in common stocks of companies located (or with primary operations) in Latin America. The fund takes a growth approach to stock selection.
New Asia	Long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in Asia (excluding Japan). The fund takes a growth approach to stock selection.
Overseas Stock	Long-term growth of capital through investments in common stocks of non-U.S. companies. The fund takes a core approach to investing, which provides some exposure to both growth and value styles of investing.
Money Market Fund	Investment Program
U.S. Treasury Money	A money market fund managed to provide a stable share price of $1.00. Invests at least 80% of its net assets in U.S. Treasury securities, which are backed by the full faith and credit of the U.S. government, and repurchase agreements thereon. In addition, the fund operates as a “government money market fund,” which requires the fund to also invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are fully collateralized by government securities or cash.
Other Fund	Investment Program
Transition	Seeks the orderly transition of securities and other financial instruments in connection with a transition between the various underlying funds. When the fund is not actively being used to facilitate a portfolio transition, the fund will seek to preserve principal value by investing up to 100% of its assets in cash, T. Rowe Price money market funds, or other short-term instruments.

Principal Risks

The performance and risks of the fund will directly correspond to the performance and risks of the asset classes and underlying funds in which it invests. By seeking to be broadly diversified, the fund has partial exposure to the risks of many different areas of the market.

The principal risks associated with the fund’s principal investment strategies, which may be even greater in bad or uncertain market conditions, include the following:

Active management/Asset allocation The performance and risks of the fund will directly correspond to the performance and risks of the underlying funds in which it invests. By investing in many underlying funds, which represent different asset classes, sectors, and investment styles, the fund has partial exposure to the risks associated with different areas of the market. The selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles could cause the fund to

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underperform the broad markets, relevant indices, or other funds with a similar benchmark or investment program. The fund’s overall risk is increased to the extent the fund invests in underlying funds that carry greater risks, and any decisions to underweight or overweight particular underlying funds based on the adviser’s outlook for market conditions could fail to produce the intended results and cause the fund to lag relevant benchmarks or similarly managed funds.

Investments in other funds As a fund of funds, the fund is subject to the risks of the performance and execution of the investment programs of its underlying funds. The fund does not control the investments of the underlying funds, which may implement their investment strategies in a manner not anticipated by the fund. Poor security selection by an underlying fund could cause that underlying fund to underperform relevant benchmarks or other funds with similar investment objectives, which in turn could cause the fund to underperform similarly managed funds. Although T. Rowe Price also serves as the investment adviser of the underlying funds in which the fund invests, an underlying fund may change its investment program or policies without the fund’s approval, which could force the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time.

Market conditions The value of investments held by the fund may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the fund to liquidate its holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments, such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions. In addition, local, regional, or global events such as war, military conflict, acts of terrorism, political and social unrest, regulatory changes, recessions, shifts in monetary or trade policies, natural or environmental disasters, and the spread of infectious diseases or other public health issues could have a significant negative impact on securities markets and the fund’s investments. Any of these events may lead to unexpected suspensions or closures of securities exchanges; travel restrictions or quarantines; business disruptions and closures; inability to obtain raw materials, supplies, and component parts; reduced or disrupted operations for the fund’s service providers or issuers in which the fund invests; and an extended adverse impact on global market conditions. Government intervention (including sanctions) in markets may impact interest rates, market volatility, and security pricing. The occurrence of any of these events could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets of specific countries or worldwide.

International investing Underlying funds that have exposure to investments outside the U.S. generally carry more risk than underlying funds that invest strictly in U.S. assets. Investments outside the U.S. may lose value because of declining foreign currencies or adverse political or economic events overseas, among other things. Securities of non-U.S. issuers tend to be more

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volatile than U.S. securities and are subject to trading markets with lower overall liquidity, governmental interference, and regulatory and accounting standards and settlement practices that differ from those of U.S. issuers. An underlying fund could experience losses based solely on the weakness of foreign currencies in which the underlying fund’s holdings are denominated versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. Any attempts by an underlying fund to hedge currency risk could be unsuccessful, and it is difficult to hedge the currency risks of many emerging markets countries. Risks can result from differing regulatory environments, less stringent investor protections, uncertain tax laws, and higher transaction costs compared with U.S. markets. Investments outside the U.S. could be subject to governmental actions such as capital or currency controls, nationalization of a company or industry, expropriation of assets, or imposition of high taxes. Market volatility may significantly impact prices and limit the liquidity of securities in a particular country or geographic region at the same time. The fund’s overall international investing risk level is increased to the extent it has exposure to emerging markets.

Emerging markets Underlying funds that have exposure to investments in emerging markets generally carry more risk than underlying funds that invest strictly in the U.S. and other developed markets. Investments in emerging markets are subject to the risk of abrupt and severe price declines. The economic and political structures of emerging market countries, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. These economies are less developed, can be overly reliant on particular industries and are more vulnerable to the ebb and flow of international trade, trade barriers, and other protectionist or retaliatory measures. Governments in many emerging market countries participate to a significant degree in their economies and securities markets. As a result, investments by an underlying fund may be restricted and subject to greater government control, including repatriation of sales proceeds. Emerging market securities exchanges are more likely to experience problems with the clearing and settling of trades, as well as the custody of holdings by local banks, agents, and depositories. In addition, the accounting standards in emerging market countries may be unreliable and could present an inaccurate picture of a company’s finances. Some countries have histories of instability and upheaval that could cause their governments to act in a detrimental or hostile manner toward private enterprise or foreign investment. The volatility of emerging markets may be heightened by the actions (such as significant buying or selling) of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, could cause fund share prices to decline.

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stock markets as a whole can be volatile and decline for many reasons, such as adverse local, political, regulatory, or economic developments; changes in investor psychology; or heavy selling at the same time by major institutional investors in the market, such as mutual funds, pension funds, and banks. The prospects for an industry or company may deteriorate because of a variety of factors,

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including disappointing earnings or changes in the competitive environment. In addition, the adviser’s assessment of companies whose stocks are held by an underlying fund may prove incorrect, resulting in losses or poor performance, even in rising markets. The fund’s overall exposure to certain investment styles or market capitalizations may limit its potential for appreciation when other investment styles or market capitalizations are in favor.

Market capitalization Different market capitalizations tend to shift into and out of favor depending on market conditions and investor sentiment. Because the fund invests in certain stock funds that emphasize investments in small-cap stocks, mid-cap stocks, and large-cap stocks, the fund’s share price could be negatively affected if a market capitalization falls out of favor, and its potential for appreciation could be limited when one market capitalization is in favor over the other. The fund’s overall stock market risk is increased to the extent it has exposure to small- and mid-cap stocks. Small- and mid-cap companies often have narrower product lines, more limited financial resources, and management that may lack depth and experience. Small-cap companies seldom pay significant dividends that could help to cushion returns in a falling market. Although stocks issued by larger companies tend to have less overall volatility than stocks issued by smaller companies, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes and may suffer sharper price declines as a result of earnings disappointments.

Investment style Different investment styles tend to shift into and out of favor depending on market conditions and investor sentiment. Because the fund invests in certain stock funds that emphasize a growth approach to investing and certain stock funds that emphasize a value approach to investing, the fund’s potential for appreciation could be limited when one investment style is in favor over the other. Growth stocks tend to be more volatile than other types of stocks, and their prices may fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. Value stocks carry the risk that the market will not recognize a security’s intrinsic value for a long time (or at all) or that a stock judged to be undervalued may be appropriately priced. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be inexpensive for long periods of time and may not ever realize their full value.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. Although the fund only purchases securities that present minimal credit risk, the credit quality of the fund’s holdings could change rapidly during periods of market stress. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity. This could reduce the market prices of securities held by the underlying fund and make it more difficult for the fund to maintain a stable $1.00 share price.

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

Additional Investment Management Practices

The SAI contains more detailed information about the fund and its investments, operations, and expenses. The fund’s investments may be subject to further restrictions and risks described in the SAI.

The fund typically buys and sells shares of its underlying funds, as appropriate, in order to realign the overall portfolio. However, the fund may at times make investments in the T. Rowe Price Transition Fund in order to facilitate transitions between its underlying funds or when rebalancing its allocations among its underlying funds.

Futures

The fund may also buy and sell futures contracts (thereby taking long or short positions, as appropriate). Investments involving futures would typically be used to manage cash flows efficiently, remain fully invested, or facilitate asset allocation and rebalancing.

To the extent the fund buys and sells futures contracts, it is potentially exposed to greater volatility than investing directly in stock and bond funds. Futures can experience reduced liquidity and become difficult to value, particularly during significant market events. While the fund would typically use stock index futures and interest rate futures that are traded on an exchange, the use of any instruments that are traded over-the-counter as opposed to through an exchange are also subject to the risk that a counterparty to the transaction will fail to meet its obligations under the contract.

Reserve Position

The fund may maintain a portion of its assets in reserves, which can consist of short-term, high-quality U.S. dollar-denominated money market securities or shares of the T. Rowe Price U.S. Treasury Money Fund. In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position that is inconsistent with its principal investment objective(s) and/or strategies and may invest, without limitation, in reserves. If the fund has significant holdings in reserves, the fund’s ability to achieve its objective(s) could be compromised.

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Meeting Redemption Requests

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

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

During periods of deteriorating or stressed market conditions, or during extraordinary or emergency circumstances, the fund may be more likely to pay redemption proceeds with cash obtained through interfund lending or by redeeming a large redemption request in-kind.

PORTFOLIO TURNOVER

The fund’s portfolio turnover rate is expected to be low. The fund will purchase or sell holdings to: (i) accommodate purchases and sales of the fund’s holdings; and (ii) maintain or modify the allocation of the fund’s assets among the underlying funds within the percentage limits described earlier. A high turnover rate may increase transaction costs, result in additional capital gain distributions, and reduce fund total return. The fund’s portfolio turnover rates are shown in the Financial Highlights tables.

FINANCIAL HIGHLIGHTS

The Financial Highlights tables, which provide information about each class’ financial history, are based on a single share outstanding throughout the periods shown. The tables are part of the fund’s financial statements, which are included in its annual report and are incorporated by reference into the SAI (available upon request). The fund’s total returns may be higher or lower than the investment results of the individual underlying T. Rowe Price Funds. The financial statements in the annual report were audited by the fund’s independent registered public accounting firm, PricewaterhouseCoopers LLP.

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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

Investor Class
	Year Ended
	12/31/22		12/31/21		12/31/20		12/31/19		12/31/18
NET ASSET VALUE
Beginning of period	$16.12		$15.90		$14.08		$11.66		$14.61
Investment activities
Net investment income(1)(2)	0.14		0.20		0.12		0.27		0.23
Net realized and unrealized gain/loss	(3.04	)	0.58		1.84		2.64		(2.40	)
Total from investment activities	(2.90	)	0.78		1.96		2.91		(2.17	)
Distributions
Net investment income	(0.18	)	(0.21	)	(0.12	)	(0.28	)	(0.23	)
Net realized gain	(0.65	)	(0.35	)	(0.02	)	(0.21	)	(0.55	)
Total distributions	(0.83	)	(0.56	)	(0.14	)	(0.49	)	(0.78	)
NET ASSET VALUE
End of period	$12.39		$16.12		$15.90		$14.08		$11.66
Ratios/Supplemental Data
Total return(2)(3)(4)	(18.00	)%	4.97	%	13.95	%	25.00	%	(14.81	)%
Ratios to average net assets:(2)
Gross expenses before payments by Price Associates(4)	0.89	%	0.69	%	0.00	%	0.00	%	0.00	%
Net expenses after payments by Price Associates(4)	0.89	%	0.69	%	0.00	%	0.00	%	0.00	%
Weighted average net expenses of underlying Price Funds(5)	0.00	%	0.21	%	0.91	%	0.90	%	0.90	%
Effective net expenses	0.89	%	0.90	%	0.91	%	0.90	%	0.90	%
Net investment income(4)	0.99	%	1.18	%	0.92	%	2.06	%	1.63	%
Portfolio turnover rate(4)	10.2	%	9.5	%	8.5	%	12.7	%	15.0	%
Net assets, end of period (in millions)	$627		$1,903		$2,008		$1,607		$1,386

(1)	Per share amounts calculated using average shares outstanding method.
(2)	Includes the impact of expense-related arrangements with Price Associates. Effective March 24, 2021, the fund began charging an all-inclusive management fee based on the class' average daily net assets. On that same date, the fund converted its investments from each underlying Price Fund’s Investor Class to its Z Class, which has a net expense ratio of less than 0.01%.
(3)	Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. The fund's total return may be higher or lower than the investment results of the individual underlying Price Funds.
(4)	Reflects the activity of the fund, and does not include the activity of the underlying Price Funds. However, investment performance of the fund is directly related to the investment performance of the underlying Price Funds in which it invests.
(5)	Reflects the indirect expense impact to the fund from its investment in the underlying Price Funds, based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative average investment therein.

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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

I Class
	Year Ended 12/31/22		5/3/21(1)  Through 12/31/21
NET ASSET VALUE
Beginning of period	$16.07		$16.98
Investment activities
Net investment income(2)(3)	0.25		0.38
Net realized and unrealized gain/loss	(3.12	)	(0.66	)(4)
Total from investment activities	(2.87	)	(0.28	)
Distributions
Net investment income	(0.24	)	(0.28	)
Net realized gain	(0.65	)	(0.35	)
Total distributions	(0.89	)	(0.63	)
NET ASSET VALUE
End of period	$12.31		$16.07
Ratios/Supplemental Data
Total return(3)(5)(6)	(17.83	)%	(1.61	)%
Ratios to average net assets:(3)
Gross expenses before payments by Price Associates(6)	0.74	%	0.74	%(7)
Net expenses after payments by Price Associates(6)	0.74	%	0.74	%(7)
Net investment income(6)	1.91	%	3.34	%(7)
Portfolio turnover rate(6)	10.2	%	9.5	%
Net assets, end of period (in millions)	$818		$224

(1)	Inception date
(2)	Per share amounts calculated using average shares outstanding method.
(3)	Includes the impact of expense-related arrangements with Price Associates.
(4)	The amount presented is inconsistent with the fund's aggregate gains and losses because of the timing of sales and redemptions of fund shares in relation to fluctuating market values for the investment portfolio.
(5)	Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. Total return is not annualized for periods less than one year. The fund's total return may be higher or lower than the investment results of the individual underlying Price Funds.
(6)	Reflects the activity of the fund, and does not include the activity of the underlying Price Funds. However, investment performance of the fund is directly related to the investment performance of the underlying Price Funds in which it invests.
(7)	Annualized

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DISCLOSURE OF FUND PORTFOLIO INFORMATION

Most T. Rowe Price Funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. At the discretion of the investment adviser, these holdings reports may exclude the issuer name and other information relating to a holding in order to protect the fund’s interests and to prevent harm to the fund or its shareholders. In addition, most T. Rowe Price Funds disclose their 10 largest holdings, along with the percentage of the relevant fund’s total assets that each of the 10 holdings represents, on troweprice.com on the seventh business day after each month-end. These holdings are listed in numerical order based on such percentages of the fund’s assets. A description of T. Rowe Price’s policies and procedures with respect to the disclosure of portfolio information is available in the SAI.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 3

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

INVESTING WITH T. ROWE PRICE

This section of the prospectus explains the basics of investing with T. Rowe Price and describes some of the different share classes that may be available. Certain share classes can be held directly with T. Rowe Price, while other share classes must typically be held through a financial intermediary, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and investment advisers.

AVAILABLE SHARE CLASSES

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

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

Investor Class

A T. Rowe Price Fund that does not include the term “institutional” or indicate a specific share class as part of its name is considered to be the Investor Class of that fund. The Investor Class is available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly from T. Rowe Price or through a retirement plan or financial intermediary. The Investor Class does not impose sales charges and does not make

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

I Class

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

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other types of accounts.

Certain qualifying accounts are eligible to invest in the I Class at a lower investment minimum through programs available to investors holding their accounts directly with T. Rowe Price, including, but not limited to, programs for which T. Rowe Price or its affiliate has discretionary authority. For investors eligible for the I Class through such programs, the terms and conditions, including applicable minimums, of the respective program will apply. Certain accounts, including most T. Rowe Price Brokerage sweep accounts and small business retirement plans with more than one participant that are held directly with T. Rowe Price, are not eligible to invest in the I Class, regardless of account balance.

Advisor Class

The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and advisers. The Advisor Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.25% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. You may also incur other fees or charges when buying or selling Advisor Class shares through a financial intermediary.

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

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R Class

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

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

Z Class

The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for additional purchases. The Z Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES

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

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

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

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

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

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

Additional Compensation to Financial Intermediaries

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

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

Comparison of Distribution and Shareholder Servicing Fees

The following table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class based on its average daily net assets.

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

ACCOUNT SERVICE FEE

Investor Class

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

The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price^® ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically

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waived for accounts that satisfy any of the following conditions as of the last business day in August:

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

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

· Certain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).

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

POLICIES FOR OPENING AN ACCOUNT

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

Tax Identification Number

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

Important Information Required to Open a New Account

Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only

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for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account.

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

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

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

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

PRICING OF SHARES AND TRANSACTIONS

How and When Shares are Priced

The trade date for your transaction request depends on the day and time that T. Rowe Price receives your request and will normally be executed using the next share price calculated after your order is received in correct form by T. Rowe Price or its agent (or by your financial intermediary if it has the authority to accept transaction orders on behalf of the fund). The share price, also called the net asset value, for each share class of a fund is calculated as of the close of trading on the New York Stock Exchange (NYSE), which is normally 4 p.m. ET, on each day that the NYSE is open for business. Net asset values are not calculated for the funds

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on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would typically be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the funds reserve the right to treat such day as a business day and accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.

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

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

T. Rowe Price uses various pricing services to provide closing market prices, as well as information used to adjust those prices and to value most fixed income securities. T. Rowe Price cannot predict how often it will use closing prices or how often it will adjust those prices. T. Rowe Price routinely evaluates its fair value processes.

Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If T. Rowe Price determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund’s securities, T. Rowe Price will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, T. Rowe Price reviews a variety of factors, including developments in foreign

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markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.

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

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

INVESTING DIRECTLY WITH T. ROWE PRICE

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

Options for Opening Your Account

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

For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for certain transactions (for example, to transfer ownership). There are multiple ways to establish a new account directly with T. Rowe Price.

Online In general, you can open a new Investor Class or I Class account online. Go to troweprice.com/newaccount to choose the type of account you wish to open.

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

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

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

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

How Your Trade Date Is Determined

If you invest directly with T. Rowe Price and your request to purchase, sell, or exchange shares is received by T. Rowe Price or its agent in correct form by the close of the NYSE (normally 4 p.m. ET), your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value. Systematic transactions that are scheduled to occur on a date the NYSE is closed will normally be processed the next business day (except for certain retirement plan payroll deduction orders generated by T. Rowe Price where the orders are processed the day before the day the NYSE is closed).

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

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disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET.

Transaction Confirmations

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

Telephone and Online Account Transactions

You may access your accounts and conduct most transactions involving Investor Class or I Class accounts using the telephone or the T. Rowe Price website at troweprice.com. Telephone conversations are recorded.

Preventing Unauthorized Transactions

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

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

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

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

Trusted Contacts Investors who hold shares of a T. Rowe Price Fund directly or through a T. Rowe Price Brokerage account have the option to add one or more trusted contacts to their brokerage and mutual fund accounts. Trusted contacts are intended to be a resource to help protect client assets. Any individuals designated as a trusted contact will be authorized to serve

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as a primary contact if T. Rowe Price has questions or concerns related to potentially fraudulent account activity or suspected financial exploitation or to confirm your contact information if we are unable to reach you (but are not authorized to act on your account). For more information or to add trusted contacts to your account, visit troweprice.com or call 1-800-225-5132.

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

Purchasing Shares

Shares may be purchased in a variety of ways.

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

By Electronic Transfer Shares may be purchased using the Automated Clearing House network if you have established the service on your account, which allows T. Rowe Price to request payment for your shares directly from your bank account or other financial institution account. You may also arrange for a wire to be sent to T. Rowe Price (wire transfer instructions can be found at troweprice.com/wireinstructions or by calling Shareholder Services). T. Rowe Price must receive the wire by the close of the NYSE to receive that day’s share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution.

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

Systematic Purchases (Automatic Asset Builder) You can instruct T. Rowe Price to automatically transfer money from your account at your bank or other financial institution at

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

Initial Investment Minimums

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

Additional Investment Minimums

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

Exchanging and Redeeming Shares

Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes. (Institutional investors are restricted from exchanging into a fund that operates as a retail money market fund.) You can set up systematic exchanges so that money is automatically moved from one fund account to another on a regular basis.

Receiving Redemption Proceeds Redemption proceeds can be mailed to your account address by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. You can set up systematic redemptions and have the proceeds automatically sent via check or Automated Clearing House on a regular basis. If your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the NYSE, proceeds are usually sent on the next business day. However, if you request a redemption from a money market fund on a business day prior to 12 p.m. (noon) ET and request to have proceeds sent via bank wire, proceeds are normally sent later that same day.

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Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale, and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale (except for wire redemptions from money market funds received prior to 12 p.m. (noon) ET). A $5 fee will be charged for an outgoing wire of less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.

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

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

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

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

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

Converting to Another Share Class

You may convert from one share class of a fund to another share class of the same fund (which may have a different expense ratio) over the telephone or in writing. Although the conversion has no effect on the dollar value of your investment in the fund, the number of shares owned after the conversion may be greater or less than the number of shares owned before the conversion, depending on the net asset values of the two share classes. A conversion between share classes of the same fund is a nontaxable event. The new account will have the same registration as the account from which you are converting.

Shareholders may contact T. Rowe Price at any time to convert eligible account balances to the I Class. In addition, T. Rowe Price may conduct periodic reviews of account balances. If your account balance in a fund meets or exceeds the applicable minimum amount required for the I Class, T. Rowe Price may, but is not required to, automatically convert your Investor Class shares to I Class shares of the same fund with advance notice, which may be in writing or delivered electronically if you have a valid email address on file with T. Rowe Price. Certain account restrictions will prevent an automatic conversion. If you opt out of any automatic conversions to the I Class, your election will apply to any future periodic reviews and automatic conversions for which you may otherwise be eligible unless you contact T. Rowe Price to change your election. If T. Rowe Price or its affiliates have investment discretion for your

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account, T. Rowe Price may convert your shares to a different share class without any advance notice to you. Automatic conversions only occur between share classes of the same fund.

Maintaining Your Account Balance

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

I Class To keep operating expenses lower, we ask that you maintain an account balance that at least meets the applicable I Class minimum necessary to open an account. If your investment in a fund falls below the applicable I Class minimum (even if due to market depreciation), we have the right to convert your account to a different share class in the same fund (if available) with a higher expense ratio or redeem your account at the then-current net asset value, after giving you 60 days’ advance notice to increase your balance. The redemption of your account by T. Rowe Price could result in a taxable gain or loss. However, if T. Rowe Price or its affiliates have investment discretion for your account, T. Rowe Price may convert your shares to a different share class without advance notice. Shareholders investing in a fund as part of a program that allows for a lower initial investment minimum will be subject to the applicable minimum account balance requirements of the respective program.

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

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

Eligibility Through Certain T. Rowe Price Programs

Direct investors with qualifying accounts may be eligible to invest in the I Class with a lower initial investment minimum and may be eligible to open new accounts in funds that are generally closed to new investors. For certain programs, eligibility is based on the aggregate value of qualifying accounts and certain other accounts held by direct investors in the same household. The terms and conditions of the respective program will apply and are subject to change. Contact T. Rowe Price for more information.

INVESTING THROUGH A FINANCIAL INTERMEDIARY

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

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

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financial intermediary may charge a fee, such as transaction fees or brokerage commissions, for its services.

Opening an Account

The financial intermediary must provide T. Rowe Price with its certified taxpayer identification number. Financial intermediaries should call Client Account Management for an account number and wire transfer instructions. In order to obtain an account number, the financial intermediary must supply the name, taxpayer identification number, and business street address for the account. (Please refer to “Contacting T. Rowe Price” later in this section for the appropriate telephone number and mailing address.) Financial intermediaries must also enter into a separate agreement with the fund or its agent.

How the Trade Date is Determined

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

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

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

Purchasing Shares

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

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Management. The fund may permit financial intermediaries to submit purchase orders for shares through various other methods as well, if approved by Client Account Management.

Investment Minimums

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

The Summit Funds require a $25,000 minimum initial investment, and other funds generally require a $2,500 minimum initial investment, although the minimum is generally waived or modified for any retirement plans and financial intermediaries establishing accounts in the Investor Class, Advisor Class, or R Class. I Class accounts require a $500,000 minimum initial investment per fund for each account registration, although the minimum is generally waived for certain types of accounts.

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

Redeeming Shares

Unless otherwise indicated, redemption proceeds will be sent via bank wire to the financial intermediary’s designated bank. Redemptions by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Client Account Management. The fund may permit financial intermediaries to submit redemption orders for shares through various other methods as well, if approved by Client Account Management. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or second business day after receipt of the order, depending on the arrangement with the financial intermediary. Proceeds for redemption orders received prior to 12 p.m. (noon) ET for a money market fund may be sent via wire the same business day. You must contact your financial intermediary about procedures for receiving your redemption proceeds.

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

GENERAL POLICIES RELATING TO TRANSACTIONS

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

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

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be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.

U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks. In addition, we request that you give us at least three business days’ notice for any purchase of $1 million or more.

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

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

Liquidity Fees and Redemption Gates—Retail Money Market Funds

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

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

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

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Omnibus Accounts If your shares are held through a financial intermediary, T. Rowe Price may rely on the financial intermediary to assess any applicable liquidity fees or impose redemption gates on underlying shareholder accounts. In certain situations, T. Rowe Price enters into agreements with financial intermediaries maintaining omnibus accounts that require the financial intermediary to assess liquidity fees or redemption gates. There are no assurances that T. Rowe Price will be successful in ensuring that all financial intermediaries will properly assess the fees.

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

Large Redemptions

Large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager’s ability to implement a fund’s investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to redeem in-kind. In general, any redemptions in-kind will represent a pro-rata distribution of a fund’s securities, subject to certain limited exceptions. The redeeming shareholder will be responsible for disposing of the securities, and the shareholder will be subject to the risks that the value of the securities could decline prior to their sale, the securities could be difficult to sell, and brokerage fees could be incurred. If you continue to hold the securities, you may be subject to any ownership restrictions imposed by the issuers. For example, real estate investment trusts (REITs) often impose ownership restrictions on their equity securities. In addition, we request that you give us at least three business days’ notice for any redemption of $1 million or more.

Delays in Sending Redemption Proceeds

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

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

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The Board of a retail money market fund may elect to temporarily suspend redemptions from the fund (i.e., a “redemption gate”) for up to 10 business days in a 90-day period if the fund’s weekly liquid assets fall below 30% of its total assets and the fund’s Board determines that imposing a redemption gate is in the fund’s best interests. In addition, under certain limited circumstances, the Board of a money market fund may elect to permanently suspend redemptions in order to facilitate an orderly liquidation of the fund (subject to any additional liquidation requirements).

Involuntary Redemptions and Share Class Conversions

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

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

Excessive and Short-Term Trading Policy

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

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

General Exceptions As of the date of this prospectus, the following types of transactions

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generally are not subject to the funds’ Excessive and Short-Term Trading Policy:

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

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

· Checkwriting redemptions from bond funds and money market funds;

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

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

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

· Shares purchased by asset transfer or direct rollover;

· Shares purchased or redeemed through IRA conversions and recharacterizations;

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

· Transactions in Section 529 college savings plans;

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

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

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

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

· Transactions having a value of $5,000 or less (retirement plans, including those for which T. Rowe Price serves as recordkeeper, and other financial intermediaries may apply the Excessive and Short-Term Trading Policy to transactions of any amount).

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

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

Financial Intermediary and Retirement Plan Accounts If you invest in T. Rowe Price Funds through a financial intermediary, including a retirement plan, you should review the financial intermediary’s or retirement plan’s materials carefully or consult with the financial intermediary or plan sponsor directly to determine the trading policy that will apply to your trades in the T. Rowe Price Funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.

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

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

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

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

Unclaimed Accounts and Uncashed Checks

If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price is deemed undeliverable, T. Rowe Price may be required to transfer (i.e., escheat) your account assets, including any assets related to uncashed checks, to the appropriate state under its abandoned property laws. For IRAs escheated to a state under these abandoned

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

Delivery of Shareholder Documents

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

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

Signature Guarantees

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

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

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

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

· Establishing certain services after an account is opened; or

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

Financial intermediaries should contact T. Rowe Price Client Account Management for specific requirements.

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

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Fund Operations and Shareholder Services

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

CONTACTING T. ROWE PRICE

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

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

T. ROWE PRICE 46

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

T. Rowe Price Addresses

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

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

via U.S. mail T. Rowe Price Account Services
P.O. Box 17300
Baltimore, MD 21297-1300 via private carriers/overnight services T. Rowe Price Account Services
Mail Code 17300
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Account Services
P.O. Box 17468
Baltimore, MD 21298-8275 via private carriers/overnight services T. Rowe Price Account Services
Mail Code 17468
4515 Painters Mill Road
Owings Mills, MD 21117-4903

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

via U.S. mail T. Rowe Price Retirement Client Services
P.O. Box 17350
Baltimore, MD 21297-1350 via private carriers/overnight services T. Rowe Price
Attn.: Retirement Operations
4515 Painters Mill Road
Owings Mills, MD 21117-4903

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 47

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

via U.S. mail T. Rowe Price Client Account Management
P.O. Box 17300
Baltimore, MD 21297-1603 via private carriers/overnight services T. Rowe Price Client Account Management
Mail Code: OM-4232
4515 Painters Mill Road
Owings Mills, MD 21117-4842

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

INFORMATION ON DISTRIBUTIONS AND TAXES

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

To the extent possible, all net investment income and realized capital gains are distributed to shareholders. Generally, your share of the distribution is based on the number of shares of the fund outstanding on the applicable dividend record date. Therefore, if the fund has experienced a net redemption during the taxable period, your share of the distribution that is declared less frequently than daily may be relatively higher due to the smaller number of shares outstanding on the record date. See also “Taxes on Fund Distributions” below.

Dividends and Other Distributions

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

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

T. ROWE PRICE 48

distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.

The following table provides details on dividend payments:

Dividend Payment Schedule
Fund	Dividends
Money market funds	· Shares purchased via wire that are received by T. Rowe Price by 12 p.m. (noon) ET begin to earn any dividends on that day. Shares purchased via a wire received after 12 p.m. (noon) ET and through other methods normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
Bond funds, including Retirement Balanced, Retirement I Balanced–I Class, and Spectrum Income	· Shares normally begin to earn any dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Real Estate · Spectrum Conservative Allocation · Spectrum Moderate Allocation	· Dividends, if any, are declared and paid quarterly, in March, June, September, and December. · Must be a shareholder on the dividend record date.
Retirement Income 2020	· Dividends are declared and normally paid in the middle of each month.
All other funds	· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date.
All funds	· If necessary, a fund may make additional distributions on short notice to minimize any fund level tax liabilities.

For funds that declare dividends daily, shares earn any dividends through the date of a redemption (for redemptions from money market funds where the request is received prior to 12 p.m. (noon) ET and proceeds are sent via wire, shares only earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 49

example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.

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

Capital Gain Payments

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

Tax Information

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

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

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

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

· The fund makes dividend or capital gain distributions.

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

Tax-Free and Municipal Funds

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

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

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

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

T. ROWE PRICE 50

Tax-Free and Municipal Funds

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

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

For corporate shareholders, a portion of ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds, bond funds, or money market funds is expected to qualify for this deduction. A fund that earns interest income may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) interest dividends, which would allow the recipient to treat the designated portion of such dividends as interest income for purposes of determining interest expense deduction limitation under Section 163(j) of the Internal Revenue Code. Section 163(j) interest dividends, if so designated by a fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service. To be eligible to treat a Section 163(j) interest dividend as interest income, you must have held the fund share for more than 180 days during the 361-day period beginning on the date which is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. The holding period requirement does not apply to money market funds or funds that declare interest dividends on a daily basis in an amount equal to at least 90% of the fund’s excess Section 163(j) interest income and distribute such dividends on a monthly basis.

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

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 51

If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with any necessary tax forms. You should contact your financial intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.

Taxes on Fund Redemptions

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

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

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

For mutual fund shares acquired on or after January 1, 2012, federal income tax regulations require us to report the cost basis information on Form 1099-B using a cost basis method selected by the shareholder in compliance with such regulations or, in the absence of such selected method, our default method if you acquire your shares directly from T. Rowe Price. Our default method is average cost. For any fund shares acquired through a financial intermediary on or after January 1, 2012, you should check with your financial intermediary regarding the applicable cost basis method. You should note that the cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate. T. Rowe Price and financial intermediaries are not required to issue a Form 1099-B to report sales of money market fund shares.

T. ROWE PRICE 52

To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly following each transaction you make (except for systematic purchases and systematic redemptions) and a year-end statement detailing all of your transactions in each fund account during the year. If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with transaction confirmations and statements.

Taxes on Fund Distributions

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

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

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

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

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

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 53

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

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

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

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

Taxes on Fund Distributions

Tax-Free and Municipal Funds

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

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

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

Limited Duration Inflation Focused Bond, U.S. Limited Duration TIPS Index, and Inflation Protected Bond Funds

· Inflation adjustments on Treasury inflation protected securities that exceed deflation adjustments for the year will be distributed as ordinary income.

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

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

Fund-of-Funds

· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains, which could have a significant tax impact to taxable account holders.

T. ROWE PRICE 54

Tax Consequences of Liquidity Fees

It is currently anticipated that shareholders of retail money market funds that impose a liquidity fee may generally treat the liquidity fee as offsetting the shareholder’s amount realized on the redemption (thereby decreasing the shareholder’s gain, or increasing the shareholder’s loss, on the redeemed amount). A fund that imposes a liquidity fee anticipates using 100% of the fee to help repair a market-based net asset value per share that was below $1.00.

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

Tax Consequences of Hedging

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

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

If you buy shares before or on the record date—the date that establishes you as the person to receive the upcoming distribution—you may receive a portion of the money you invested in the form of a taxable distribution. Therefore, you may wish to find out a fund’s record date before investing. In addition, a fund’s share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return. The amount of capital gains realized by the fund is dependent upon the price at which securities are sold compared with the cost basis of those securities. When evaluating investment opportunities and deciding to sell a particular holding, a portfolio manager may consider the fund’s cash position relative to the cash needed to meet shareholder redemptions and/or purchase other securities and may identify certain shares with a specific cost basis to be sold in an attempt to minimize capital gain distributions. Additional information is available in the fund’s annual and semiannual shareholder reports.

INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS 55

RIGHTS RESERVED BY THE FUNDS

T. Rowe Price Funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through a financial intermediary no later than the business day after the order is received by the financial intermediary (including, but not limited to, orders deemed to result in excessive trading, market timing, or 5% ownership); (5) to cease offering fund shares at any time to all or certain groups of investors; (6) to freeze any account and suspend account services when notice has been received of a dispute regarding the ownership of the account, or a legal claim against an account, upon initial notification to T. Rowe Price of a shareholder’s death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed when permitted by law, including in cases of threatening or abusive conduct, suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money market funds, to suspend redemptions to facilitate an orderly liquidation.

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

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

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

1940 Act File No. 811-4998 F118-040 5/1/23

STATEMENT OF ADDITIONAL INFORMATION

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

The date of this Statement of Additional Information is May 1, 2023.

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.
T. Rowe Price All-Cap Opportunities Fund	PRWAX
T. Rowe Price All-Cap Opportunities Fund—Advisor Class	PAWAX
T. Rowe Price All-Cap Opportunities Fund—I Class	PNAIX
T. ROWE PRICE BALANCED FUND, INC.
T. Rowe Price Balanced Fund	RPBAX
T. Rowe Price Balanced Fund—I Class	RBAIX
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.
T. Rowe Price Blue Chip Growth Fund	TRBCX
T. Rowe Price Blue Chip Growth Fund—Advisor Class	PABGX
T. Rowe Price Blue Chip Growth Fund—I Class	TBCIX
T. Rowe Price Blue Chip Growth Fund—R Class	RRBGX
T. Rowe Price Blue Chip Growth Fund—Z Class	TRZBX
T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.
T. Rowe Price Capital Appreciation Fund	PRWCX
T. Rowe Price Capital Appreciation Fund—Advisor Class	PACLX
T. Rowe Price Capital Appreciation Fund—I Class	TRAIX
T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.
T. Rowe Price Communications & Technology Fund	PRMTX
T. Rowe Price Communications & Technology Fund—I Class	TTMIX
T. ROWE PRICE CORPORATE INCOME FUND, INC.
T. Rowe Price Corporate Income Fund	PRPIX
T. Rowe Price Corporate Income Fund—I Class	TICCX
T. Rowe Price Corporate Income Fund—Z Class	TRZCX
T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.
T. Rowe Price Credit Opportunities Fund	PRCPX
T. Rowe Price Credit Opportunities Fund—Advisor Class	PAOPX
T. Rowe Price Credit Opportunities Fund—I Class	TCRRX
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.
T. Rowe Price Diversified Mid-Cap Growth Fund	PRDMX
T. Rowe Price Diversified Mid-Cap Growth Fund—I Class	RPTTX

C00-042 5/1/2023

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. Rowe Price Dividend Growth Fund	PRDGX
T. Rowe Price Dividend Growth Fund—Advisor Class	TADGX
T. Rowe Price Dividend Growth Fund—I Class	PDGIX
T. Rowe Price Dividend Growth Fund—Z Class	TRZDX
T. ROWE PRICE EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund	TPLGX
T. Rowe Price Institutional Mid-Cap Equity Growth Fund	PMEGX
T. Rowe Price Institutional Small-Cap Stock Fund	TRSSX
T. Rowe Price Large-Cap Growth Fund	TRGOX
T. Rowe Price Large-Cap Growth Fund—I Class	TRLGX
T. Rowe Price Large-Cap Value Fund	TRLUX
T. Rowe Price Large-Cap Value Fund—I Class	TILCX
T. ROWE PRICE EQUITY INCOME FUND, INC.
T. Rowe Price Equity Income Fund	PRFDX
T. Rowe Price Equity Income Fund—Advisor Class	PAFDX
T. Rowe Price Equity Income Fund—I Class	REIPX
T. Rowe Price Equity Income Fund—R Class	RRFDX
T. Rowe Price Equity Income Fund—Z Class	TRZQX
T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
T. Rowe Price Financial Services Fund	PRISX
T. Rowe Price Financial Services Fund—I Class	TFIFX
T. ROWE PRICE FLOATING RATE FUND, INC.
T. Rowe Price Floating Rate Fund	PRFRX
T. Rowe Price Floating Rate Fund—Advisor Class	PAFRX
T. Rowe Price Floating Rate Fund—I Class	TFAIX
T. Rowe Price Floating Rate Fund—Z Class	TRIZX
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.
T. Rowe Price Global Allocation Fund	RPGAX
T. Rowe Price Global Allocation Fund—Advisor Class	PAFGX
T. Rowe Price Global Allocation Fund—I Class	TGAFX
T. ROWE PRICE GLOBAL FUNDS, INC.
T. Rowe Price Global Value Equity Fund	TRGVX
T. Rowe Price Global Value Equity Fund—I Class	PRIGX
T. Rowe Price Institutional Emerging Markets Bond Fund	TREBX
T. Rowe Price Institutional Emerging Markets Equity Fund	IEMFX
T. Rowe Price Institutional International Disciplined Equity Fund	RPICX
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.
T. Rowe Price Global Multi-Sector Bond Fund	PRSNX
T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class	PRSAX
T. Rowe Price Global Multi-Sector Bond Fund—I Class	PGMSX

2

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.
T. Rowe Price Global Real Estate Fund	TRGRX
T. Rowe Price Global Real Estate Fund—Advisor Class	PAGEX
T. Rowe Price Global Real Estate Fund—I Class	TIRGX
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.
T. Rowe Price Global Technology Fund	PRGTX
T. Rowe Price Global Technology Fund—I Class	PGTIX
T. ROWE PRICE GNMA FUND, INC.
T. Rowe Price GNMA Fund	PRGMX
T. Rowe Price GNMA Fund—I Class	PRXAX
T. Rowe Price GNMA Fund—Z Class	TRZGX
T. ROWE PRICE GOVERNMENT MONEY FUND, INC.
T. Rowe Price Government Money Fund	PRRXX
T. Rowe Price Government Money Fund—I Class	TTGXX
T. ROWE PRICE GROWTH STOCK FUND, INC.
T. Rowe Price Growth Stock Fund	PRGFX
T. Rowe Price Growth Stock Fund—Advisor Class	TRSAX
T. Rowe Price Growth Stock Fund—I Class	PRUFX
T. Rowe Price Growth Stock Fund—R Class	RRGSX
T. Rowe Price Growth Stock Fund—Z Class	TRJZX
T. ROWE PRICE HEALTH SCIENCES FUND, INC.
T. Rowe Price Health Sciences Fund	PRHSX
T. Rowe Price Health Sciences Fund—I Class	THISX
T. ROWE PRICE HIGH YIELD FUND, INC.
T. Rowe Price High Yield Fund	PRHYX
T. Rowe Price High Yield Fund—Advisor Class	PAHIX
T. Rowe Price High Yield Fund—I Class	PRHIX
T. Rowe Price High Yield Fund—Z Class	TRKZX
T. Rowe Price U.S. High Yield Fund	TUHYX
T. Rowe Price U.S. High Yield Fund—Advisor Class	TUHAX
T. Rowe Price U.S. High Yield Fund—I Class	TUHIX
T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund	PREIX
T. Rowe Price Equity Index 500 Fund—I Class	PRUIX
T. Rowe Price Equity Index 500 Fund—Z Class	TRHZX
T. Rowe Price Extended Equity Market Index Fund	PEXMX
T. Rowe Price Mid-Cap Index Fund	TRMNX
T. Rowe Price Mid-Cap Index Fund—I Class	TRMSX
T. Rowe Price Mid-Cap Index Fund—Z Class	TRSZX
T. Rowe Price Small-Cap Index Fund	TRSYX
T. Rowe Price Small-Cap Index Fund—I Class	TRCSX
T. Rowe Price Small-Cap Index Fund—Z Class	TRZIX
T. Rowe Price Total Equity Market Index Fund	POMIX

3

T. Rowe Price U.S. Limited Duration TIPS Index Fund	TLDTX
T. Rowe Price U.S. Limited Duration TIPS Index Fund—I Class	TLDUX
T. Rowe Price U.S. Limited Duration TIPS Index Fund—Z Class	TLDZX
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.
T. Rowe Price Inflation Protected Bond Fund	PRIPX
T. Rowe Price Inflation Protected Bond Fund—I Class	TIIPX
T. Rowe Price Inflation Protected Bond Fund—Z Class	TRZHX
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Floating Rate Fund	RPIFX
T. Rowe Price Institutional Floating Rate Fund—F Class	PFFRX
T. Rowe Price Institutional Floating Rate Fund—Z Class	TRAZX
T. Rowe Price Institutional High Yield Fund	TRHYX
T. Rowe Price Institutional High Yield Fund—Z Class	TRCZX
T. Rowe Price Institutional Long Duration Credit Fund	RPLCX
T. ROWE PRICE INTEGRATED EQUITY FUNDS, INC. (formerly T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.)
T. Rowe Price Integrated Global Equity Fund (formerly T. Rowe Price QM Global Equity Fund)	TQGEX
T. Rowe Price Integrated Global Equity Fund—Advisor Class (formerly T. Rowe Price QM Global Equity Fund—Advisor Class)	TQGAX
T. Rowe Price Integrated Global Equity Fund—I Class (formerly T. Rowe Price QM Global Equity Fund—I Class)	TQGIX
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund (formerly T. Rowe Price QM U.S. Value Equity Fund)	TQMVX
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—Advisor Class (formerly T. Rowe Price QM U.S. Value Equity Fund—Advisor Class)	TQVAX
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—I Class (formerly T. Rowe Price QM U.S. Value Equity Fund—I Class)	TQVIX
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund (formerly T. Rowe Price QM U.S. Small-Cap Growth Equity Fund)	PRDSX
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class (formerly T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—Advisor Class)	TQAAX
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—I Class (formerly T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—I Class)	TQAIX
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund (formerly T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund)	TQSMX
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class (formerly T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class)	TQSAX
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund—I Class (formerly T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—I Class)	TQSIX
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Intermediate Tax-Free High Yield Fund	PRIHX
T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class	PRAHX
T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class	TFHAX
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund	TRAMX
T. Rowe Price Africa & Middle East Fund—I Class	PRAMX
T. Rowe Price Africa & Middle East Fund—Z Class	TRZMX
T. Rowe Price Asia Opportunities Fund	TRAOX
T. Rowe Price Asia Opportunities Fund—Advisor Class	PAAOX

4

T. Rowe Price Asia Opportunities Fund—I Class	TRASX
T. Rowe Price China Evolution Equity Fund	TCELX
T. Rowe Price China Evolution Equity Fund—I Class	TRCLX
T. Rowe Price Dynamic Credit Fund	RPIDX
T. Rowe Price Dynamic Credit Fund—I Class	RPELX
T. Rowe Price Dynamic Global Bond Fund	RPIEX
T. Rowe Price Dynamic Global Bond Fund—Advisor Class	PAIEX
T. Rowe Price Dynamic Global Bond Fund—I Class	RPEIX
T. Rowe Price Dynamic Global Bond Fund—Z Class	TRDZX
T. Rowe Price Emerging Europe Fund	TREMX
T. Rowe Price Emerging Europe Fund—I Class	TTEEX
T. Rowe Price Emerging Europe Fund—Z Class	TRZEX
T. Rowe Price Emerging Markets Bond Fund	PREMX
T. Rowe Price Emerging Markets Bond Fund—Advisor Class	PAIKX
T. Rowe Price Emerging Markets Bond Fund—I Class	PRXIX
T. Rowe Price Emerging Markets Bond Fund—Z Class	TREZX
T. Rowe Price Emerging Markets Corporate Bond Fund	TRECX
T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class	PACEX
T. Rowe Price Emerging Markets Corporate Bond Fund—I Class	TECIX
T. Rowe Price Emerging Markets Discovery Stock Fund	PRIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class	PAIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—I Class	REVIX
T. Rowe Price Emerging Markets Discovery Stock Fund—Z Class	TRFZX
T. Rowe Price Emerging Markets Local Currency Bond Fund	PRELX
T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class	PAELX
T. Rowe Price Emerging Markets Local Currency Bond Fund—I Class	TEIMX
T. Rowe Price Emerging Markets Local Currency Bond Fund—Z Class	TRZFX
T. Rowe Price Emerging Markets Stock Fund	PRMSX
T. Rowe Price Emerging Markets Stock Fund—I Class	PRZIX
T. Rowe Price Emerging Markets Stock Fund—Z Class	TRGZX
T. Rowe Price European Stock Fund	PRESX
T. Rowe Price European Stock Fund—I Class	TEUIX
T. Rowe Price European Stock Fund—Z Class	TRZPX
T. Rowe Price Global Consumer Fund	PGLOX
T. Rowe Price Global Growth Stock Fund	RPGEX
T. Rowe Price Global Growth Stock Fund—Advisor Class	PAGLX
T. Rowe Price Global Growth Stock Fund—I Class	RGGIX
T. Rowe Price Global High Income Bond Fund	RPIHX
T. Rowe Price Global High Income Bond Fund—Advisor Class	PAIHX
T. Rowe Price Global High Income Bond Fund—I Class	RPOIX
T. Rowe Price Global Impact Equity Fund	TGPEX
T. Rowe Price Global Impact Equity Fund—I Class	TGBLX
T. Rowe Price Global Industrials Fund	RPGIX
T. Rowe Price Global Industrials Fund—I Class	TRGAX

5

T. Rowe Price Global Stock Fund	PRGSX
T. Rowe Price Global Stock Fund—Advisor Class	PAGSX
T. Rowe Price Global Stock Fund—I Class	TRGLX
T. Rowe Price International Bond Fund	RPIBX
T. Rowe Price International Bond Fund—Advisor Class	PAIBX
T. Rowe Price International Bond Fund—I Class	RPISX
T. Rowe Price International Bond Fund—Z Class	TRLZX
T. Rowe Price International Bond Fund (USD Hedged)	TNIBX
T. Rowe Price International Bond Fund (USD Hedged)—Advisor Class	TTABX
T. Rowe Price International Bond Fund (USD Hedged)—I Class	TNBMX
T. Rowe Price International Bond Fund (USD Hedged)—Z Class	TRMZX
T. Rowe Price International Disciplined Equity Fund	PRCNX
T. Rowe Price International Disciplined Equity Fund—Advisor Class	PRNCX
T. Rowe Price International Disciplined Equity Fund—I Class	RICIX
T. Rowe Price International Discovery Fund	PRIDX
T. Rowe Price International Discovery Fund—I Class	TIDDX
T. Rowe Price International Discovery Fund—Z Class	TRZKX
T. Rowe Price International Stock Fund	PRITX
T. Rowe Price International Stock Fund—Advisor Class	PAITX
T. Rowe Price International Stock Fund—I Class	PRIUX
T. Rowe Price International Stock Fund—R Class	RRITX
T. Rowe Price International Stock Fund—Z Class	TRNZX
T. Rowe Price International Value Equity Fund	TRIGX
T. Rowe Price International Value Equity Fund—Advisor Class	PAIGX
T. Rowe Price International Value Equity Fund—I Class	TRTIX
T. Rowe Price International Value Equity Fund—R Class	RRIGX
T. Rowe Price International Value Equity Fund—Z Class	TROZX
T. Rowe Price Japan Fund	PRJPX
T. Rowe Price Japan Fund—I Class	RJAIX
T. Rowe Price Japan Fund—Z Class	TRZJX
T. Rowe Price Latin America Fund	PRLAX
T. Rowe Price Latin America Fund—I Class	RLAIX
T. Rowe Price Latin America Fund—Z Class	TRZYX
T. Rowe Price New Asia Fund	PRASX
T. Rowe Price New Asia Fund—I Class	PNSIX
T. Rowe Price New Asia Fund—Z Class	TRZNX
T. Rowe Price Overseas Stock Fund	TROSX
T. Rowe Price Overseas Stock Fund—Advisor Class	PAEIX
T. Rowe Price Overseas Stock Fund—I Class	TROIX
T. Rowe Price Overseas Stock Fund—Z Class	TRZSX
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund	PIEQX
T. Rowe Price International Equity Index Fund—Z Class	TLIEX

6

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.
T. Rowe Price Limited Duration Inflation Focused Bond Fund	TRBFX
T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class	TRLDX
T. Rowe Price Limited Duration Inflation Focused Bond Fund—Z Class	TRPZX
T. ROWE PRICE MID-CAP GROWTH FUND, INC.
T. Rowe Price Mid-Cap Growth Fund	RPMGX
T. Rowe Price Mid-Cap Growth Fund—Advisor Class	PAMCX
T. Rowe Price Mid-Cap Growth Fund—I Class	RPTIX
T. Rowe Price Mid-Cap Growth Fund—R Class	RRMGX
T. Rowe Price Mid-Cap Growth Fund—Z Class	TRQZX
T. ROWE PRICE MID-CAP VALUE FUND, INC.
T. Rowe Price Mid-Cap Value Fund	TRMCX
T. Rowe Price Mid-Cap Value Fund—Advisor Class	TAMVX
T. Rowe Price Mid-Cap Value Fund—I Class	TRMIX
T. Rowe Price Mid-Cap Value Fund—R Class	RRMVX
T. Rowe Price Mid-Cap Value Fund—Z Class	TRTZX
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	—
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	—
T. Rowe Price Floating Rate Multi-Sector Account Portfolio	—
T. Rowe Price High Yield Multi-Sector Account Portfolio	—
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	—
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	—
T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.
T. Rowe Price Multi-Strategy Total Return Fund	TMSRX
T. Rowe Price Multi-Strategy Total Return Fund—Advisor Class	TMSAX
T. Rowe Price Multi-Strategy Total Return Fund—I Class	TMSSX
T. ROWE PRICE NEW ERA FUND, INC.
T. Rowe Price New Era Fund	PRNEX
T. Rowe Price New Era Fund—I Class	TRNEX
T. ROWE PRICE NEW HORIZONS FUND, INC.
T. Rowe Price New Horizons Fund	PRNHX
T. Rowe Price New Horizons Fund—I Class	PRJIX
T. Rowe Price New Horizons Fund—Z Class	TRUZX
T. ROWE PRICE NEW INCOME FUND, INC.
T. Rowe Price New Income Fund	PRCIX
T. Rowe Price New Income Fund—Advisor Class	PANIX
T. Rowe Price New Income Fund—I Class	PRXEX
T. Rowe Price New Income Fund—R Class	RRNIX
T. Rowe Price New Income Fund—Z Class	TRVZX
T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.
T. Rowe Price QM U.S. Bond Index Fund	PBDIX
T. Rowe Price QM U.S. Bond Index Fund—I Class	TSBLX
T. Rowe Price QM U.S. Bond Index Fund—Z Class	TSBZX

7

 

T. ROWE PRICE REAL ASSETS FUND, INC.
T. Rowe Price Real Assets Fund	PRAFX
T. Rowe Price Real Assets Fund—I Class	PRIKX
T. Rowe Price Real Assets Fund—Z Class	TRZRX
T. ROWE PRICE REAL ESTATE FUND, INC.
T. Rowe Price Real Estate Fund	TRREX
T. Rowe Price Real Estate Fund—Advisor Class	PAREX
T. Rowe Price Real Estate Fund—I Class	TIRRX
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (TRP RESERVE FUNDS)
T. Rowe Price Government Reserve Fund	—
T. Rowe Price Short-Term Fund	—
T. Rowe Price Short-Term Government Fund	—
T. Rowe Price Transition Fund	TTNFX
T. Rowe Price Treasury Reserve Fund	—
T. ROWE PRICE RETIREMENT FUNDS, INC. (RETIREMENT FUNDS)
T. Rowe Price Retirement 2005 Fund	TRRFX
T. Rowe Price Retirement 2005 Fund—Advisor Class	PARGX
T. Rowe Price Retirement 2005 Fund—R Class	RRTLX
T. Rowe Price Retirement 2010 Fund	TRRAX
T. Rowe Price Retirement 2010 Fund—Advisor Class	PARAX
T. Rowe Price Retirement 2010 Fund—R Class	RRTAX
T. Rowe Price Retirement 2015 Fund	TRRGX
T. Rowe Price Retirement 2015 Fund—Advisor Class	PARHX
T. Rowe Price Retirement 2015 Fund—R Class	RRTMX
T. Rowe Price Retirement 2020 Fund	TRRBX
T. Rowe Price Retirement 2020 Fund—Advisor Class	PARBX
T. Rowe Price Retirement 2020 Fund—R Class	RRTBX
T. Rowe Price Retirement 2025 Fund	TRRHX
T. Rowe Price Retirement 2025 Fund—Advisor Class	PARJX
T. Rowe Price Retirement 2025 Fund—R Class	RRTNX
T. Rowe Price Retirement 2030 Fund	TRRCX
T. Rowe Price Retirement 2030 Fund—Advisor Class	PARCX
T. Rowe Price Retirement 2030 Fund—R Class	RRTCX
T. Rowe Price Retirement 2035 Fund	TRRJX
T. Rowe Price Retirement 2035 Fund—Advisor Class	PARKX
T. Rowe Price Retirement 2035 Fund—R Class	RRTPX
T. Rowe Price Retirement 2040 Fund	TRRDX
T. Rowe Price Retirement 2040 Fund—Advisor Class	PARDX
T. Rowe Price Retirement 2040 Fund—R Class	RRTDX
T. Rowe Price Retirement 2045 Fund	TRRKX
T. Rowe Price Retirement 2045 Fund—Advisor Class	PARLX
T. Rowe Price Retirement 2045 Fund—R Class	RRTRX

8

T. Rowe Price Retirement 2050 Fund	TRRMX
T. Rowe Price Retirement 2050 Fund—Advisor Class	PARFX
T. Rowe Price Retirement 2050 Fund—R Class	RRTFX
T. Rowe Price Retirement 2055 Fund	TRRNX
T. Rowe Price Retirement 2055 Fund—Advisor Class	PAROX
T. Rowe Price Retirement 2055 Fund—R Class	RRTVX
T. Rowe Price Retirement 2060 Fund	TRRLX
T. Rowe Price Retirement 2060 Fund—Advisor Class	TRRYX
T. Rowe Price Retirement 2060 Fund—R Class	TRRZX
T. Rowe Price Retirement 2065 Fund	TRSJX
T. Rowe Price Retirement 2065 Fund—Advisor Class	PASUX
T. Rowe Price Retirement 2065 Fund—R Class	RRSUX
T. Rowe Price Retirement Balanced Fund	TRRIX
T. Rowe Price Retirement Balanced Fund—Advisor Class	PARIX
T. Rowe Price Retirement Balanced Fund—R Class	RRTIX
T. Rowe Price Retirement Blend 2005 Fund	TBLPX
T. Rowe Price Retirement Blend 2005 Fund—I Class	TBLAX
T. Rowe Price Retirement Blend 2010 Fund	TBLQX
T. Rowe Price Retirement Blend 2010 Fund—I Class	TBLBX
T. Rowe Price Retirement Blend 2015 Fund	TBLSX
T. Rowe Price Retirement Blend 2015 Fund—I Class	TBLCX
T. Rowe Price Retirement Blend 2020 Fund	TSBAX
T. Rowe Price Retirement Blend 2020 Fund—I Class	TBLDX
T. Rowe Price Retirement Blend 2025 Fund	TBLVX
T. Rowe Price Retirement Blend 2025 Fund—I Class	TBLEX
T. Rowe Price Retirement Blend 2030 Fund	TBLWX
T. Rowe Price Retirement Blend 2030 Fund—I Class	TBLGX
T. Rowe Price Retirement Blend 2035 Fund	TBLYX
T. Rowe Price Retirement Blend 2035 Fund—I Class	TBLHX
T. Rowe Price Retirement Blend 2040 Fund	TRBLX
T. Rowe Price Retirement Blend 2040 Fund—I Class	TBLIX
T. Rowe Price Retirement Blend 2045 Fund	TRBQX
T. Rowe Price Retirement Blend 2045 Fund—I Class	TBLKX
T. Rowe Price Retirement Blend 2050 Fund	TBLPX
T. Rowe Price Retirement Blend 2050 Fund—I Class	TBLAX
T. Rowe Price Retirement Blend 2055 Fund	TRBOX
T. Rowe Price Retirement Blend 2055 Fund—I Class	TBLMX
T. Rowe Price Retirement Blend 2060 Fund	TRBNX
T. Rowe Price Retirement Blend 2060 Fund—I Class	TBLNX
T. Rowe Price Retirement Blend 2065 Fund	TRBPX
T. Rowe Price Retirement Blend 2065 Fund—I Class	TBLOX
T. Rowe Price Retirement I 2005 Fund—I Class	TRPFX
T. Rowe Price Retirement I 2010 Fund—I Class	TRPAX
T. Rowe Price Retirement I 2015 Fund—I Class	TRFGX

9

T. Rowe Price Retirement I 2020 Fund—I Class	TRBRX
T. Rowe Price Retirement I 2025 Fund—I Class	TRPHX
T. Rowe Price Retirement I 2030 Fund—I Class	TRPCX
T. Rowe Price Retirement I 2035 Fund—I Class	TRPJX
T. Rowe Price Retirement I 2040 Fund—I Class	TRPDX
T. Rowe Price Retirement I 2045 Fund—I Class	TRPKX
T. Rowe Price Retirement I 2050 Fund—I Class	TRPMX
T. Rowe Price Retirement I 2055 Fund—I Class	TRPNX
T. Rowe Price Retirement I 2060 Fund—I Class	TRPLX
T. Rowe Price Retirement I 2065 Fund—I Class	TRFKX
T. Rowe Price Retirement Balanced I Fund—I Class	TRPTX
T. Rowe Price Retirement Income 2020 Fund	TRLAX
T. Rowe Price Target 2005 Fund	TRARX
T. Rowe Price Target 2005 Fund—Advisor Class	PANRX
T. Rowe Price Target 2005 Fund—I Class	TFRRX
T. Rowe Price Target 2010 Fund	TRROX
T. Rowe Price Target 2010 Fund—Advisor Class	PAERX
T. Rowe Price Target 2010 Fund—I Class	TORFX
T. Rowe Price Target 2015 Fund	TRRTX
T. Rowe Price Target 2015 Fund—Advisor Class	PAHRX
T. Rowe Price Target 2015 Fund—I Class	TTRTX
T. Rowe Price Target 2020 Fund	TRRUX
T. Rowe Price Target 2020 Fund—Advisor Class	PAIRX
T. Rowe Price Target 2020 Fund—I Class	TTURX
T. Rowe Price Target 2025 Fund	TRRVX
T. Rowe Price Target 2025 Fund—Advisor Class	PAJRX
T. Rowe Price Target 2025 Fund—I Class	TRVVX
T. Rowe Price Target 2030 Fund	TRRWX
T. Rowe Price Target 2030 Fund—Advisor Class	PAKRX
T. Rowe Price Target 2030 Fund—I Class	TWRRX
T. Rowe Price Target 2035 Fund	RPGRX
T. Rowe Price Target 2035 Fund—Advisor Class	PATVX
T. Rowe Price Target 2035 Fund—I Class	TPGPX
T. Rowe Price Target 2040 Fund	TRHRX
T. Rowe Price Target 2040 Fund—Advisor Class	PAHHX
T. Rowe Price Target 2040 Fund—I Class	TRXRX
T. Rowe Price Target 2045 Fund	RPTFX
T. Rowe Price Target 2045 Fund—Advisor Class	PAFFX
T. Rowe Price Target 2045 Fund—I Class	TRFWX
T. Rowe Price Target 2050 Fund	TRFOX
T. Rowe Price Target 2050 Fund—Advisor Class	PAOFX
T. Rowe Price Target 2050 Fund—I Class	TOORX

10

T. Rowe Price Target 2055 Fund	TRFFX
T. Rowe Price Target 2055 Fund—Advisor Class	PAFTX
T. Rowe Price Target 2055 Fund—I Class	TRPPX
T. Rowe Price Target 2060 Fund	TRTFX
T. Rowe Price Target 2060 Fund—Advisor Class	TRTGX
T. Rowe Price Target 2060 Fund—I Class	TTOIX
T. Rowe Price Target 2065 Fund	PRSLX
T. Rowe Price Target 2065 Fund—Advisor Class	PAZLX
T. Rowe Price Target 2065 Fund—I Class	RPFDX
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.
T. Rowe Price Science & Technology Fund	PRSCX
T. Rowe Price Science & Technology Fund—Advisor Class	PASTX
T. Rowe Price Science & Technology Fund—I Class	TSNIX
T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short Duration Income Fund	TSDLX
T. Rowe Price Short Duration Income Fund—I Class	TSIDX
T. Rowe Price Short-Term Bond Fund	PRWBX
T. Rowe Price Short-Term Bond Fund—Advisor Class	PASHX
T. Rowe Price Short-Term Bond Fund—I Class	TBSIX
T. Rowe Price Short-Term Bond Fund—Z Class	TRZOX
T. Rowe Price Ultra Short-Term Bond Fund	TRBUX
T. Rowe Price Ultra Short-Term Bond Fund—I Class	TRSTX
T. Rowe Price Ultra Short-Term Bond Fund—Z Class	TRZWX
T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. Rowe Price Small-Cap Stock Fund	OTCFX
T. Rowe Price Small-Cap Stock Fund—Advisor Class	PASSX
T. Rowe Price Small-Cap Stock Fund—I Class	OTIIX
T. Rowe Price Small-Cap Stock Fund—Z Class	TRZZX
T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. Rowe Price Small-Cap Value Fund	PRSVX
T. Rowe Price Small-Cap Value Fund—Advisor Class	PASVX
T. Rowe Price Small-Cap Value Fund—I Class	PRVIX
T. Rowe Price Small-Cap Value Fund—Z Class	TRZVX
T. ROWE PRICE SPECTRUM FUND, INC. (SPECTRUM FUNDS)
T. Rowe Price Spectrum Diversified Equity Fund	PRSGX
T. Rowe Price Spectrum Diversified Equity Fund—I Class	TSVPX
T. Rowe Price Spectrum Income Fund	RPSIX
T. Rowe Price Spectrum Income Fund—I Class	TSPNX
T. Rowe Price Spectrum International Equity Fund	PSILX
T. Rowe Price Spectrum International Equity Fund—I Class	TSINX

11

T. ROWE PRICE SPECTRUM FUNDS II, INC. (SPECTRUM FUNDS II)
T. Rowe Price Spectrum Conservative Allocation Fund	PRSIX
T. Rowe Price Spectrum Conservative Allocation Fund—I Class	PPIPX
T. Rowe Price Spectrum Moderate Allocation Fund	TRPBX
T. Rowe Price Spectrum Moderate Allocation Fund—I Class	TRPAX
T. Rowe Price Spectrum Moderate Growth Allocation Fund	TRSGX
T. Rowe Price Spectrum Moderate Growth Allocation Fund—I Class	TGIPX
T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund	PRXCX
T. Rowe Price California Tax-Free Bond Fund—I Class	TCFEX
T. Rowe Price Georgia Tax-Free Bond Fund	GTFBX
T. Rowe Price Georgia Tax-Free Bond Fund—I Class	TBGAX
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	PRMDX
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund—I Class	TRMUX
T. Rowe Price Maryland Tax-Free Bond Fund	MDXBX
T. Rowe Price Maryland Tax-Free Bond Fund—I Class	TFBIX
T. Rowe Price Maryland Tax-Free Money Fund	TMDXX
T. Rowe Price Maryland Tax-Free Money Fund—I Class	TWNXX
T. Rowe Price New Jersey Tax-Free Bond Fund	NJTFX
T. Rowe Price New Jersey Tax-Free Bond Fund—I Class	TRJIX
T. Rowe Price New York Tax-Free Bond Fund	PRNYX
T. Rowe Price New York Tax-Free Bond Fund—I Class	TRYIX
T. Rowe Price Virginia Tax-Free Bond Fund	PRVAX
T. Rowe Price Virginia Tax-Free Bond Fund—I Class	TFBVX
T. ROWE PRICE SUMMIT FUNDS, INC. (SUMMIT INCOME FUNDS)
T. Rowe Price Cash Reserves Fund	TSCXX
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (SUMMIT MUNICIPAL FUNDS)
T. Rowe Price Summit Municipal Income Fund	PRINX
T. Rowe Price Summit Municipal Income Fund—Advisor Class	PAIMX
T. Rowe Price Summit Municipal Income Fund—I Class	PRIMX
T. Rowe Price Summit Municipal Intermediate Fund	PRSMX
T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class	PAIFX
T. Rowe Price Summit Municipal Intermediate Fund—I Class	PRTMX
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (TAX-EFFICIENT FUNDS)
T. Rowe Price Tax-Efficient Equity Fund	PREFX
T. Rowe Price Tax-Efficient Equity Fund—I Class	TEEFX
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.
T. Rowe Price Tax-Exempt Money Fund	PTEXX
T. Rowe Price Tax-Exempt Money Fund—I Class	TERXX
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Tax-Free High Yield Fund	PRFHX
T. Rowe Price Tax-Free High Yield Fund—Advisor Class	PATFX
T. Rowe Price Tax-Free High Yield Fund—I Class	PTYIX

12

T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund	PRTAX
T. Rowe Price Tax-Free Income Fund—Advisor Class	PATAX
T. Rowe Price Tax-Free Income Fund—I Class	TFILX
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Short-Intermediate Fund	PRFSX
T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class	PATIX
T. Rowe Price Tax-Free Short-Intermediate Fund—I Class	TTSIX
T. ROWE PRICE TOTAL RETURN FUND, INC.
T. Rowe Price Total Return Fund	PTTFX
T. Rowe Price Total Return Fund—Advisor Class	PTATX
T. Rowe Price Total Return Fund—I Class	PTKIX
T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.
T. Rowe Price U.S. Equity Research Fund	PRCOX
T. Rowe Price U.S. Equity Research Fund—Advisor Class	PACOX
T. Rowe Price U.S. Equity Research Fund—I Class	PCCOX
T. Rowe Price U.S. Equity Research Fund—R Class	RRCOX
T. Rowe Price U.S. Equity Research Fund—Z Class	PCUZX
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.
T. Rowe Price U.S. Large-Cap Core Fund	TRULX
T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class	PAULX
T. Rowe Price U.S. Large-Cap Core Fund—I Class	RCLIX
T. Rowe Price U.S. Large-Cap Core Fund—Z Class	TRZLX
T. ROWE PRICE U.S. TREASURY FUNDS, INC. (U.S. TREASURY FUNDS)
T. Rowe Price U.S. Treasury Intermediate Index Fund	PRTIX
T. Rowe Price U.S. Treasury Intermediate Index Fund—I Class	PRKIX
T. Rowe Price U.S. Treasury Intermediate Index Fund—Z Class	TRZTX
T. Rowe Price U.S. Treasury Long-Term Index Fund	PRULX
T. Rowe Price U.S. Treasury Long-Term Index Fund—I Class	PRUUX
T. Rowe Price U.S. Treasury Long-Term Index Fund—Z Class	TRZUX
T. Rowe Price U.S. Treasury Money Fund	PRTXX
T. Rowe Price U.S. Treasury Money Fund—I Class	TRGXX
T. Rowe Price U.S. Treasury Money Fund—Z Class	TRZXX
T. ROWE PRICE VALUE FUND, INC.
T. Rowe Price Value Fund	TRVLX
T. Rowe Price Value Fund—Advisor Class	PAVLX
T. Rowe Price Value Fund—I Class	TRPIX
T. Rowe Price Value Fund—Z Class	TRZAX

13

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. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. Rowe Price Investment Services, Inc. (Investment Services), the Corporation’s principal underwriter (Distributor). 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.

The prospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used herein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.

The financial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund’s annual report, when available, are incorporated into this SAI by reference.

14

PART I – TABLE OF CONTENTS

Page

Management of the Funds	20
Principal Holders of Securities	109
Investment Adviser and Investment Management Agreements	246
Third-Party Arrangements	290
Distributor for the Funds	298

Page

Portfolio Transactions	302
Portfolio Turnover	319
Securities Lending Activities	324
Independent Registered Public Accounting Firm	331
Part II	332

References to the following are as indicated:

Fitch Ratings, Inc. (Fitch)

Internal Revenue Code of 1986, as amended (Code)

Internal Revenue Service (IRS)

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

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

Securities Act of 1933, as amended (1933 Act)

Securities and Exchange Commission (SEC)

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

S&P Global Ratings (S&P)

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

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

T. Rowe Price International Ltd (Price International)

T. Rowe Price Investment Management, Inc. (Price Investment Management)

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

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

Investor Class

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

I Class

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, qualifying directly held accounts, and certain other types of accounts.

Advisor Class

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

R Class

The R Class is designed to be sold only through various third-party intermediaries that offer employer-sponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others. The R Class must be purchased through an eligible intermediary (except for certain retirement plans held directly with T. Rowe Price). The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.

15

Institutional Class

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

F Class

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

Z Class

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

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

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

PART I

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

Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Africa & Middle East Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
All-Cap Opportunities Fund	Equity	Dec 31	Dec 31	June 30	May 1
Asia Opportunities Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Balanced Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Blue Chip Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
California Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Capital Appreciation Fund	Equity	Dec 31	Dec 31	June 30	May 1
Cash Reserves Fund	Taxable Money	Oct 31	Oct 31	Apr 30	March 1
China Evolution Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Communications & Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1
Corporate Income Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Credit Opportunities Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Diversified Mid-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Dividend Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Dynamic Credit Fund	Taxable Bond	Dec 31	Dec 31	June 30	May 1
Dynamic Global Bond Fund	Taxable Bond	Dec 31	Dec 31	June 30	May 1
Emerging Europe Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Emerging Markets Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1

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Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Emerging Markets Corporate Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
Emerging Markets Corporate Multi-Sector Account Portfolio	International Bond	Dec 31	Dec 31	June 30	May 1
Emerging Markets Discovery Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Emerging Markets Local Currency Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
Emerging Markets Local Multi-Sector Account Portfolio	International Bond	Dec 31	Dec 31	June 30	May 1
Emerging Markets Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Equity Income Fund	Equity	Dec 31	Dec 31	June 30	May 1
Equity Index 500 Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
European Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Extended Equity Market Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Financial Services Fund	Equity	Dec 31	Dec 31	June 30	May 1
Floating Rate Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Floating Rate Multi-Sector Account Portfolio	Taxable Bond	Feb 28	Feb 28	Aug 30	July 1
Georgia Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Global Allocation Fund	Asset Allocation	Oct 31	Oct 31	Apr 30	March 1
Global Consumer Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Growth Stock Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
Global High Income Bond Fund	Taxable Bond	Dec 31	Dec 31	June 30	May 1
Global Impact Equity Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
Global Industrials Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Multi-Sector Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Global Real Estate Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Stock Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
Global Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Value Equity Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
GNMA Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Government Money Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
Government Reserve Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
Growth Stock Fund	Equity	Dec 31	Dec 31	June 30	May 1
Health Sciences Fund	Equity	Dec 31	Dec 31	June 30	May 1
High Yield Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
High Yield Multi-Sector Account Portfolio	Taxable Bond	Feb 28	Feb 28	Aug 30	July 1
Inflation Protected Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional Emerging Markets Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
Institutional Emerging Markets Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Institutional Floating Rate Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional High Yield Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional International Disciplined Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Institutional Large-Cap Core Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Long Duration Credit Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional Mid-Cap Equity Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Small-Cap Stock Fund	Equity	Dec 31	Dec 31	June 30	May 1
Integrated Global Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1
Integrated U.S. Large-Cap Value Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1

17

Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Integrated U.S. Small-Cap Growth Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1
Integrated U.S. Small-Mid Cap Core Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1
Intermediate Tax-Free High Yield Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
International Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
International Bond Fund (USD Hedged)	International Bond	Dec 31	Dec 31	June 30	May 1
International Disciplined Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Discovery Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Equity Index Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Value Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Investment-Grade Corporate Multi-Sector Account Portfolio	Taxable Bond	Feb 28	Feb 28	Aug 30	July 1
Japan Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Latin America Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Large-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Large-Cap Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Limited Duration Inflation Focused Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Maryland Short-Term Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Maryland Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Maryland Tax-Free Money Fund	State Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Mid-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Mortgage-Backed Securities Multi-Sector Account Portfolio	Taxable Bond	Feb 28	Feb 28	Aug 30	July 1
Multi-Strategy Total Return Fund	Asset Allocation	Oct 31	Oct 31	Apr 30	March 1
New Asia Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
New Era Fund	Equity	Dec 31	Dec 31	June 30	May 1
New Horizons Fund	Equity	Dec 31	Dec 31	June 30	May 1
New Income Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
New Jersey Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
New York Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Overseas Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
QM U.S. Bond Index Fund	Index Bond	Oct 31	Oct 31	Apr 30	March 1
Real Assets Fund	Equity	Dec 31	Dec 31	June 30	May 1
Real Estate Fund	Equity	Dec 31	Dec 31	June 30	May 1
Retirement 2005 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2010 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2015 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2020 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2025 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2030 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2035 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2040 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2045 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2050 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2055 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2060 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2065 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Balanced Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2005 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2010 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1

18

Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Retirement Blend 2015 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2020 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2025 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2030 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2035 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2040 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2045 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2050 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2055 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2060 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2065 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2005 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2010 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2015 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2020 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2025 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2030 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2035 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2040 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2045 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2050 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2055 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2060 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2065 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Balanced I Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Income 2020 Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Science & Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1
Short Duration Income Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Short-Term Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Short-Term Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Short-Term Government Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Small-Cap Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Stock Fund	Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Spectrum Conservative Allocation Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Spectrum Diversified Equity Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum Income Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum International Equity Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum Moderate Allocation Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum Moderate Growth Allocation Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Summit Municipal Income Fund	Tax-Free Bond	Oct 31	Oct 31	Apr 30	March 1
Summit Municipal Intermediate Fund	Tax-Free Bond	Oct 31	Oct 31	Apr 30	March 1
Target 2005 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2010 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2015 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2020 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2025 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2030 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2035 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2040 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2045 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2050 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2055 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1

19

Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Target 2060 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2065 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Tax-Efficient Equity Fund	Equity	Feb 28	Feb 28	Aug 30	July 1
Tax-Exempt Money Fund	Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Tax-Free High Yield Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Income Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Short-Intermediate Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Total Equity Market Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Total Return Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Transition Fund	Other	Dec 31	Dec 31	June 30	May 1
Treasury Reserve Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
U.S. Equity Research Fund	Equity	Dec 31	Dec 31	June 30	May 1
U.S. High Yield Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
U.S. Large-Cap Core Fund	Equity	Dec 31	Dec 31	June 30	May 1
U.S. Limited Duration TIPS Index Fund	Index Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Intermediate Index Fund	Index Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Long-Term Index Fund	Index Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Money Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
Ultra Short-Term Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Virginia Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1

MANAGEMENT OF THE FUNDS

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

Each fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Boards elect the funds’ officers and are responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland, and other applicable laws. The directors who are also employees or officers of T. Rowe Price are considered to be “interested” directors as defined in Section 2(a)(19) of the 1940 Act because of their relationships with T. Rowe Price and its affiliates. Each interested director and officer (except as indicated in the tables setting forth the directors’ and officers’ principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards held five regularly scheduled formal meetings during calendar year 2022. The same directors currently serve on the Board of all the exchange-traded funds sponsored and managed by T. Rowe Price (such exchange-traded funds, the “Price ETFs,” and together with the Price Funds, the (Price Complex). Although the Boards have direct responsibility over various matters (such as approval of advisory contracts and review of fund performance), each Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Boards. The Boards believe that a committee structure is an effective means to permit directors to focus on particular operations or issues affecting the funds, including risk oversight. Each Board currently has three standing committees that are joint with the board of the Price ETFs (hereinafter referred to as “Joint” committees): a Joint Nominating and Governance Committee, a Joint Audit Committee, and a Joint Executive Committee.

Robert J. Gerrard, Jr., an independent director, serves as the chair of the Board of each Price Fund. The chair presides at all meetings of the Boards and all executive sessions of the independent directors. He also reviews and provides guidance on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. Each fund’s Board has determined that its leadership and committee structure is appropriate because the Board believes that it sets the proper tone for the relationship between the fund, on the one hand, and T. Rowe Price or its affiliates and the fund’s other principal service providers, on the other, and facilitates the exercise of the Board’s independent judgment in evaluating and managing the relationships. In addition, the structure efficiently allocates

20

responsibility among committees and the full Boards. The same independent directors currently serve on the Boards of all of the Price Funds. This approach is designed to provide effective governance by exposing the independent directors to a wider range of business issues and market trends, allowing the directors to better share their knowledge, background, and experience and permitting the Boards to operate more efficiently, particularly with respect to matters common to all Price Funds.

The Joint Nominating and Governance Committee consists of all of the independent directors of the funds, and is responsible for, among other things, seeking, reviewing, and selecting candidates to fill independent director vacancies on each fund’s Board; periodically evaluating the compensation payable to the independent directors; and performing certain functions with respect to the governance of the funds. The chair of the Board of the Price Funds serves as chair of the committee. The committee will consider written recommendations from shareholders for possible nominees for independent directors. Nominees will be considered based on their ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the funds’ management and counsel and the various service providers to the funds; and to exercise reasonable business judgment in the performance of their duties as directors. The Joint Nominating and Governance Committee seeks to ensure that the Board is comprised of independent directors who bring diverse perspectives to the Board, including diverse experiences, backgrounds, race, ethnicity, gender, qualifications, skills, thoughts, viewpoints, and other qualities. Nominees will also be considered based on their independence from T. Rowe Price and other principal service providers. Other than executive sessions in connection with Board meetings, the Joint Nominating and Governance Committee formally met one time in 2022.

The Joint Audit Committee consists of only independent directors. The current members of the committee are Teresa Bryce Bazemore, Robert J. Gerrard, Jr., Paul F. McBride, and Kellye Walker. Ms. Bazemore serves as chair of the committee and is considered an “audit committee financial expert” within the meaning of applicable SEC rules. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds at least three regular meetings during each fiscal year. Each of the three regular meetings include the attendance of the independent registered public accounting firm of the Price Funds as the Joint Audit Committee reviews: (1) the services provided; (2) the findings of the most recent audits; (3) management’s response to the findings of the most recent audits; (4) the scope of the audits to be performed; (5) the accountants’ fees; (6) the qualifications, independence, and performance of the independent registered public accounting firm; and (7) any accounting questions relating to particular areas of the T. Rowe Price Funds’ operations, accounting service provider performance, or the operations of parties dealing with the T. Rowe Price Funds, as circumstances indicate. The Joint Audit Committee also reviews the risk management program of the funds’ investment adviser and valuation-related materials and reports provide by the funds’ valuation designee. The Joint Audit Committee met four times in 2022.

The Joint Executive Committee, which consists of each fund’s interested directors, has been authorized by the Boards to exercise all powers of the Boards in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Joint Executive Committee must be approved in advance by the independent chair of the Board (and if the independent chair is unavailable, consult an independent director of the Board) and reviewed after the fact by the full Board. The Joint Executive Committee does not hold regularly scheduled meetings. The Joint Executive Committee was called upon one time to take action on behalf of the funds during 2022.

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

In addition to the Boards and the various committees, the directors have established an Advisory Board which consists of Melody Bianchetto and Mark J. Parrell. Advisory Board members serve in a consultative capacity to the Board. As such, Ms. Bianchetto and Mr. Parrell participate in Board discussions and review Board materials relating to the T. Rowe Price Funds. However, Advisory Board members are not eligible to vote on any matter presented to the Boards and have no power to act on behalf of or bind the directors or any committee of the Board. Both Ms. Bianchetto and Mr. Parrell are not considered “interested persons” of the T. Rowe Price Funds, as defined in the 1940 Act. Ms. Bianchetto and Mr. Parrell have been nominated by the Boards for shareholder election at an upcoming shareholder meeting scheduled for July 24, 2023. If they are elected by shareholders to serve as independent directors as proposed, they will no longer serve on the Advisory Board and the Advisory Board is expected to terminate.

Like other investment companies, the Price Funds are subject to various risks, including, among others, investment, compliance, operational, and valuation risks. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. Each Board, directly or through its committees, interacts

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with and reviews reports from, among others, the investment adviser or its affiliates, the funds’ chief compliance officer, the adviser’s liquidity committee, the derivatives risk manager, the funds’ independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks the funds face and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from the chief risk officer and members of the adviser’s Risk and Operational Steering Committee on the significant risks inherent to the adviser’s business, including aggregate investment risks, reputational risk, business continuity risk, technology and cybersecurity risk, and operational risk. The actual day-to-day risk management functions with respect to the funds are subsumed within the responsibilities of the investment adviser, its affiliates that serve as investment subadvisers to the funds, and other service providers (depending on the nature of the risk) that carry out the funds’ investment management and business affairs. Although the risk management policies of T. Rowe Price and its affiliates, and the funds’ other service providers, are reasonably designed to be effective, those policies and their implementation vary among service providers over time, and there is no guarantee that they will always be effective.

Each director’s experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, have led to the conclusion that each director should serve on the Boards of the Price Funds. Attributes common to all directors include the ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the funds’ management and counsel and the various service providers to the funds; and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the actual service and commitment of the directors during their tenure on the funds’ Boards is taken into consideration in concluding that each should continue to serve. A director’s ability to perform his or her duties effectively may have been attained through his or her educational background or professional training; business, consulting, public service, or academic positions; experience from service as a director of the Price Funds, public companies, nonprofit entities, or other organizations; or other experiences. Each director brings a diverse perspective to the Boards.

Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each current director or Advisory Board member that led to the conclusion that he or she should serve as a director or Advisory Board member.

Teresa Bryce Bazemore has more than 25 years of experience as a senior executive in the mortgage banking field, including building both mortgage insurance and services businesses. Ms. Bazemore currently serves as president and chief executive officer of the Federal Home Loan Bank of San Francisco (March 2021 to present); a director of First Industrial Realty Trust, an owner and operator of industrial properties (May 2020 to present); a director of Public Media Company (2008 to present); and a trustee of the Southern California chapter of the International Women’s Forum (January 2021 to present). She previously served as chief executive officer of Bazemore Consulting LLC (2018 to 2021); a director of Chimera Investment Corporation, a publicly traded mortgage REIT (November 2017 to February 2021); a director of the University of Virginia Foundation (July 2014 to June 2022); a member of the University of Virginia’s Center for Politics Advisory Board (October 2019 to July 2022); a president of Radian Guaranty, a national private mortgage insurer (2008 to 2017); and a director of the Federal Home Loan Bank of Pittsburgh (August 2017 to February 2019). She has been an independent director of the Price Funds since January 2018 and became the chair of the Joint Audit Committee in August 2019. Ms. Bazemore has a J.D. from Columbia University and a B.A. from the University of Virginia.

Melody Bianchetto is an accomplished finance professional with over 30 years of experience. She served as vice president for finance at the University of Virginia (UVA) from 2015 until her retirement in February 2023, with oversight of key financial activities, including tax, accounting, financial reporting, debt and cash management, procurement, payroll, financial planning, and enterprise risk management. Prior to that, she led UVA’s financial planning and analysis function from 1998 to 2015. Ms. Bianchetto earned a B.S. in commerce with a concentration in accounting from UVA and an M.B.A. from James Madison University. She is also a licensed Certified Public Accountant. Ms. Bianchetto has served as a member of the Board’s Advisory Committee since February 24, 2023.

Bruce W. Duncan has substantial experience in the field of commercial real estate. Mr. Duncan served as president, chief executive officer, and a director of CyrusOne, Inc., a real estate investment trust specializing in engineering, building, and managing data centers, from July 2020 to July 2021. He served as chair of the board of First Industrial Realty Trust from January 2016 until July 2020, president and chief executive officer from January 2009 until September 2016, and chief executive officer until December 2016. Mr. Duncan served as a senior advisor to KKR from November 2018 to December 2022. In May 2016, Mr. Duncan became a member of the board of Boston Properties, and he is currently a member of the nominating and governance committee and is a member of the audit committee of Boston Properties. From September 2016 until July 2020, Mr. Duncan served as a member of the board of Marriott International, Inc. He has been

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an independent director of the Price Funds since October 2013; in September 2014, he became a member of the Joint Audit Committee until August 2019 and served as chair of the Joint Audit Committee from July 2017 to August 2019. Mr. Duncan holds an M.B.A. in finance from the University of Chicago and a B.A. in economics from Kenyon College.

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

Paul F. McBride has served in various management and senior leadership roles with the Black & Decker Corporation and General Electric Company. He led businesses in the materials, industrial, and consumer durable segments, and has significant global experience. He serves on the advisory board of Vizzia Technologies as well as Gilman School and Bridges Baltimore. He has been an independent director of the Price Funds since October 2013; served as a member of the Joint Audit Committee from September 2014 to August 2019; and became a member of the Joint Audit Committee in February 2022. Mr. McBride received a B.A. in economics from Trinity College in Hartford, CT.

Mark J. Parrell has been chief executive officer and a member of the Board of Trustees of Equity Residential (EQR) since January 2019 and president of EQR since September 2018. Mr. Parrell served as executive vice president and chief financial officer of EQR from October 2007 to September 2018. Mr. Parrell was senior vice president and treasurer of EQR from August 2005 to October 2007 and has held various positions within the EQR finance group since September 1999. He served as director of Brookdale Senior Living Inc., a leading operator of senior living communities throughout the United States, from April 2015 to July 2017, and served as a director of Aviv REIT, Inc., a real estate investment trust, from March 2013 until April 2015 when it merged with Omega Healthcare. Mr. Parrell serves on the Board of Directors of the Real Estate Roundtable and the 2022 Executive Board of the National Association of Real Estate Investment Trusts (Nareit). He is a member of the Nareit Dividends Through Diversity, Equity & Inclusion CEO Council and was chair of the Nareit 2021 Audit and Investment Committee. He is a member of the Advisory Board for the Ross Business School at University of Michigan, and is a member of the National Multifamily Housing Council and served as the chair of the Finance Committee in 2015 to 2016. Mr. Parrell also serves on the Board of Directors and is chair of the Finance Committee of the Greater Chicago Food Depository and is a member of the Economic Club of Chicago. Mr. Parrell received a B.B.A. from the University of Michigan and a J.D. from the Georgetown University Law Center. Mr. Parrell has served as a member of the Board’s Advisory Committee since January 1, 2023.

David Oestreicher has served as an interested director of all Price Funds since July 2018. He is the general counsel for T. Rowe Price Group, Inc. and a member of the firm’s management committee. Mr. Oestreicher serves as a member of the Board of Governors for the Investment Company Institute (ICI), and previously served as the chair of the ICI’s international committee. He is on the Mutual Insurance Company Board of Governors, where he serves as a member of its executive committee and chair of its risk management committee. He also served on the board of the Investment Adviser Association and was a past chair of its legal and regulatory committee. Before joining T. Rowe Price in 1997, Mr. Oestreicher was special counsel in the Division of Market Regulation with the SEC. Mr. Oestreicher earned a B.S. in business administration from Bucknell University and a J.D. from Villanova University School of Law.

Eric L. Veiel has served as an interested director of all Price Funds since February 2022. He is the head of Global Equity and chief investment officer, chair of the Investment Management Steering Committee, and a member of the Management, Equity Steering, International Steering, Multi-Asset Steering, Product Steering, and Management Compensation and Development Committees. Mr. Veiel’s investment experience began in 1999. Prior to joining T. Rowe Price, he spent six years as a sell-side equity analyst, covering health insurers and pharmacy benefit managers at Wachovia Securities, Deutsche Bank Securities, and A.G. Edwards & Sons. He has been with T. Rowe Price since 2005, beginning in the Equity Division as an investment analyst covering life insurance companies, asset managers, money-centered banks, and investment banks. From 2010 to 2014, he was the portfolio manager of the Financial Services Equity Strategy and the financial services sector team leader. He served as a co-director of Equity Research for North America from 2014 to 2015 and co-portfolio manager of the US Equity Structured Research Strategy from 2015 to 2017. Most recently, from 2016 to 2021, he was co-head of Global Equity and head of U.S. Equity. Mr. Veiel earned a B.B.A., magna cum laude, in finance from James Madison University and an M.B.A., with concentrations in finance and accounting, from Washington

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University in St. Louis, John M. Olin School of Business, where he was a Charles F. Knight Scholar. He also has earned the Chartered Financial Analyst^® designation.

Kellye L. Walker is executive vice president, chief legal officer, and corporate secretary of Eastman Chemical Company. She is a seasoned senior executive with over 25 years of experience helping publicly traded companies increase value through forward thinking, strategic discipline, and a focus on continuous improvement. Her experience includes leading law departments, as well as other functions including compliance; government affairs; human resources; health, safety, environment and security; and information technology. Ms. Walker received a B.S. from Louisiana Tech University and a J.D. from Emory University School of Law. Ms. Walker was appointed as an independent director of the Price Funds on November 8, 2021.

In addition, the following tables provide biographical information for the directors or Advisory Board members, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years. Each director who is not an interested person (as defined in the 1940 Act) of the fund is referred to herein as an independent director.

Independent Directors and Advisory Board Members^(a)

Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years
Teresa Bryce Bazemore 1959 210 portfolios	President and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present); Chief Executive Officer, Bazemore Consulting LLC (2018 to 2021)	Chimera Investment Corporation (2017 to 2021); First Industrial Realty Trust (2020 to present); Federal Home Loan Bank of Pittsburgh (2017 to 2019)
Melody Bianchetto 1966 210 portfolios	Advisory Board member; Vice President for Finance, University of Virginia (2015 to 2023)	None
Bruce W. Duncan 1951 210 portfolios	President, Chief Executive Officer, and Director, CyrusOne, Inc. (2020 to 2021); Chair of the Board (2016 to 2020), and President (2009 to 2016), First Industrial Realty Trust, owner and operator of industrial properties; Member, Investment Company Institute Board of Governors (2017 to 2019); Member, Independent Directors Council Governing Board (2017 to 2019); Senior Advisor, KKR (2018 to 2022)	CyrusOne, Inc. (2020 to 2021); First Industrial Realty Trust (2016 to 2020); Boston Properties (2016 to present); Marriott International, Inc. (2016 to 2020)
Robert J. Gerrard, Jr. 1952 210 portfolios	Chair of the Board, all funds (July 2018 to present)	None
Paul F. McBride 1956 210 portfolios	Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018)	None
Mark J. Parrell 1966 210 portfolios	Advisory Board Member, Chief Executive Officer (2019 to present) and President, EQR (2018 to present); Executive Vice President and Chief Financial Officer, EQR (2007 to 2018); Senior Vice President and Treasurer, EQR (2005 to 2007); Member, Nareit Dividends Through Diversity, Equity & Inclusion CEO Council and Chair, Nareit 2021 Audit and Investment Committee (2021); Advisory Board, Ross Business School at University of Michigan (2015 to 2016); Member, National Multifamily Housing Council and served as the Chair of the Finance Committee, (2015 to 2016); Member of the Economic Club of Chicago	EQR (2019 to present); Brookdale Senior Living Inc. (2015 to 2017); Aviv REIT, Inc. (2013 to 2015); Real Estate Roundtable and the 2022 Executive Board Nareit; Board of Directors and is Chair of the Finance Committee of the Greater Chicago Food Depository

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Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years
Kellye L. Walker 1966 210 portfolios	Executive Vice President and Chief Legal Officer, Eastman Chemical Company (April 2020 to present); Executive Vice President and Chief Legal Officer, Huntington Ingalls Industries, Inc. (January 2015 to March 2020)	Lincoln Electric Company (October 2020 to present)

(a) All information about the independent directors was current as of December 31, 2022, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.

Interested Directors^(a)

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

The Boards invite nominations from the funds’ investment adviser for persons to serve as interested directors, and the Board reviews and approves these nominations. Each of the current interested directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. David Oestreicher has served as an interested director of all Price Funds since July 2018. Eric L. Veiel has served as an interested director of all Price Funds since February 2022. For each fund, the two interested directors serve as members of the fund’s Executive Committee. In addition, specific experience with respect to the interested directors’ principal occupations and any directorships they have held of public companies and other investment companies during the past five years are set forth in the following table.

Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years
David Oestreicher 1967 210 portfolios	Director, Vice President, and Secretary, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.; Director and Secretary, Price Investment Management; Vice President and Secretary, Price International; Vice President, Price Hong Kong, Price Japan, and Price Singapore; General Counsel, Vice President, and Secretary, T. Rowe Price Group, Inc.; Chair of the Board, Chief Executive Officer, President, and Secretary, T. Rowe Price Trust Company Principal Executive Officer and Executive Vice President, all funds	None
Eric L. Veiel, CFA 1972 210 portfolios	Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Trust Company Vice President, Global Funds	None

(a) All information about the interested directors was current as of December 31, 2022, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.

Funds-of-Funds Arrangements

The Board is responsible for overseeing the business and affairs of the T. Rowe Price Funds-of-Funds, which consist of the following: Spectrum Diversified Equity Fund, Spectrum Income Fund, and Spectrum International Equity Fund (collectively, the “Spectrum Funds”); Retirement 2005 Fund, Retirement 2010 Fund, Retirement 2015 Fund, Retirement 2020 Fund, Retirement 2025 Fund, Retirement 2030 Fund, Retirement 2035 Fund, Retirement 2040 Fund, Retirement 2045 Fund, Retirement 2050 Fund, Retirement 2055 Fund, Retirement 2060 Fund, Retirement 2065 Fund, and Retirement Balanced Fund, and their respective share classes (collectively, the “RDFs”); Retirement Blend 2005 Fund, Retirement Blend 2010 Fund, Retirement Blend 2015 Fund, Retirement Blend 2020 Fund, Retirement Blend 2025 Fund, Retirement Blend 2030 Fund, Retirement Blend 2035 Fund, Retirement Blend 2040 Fund, Retirement Blend 2045 Fund, Retirement Blend 2050 Fund, Retirement Blend 2055 Fund, Retirement Blend 2060 Fund, Retirement Blend 2065 Fund (collectively the “Retirement Blend Funds”); Retirement I 2005 Fund, Retirement I 2010 Fund, Retirement I 2015 Fund, Retirement I 2020 Fund, Retirement I 2025 Fund, Retirement I 2030 Fund, Retirement I 2035 Fund, Retirement I 2040 Fund,

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Retirement I 2045 Fund, Retirement I 2050 Fund, Retirement I 2055 Fund, Retirement I 2060 Fund, Retirement I 2065 Fund, and Retirement Balanced I Fund (collectively the, “Retirement I Funds”); Retirement Income 2020 Fund; and Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Target 2060 Fund, and Target 2065 Fund and their respective share classes (collectively, the “TRFs”). The Spectrum Funds, RDFs, Retirement Blend, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually as a “Fund-of-Funds,” and where the policies that apply to the RDFs, Retirement Blend, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are identical, the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs may be referred to collectively as “Target Date Funds.”

A majority of the directors of the Funds-of-Funds are independent of T. Rowe Price and its affiliates. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the various Price Funds in which the Fund-of-Funds invest (collectively, the “underlying Price Funds”). Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of the Funds-of-Funds believe they have structured the Funds-of Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price Fund, or the reverse could occur. If the possibility of such a situation arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict or adverse impacts. For example, the Fund-of-Funds may add or remove underlying Price Funds from their list of permissible investments, change their asset allocations among the underlying Price Funds, or change their investments in the underlying Price Funds to a different share class, any of which could cause large redemptions or purchases in the underlying Price Funds. These actions could increase a Fund-of-Fund’s capital gains distributions, which may be taxable to shareholders who do not hold the Fund-of-Fund in a tax-deferred account, or have an adverse impact on an underlying Price Fund, including increasing the underlying Price Fund’s capital gains, portfolio turnover, and transaction costs. Such actions could also cause the underlying Price Fund to sell securities or invest additional cash at disadvantageous prices. In addition, changing an investment in an underlying Price Fund to a different share class of the underlying Price Fund could cause an increase to the expense ratio of one or more of the underlying Price Fund’s share classes. In an effort to minimize any potential adverse impacts on the underlying Price Funds, a Fund-of-Funds may purchase or redeem its shares of an underlying Price Fund gradually over time or seek to effect redemptions of shares in-kind when possible.

Term of Office and Length of Time Served

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

Corporation	Number of Portfolios	Independent Directors
		Bazemore	Duncan	Gerrard	McBride	Walker
All-Cap Opportunities Fund	1	2018	2013	2012	2013	2021
Balanced Fund	1	2018	2013	2012	2013	2021
Blue Chip Growth Fund	1	2018	2013	2012	2013	2021
Capital Appreciation Fund	1	2018	2013	2012	2013	2021
Communications & Technology Fund	1	2018	2013	2012	2013	2021
Corporate Income Fund	1	2018	2013	2013	2013	2021
Credit Opportunities Fund	1	2018	2014	2014	2014	2021
Diversified Mid-Cap Growth Fund	1	2018	2013	2012	2013	2021
Dividend Growth Fund	1	2018	2013	2012	2013	2021
Equity Funds	5	2018	2013	2012	2013	2021
Equity Income Fund	1	2018	2013	2012	2013	2021

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Corporation	Number of Portfolios	Independent Directors
		Bazemore	Duncan	Gerrard	McBride	Walker
Financial Services Fund	1	2018	2013	2012	2013	2021
Floating Rate Fund	1	2018	2013	2013	2013	2021
Global Allocation Fund	1	2018	2013	2013	2013	2021
Global Funds	4	2018	2013	2012	2013	2021
Global Multi-Sector Bond Fund	1	2018	2013	2013	2013	2021
Global Real Estate Fund	1	2018	2013	2012	2013	2021
Global Technology Fund	1	2018	2013	2012	2013	2021
GNMA Fund	1	2018	2013	2013	2013	2021
Government Money Fund	1	2018	2013	2013	2013	2021
Growth Stock Fund	1	2018	2013	2012	2013	2021
Health Sciences Fund	1	2018	2013	2012	2013	2021
High Yield Fund	2	2018	2013	2013	2013	2021
Index Trust	6	2018	2013	2012	2013	2021
Inflation Protected Bond Fund	1	2018	2013	2013	2013	2021
Institutional Income Funds	3	2018	2013	2013	2013	2021
Integrated Equity Funds	4	2018	2013	2012	2013	2021
Intermediate Tax-Free High Yield Fund	1	2018	2014	2014	2014	2021
International Funds	28	2018	2013	2012	2013	2021
International Index Fund	1	2018	2013	2012	2013	2021
Limited Duration Inflation Focused Bond Fund	1	2018	2013	2013	2013	2021
Mid-Cap Growth Fund	1	2018	2013	2012	2013	2021
Mid-Cap Value Fund	1	2018	2013	2012	2013	2021
Multi-Sector Account Portfolios	6	2018	2013	2013	2013	2021
Multi-Strategy Total Return Fund	1	2018	2017	2017	2017	2021
New Era Fund	1	2018	2013	2012	2013	2021
New Horizons Fund	1	2018	2013	2012	2013	2021
New Income Fund	1	2018	2013	2013	2013	2021
QM U.S. Bond Index Fund	1	2018	2013	2013	2013	2021
Real Assets Fund	1	2018	2013	2012	2013	2021
Real Estate Fund	1	2018	2013	2012	2013	2021
TRP Reserve Funds	5	2018	2013	2013	2013	2021
Retirement Funds	55	2018	2013	2012	2013	2021
Science & Technology Fund	1	2018	2013	2012	2013	2021
Short-Term Bond Fund	3	2018	2013	2013	2013	2021
Small-Cap Stock Fund	1	2018	2013	2012	2013	2021
Small-Cap Value Fund	1	2018	2013	2012	2013	2021
Spectrum Funds	3	2018	2013	2012	2013	2021
Spectrum Funds II	3	2018	2013	2012	2013	2021
State Tax-Free Funds	8	2018	2013	2013	2013	2021

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Corporation	Number of Portfolios	Independent Directors
		Bazemore	Duncan	Gerrard	McBride	Walker
Summit Income Funds	1	2018	2013	2013	2013	2021
Summit Municipal Funds	2	2018	2013	2013	2013	2021
Tax-Efficient Funds	1	2018	2013	2012	2013	2021
Tax-Exempt Money Fund	1	2018	2013	2013	2013	2021
Tax-Free High Yield Fund	1	2018	2013	2013	2013	2021
Tax-Free Income Fund	1	2018	2013	2013	2013	2021
Tax-Free Short-Intermediate Fund	1	2018	2013	2013	2013	2021
Total Return Fund	1	2018	2016	2016	2016	2021
U.S. Equity Research Fund	1	2018	2013	2012	2013	2021
U.S. Large-Cap Core Fund	1	2018	2013	2012	2013	2021
U.S. Treasury Funds	3	2018	2013	2013	2013	2021
Value Fund	1	2018	2013	2012	2013	2021

	Corporation		Number of Portfolios		Interested Directors
					Oestreicher		Veiel
All-Cap Opportunities Fund		1		2018		2022
Balanced Fund		1		2018		2022
Blue Chip Growth Fund		1		2018		2022
Capital Appreciation Fund		1		2018		2022
Communications & Technology Fund		1		2018		2022
Corporate Income Fund		1		2018		2022
Credit Opportunities Fund		1		2018		2022
Diversified Mid-Cap Growth Fund		1		2018		2022
Dividend Growth Fund		1		2018		2022
Equity Funds		5		2018		2022
Equity Income Fund		1		2018		2022
Financial Services Fund		1		2018		2022
Floating Rate Fund		1		2018		2022
Global Allocation Fund		1		2018		2022
Global Funds		4		2018		2022
Global Multi-Sector Bond Fund		1		2018		2022
Global Real Estate Fund		1		2018		2022
Global Technology Fund		1		2018		2022
GNMA Fund		1		2018		2022
Government Money Fund		1		2018		2022
Growth Stock Fund		1		2018		2022
Health Sciences Fund		1		2018		2022
High Yield Fund		2		2018		2022
Index Trust		6		2018		2022
Inflation Protected Bond Fund		1		2018		2022

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	Corporation		Number of Portfolios		Interested Directors
					Oestreicher		Veiel
Institutional Income Funds		3		2018		2022
Integrated Equity Funds		4		2018		2022
Intermediate Tax-Free High Yield Fund		1		2018		2022
International Funds		28		2018		2022
International Index Fund		1		2018		2022
Limited Duration Inflation Focused Bond Fund		1		2018		2022
Mid-Cap Growth Fund		1		2018		2022
Mid-Cap Value Fund		1		2018		2022
Multi-Sector Account Portfolios		6		2018		2022
Multi-Strategy Total Return Fund		1		2018		2022
New Era Fund		1		2018		2022
New Horizons Fund		1		2018		2022
New Income Fund		1		2018		2022
QM U.S. Bond Index Fund		1		2018		2022
Real Assets Fund		1		2018		2022
Real Estate Fund		1		2018		2022
TRP Reserve Funds		5		2018		2022
Retirement Funds		55		2018		2022
Science & Technology Fund		1		2018		2022
Short-Term Bond Fund		3		2018		2022
Small-Cap Stock Fund		1		2018		2022
Small-Cap Value Fund		1		2018		2022
Spectrum Funds		3		2018		2022
Spectrum Funds II		3		2018		2022
State Tax-Free Funds		8		2018		2022
Summit Income Funds		1		2018		2022
Summit Municipal Funds		2		2018		2022
Tax-Efficient Funds		1		2018		2022
Tax-Exempt Money Fund		1		2018		2022
Tax-Free High Yield Fund		1		2018		2022
Tax-Free Income Fund		1		2018		2022
Tax-Free Short-Intermediate Fund		1		2018		2022
Total Return Fund		1		2018		2022
U.S. Equity Research Fund		1		2018		2022
U.S. Large-Cap Core Fund		1		2018		2022
U.S. Treasury Funds		3		2018		2022
Value Fund		1		2018		2022

29

Below is a table that sets forth certain information, as of March 31, 2023, concerning each person deemed to be an officer of the Price Funds.

Officers

Fund	Name	Position Held With Each Fund
All funds	David Oestreicher	Director, Principal Executive Officer, and Executive Vice President
	Alan S. Dupski	Principal Financial Officer, Vice President, and Treasurer
	Richard Sennett	Assistant Treasurer
	Armando (Dino) Capasso	Chief Compliance Officer
	Gary J. Greb	Vice President
	Cheryl Hampton	Vice President
	Benjamin Kersse	Vice President
	Paul J. Krug	Vice President
	Fran M. Pollack-Matz	Vice President and Secretary
	Megan Warren	Vice President
	Shannon Hofher Rauser	Assistant Secretary

Below is a table that sets forth certain information, organized by fund, concerning each person deemed to be an officer of each fund. Information is provided as of March 31, 2023 unless otherwise noted.

Fund	Name	Position Held With Fund
All-Cap Opportunities Fund	Justin P. White	President
	Jason Adams	Vice President
	Ziad Bakri	Vice President
	Shaun Michael Currie	Vice President
	Eric L. DeVilbiss	Vice President
	Shawn T. Driscoll	Vice President
	Jon Michael Friar	Vice President
	Jeffrey Holford	Vice President
	Dante Pearson	Vice President
	Craig A. Thiese	Vice President
	Ari Weisband	Vice President
	(For remaining officers, refer to the “All funds” table)
Balanced Fund	Charles M. Shriver	Co-President
	Toby M. Thompson	Co-President
	Kimberly E. DeDominicis	Vice President
	Robert M. Larkins	Vice President
	Wyatt A. Lee	Vice President
	Raymond A. Mills	Vice President
	Sebastien Page	Vice President
	Rodney M. Rayburn	Vice President
	Guido F. Stubenrauch	Vice President
	(For remaining officers, refer to the “All funds” table)

30

Fund	Name	Position Held With Fund
Blue Chip Growth Fund	Paul Greene II	President
	Jason Adams	Vice President
	Ziad Bakri	Vice President
	Jon Michael Friar	Vice President
	Kate Hobbs	Vice President
	Lu (Jacqueline) Liu	Vice President
	Jodi Love	Vice President
	George Marzano	Vice President
	Weijie (Vivian) Si	Vice President
	James Stillwagon	Vice President
	Alan Tu	Vice President
	Anthony Bruce Wang	Vice President
	Justin P. White	Vice President
	(For remaining officers, refer to the “All funds” table)
Capital Appreciation Fund	David R. Giroux	President
	Paul Cho	Vice President
	Donald J. Easley	Vice President
	Matthew Frustaci	Vice President
	Steven D. Krichbaum	Vice President
	Kevin Patrick Loome	Vice President
	Vivek Rajeswaran	Vice President
	Farris G. Shuggi	Vice President
	Mike Signore	Vice President
	Brian Solomon	Vice President
	Matthew Stevenson	Vice President
	Chen Tian	Vice President
	Tamara P. Wiggs	Vice President
	Jon Davis Wood	Vice President
	Ashley R. Woodruff	Vice President
	(For remaining officers, refer to the “All funds” table)
Communications & Technology Fund	James Stillwagon	President
	Gregory Dunham	Vice President
	David J. Eiswert	Vice President
	Joseph B. Fath	Vice President
	Chris Graff	Vice President
	Paul Greene II	Vice President
	Sam Johnson	Vice President
	Lu (Jacqueline) Liu	Vice President
	Ross MacMillan	Vice President
	Jennifer O'Hara Martin	Vice President
	Philip A. Nestico	Vice President
	Daniel Shear	Vice President
	Alan Tu	Vice President
	Justin P. White	Vice President
	(For remaining officers, refer to the “All funds” table)

31

Fund	Name	Position Held With Fund
Corporate Income Fund	Steven E. Boothe	Co-President
	Lauren T. Wagandt	Co-President
	Michael Patrick Daley	Vice President
	Michael J. Grogan	Vice President
	Michael Lambe	Vice President
	Matthew Lawton	Vice President
	Samy B. Muaddi	Vice President
	Alexander S. Obaza	Vice President
	Miso Park	Vice President
	Walter Charles Peppelman	Vice President
	Theodore E. Robson	Vice President
	Elliot J. Shue	Vice President
	Jeanny Silva	Vice President
	Tyrone Smith	Vice President
	Mark Stodden	Vice President
	Pranay Subedi	Vice President
	Robert D. Thomas	Vice President
	Wesley Ross Trowbridge	Vice President
	Mitch Unger	Vice President
	Bineesha Wickremarachchi	Vice President
	James Woodward	Vice President
	(For remaining officers, refer to the “All funds” table)
Credit Opportunities Fund	Rodney M. Rayburn	President
	Jason A. Bauer	Vice President
	Daniel Fox	Vice President
	Michael T. Hyland	Vice President
	Brian A. Rubin	Vice President
	Reena Tilva	Vice President
	Michael J. Trivino	Vice President
	Adam Trusley	Vice President
	David Alan Yatzeck	Vice President
	(For remaining officers, refer to the “All funds” table)
Diversified Mid-Cap Growth Fund	Donald J. Peters	President
	Jason Adams	Vice President
	Kennard W. Allen	Vice President
	Stephanie Beebe	Vice President
	Anne Daub	Vice President
	Rachel D. Jonas	Vice President
	Jodi Love	Vice President
	Ross MacMillan	Vice President
	Sudhir Nanda	Vice President
	Weijie (Vivian) Si	Vice President
	Anthony Bruce Wang	Vice President
	(For remaining officers, refer to the “All funds” table)

32

Fund		Name	Position Held With Fund
Dividend Growth Fund		Thomas J. Huber	President
		Jason Adams	Vice President
		Peter J. Bates	Vice President
		Shawn T. Driscoll	Vice President
		Jon Michael Friar	Vice President
		Ryan S. Hedrick	Vice President
		Melanie A. Abate Rizzo	Vice President
		Weijie (Vivian) Si	Vice President
		Gabriel Solomon	Vice President
		Steven Strycula	Vice President
		Anthony Bruce Wang	Vice President
		(For remaining officers, refer to the “All funds” table)
Equity Funds		Joshua Nelson	Co-President
	Institutional Large-Cap Core Growth Fund	Paul Greene II	Executive Vice President
	Large-Cap Growth Fund	John D. Linehan	Executive Vice President
	Large-Cap Value Fund	Gabriel Solomon	Executive Vice President
		Taymour R. Tamaddon	Executive Vice President
		(For remaining officers, refer to the “All funds” table)
Equity Funds		Stephon Jackson	Co-President
	Institutional Mid-Cap Equity Growth Fund	Francisco Alonso	Executive Vice President
	Institutional Small-Cap Stock Fund	Brian W.H. Berghuis	Executive Vice President
		John F. Wakeman	Vice President
		(For remaining officers, refer to the “All funds” table)
Equity Income Fund		John D. Linehan	President
		Jason Adams	Vice President
		Ziad Bakri	Vice President
		David Corris	Vice President
		Ryan S. Hedrick	Vice President
		Kate Hobbs	Vice President
		Jonathan R. Hussey	Vice President
		Shinwoo Kim	Vice President
		George Marzano	Vice President
		Heather K. McPherson	Vice President
		Andy Peters	Vice President
		Melanie A. Abate Rizzo	Vice President
		Daniel Shear	Vice President
		Matthew J. Snowling	Vice President
		Preeta Ragavan Srinivasan	Vice President
		(For remaining officers, refer to the “All funds” table)

33

Fund	Name	Position Held With Fund
Financial Services Fund	Matthew J. Snowling	President
	Elias Chrysostomou	Vice President
	Vincent Michael DeAugustino	Vice President
	Jon Michael Friar	Vice President
	Nina Gupta	Vice President
	Nina P. Jones	Vice President
	Takanori Kobayashi	Vice President
	Karim Laib	Vice President
	Shengrong Lau	Vice President
	Gregory Locraft	Vice President
	Jihong Min	Vice President
	John (Teddy) Oaks	Vice President
	Gabriel Solomon	Vice President
	Preeta Ragavan Srinivasan	Vice President
	Zenon Voyiatzis	Vice President
	Ari Weisband	Vice President
	(For remaining officers, refer to the “All funds” table)
Floating Rate Fund	Paul M. Massaro	President
	Jason A. Bauer	Vice President
	Michael F. Connelly	Vice President
	Stephen M. Finamore	Vice President
	Justin T. Gerbereux	Vice President
	Michael J. McGonigle	Vice President
	Brian A. Rubin	Vice President
	Michael J. Trivino	Vice President
	Rebecca Willey	Vice President
	(For remaining officers, refer to the “All funds” table)

34

Fund		Name	Position Held With Fund
Global Funds		Justin Thomson	President
	Global Value Equity Fund	Malik Sarmad Asif	Executive Vice President
	Institutional Emerging Markets Bond Fund	Sebastien Mallet	Executive Vice President
	Institutional Emerging Markets Equity Fund	Eric C. Moffett	Executive Vice President
	Institutional International Disciplined Equity Fund	Samy B. Muaddi	Executive Vice President
		Federico Santilli	Executive Vice President
		Ulle Adamson	Vice President
		Roy H. Adkins	Vice President
		Kennard W. Allen	Vice President
		Paulina Amieva	Vice President
		Ziad Bakri	Vice President
		Harishankar Balkrishna	Vice President
		Sheena L. Barbosa	Vice President
		Peter J. Bates	Vice President
		Peter Ivanov Botoucharov	Vice President
		Tala Boulos	Vice President
		Carolyn Hoi Che Chu	Vice President
		Archibald Ciganer Albeniz	Vice President
		Richard de los Reyes	Vice President
		Iona Dent	Vice President
		Maria Elena Drew	Vice President
		Shawn T. Driscoll	Vice President
		Bridget A. Ebner	Vice President
		Aaron Gifford	Vice President
		Paul Greene II	Vice President
		Benjamin Griffiths	Vice President
		Richard L. Hall	Vice President
		Nabil Hanano	Vice President
		Jeffrey Holford	Vice President
		Stefan Hubrich	Vice President
		Arif Husain	Vice President
		Randal Spero Jenneke	Vice President
		Nina P. Jones	Vice President
		Yoichiro Kai	Vice President
		Jai Kapadia	Vice President
		Andrew J. Keirle	Vice President
		Christopher J. Kushlis	Vice President
		Johannes Loefstrand	Vice President
		Anh Thi Lu	Vice President
		Jennifer O'Hara Martin	Vice President
		Tobias Fabian Mueller	Vice President
		Sudhir Nanda	Vice President
		Kenneth Antony Orchard	Vice President
		Oluwaseun Oyegunle	Vice President
		Sebastian Schrott	Vice President
		Robert W. Sharps	Vice President
		Bin Shen	Vice President
		John Carl A. Sherman	Vice President

35

Fund	Name	Position Held With Fund
	Gabriel Solomon	Vice President
	Joshua K. Spencer	Vice President
	Taymour R. Tamaddon	Vice President
	Eric L. Veiel	Vice President
	Rupinder Vig	Vice President
	Zenon Voyiatzis	Vice President
	Verena Wachnitz	Vice President
	Marta Yago	Vice President
	Ernest C. Yeung	Vice President
	(For remaining officers, refer to the “All funds” table)
Global Allocation Fund	Charles M. Shriver	Co-President
	Toby M. Thompson	Co-President
	David L. Clewell	Vice President
	Robert Lovette Harlow	Vice President
	Stefan Hubrich	Vice President
	Robert M. Larkins	Vice President
	Sean P. McWilliams	Vice President
	Christina Dove Noonan	Vice President
	Robert A. Panariello	Vice President
	Michael K. Sewell	Vice President
	(For remaining officers, refer to the “All funds” table)
Global Multi-Sector Bond Fund	Kenneth Antony Orchard	President
	Steven E. Boothe	Vice President
	Christopher P. Brown	Vice President
	Vincent Chung	Vice President
	Michael F. Connelly	Vice President
	Ramon Roberto de Castro	Vice President
	Quentin S. Fitzsimmons	Vice President
	Arif Husain	Vice President
	Andrew J. Keirle	Vice President
	Steven M. Kohlenstein	Vice President
	Samy B. Muaddi	Vice President
	Nikolaj Schmidt	Vice President
	Saurabh Sud	Vice President
	Ju Yen Tan	Vice President
	Siby Thomas	Vice President
	James Woodward	Vice President
	(For remaining officers, refer to the “All funds” table)

36

Fund	Name	Position Held With Fund
Global Real Estate Fund	Jai Kapadia	President
	Richard N. Clattenburg	Vice President
	Nina P. Jones	Vice President
	Vineet Khanna	Vice President
	Takanori Kobayashi	Vice President
	Gregg Korondi	Vice President
	Raymond A. Mills	Vice President
	Philip A. Nestico	Vice President
	Dante Pearson	Vice President
	Preeta Ragavan Srinivasan	Vice President
	Kim Tracey	Vice President
	Pavel Vedrov	Vice President
	Charlene Wong	Vice President
	Marta Yago	Vice President
	(For remaining officers, refer to the “All funds” table)
Global Technology Fund	Dominic Rizzo	Co-President
	Alan Tu	Co-President
	Kennard W. Allen	Vice President
	Christopher W. Carlson	Vice President
	Gregory Dunham	Vice President
	David J. Eiswert	Vice President
	Sam Johnson	Vice President
	Lu (Jacqueline) Liu	Vice President
	Ross MacMillan	Vice President
	Jennifer O'Hara Martin	Vice President
	Joshua K. Spencer	Vice President
	James Stillwagon	Vice President
	Anthony Bruce Wang	Vice President
	Ari Weisband	Vice President
	(For remaining officers, refer to the “All funds” table)
GNMA Fund	Ramon Roberto de Castro	President
	Scott Edwin Ackerman	Vice President
	Christopher P. Brown	Vice President
	Lei Zhu	Vice President
	(For remaining officers, refer to the “All funds” table)
Government Money Fund	Douglas D. Spratley	President
	Davis Collins	Vice President
	Maria H. Condez	Vice President
	Cheryl A. Mickel	Vice President
	Rachel Protzman	Vice President
	Chen Shao	Vice President
	Mitch Unger	Vice President
	Blerina Uruci	Vice President
	Kyeonta Williams	Vice President
	(For remaining officers, refer to the “All funds” table)

37

Fund		Name	Position Held With Fund
Growth Stock Fund		Joseph B. Fath	President
		Eric L. DeVilbiss	Vice President
		Shawn T. Driscoll	Vice President
		David J. Eiswert	Vice President
		Jon Michael Friar	Vice President
		Chris Graff	Vice President
		Paul Greene II	Vice President
		Sam Johnson	Vice President
		Jodi Love	Vice President
		Ross MacMillan	Vice President
		Robert W. Sharps	Vice President
		Taymour R. Tamaddon	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
Health Sciences Fund		Ziad Bakri	President
		Zachary Baca	Vice President
		Anne Daub	Vice President
		John Hall	Vice President
		Amanda Ho	Vice President
		Kate Hobbs	Vice President
		Jeffrey Holford	Vice President
		Rachel D. Jonas	Vice President
		Jill Jortner	Vice President
		Taymour R. Tamaddon	Vice President
		(For remaining officers, refer to the “All funds” table)
High Yield Fund		Andrew C. McCormick	Co-President
	High Yield Fund	Rodney M. Rayburn	Executive Vice President
		Jason A. Bauer	Vice President
		Michael F. Connelly	Vice President
		Michael Della Vedova	Vice President
		Stephen M. Finamore	Vice President
		Daniel Fox	Vice President
		Justin T. Gerbereux	Vice President
		Michael T. Hyland	Vice President
		Paul M. Massaro	Vice President
		Brian A. Rubin	Vice President
		Reena Tilva	Vice President
		Michael J. Trivino	Vice President
		(For remaining officers, refer to the “All funds” table)

38

Fund		Name	Position Held With Fund
High Yield Fund		Stephon Jackson	Co-President
	U.S. High Yield Fund	Kevin Patrick Loome	Executive Vice President
		Maron Deering	Vice President
		Devon Everhart	Vice President
		Matthew Fanandakis	Vice President
		Gregg Gola	Vice President
		Todd Nocella	Vice President
		Latika Ravi	Vice President
		Douglas Zinser	Vice President
		(For remaining officers, refer to the “All funds” table)
Index Trust		Neil Smith	President
	Equity Index 500 Fund	Michael K. Sewell	Executive Vice President
	Extended Equity Market Index Fund
	Mid-Cap Index Fund
	Small-Cap Index Fund
	Total Equity Market Index Fund
	U.S. Limited Duration TIPS Index Fund
		(For remaining officers, refer to the “All funds” table)
Inflation Protected Bond Fund		Michael K. Sewell	President
		Stephen L. Bartolini	Vice President
		Ramon Roberto de Castro	Vice President
		Quentin S. Fitzsimmons	Vice President
		Geoffrey M. Hardin	Vice President
		Christopher J. Temple	Vice President
		Siby Thomas	Vice President
		Blerina Uruci	Vice President
		(For remaining officers, refer to the “All funds” table)

39

Fund		Name	Position Held With Fund
Institutional Income Funds		Andrew C. McCormick	President
	Institutional Floating Rate Fund	Robert M. Larkins	Executive Vice President
	Institutional High Yield Fund	Paul M. Massaro	Executive Vice President
	Institutional Long Duration Credit Fund	Rodney M. Rayburn	Executive Vice President
		Jason A. Bauer	Vice President
		Steven E. Boothe	Vice President
		Michael F. Connelly	Vice President
		Michael Patrick Daley	Vice President
		Amit Deshpande	Vice President
		Stephen M. Finamore	Vice President
		Justin T. Gerbereux	Vice President
		Michael J. Grogan	Vice President
		Michael Lambe	Vice President
		Yongheon Lee	Vice President
		Michael J. McGonigle	Vice President
		Samy B. Muaddi	Vice President
		Alexander S. Obaza	Vice President
		Miso Park	Vice President
		Theodore E. Robson	Vice President
		Brian A. Rubin	Vice President
		Jeanny Silva	Vice President
		Robert D. Thomas	Vice President
		Michael J. Trivino	Vice President
		Wesley Ross Trowbridge	Vice President
		Lauren T. Wagandt	Vice President
		Bineesha Wickremarachchi	Vice President
		Rebecca Willey	Vice President
		James Woodward	Vice President
		(For remaining officers, refer to the “All funds” table)
Integrated Equity Funds		Peter Stournaras	President
	Integrated Global Equity Fund	David Corris	Executive Vice President
	Integrated U.S. Large-Cap Value Equity Fund	Prashant G. Jeyaganesh	Executive Vice President
	Integrated U.S. Small-Cap Growth Equity Fund	Sudhir Nanda	Executive Vice President
	Integrated U.S. Small-Mid Cap Core Equity Fund	Jordan S. Pryor	Executive Vice President
		Pengquin George Gao	Vice President
		Rinald Murataj	Vice President
		(For remaining officers, refer to the “All funds” table)
Intermediate Tax-Free High Yield Fund		James M. Murphy	President
		Ralph Lee Arnold Jr.	Executive Vice President
		Colin T. Bando	Executive Vice President
		Daniel Chihorek	Vice President
		Sarah J. Engle	Vice President
		Thomas Dylan Jones	Vice President
		Michael Kane	Vice President
		John Leard	Vice President
		Konstantine B. Mallas	Vice President
		(For remaining officers, refer to the “All funds” table)

40

Fund		Name	Position Held With Fund
International Funds		Justin Thomson	President
	Africa & Middle East Fund	Jason Adams	Executive Vice President
	Asia Opportunities Fund	Ulle Adamson	Executive Vice President
	China Evolution Equity Fund	Malik Sarmad Asif	Executive Vice President
	Dynamic Credit Fund	Harishankar Balkrishna	Executive Vice President
	Dynamic Global Bond Fund	Robert Scott Berg	Executive Vice President
	Emerging Europe Fund	Archibald Ciganer Albeniz	Executive Vice President
	Emerging Markets Bond Fund	Richard N. Clattenburg	Executive Vice President
	Emerging Markets Corporate Bond Fund	Michael F. Connelly	Executive Vice President
	Emerging Markets Discovery Stock Fund	Michael Della Vedova	Executive Vice President
	Emerging Markets Local Currency Bond Fund	David J. Eiswert	Executive Vice President
	Emerging Markets Stock Fund	Benjamin Griffiths	Executive Vice President
	European Stock Fund	Arif Husain	Executive Vice President
	Global Consumer Fund	Andrew J. Keirle	Executive Vice President
	Global Growth Stock Fund	Anh Thi Lu	Executive Vice President
	Global High Income Bond Fund	Colin McQueen	Executive Vice President
	Global Impact Equity Fund	Raymond A. Mills	Executive Vice President
	Global Industrials Fund	Jihong Min	Executive Vice President
	Global Stock Fund	Eric C. Moffett	Executive Vice President
	International Bond Fund	Samy B. Muaddi	Executive Vice President
	International Bond Fund (USD Hedged)	Tobias Fabian Mueller	Executive Vice President
	International Disciplined Equity Fund	Kenneth Antony Orchard	Executive Vice President
	International Discovery Fund	Oluwaseun Oyegunle	Executive Vice President
	International Stock Fund	Federico Santilli	Executive Vice President
	International Value Equity Fund	Weijie (Vivian) Si	Executive Vice President
	Japan Fund	Saurabh Sud	Executive Vice President
	Latin America Fund	Siby Thomas	Executive Vice President
	New Asia Fund	Verena Wachnitz	Executive Vice President
		Ernest C. Yeung	Executive Vice President
		Wenli Zheng	Executive Vice President
		Mariel Abreu	Vice President
		Roy H. Adkins	Vice President
		Syed Haider Ali	Vice President
		Kennard W. Allen	Vice President
		Paulina Amieva	Vice President
		Ziad Bakri	Vice President
		Sheena L. Barbosa	Vice President
		Jason A. Bauer	Vice President
		Luis Martin Baylac	Vice President
		Steven E. Boothe	Vice President
		Peter Ivanov Botoucharov	Vice President
		Tala Boulos	Vice President
		Christopher P. Brown	Vice President
		Shiu Tak (Sheldon) Chan	Vice President
		Andrew Chang	Vice President
		Carolyn Hoi Che Chu	Vice President
		Vincent Chung	Vice President
		Richard de los Reyes	Vice President

41

Fund	Name	Position Held With Fund
	Iona Dent	Vice President
	Maria Elena Drew	Vice President
	Shawn T. Driscoll	Vice President
	Bridget A. Ebner	Vice President
	Dawei Feng	Vice President
	Ryan W Ferro	Vice President
	Quentin S. Fitzsimmons	Vice President
	Justin T. Gerbereux	Vice President
	Aaron Gifford	Vice President
	Vishnu Vardhan Gopal	Vice President
	Joel Grant	Vice President
	Shaoyu Guo	Vice President
	Richard L. Hall	Vice President
	Nabil Hanano	Vice President
	Jeffrey Holford	Vice President
	Stefan Hubrich	Vice President
	Tetsuji Inoue	Vice President
	Michael Jacobs	Vice President
	Randal Spero Jenneke	Vice President
	Prashant G. Jeyaganesh	Vice President
	Nina P. Jones	Vice President
	Yoichiro Kai	Vice President
	Jacob H. Kann	Vice President
	Jai Kapadia	Vice President
	Takanori Kobayashi	Vice President
	Christopher J. Kushlis	Vice President
	Shengrong Lau	Vice President
	Lu (Jacqueline) Liu	Vice President
	Johannes Loefstrand	Vice President
	Sebastien Mallet	Vice President
	Jennifer O'Hara Martin	Vice President
	Ryan Martyn	Vice President
	Ivan Morozov	Vice President
	Razan Nasser	Vice President
	Philip A. Nestico	Vice President
	Sridhar Nishtala	Vice President
	Todd Reese	Vice President
	Melanie A. Abate Rizzo	Vice President
	David L. Rowlett	Vice President
	Nikolaj Schmidt	Vice President
	Sebastian Schrott	Vice President
	Robert W. Sharps	Vice President
	Bin Shen	Vice President
	John Carl A. Sherman	Vice President
	Scott D. Solomon	Vice President
	Joshua K. Spencer	Vice President
	David Stanley	Vice President
	Taymour R. Tamaddon	Vice President

42

Fund		Name	Position Held With Fund
		Ju Yen Tan	Vice President
		Sin Dee Tan	Vice President
		Rupinder Vig	Vice President
		Willem Visser	Vice President
		Zenon Voyiatzis	Vice President
		Hiroshi Watanabe	Vice President
		James Woodward	Vice President
		Marta Yago	Vice President
		Benjamin T. Yeagle	Vice President
		(For remaining officers, refer to the “All funds” table)
International Index Fund		Neil Smith	President
	International Equity Index Fund	E. Frederick Bair	Vice President
		Craig A. Thiese	Vice President
		Michael T. Wehn	Vice President
		(For remaining officers, refer to the “All funds” table)
Limited Duration Inflation Focused Bond Fund		Michael K. Sewell	President
		Stephen L. Bartolini	Vice President
		Ramon Roberto de Castro	Vice President
		Quentin S. Fitzsimmons	Vice President
		Geoffrey M. Hardin	Vice President
		Wyatt A. Lee	Vice President
		Christopher J. Temple	Vice President
		Siby Thomas	Vice President
		Blerina Uruci	Vice President
		(For remaining officers, refer to the “All funds” table)
Mid-Cap Growth Fund		Brian W.H. Berghuis	President
		John F. Wakeman	Executive Vice President
		Francisco Alonso	Vice President
		Donald J. Easley	Vice President
		Peter (Matt) Mahon	Vice President
		Robert J. Marcotte	Vice President
		Rekha Marda	Vice President
		Brad Moldin	Vice President
		Rohit Pandey	Vice President
		Simon Paterson	Vice President
		Emily Scudder	Vice President
		Jon Davis Wood	Vice President
		Ashley R. Woodruff	Vice President
		Nina Xu	Vice President
		(For remaining officers, refer to the “All funds” table)

43

Fund		Name	Position Held With Fund
Mid-Cap Value Fund		Vincent Michael DeAugustino	President
		Heather K. McPherson	Executive Vice President
		Stephanie Beebe	Vice President
		Christopher W. Carlson	Vice President
		Richard de los Reyes	Vice President
		Vincent Michael DeAugustino	Vice President
		Ryan S. Hedrick	Vice President
		Nina P. Jones	Vice President
		Josepha Kaufman	Vice President
		Priyal Maniar	Vice President
		Andy Peters	Vice President
		Melanie A. Abate Rizzo	Vice President
		Gabriel Solomon	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
Multi-Sector Account Portfolios		Steven E. Boothe	President
	Emerging Markets Corporate Multi-Sector Account Portfolio	Michael F. Connelly	Executive Vice President
	Emerging Markets Local Multi-Sector Account Portfolio	Ramon Roberto de Castro	Executive Vice President
	Floating Rate Multi-Sector Account Portfolio	Stephen M. Finamore	Executive Vice President
	High Yield Multi-Sector Account Portfolio	Andrew J. Keirle	Executive Vice President
	Investment-Grade Corporate Multi-Sector Account Portfolio	Samy B. Muaddi	Executive Vice President
	Mortgage-Backed Securities Multi-Sector Account Portfolio	Siby Thomas	Executive Vice President
		Mariel Abreu	Vice President
		Scott Edwin Ackerman	Vice President
		Roy H. Adkins	Vice President
		Stephen L. Bartolini	Vice President
		Jason A. Bauer	Vice President
		Peter Ivanov Botoucharov	Vice President
		Tala Boulos	Vice President
		Christopher P. Brown	Vice President
		Shiu Tak (Sheldon) Chan	Vice President
		Carolyn Hoi Che Chu	Vice President
		Michael J. Conelius	Vice President
		Michael Patrick Daley	Vice President
		Justin T. Gerbereux	Vice President
		Aaron Gifford	Vice President
		Michael J. Grogan	Vice President
		Shaoyu Guo	Vice President
		Richard L. Hall	Vice President
		Arif Husain	Vice President
		Christopher J. Kushlis	Vice President
		Michael Lambe	Vice President
		Paul M. Massaro	Vice President
		Michael J. McGonigle	Vice President
		Ivan Morozov	Vice President
		Razan Nasser	Vice President
		Ka Yi Claire Ng	Vice President
		Alexander S. Obaza	Vice President

44

Fund	Name	Position Held With Fund
	Kenneth Antony Orchard	Vice President
	Miso Park	Vice President
	Rodney M. Rayburn	Vice President
	Theodore E. Robson	Vice President
	Brian A. Rubin	Vice President
	Jeanny Silva	Vice President
	David Stanley	Vice President
	Ju Yen Tan	Vice President
	Robert D. Thomas	Vice President
	Michael J. Trivino	Vice President
	Wesley Ross Trowbridge	Vice President
	Willem Visser	Vice President
	Lauren T. Wagandt	Vice President
	Bineesha Wickremarachchi	Vice President
	Rebecca Willey	Vice President
	James Woodward	Vice President
	Lei Zhu	Vice President
	(For remaining officers, refer to the “All funds” table)
Multi-Strategy Total Return Fund	Richard de los Reyes	Co-President
	Stefan Hubrich	Co-President
	Arif Husain	Vice President
	John D. Linehan	Vice President
	Sebastien Page	Vice President
	Robert W. Sharps	Vice President
	Charles M. Shriver	Vice President
	Justin Thomson	Vice President
	(For remaining officers, refer to the “All funds” table)
New Era Fund	Shinwoo Kim	President
	Richard de los Reyes	Vice President
	Shawn T. Driscoll	Vice President
	Ryan S. Hedrick	Vice President
	Jonathan R. Hussey	Vice President
	Vineet Khanna	Vice President
	Priyal Maniar	Vice President
	Ryan Martyn	Vice President
	Kevin Mastalerz	Vice President
	Heather K. McPherson	Vice President
	John Corbin Qian	Vice President
	Thomas Alexander Shelmerdine	Vice President
	Craig A. Thiese	Vice President
	(For remaining officers, refer to the “All funds” table)

45

Fund	Name	Position Held With Fund
New Horizons Fund	Joshua K. Spencer	President
	Ziad Bakri	Vice President
	Harishankar Balkrishna	Vice President
	Christina Brathwaite	Vice President
	Christopher W. Carlson	Vice President
	Shaun Michael Currie	Vice President
	Gregory Dunham	Vice President
	Jon Michael Friar	Vice President
	Nabil Hanano	Vice President
	Ross MacMillan	Vice President
	Maria Aimee Muller	Vice President
	Dante Pearson	Vice President
	Weijie (Vivian) Si	Vice President
	Alan Tu	Vice President
	(For remaining officers, refer to the “All funds” table)
New Income Fund	Stephen L. Bartolini	President
	Jason A. Bauer	Vice President
	Steven E. Boothe	Vice President
	Christopher P. Brown	Vice President
	Ramon Roberto de Castro	Vice President
	Anna Alexandra Dreyer	Vice President
	Geoffrey M. Hardin	Vice President
	Robert M. Larkins	Vice President
	Matthew Lawton	Vice President
	Samy B. Muaddi	Vice President
	Lauren T. Wagandt	Vice President
	(For remaining officers, refer to the “All funds” table)
QM U.S. Bond Index Fund	Robert M. Larkins	President
	Stephen L. Bartolini	Vice President
	Christopher P. Brown	Vice President
	Amit Deshpande	Vice President
	Yongheon Lee	Vice President
	Lauren T. Wagandt	Vice President
	(For remaining officers, refer to the “All funds” table)

46

Fund		Name	Position Held With Fund
Real Assets Fund		Richard Coghlan	Co-President
		Christopher Faulkner-MacDonagh	Co-President
		E. Frederick Bair	Vice President
		Richard de los Reyes	Vice President
		Matthew A. Howell	Vice President
		Nina P. Jones	Vice President
		Shinwoo Kim	Vice President
		Sebastien Page	Vice President
		Robert A. Panariello	Vice President
		John Corbin Qian	Vice President
		Michael K. Sewell	Vice President
		Charles M. Shriver	Vice President
		J. Zachary Wood	Vice President
		(For remaining officers, refer to the “All funds” table)
Real Estate Fund		Nina P. Jones	President
		Thomas J. Huber	Vice President
		Gregg Korondi	Vice President
		Philip A. Nestico	Vice President
		Dante Pearson	Vice President
		Jane K. Rivers	Vice President
		Theodore E. Robson	Vice President
		Weijie (Vivian) Si	Vice President
		Preeta Ragavan Srinivasan	Vice President
		Charlene Wong	Vice President
		(For remaining officers, refer to the “All funds” table)
TRP Reserve Investment Funds		Douglas D. Spratley	President
	Government Reserve Fund	Matthew W. Novak	Executive Vice President
	Short-Term Fund	Bradley R. Raglin	Executive Vice President
	Short-Term Government Fund	Davis Collins	Vice President
	Transition Fund	Maria H. Condez	Vice President
	Treasury Reserve Fund	Cheryl A. Mickel	Vice President
		Rachel Protzman	Vice President
		Peter J. Roehrig	Vice President
		Chen Shao	Vice President
		Neil Smith	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Michael T. Wehn	Vice President
		Arnold N. Welsh Jr.	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)

47

Fund		Name	Position Held With Fund
Retirement Funds		Kimberly E. DeDominicis	Co-President
	Retirement 2005 Fund	Andrew G. Jacobs Van Merlen	Co-President
	Retirement 2010 Fund	Wyatt A. Lee	Co-President
	Retirement 2015 Fund	Stephen L. Bartolini	Vice President
	Retirement 2020 Fund	Richard de los Reyes	Vice President
	Retirement 2025 Fund	David J. Eiswert	Vice President
	Retirement 2030 Fund	Arif Husain	Vice President
	Retirement 2035 Fund	Paul M. Massaro	Vice President
	Retirement 2040 Fund	Matthew W. Novak	Vice President
	Retirement 2045 Fund	Sebastien Page	Vice President
	Retirement 2050 Fund	Robert A. Panariello	Vice President
	Retirement 2055 Fund	Darren Scheinberg	Vice President
	Retirement 2060 Fund	Charles M. Shriver	Vice President
	Retirement 2065 Fund	Guido F. Stubenrauch	Vice President
	Retirement Balanced Fund	Justin Thomson	Vice President
	Retirement Balanced I Fund—I Class	James A. Tzitzouris Jr.	Vice President
	Retirement Blend 2005 Fund	Justin P. White	Vice President
	Retirement Blend 2010 Fund
	Retirement Blend 2015 Fund
	Retirement Blend 2020 Fund
	Retirement Blend 2025 Fund
	Retirement Blend 2030 Fund
	Retirement Blend 2035 Fund
	Retirement Blend 2040 Fund
	Retirement Blend 2045 Fund
	Retirement Blend 2050 Fund
	Retirement Blend 2055 Fund
	Retirement Blend 2060 Fund
	Retirement Blend 2065 Fund
	Retirement I 2005 Fund—I Class
	Retirement I 2010 Fund—I Class
	Retirement I 2015 Fund—I Class
	Retirement I 2020 Fund—I Class
	Retirement I 2025 Fund—I Class
	Retirement I 2030 Fund—I Class
	Retirement I 2035 Fund—I Class
	Retirement I 2040 Fund—I Class
	Retirement I 2045 Fund—I Class
	Retirement I 2050 Fund—I Class
	Retirement I 2055 Fund—I Class
	Retirement I 2060 Fund—I Class
	Retirement I 2065 Fund—I Class
	Retirement Income 2020 Fund
	Target 2005 Fund
	Target 2010 Fund
	Target 2015 Fund
	Target 2020 Fund
	Target 2025 Fund

48

Fund		Name	Position Held With Fund
	Target 2030 Fund
	Target 2035 Fund
	Target 2040 Fund
	Target 2045 Fund
	Target 2050 Fund
	Target 2055 Fund
	Target 2060 Fund
	Target 2065 Fund	(For remaining officers, refer to the “All funds” table)
Science & Technology Fund		Kennard W. Allen	President
		Bill Bai	Vice President
		Stephanie Beebe	Vice President
		Gregory Dunham	Vice President
		David J. Eiswert	Vice President
		Paul Greene II	Vice President
		Sam Johnson	Vice President
		Lu (Jacqueline) Liu	Vice President
		Ross MacMillan	Vice President
		Dominic Rizzo	Vice President
		Frank Shi	Vice President
		Joshua K. Spencer	Vice President
		James Stillwagon	Vice President
		Alan Tu	Vice President
		Anthony Bruce Wang	Vice President
		(For remaining officers, refer to the “All funds” table)
Short-Term Bond Funds		Cheryl A. Mickel	President
	Short Duration Income	Steven M. Kohlenstein	Executive Vice President
	Short-Term Bond Fund	Alexander S. Obaza	Executive Vice President
	Ultra Short-Term Bond Fund	Michael F. Reinartz	Executive Vice President
		Austin Applegate	Vice President
		Christopher P. Brown	Vice President
		Shiu Tak (Sheldon) Chan	Vice President
		Jason T. Collins	Vice President
		Michael F. Connelly	Vice President
		Ramon Roberto de Castro	Vice President
		Levent Demirekler	Vice President
		Charles B. Hill	Vice President
		Matthew Lawton	Vice President
		Samy B. Muaddi	Vice President
		Rachel Protzman	Vice President
		Michael K. Sewell	Vice President
		Chen Shao	Vice President
		Douglas D. Spratley	Vice President
		Siby Thomas	Vice President
		Lauren T. Wagandt	Vice President
		(For remaining officers, refer to the “All funds” table)

49

Fund		Name	Position Held With Fund
Small-Cap Stock Fund		Francisco Alonso	President
		Christopher T. Fortune	Vice President
		Daniel Biros Hirsch	Vice President
		Peter (Matt) Mahon	Vice President
		Robert J. Marcotte	Vice President
		Rekha Marda	Vice President
		Curt J. Organt	Vice President
		Simon Paterson	Vice President
		Robert T. Quinn	Vice President
		Alexander Paul Roik	Vice President
		John David Wagner	Vice President
		Nina Xu	Vice President
		Yan Zhang	Vice President
		(For remaining officers, refer to the “All funds” table)
Small-Cap Value Fund		John David Wagner	President
		Francisco Alonso	Vice President
		Paul Cho	Vice President
		Christopher T. Fortune	Vice President
		Rekha Marda	Vice President
		Joseph R. Mlinac	Vice President
		Christian M. O’Neill	Vice President
		Curt J. Organt	Vice President
		Robert T. Quinn	Vice President
		Alexander Paul Roik	Vice President
		Farris G. Shuggi	Vice President
		Nina Xu	Vice President
		(For remaining officers, refer to the “All funds” table)
Spectrum Funds		Charles M. Shriver	Co-President
	Spectrum Diversified Equity Fund	Toby M. Thompson	Co-President
	Spectrum Income Fund	Stephen L. Bartolini	Vice President
	Spectrum International Equity Fund	Richard de los Reyes	Vice President
		Kimberly E. DeDominicis	Vice President
		David J. Eiswert	Vice President
		Arif Husain	Vice President
		Wyatt A. Lee	Vice President
		Paul M. Massaro	Vice President
		Sebastien Page	Vice President
		Robert A. Panariello	Vice President
		Guido F. Stubenrauch	Vice President
		Justin Thomson	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)

50

Fund		Name	Position Held With Fund
Spectrum Funds II		Charles M. Shriver	Co-President
	Spectrum Conservative Allocation Fund	Toby M. Thompson	Co-President
	Spectrum Moderate Allocation Fund	E. Frederick Bair	Vice President
	Spectrum Moderate Growth Allocation Fund	Stephen L. Bartolini	Vice President
		Richard de los Reyes	Vice President
		Kimberly E. DeDominicis	Vice President
		David J. Eiswert	Vice President
		Arif Husain	Vice President
		Wyatt A. Lee	Vice President
		Paul M. Massaro	Vice President
		Raymond A. Mills	Vice President
		Sebastien Page	Vice President
		Robert A. Panariello	Vice President
		Guido F. Stubenrauch	Vice President
		Justin Thomson	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
State Tax-Free Funds		James M. Murphy	President
	California Tax-Free Bond Fund	Austin Applegate	Executive Vice President
	Georgia Tax-Free Bond Fund	Charles B. Hill	Executive Vice President
	Maryland Short-Term Tax-Free Bond Fund	Konstantine B. Mallas	Executive Vice President
	Maryland Tax-Free Bond Fund	Douglas D. Spratley	Executive Vice President
	Maryland Tax-Free Money Fund	Timothy G. Taylor	Executive Vice President
	New Jersey Tax-Free Bond Fund	Colin T. Bando	Vice President
	New York Tax-Free Bond Fund	Daniel Chihorek	Vice President
	Virginia Tax-Free Bond Fund	Davis Collins	Vice President
		Maria H. Condez	Vice President
		Sarah J. Engle	Vice President
		Thomas Dylan Jones	Vice President
		Matthew T Larkin	Vice President
		John Leard	Vice President
		James T. Lynch	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)
Summit Funds		Douglas D. Spratley	President
	Cash Reserves Fund	Davis Collins	Vice President
		Maria H. Condez	Vice President
		Cheryl A. Mickel	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)

51

Fund		Name	Position Held With Fund
Summit Municipal Funds		James M. Murphy	President
	Summit Municipal Income Fund	Austin Applegate	Executive Vice President
	Summit Municipal Intermediate Fund	Charles B. Hill	Executive Vice President
		Konstantine B. Mallas	Executive Vice President
		Ralph Lee Arnold Jr.	Vice President
		Colin T. Bando	Vice President
		Daniel Chihorek	Vice President
		Davis Collins	Vice President
		Sarah J. Engle	Vice President
		Thomas Dylan Jones	Vice President
		Michael Kane	Vice President
		Matthew T Larkin	Vice President
		John Leard	Vice President
		James T. Lynch	Vice President
		Timothy G. Taylor	Vice President
		(For remaining officers, refer to the “All funds” table)
Tax-Efficient Funds		Donald J. Peters	President
	Tax-Efficient Equity Fund	Kennard W. Allen	Vice President
		Ziad Bakri	Vice President
		Gregory Dunham	Vice President
		Kate Hobbs	Vice President
		Weijie (Vivian) Si	Vice President
		Matthew J. Snowling	Vice President
		James Stillwagon	Vice President
		Alan Tu	Vice President
		Anthony Bruce Wang	Vice President
		Mark R. Weigman	Vice President
		(For remaining officers, refer to the “All funds” table)
Tax-Exempt Money Fund		Douglas D. Spratley	President
		Davis Collins	Vice President
		Maria H. Condez	Vice President
		Cheryl A. Mickel	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)

52

Fund	Name	Position Held With Fund
Tax-Free High Yield Fund	James M. Murphy	President
	Ralph Lee Arnold Jr.	Executive Vice President
	Colin T. Bando	Executive Vice President
	Daniel Chihorek	Vice President
	Sarah J. Engle	Vice President
	Charles B. Hill	Vice President
	Thomas Dylan Jones	Vice President
	Michael Kane	Vice President
	Konstantine B. Mallas	Vice President
	Timothy G. Taylor	Vice President
	(For remaining officers, refer to the “All funds” table)
Tax-Free Income Fund	Konstantine B. Mallas	Co-President
	Timothy G. Taylor	Co-President
	Austin Applegate	Vice President
	Ralph Lee Arnold Jr.	Vice President
	Sarah J. Engle	Vice President
	Charles B. Hill	Vice President
	Thomas Dylan Jones	Vice President
	Matthew T Larkin	Vice President
	James T. Lynch	Vice President
	James M. Murphy	Vice President
	(For remaining officers, refer to the “All funds” table)
Tax-Free Short-Intermediate Fund	Charles B. Hill	President
	Austin Applegate	Vice President
	Thomas Dylan Jones	Vice President
	John Leard	Vice President
	James T. Lynch	Vice President
	(For remaining officers, refer to the “All funds” table)
Total Return Fund	Christopher P. Brown	Co-President
	Anna Alexandra Dreyer	Co-President
	Stephen L. Bartolini	Vice President
	Jason A. Bauer	Vice President
	Robert M. Larkins	Vice President
	Yongheon Lee	Vice President
	Pradeep Manikonda	Vice President
	Kenneth Antony Orchard	Vice President
	Saurabh Sud	Vice President
	Christopher J. Temple	Vice President
	(For remaining officers, refer to the “All funds” table)

53

Fund		Name	Position Held With Fund
U.S. Equity Research Fund		Ann M. Holcomb	Co-President
		Jason Nogueira	Co-President
		Jason Benjamin Polun	Co-President
		Jason Adams	Vice President
		Kennard W. Allen	Vice President
		Christopher W. Carlson	Vice President
		Joseph B. Fath	Vice President
		Jon Michael Friar	Vice President
		Alexa M. Gagliardi	Vice President
		Ryan S. Hedrick	Vice President
		Weijie (Vivian) Si	Vice President
		Matthew J. Snowling	Vice President
		James Stillwagon	Vice President
		Anthony Bruce Wang	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
U.S. Large-Cap Core Fund		Shawn T. Driscoll	President
		Stephanie Beebe	Vice President
		Ryan S. Hedrick	Vice President
		Kate Hobbs	Vice President
		Jacob H. Kann	Vice President
		Kevin Mastalerz	Vice President
		John (Teddy) Oaks	Vice President
		John Corbin Qian	Vice President
		Dhiren Shah	Vice President
		Daniel Shear	Vice President
		Weijie (Vivian) Si	Vice President
		(For remaining officers, refer to the “All funds” table)
U.S. Treasury Funds		Andrew C. McCormick	President
	U.S. Treasury Intermediate Index Fund	Michael K. Sewell	Executive Vice President
	U.S. Treasury Long-Term Index Fund	Douglas D. Spratley	Executive Vice President
	U.S. Treasury Money Fund	Stephen L. Bartolini	Vice President
		Maria H. Condez	Vice President
		Geoffrey M. Hardin	Vice President
		Cheryl A. Mickel	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Jeanny Silva	Vice President
		Christopher J. Temple	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)

54

Fund	Name	Position Held With Fund
Value Fund	Ryan S. Hedrick	President
	Peter J. Bates	Vice President
	Jason A. Bauer	Vice President
	Vincent Michael DeAugustino	Vice President
	Kate Hobbs	Vice President
	Jonathan R. Hussey	Vice President
	Vineet Khanna	Vice President
	Gregg Korondi	Vice President
	John D. Linehan	Vice President
	Jodi Love	Vice President
	Heather K. McPherson	Vice President
	Daniel Shear	Vice President
	Weijie (Vivian) Si	Vice President
	(For remaining officers, refer to the “All funds” table)

Below is a table that sets forth certain information, as of March 31, 2023, regarding each person deemed to be an officer of the Price Funds.

Officers

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Mariel Abreu, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds and Multi-Sector Account Portfolios
Scott Edwin Ackerman, 1987 Assistant Vice President, T. Rowe Price	Vice President, GNMA Fund and Multi-Sector Account Portfolios
Jason Adams, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, All-Cap Opportunities Fund, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Equity Income Fund, and U.S. Equity Research Fund
Ulle Adamson, CFA, 1979 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Funds
Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Archibald Ciganer Albeniz, CFA, 1976 Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, Global Funds
Syed Haider Ali, 1970 Vice President, Price Hong Kong, Price Singapore, and T. Rowe Price Group, Inc.	Vice President, International Funds
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Science & Technology Fund; Vice President, Diversified Mid-Cap Growth Fund, Global Funds, Global Technology Fund, International Funds, Tax-Efficient Funds, and U.S. Equity Research Fund
Francisco Alonso, 1978 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Small-Cap Stock Fund; Executive Vice President, Equity Funds; Vice President, Mid-Cap Growth Fund and Small-Cap Value Fund
Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Funds and International Funds
Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund

55

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Ralph Lee Arnold, Jr., CFA, CPA, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, Summit Municipal Funds and Tax-Free Income Fund
Malik Sarmad Asif, 1981 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, Global Funds and International Funds
Bill Bai, 1985 Vice President, Price Hong Kong; formerly Executive Director and Senior Analyst, Destination Partners Asset Management (to 2019)	Vice President, Science & Technology Fund
E. Frederick Bair, CFA, CPA, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, International Index Fund, Real Assets Fund, and Spectrum Funds II
Zachary Baca, 1990 Vice President, T. Rowe Price; formerly Associate, Rock Springs Capital (to 2020)	Vice President, Health Sciences Fund
Ziad Bakri, M.D., CFA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Health Sciences Fund; Vice President, All-Cap Opportunities Fund, Blue Chip Growth Fund, Equity Income Fund, Global Funds, International Funds, New Horizons Fund, and Tax-Efficient Funds
Harishankar Balkrishna, 1983 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Funds and New Horizons Fund
Colin T. Bando, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, State Tax-Free Funds and Summit Municipal Funds
Sheena L. Barbosa, 1983 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Vice President, Global Funds and International Funds
Stephen L. Bartolini, CFA, 1977 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, New Income Fund; Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, QM U.S. Bond Index Fund, Retirement Funds, Spectrum Funds, Spectrum Funds II, Total Return Fund, and U.S. Treasury Funds
Peter J. Bates, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, Dividend Growth Fund, Global Funds, and Value Fund
Jason A. Bauer, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, Multi-Sector Account Portfolios, New Income Fund, Total Return Fund, and Value Fund
Luis Martin Baylac, 1982 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, International Funds
Stephanie Beebe, 1990 Employee, T. Rowe Price; formerly student, The Wharton School, University of Pennsylvania (to 2020); summer intern, T. Rowe Price (2018); Investment Banking Associate, Bank of America Merrill Lynch (to 2018)	Vice President, Diversified Mid-Cap Growth Fund, Mid-Cap Value Fund, Science & Technology Fund, and U.S. Large-Cap Core Fund
Robert Scott Berg, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Executive Vice President, International Funds
Brian W.H. Berghuis, CFA, 1958 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Mid-Cap Growth Fund; Executive Vice President, Equity Funds
Steven E. Boothe, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Multi-Sector Account Portfolios; Co-President, Corporate Income Fund; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and New Income Fund
Peter Ivanov Botoucharov, 1965 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Tala Boulos, 1984 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios

56

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Christina Brathwaite, 1989 Employee, T. Rowe Price; formerly Analyst, JP Morgan Securities (to 2019)	Vice President, New Horizons Fund
Christopher P. Brown, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, Total Return Fund; Vice President, Global Multi-Sector Bond Fund, GNMA Fund, International Funds, Multi-Sector Account Portfolios, New Income Fund, QM U.S. Bond Index Fund, and Short-Term Bond Fund
Armando (Dino) Capasso, 1974 Chief Compliance Officer and Vice President, T. Rowe Price and Price Investment Management; Vice President, T. Rowe Price Group, Inc.; formerly, Chief Compliance Officer, PGIM Investments LLC and AST Investment Services, Inc. (ASTIS) (to 2022); Chief Compliance Officer, PGIM Retail Funds complex and Prudential Insurance Funds (to 2022); Vice President and Deputy Chief Compliance Officer, PGIM Investments LLC and ASTIS (to 2019)	Chief Compliance Officer, all funds
Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Technology Fund, Mid-Cap Value Fund, New Horizons Fund, and U.S. Equity Research Fund
Shiu Tak Chan, 1981 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Vice President, International Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund
Andrew Chang, 1983 Vice President, Price Singapore and T. Rowe Price Group, Inc.	Vice President, International Funds
Daniel Chihorek, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund
Paul Cho, 1986 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund and Small-Cap Value Fund
Elias Chrysostomou, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Financials Sector Specialist, Lazard Asset Management (to 2019)	Vice President, Financial Services Fund
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Vincent Chung, 1988 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Investment Analyst/Trader, Observatory Capital Management LLP (to 2019)	Vice President, Global Multi-Sector Bond Fund and International Funds
Richard N. Clattenburg, CFA, 1979 Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Executive Vice President, International Funds; Vice President, Global Real Estate Fund
David L. Clewell, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Allocation Fund
Richard Coghlan, PhD., 1961 Vice President, Price Japan, T. Rowe Price, and T. Rowe Price Group, Inc.	Co-President, Real Assets Fund
Davis Collins, CFA, 1989 Vice President, T. Rowe Price	Vice President, Government Money Fund, TRP Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, and Tax-Exempt Money Fund
Jason T. Collins, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, Short-Term Bond Fund
Maria H. Condez, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Government Money Fund, TRP Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Michael J. Conelius, CFA, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Vice President, Multi-Sector Account Portfolios
Michael F. Connelly, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Multi-Sector Account Portfolios; Vice President, Floating Rate Fund, Global Multi-Sector Bond Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Short-Term Bond Fund

57

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
David Corris, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head of Disciplined Equities and Portfolio Manager, Bank of Montreal Global Asset Management (to 2021)	Executive Vice President, Integrated Equity Funds; Vice President, Equity Income Fund
Shaun Michael Currie, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, All-Cap Opportunities Fund and New Horizons Fund
Michael Patrick 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
Anne Daub, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund
Ramon Roberto de Castro, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, GNMA Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, and Short-Term Bond Fund
Richard de los Reyes, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Co-President, Multi-Strategy Total Return Fund; Vice President, Global Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Real Assets Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Vincent Michael DeAugustino, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Mid-Cap Value Fund, Vice President, Financial Services Fund and Value Fund
Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Co-President, Retirement Funds, Vice President, Balanced Fund, Spectrum Funds, and Spectrum Funds II
Maron Deering, 1980 Vice President, Price Investment Management; formerly Principal, Maplewood Capital, LLC (to 2020)	Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Michael Della Vedova, 1969 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund and High Yield Fund (serves only with respect to the High Yield Fund)
Levent Demirekler, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Short-Term Bond Fund
Iona Dent, CFA, 1991 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds and International Funds
Amit Deshpande, CFA, FRM, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Institutional Income Funds and QM U.S. Bond Index Fund
Eric L. DeVilbiss, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, All-Cap Opportunities Fund and Growth Stock Fund
Christina Dove Noonan, 1988 Vice President, T. Rowe Price	Vice President, Global Allocation Fund
Maria Elena Drew, 1973 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds and International Funds
Anna Alexandra Dreyer, Ph.D., CFA, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, Total Return Fund; Vice President, New Income Fund
Shawn T. Driscoll, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, U.S. Large-Cap Core Fund, Vice President, All-Cap Opportunities Fund, Dividend Growth Fund, Global Funds, Growth Stock Fund, International Funds, and New Era Fund
Gregory Dunham, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group	Vice President, Communications & Technology Fund, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds
Alan S. Dupski, CPA, 1982 Vice President, Price Investment Management, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Principal Financial Officer, Vice President, and Treasurer, all funds
Donald J. Easley, CFA, 1971 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund and Mid-Cap Growth Fund
Bridget A. Ebner, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Funds and International Funds

58

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
David J. Eiswert, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, Retirement Funds, Science & Technology Fund, Spectrum Funds, and Spectrum Funds II
Sarah J. Engle, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund
Devon Everhart, CFA, 1977 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Matthew Fanandakis, CFA, 1983 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Joseph B. Fath, CPA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Growth Stock Fund; Vice President, Communications & Technology Fund and U.S. Equity Research Fund
Christopher Faulkner-MacDonagh, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Co-President, Real Assets Fund
Dawei Feng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Vice President, International Funds
Ryan W. Ferro, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds
Stephen M. Finamore, CFA, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Multi-Sector Account Portfolios; Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), and Institutional Income Funds
Quentin S. Fitzsimmons, 1968 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, International Funds, and Limited Duration Inflation Focused Bond Fund
Christopher T. Fortune, 1973 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Daniel Fox, CFA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund)
Jon Michael Friar, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, All-Cap Opportunities Fund, Blue Chip Growth Fund, Dividend Growth Fund, Financial Services Fund, Growth Stock Fund, New Horizons Fund, and U.S. Equity Research Fund
Matthew Frustaci, 1990 Vice President, Price Investment Management; formerly student, The Wharton School, University of Pennsylvania (to 2020); summer intern, T. Rowe Price (2019)	Vice President, Capital Appreciation Fund
Pengquin George Gao, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Integrated Equity Funds
Justin T. Gerbereux, CFA, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios
Aaron Gifford, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
David R. Giroux, CFA, 1975 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Capital Appreciation Fund
Gregg Gola, CFA, 1965 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Vishnu Vardhan Gopal, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Vice President, International Funds
Chris Graff, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Partner -Investment Team, Sequoia Capital Global Equities (to 2020)	Vice President, Communications & Technology Fund and Growth Stock Fund

59

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Joel Grant, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds
Gary J. Greb, 1961 Vice President, Price Investment Management, T. Rowe Price, Price International, and T. Rowe Trust Company	Vice President, all funds
Paul Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Blue Chip Growth Fund; Executive Vice President, Equity Funds; Vice President, Communications & Technology Fund, Global Funds, Growth Stock Fund, and Science & Technology Fund
Benjamin Griffiths, CFA, 1977 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Funds
Michael J. Grogan, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.	Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Shaoyu Guo, 1992 Vice President, Price Hong Kong; formerly Economist, JP Morgan (to 2020)	Vice President, International Funds and Multi-Sector Account Portfolios
Nina Gupta, 1975 Vice President, T. Rowe Price; formerly Sector Head, Allianz Global Investors (to 2021); Senior Analyst, Portables Partners (to 2014)	Vice President, Financial Services Fund
John Hall, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Health Sciences Fund
Richard L. Hall, 1979 Vice President, T. Rowe Price and T. Rowe Price Group Inc.	Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Cheryl Hampton, CPA, 1969 Vice President, T. Rowe Price; formerly Tax Director, Invesco Ltd. (to 2021); Vice President, Oppenheimer Funds, Inc. (to 2019)	Vice President, all funds
Nabil Hanano, CFA, 1984 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds, International Funds, and New Horizons Fund
Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, and U.S. Treasury Funds
Robert Lovette Harlow, CAIA, CFA, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Allocation Fund
Ryan S. Hedrick, CFA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group Inc.	President, Value Fund; Vice President, Dividend Growth Fund, Equity Income Fund, Mid-Cap Value Fund, New Era Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund
Charles B. Hill, CFA, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund
Daniel Biros Hirsch, CFA, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Small-Cap Stock Fund
Amanda Ho, 1993 Employee, T. Rowe Price; summer intern, T. Rowe Price (to 2020); formerly, Revenue Strategy, Senior Analyst, Snap, Inc. (to 2019)	Vice President, Health Sciences Fund
Kate Hobbs, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Portfolio Manager, Millennium Partners (to 2020); Senior Analyst, Citadel LLC, Aptigon Capital (to 2018)	Vice President, Blue Chip Growth Fund, Equity Income Fund, Health Sciences Fund, Tax-Efficient Funds, U.S. Large-Cap Core Fund, and Value Fund
Ann M. Holcomb, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Co-President, U.S. Equity Research Fund
Jeffrey Holford, Ph.D., ACA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, All-Cap Opportunity Fund, Global Funds, Health Sciences Fund, and International Funds
Matthew A. Howell, IMC, 1974 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Real Assets Fund
Thomas J. Huber, CFA, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Dividend Growth Fund; Vice President, Real Estate Fund

60

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Stefan Hubrich, Ph.D., CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, Multi-Strategy Total Return Fund; Vice President, Global Allocation Fund, Global Funds, and International Funds
Arif Husain, CFA, 1972 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Funds, Global Multi-Sector Bond Fund, Multi-Sector Account Portfolios, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Jonathan R. Hussey, CFA, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Equity Income Fund, New Era Fund, and Value Fund
Michael T. Hyland, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund)
Tetsuji Inoue, 1971 Vice President, Price Hong Kong, T. Rowe Price Group, Inc., and Price International	Vice President, International Funds
Stephon Jackson, CFA,1962 Vice President, T. Rowe Price	Co-President, Equity Funds and High Yield Fund
Andrew G. Jacobs Van Merlen, 1978 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Co-President, Retirement Funds
Michael Jacobs, 1971 Vice President, Price Japan, T. Rowe Price Group, Inc., and Price International	Vice President, International Funds
Randal Spero Jenneke, 1971 Vice President, T. Rowe Price Group, Inc.	Vice President, Global Funds and International Funds
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Integrated Equity Funds; Vice President, International Funds
Sam Johnson, 1992 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, and Science & Technology Fund
Rachel D. Jonas, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund
Nina P. Jones, CPA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Real Estate Fund; Vice President, Financial Services Fund, Global Funds, Global Real Estate Fund, International Funds, Mid-Cap Value Fund, and Real Assets Fund
Thomas Dylan Jones, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund
Jill Jortner, 1977 Employee, T. Rowe Price; formerly Research Analyst, Iridian Asset Management (to 2022)	Vice President, Health Sciences Fund
Yoichiro Kai, 1973 Vice President, Price Singapore, T. Rowe Price Group, Inc., and Price International	Vice President, Global Funds and International Funds
Michael Kane, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst, GW&K Investments (to 2019)	Vice President, Intermediate Tax-Free High Yield Fund, Summit Municipal Funds, and Tax-Free High Yield Fund
Jacob H. Kann, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds and U.S. Large-Cap Core Fund
Jai Kapadia, 1982 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	President, Global Real Estate Fund; Vice President, Global Funds and International Funds
Josepha Kaufman, 1973 Vice President, T. Rowe Price; formerly Managing Director, Senior Analyst, Epoch Investment Partners (to 2021)	Vice President, Mid-Cap Value Fund
Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Global Funds and Global Multi-Sector Bond Fund
Benjamin Kersse, CPA, 1989 Vice President, T. Rowe Price	Vice President, all funds
Vineet Khanna, 1989 Employee, T. Rowe Price	Vice President, Global Real Estate Fund, New Era Fund, and Value Fund

61

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, New Era Fund; Vice President, Equity Income Fund and Real Assets Fund
Takanori Kobayashi, 1981 Vice President, Price Japan, T. Rowe Price Group, Inc., and Price International	Vice President, Financial Services Fund, Global Real Estate Fund, and International Funds
Steven M. Kohlenstein, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Short-Term Bond Fund; Vice President, Global Multi-Sector Bond Fund
Gregg Korondi, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, LaSalle Investment Management Securities (to 2019)	Vice President, Global Real Estate Fund, Real Estate Fund, and Value Fund
Steven D. Krichbaum, 1977 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund
Paul J. Krug, CPA, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, all funds
Christopher J. Kushlis, CFA, 1976 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Karim Laib, CFA, 1989 Vice President, T. Rowe Price; formerly Equity Analyst, Blackrock, Inc. (to 2022); Equity Analyst, Global Equity Research (to 2017)	Vice President, Financial Services Fund
Michael Lambe, CFA, 1977 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Matthew T. Larkin, 1983 Assistant Vice President, T. Rowe Price	Vice President, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Income Fund
Robert M. Larkins, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, QM U.S. Bond Index Fund; Executive Vice President, Institutional Income Funds; Vice President, Balanced Fund, Global Allocation Fund, New Income Fund, and Total Return Fund
Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc.	Vice President, Financial Services Fund and International Funds
Matthew Lawton, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund, New Income Fund, and Short-Term Bond Fund
John Leard, CFA, 1985 Employee, T. Rowe Price	Vice President, International-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund
Wyatt A. Lee, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Co-President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, Spectrum Funds, and Spectrum Funds II
Yongheon Lee, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Institutional Income Funds, QM U.S. Bond Index Fund, and Total Return Fund
John D. Linehan, CFA, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Equity Income Fund; Executive Vice President, Equity Funds; Vice President, Multi-Strategy Total Return Fund and Value Fund
Lu Liu, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Global Technology Fund, International Funds, and Science & Technology Fund
Gregory Locraft, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Financial Services Fund
Johannes Loefstrand, 1988 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds and International Funds
Kevin Patrick Loome, CFA, 1967 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Executive Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund); Vice President, Capital Appreciation Fund
Jodi Love, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Jennison Associates LLC (to 2019)	Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Growth Stock Fund, and Value Fund
Anh Thi Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, Global Funds

62

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
James T. Lynch, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund
Ross MacMillan, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, RBC Capital Markets (to 2019)	Vice President, Communications & Technology Fund, Diversified Mid-Cap Growth Fund, Global Technology Fund, Growth Stock Fund, New Horizons Fund, and Science & Technology Fund
Peter (Matt) Mahon, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Mid-Cap Growth Fund and Small-Cap Stock Fund
Konstantine B. Mallas, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, Tax-Free Income Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund
Sebastien Mallet, 1974 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, Global Funds; Vice President, International Funds
Priyal Maniar, CFA, 1991 Vice President, T. Rowe Price; formerly Senior Research Analyst, Brandywine Global (to 2021); Financial Institutions Group Analyst, BlackRock (to 2014)	Vice President, Mid-Cap Value Fund and New Era Fund
Pradeep Manikonda, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Total Return Fund
Robert J. Marcotte, 1962 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Global Real Estate Fund, Mid-Cap Growth Fund, and Small-Cap Stock Fund
Rekha Marda, 1987 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Mid-Cap Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund
Jennifer O’Hara Martin, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Communications & Technology Fund, Global Funds, Global Technology Fund, and International Funds
Ryan Martyn, 1979 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, International Funds and New Era Fund
George Marzano, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Blue Chip Growth Fund and Equity Income Fund
Paul M. Massaro, CFA, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Floating Rate Fund; Executive Vice President, Institutional Income Funds; Vice President, High Yield Fund (serves only with respect to the High Yield Fund), Multi-Sector Account Portfolios, Retirement Funds, Spectrum Funds, and Spectrum Fund II
Kevin Mastalerz, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, New Era Fund and U.S. Large-Cap Core Fund
Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Institutional Income Funds and U.S. Treasury Funds; Co-President, High Yield Fund
Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Heather K. McPherson, CPA, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Equity Funds and Mid-Cap Value Fund; Vice President, Equity Income Fund, New Era Fund, and Value Fund
Colin McQueen, 1967 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Senior Investment Manager, Global Equities, Sanlam FOUR Investments UK Limited (to 2019)	Executive Vice President, International Funds
Sean P. McWilliams, 1988 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Allocation Fund
Cheryl A. Mickel, CFA, 1967 Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Short-Term Bond Fund; Vice President, Government Money Fund, TRP Reserve Investment Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Raymond A. Mills, Ph.D., CFA, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Executive Vice President, International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Spectrum Funds II
Jihong Min, 1979 Vice President, Price Singapore and T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, Financial Serviced Fund

63

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Joseph R. Mlinac, CFA, 1983 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Small-Cap Value Fund
Eric C. Moffett, 1974 Vice President, Price Singapore and T. Rowe Price Group, Inc.	Executive Vice President, Global Funds and International Funds
Brad Moldin, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Equity Research Analyst, Fidelity Investments (to 2019)	Vice President, Mid-Cap Growth Fund
Ivan Morozov, CFA, 1987 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, International Funds and Multi-Sector Account Portfolios
Samy B. Muaddi, CFA, 1984 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Trust Company	Executive Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, Institutional Income Funds, New Income Fund, and Short-Term Bond Fund
Tobias Fabian Mueller, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Funds
Maria Aimee Muller, 1986 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, New Horizons Fund
Rinald Murataj, Ph.D., 1989 Vice President, T. Rowe Price	Vice President, Integrated Equity Funds
James M. Murphy, CFA, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund; Vice President, Tax-Free Income Fund
Sudhir Nanda, Ph.D., CFA, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Integrated Equity Funds; Vice President, Diversified Mid-Cap Growth Fund and Global Funds
Razan Nasser, 1985 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Senior Economist, HSBC Bank Middle East Ltd (to 2019)	Vice President, International Funds and Multi-Sector Account Portfolios
Joshua Nelson, 1977 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Co-President, Equity Funds
Philip A. Nestico, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Communications & Technology Fund, Global Real Estate Fund, International Funds, and Real Estate Fund
Ka Yi Claire Ng, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Multi-Sector Account Portfolios
Sridhar Nishtala, 1975 Director and Vice President, Price Singapore; Vice President, T. Rowe Price Group, Inc.	Vice President, International Funds
Todd Nocella, CFA, 1981 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Jason Nogueira, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, U.S. Equity Research Fund
Matthew W. Novak, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, TRP Reserve Investment Funds; Vice President, Retirement Funds
John (Teddy) Oaks, CFA, 1992 Employee, T. Rowe Price	Vice President, Financial Services Fund and U.S. Large-Cap Core Fund
Alexander S. Obaza, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Executive Vice President, Short-Term Bond Fund; Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Christian M. O’Neill, 1969 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Small-Cap Value Fund
Kenneth Antony Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and Price International	President, Global Multi-Sector Bond Fund; Executive Vice President, International Funds; Vice President, Global Funds, Multi-Sector Account Portfolios, and Total Return Fund
Curt J. Organt, CFA, 1968 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Small-Cap Stock Fund and Small-Cap Value Fund

64

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Oluwaseun Oyegunle, CFA, 1984 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Funds
Sebastien Page, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Balanced Fund, Multi-Strategy Total Return Fund, Real Assets Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Allocation Fund, Real Assets Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Rohit Pandey, 1974 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Equity Analyst, Jennison Associates (to 2019)	Vice President, Mid-Cap Growth Fund
Miso Park, CFA, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Simon Paterson, 1978 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Partner, Senior Equity Analyst, Brown Advisory (to 2020)	Vice President, Mid-Cap Growth Fund and Small-Cap Stock Fund
Dante Pearson, 1990 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, All-Cap Opportunities Fund, Global Real Estate Fund, New Horizons Fund, and Real Estate Fund
Walter Charles Peppelman, 1989 Vice President, T. Rowe Price; summer intern, T. Rowe Price (to 2019)	Vice President, Corporate Income Fund
Andy Peters, 1988 Employee, T. Rowe Price	Vice President, Equity Income Fund and Mid-Cap Value 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
Fran M. Pollack-Matz, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc.	Vice President and Secretary, all Funds
Jason Benjamin Polun, CFA, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Co-President, U.S. Equity Research Fund
Rachel Protzman, 1988 Assistant Vice President, T. Rowe Price	Vice President, Government Money Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Jordan S. Pryor, 1991 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Integrated Equity Funds
John Corbin Qian, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, New Era Fund, Real Assets Fund, and U.S. Large-Cap Core Fund
Robert T. Quinn, 1972 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Bradley R. Raglin, 1982 Vice President, T. Rowe Price	Executive Vice President, TRP Reserve Investment Funds
Vivek Rajeswaran, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund
Shannon Hofher Rauser, 1987 Assistant Vice President, T. Rowe Price	Assistant Secretary, all funds
Latika Ravi, 1979 Vice President, Price Investment Management; formerly Partner, Portfolio Manager and Senior Research Analyst, Franklin Templeton Investments (to 2020)	Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Rodney M. Rayburn, CFA, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Credit Opportunities Fund; Executive Vice President, High Yield Fund (serves only with respect to the High Yield Fund) and Institutional Income Funds; Vice President, Balanced Fund and Multi-Sector Account Portfolios
Todd Reese, 1990 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds

65

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Michael F. Reinartz, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Executive Vice President, Short-Term Bond Fund
Jane K. Rivers, CFA, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Real Estate Fund
Dominic Rizzo, 1993 Vice President, T. Rowe Price Group, Inc. and Price International	Co-President, Global Technology Fund; Vice President, Science & Technology Fund
Melanie A. Abate Rizzo, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Dividend Growth Fund, Equity Income Fund, International Funds, and Mid-Cap Value Fund
Theodore E. Robson, CFA, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Real Estate Fund
Peter J. Roehrig, 1983 Vice President, T. Rowe Price Group, Inc.	Vice President, TRP Reserve Investment Funds
Alexander Paul Roik, CFA, 1991 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
David L. Rowlett, CFA, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds
Brian A. Rubin, CPA, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios
Federico Santilli, CFA, 1974 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, Global Funds and International Funds
Darren Scheinberg, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Retirement Funds
Nikolaj Schmidt, 1975 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Multi-Sector Bond Fund and International Funds
Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds and International Funds
Emily Scudder, CFA, CPA, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Mid-Cap Growth Fund
Richard Sennett, CPA, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Assistant Treasurer, all funds
Michael K. Sewell, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Inflation Protected Bond Fund; Executive Vice President, Index Trust and U.S. Treasury Funds; Vice President, Global Allocation Fund, Real Assets Fund, and Short-Term Bond Fund
Dhiren Shah, CFA, 1991 Vice President, T. Rowe Price; summer analyst, Elliott Management Corporation (to 2019)	Vice President, U.S. Large-Cap Core Fund
Chen Shao, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Government Money Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Daniel Shear, 1992 Employee, T. Rowe Price; formerly student, The University of Chicago Booth School of Business (to 2020); summer intern, T. Rowe Price (2019)	Vice President, Communications & Technology Fund, Equity Income Fund, U.S. Large-Cap Core Fund, and Value Fund
Thomas Alexander Shelmerdine, 1977 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, New Era Fund
Bin Shen, CFA, 1987 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds and International Funds
John Carl A. Sherman, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Funds and International Funds
Frank Shi, 1992 Employee, T. Rowe Price; formerly Equity Research Analyst, Nezu Asia Capital Management (to 2019)	Vice President, Science & Technology Fund

66

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Charles M. Shriver, CFA, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Co-President, Balanced Fund, Global Allocation Fund, Spectrum Funds, and Spectrum Funds II; Vice President, Multi-Strategy Total Return Fund, Real Assets Fund, and Retirement Funds
Elliot J. Shue, CFA, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund
Farris G. Shuggi, 1984 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Executive Vice President, Integrated Equity Funds; Vice President, Capital Appreciation Fund and Small-Cap Value Fund
Weijie (Vivian) Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, International Funds: Vice President, Blue-Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, New Horizons Fund, Real Estate Fund, Tax-Efficient Funds, U.S. Equity Research Fund, U.S. Large-Cap Core Fund, and Value Fund
Mike Signore, 1987 Vice President, Price Investment Management	Vice President, Capital Appreciation Fund
Jeanny Silva, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and U.S. Treasury Funds
Neil Smith, 1972 Vice President, Price Hong Kong, Price Japan, Price Singapore, T. Rowe Price Group, Inc., and Price International	President, Index Trust and International Index Fund; Vice President, TRP Reserve Investment Funds
Tyrone Smith, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund
Matthew J. Snowling, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Financial Services Fund; Vice President, Equity Income Fund, Tax-Efficient Funds, and U.S. Equity Research Fund
Brian Solomon, CFA, 1986 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Equity Funds; Vice President, Dividend Growth Fund, Financial Services Fund, Global Funds, and Mid-Cap Value Fund
Scott D. Solomon, CFA, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds
Joshua K. Spencer, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, New Horizons Fund; Vice President, Global Funds, Global Technology Fund, International Funds, and Science & Technology Fund
Douglas D. Spratley, CFA, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Government Money Fund, TRP Reserve Investment Funds, Summit Income Funds, and Tax-Exempt Money Fund; Executive Vice President, State Tax-Free Funds and U.S. Treasury Funds; Vice President, Short-Term Bond Fund
Preeta Ragavan Srinivasan, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Equity Income Fund, Financial Services Fund, Global Real Estate Fund, and Real Estate Fund
David Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, International Funds and Multi-Sector Account Portfolios
Matthew Stevenson, 1991 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly student, Columbia Business School (to 2019)	Vice President, Capital Appreciation Fund
James Stillwagon, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Communications & Technology Fund; Vice President, Blue Chip Growth Fund, Global Technology Fund, Science & Technology Fund, Tax-Efficient Funds, and U.S. Equity Research Fund
Mark Stodden, CFA, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund
Peter Stournaras, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Chief Portfolio Strategist JP Morgan Private Bank (to 2020); Private Consultant and Advisor, Pteleos Consulting (to 2018)	President, Integrated Equity Funds

67

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Steven Strycula, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Sellside Equity Research- Executive Director, UBS Investment Bank (to 2020)	Vice President, Dividend Growth Fund
Guido F. Stubenrauch, CFA, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Balanced Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Pranay Subedi, CFA, 1990 Vice President, T. Rowe Price; formerly student, The University of Chicago Booth School of Business (to 2019)	Vice President, Corporate Income Fund
Saurabh Sud, CFA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund and Total Return Fund
Taymour R. Tamaddon, CFA, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Executive Vice President, Equity Funds; Vice President, Global Funds, Growth Stock Fund, Health Sciences Fund, and International Funds
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Multi-Sector Bond Fund, International Funds, and Multi-Sector Account Portfolios
Sin Dee Tan, CFA, 1979 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, International Funds
Timothy G. Taylor, CFA, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, Tax-Free Income Fund; Executive Vice President, State Tax-Free Funds; Vice President, Summit Municipal Funds and Tax-Free High Yield Fund
Christopher J. Temple, CFA, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Total Return Fund, and U.S. Treasury Funds
Craig A. Thiese, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Price International	Vice President, All-Cap Opportunities Fund, International Index Fund, and New Era Fund
Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, and Short-Term Bond Fund
Toby M. Thompson, CAIA, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company	Co-President, Balanced Fund, Global Allocation Fund, Spectrum Funds, and Spectrum Funds II
Justin Thomson, 1968 Director, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.; Director and Vice President, Price International	President, Global Funds and International Funds; Vice President, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Chen Tian, 1993 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund
Reena Tilva, CFA, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund)
Kim Tracey, 1969 Vice President, T. Rowe Price Group, Inc.	Vice President, Global Real Estate Fund
Michael J. Trivino, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios
Susan G. Troll, CPA, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, and Short-Term Bond Fund
Wesley Ross Trowbridge, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Adam Trusley, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Citadel LLC (to 2020); Analyst, Brigade Capital Management LLC (to 2018)	Vice President, Credit Opportunities Fund

68

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Alan Tu, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, Global Technology Fund; Vice President, Blue Chip Growth Fund, Communications & Technology Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds
James A. Tzitzouris, Jr., Ph.D., 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Retirement Funds
Mitch Unger, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund, Government Money Fund, TRP Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Blerina Uruci, 1984 Vice President, T. Rowe Price; formerly Senior U.S. Economist, Barclays Capital (to 2022)	Vice President, Government Money Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, TRP Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Pavel Vedrov, 1990 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Real Estate Fund
Eric L. Veiel, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, Global Funds
Rupinder Vig, 1979 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds
Willem Visser, 1979 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, International Funds and Multi-Sector Account Portfolios
Zenon Voyiatzis, 1971 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Financial Services Fund, Global Funds, and International Funds
Verena Wachnitz, CFA, 1978 Vice President, T. Rowe Price Group, Inc. and Price International	Executive Vice President, International Funds; Vice President, Global Funds
Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Co-President, Corporate Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, QM U.S. Bond Index Fund, and Short-Term Bond Fund
John David Wagner, CFA, 1974 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Small-Cap Value Fund; Vice President, Small-Cap Stock Fund
John F. Wakeman, 1962 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Executive Vice President, Mid-Cap Growth Fund; Vice President, Equity Funds
Anthony Bruce Wang, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Global Technology Fund, Science & Technology Fund, Tax-Efficient Funds, and U.S. Equity Research Fund
Megan Warren, 1968 OFAC Sanctions Compliance Officer and Vice President, Price Investment Management; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company	Vice President, all funds
Hiroshi Watanabe, CFA, 1975 Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.	Vice President, International Funds
Michael T. Wehn, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Index Fund and TRP Reserve Investment Funds
Mark R. Weigman, CFA, CIC, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President, Tax-Efficient Funds
Arnold N. Welsh, Jr., 1971 Vice President, T. Rowe Price Group, Inc.	Vice President, TRP Reserve Investment Funds
Ari Weisband, 1992 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, All-Cap Opportunities Fund, Financial Services Fund, and Global Technology Fund
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, All-Cap Opportunities Fund; Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Growth Stock Fund, Mid-Cap Value Fund, Retirement Funds, Spectrum Funds, Spectrum Funds II, and U.S. Equity Research Fund

69

Name, Year of Birth, and Principal Occupation(s) During Past Five Years	Position(s) Held With Fund(s)
Christopher S. Whitehouse, 1972 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and Price International	Vice President, Global Funds
Bineesha Wickremarachchi, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Tamara P. Wiggs, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund
Rebecca Willey, 1987 Vice President, T. Rowe Price	Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Kyeonta Williams, 1992 Assistant Vice President, T. Rowe Price; formerly Institutional Salesman, Wells Fargo Securities (to 2021); Sales Assistant, Wells Fargo Securities (to 2018)	Vice President, Government Money Fund, TRP Reserve investment Funds, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Charlene Wong, 1992 Employee, T. Rowe Price	Vice President, Global Real Estate Fund and Real Estate Fund
J. Zachary Wood, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Real Assets Fund
Jon Davis Wood, CFA, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund and Mid-Cap Growth Fund
Ashley R. Woodruff, CFA, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund and Mid-Cap Growth Fund
James Woodward, CFA, 1974 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios
Nina Xu, 1987 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, Mid-Cap Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and Price International	Vice President, Global Funds, Global Real Estate Fund, and International Funds
David Alan Yatzeck, 1981 Vice President, T. Rowe Price and T. Rowe Price Group	Vice President, Credit Opportunities Fund
Benjamin T. Yeagle, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, International Funds
Ernest C. Yeung, CFA, 1979 Director and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.	Executive Vice President, International Funds; Vice President, Global Funds
Yan Zhang, 1990 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly student, The University of Chicago Booth School of Business (to 2019)	Vice President, Small-Cap Stock Fund
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.	Executive Vice President, International Funds
Lei Zhu, 1980 Vice President, T. Rowe Price; formerly Senior Analyst/Assistant Portfolio Manager/Trading Analyst, Metacapital Management (to 2020)	Vice President, GNMA Fund and Multi-Sector Account Portfolios
Douglas Zinser, 1975 Vice President, Price Investment Management and T. Rowe Price Group, Inc.	Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Directors’ and Advisory Board Members’ Compensation

Each independent director and Advisory Board member is paid $375,000 annually for his or her service on the Boards or Advisory Board, as applicable. The chair of the Boards, an independent director, receives an additional $165,000 annually for serving in this capacity. An independent director serving on the Joint Audit Committee receives an additional $30,000 annually for his or her service and the chair of the Joint Audit Committee receives an additional $35,000 for his or her service. An independent director serving as a member of a Special Committee of the Independent Directors receives an

70

additional $1,500 per meeting of the Special Committee (currently, no Special Committees have been assigned by the Boards). All of these fees are allocated to each fund on a pro-rata basis based on each fund’s net assets relative to the other funds.

The following table shows the total compensation that was received by the independent directors in the calendar year 2022, unless otherwise indicated. The independent directors of the funds do not receive any pension or retirement benefits from the funds or from T. Rowe Price. In addition, the officers and interested directors of the funds do not receive any compensation or benefits from the funds for their service.

Directors	Total Compensation
Bazemore	$395,000
Daniels*	370,000
Duncan	340,000
Gerrard	535,000
McBride	340,000
Walker	55,667

* Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.

The following table shows the amounts paid by each fund to the independent directors based on accrued compensation in the calendar year 2022, unless otherwise indicated:

Fund	Aggregate Compensation From Fund
	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Africa & Middle East Fund	$74	$20	$63	$96	$68	$63
All-Cap Opportunities Fund	3,745	1,105	3,191	4,851	3,427	3,191
Asia Opportunities Fund	82	28	70	106	75	70
Balanced Fund	2,176	665	1,855	2,819	1,991	1,855
Blue Chip Growth Fund	34,533	11,911	29,435	44,760	31,555	29,435
California Tax-Free Bond Fund	309	93	263	400	282	263
Capital Appreciation Fund	23,332	6,717	19,885	30,221	21,355	19,885
Cash Reserves Fund	1,930	468	1,644	2,499	1,768	1,644
China Evolution Equity Fund	31	10	27	40	29	27
Communications & Technology Fund	3,862	1,327	3,292	5,006	3,529	3,292
Corporate Income Fund	295	92	251	382	270	251
Credit Opportunities Fund	44	13	37	57	40	37
Diversified Mid-Cap Growth Fund	926	291	790	1,200	847	790
Dividend Growth Fund	9,706	2,758	8,272	12,573	8,884	8,272
Dynamic Credit Fund	18	5	15	23	16	15
Dynamic Global Bond Fund	2,229	576	1,900	2,887	2,042	1,900
Emerging Europe Fund	26	15	22	34	24	22
Emerging Markets Bond Fund	1,943	585	1,656	2,517	1,777	1,656
Emerging Markets Corporate Bond Fund	316	109	269	409	289	269
Emerging Markets Corporate Multi-Sector Account Portfolio (a)	—	—	—	—	—	—
Emerging Markets Local Currency Bond Fund	182	55	155	236	167	155
Emerging Markets Discovery Stock Fund	1,945	558	1,657	2,517	1,781	1,657
Emerging Markets Local Multi-Sector Account Portfolio (a)	—	—	—	—	—	—

71

Fund	Aggregate Compensation From Fund
	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Emerging Markets Stock Fund	4,027	1,339	3,432	5,216	3,682	3,432
Equity Income Fund	8,663	2,491	7,383	11,218	7,930	7,383
Equity Index 500 Fund	12,741	4,195	10,859	16,508	11,651	10,859
European Stock Fund	483	158	412	626	441	412
Extended Equity Market Index Fund	469	152	400	608	429	400
Financial Services Fund	856	277	730	1,108	784	730
Floating Rate Fund	2,274	606	1,938	2,942	2,084	1,938
Floating Rate Multi-Sector Account Portfolio (a)	—	—	—	—	—	—
Georgia Tax-Free Bond Fund	212	64	180	274	194	180
Global Allocation Fund	508	151	433	658	465	433
Global Consumer Fund	34	13	29	43	31	29
Global Growth Stock Fund	563	189	480	730	515	480
Global High Income Bond Fund	135	40	115	175	124	115
Global Impact Equity Fund	8	2	7	11	8	7
Global Industrials Fund	87	33	74	113	80	74
Global Multi-Sector Bond Fund	751	228	640	972	687	640
Global Real Estate Fund	49	16	42	63	45	42
Global Stock Fund	2,774	941	2,365	3,595	2,536	2,365
Global Technology Fund	2,359	950	2,011	3,059	2,152	2,011
Global Value Equity Fund	18	4	15	23	16	15
GNMA Fund	479	140	408	620	438	408
Government Money Fund	4,819	1,276	4,108	6,246	4,410	4,108
Government Reserve Fund	9,181	3,070	7,823	11,882	8,402	7,823
Growth Stock Fund	25,701	8,543	21,907	36,293	23,065	21,907
Health Sciences Fund	7,864	2,271	6,703	10,190	7,196	6,703
High Yield Fund	3,530	1,038	3,009	4,573	3,230	3,009
High Yield Multi-Sector Account Portfolio (a)	—	—	—	—	—	—
Inflation Protected Bond Fund	353	100	301	457	323	301
Institutional Emerging Markets Bond Fund	192	59	164	228	145	164
Institutional Emerging Markets Equity Fund	615	221	524	796	561	524
Institutional Floating Rate Fund	3,012	867	2,566	3,898	2,758	2,566
Institutional High Yield Fund	834	250	711	1,080	763	711
Institutional International Disciplined Equity Fund	148	46	126	191	135	126
Institutional Large-Cap Core Growth Fund	2,171	750	1,850	2,813	1,984	1,850
Institutional Long Duration Credit Fund	13	5	11	17	12	11
Institutional Mid-Cap Equity Growth Fund	2,622	838	2,235	3,399	2,397	2,235
Institutional Small-Cap Stock Fund	2,395	732	2,042	3,103	2,192	2,042

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Fund	Aggregate Compensation From Fund
	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Integrated Global Equity Fund	11	4	10	15	10	10
Integrated U.S. Large-Cap Value Equity Fund	19	6	17	25	18	17
Integrated U.S. Small-Mid Cap Core Equity Fund	138	33	117	178	126	117
Integrated U.S. Small-Cap Growth Equity Fund	3,602	1,141	3,070	4,667	3,294	3,070
Intermediate Tax-Free High Yield Fund	31	9	27	41	29	27
International Bond Fund	493	160	420	639	451	420
International Bond Fund (USD Hedged)	2,690	767	2,293	3,484	2,462	2,293
International Disciplined Equity Fund	149	49	127	193	136	127
International Discovery Fund	3,605	1,223	3,072	4,671	3,294	3,072
International Equity Index Fund	313	92	267	405	286	267
International Stock Fund	6,171	1,829	5,259	7,993	5,646	5,259
International Value Equity Fund	5,361	1,687	4,568	6,942	4,904	4,568
Investment-Grade Corporate Multi-Sector Account Portfolio (a)	—	—	—	—	—	—
Japan Fund	280	109	239	363	256	239
Latin America Fund	191	52	163	248	175	163
Large-Cap Growth Fund	8,671	2,890	7,391	11,238	7,925	7,391
Large-Cap Value Fund	1,670	485	1,423	2,164	1,528	1,423
Limited Duration Inflation Focused Bond Fund	4,101	1,269	3,495	5,310	3,752	3,495
Maryland Short-Term Tax-Free Bond Fund	79	21	67	102	72	67
Maryland Tax-Free Bond Fund	1,174	354	1,001	1,521	1,074	1,001
Maryland Tax-Free Money Fund	48	11	41	62	44	41
Mid-Cap Growth Fund	14,417	4,414	12,287	18,680	13,186	12,287
Mid-Cap Index Fund	44	12	37	57	40	37
Mid-Cap Value Fund	6,653	1,956	5,670	8,616	6,090	5,670
Mortgage-Backed Securities Multi-Sector Account Portfolio (a)	—	—	—	—	—	—
Multi-Strategy Total Return Fund	178	51	151	230	163	151
New Asia Fund	1,461	473	1,246	1,893	1,336	1,246
New Era Fund	1,520	411	1,295	1,967	1,392	1,295
New Horizons Fund	12,994	4,404	11,076	16,840	11,877	11,076
New Income Fund	8,360	2,550	7,125	10,829	7,647	7,125
New Jersey Tax-Free Bond Fund	197	60	168	256	181	168
New York Tax-Free Bond Fund	222	66	189	288	203	189
Overseas Stock Fund	9,586	2,878	8,169	12,415	8,771	8,169
QM U.S. Bond Index Fund	619	193	527	801	566	527
Real Assets Fund	2,764	591	2,355	3,579	2,533	2,355
Real Estate Fund	704	221	600	912	644	600
Retirement 2005 Fund	524	159	447	679	479	447

73

Fund	Aggregate Compensation From Fund
	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Retirement 2010 Fund	1,451	441	1,237	1,880	1,327	1,237
Retirement 2015 Fund	2,213	676	1,886	2,867	2,024	1,886
Retirement 2020 Fund	5,838	1,805	4,976	7,865	5,340	4,976
Retirement 2025 Fund	6,444	1,980	5,492	8,347	5,894	5,492
Retirement 2030 Fund	8,598	2,623	7,327	11,138	7,865	7,327
Retirement 2035 Fund	5,521	1,684	4,705	7,152	5,051	4,705
Retirement 2040 Fund	6,202	1,910	5,286	8,035	5,674	5,286
Retirement 2045 Fund	3,685	1,127	3,140	4,773	3,371	3,140
Retirement 2050 Fund	3,231	987	2,754	4,185	2,956	2,754
Retirement 2055 Fund	1,881	560	1,603	2,436	1,721	1,603
Retirement 2060 Fund	673	188	573	871	616	573
Retirement 2065 Fund	42	9	36	54	39	36
Retirement Balanced Fund	910	274	775	1,178	832	775
Retirement Blend 2005 Fund	2	0	2	2	2	2
Retirement Blend 2010 Fund	2	0	2	3	2	2
Retirement Blend 2015 Fund	4	0	3	5	4	3
Retirement Blend 2020 Fund	13	1	11	17	12	11
Retirement Blend 2025 Fund	21	2	18	28	20	18
Retirement Blend 2030 Fund	18	1	16	24	17	16
Retirement Blend 2035 Fund	20	3	17	26	18	17
Retirement Blend 2040 Fund	17	2	15	22	16	15
Retirement Blend 2045 Fund	13	2	11	17	12	11
Retirement Blend 2050 Fund	9	1	7	11	8	7
Retirement Blend 2055 Fund	5	1	4	6	4	4
Retirement Blend 2060 Fund	2	0	1	2	2	1
Retirement Blend 2065 Fund	1	0	1	1	1	1
Retirement I 2005 Fund—I Class	148	43	126	192	136	126
Retirement I 2010 Fund—I Class	444	130	379	575	407	379
Retirement I 2015 Fund—I Class	785	232	669	1,016	718	669
Retirement I 2020 Fund—I Class	2,627	221	2,239	3,402	2,404	2,239
Retirement I 2025 Fund—I Class	3,667	1,069	3,125	4,749	3,356	3,125
Retirement I 2030 Fund—I Class	4,910	1,407	4,184	6,359	4,494	4,184
Retirement I 2035 Fund—I Class	3,595	1,034	3,064	4,657	3,291	3,064
Retirement I 2040 Fund—I Class	3,934	1,136	3,352	5,095	3,600	3,352
Retirement I 2045 Fund—I Class	2,783	800	2,372	3,605	2,548	2,372
Retirement I 2050 Fund—I Class	2,645	750	2,255	3,427	2,422	2,255
Retirement I 2055 Fund—I Class	1,510	421	1,287	1,956	1,382	1,287
Retirement I 2060 Fund—I Class	673	177	574	872	617	574
Retirement I 2065 Fund—I Class	36	6	31	47	33	31
Retirement Balanced I Fund—I Class	248	68	211	321	227	211
Retirement Income 2020 Fund	62	18	53	81	57	53

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Fund	Aggregate Compensation From Fund
	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Science & Technology Fund	3,068	1,041	2,615	3,975	2,803	2,615
Short Duration Income Fund	23	7	20	30	21	20
Short-Term Fund	0	0	0	0	0	0
Short-Term Bond Fund	2,465	684	2,100	3,192	2,256	2,100
Short-Term Government Fund	—	—	—	—	—	—
Small-Cap Index Fund	45	11	38	58	41	38
Small-Cap Stock Fund	4,521	1,382	3,853	5,857	4,136	3,853
Small-Cap Value Fund	5,657	1,718	4,821	7,328	5176,	4,821
Spectrum Conservative Allocation Fund	1,103	332	940	1,429	1,009	940
Spectrum Diversified Equity Fund	1,817	553	1,548	2,354	1,662	1,548
Spectrum Income Fund	3,058	894	2,607	3,961	2,799	2,607
Spectrum International Equity Fund	801	260	683	1,037	732	683
Spectrum Moderate Allocation Fund	1,133	348	966	1,468	1,037	966
Spectrum Moderate Growth Allocation Fund	1,601	492	1,364	2,074	1,464	1,364
Summit Municipal Income Fund	1,148	380	978	1,487	1,050	978
Summit Municipal Intermediate Fund	2,896	873	2,468	3,751	2,649	2,468
Target 2005 Fund	27	8	23	35	25	23
Target 2010 Fund	36	11	31	47	33	31
Target 2015 Fund	89	26	76	115	81	76
Target 2020 Fund	164	49	140	212	150	140
Target 2025 Fund	239	71	204	310	219	204
Target 2030 Fund	261	76	222	338	239	222
Target 2035 Fund	204	58	174	264	186	174
Target 2040 Fund	176	52	150	228	161	150
Target 2045 Fund	156	44	133	202	143	133
Target 2050 Fund	119	35	102	154	109	102
Target 2055 Fund	83	24	71	108	76	71
Target 2060 Fund	40	11	34	52	37	34
Target 2065 Fund	4	1	4	6	4	4
Tax-Efficient Equity Fund	367	115	312	475	335	312
Tax-Exempt Money Fund	300	79	256	389	275	256
Tax-Free High Yield Fund	2,242	709	1,911	2,905	2,051	1,911
Tax-Free Income Fund	1,145	357	976	1,483	1,047	976
Tax-Free Short-Intermediate Fund	949	267	809	1,229	868	809
Total Equity Market Index Fund	1,001	312	853	1,298	915	853
Total Return Fund	304	83	259	393	278	259
Transition Fund	—	—	—	—	—	—
Treasury Reserve Fund	1,502	427	1,280	1,945	1,376	1,280
U.S. Equity Research Fund	5,382	1.287	4,586	6,967	4,934	4,586

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Fund	Aggregate Compensation From Fund
	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
U.S. High Yield Fund	240	77	204	311	219	204
U.S. Large-Cap Core Fund	3,240	803	2,762	4,198	2,968	2,762
U.S. Limited Duration TIPS Index Fund	754	206	643	976	690	643
U.S. Treasury Intermediate Index Fund	394	113	335	510	360	335
U.S. Treasury Long-Term Index Fund	1,975	463	1,683	2,558	1,810	1,683
U.S. Treasury Money Fund	5,916	1,424	5,042	7,661	5,421	5,042
Ultra Short-Term Bond Fund	1,722	533	1,467	2,230	1,574	1,467
Value Fund	15,445	4,758	13,163	20,007	14,130	13,163
Virginia Tax-Free Bond Fund	701	218	598	909	642	598

* Effective April 27, 2022, Mr. Daniels resigned from his role as independent director of the Price Funds.

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

Directors’ Holdings in the Price Funds

The following tables set forth the Price Fund holdings of the current independent and interested directors, as of December 31, 2022, unless otherwise indicated.

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Africa & Middle East Fund	None	None	None	None	None
Africa & Middle East Fund—I Class	None	None	None	None	None
All-Cap Opportunities Fund	None	None	$50,001-$100,000	None	None
All-Cap Opportunities Fund—Advisor Class	None	None	None	None	None
All-Cap Opportunities Fund—I Class	None	None	$10,001–$50,000	Over $100,000	None
Asia Opportunities Fund	None	None	None	None	None
Asia Opportunities Fund—Advisor Class	None	None	None	None	None
Asia Opportunities Fund—I Class	None	None	None	None	None
Balanced Fund	None	None	None	None	None
Balanced Fund—I Class	None	None	None	None	None
Blue Chip Growth Fund	Over $100,000	None	$10,001–$50,000	None	None
Blue Chip Growth Fund—Advisor Class	None	None	None	None	None
Blue Chip Growth Fund—I Class	None	None	$50,001-$100,000	None	None
Blue Chip Growth Fund—R Class	None	None	None	None	None
California Tax-Free Bond Fund	None	None	None	None	None
California Tax-Free Bond Fund—I Class	None	None	None	None	None
Capital Appreciation Fund	None	None	$10,001–$50,000	None	None
Capital Appreciation Fund—Advisor Class	None	None	None	None	None

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Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Capital Appreciation Fund—I Class	None	None	Over $100,000	Over $100,000	None
Cash Reserves Fund	None	None	None	None	None
China Evolution Equity Fund	None	None	$10,001–$50,000	None	None
China Evolution Equity Fund—I Class	None	None	None	None	None
Communications & Technology Fund	None	None	$10,001–$50,000	None	None
Communications & Technology Fund—I Class	None	None	Over $100,000	None	None
Corporate Income Fund	None	None	None	None	None
Corporate Income Fund—I Class	None	None	None	None	None
Credit Opportunities Fund	None	None	None	None	None
Credit Opportunities Fund—Advisor Class	None	None	None	None	None
Credit Opportunities Fund—I Class	None	None	None	None	None
Diversified Mid-Cap Growth Fund	None	None	$10,001–$50,000	None	None
Diversified Mid-Cap Growth Fund—I Class	None	None	None	None	None
Dividend Growth Fund	None	None	None	None	Over $100,000
Dividend Growth Fund—Advisor Class	None	None	None	None	None
Dividend Growth Fund—I Class	None	None	$10,001–$50,000	None	None
Dynamic Credit Fund	None	None	None	None	None
Dynamic Credit Fund—I Class	None	None	None	None	None
Dynamic Global Bond Fund	None	None	None	None	None
Dynamic Global Bond Fund—Advisor Class	None	None	None	None	None
Dynamic Global Bond Fund—I Class	None	None	None	None	None
Dynamic Global Bond Fund—Z Class	None	None	None	None	None
Emerging Europe Fund	None	None	None	None	None
Emerging Europe Fund—I Class	None	None	None	None	None
Emerging Markets Bond Fund	None	None	None	None	$10,001–$50,000
Emerging Markets Bond Fund—Advisor Class	None	None	None	None	None
Emerging Markets Bond Fund—I Class	None	None	None	None	None
Emerging Markets Bond Fund—Z Class	None	None	None	None	None
Emerging Markets Corporate Bond Fund	None	None	$1–$10,000	None	None
Emerging Markets Corporate Bond Fund—Advisor Class	None	None	None	None	None
Emerging Markets Corporate Bond Fund—I Class	None	None	None	None	None
Emerging Markets Corporate Multi-Sector Account Portfolio	None	None	None	None	None
Emerging Markets Discovery Stock Fund	None	None	$10,001–$50,000	None	None

77

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Emerging Markets Discovery Stock Fund—Advisor Class	None	None	None	None	None
Emerging Markets Discovery Stock Fund—I Class	None	None	None	None	None
Emerging Markets Discovery Stock Fund—Z Class	None	None	None	None	None
Emerging Markets Local Currency Bond Fund	Over $100,000	None	None	None	None
Emerging Markets Local Currency Bond Fund—Advisor Class	None	None	None	None	None
Emerging Markets Local Currency Bond Fund—I Class	None	None	None	None	None
Emerging Markets Local Multi-Sector Account Portfolio	None	None	None	None	None
Emerging Markets Stock Fund	None	Over $100,000	$1–$10,000	None	None
Emerging Markets Stock Fund—I Class	None	None	$10,001–$50,000	None	None
Emerging Markets Stock Fund—Z Class	None	None	None	None	None
Equity Income Fund	None	None	$10,001–$50,000	None	None
Equity Income Fund—Advisor Class	None	None	None	None	None
Equity Income Fund—I Class	None	None	None	None	None
Equity Income Fund—R Class	None	None	None	None	None
Equity Index 500 Fund	None	None	None	None	$50,001-$100,000
Equity Index 500 Fund—I Class	None	None	None	None	None
European Stock Fund	None	None	None	None	None
European Stock Fund—I Class	None	None	None	None	None
Extended Equity Market Index Fund	None	None	$10,001–$50,000	None	None
Financial Services Fund	None	None	$50,001-$100,000	None	None
Financial Services Fund—I Class	None	None	$50,001-$100,000	None	None
Floating Rate Fund	None	None	None	None	$10,001–$50,000
Floating Rate Fund—Advisor Class	None	None	None	None	None
Floating Rate Fund—I Class	None	None	None	None	None
Floating Rate Fund—Z Class	None	None	None	None	None
Floating Rate Multi-Sector Account Portfolio	None	None	None	None	None
Georgia Tax-Free Bond Fund	None	None	None	None	None
Georgia Tax-Free Bond Fund—I Class	None	None	None	None	None
Global Allocation Fund	None	None	None	None	None
Global Allocation Fund—Advisor Class	None	None	None	None	None
Global Allocation Fund—I Class	None	None	$10,001–$50,000	None	None
Global Consumer Fund	None	None	$10,001–$50,000	None	None
Global Growth Stock Fund	None	None	None	None	None

78

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Global Growth Stock Fund—Advisor Class	None	None	None	None	None
Global Growth Stock Fund—I Class	None	None	None	None	None
Global High Income Bond Fund	None	None	None	None	None
Global High Income Bond Fund—Advisor Class	None	None	None	None	None
Global High Income Bond Fund—I Class	None	None	None	None	None
Global Industrials Fund	None	None	$10,001-$50,000	None	None
Global Industrials Fund—I Class	None	None	None	None	None
Global Multi-Sector Bond Fund	None	None	None	None	None
Global Multi-Sector Bond Fund—Advisor Class	None	None	None	None	None
Global Multi-Sector Bond Fund—I Class	None	None	None	None	None
Global Real Estate Fund	None	None	None	None	None
Global Real Estate Fund—Advisor Class	None	None	None	None	None
Global Real Estate Fund—I Class	None	None	None	None	None
Global Stock Fund	None	None	$10,001–$50,000	None	$50,001-$100,000
Global Stock Fund—Advisor Class	None	None	None	None	None
Global Stock Fund—I Class	None	None	$50,001-$100,000	None	None
Global Technology Fund	None	None	$10,001–$50,000	None	None
Global Technology Fund—I Class	None	None	Over $100,000	None	None
Global Value Equity Fund	None	None	None	None	None
Global Value Equity Fund—I Class	None	None	None	None	None
GNMA Fund	None	None	$1–$10,000	None	None
GNMA Fund—I Class	None	None	None	None	None
Government Money Fund	None	None	None	None	None
Government Money Fund—I Class	None	None	None	None	None
Government Reserve Fund	None	None	None	None	None
Growth Stock Fund	None	None	$10,001-$50,000	None	None
Growth Stock Fund—Advisor Class	None	None	None	None	None
Growth Stock Fund—I Class	None	None	Over $100,000	None	None
Growth Stock Fund—R Class	None	None	None	None	None
Health Sciences Fund	None	None	$10,001-$50,000	None	None
Health Sciences Fund—I Class	None	None	Over $100,000	Over $100,000	None
High Yield Fund	None	None	None	None	None
High Yield Fund—Advisor Class	None	None	None	None	None
High Yield Fund—I Class	None	None	None	None	None
High Yield Multi-Sector Account Portfolio	None	None	None	None	None

79

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Inflation Protected Bond Fund	None	None	None	None	$10,001-$50,000
Inflation Protected Bond Fund—I Class	None	None	None	None	None
Institutional Emerging Markets Bond Fund	None	None	None	None	None
Institutional Emerging Markets Equity Fund	None	None	None	None	None
Institutional Floating Rate Fund	None	None	None	None	None
Institutional Floating Rate Fund—F Class	None	None	None	None	None
Institutional Floating Rate Fund—Z Class	None	None	None	None	None
Institutional High Yield Fund	None	None	None	None	None
Institutional High Yield Fund—Z Class	None	None	None	None	None
Institutional International Disciplined Equity Fund	None	None	None	None	None
Institutional Large-Cap Core Growth Fund	None	None	None	None	None
Institutional Long Duration Credit Fund	None	None	None	None	None
Institutional Mid-Cap Equity Growth Fund	None	None	None	None	None
Institutional Small-Cap Stock Fund	None	None	None	None	None
Integrated Global Equity Fund	None	None	None	None	None
Integrated Global Equity Fund—Advisor Class	None	None	None	None	None
Integrated Global Equity Fund—I Class	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund—I Class	None	None	None	None	None
Integrated U.S. Small-Cap Growth Equity Fund	None	None	$1–$10,000	None	None
Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class	None	None	None	None	None
Integrated U.S. Small-Cap Growth Equity Fund—I Class	None	None	None	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund	None	None	$1–$10,000	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class	None	None	None	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—I Class	None	None	None	None	None
Intermediate Tax-Free High Yield Fund	None	None	None	None	None
Intermediate Tax-Free High Yield Fund—Advisor Class	None	None	None	None	None
Intermediate Tax-Free High Yield Fund—I Class	None	None	None	None	None
International Bond Fund	None	None	None	None	None

80

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
International Bond Fund—Advisor Class	None	None	None	None	None
International Bond Fund—I Class	None	None	None	None	None
International Bond Fund—Z Class	None	None	None	None	None
International Bond Fund (USD Hedged)	None	None	None	None	None
International Bond Fund (USD Hedged)—Advisor Class	None	None	None	None	None
International Bond Fund (USD Hedged)—I Class	None	None	None	None	None
International Bond Fund (USD Hedged)—Z Class	None	None	None	None	None
International Disciplined Equity Fund	None	None	None	None	None
International Disciplined Equity Fund—Advisor Class	None	None	None	None	None
International Disciplined Equity Fund—I Class	None	None	None	None	None
International Discovery Fund	None	None	$1–$10,000	None	None
International Discovery Fund—I Class	None	None	None	None	None
International Equity Index Fund	None	None	None	None	None
International Equity Index Fund—Z Class	None	None	None	None	None
International Stock Fund	None	None	$1–$10,000	None	None
International Stock Fund—Advisor Class	None	None	None	None	None
International Stock Fund—I Class	None	None	None	None	None
International Stock Fund—R Class	None	None	None	None	None
International Stock Fund—Z Class	None	None	None	None	None
International Value Equity Fund	None	None	None	None	None
International Value Equity Fund—Advisor Class	None	None	None	None	None
International Value Equity Fund—I Class	None	None	None	None	None
International Value Equity Fund—R Class	None	None	None	None	None
International Value Equity Fund—Z Class	None	None	None	None	None
Investment Grade Multi-Sector Account Portfolio	None	None	None	None	None
Japan Fund	None	None	$1–$10,000	None	None
Japan Fund—I Class	None	None	None	None	None
Latin America Fund	None	None	None	None	None
Latin America Fund—I Class	None	None	None	None	None
Large-Cap Growth Fund	None	None	$10,001-$50,000	None	None
Large-Cap Growth Fund—I Class	None	None	None	None	None
Large-Cap Value Fund	None	None	$10,001-$50,000	None	None
Large-Cap Value Fund—I Class	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund	None	None	None	None	None

81

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Limited Duration Inflation Focused Bond Fund—I Class	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund—Z Class	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund—I Class	None	None	None	None	None
Maryland Tax-Free Bond Fund	None	None	None	None	None
Maryland Tax-Free Bond Fund—I Class	None	None	None	None	None
Maryland Tax-Free Money Fund	None	None	None	None	None
Maryland Tax-Free Money Fund—I Class	None	None	None	None	None
Mid-Cap Growth Fund	None	None	None	None	$10,001–$50,000
Mid-Cap Growth Fund—Advisor Class	None	None	None	None	None
Mid-Cap Growth Fund—I Class	None	None	$10,001–$50,000	None	None
Mid-Cap Growth Fund—R Class	None	None	None	None	None
Mid-Cap Growth Fund—Z Class	None	None	None	None	None
Mid-Cap Index Fund	None	None	None	None	None
Mid-Cap Index Fund—I Class	None	None	None	None	None
Mid-Cap Index Fund—Z Class	None	None	None	None	None
Mid-Cap Value Fund	None	None	None	None	None
Mid-Cap Value Fund—Advisor Class	None	None	None	None	None
Mid-Cap Value Fund—I Class	None	None	$50,001-$100,000	None	None
Mid-Cap Value Fund—R Class	None	None	None	None	None
Mid-Cap Value Fund—Z Class	None	None	None	None	None
Mortgage-Backed Securities Multi-Sector Account Portfolio	None	None	None	None	None
Multi-Strategy Total Return Fund	None	None	None	None	None
Multi-Strategy Total Return Fund—Advisor Class	None	None	None	None	None
Multi-Strategy Total Return Fund—I Class	None	None	None	None	None
New Asia Fund	None	None	None	None	None
New Asia Fund—I Class	None	None	None	None	None
New Era Fund	None	None	$1–$10,000	None	None
New Era Fund—I Class	None	None	None	None	None
New Horizons Fund	None	None	None	None	None
New Horizons Fund—I Class	None	None	Over $100,000	None	None
New Horizons Fund—Z Class	None	None	None	None	None
New Income Fund	None	None	None	None	None
New Income Fund—Advisor Class	None	None	None	None	None
New Income Fund—I Class	None	None	None	None	None
New Income Fund—R Class	None	None	None	None	None
New Income Fund—Z Class	None	None	None	None	None
New Jersey Tax-Free Bond Fund	None	None	None	None	None
New Jersey Tax-Free Bond Fund—I Class	None	None	None	None	None

82

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
New York Tax-Free Bond Fund	None	None	None	None	None
New York Tax-Free Bond Fund—I Class	None	None	None	None	None
Overseas Stock Fund	None	None	None	None	$50,001–$100,000
Overseas Stock Fund—Advisor Class	None	None	None	None	None
Overseas Stock Fund—I Class	None	None	$50,001–$100,000	None	None
Overseas Stock Fund—Z Class	None	None	None	None	None
QM U.S. Bond Index Fund	None	None	None	None	None
QM U.S. Bond Index Fund—I Class	None	None	None	None	None
QM U.S. Bond Index Fund—Z Class	None	None	None	None	None
Real Assets Fund	None	None	None	None	None
Real Assets Fund—I Class	None	None	$10,001–$50,000	None	None
Real Assets Fund—Z Class	None	None	None	None	None
Real Estate Fund	None	None	None	None	None
Real Estate Fund—Advisor Class	None	None	None	None	None
Real Estate Fund—I Class	None	None	None	None	None
Retirement 2005 Fund	None	None	None	None	None
Retirement 2005 Fund—Advisor Class	None	None	None	None	None
Retirement 2005 Fund—R Class	None	None	None	None	None
Retirement 2010 Fund	None	None	None	None	None
Retirement 2010 Fund—Advisor Class	None	None	None	None	None
Retirement 2010 Fund—R Class	None	None	None	None	None
Retirement 2015 Fund	None	None	None	None	None
Retirement 2015 Fund—Advisor Class	None	None	None	None	None
Retirement 2015 Fund—R Class	None	None	None	None	None
Retirement 2020 Fund	None	None	$10,001–$50,000	None	None
Retirement 2020 Fund—Advisor Class	None	None	None	None	None
Retirement 2020 Fund—R Class	None	None	None	None	None
Retirement 2025 Fund	None	None	$10,001–$50,000	None	None
Retirement 2025 Fund—Advisor Class	None	None	None	None	None
Retirement 2025 Fund—R Class	None	None	None	None	None
Retirement 2030 Fund	None	None	$10,001–$50,000	None	None
Retirement 2030 Fund—Advisor Class	None	None	None	None	None
Retirement 2030 Fund—R Class	None	None	None	None	None
Retirement 2035 Fund	None	None	$10,001–$50,000	None	None
Retirement 2035 Fund—Advisor Class	None	None	None	None	None
Retirement 2035 Fund—R Class	None	None	None	None	None
Retirement 2040 Fund	None	None	$10,001–$50,000	None	None

83

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Retirement 2040 Fund—Advisor Class	None	None	None	None	None
Retirement 2040 Fund—R Class	None	None	None	None	None
Retirement 2045 Fund	None	None	None	None	None
Retirement 2045 Fund—Advisor Class	None	None	None	None	None
Retirement 2045 Fund—R Class	None	None	None	None	None
Retirement 2050 Fund	None	None	None	None	None
Retirement 2050 Fund—Advisor Class	None	None	None	None	None
Retirement 2050 Fund—R Class	None	None	None	None	None
Retirement 2055 Fund	None	None	$1-$10,000	None	None
Retirement 2055 Fund—Advisor Class	None	None	None	None	None
Retirement 2055 Fund—R Class	None	None	None	None	None
Retirement 2060 Fund	None	None	$1-$10,000	None	None
Retirement 2060 Fund—Advisor Class	None	None	None	None	None
Retirement 2060 Fund—R Class	None	None	None	None	None
Retirement 2065 Fund	None	None	None	None	None
Retirement 2065 Fund—Advisor Class	None	None	None	None	None
Retirement 2065 Fund—R Class	None	None	None	None	None
Retirement Balanced Fund	None	None	None	None	None
Retirement Balanced Fund—Advisor Class	None	None	None	None	None
Retirement Balanced Fund—R Class	None	None	None	None	None
Retirement Blend 2005 Fund	None	None	None	None	None
Retirement Blend 2005 Fund—I Class	None	None	None	None	None
Retirement Blend 2010 Fund	None	None	None	None	None
Retirement Blend 2010 Fund—I Class	None	None	None	None	None
Retirement Blend 2015 Fund	None	None	None	None	None
Retirement Blend 2015 Fund—I Class	None	None	None	None	None
Retirement Blend 2020 Fund	None	None	None	None	None
Retirement Blend 2020 Fund—I Class	None	None	None	None	None
Retirement Blend 2025 Fund	None	None	None	None	None
Retirement Blend 2025 Fund—I Class	None	None	None	None	None
Retirement Blend 2030 Fund	None	None	None	None	None
Retirement Blend 2030 Fund—I Class	None	None	None	None	None
Retirement Blend 2035 Fund	None	None	None	None	None
Retirement Blend 2035 Fund—I Class	None	None	None	None	None
Retirement Blend 2040 Fund	None	None	None	None	None
Retirement Blend 2040 Fund—I Class	None	None	None	None	None
Retirement Blend 2045 Fund	None	None	None	None	None
Retirement Blend 2045 Fund—I Class	None	None	None	None	None
Retirement Blend 2050 Fund	None	None	None	None	None

84

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Retirement Blend 2050 Fund—I Class	None	None	None	None	None
Retirement Blend 2055 Fund	None	None	None	None	None
Retirement Blend 2055 Fund—I Class	None	None	None	None	None
Retirement Blend 2060 Fund	None	None	None	None	None
Retirement Blend 2060 Fund—I Class	None	None	None	None	None
Retirement Blend 2065 Fund	None	None	None	None	None
Retirement Blend 2065 Fund—I Class	None	None	None	None	None
Retirement I 2005 Fund—I Class	None	None	None	None	None
Retirement I 2010 Fund—I Class	None	None	None	None	None
Retirement I 2015 Fund—I Class	None	None	None	None	None
Retirement I 2020 Fund—I Class	None	None	None	None	None
Retirement I 2025 Fund—I Class	None	None	None	None	None
Retirement I 2030 Fund—I Class	None	None	None	None	None
Retirement I 2035 Fund—I Class	None	None	None	None	None
Retirement I 2040 Fund—I Class	None	None	None	None	None
Retirement I 2045 Fund—I Class	None	None	None	None	None
Retirement I 2050 Fund—I Class	None	None	None	None	None
Retirement I 2055 Fund—I Class	None	None	None	None	None
Retirement I 2060 Fund—I Class	None	None	None	None	None
Retirement I 2065 Fund—I Class	None	None	None	None	None
Retirement Balanced I Fund—I Class	None	None	None	None	None
Retirement Income 2020 Fund	None	None	None	None	None
Science & Technology Fund	None	None	$10,001–$50,000	None	None
Science & Technology Fund—Advisor Class	None	None	None	None	None
Science & Technology Fund—I Class	None	None	$50,001-$100,000	None	None
Short Duration Income Fund	None	None	None	None	None
Short Duration Income Fund—I Class	None	None	None	None	None
Short-Term Fund	None	None	None	None	None
Short-Term Bond Fund	None	None	None	None	None
Short-Term Bond Fund—Advisor Class	None	None	None	None	None
Short-Term Bond Fund—I Class	None	None	None	None	None
Short-Term Government Fund	None	None	None	None	None
Small-Cap Index Fund	None	None	None	None	None
Small-Cap Index Fund—I Class	None	None	None	None	None
Small-Cap Index Fund—Z Class	None	None	None	None	None
Small-Cap Stock Fund	None	None	$10,001–$50,000	None	None
Small-Cap Stock Fund—Advisor Class	None	None	None	None	None
Small-Cap Stock Fund—I Class	None	None	$50,001-$100,000	None	None
Small-Cap Stock Fund—Z Class	None	None	None	None	None
Small-Cap Value Fund	None	None	$10,001-$50,000	None	$10,001-$50,000
Small-Cap Value Fund—Advisor Class	None	None	None	None	None

85

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Small-Cap Value Fund—I Class	None	None	None	None	None
Small-Cap Value Fund—Z Class	None	None	None	None	None
Spectrum Conservative Allocation Fund	None	None	None	None	None
Spectrum Conservative Allocation Fund—I Class	None	None	None	None	None
Spectrum Diversified Equity Fund	None	None	None	None	None
Spectrum Diversified Equity Fund—I Class	None	None	None	None	None
Spectrum Income Fund	None	None	None	None	None
Spectrum Income Fund—I Class	None	None	None	None	None
Spectrum International Equity Fund	None	None	None	None	None
Spectrum International Equity Fund—I Class	None	None	None	None	None
Spectrum Moderate Allocation Fund	None	None	None	None	None
Spectrum Moderate Allocation Fund—I Class	None	None	$50,001-$100,000	None	None
Spectrum Moderate Growth Allocation Fund	None	None	None	None	None
Spectrum Moderate Growth Allocation Fund—I Class	None	None	$50,001-$100,000	None	None
Summit Municipal Income Fund	None	None	None	None	None
Summit Municipal Income Fund—Advisor Class	None	None	None	None	None
Summit Municipal Income Fund—I Class	None	None	None	None	None
Summit Municipal Intermediate Fund	None	None	None	None	None
Summit Municipal Intermediate Fund—Advisor Class	None	None	None	None	None
Summit Municipal Intermediate Fund—I Class	None	None	None	None	None
Target 2005 Fund	None	None	None	None	None
Target 2005 Fund—Advisor Class	None	None	None	None	None
Target 2005 Fund—I Class	None	None	None	None	None
Target 2010 Fund	None	None	None	None	None
Target 2010 Fund—Advisor Class	None	None	None	None	None
Target 2010 Fund—I Class	None	None	None	None	None
Target 2015 Fund	None	None	None	None	None
Target 2015 Fund—Advisor Class	None	None	None	None	None
Target 2015 Fund—I Class	None	None	None	None	None
Target 2020 Fund	None	None	None	None	None
Target 2020 Fund—Advisor Class	None	None	None	None	None
Target 2020 Fund—I Class	None	None	None	None	None
Target 2025 Fund	None	None	None	None	None
Target 2025 Fund—Advisor Class	None	None	None	None	None
Target 2025 Fund—I Class	None	None	None	None	None
Target 2030 Fund	None	None	None	None	None

86

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Target 2030 Fund—Advisor Class	None	None	None	None	None
Target 2030 Fund—I Class	None	None	None	None	None
Target 2035 Fund	None	None	None	None	None
Target 2035 Fund—Advisor Class	None	None	None	None	None
Target 2035 Fund—I Class	None	None	None	None	None
Target 2040 Fund	None	None	None	None	None
Target 2040 Fund—Advisor Class	None	None	None	None	None
Target 2040 Fund—I Class	None	None	None	None	None
Target 2045 Fund	None	None	None	None	None
Target 2045 Fund—Advisor Class	None	None	None	None	None
Target 2045 Fund—I Class	None	None	None	None	None
Target 2050 Fund	None	None	None	None	None
Target 2050 Fund—Advisor Class	None	None	None	None	None
Target 2050 Fund—I Class	None	None	None	None	None
Target 2055 Fund	None	None	None	None	None
Target 2055 Fund—Advisor Class	None	None	None	None	None
Target 2055 Fund—I Class	None	None	None	None	None
Target 2060 Fund	None	None	$1-$10,000	None	None
Target 2060 Fund—Advisor Class	None	None	None	None	None
Target 2060 Fund—I Class	None	None	None	None	None
Target 2065 Fund	None	None	$10,001-$50,000	None	None
Target 2065 Fund—Advisor Class	None	None	None	None	None
Target 2065 Fund—I Class	None	None	None	None	None
Tax-Efficient Equity Fund	None	None	None	None	None
Tax-Efficient Equity Fund—I Class	None	None	None	None	None
Tax-Exempt Money Fund	None	None	None	None	None
Tax-Exempt Money Fund—I Class	None	None	None	None	None
Tax-Free High Yield Fund	None	None	None	Over $100,000	None
Tax-Free High Yield Fund—Advisor Class	None	None	None	None	None
Tax-Free High Yield Fund—I Class	None	None	None	None	None
Tax-Free Income Fund	None	None	None	None	None
Tax-Free Income Fund—Advisor Class	None	None	None	None	None
Tax-Free Income Fund—I Class	None	None	None	None	None
Tax-Free Short-Intermediate Fund	None	None	None	None	None
Tax-Free Short-Intermediate Fund—Advisor Class	None	None	None	None	None
Tax-Free Short-Intermediate Fund—I Class	None	None	None	None	None
Total Equity Market Index Fund	None	None	None	None	None

87

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Total Return Fund	None	None	None	None	$10,001-$50,000
Total Return Fund—Advisor Class	None	None	None	None	None
Total Return Fund—I Class	None	None	None	None	None
Treasury Reserve Fund	None	None	None	None	None
U.S. Equity Research Fund	None	None	$10,001-$50,000	None	None
U.S. Equity Research Fund—Advisor Class	None	None	None	None	None
U.S. Equity Research Fund—I Class	None	None	$50,001-$100,000	None	None
U.S. Equity Research Fund—R Class	None	None	None	None	None
U.S. Equity Research Fund—Z Class	None	None	None	None	None
U.S. High Yield Fund	None	None	None	None	None
U.S. High Yield Fund—Advisor Class	None	None	None	None	None
U.S. High Yield Fund—I Class	None	None	None	None	None
U.S. Large-Cap Core Fund	None	None	$10,001–$50,000	None	None
U.S. Large-Cap Core Fund—Advisor Class	None	None	None	None	None
U.S. Large-Cap Core Fund—I Class	None	None	$10,001–$50,000	None	None
U.S. Large-Cap Core Fund—Z Class	None	None	None	None	None
U.S. Limited Duration TIPS Index Fund	None	None	None	None	None
U.S. Limited Duration TIPS Index Fund—I Class	None	None	None	None	None
U.S. Limited Duration TIPS Index Fund—Z Class	None	None	None	None	None
U.S. Treasury Intermediate Index Fund	None	None	None	None	None
U.S. Treasury Intermediate Index Fund—I Class	None	None	None	None	None
U.S. Treasury Intermediate Index Fund—Z Class	None	None	None	None	None
U.S. Treasury Long-Term Index Fund	None	None	None	None	None
U.S. Treasury Long-Term Index Fund—I Class	None	None	None	None	None
U.S. Treasury Long-Term Index Fund—Z Class	None	None	None	None	None
U.S. Treasury Money Fund	None	None	None	None	None
U.S. Treasury Money Fund—I Class	None	None	None	None	None
U.S. Treasury Money Fund—Z Class	None	None	None	None	None
Ultra Short-Term Bond Fund	None	None	$1-$10,000	None	None
Ultra Short-Term Bond Fund—I Class	None	None	None	None	None
Value Fund	None	None	$10,001–$50,000	None	None
Value Fund—Advisor Class	None	None	None	None	None

88

Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Value Fund—I Class	None	None	$50,001-$100,000	None	None
Value Fund—Z Class	None	None	None	None	None
Virginia Tax-Free Bond Fund	None	None	None	None	None
Virginia Tax-Free Bond Fund—I Class	None	None	None	None	None

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
Africa & Middle East Fund	None	None
Africa & Middle East Fund—I Class	None	None
All-Cap Opportunities Fund	None	Over $100,000
All-Cap Opportunities Fund—Advisor Class	None	None
All-Cap Opportunities Fund—I Class	None	None
Asia Opportunities Fund	None	None
Asia Opportunities Fund—Advisor Class	None	None
Asia Opportunities Fund—I Class	None	None
Balanced Fund	None	None
Balanced Fund—I Class	None	None
Blue Chip Growth Fund	None	None
Blue Chip Growth Fund—Advisor Class	None	None
Blue Chip Growth Fund—I Class	$50,001–$100,000	None
Blue Chip Growth Fund—R Class	None	None
California Tax-Free Bond Fund	None	None
California Tax-Free Bond Fund—I Class	None	None
Capital Appreciation Fund	None	None
Capital Appreciation Fund—Advisor Class	None	None
Capital Appreciation Fund—I Class	None	None
Cash Reserves Fund	None	None
China Evolution Equity Fund	None	None
China Evolution Equity Fund—I Class	None	None
Communications & Technology Fund	None	None
Communications & Technology Fund—I Class	None	None
Corporate Income Fund	None	None
Corporate Income Fund—I Class	None	None
Credit Opportunities Fund	None	None
Credit Opportunities Fund—Advisor Class	None	None
Credit Opportunities Fund—I Class	None	None
Diversified Mid-Cap Growth Fund	None	None
Diversified Mid-Cap Growth Fund—I Class	None	None
Dividend Growth Fund	None	Over $100,000
Dividend Growth Fund—Advisor Class	None	None
Dividend Growth Fund—I Class	None	None
Dynamic Credit Fund	None	None
Dynamic Credit Fund—I Class	None	None
Dynamic Global Bond Fund	None	None
Dynamic Global Bond Fund—Advisor Class	None	None
Dynamic Global Bond Fund—I Class	None	None
Dynamic Global Bond Fund—Z Class	None	None
Emerging Europe Fund	None	None
Emerging Europe Fund—I Class	None	None
Emerging Markets Bond Fund	None	None
Emerging Markets Bond Fund—Advisor Class	None	None

89

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
Emerging Markets Bond Fund—I Class	None	None
Emerging Markets Bond Fund—Z Class	None	None
Emerging Markets Corporate Bond Fund	None	None
Emerging Markets Corporate Bond Fund—Advisor Class	None	None
Emerging Markets Corporate Bond Fund—I Class	None	None
Emerging Markets Corporate Multi-Sector Account Portfolio	None	None
Emerging Markets Discovery Stock Fund	None	None
Emerging Markets Discovery Stock Fund—Advisor Class	None	None
Emerging Markets Discovery Stock Fund—I Class	None	None
Emerging Markets Discovery Stock Fund—Z Class	None	None
Emerging Markets Local Currency Bond Fund	None	None
Emerging Markets Local Currency Bond Fund—Advisor Class	None	None
Emerging Markets Local Currency Bond Fund—I Class	None	None
Emerging Markets Local Multi-Sector Account Portfolio	None	None
Emerging Markets Stock Fund	None	None
Emerging Markets Stock Fund—I Class	None	None
Emerging Markets Stock Fund—Z Class	None	None
Equity Income Fund	$50,001–$100,000	None
Equity Income Fund—Advisor Class	None	None
Equity Income Fund—I Class	None	None
Equity Income Fund—R Class	None	None
Equity Index 500 Fund	None	None
Equity Index 500 Fund—I Class	None	None
European Stock Fund	None	None
European Stock Fund—I Class	None	None
Extended Equity Market Index Fund	None	None
Financial Services Fund	None	None
Financial Services Fund—I Class	None	None
Floating Rate Fund	None	None
Floating Rate Fund—Advisor Class	None	None
Floating Rate Fund—I Class	None	Over $100,000
Floating Rate Fund—Z Class	None	None
Floating Rate Multi-Sector Account Portfolio	None	None
Georgia Tax-Free Bond Fund	None	None
Georgia Tax-Free Bond Fund—I Class	None	None
Global Allocation Fund	None	None
Global Allocation Fund—Advisor Class	None	None
Global Allocation Fund—I Class	None	None
Global Consumer Fund	None	None
Global Growth Stock Fund	None	None
Global Growth Stock Fund—Advisor Class	None	None
Global Growth Stock Fund—I Class	None	None
Global High Income Bond Fund	None	None
Global High Income Bond Fund—Advisor Class	None	None
Global High Income Bond Fund—I Class	None	None
Global Industrials Fund	None	None
Global Industrials Fund—I Class	None	None
Global Multi-Sector Bond Fund	None	None
Global Multi-Sector Bond Fund—Advisor Class	None	None
Global Multi-Sector Bond Fund—I Class	None	None
Global Real Estate Fund	None	None
Global Real Estate Fund—Advisor Class	None	None
Global Real Estate Fund—I Class	None	None
Global Stock Fund	None	None
Global Stock Fund—Advisor Class	None	None
Global Stock Fund—I Class	None	None

90

	Aggregate Holdings, All Price Funds		Interested Directors
			Oestreicher		Veiel
			Over $100,000		Over $100,000
Global Technology Fund		None		None
Global Technology Fund—I Class		None		None
Global Value Equity Fund		None		None
Global Value Equity Fund—I Class		None		None
GNMA Fund		None		None
GNMA Fund—I Class		None		None
Government Money Fund		$50,001–$100,000		None
Government Money Fund—I Class		None		None
Government Reserve Fund		None		None
Growth Stock Fund		None		None
Growth Stock Fund—Advisor Class		None		None
Growth Stock Fund—I Class		None		None
Growth Stock Fund—R Class		None		None
Health Sciences Fund		None		None
Health Sciences Fund—I Class		None		None
High Yield Fund		$10,001–$50,000		None
High Yield Fund—Advisor Class		None		None
High Yield Fund—I Class		None		None
High Yield Multi-Sector Account Portfolio		None		None
Inflation Protected Bond Fund		None		None
Inflation Protected Bond Fund—I Class		None		Over $100,000
Institutional Emerging Markets Bond Fund		None		None
Institutional Emerging Markets Equity Fund		None		None
Institutional Floating Rate Fund		None		None
Institutional Floating Rate Fund—F Class		None		None
Institutional Floating Rate Fund—Z Class		None		None
Institutional High Yield Fund		None		None
Institutional High Yield Fund—Z Class		None		None
Institutional International Disciplined Equity Fund		None		None
Institutional Large-Cap Core Growth Fund		None		None
Institutional Long Duration Credit Fund		None		None
Institutional Mid-Cap Equity Growth Fund		None		None
Institutional Small-Cap Stock Fund		None		None
Integrated Global Equity Fund		None		None
Integrated Global Equity Fund—Advisor Class		None		None
Integrated Global Equity Fund—I Class		None		None
Integrated U.S. Large-Cap Value Equity Fund		None		None
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class		None		None
Integrated U.S. Large-Cap Value Equity Fund—I Class		None		None
Integrated U.S. Small-Cap Growth Equity Fund		None		None
Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class		None		None
Integrated U.S. Small-Cap Growth Equity Fund—I Class		None		None
Integrated U.S. Small-Mid Cap Core Equity Fund		None		None
Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class		None		None
Integrated U.S. Small-Mid Cap Core Equity Fund—I Class		None		None
Intermediate Tax-Free High Yield Fund		None		None
Intermediate Tax-Free High Yield Fund—Advisor Class		None		None
Intermediate Tax-Free High Yield Fund—I Class		None		None
International Bond Fund		None		None
International Bond Fund—Advisor Class		None		None
International Bond Fund—I Class		None		None
International Bond Fund—Z Class		None		None
International Bond Fund (USD Hedged)		None		None
International Bond Fund (USD Hedged)—Advisor Class		None		None
International Bond Fund (USD Hedged)—I Class		None		None

91

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
International Bond Fund (USD Hedged)—Z Class	None	None
International Disciplined Equity Fund	None	None
International Disciplined Equity Fund—Advisor Class	None	None
International Disciplined Equity Fund—I Class	None	None
International Discovery Fund	None	None
International Discovery Fund—I Class	None	None
International Equity Index Fund	None	None
International Equity Index Fund—Z Class	None	None
International Stock Fund	None	None
International Stock Fund—Advisor Class	None	None
International Stock Fund—I Class	None	None
International Stock Fund—R Class	None	None
International Stock Fund—Z Class	None	None
International Value Equity Fund	None	None
International Value Equity Fund—Advisor Class	None	None
International Value Equity Fund—I Class	None	None
International Value Equity Fund—R Class	None	None
International Value Equity Fund—Z Class	None	None
Investment Grade Multi-Sector Account Portfolio	None	None
Japan Fund	None	None
Japan Fund—I Class	None	None
Latin America Fund	None	None
Latin America Fund—I Class	None	None
Large-Cap Growth Fund	None	None
Large-Cap Growth Fund—I Class	None	None
Large-Cap Value Fund	None	None
Large-Cap Value Fund—I Class	None	None
Limited Duration Inflation Focused Bond Fund	None	None
Limited Duration Inflation Focused Bond Fund—I Class	None	None
Limited Duration Inflation Focused Bond Fund—Z Class	None	None
Maryland Short-Term Tax-Free Bond Fund	None	None
Maryland Short-Term Tax-Free Bond Fund—I Class	None	None
Maryland Tax-Free Bond Fund	None	None
Maryland Tax-Free Bond Fund—I Class	None	None
Maryland Tax-Free Money Fund	None	None
Maryland Tax-Free Money Fund—I Class	None	None
Mid-Cap Growth Fund	None	$50,001–$100,000
Mid-Cap Growth Fund—Advisor Class	None	None
Mid-Cap Growth Fund—I Class	$10,001–$50,000	None
Mid-Cap Growth Fund—R Class	None	None
Mid-Cap Growth Fund—Z Class	None	None
Mid-Cap Index Fund	None	None
Mid-Cap Index Fund—I Class	None	None
Mid-Cap Index Fund—Z Class	None	None
Mid-Cap Value Fund	$10,001–$50,000	None
Mid-Cap Value Fund—Advisor Class	None	None
Mid-Cap Value Fund—I Class	None	None
Mid-Cap Value Fund—R Class	None	None
Mid-Cap Value Fund—Z Class	None	None
Mortgage-Backed Securities Multi-Sector Account Portfolio	None	None
Multi-Strategy Total Return Fund	None	None
Multi-Strategy Total Return Fund—Advisor Class	None	None
Multi-Strategy Total Return Fund—I Class	None	None
New Asia Fund	None	None
New Asia Fund—I Class	None	None
New Era Fund	None	None
New Era Fund—I Class	None	None

92

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
New Horizons Fund	None	None
New Horizons Fund—I Class	None	None
New Horizons Fund—Z Class	None	None
New Income Fund	None	None
New Income Fund—Advisor Class	None	None
New Income Fund—I Class	$50,001–$100,000	None
New Income Fund—R Class	None	None
New Income Fund—Z Class	None	None
New Jersey Tax-Free Bond Fund	None	None
New Jersey Tax-Free Bond Fund—I Class	None	None
New York Tax-Free Bond Fund	None	None
New York Tax-Free Bond Fund—I Class	None	None
Overseas Stock Fund	None	None
Overseas Stock Fund—Advisor Class	None	None
Overseas Stock Fund—I Class	None	None
Overseas Stock Fund—Z Class	None	None
QM U.S. Bond Index Fund	None	None
QM U.S. Bond Index Fund—I Class	None	None
QM U.S. Bond Index Fund—Z Class	None	None
Real Assets Fund	None	None
Real Assets Fund—I Class	None	None
Real Assets Fund—Z Class	None	None
Real Estate Fund	None	None
Real Estate Fund—Advisor Class	None	None
Real Estate Fund—I Class	None	None
Retirement 2005 Fund	None	None
Retirement 2005 Fund—Advisor Class	None	None
Retirement 2005 Fund—R Class	None	None
Retirement 2010 Fund	None	None
Retirement 2010 Fund—Advisor Class	None	None
Retirement 2010 Fund—R Class	None	None
Retirement 2015 Fund	None	None
Retirement 2015 Fund—Advisor Class	None	None
Retirement 2015 Fund—R Class	None	None
Retirement 2020 Fund	Over $100,000	None
Retirement 2020 Fund—Advisor Class	None	None
Retirement 2020 Fund—R Class	None	None
Retirement 2025 Fund	$10,001–$50,000	None
Retirement 2025 Fund—Advisor Class	None	None
Retirement 2025 Fund—R Class	None	None
Retirement 2030 Fund	None	None
Retirement 2030 Fund—Advisor Class	None	None
Retirement 2030 Fund—R Class	None	None
Retirement 2035 Fund	None	None
Retirement 2035 Fund—Advisor Class	None	None
Retirement 2035 Fund—R Class	None	None
Retirement 2040 Fund	None	None
Retirement 2040 Fund—Advisor Class	None	None
Retirement 2040 Fund—R Class	None	None
Retirement 2045 Fund	None	None
Retirement 2045 Fund—Advisor Class	None	None
Retirement 2045 Fund—R Class	None	None
Retirement 2050 Fund	None	None
Retirement 2050 Fund—Advisor Class	None	None
Retirement 2050 Fund—R Class	None	None
Retirement 2055 Fund	None	None
Retirement 2055 Fund—Advisor Class	None	None
Retirement 2055 Fund—R Class	None	None

93

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
Retirement 2060 Fund	None	None
Retirement 2060 Fund—Advisor Class	None	None
Retirement 2060 Fund—R Class	None	None
Retirement 2065 Fund	None	None
Retirement 2065 Fund—Advisor Class	None	None
Retirement 2065 Fund—R Class	None	None
Retirement Balanced Fund	None	None
Retirement Balanced Fund—Advisor Class	None	None
Retirement Balanced Fund—R Class	None	None
Retirement Blend 2005 Fund	None	None
Retirement Blend 2005 Fund—I Class	None	None
Retirement Blend 2010 Fund	None	None
Retirement Blend 2010 Fund—I Class	None	None
Retirement Blend 2015 Fund	None	None
Retirement Blend 2015 Fund—I Class	None	None
Retirement Blend 2020 Fund	None	None
Retirement Blend 2020 Fund—I Class	None	None
Retirement Blend 2025 Fund	None	None
Retirement Blend 2025 Fund—I Class	None	None
Retirement Blend 2030 Fund	None	None
Retirement Blend 2030 Fund—I Class	None	None
Retirement Blend 2035 Fund	None	None
Retirement Blend 2035 Fund—I Class	None	None
Retirement Blend 2040 Fund	None	None
Retirement Blend 2040 Fund—I Class	None	None
Retirement Blend 2045 Fund	None	None
Retirement Blend 2045 Fund—I Class	None	None
Retirement Blend 2050 Fund	None	None
Retirement Blend 2050 Fund—I Class	None	None
Retirement Blend 2055 Fund	None	None
Retirement Blend 2055 Fund—I Class	None	None
Retirement Blend 2060 Fund	None	None
Retirement Blend 2060 Fund—I Class	None	None
Retirement Blend 2065 Fund	None	None
Retirement Blend 2065 Fund—I Class	None	None
Retirement I 2005 Fund—I Class	None	None
Retirement I 2010 Fund—I Class	None	None
Retirement I 2015 Fund—I Class	None	None
Retirement I 2020 Fund—I Class	None	None
Retirement I 2025 Fund—I Class	None	None
Retirement I 2030 Fund—I Class	None	None
Retirement I 2035 Fund—I Class	None	None
Retirement I 2040 Fund—I Class	None	None
Retirement I 2045 Fund—I Class	None	None
Retirement I 2050 Fund—I Class	None	None
Retirement I 2055 Fund—I Class	None	None
Retirement I 2060 Fund—I Class	None	None
Retirement I 2065 Fund—I Class	None	None
Retirement Balanced I Fund—I Class	None	None
Retirement Income 2020 Fund	None	None
Science & Technology Fund	None	None
Science & Technology Fund—Advisor Class	None	None
Science & Technology Fund—I Class	None	None
Short Duration Income Fund	None	None
Short Duration Income Fund—I Class	None	None
Short-Term Fund	None	None
Short-Term Bond Fund	None	None
Short-Term Bond Fund—Advisor Class	None	None

94

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
Short-Term Bond Fund—I Class	None	None
Short-Term Government Fund	None	None
Small-Cap Index Fund	None	None
Small-Cap Index Fund—I Class	None	None
Small-Cap Index Fund—Z Class	None	None
Small-Cap Stock Fund	$10,001–$50,000	None
Small-Cap Stock Fund—Advisor Class	None	None
Small-Cap Stock Fund—I Class	None	None
Small-Cap Stock Fund—Z Class	None	None
Small-Cap Value Fund	None	None
Small-Cap Value Fund—Advisor Class	None	None
Small-Cap Value Fund—I Class	None	None
Small-Cap Value Fund—Z Class	None	None
Spectrum Conservative Allocation Fund	None	None
Spectrum Conservative Allocation Fund—I Class	None	None
Spectrum Diversified Equity Fund	None	None
Spectrum Diversified Equity Fund—I Class	None	None
Spectrum Income Fund	$1–$10,000	None
Spectrum Income Fund—I Class	None	None
Spectrum International Equity Fund	None	None
Spectrum International Equity Fund—I Class	None	None
Spectrum Moderate Allocation Fund	None	None
Spectrum Moderate Allocation Fund—I Class	None	None
Spectrum Moderate Growth Allocation Fund	None	None
Spectrum Moderate Growth Allocation Fund—I Class	None	None
Summit Municipal Income Fund	None	None
Summit Municipal Income Fund—Advisor Class	None	None
Summit Municipal Income Fund—I Class	None	None
Summit Municipal Intermediate Fund	None	None
Summit Municipal Intermediate Fund—Advisor Class	None	None
Summit Municipal Intermediate Fund—I Class	None	None
Target 2005 Fund	None	None
Target 2005 Fund—Advisor Class	None	None
Target 2005 Fund—I Class	None	None
Target 2010 Fund	None	None
Target 2010 Fund—Advisor Class	None	None
Target 2010 Fund—I Class	None	None
Target 2015 Fund	None	None
Target 2015 Fund—Advisor Class	None	None
Target 2015 Fund—I Class	None	None
Target 2020 Fund	None	None
Target 2020 Fund—Advisor Class	None	None
Target 2020 Fund—I Class	None	None
Target 2025 Fund	None	None
Target 2025 Fund—Advisor Class	None	None
Target 2025 Fund—I Class	None	None
Target 2030 Fund	None	None
Target 2030 Fund—Advisor Class	None	None
Target 2030 Fund—I Class	None	None
Target 2035 Fund	None	None
Target 2035 Fund—Advisor Class	None	None
Target 2035 Fund—I Class	None	None
Target 2040 Fund	None	None
Target 2040 Fund—Advisor Class	None	None
Target 2040 Fund—I Class	None	None
Target 2045 Fund	None	None
Target 2045 Fund—Advisor Class	None	None
Target 2045 Fund—I Class	None	None

95

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
Target 2050 Fund	None	None
Target 2050 Fund—Advisor Class	None	None
Target 2050 Fund—I Class	None	None
Target 2055 Fund	None	None
Target 2055 Fund—Advisor Class	None	None
Target 2055 Fund—I Class	None	None
Target 2060 Fund	None	None
Target 2060 Fund—Advisor Class	None	None
Target 2060 Fund—I Class	None	None
Target 2065 Fund	None	None
Target 2065 Fund—Advisor Class	None	None
Target 2065 Fund—I Class	None	None
Tax-Efficient Equity Fund	None	None
Tax-Efficient Equity Fund—I Class	None	None
Tax-Exempt Money Fund	None	None
Tax-Exempt Money Fund—I Class	None	None
Tax-Free High Yield Fund	None	None
Tax-Free High Yield Fund—Advisor Class	None	None
Tax-Free High Yield Fund—I Class	None	None
Tax-Free Income Fund	None	None
Tax-Free Income Fund—Advisor Class	None	None
Tax-Free Income Fund—I Class	None	None
Tax-Free Short-Intermediate Fund	None	None
Tax-Free Short-Intermediate Fund—Advisor Class	None	None
Tax-Free Short-Intermediate Fund—I Class	None	None
Total Equity Market Index Fund	None	None
Total Return Fund	None	None
Total Return Fund—Advisor Class	None	None
Total Return Fund—I Class	None	None
Treasury Reserve Fund	None	None
U.S. Equity Research Fund	None	None
U.S. Equity Research Fund—Advisor Class	None	None
U.S. Equity Research Fund—I Class	None	None
U.S. Equity Research Fund—R Class	None	None
U.S. Equity Research Fund—Z Class	None	None
U.S. High Yield Fund	None	None
U.S. High Yield Fund—Advisor Class	None	None
U.S. High Yield Fund—I Class	None	None
U.S. Large-Cap Core Fund	None	None
U.S. Large-Cap Core Fund—Advisor Class	None	None
U.S. Large-Cap Core Fund—I Class	None	None
U.S. Large-Cap Core Fund—Z Class	None	None
U.S. Limited Duration TIPS Index Fund	None	None
U.S. Limited Duration TIPS Index Fund—I Class	None	None
U.S. Limited Duration TIPS Index Fund—Z Class	None	None
U.S. Treasury Intermediate Index Fund	None	None
U.S. Treasury Intermediate Index Fund—I Class	None	None
U.S. Treasury Intermediate Index Fund—Z Class	None	None
U.S. Treasury Long-Term Index Fund	None	None
U.S. Treasury Long-Term Index Fund—I Class	None	None
U.S. Treasury Long-Term Index Fund—Z Class	None	None
U.S. Treasury Money Fund	Over $100,000	Over $100,000
U.S. Treasury Money Fund—I Class	None	None
U.S. Treasury Money Fund—Z Class	None	None
Ultra Short-Term Bond Fund	None	None
Ultra Short-Term Bond Fund—I Class	None	None
Value Fund	None	None
Value Fund—Advisor Class	None	None

96

Aggregate Holdings, All Price Funds	Interested Directors
	Oestreicher	Veiel
	Over $100,000	Over $100,000
Value Fund—I Class	None	None
Value Fund—Z Class	None	None
Virginia Tax-Free Bond Fund	None	None
Virginia Tax-Free Bond Fund—I Class	None	None

Portfolio Managers’ Holdings in the Price Funds

The following tables set forth the dollar range of equity securities beneficially owned by each Price Fund’s portfolio manager as of each Price Fund’s most recently completed fiscal year-end, unless otherwise indicated. Portfolio managers are encouraged to invest in the Price Funds they manage to align their interests with those of fund shareholders. Exceptions may arise when, for example, tax considerations or the nature of the fund make the investment inappropriate for the portfolio manager. Holdings in the investment strategy include investments in the applicable Price Fund, as well as all investment portfolios that are managed by the same portfolio manager and have investment objectives, policies, and strategies that are substantially similar to those of the fund. Substantially similar portfolios may include other Price Funds (such as institutional funds), T. Rowe Price common trust funds, and non-U.S. pooled investment vehicles, such as Société d’Investissement à Capital Variable Funds (SICAVs).

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Africa & Middle East Fund	Oluwaseun Oyegunle	$50,001-$100,000	$50,001-$100,000
All-Cap Opportunities Fund	Justin P. White	Over $1,000,000	Over $1,000,000
Asia Opportunities Fund	Jihong Min	None	None
Balanced Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 $100,001-$500,000	$100,001-$500,000 $100,001-$500,000
Blue Chip Growth Fund	Paul D. Greene II	None	Over $1,000,000
Capital Appreciation Fund	David R. Giroux	Over $1,000,000	Over $1,000,000
Cash Reserves Fund	Douglas D. Spratley	$10,001-$50,000	$10,001-$50,000
China Evolution Equity Fund	Wenli Zheng	Over $1,000,000	Over $1,000,000
Communications & Technology Fund	James Stillwagon	$100,001-$500,000	$100,001-$500,000
Corporate Income Fund	Steven E. Boothe Lauren T. Wagandt	$10,001-$50,000 None	$10,001-$50,000 None
Credit Opportunities Fund	Rodney M. Rayburn	Over $1,000,000	Over $1,000,000
Diversified Mid-Cap Growth Fund	Donald J. Peters	Over $1,000,000	Over $1,000,000
Dividend Growth Fund	Thomas J. Huber	Over $1,000,000	Over $1,000,000
Dynamic Credit Fund	Saurabh Sud	Over $1,000,000	Over $1,000,000
Dynamic Global Bond Fund	Quentin S. Fitzsimmons Arif Husain (b) Scott D. Solomon	(b) $100,001-$500,000 (b)	(b) $100,001-$500,000 (b)
Emerging Europe Fund	Ulle Adamson	None	None
Emerging Markets Bond Fund	Samy B. Muaddi	$500,001-$1,000,000	$500,001-$1,000,000
Emerging Markets Corporate Bond Fund	Samy B. Muaddi Siby Thomas	$500,001-$1,000,000 $100,001-$500,000	$500,001-$1,000,000 $100,001-$500,000
Emerging Markets Discovery Stock Fund	Ernest C. Yeung	Over $1,000,000	Over $1,000,000
Emerging Markets Local Currency Bond Fund	Andrew J. Keirle	$100,001-$500,000	$100,001-$500,000
Emerging Markets Stock Fund	Eric C. Moffett	$500,001-$1,000,000	$500,001-$1,000,000

97

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Equity Income Fund	John D. Linehan	Over $1,000,000	Over $1,000,000
Equity Index 500 Fund	Neil Smith	None	None
European Stock Fund	Tobias Fabian Mueller	$100,001-$500,000	$500,001-$1,000,000
Extended Equity Market Index Fund	Neil Smith	None	None
Financial Services Fund	Matthew J. Snowling	$50,001-$100,000	$50,001-$100,000
Floating Rate Fund	Paul M. Massaro	$100,001-$500,000	$100,001-$500,000
Global Allocation Fund	Charles M. Shriver Toby M. Thompson	Over $1,000,000 $100,001-$500,000	Over $1,000,000 $100,001-$500,000
Global Consumer Fund	Weijie (Vivian) Si (c)	None	None
Global Growth Stock Fund	Robert Scott Berg	Over $1,000,000	Over $1,000,000
Global High Income Bond Fund	Michael F. Connelly Michael Della Vedova Samy B. Muaddi	over $1,000,000 $100,001-$500,000 over $1,000,000	Over $1,000,000 $100,001-$500,000 over $1,000,000
Global Impact Equity Fund	Harishankar Balkrishna	None	$100,001-$500,000
Global Industrials Fund	Jason Adams	None	None
Global Multi-Sector Bond Fund	Kenneth Antony Orchard	$100,001-$500,000	$100,001-$500,000
Global Real Estate Fund	Jai Kapadia	None	$10,001-$50,000
Global Stock Fund	David J. Eiswert	Over $1,000,000	Over $1,000,000
Global Technology Fund	Dominic Rizzo	None	None
Global Value Equity Fund	Sebastien Mallet	Over $1,000,000	Over $1,000,000
GNMA Fund	Ramon Roberto de Castro	(d)	(d)
Government Money Fund	Douglas D. Spratley	None	None
Growth Stock Fund	Joseph B. Fath	Over $1,000,000	Over $1,000,000
Health Sciences Fund	Ziad Bakri	$500,001-$1,000,000	$500,001-$1,000,000
High Yield Fund	Rodney M. Rayburn	None	$100,001-$500,000
Inflation Protected Bond Fund	Michael K. Sewell	None	None
Institutional Emerging Markets Bond Fund	Samy B. Muaddi	None	$500,001-$1,000,000
Institutional Emerging Markets Equity Fund	Eric C. Moffett	None	$500,001-$1,000,000
Institutional Floating Rate Fund	Paul M. Massaro	$100,001-$500,000	$100,001-$500,000
Institutional High Yield Fund	Rodney M. Rayburn	$100,001-$500,000	$100,001-$500,000
Institutional International Disciplined Equity Fund	Federico Santilli	$100,001-$500,000	$100,001-$500,000
Institutional Large-Cap Core Growth Fund	Paul D. Greene II	None	Over $1,000,000
Institutional Long Duration Credit Fund	Robert M. Larkins	None	None
Institutional Mid-Cap Equity Growth Fund	Brian W.H. Berghuis	Over $1,000,000	Over $1,000,000
Institutional Small-Cap Stock Fund	Francisco Alonso (e)	Over $1,000,000	Over $1,000,000
Integrated Global Equity Fund	David Corris Prashant G. Jeyaganesh Jordan S. Pryor	$10,001-$50,000 $10,001-$50,000 $10,001-$50,000	$10,001-$50,000 $10,001-$50,000 $10,001-$50,000
Integrated U.S. Large-Cap Value Equity Fund	David Corris Prashant G. Jeyaganesh	$50,001-$100,000 $10,001-$50,000	$50,001-$100,000 $10,001-$50,000

98

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Integrated U.S. Small-Cap Growth Equity Fund	Sudhir Nanda	$100,001–$500,000	$100,001–$500,000
Integrated U.S. Small-Mid Cap Core Equity Fund	David Corris Prashant G. Jeyaganesh	$100,001-$500,000 $50,001-$100,000	$100,001-$500,000 $50,001-$100,000
Intermediate Tax-Free High Yield Fund	James M. Murphy	$100,001-$500,000	$100,001-$500,000
International Bond Fund	Andrew J. Keirle Kenneth Antony Orchard	(f) None	(f) None
International Bond Fund (USD Hedged)	Andrew J. Keirle Kenneth Antony Orchard	(f) None	(f) None
International Disciplined Equity Fund	Federico Santilli	$100,001-$500,000	$100,001-$500,000
International Discovery Fund	Benjamin Griffiths	$100,001-$500,000	$100,001–$500,000
International Equity Index Fund	Neil Smith	None	None
International Stock Fund	Richard N. Clattenburg	$500,001–$1,000,000	$500,001–$1,000,000
International Value Equity Fund	Colin McQueen	$100,001-$500,000	$100,001-$500,000
Japan Fund	Archibald Ciganer Albeniz	None	None
Large-Cap Growth Fund	Taymour R. Tamaddon	Over $1,000,000	Over $1,000,000
Large-Cap Value Fund	John D. Linehan Gabriel Solomon	Over $1,000,000 $500,001–$1,000,000	Over $1,000,000 $500,001–$1,000,000
Latin America Fund	Verena Wachnitz	$500,001–$1,000,000	$500,001–$1,000,000
Limited Duration Inflation Focused Bond Fund	Michael K. Sewell	None	None
Mid-Cap Growth Fund	Brian W.H. Berghuis	Over $1,000,000	Over $1,000,000
Mid-Cap Value Fund	Vincent Michael DeAugustino	$500,001–$1,000,000	Over $1,000,000
Multi-Strategy Total Return Fund	Richard de los Reyes Stefan Hubrich	Over $1,000,000 $500,001–$1,000,000	Over $1,000,000 $500,001–$1,000,000
New Asia Fund	Anh Thi Lu	None	Over $1,000,000
New Era Fund	Shinwoo Kim	$100,001-$500,000	$100,001-$500,000
New Horizons Fund	Joshua K. Spencer	over $1,000,000	Over $1,000,000
New Income Fund	Stephen L. Bartolini Saurabh Sud	$500,001–$1,000,000 (g)	$500,001–$1,000,000 (g)
Overseas Stock Fund	Raymond A. Mills	None	Over $1,000,000
QM U.S. Bond Index Fund	Robert M. Larkins	$10,001–$50,000	$10,001–$50,000
Real Assets Fund	Richard Coghlan Christopher Faulkner-MacDonagh	$50,001-$100,000 None	$50,001–$100,000 $10,001-$50,000
Real Estate Fund	Nina P. Jones	$500,001-$1,000,000	$500,001-$1,000,000
Science & Technology Fund	Kennard W. Allen (h)	Over $1,000,000	Over $1,000,000
Short Duration Income Fund	Steven M. Kohlenstein Cheryl A. Mickel	$50,001-$100,000 $500,001–$1,000,000	$50,001-$100,000 $500,001–$1,000,000
Short-Term Bond Fund	Michael F. Reinartz	$100,001-$500,000	$100,001-$500,000
Small-Cap Stock Fund	Francisco Alonso (e)	None	Over $1,000,000
Small-Cap Value Fund	John David Wagner	$100,001–$500,000	Over $1,000,000
Spectrum Conservative Allocation Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 $100,001-$500,000	$100,001-$500,000 $500,001-$1,000,000
Spectrum Diversified Equity Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 $10,001-$50,000	$500,001-$1,000,000 $50,001-$10,000
Spectrum Income Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 $50,001-$10,000	$500,001-$1,000,000 $50,001-$10,000

99

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Spectrum International Equity Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 $10,001-$50,000	$500,001-$1,000,000 $50,001-$10,000
Spectrum Moderate Allocation Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 $100,001-$500,000	$100,001-$500,000 $500,001-$1,000,000
Spectrum Moderate Growth Allocation Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 $100,001-$500,000	$100,001-$500,000 $500,001-$1,000,000
Summit Municipal Income Fund	Austin Applegate Konstantine B. Mallas	(i) $500,001–$1,000,000	(i) Over $1,000,000
Summit Municipal Intermediate Fund	Charles B. Hill	Over $1,000,000	Over $1,000,000
Tax-Efficient Equity Fund	Donald J. Peters	Over $1,000,000	Over $1,000,000
Tax-Exempt Money Fund	Douglas D. Spratley	None	None
Tax-Free High Yield Fund	James M. Murphy	$100,001–$500,000	$100,001–$500,000
Tax-Free Income Fund	Konstantine B. Mallas Timothy G. Taylor	Over $1,000,000 (j)	Over $1,000,000 (j)
Tax-Free Short-Intermediate Fund	Charles B. Hill	$1–$10,000	$10,001–$50,000
Total Equity Market Index Fund	Neil Smith	None	None
Total Return Fund	Christopher P. Brown Anna Alexandra Dreyer	$100,001-$500,000 $100,001-$500,000	$100,001-$500,000 $100,001-$500,000
U.S. Equity Research Fund	Ann M. Holcomb Jason Nogueira Jason Benjamin Polun	Over $1,000,000 None None	Over $1,000,000 $50,001-$100,000 Over $1,000,000
U.S. High Yield Fund	Kevin Patrick Loome	$100,001–$500,000	$100,001–$500,000
U.S. Large-Cap Core Fund	Shawn T. Driscoll	Over $1,000,000	Over $1,000,000
U.S. Limited Duration TIPS Index Fund	Michael K. Sewell	None	None
U.S. Treasury Intermediate Index Fund	Michael K. Sewell	None	None
U.S. Treasury Long-Term Index Fund	Michael K. Sewell	None	None
U.S. Treasury Money Fund	Douglas D. Spratley	None	$10,001-$50,000
Ultra Short-Term Bond Fund	Alexander S. Obaza	$100,001-$500,000	$100,001-$500,000
Value Fund	Ryan S. Hedrick	Over $1,000,000	Over $1,000,000

(a) See table beginning on page 16 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year end is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 16.

(b) Effective February 28, 2023, Quentin S. Fitzsimmons and Scott D. Solomon became co-portfolio managers of the fund. Therefore, the range of holdings is not yet available. Effective December 31, 2023, Mr. Arif Husain will step down as co-portfolio manager of the fund.

(c) On March 13, 2003, Vivian Si will be on maternity leave and is expected to return on or about May 22, 2023. During the time Ms. Si is on maternity leave, Ann M. Holcomb will serve as interim portfolio manager of the fund.

(d) Effective February 28, 2023, Ramon Roberto de Castro replaced Keir R. Joyce as portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(e) Effective July 1, 2023, Alexander Paul Roik will become co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective January 1, 2024, Mr. Alonso will step down as co-portfolio manager of the fund and Mr. Roik will become sole portfolio manager of the fund.

(f) Effective February 28, 2023, Andrew J. Keirle joined Kenneth Antony Orchard as co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(g) Effective May 1, 2023, Saurabh Sud became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(h) Effective October 1, 2023, Anthony Bruce Wang will become co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective January 1, 2024, Mr. Allen will step down as co-portfolio manager of the fund and Mr. Wang will become sole portfolio manager of the fund.

(i) Effective January 1, 2023, Austin Applegate became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective December 31, 2023, Mr. Applegate will become sole portfolio manager of the fund.

(j) Effective January 1, 2023, Timothy G. Taylor became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective December 31, 2023, Mr. Taylor will become sole portfolio manager of the fund.

 

100

The following funds are generally designed to be sold to persons residing in the state referenced in the fund’s name. Since the portfolio managers of the state tax-free funds reside in Maryland, they do not typically invest in funds designed to provide tax benefits for residents of other states.

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
California Tax-Free Bond Fund	Austin Applegate	None	$10,001–$50,000
Georgia Tax-Free Bond Fund	Timothy G. Taylor	None	$50,001–$100,000
Maryland Short-Term Tax-Free Bond Fund	Charles B. Hill	$1–$10,000	$10,001–$50,000
Maryland Tax-Free Bond Fund	Timothy G. Taylor	$50,001–$100,000	$50,001–$100,000
Maryland Tax-Free Money Fund	Douglas D. Spratley	None	None
New Jersey Tax-Free Bond Fund	Konstantine B. Mallas Timothy G. Taylor	None (b)	$100,001–$500,000 (b)
New York Tax-Free Bond Fund	Konstantine B. Mallas Timothy G. Taylor	None (b)	$100,001–$500,000 (b)
Virginia Tax-Free Bond Fund	Timothy G. Taylor	None	$50,001–$100,000

(a) See table beginning on page 16 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 16.

(b) Effective January 1, 2023, Timothy G. Taylor became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective December 31, 2023, Mr. Mallas will step down as co-portfolio manager of the fund and Mr. Taylor will become sole portfolio manager of the fund.

The following Target Date Funds are designed to provide a diversified portfolio that becomes more conservative over time based on an expected retirement year.

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Retirement 2005 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2010 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2015 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2020 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2025 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2030 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2035 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $50,001-$100,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2040 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $100,001–$500,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2045 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	$500,001–$1,000,000 None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2050 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $500,001–$1,000,000	Over $1,000,000 Over $1,000,000 Over $1,000,000

101

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Retirement 2055 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $100,001–$500,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2060 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None Over $1,000,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement 2065 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $1-$10,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement Balanced Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement Blend 2005 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2010 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2015 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2020 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2025 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2030 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2035 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2040 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2045 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2050 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2055 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2060 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Blend 2065 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement I 2005 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2010 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000

102

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Retirement I 2015 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2020 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2025 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2030 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2035 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2040 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $100,001-$500,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2045 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2050 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $500,001-$1,000,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2055 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None $100,001-$500,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2060 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None Over $1,000,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement I 2065 Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement Balanced I Fund—I Class	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	Over $1,000,000 Over $1,000,000 Over $1,000,000
Retirement Income 2020 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None Over $1,000,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
Target 2005 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2010 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2015 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2020 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2025 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2030 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None

103

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Target 2035 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2040 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2045 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2050 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2055 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2060 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Target 2065 Fund	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None

(a) See table beginning on page 16 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 16.

The following funds are not available for direct purchase by members of the public. Therefore, the portfolio manager is not permitted to invest directly in the fund.

Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of Fund’s Last Fiscal Year Enda	Range of Holdings in Investment Strategy as of Fund’s Last Fiscal Year Enda
Emerging Markets Corporate Multi-Sector Account Portfolio	Samy B. Muaddi Siby Thomas	None None	$500,001–$1,000,000 $100,001–$500,000
Emerging Markets Local Multi-Sector Account Portfolio	Andrew J. Keirle	None	$100,001–$500,000
Floating Rate Multi-Sector Account Portfolio	Stephen M. Finamore	None	None
Government Reserve Fund	Douglas D. Spratley	None	$10,001-$50,000
High Yield Multi-Sector Account Portfolio	Michael F. Connelly	None	None
Investment-Grade Corporate Multi-Sector Account Portfolio	Steven E. Boothe	None	None
Mid-Cap Index Fund	Neil Smith	None	None
Mortgage-Backed Securities Multi-Sector Account Portfolio	Ramon Roberto de Castro	(b)	(b)
Short-Term Fund	Douglas D. Spratley	None	None
Short-Term Government Fund	Douglas D. Spratley	None	$10,001-$50,000
Small-Cap Index Fund	Neil Smith	None	None
Transition Fund	Matthew W. Novak Bradley R. Raglin	None None	None None
Treasury Reserve Fund	Douglas D. Spratley	None	None

(a) See table beginning on page 16 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 16.

(b) Effective February 28, 2023, Ramon de Castro replaced Keir R. Joyce as portfolio manager of the fund. Therefore, the range of holdings is not yet available.

104

Portfolio Manager Compensation

Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and Price Hong Kong, Price Singapore, Price Japan, Price International, and Price Investment Management, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund’s prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee (as described under the “Disclosure of Fund Portfolio Information” section) and is the same as the selection presented to the directors of the Price Funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered and is especially important for the Tax-Efficient Equity Fund.

Compensation is viewed with a long-term time horizon. The more consistent a portfolio 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 applicable investment platforms; working effectively with and mentoring others; and other contributions to our clients, the firm, or our culture are important components of T. Rowe Price’s long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, can participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, receive supplemental medical/hospital reimbursement benefits and are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group.

This compensation structure is used when evaluating the performance of all portfolios (including the Price Funds) managed by the portfolio manager.

Assets Under Management

The following table sets forth the number and total assets of the registered investment companies, other pooled investment vehicles, and other accounts managed by the portfolio managers as of the most recent fiscal year-end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all co-portfolio managers of those funds. There are no accounts for which the advisory fee is based on the performance of the account.

	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Jason Adams	1	$136,922,325	0	—	0	—
Ulle Adamson	1	28,562,182	0	—	0	—
Archibald Ciganer Albeniz	1	418,124,989	8	$2,028,392,074	1	$373,748,146
Kennard W. Allen	4	6,380,381,725	2	53,074,059	0	—
Francisco Alonso	4	13,023,857,954	6	5,116,922,986	1	107,775,029
Austin Applegate	1	614,304,919	6	535,431,161	1	211,561,992
Malik Sarmad Asif	5	7,815,685,356	13	10,148,887,970	2	242,207,497
Ziad Bakri	5	17,683,809,107	4	2,651,252,717	0	—
Harishankar Balkrishna	1	17,026,904	4	37,190,129	0	—
Stephen L. Bartolini	2	18,354,354,300	9	15,014,289,707	0	—

105

	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Peter J. Bates	0	—	1	6,973,374	0	—
Robert Scott Berg	1	999,290,040	21	9,193,781,857	0	—
Brian W.H. Berghuis	9	44,802,037,082	6	9,723,992,600	3	388,581,232
Steven E. Boothe	2	596,248,716	9	5,645,424,135	1	305,075,756
Christopher P. Brown	2	660,565,916	2	284,910,194	6	891,647,359
Richard N. Clattenburg	4	14,432,017,159	3	9,793,926,276	0	—
Richard Coghlan	2	6,861,780,840	3	7,259,403,391	3	129,754
Michael F. Connelly	2	268,231,421	6	1,036,699,411	1	34,820,711
David Corris	3	372,584,145	0	—	2	17,712,380
Kimberly E. DeDominicis	73	155,522,868,320	143	203,352,668,570	0	—
Richard de los Reyes	4	7,374,595,484	2	113,050,531	0
Ramon Roberto de Castro(a)	—	—	—	—	—	—
Michael Della Vedova	1	260,066,304	8	1,257,348,756	0	—
Vincent Michael DeAugustino	5	16,947,991,788	2	6,339,115,447	0	—
Anna Alexandra Dreyer	2	660,565,916	2	284,910,194	0	—
Shawn T. Driscoll	3	10,204,376,778	7	8,473,284,359	1	3,152,922
David J. Eiswert	1	4,784,791,794	38	16,534,956,912	5	2,244,354,312
Joseph B. Fath	12	57,177,332,294	9	25,035,196,097	4	1,548,587,853
Christopher Faulkner-MacDonagh	6	14,076,269,541	3	6,870,123,388	1	5,062,913
Stephen M. Finamore	1	39,058,772	1	1,580,504,370	0	—
Quentin S. Fitzsimmons(b)	—	—	—	—	—	—
David R. Giroux	7	71,010,146,237	1	587,508,728	0	—
Paul D. Greene II	10	62,335,605,634	30	26,412,349,704	5	2,546,736,215
Benjamin Griffiths	1	5,940,995,933	4	980,938,602	4	299,800,826
Ryan S. Hedrick	5	33,495,712,118	7	25,042,654,230	2	494,393,334
Charles B. Hill	3	7,544,283,969	2	204,601,862	6	1,236,950,749
Ann M. Holcomb	4	23,539,495,948	28	23,694,515,499	4	5,728,204,966
Thomas J. Huber	3	22,131,860,339	1	170,367,051	4	243,314,326
Stefan Hubrich	1	352,247,957	1	49,095,136	0	—
Arif Husain	4	12,225,672,208	22	12,287,845,097	1	1,063,954,475
Andrew G. Jacobs Van Merlen	73	160,614,680,522	80	193,368,189,338	0	—
Prashant G. Jeyaganesh	3	372,584,145	2	140,326,244	2	17,712,380
Nina P. Jones	1	1,126,332,264	1	13,160,985	0	—
Jai Kapadia	1	82,360,900	0	—	0	—
Andrew J. Keirle	2	363,607,746	1	129,788,540	1	91,254,319
Shinwoo Kim	3	4,032,428,088	3	184,119,814	1	1,465,141
Steven M. Kohlenstein	1	48,349,775	0	—	0	—
Robert M. Larkins	3	1,143,725,409	14	2,770,948,048	2	226,028,888
Wyatt A. Lee	73	155,650,154,566	79	188,982,387,261	0	—
John D. Linehan	18	35,996,795,103	31	18,803,106,060	13	2,302,490,340
Kevin Patrick Loome	4	1,629,133,922	5	757,033,391	0	—
Anh Thi Lu	1	2,317,122,116	4	1,200,248,419	0	—
Navneesh Malhan	1	147,705,548	0	—	0	—

106

	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Konstantine B. Mallas	6	5,821,674,267	1	47,864,175	5	16,959,638
Sebastien Mallet	1	86,439,926	4	860,797,172	0	—
Paul M. Massaro	2	12,376,948,872	11	3,253,504,822	8	3,633,177,054
Hugh D. McGuirk	3	4,757,455,511	0	—	14	810,952,257
Heather K. McPherson	6	12,831,799,108	9	2,473,462,128	18	4,619,266,723
Colin McQueen	2	9,492,777,064	1	8,737,633,793	0	—
Cheryl A. Mickel	1	48,349,775	7	13,371,333,968	1	172,342,776
Raymond A. Mills	6	19,790,303,256	2	10,554,057,189	4	1,219,835,247
Jihong Min	1	118,610,348	3	536,744,139	0	—
Eric C. Moffett	5	7,815,685,356	8	7,003,925,817	2	242,207,497
Samy B. Muaddi	11	20,856,409,797	17	6,418,497,506	6	2,173,681,715
Tobias Fabian Mueller	1	829,360,543	6	198,099,937	1	324,548,050
James M. Murphy	4	7,626,585,644	0	—	0	—
Sudhir Nanda	3	8,378,029,249	4	413,835,358	1	106,333,811
Jason Nogueira	6	23,700,923,796	29	30,435,331,289	6	5,746,851,847
Matthew W. Novak	1	21,297,516	0	—	0	—
Alexander S. Obaza	2	3,734,396,372	0	—	0	—
Kenneth Antony Orchard	3	6,953,947,019	9	4,769,209,771	2	2,799,499,327
Oluwaseun Oyegunle	1	141,435,767	1	6,476,111	1	124,402
Donald J. Peters	6	4,848,742,337	7	1,991,557,081	4	230,659,599
Jason Benjamin Polun	6	23,700,923,796	28	30,414,742,427	6	5,746,851,847
Jordan S. Pryor	1	24,432,393	0	—	1	8,015,379
Bradley R. Raglin	1	21,297,516	0	—	0	—
Rodney M. Rayburn	6	10,031,959,447	2	4,166,346,533	0	—
Michael F. Reinartz	7	9,130,592,379	5	16,032,148,389	3	398,006,803
Dominic Rizzo	1	2,871,152,698	6	2,283,377,884	2	995,257,385
Federico Santilli	2	481,402,866	0	—	1	1,682,458
Michael K. Sewell	8	27,723,179,693	3	10,306,865,734	0	—
Charles M. Shriver	16	42,979,309,985	25	8,678,470,665	4	211,574,783
Farris G. Shuggi	1	20,929,138	0	—	1	12,059,888
Weijie (Vivian) Si	1	48,382,725	0	—	0	—
Neil Smith	7	26,566,890,082	5	17,911,197,523	0	—
Matthew J. Snowling	1	1,543,977,874	0	—	0	—
Gabriel Solomon	6	9,651,304,110	18	5,890,496,374	9	2,117,622,094
Scott D. Solomon(b)	—	—	—	—	—	—
Joshua K. Spencer	2	22,386,036,754	11	4,872,797,283	1	42,968,363
Douglas D. Spratley	8	51,239,469,778	2	14,201,166,079	4	36,103,313
James Stillwagon	1	5,890,075,672	1	836,418,555	0	—
Saurabh Sud	1	35,362,225	1	27,358,474	0	—
Taymour R. Tamaddon	8	20,292,126,556	64	22,453,784,243	15	3,907,591,056
Timothy G. Taylor	3	4,904,873,125	0	—	0	—
Siby Thomas	4	1,039,034,828	3	2,148,936,267	5	2,138,861,005
Toby M. Thompson	8	16,413,951,104	29	8,479,250,069	26	207,703,471
Alan Tu	1	2,871,152,69	6	2,283,377,884	2	995,257,385
Verena Wachnitz	1	431,477,680	0	—	0	—
Lauren T. Wagandt	1	610,526,877	5	5,929,771,924	1	385,349,936

107

	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
John David Wagner	4	15,282,471,656	5	5,962,203,082	0	—
Justin P. White	3	8,213,767,689	6	2,376,111,026	0	—
Ernest C. Yeung	3	3,987,332,004	5	4,066,629,603	0	—
Wenli Zheng	2	5,989,258,516	5	1,056,674,947	5	341,438,106

(a) The individual assumed portfolio management responsibilities of a mutual fund on February 28, 2023. The information on other managed accounts is not yet available.

(b) The individual assumed co-portfolio management responsibilities of a mutual fund on February 28, 2023. The information on other managed accounts is not yet available.

Conflicts of Interest

Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, exchange-traded funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, and common trust funds. T. Rowe Price also provides non-discretionary advice to institutional investors in the form of delivery of model portfolios. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that they believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe Price and its affiliates have adopted brokerage and trade allocation policies and procedures that they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts. Please see the “Portfolio Transactions” section of this SAI for more information about our brokerage and trade allocation policies. 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.

The Price Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on funds, including the Price Funds. T. Rowe Price acts as subadviser to two mutual funds offered by Morningstar. T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates. The Price Funds may generally not purchase shares of stock issued by T. Rowe Price Group, Inc. However, a T. Rowe Price Index Fund is permitted to make such purchases to the extent T. Rowe Price Group, Inc. is represented in the benchmark index the fund is designed to track.

Additional potential conflicts may be inherent in our use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer’s capital structure, including circumstances in which one or more clients may own private securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer. For example, a client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, is involved in a merger or acquisition or a going private transaction, decisions over the terms of any workout or transaction will raise conflicts of interests. While it is appropriate for different clients to hold investments in different parts of the same issuer’s capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, as the securities they hold will likely have different voting rights, dividend or repayment priorities or other features that could be in conflict with one another. Clients should be aware that conflicts will not necessarily be resolved in favor of their interests.

In some cases, T. Rowe Price or its affiliates may refrain from taking certain actions or making certain investments on behalf of clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory actions or other implications for T. Rowe Price or its affiliates, or may sell investments for certain clients, in such case potentially disadvantaging the clients on whose behalf the actions are not taken, investments not made, or investments sold. In other cases, T. Rowe Price or its affiliates may take actions in order to mitigate legal risks to T. Rowe Price or its affiliates, even if disadvantageous to a client.

108

Conflicts such as those described above may also occur between clients on the one hand, and T. Rowe Price or its affiliates, on the other. These conflicts will not always be resolved in the favor of the client. In addition, conflicts may exist between different clients of T. Rowe Price or its affiliates. T. Rowe Price and one or more of its affiliates may operate autonomously from each other and may take actions that are adverse to other clients managed by an affiliate. In some cases, T. Rowe Price or its affiliates will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect T. Rowe Price or its affiliates’ clients. In addition, certain regulatory restrictions may prohibit clients of T. Rowe Price or its affiliates from investing in certain companies because of the applicability of certain laws and regulations to T. Rowe Price, its affiliates, or the Price Funds. T. Rowe Price or its affiliates’ willingness to negotiate terms or take actions with respect to an investment for its clients may be directly or indirectly, constrained or impacted to the extent that an affiliate or the Price Funds and/or their respective directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investments.

Investment personnel are mindful of potentially conflicting interests of our clients with investments in different parts of an issuer’s capital structure and take appropriate measures to ensure that the interests of all clients are fairly represented.

PRINCIPAL HOLDERS OF SECURITIES

As of December 31, 2022, none of the independent directors, Advisory Board members, or their immediate family members owned beneficially or of record any securities of T. Rowe Price (the Price Funds’ investment adviser), Investment Services (the Price Funds’ distributor), or any person controlling, controlled by, or under common control with T. Rowe Price or Investment Services.

As of March 31, 2023, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund, except as shown in the following table.

Fund	%
China Evolution Equity Fund	28.75
Credit Opportunities Fund	5.76
Dynamic Credit Fund	3.65
Emerging Markets Discovery Stock Fund	6.06
Global Impact Equity Fund	14.31
Integrated Global Equity Fund	4.39
Integrated U.S. Large-Cap Value Equity Fund	2.24
Intermediate Tax-Free High Yield Fund	9.46
Maryland Short-Term Tax-Free Bond Fund	2.84
Maryland Tax-Free Bond Fund	2.28
Maryland Tax-Free Money Fund	6.73
Short Duration Income Fund	5.98
Target 2065 Fund	4.89

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As of March 31, 2023, the following shareholders of record owned more than 5% of the outstanding shares of the indicated funds and/or classes.

2/28 Fiscal Year Funds

FUND	SHAREHOLDER	%
CALIFORNIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	10.71
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	211 MAIN STREET
	SAN FRANCISCO CA 94105-1905
	MLPF&S FOR THE SOLE BENEFIT OF	5.40
	ITS CUSTOMERS
	4800 DEERLAKE DR E 3RD FL
	JACKSONVILLE FL 32246-6484
	MORGAN STANLEY SMITH BARNEY LLC	6.79
	FOR THE EXCLSIVE BENE OF ITS CUST
	1 NEW YORK PLZ FL SC1 FL 39
	NEW YORK NY 10004-1932
	NATIONAL FINANCIAL SERVICES	36.86(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	499 WASHINGTON BLVD FL 5
	JERSEY CITY NJ 07310-2010
CALIFORNIA TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	11.27
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS

110

FUND	SHAREHOLDER	%
FLOATING RATE MULTI-SECTOR ACCOUNT PORTFOLIO	BALTIMORE EQUITABLE SOCIETY	7.20
	ATTN MARY HARLEE
	100 N CHARLES ST STE 640
	BALTIMORE MD 21201-3808
	GENERAL DYNAMICS CORP 401K	34.70(a)
	PLAN MASTER TRUST CP
	2941 FAIRVIEW PARK DR STE 100
	FALLS CHURCH VA 22042-4541
	ILLINOIS STUDENT ASSISTANCE	9.72
	COMMISSION
	ATTN ROGER ROJAS
	1755 LAKE COOK RD
	DEERFIELD IL 60015-5209
	T ROWE PRICE ASSOCIATES	34.77(b)
	ATTN FINANCIAL REPORTING DEPT
	100 EAST PRATT ST
	BALTIMORE MD 21202-1009
	XCEL ENERGY INC.	13.62
	ATTN GREG ZICK
	414 NICOLLET MALL
	MINNEAPOLIS MN 55401-1993
GEORGIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	10.26
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	MARIL & CO FBO 5A	6.67
	C/O RELIANCE TRUST COMPANY WI
	MAILCODE BD1N - ATTN MF
	4900 W BROWN DEER RD
	MILWAUKEE WI 53223-2422
	NATIONAL FINANCIAL SERVICES	34.27(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
GEORGIA TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	13.17
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	SEI PRIVATE TRUST COMPANY	38.98(a)
	C/O TRUST
	1 FREEDOM VALLEY DR
	OAKS PA 19456-9989

111

FUND	SHAREHOLDER	%
HIGH YIELD MULTI-SECTOR ACCOUNT PORTFOLIO	BALTIMORE EQUITABLE SOCIETY	11.24
	GENERAL DYNAMICS CORP 401K	55.37(a)
	PLAN MASTER TRUST CP
	ILLINOIS STUDENT ASSISTANCE	15.16
	COMMISSION
	ATTN ROGER ROJAS
	T ROWE PRICE ASSOCIATES	18.23
	ATTN FINANCIAL REPORTING DEPT
INTERMEDIATE TAX-FREE HIGH YIELD FUND	CHARLES SCHWAB & CO INC	35.11(a)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	11.97
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	4707 EXECUTIVE DR
	SAN DIEGO CA 92121-3091
	NATIONAL FINANCIAL SERVICES	10.35
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
INTERMEDIATE TAX-FREE HIGH YIELD FUND—ADVISOR	INTERACTIVE BROKERS LLC	100.00(a)
CLASS	2 PICKWICK PLZ STE 202
	GREENWICH CT 06830-5576
INTERMEDIATE TAX-FREE HIGH YIELD FUND—I CLASS	CHARLES SCHWAB & CO INC	37.13(a)
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	CINDY PATTERSON	12.06
	VANGUARD BROKERAGE SERVICES	7.41
	PO BOX 1170
	VALLEY FORGE PA 19482-1170

112

FUND	SHAREHOLDER	%
INVESTMENT-GRADE CORPORATE MULTI-SECTOR	ALLEN & COMPANY	13.56
ACCOUNT PORTFOLIO	711 5TH AVE FL 9
	NEW YORK NY 10022-3168
	BALTIMORE EQUITABLE SOCIETY	12.08
	GENERAL DYNAMICS CORP 401K	58.04(a)
	PLAN MASTER TRUST CP
	ILLINOIS STUDENT ASSISTANCE	16.32
	COMMISSION
	ATTN ROGER ROJAS
MARYLAND SHORT-TERM TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	17.65
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	10.71
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	18.89
	1 PERSHING PLZ
	JERSEY CITY NJ 07399-0002
	TD AMERITRADE INC FBO	5.89
	OUR CUSTOMERS
	PO BOX 2226
	OMAHA NE 68103-2226
MARYLAND TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	9.30
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	19.17
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
MARYLAND TAX-FREE BOND FUND—I CLASS	SAXON & CO	5.53
	PO BOX 94597
	CLEVELAND OH 44101-4597

113

FUND	SHAREHOLDER	%
MARYLAND TAX-FREE MONEY FUND	LPL FINANCIAL	5.06
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	RBC CAPITAL MARKETS LLC	7.02
	MUTUAL FUND OMNIBUS PROCESSING
	ATTN MUTUAL FUND OPS MANAGER
	250 NICOLLET MALL STE 1400
	MINNEAPOLIS MN 55401-1931
MARYLAND TAX-FREE MONEY FUND—I CLASS	ARNOLD SAGNER AGENT POA	7.34
	MONICA SAGNER REVOCABLE TRUST
	BARBARA T TICE T O D	7.73
	MARY JOHN MILLER	14.06
	JAMES D MILLER JT TEN
MORTGAGE-BACKED SECURITIES MULTI-SECTOR	ALLEN & COMPANY	9.03
ACCOUNT PORTFOLIO
	BALTIMORE EQUITABLE SOCIETY	9.19
	GENERAL DYNAMICS CORP 401K	43.98(a)
	PLAN MASTER TRUST CP
	ILLINOIS STUDENT ASSISTANCE	12.46
	COMMISSION
	ATTN ROGER ROJAS
	XCEL ENERGY INC.	25.33(a)
	ATTN GREG ZICK
NEW JERSEY TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	6.29
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	40.44(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
NEW JERSEY TAX-FREE BOND FUND—I CLASS	SAXON & CO	9.44

114

FUND	SHAREHOLDER	%
NEW YORK TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	7.65
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	MLPF&S FOR THE SOLE BENEFIT OF	5.25
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	11.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	5.20
	OUR CUSTOMERS
NEW YORK TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	7.62
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
TAX-FREE HIGH YIELD FUND	BAND & CO C/O US BANK NA	6.81
	1555 N RIVERCENTER DR STE 302
	MILWAUKEE WI 53212-3958
	GOLDMAN SACHS & CO	26.27(a)
	C/O MUTUAL FUNDS OPS
	222 S MAIN ST
	SALT LAKE CITY UT 84101-2199
	NATIONAL FINANCIAL SERVICES	13.17
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	7.04
TAX-FREE HIGH YIELD FUND—ADVISOR CLASS	LPL FINANCIAL	6.51
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	51.41(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	23.62
	RAYMOND JAMES	5.09
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	880 CARILLON PKWY
	ST PETERSBURG FL 33716-1100

115

FUND	SHAREHOLDER	%
TAX-FREE HIGH YIELD FUND—I CLASS	CHARLES SCHWAB & CO INC	6.91
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EDWARD D JONES & CO	22.24
	FOR THE BENEFIT OF CUSTOMERS
	12555 MANCHESTER RD
	SAINT LOUIS MO 63131-3729
TAX-FREE INCOME FUND	CHARLES SCHWAB & CO INC	6.02
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	8.05
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	11.11
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	RAYMOND JAMES	7.18
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	TD AMERITRADE INC FBO	5.06
	OUR CUSTOMERS
TAX-FREE INCOME FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	21.09
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	57.84(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	6.95
	OUR CUSTOMERS

116

FUND	SHAREHOLDER	%
TAX-FREE INCOME FUND—I CLASS	J.P. MORGAN SECURITIES LLC	6.12
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	4 CHASE METROTECH CTR
	BROOKLYN NY 11245-0003
	NATIONAL FINANCIAL SERVICES	7.50
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	SEI PRIVATE TRUST COMPANY	20.38
	C/O M&T BANK
	ATTN MUTUAL FUND ADMINISTRATOR
TAX-FREE SHORT-INTERMEDIATE FUND	CHARLES SCHWAB & CO INC	8.24
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	10.09
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.04
	TD AMERITRADE INC FBO	6.51
	OUR CUSTOMERS
	WELLS FARGO CLEARING SERVICES LLC	33.01(a)
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
	2801 MARKET ST
	SAINT LOUIS MO 63103-2523
TAX-FREE SHORT-INTERMEDIATE FUND—ADVISOR	CITBANCO A PARTNERSHIP	38.03(a)
CLASS	529 LAKE AVENUE
	PO BOX 1227
	STORM LAKE IA 50588-1227
	MORGAN STANLEY SMITH BARNEY LLC	8.37
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	32.32(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	18.91

117

FUND	SHAREHOLDER	%
TAX-FREE SHORT-INTERMEDIATE FUND—I CLASS	CHARLES SCHWAB & CO INC	9.62
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	CHARLES SCHWAB & CO INC	6.76
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	EDWARD D JONES & CO	12.63
	FOR THE BENEFIT OF CUSTOMERS
	TD AMERITRADE INC FBO	11.80
	OUR CUSTOMERS
VIRGINIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	11.07
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	24.30
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.96
	RAYMOND JAMES	6.01
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	TD AMERITRADE INC FBO	6.10
	OUR CUSTOMERS
VIRGINIA TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	10.02
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS

(a)

At the level of ownership indicated, the shareholder may be able to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote.

(b)

T. Rowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares owned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception that provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership indicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders for vote.

5/31 Fiscal Year Funds

FUND	SHAREHOLDER	%
CORPORATE INCOME FUND—I CLASS	T ROWE PRICE RPS INC	5.96
	FBO TRP PLAN
	T ROWE PRICE CORP INCOME I
	PO BOX 17215
	BALTIMORE MD 21297-1215

118

FUND	SHAREHOLDER	%
CORPORATE INCOME FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
CREDIT OPPORTUNITIES FUND	CHARLES SCHWAB & CO INC	25.25(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	9.26
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	8.29
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
CREDIT OPPORTUNITIES FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	31.02(b)
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	PERSHING LLC	65.60(b)
CREDIT OPPORTUNITIES FUND—I CLASS	CHARLES SCHWAB & CO INC	20.65
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE ASSOCIATES	29.59(c)
	ATTN FINANCIAL REPORTING DEPT

119

FUND	SHAREHOLDER	%
FLOATING RATE FUND	CHARLES SCHWAB & CO INC	7.35
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	LPL FINANCIAL	9.95
	ATTN MUTUAL FUND TRADING
	MLPF&S FOR THE SOLE BENEFIT OF	6.32
	ITS CUSTOMERS
	MORGAN STANLEY SMITH BARNEY LLC	7.93
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	18.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.84
	UBS WM USA	8.96
	SPEC CDY A/C EXL BEN CUSTOMERS
	OF UBSFI
	1000 HARBOR BLVD
	WEEHAWKEN NJ 07086-6761
	WELLS FARGO CLEARING SERVICES LLC	11.04
	EXCLUSIVE BENEFIT OF CUSTOMERS
FLOATING RATE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	8.72
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	40.55(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	7.03
	TD AMERITRADE INC FBO	31.50(b)
	OUR CUSTOMERS

120

FUND	SHAREHOLDER	%
FLOATING RATE FUND—I CLASS	CHARLES SCHWAB & CO INC	33.74(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	8.69
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	7.06
	T ROWE PRICE ASSOCIATES	8.12
	ATTN FINANCIAL REPORTING DEPT
	TD AMERITRADE INC FBO	7.45
	OUR CUSTOMERS
FLOATING RATE FUND—Z CLASS	RETIREMENT I 2020 FUND	5.14
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	100 E PRATT ST
	BALTIMORE MD 21202-1009
	RETIREMENT I 2025 FUND	6.45
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2030 FUND	6.44
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	10.46
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	9.96
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.86
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	26.51(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

121

FUND	SHAREHOLDER	%
GLOBAL MULTI-SECTOR BOND FUND	CHARLES SCHWAB & CO INC	8.78
	ATTN MUTUAL FUND DEPT
	LPL FINANCIAL	7.98
	ATTN MUTUAL FUND TRADING
	MORGAN STANLEY SMITH BARNEY LLC	9.11
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	12.81
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	8.23
	RAYMOND JAMES	6.50
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	TD AMERITRADE INC FBO	5.64
	OUR CUSTOMERS
GLOBAL MULTI-SECTOR BOND FUND—ADVISOR	CHARLES SCHWAB & CO INC	5.53
CLASS	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	58.91(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
GLOBAL MULTI-SECTOR BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	19.14
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	9.25
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	14.24
GNMA FUND	CHARLES SCHWAB & CO INC	5.60
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
GNMA FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
GOVERNMENT MONEY FUND	T ROWE PRICE ASSOCIATES	9.85
	ATTN FINANCIAL REPORTING DEPT

122

FUND	SHAREHOLDER	%
HIGH YIELD FUND	CHARLES SCHWAB & CO INC	7.05
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	8.57
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
HIGH YIELD FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	7.12
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	MORGAN STANLEY SMITH BARNEY LLC	5.16
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	52.75(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	VOYA INSTITUTIONAL TRUST COMPANY	5.79
	1 ORANGE WAY B3N
	WINDSOR CT 06095-4774
HIGH YIELD FUND—I CLASS	EDWARD D JONES & CO	49.29(b)
	FOR THE BENEFIT OF CUSTOMERS
	FUBON LIFE INSURANCE CO	6.73
	LTD-FIXED INCOME
	14F., NO.108, SEC.1, DUN HUA S. RD.
	TAIPEI, 105

123

FUND	SHAREHOLDER	%
HIGH YIELD FUND—Z CLASS	RETIREMENT I 2020 FUND	5.13
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2025 FUND	6.22
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2030 FUND	6.06
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	10.42
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	9.64
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.23
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	28.70(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
INFLATION PROTECTED BOND FUND	NATIONAL FINANCIAL SERVICES	22.55
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	5.74
	OMNIBUS ACCOUNT
	INFLATION PROTECTED BOND
INFLATION PROTECTED BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	6.11
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	5.41
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
INFLATION PROTECTED BOND FUND—Z CLASS	T ROWE PRICE ASSOCIATES	100.00(c)
	ATTN FINANCIAL REPORTING DEPT

124

FUND	SHAREHOLDER	%
INSTITUTIONAL FLOATING RATE FUND	CHARLES SCHWAB & CO INC	11.83
	ATTN MUTUAL FUND DEPT
	NATIONAL FINANCIAL SERVICES	20.16
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	SEAMILE & CO	19.73
	ATTN CAPITAL APPREC FUND
	100 E PRATT ST
	BALTIMORE MD 21202-1009
	WELLS FARGO BANK NA FBO	8.11
	PO BOX 1533
	MINNEAPOLIS MN 55480-1533
INSTITUTIONAL FLOATING RATE FUND—Z CLASS	TUNA AND COMPANY	100.00(b)
	C/O T ROWE PRICE ASSOCIATES INC
	ATTNNEW INCOME FUND
INSTITUTIONAL HIGH YIELD FUND	BREAD & CO	12.57
	C/O T ROWE PRICE ASSOC
	ATTN BALANCED FUND
	100 EAST PRATT ST
	BALTIMORE MD 21202-1009
	FACTORY MUTUAL INSURANCE CO	9.78
	270 CENTRAL AVE
	JOHNSTON RI 02919-4923
	GOLDMAN SACHS & CO	7.67
	EXCLUSIVE BENEFIT OF CUSTOMERS
	85 BROAD ST
	NEW YORK NY 10004-2434
	LADYBIRD & CO	5.54
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY INCOME FD
	100 EAST PRATT ST
	BALTIMORE MD 21202-1009
	NATIONAL FINANCIAL SERVICES	21.19
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

125

FUND	SHAREHOLDER	%
INSTITUTIONAL LONG DURATION CREDIT FUND	BAND & CO C/O US BANK NA	19.01
	CHARLES SCHWAB & CO INC	58.78(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	CHILDRENS HOME SOCIETY OF NJ	15.91
	PENSION FUND
	C/O BRUNO CELLUCCI
	635 SOUTH CLINTON AVENUE
	TRENTON NJ 08611-1831
LIMITED DURATION INFLATION FOCUSED BOND FUND	CHARLES SCHWAB & CO INC	14.17
	ATTN MUTUAL FUND DEPT
	LPL FINANCIAL	8.64
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	8.91
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	20.36
LIMITED DURATION INFLATION FOCUSED BOND FUND—	PERSHING LLC	5.74
I CLASS
	T ROWE PRICE SERVICES INC FBO	28.24(b)
	EDUCATION TRUST OF ALASKA
	ENROLLMENT PORTFOLIO
	100 E PRATT ST
	BALTIMORE MD 21202-1009
	T ROWE PRICE SERVICES INC FBO	42.09(b)
	EDUCATION TRUST OF ALASKA
	PORTFOLIO 2021-2024
	ATTN DAWN WAGNER FIXED INCOME
	T ROWE PRICE SERVICES INC FBO	5.63
	EDUCATION TRUST OF ALASKA
	PORTFOLIO 2025-2028
	ATTN DAWN WAGNER FIXED INCOME

126

FUND	SHAREHOLDER	%
LIMITED DURATION INFLATION FOCUSED BOND FUND—	RETIREMENT I 2020 FUND	9.03
Z CLASS	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2025 FUND	9.28
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT INCOME PORTFOLIO	5.34
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2010	6.39
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2015	8.37
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	18.36
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	14.38
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	6.84
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
NEW INCOME FUND	NATIONAL FINANCIAL SERVICES	5.91
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.60
	T ROWE PRICE TRUST CO INC	8.58
	ATTN TRPS INST CONTROL DEPT
	P O BOX 17215
	BALTIMORE MD 21297-1215

127

FUND	SHAREHOLDER	%
NEW INCOME FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	8.40
	EMPLOYEE BENEFITS CLIENTS 401K
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002
	MORGAN STANLEY SMITH BARNEY LLC	8.82
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	6.08
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	15.28
	STATE STREET BANK AND TRUST AS	5.29
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	1 LINCOLN ST
	BOSTON MA 02111-2901
	VANTAGEPOINT ROTH IRA	5.26
	C/O MISSIONSQUARE RETIREMENT
	777 NORTH CAPITOL STREET NE
	WASHINGTON DC 20002-4239
	VANTAGEPOINT TRADITIONAL IRA	22.72
	C/O MISSIONSQUARE RETIREMENT
NEW INCOME FUND—I CLASS	EDUCATION TRUST OF ALASKA	7.71
	PORTFOLIO 2024
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME
	EDWARD D JONES & CO	6.33
	FOR THE BENEFIT OF CUSTOMERS
	PERSHING LLC	10.20
	T ROWE PRICE SERVICES INC FBO	9.63
	EDUCATION TRUST OF ALASKA
	PORTFOLIO FOR EDUCATION TODAY

128

FUND	SHAREHOLDER	%
NEW INCOME FUND—R CLASS	DCGT AS TTEE AND/OR CUST	10.72
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	711 HIGH ST
	DES MOINES IA 50392-0001
	MATRIX TRUST COMPANY CUST. FBO	12.30
	FAMILY HOME OFFICE LLC 401(K) PLAN
	717 17TH ST STE 1300
	DENVER CO 80202-3304
	NATIONWIDE TRUST CO FSB	13.99
	C/O IPO PORTFOLIO ACCTG
	PO BOX 182029
	COLUMBUS OH 43218-2029
	STATE STREET BANK AND TRUST AS	50.85(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

129

FUND	SHAREHOLDER	%
NEW INCOME FUND—Z CLASS	RETIREMENT I 2020 FUND	5.76
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2025 FUND	7.64
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2030 FUND	8.50
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	11.86
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	11.92
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	13.09
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	5.59
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	6.77
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
RETIREMENT 2005 FUND	NATIONAL FINANCIAL SERVICES	8.55
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	6.24
	RETIREMENT

130

FUND	SHAREHOLDER	%
RETIREMENT 2005 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	13.07
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	RUSS LENNON
	RELIANCE TRUST COMPANY FBO	7.74
	RETIREMENT PLANS SERVICED BY METLIFE
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002
	VANTAGEPOINT ROTH IRA	5.75
	C/O MISSIONSQUARE RETIREMENT
	VANTAGEPOINT TRADITIONAL IRA	34.98(b)
	C/O MISSIONSQUARE RETIREMENT
RETIREMENT 2005 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	8.26
	500 PLAZA DR FL 7
	SECAUCUS NJ 07094-3619
	STATE STREET BANK AND TRUST AS	54.30(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	16.28
RETIREMENT 2010 FUND	NATIONAL FINANCIAL SERVICES	8.10
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

131

FUND	SHAREHOLDER	%
RETIREMENT 2010 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	10.25
	EMPOWER BENEFIT PLANS
	LINCOLN FINANCIAL GROUP TRUST CO	6.61
	FBO ROLLOVER IRA PLANS
	1 GRANITE PL
	CONCORD NH 03301-3258
	NATIONAL FINANCIAL SERVICES	7.43
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	5.59
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS
	211 N BROADWAY STE 1000
	SAINT LOUIS MO 63102-2748
	VANTAGEPOINT TRADITIONAL IRA	5.85
	C/O MISSIONSQUARE RETIREMENT
RETIREMENT 2010 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	5.09
	STATE STREET BANK AND TRUST AS	50.77(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2015 FUND	NATIONAL FINANCIAL SERVICES	8.90
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	6.35
	RETIREMENT
RETIREMENT 2015 FUND—ADVISOR CLASS	LINCOLN FINANCIAL GROUP TRUST CO	8.20
	FBO ROLLOVER IRA PLANS
	NATIONAL FINANCIAL SERVICES	18.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	RUSS LENNON
	VALIC SEPARATE ACCOUNT A	7.51
	2727-A ALLEN PKWY 4 D-1
	HOUSTON TX 77019-2107
	VANTAGEPOINT TRADITIONAL IRA	7.45
	C/O MISSIONSQUARE RETIREMENT

132

FUND	SHAREHOLDER	%
RETIREMENT 2015 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	8.80
	STATE STREET BANK AND TRUST AS	48.26(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	8.08
RETIREMENT 2020 FUND	NATIONAL FINANCIAL SERVICES	13.53
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	9.72
	OMNIBUS ACCOUNT
	RETIREMENT 2020
RETIREMENT 2020 FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.27
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EMPOWER TRUST COMPANY LLC	5.44
	EMPOWER BENEFIT PLANS
	NATIONAL FINANCIAL SERVICES	13.67
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	5.14
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2020 FUND—R CLASS	STATE STREET BANK AND TRUST AS	51.72(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2025 FUND	NATIONAL FINANCIAL SERVICES	16.49
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	13.98
	RETIREMENT

133

FUND	SHAREHOLDER	%
RETIREMENT 2025 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	6.72
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	20.11
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	RUSS LENNON
	STATE STREET BANK AND TRUST AS	6.19
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VALIC SEPARATE ACCOUNT A	7.59
RETIREMENT 2025 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	9.04
	STATE STREET BANK AND TRUST AS	50.94(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	8.15
RETIREMENT 2030 FUND	NATIONAL FINANCIAL SERVICES	16.48
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	13.86
	OMNIBUS ACCOUNT
	RETIREMENT 2030
RETIREMENT 2030 FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.55
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EMPOWER TRUST COMPANY LLC	5.85
	EMPOWER BENEFIT PLANS
	EMPOWER TRUST COMPANY LLC	5.81
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	14.10
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	6.51
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

134

FUND	SHAREHOLDER	%
RETIREMENT 2030 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	5.98
	STATE STREET BANK AND TRUST AS	53.95(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2035 FUND	NATIONAL FINANCIAL SERVICES	17.03
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	14.79
	RETIREMENT
RETIREMENT 2035 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	5.93
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	21.15
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	RUSS LENNON
	STATE STREET BANK AND TRUST AS	6.15
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VALIC SEPARATE ACCOUNT A	7.47
RETIREMENT 2035 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	9.35
	STATE STREET BANK AND TRUST AS	53.82(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	6.62
RETIREMENT 2040 FUND	CHARLES SCHWAB & CO INC	5.31
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	17.06
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	13.49
	OMNIBUS ACCOUNT
	RETIREMENT 2040

135

FUND	SHAREHOLDER	%
RETIREMENT 2040 FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.16
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EMPOWER TRUST COMPANY LLC	5.12
	EMPLOYEE BENEFITS CLIENTS 401K
	EMPOWER TRUST COMPANY LLC	5.53
	EMPOWER BENEFIT PLANS
	NATIONAL FINANCIAL SERVICES	13.70
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	6.86
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VALIC SEPARATE ACCOUNT A	5.08
RETIREMENT 2040 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	5.77
	STATE STREET BANK AND TRUST AS	57.37(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2045 FUND	CHARLES SCHWAB & CO INC	5.12
	ATTN MUTUAL FUND DEPT
	NATIONAL FINANCIAL SERVICES	18.82
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	14.44
	RETIREMENT
RETIREMENT 2045 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	5.64
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	22.82
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	RUSS LENNON
	STATE STREET BANK AND TRUST AS	6.44
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VALIC SEPARATE ACCOUNT A	7.50

136

FUND	SHAREHOLDER	%
RETIREMENT 2045 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	9.03
	STATE STREET BANK AND TRUST AS	56.96(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	7.06
RETIREMENT 2050 FUND	CHARLES SCHWAB & CO INC	6.73
	ATTN MUTUAL FUND DEPT
	NATIONAL FINANCIAL SERVICES	22.14
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	13.99
	RETIREMENT
RETIREMENT 2050 FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.40
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EMPOWER TRUST COMPANY LLC	5.13
	EMPOWER BENEFIT PLANS
	NATIONAL FINANCIAL SERVICES	16.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	8.32
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VALIC SEPARATE ACCOUNT A	5.35
RETIREMENT 2050 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	6.25
	STATE STREET BANK AND TRUST AS	59.81(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2055 FUND	NATIONAL FINANCIAL SERVICES	20.99
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	14.59
	RETIREMENT

137

FUND	SHAREHOLDER	%
RETIREMENT 2055 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	7.04
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	26.84(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	RUSS LENNON
	STATE STREET BANK AND TRUST AS	8.23
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VALIC SEPARATE ACCOUNT A	5.43
RETIREMENT 2055 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	9.50
	STATE STREET BANK AND TRUST AS	61.53(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	5.39
RETIREMENT 2060 FUND	CHARLES SCHWAB & CO INC	5.52
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	20.20
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	16.29
	OMNIBUS ACCOUNT
	TRP RETIREMENT 2060
RETIREMENT 2060 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	13.68
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	6.77
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	STATE STREET BANK CUSTODIAN FBO ADP	5.03
	ACCESS LARGE MARKET 401K
	VALIC SEPARATE ACCOUNT A	10.32

138

FUND	SHAREHOLDER	%
RETIREMENT 2060 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	7.19
	STATE STREET BANK AND TRUST AS	58.57(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2065 FUND	DCGT AS TTEE AND/OR CUST	10.29
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	9.54
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	25.50(d)
	OMNIBUS ACCOUNT
	TRP RETIREMENT 2065 FUND - INV
RETIREMENT 2065 FUND—ADVISOR CLASS	AMERITAS LIFE INSURANCE CORP	15.07
	SEPARATE ACCOUNT G
	5900 O STREET
	LINCOLN NE 68510-2234
	DCGT AS TTEE AND/OR CUST	15.05
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	12.61
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	7.27
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	STATE STREET BANK CUSTODIAN FBO ADP	6.43
	ACCESS LARGE MARKET 401K
	VOYA RETIREMENT INS & ANNUITY CO	6.54

139

FUND	SHAREHOLDER	%
RETIREMENT 2065 FUND—R CLASS	AMERICAN UNITED LIFE	9.44
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS
	PO BOX 368
	INDIANAPOLIS IN 46206-0368
	DCGT AS TTEE AND/OR CUST	22.97
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	6.46
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	24.70
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	20.86
RETIREMENT BALANCED FUND	NATIONAL FINANCIAL SERVICES	8.70
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
RETIREMENT BALANCED FUND—ADVISOR CLASS	AMERITAS LIFE INSURANCE CORP	7.23
	SEPARATE ACCOUNT G
	CHARLES SCHWAB & CO INC	7.14
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LINCOLN FINANCIAL GROUP TRUST CO	8.37
	FBO ROLLOVER IRA PLANS
	NATIONAL FINANCIAL SERVICES	11.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	7.02
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

140

FUND	SHAREHOLDER	%
RETIREMENT BALANCED FUND—R CLASS	STATE STREET BANK AND TRUST AS	50.43(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	UMB BANK N/A	8.58
	FBO FIDUCIARY FOR VARIOUS
	RETIREMENT PROGRAMS
	1 SW SECURITY BENEFIT PL
	TOPEKA KS 66636-0001
RETIREMENT BALANCED I FUND—I CLASS	CHARLES SCHWAB & CO INC	7.71
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	11.91
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PIMS/PRUDENTIAL RETIREMENT	9.42
	AS NOMINEE FOR THE TTEE/CUST PL 701
	INTERMOUNTAIN IRONWORKERS
	PO BOX 30124
	SALT LAKE CTY UT 84130-0124

141

FUND	SHAREHOLDER	%
RETIREMENT BLEND 2005 FUND	SUE E NORWITZ TR	16.67
	IRREV TRUST OF STEVEN E NORWITZ
	T ROWE PRICE RPS INC	11.12
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2005
	T ROWE PRICE TRUST CO	5.89
	CUST FOR THE IRA OF
	ROBERT BORGE (DCD)
	KEITH BORGE (BENE)
	T ROWE PRICE TRUST CO	11.74
	CUST FOR THE IRA OF
	ROSALIE A JONES
	T ROWE PRICE TRUST CO	5.71
	CUST FOR THE ROLLOVER IRA OF
	MARK DERBY
	T ROWE PRICE TRUST CO	11.00
	CUST FOR THE ROLLOVER IRA OF
	PHILIP A. DE VITO
	T ROWE PRICE TRUST CO	20.61
	CUST FOR THE ROLLOVER IRA OF
	ROSE CAMPBELL
RETIREMENT BLEND 2005 FUND—I CLASS	T ROWE PRICE RPS INC	15.49
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2005 - I
	T ROWE PRICE TRUST CO	5.16
	CUST FOR THE ROLLOVER IRA OF
	CLAUDE F WALEDISCH
	T ROWE PRICE TRUST CO	6.36
	CUST FOR THE ROLLOVER IRA OF
	JOHN J RAUSER
	VOYA INSTITUTIONAL TRUST COMPANY	63.89(b)

142

FUND	SHAREHOLDER	%
RETIREMENT BLEND 2010 FUND	CHARLES RUSSELL	7.92
	KARLA K RUSSELL TRS
	CHARLES AND KARLA REV LIVING TRUST
	T ROWE PRICE RPS INC	62.90(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2010
	T ROWE PRICE TRUST CO	5.06
	CUST FOR THE ROLLOVER IRA OF
	ANDREW O CHAN
	T ROWE PRICE TRUST CO	5.07
	CUST FOR THE ROLLOVER IRA OF
	ARLENE M MCGLASSON
	T ROWE PRICE TRUST CO	6.40
	CUST FOR THE ROLLOVER IRA OF
	JANICE MORRIS
	T ROWE PRICE TRUST CO	5.79
	CUST FOR THE ROLLOVER IRA OF
	SHARON M CAMPING
RETIREMENT BLEND 2010 FUND—I CLASS	CHARLES SCHWAB & CO INC	27.32(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	ELEANOR BROWN T O D	8.85
	VOYA INSTITUTIONAL TRUST COMPANY	45.16(b)
RETIREMENT BLEND 2015 FUND	T ROWE PRICE RPS INC	49.99(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2015
	T ROWE PRICE TRUST CO	6.57
	CUST FOR THE ROLLOVER IRA OF
	RAMON MORENO
	T ROWE PRICE TRUST CO	6.44
	CUST FOR THE ROLLOVER IRA OF
	SIMON S. JACOBO
	T ROWE PRICE TRUST CO	6.38
	CUST FOR THE ROLLOVER IRA OF
	WILLIAM LUTZ

143

FUND	SHAREHOLDER	%
RETIREMENT BLEND 2015 FUND—I CLASS	CHARLES SCHWAB & CO INC	8.73
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	JESSICA N LEVIN	8.92
	RICHARD MANDY TRS
	STEVEN E NORWITZ 2009 IRREVOCABLE
	TRUST
	T ROWE PRICE TRUST CO	8.91
	CUST FOR THE ROLLOVER IRA OF
	DAVID J PAGE
	T ROWE PRICE TRUST CO	9.70
	CUST FOR THE ROLLOVER IRA OF
	DORIS E MARSH
	T ROWE PRICE TRUST CO	10.21
	CUST FOR THE ROLLOVER IRA OF
	LEE A KOZSEY
RETIREMENT BLEND 2020 FUND	T ROWE PRICE RPS INC	63.86(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2020
RETIREMENT BLEND 2020 FUND—I CLASS	CHARLES SCHWAB & CO INC	9.41
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE RPS INC	11.06
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2020 - I
RETIREMENT BLEND 2025 FUND	T ROWE PRICE RPS INC	70.53(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2025
RETIREMENT BLEND 2025 FUND—I CLASS	CHARLES SCHWAB & CO INC	14.97
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EUGENE WATER & ELECTRIC 457 DCP	5.36
	C/O ICMA RETIREMENT CORPORATION
	777 NORTH CAPITOL STREET, NE
	WASHINGTON DC 20002-4239
	T ROWE PRICE RPS INC	10.94
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2025 - I
	VOYA INSTITUTIONAL TRUST COMPANY	7.31

144

FUND	SHAREHOLDER	%
RETIREMENT BLEND 2030 FUND	T ROWE PRICE RPS INC	72.49(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2030
RETIREMENT BLEND 2030 FUND—I CLASS	CHARLES SCHWAB & CO INC	20.82
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE RPS INC	19.53
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2030 - I
RETIREMENT BLEND 2035 FUND	T ROWE PRICE RPS INC	78.73(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2035
RETIREMENT BLEND 2035 FUND—I CLASS	CHARLES SCHWAB & CO INC	18.05
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	HELENKA HOPKINS NOLAN T O D	5.03
	T ROWE PRICE RPS INC	24.79
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2035 - I
RETIREMENT BLEND 2040 FUND	T ROWE PRICE RPS INC	76.60(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2040
RETIREMENT BLEND 2040 FUND—I CLASS	CHARLES SCHWAB & CO INC	22.70
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE RPS INC	20.04
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2040 - I
RETIREMENT BLEND 2045 FUND	T ROWE PRICE RPS INC	69.72(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2045
RETIREMENT BLEND 2045 FUND—I CLASS	CHARLES SCHWAB & CO INC	27.27(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE RPS INC	24.67
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2045 - I
RETIREMENT BLEND 2050 FUND	T ROWE PRICE RPS INC	61.80(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2050

145

FUND	SHAREHOLDER	%
RETIREMENT BLEND 2050 FUND—I CLASS	CHARLES SCHWAB & CO INC	41.40(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE RPS INC	15.00
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2050 - I
RETIREMENT BLEND 2055 FUND	T ROWE PRICE RPS INC	63.16(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2055
RETIREMENT BLEND 2055 FUND—I CLASS	CHARLES SCHWAB & CO INC	38.32(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE RPS INC	15.66
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2055 - I
RETIREMENT BLEND 2060 FUND	T ROWE PRICE RPS INC	44.88(d)
	FBO RETIREMENT PLAN CLIENTS
	TRP RETIREMENT BLEND 2060
RETIREMENT BLEND 2060 FUND—I CLASS	CHARLES SCHWAB & CO INC	49.35(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE RPS INC	10.12
	OMNIBUS ACCOUNT
	TRP RETIREMENT BLEND 2060 - I
RETIREMENT BLEND 2065 FUND	T ROWE PRICE RPS INC	29.65(d)
	FBO RETIREMENT PLAN CLIENTS
	T. ROWE PRICE RETIREMENT BLEND 2065
RETIREMENT BLEND 2065 FUND—I CLASS	CHARLES SCHWAB & CO INC	28.70(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	INDIAN RIVER LAND TRUST	25.33(b)
	80 ROYAL PALM PT STE 301
	VERO BEACH FL 32960-4228
	T ROWE PRICE TRUST CO	13.92
	CUST FOR THE ROLLOVER IRA OF
	RUSSELL K KARASCH
	T ROWE PRICE TRUST CO	10.10
	CUST FOR THE ROTH IRA OF
	JOSEPH HUBER

146

FUND	SHAREHOLDER	%
RETIREMENT I 2005 FUND—I CLASS	NATIONAL FINANCIAL SERVICES	32.00(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	7.92
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS
RETIREMENT I 2010 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	7.03
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	21.78
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	6.61
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS
RETIREMENT I 2015 FUND—I CLASS	NATIONAL FINANCIAL SERVICES	27.78(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	7.41
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS
RETIREMENT I 2020 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	5.66
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	27.59(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

147

FUND	SHAREHOLDER	%
RETIREMENT I 2025 FUND—I CLASS	NATIONAL FINANCIAL SERVICES	34.14(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	5.02
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS
RETIREMENT I 2030 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	6.50
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	30.64(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
RETIREMENT I 2035 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	5.15
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	34.83(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	5.70
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS
RETIREMENT I 2040 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	6.98
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	31.08(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	5.49
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS

148

FUND	SHAREHOLDER	%
RETIREMENT I 2045 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	5.40
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	34.30(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TIAA, FSB CUST/TTEE FBO	5.90
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS
RETIREMENT I 2050 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	7.96
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	31.35(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
RETIREMENT I 2055 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	6.56
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	34.35(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
RETIREMENT I 2060 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	10.24
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	29.99(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

149

FUND	SHAREHOLDER	%
RETIREMENT I 2065 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	13.54
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	JOHN HANCOCK LIFE	7.47
	INSURANCE CO USA
	ATTN JHRPS TRADING OPS ST6
	200 BERKELEY STREET
	BOSTON MA 02116-5022
	NATIONAL FINANCIAL SERVICES	29.13(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
SHORT DURATION INCOME FUND	NATIONAL FINANCIAL SERVICES	5.86
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE ASSOCIATES	62.73(c)
	ATTN FINANCIAL REPORTING DEPT
SHORT DURATION INCOME FUND—I CLASS	T ROWE PRICE RPS INC	10.12
	FBO TRP PLAN
	TRP SHORT DURATION INCOME I
SHORT-TERM BOND FUND	NATIONAL FINANCIAL SERVICES	7.44
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE ASSOCIATES	15.01
	ATTN FINANCIAL REPORTING DEPT
	WELLS FARGO CLEARING SERVICES LLC	13.81
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS

150

FUND	SHAREHOLDER	%
SHORT-TERM BOND FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.88
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	16.23
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	12.64
	TD AMERITRADE INC FBO	25.29(b)
	OUR CUSTOMERS
	WELLS FARGO CLEARING SERVICES LLC	5.99
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
SHORT-TERM BOND FUND—I CLASS	EDWARD D JONES & CO	6.26
	FOR THE BENEFIT OF CUSTOMERS
	MARYLAND COLLEGE INVESTMENT PLAN	12.26
	PORTFOLIO 2024
	ATTN FUND ACCOUNTING
	100 E PRATT ST FL 7
	BALTIMORE MD 21202-1013
	NATIONAL FINANCIAL SERVICES	15.03
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE SERVICES INC FBO	16.80
	MARYLAND COLLEGE INVESTMENT PLAN
	PORTFOLIO FOR EDUCATION TODAY
SHORT-TERM BOND FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
SPECTRUM CONSERVATIVE ALLOCATION FUND	CHARLES SCHWAB & CO INC	6.05
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	12.54
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	5.24
	OUR CUSTOMERS

151

FUND	SHAREHOLDER	%
SPECTRUM CONSERVATIVE ALLOCATION FUND—	CHARLES SCHWAB & CO INC	5.11
I CLASS	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	19.61
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
SPECTRUM MODERATE ALLOCATION FUND	CHARLES SCHWAB & CO INC	6.54
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	13.50
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	5.18
	OUR CUSTOMERS
SPECTRUM MODERATE ALLOCATION FUND—I CLASS	CHARLES SCHWAB & CO INC	8.90
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	9.25
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
SPECTRUM MODERATE GROWTH ALLOCATION FUND	CHARLES SCHWAB & CO INC	6.75
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	15.79
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	8.12
	OUR CUSTOMERS
SPECTRUM MODERATE GROWTH ALLOCATION FUND—	CHARLES SCHWAB & CO INC	51.52(b)
I CLASS	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
TARGET 2005 FUND—ADVISOR CLASS	PERSHING LLC	26.82(b)
	T ROWE PRICE ASSOCIATES	73.18(c)
	ATTN FINANCIAL REPORTING DEPT

152

FUND	SHAREHOLDER	%
TARGET 2005 FUND—I CLASS	NATIONAL FINANCIAL SERVICES	28.47(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
TARGET 2010 FUND	NATIONAL FINANCIAL SERVICES	8.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	6.54
	TRP TARGET RET 2010
TARGET 2010 FUND—ADVISOR CLASS	MATRIX TRUST COMPANY AS AGENT FOR	38.08(b)
	BANCORPSOUTH FBO
	CAFFEY INC 401(K) PLAN
	2910 W JACKSON ST
	TUPELO MS 38801-6799
	NATIONAL FINANCIAL SERVICES	56.26(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	5.50
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
TARGET 2010 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	5.50
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	REBECCA L. BESSON	10.39
	STUART B COOPER TEN ENT
TARGET 2015 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	5.62
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	86.38(b)

153

FUND	SHAREHOLDER	%
TARGET 2020 FUND	FBO PLIC VARIOUS RETIREMENT PLANS	5.76
	ATTN NPIO TRADE DESK
	OMNIBUS
	711 HIGH STREET
	DES MOINES IA 50392-0001
	NATIONAL FINANCIAL SERVICES	6.77
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	11.60
	TRP TARGET RET 2020
TARGET 2020 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	66.52(b)
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	14.59
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	6.74
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
TARGET 2020 FUND—I CLASS	EMPOWER TRUST COMPANY LLC	5.23
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	17.44
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
TARGET 2025 FUND	CHARLES SCHWAB & CO INC	5.14
	ATTN MUTUAL FUND DEPT
	FBO PLIC VARIOUS RETIREMENT PLANS	11.04
	ATTN NPIO TRADE DESK
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	12.62
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	8.92
	TRP TARGET RET 2025

154

FUND	SHAREHOLDER	%
TARGET 2025 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	30.16(b)
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	21.26
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	41.41(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
TARGET 2025 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	6.31
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	5.53
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	23.32
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
TARGET 2030 FUND	CHARLES SCHWAB & CO INC	6.61
	ATTN MUTUAL FUND DEPT
	FBO PLIC VARIOUS RETIREMENT PLANS	9.04
	ATTN NPIO TRADE DESK
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	10.87
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	15.99
	TRP TARGET RET 2030

155

FUND	SHAREHOLDER	%
TARGET 2030 FUND—ADVISOR CLASS	FIIOC AS AGENT	11.24
	FBO NICCOLI BROS OIL INC
	PROFIT SHARING PLAN
	100 MAGELLAN WAY # KW1C
	COVINGTON KY 41015-1987
	NATIONAL FINANCIAL SERVICES	63.62(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	10.06
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
TARGET 2030 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	6.09
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	7.13
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	28.77(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
TARGET 2035 FUND	DCGT AS TTEE AND/OR CUST	10.99
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	15.45
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	14.69
	TRP TARGET RET 2035

156

FUND	SHAREHOLDER	%
TARGET 2035 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	6.55
	EMPLOYEE BENEFITS CLIENTS 401K
	FIIOC AS AGENT	9.77
	FBO RICHTON TIE AND TIMBER LLC
	MATRIX TRUST COMPANY AS AGENT FOR	8.97
	BANCORPSOUTH FBO
	CAFFEY INC 401(K) PLAN
	2910 W JACKSON ST
	TUPELO MS 38801-6799
	NATIONAL FINANCIAL SERVICES	29.53(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	38.91(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
TARGET 2035 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	6.89
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	7.20
	EMPLOYEE BENEFITS CLIENTS 401K
	JOHN HANCOCK TRUST COMPANY LLC	5.76
	NATIONAL FINANCIAL SERVICES	33.14(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	5.00
	OMNIBUS ACCOUNT
	TRP TARGET 2035-ICL

157

FUND	SHAREHOLDER	%
TARGET 2040 FUND	CHARLES SCHWAB & CO INC	6.86
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	DCGT AS TTEE AND/OR CUST	6.25
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	16.36
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	18.36
	TRP TARGET RET 2040
TARGET 2040 FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.21
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	39.67(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.99
	STATE STREET BANK AND TRUST AS	27.29(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	SKONA ADVERTISING, INC, 401K PLAN	6.19
	JENNY SAGSTROM-WARNES
	1081 DE HARO ST
	SAN FRANCISCO CA 94107-3208

158

FUND	SHAREHOLDER	%
TARGET 2040 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	8.52
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	8.94
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	32.74(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	5.70
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	T ROWE PRICE RPS INC	8.45
	OMNIBUS ACCOUNT
	TRP TARGET 2040-ICL
TARGET 2045 FUND	CHARLES SCHWAB & CO INC	5.07
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	DCGT AS TTEE AND/OR CUST	8.25
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	14.78
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	5.31
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	T ROWE PRICE RPS INC	12.54
	TRP TARGET RET 2045
TARGET 2045 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	31.24(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	50.32(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

159

FUND	SHAREHOLDER	%
TARGET 2045 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	5.63
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EDWARD C BERNARD TR	6.85
	THORNTON MILL IRREVOCABLE TRUST
	EMPOWER TRUST COMPANY LLC	6.91
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	33.17(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	6.15
	OMNIBUS ACCOUNT
	TRP TARGET 2045-ICL
TARGET 2050 FUND	CHARLES SCHWAB & CO INC	10.78
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	14.86
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	7.78
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	T ROWE PRICE RPS INC	12.01
	TRP TARGET RET 2050
TARGET 2050 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	36.66(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	50.85(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

160

FUND	SHAREHOLDER	%
TARGET 2050 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	6.93
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	8.11
	EMPLOYEE BENEFITS CLIENTS 401K
	EMPOWER TRUST COMPANY LLC	7.97
	MARY FREE BED REHABILITATION HOSP 4
	C/O FASCORE LLC
	NATIONAL FINANCIAL SERVICES	36.50(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	6.02
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	T ROWE PRICE RPS INC	7.38
	OMNIBUS ACCOUNT
	TRP TARGET 2050-ICL
TARGET 2055 FUND	CHARLES SCHWAB & CO INC	6.61
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	DCGT AS TTEE AND/OR CUST	5.71
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	18.57
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	14.60
	TRP TARGET RET 2055
TARGET 2055 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	38.34(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	48.41(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

161

FUND	SHAREHOLDER	%
TARGET 2055 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	7.82
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	5.08
	EMPLOYEE BENEFITS CLIENTS 401K
	EMPOWER TRUST COMPANY LLC	6.43
	MARY FREE BED REHABILITATION HOSP 4
	C/O FASCORE LLC
	JOHN HANCOCK TRUST COMPANY LLC	6.78
	NATIONAL FINANCIAL SERVICES	39.15(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	7.07
	OMNIBUS ACCOUNT
	401K PLAN X4CS
	TRP TARGET 2055
TARGET 2060 FUND	CHARLES SCHWAB & CO INC	9.10
	ATTN MUTUAL FUND DEPT
	FBO PLIC VARIOUS RETIREMENT PLANS	5.65
	ATTN NPIO TRADE DESK
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	23.22
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	6.95
	FBO ADP ACCESS PRODUCT
	T ROWE PRICE RPS INC	11.72
	TRP TARGET RETIREMENT 2060

162

FUND	SHAREHOLDER	%
TARGET 2060 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	12.59
	EMPLOYEE BENEFITS CLIENTS 401K
	MID ATLANTIC TRUST COMPANY FBO	5.49
	THE WOODSTOCK FOUNDATION, INC 403(B)
	1251 WATERFRONT PL STE 525
	PITTSBURGH PA 15222-4228
	NATIONAL FINANCIAL SERVICES	47.64(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	24.15
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
TARGET 2060 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	10.75
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	6.28
	EMPLOYEE BENEFITS CLIENTS 401K
	EMPOWER TRUST COMPANY LLC	8.75
	MARY FREE BED REHABILITATION HOSP 4
	C/O FASCORE LLC
	NATIONAL FINANCIAL SERVICES	30.71(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	8.27
	OMNIBUS ACCOUNT
	401K PLAN X4C8
	TRP TARGET 2060

163

FUND	SHAREHOLDER	%
TARGET 2065 FUND	CHARLES SCHWAB & CO INC	8.03
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	DCGT AS TTEE AND/OR CUST	11.51
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONAL FINANCIAL SERVICES	11.79
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	13.29
	OMNIBUS ACCOUNT
	TRP TARGET 2065 FUND - INV
	TD AMERITRADE INC FBO	8.33
	OUR CUSTOMERS
TARGET 2065 FUND—ADVISOR CLASS	T ROWE PRICE ASSOCIATES	85.78(c)
	ATTN FINANCIAL REPORTING DEPT
	VOYA RETIREMENT INS & ANNUITY CO	9.92
TARGET 2065 FUND—I CLASS	DCGT AS TTEE AND/OR CUST	17.14
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	HOWARD P COLHOUN TTEE	9.79
	HOWARD P COLHOUN REV TRUST
	NATIONAL FINANCIAL SERVICES	33.38(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO	6.00
	CUST FOR THE ROTH IRA OF
	JOSEPH HUBER

164

FUND	SHAREHOLDER	%
TOTAL RETURN FUND	CHARLES SCHWAB & CO INC	16.78
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	15.09
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	8.82
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	7.50
	OUR CUSTOMERS
TOTAL RETURN FUND—ADVISOR CLASS	PERSHING LLC	10.50
	RAYMOND JAMES	79.82(b)
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
TOTAL RETURN FUND—I CLASS	GOLDEY-BEACOM COLLEGE ENDOWMENTFUND	5.26
	ATTNKRISTINE M SANTOMAURO
	JEANETTE STUMP &	8.04
	JAMES CARNEY & HOWARD KLINE TRS
	SPECIAL METALS CORPORATION RETIREE
	BENEFIT TRUST
	60 BLVD OF THE ALLIES FL 5
	PITTSBURGH PA 15222-1209
	NATIONAL FINANCIAL SERVICES	21.67
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	SEI PRIVATE TRUST COMPANY	6.33
	C/O TRUST
	FBO THE CHURCH FOUNDATION

165

FUND	SHAREHOLDER	%
TREASURY RESERVE FUND	BARNACLESAIL	36.34(a)
	C/O T ROWE PRICE ASSOC
	ATTN MID CAP GROWTH FUND
	100 EAST PRATT ST
	BALTIMORE MD 21202-1009
	BRIDGESAIL & CO	15.73
	C/O T ROWE PRICE ASSOC
	ATTN SCIENCE & TECHNOLOGY FD
	100 EAST PRATT ST
	BALTIMORE MD 21202-1009
	T ROWE PRICE	12.13
	C/O T ROWE PRICE ASSOC
	ATTN RPS CASH GROUP
	4555 PAINTERS MILL ROAD
	OWINGS MILLS MD 21117-4903
U.S. HIGH YIELD FUND	LPL FINANCIAL	17.17
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MORGAN STANLEY SMITH BARNEY LLC	20.81
	FOR THE EXCLSIVE BENE OF ITS CUST
	PERSHING LLC	6.51
U.S. HIGH YIELD FUND—ADVISOR CLASS	MORGAN STANLEY SMITH BARNEY LLC	6.42
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	10.18
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	9.52
	RBC CAPITAL MARKETS LLC	23.60
	MUTUAL FUND OMNIBUS PROCESSING
	OMNIBUS
	ATTNMUTUAL FUND OPS MANAGER
	TD AMERITRADE INC FBO	35.13(b)
	OUR CUSTOMERS
U.S. HIGH YIELD FUND—I CLASS	NATIONAL FINANCIAL SERVICES	10.25
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	10.81

166

FUND	SHAREHOLDER	%
U.S. LIMITED DURATION TIPS INDEX FUND	CHARLES SCHWAB & CO INC	18.63
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	PERSHING LLC	8.50
U.S. LIMITED DURATION TIPS INDEX FUND—I CLASS	EDUCATION TRUST OF ALASKA	12.60
	PORTFOLIO 2024
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME
	MARYLAND COLLEGE INVESTMENT PLAN	24.92
	PORTFOLIO 2024
	ATTN FUND ACCOUNTING
	T ROWE PRICE SERVICES INC FBO	17.48
	EDUCATION TRUST OF ALASKA
	PORTFOLIO FOR EDUCATION TODAY
	T ROWE PRICE SERVICES INC FBO	34.87(b)
	MARYLAND COLLEGE INVESTMENT PLAN
	PORTFOLIO FOR EDUCATION TODAY
U.S. LIMITED DURATION TIPS INDEX FUND—Z CLASS	RETIREMENT BLEND 2005 FUND	6.68
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2015 FUND	10.70
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2020 FUND	32.98(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2025 FUND	33.38(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2030 FUND	11.56
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
U.S. TREASURY INTERMEDIATE INDEX FUND	LPL FINANCIAL	29.04(b)
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MLPF&S FOR THE SOLE BENEFIT OF	37.82(b)
	ITS CUSTOMERS

167

FUND	SHAREHOLDER	%
U.S. TREASURY INTERMEDIATE INDEX FUND—I CLASS	CHARLES SCHWAB & CO INC	5.93
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
U.S. TREASURY INTERMEDIATE INDEX FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
U.S. TREASURY LONG-TERM INDEX FUND	CHARLES SCHWAB & CO INC	7.30
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	19.34
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	9.88
U.S. TREASURY LONG-TERM INDEX FUND—I CLASS	LADYBIRD & CO	13.33
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY INCOME FD
	LADYBUG & CO	18.41
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD
	100 EAST PRATT ST
	BALTIMORE MD 21202-1009
	LAKESIDE & CO	20.11
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY GROWTH FUND
	100 EAST PRATT ST
	BALTIMORE MD 21202-1009
	MARIL & CO FBO JD	5.27
	C/O RELIANCE TRUST COMPANY WI
	MAILCODE BD1N - ATTN MF
	PERSHING LLC	7.49

168

FUND	SHAREHOLDER	%
U.S. TREASURY LONG-TERM INDEX FUND—Z CLASS	RETIREMENT I 2025 FUND	6.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2030 FUND	9.32
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.85
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	8.82
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	10.30
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	14.31
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.82
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	7.30
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
U.S. TREASURY MONEY FUND—I CLASS	EDWARD D JONES & CO	29.88(b)
	FOR THE BENEFIT OF CUSTOMERS
	MARYLAND COLLEGE INVESTMENT PLAN	6.43
	US TREASURY MONEY MARKET
	ATTN FUND ACCOUNTING

169

FUND	SHAREHOLDER	%
U.S. TREASURY MONEY FUND—Z CLASS	RETIREMENT I 2030 FUND	6.04
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	5.09
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	7.52
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	7.00
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	6.99
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.61
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	6.74
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
ULTRA SHORT-TERM BOND FUND	CHARLES SCHWAB & CO INC	17.83
	ATTN MUTUAL FUND DEPT
	LPL FINANCIAL	9.56
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	34.73(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	6.30
	OUR CUSTOMERS
	UBS WM USA	9.18
	SPEC CDY A/C EXL BEN CUSTOMERS
	OF UBSFI

170

FUND	SHAREHOLDER	%
ULTRA SHORT-TERM BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	23.95
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	5.33
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
ULTRA SHORT-TERM BOND FUND—Z CLASS	T ROWE PRICE ASSOCIATES	100.00(c)
	ATTN FINANCIAL REPORTING DEPT

(a)	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.
(b)	At the level of ownership indicated, the shareholder may be able to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote.
(c)	T. Rowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares owned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception that provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership indicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders for vote.
(d)	T. Rowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is not the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and are normally voted by various retirement plans and retirement plan participants.

10/31 Fiscal Year Funds

FUND	SHAREHOLDER	%
AFRICA & MIDDLE EAST FUND	CHARLES SCHWAB & CO INC	5.63
	ATTN MUTUAL FUND DEPT
	NATIONAL FINANCIAL SERVICES	6.89
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
AFRICA & MIDDLE EAST FUND—I CLASS	T ROWE PRICE RPS INC	19.42
	FBO TRP PLAN
	TRP AFRICA & MIDDLE EAST I
	TD AMERITRADE INC FBO	5.83
	OUR CUSTOMERS
AFRICA & MIDDLE EAST FUND—Z CLASS	SPECTRUM INTERNATIONAL EQUITY FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

171

FUND	SHAREHOLDER	%
ASIA OPPORTUNITIES FUND	CHARLES SCHWAB & CO INC	7.38
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	14.79
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.96
ASIA OPPORTUNITIES FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	49.95(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	18.28
	VANTAGEPOINT ROTH IRA	5.06
	C/O MISSIONSQUARE RETIREMENT
	WELLS FARGO CLEARING SERVICES LLC	19.37
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
ASIA OPPORTUNITIES FUND—I CLASS	CHARLES SCHWAB & CO INC	25.23(b)
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	8.94
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE ASSOCIATES	13.28
	ATTN FINANCIAL REPORTING DEPT
CHINA EVOLUTION EQUITY FUND	CHARLES SCHWAB & CO INC	7.25
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	5.47
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	WENLI ZHENG	6.62

172

FUND	SHAREHOLDER	%
CHINA EVOLUTION EQUITY FUND—I CLASS	CHARLES SCHWAB & CO INC	17.15
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE ASSOCIATES	18.70
	ATTN FINANCIAL REPORTING DEPT
	T ROWE PRICE RPS INC	13.41
	FBO TRP PLAN
	TRP CHINA EVOLUTION EQUITY I
	WENLI ZHENG	8.23
EMERGING EUROPE FUND	NATIONAL FINANCIAL SERVICES	6.83
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.17
	T ROWE PRICE RPS INC	5.19
	OMNIBUS PLAN
	NEW BUSINESS-CONV ASSTS
EMERGING EUROPE FUND—I CLASS	CHRISTOPHER HADDAD	9.61
	LYNN HADDAD JT TEN
	KATHRYN A FOLEY T O D	6.67
	KEVIN M STEPHENSON	5.58
	KAREN S STEPHENSON JT TEN
	T ROWE PRICE RPS INC	16.24
	FBO TRP PLAN
	TRP EMERGING EUROPE I
	T ROWE PRICE TRUST CO	5.65
	CUST FOR THE ROLLOVER IRA OF
	DAVY SHIAN
EMERGING EUROPE FUND—Z CLASS	SPECTRUM INTERNATIONAL EQUITY FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

173

FUND	SHAREHOLDER	%
EMERGING MARKETS DISCOVERY STOCK FUND	LPL FINANCIAL	8.48
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MORGAN STANLEY SMITH BARNEY LLC	7.99
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	10.41
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	VANGUARD BROKERAGE SERVICES	10.83
EMERGING MARKETS DISCOVERY STOCK FUND—	CHARLES SCHWAB & CO INC	16.43
ADVISOR CLASS	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	MATRIX TRUST COMPANY AS AGENT FOR	20.79
	ADVISOR TRUST, INC.
	CRESTWOOD SD (PA) 403(B)
	PERSHING LLC	60.51(b)
EMERGING MARKETS DISCOVERY STOCK FUND—	CHARLES SCHWAB & CO INC	5.76
I CLASS	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	LINCOLN INVESTMENT PLANNING, LLC	13.62
	FBO LINCOLN CUSTOMERS
	601 OFFICE CENTER DR STE 300
	FORT WASHINGTON PA 19034-3275
	MARYLAND COLLEGE INVESTMENT PLAN	6.82
	EQUITY PORTFOLIO
	ATTN FUND ACCOUNTING
	MARYLAND COLLEGE INVESTMENT PLAN	5.01
	PORTFOLIO 2027
	ATTN FUND ACCOUNTING
	MARYLAND COLLEGE INVESTMENT PLAN	5.13
	PORTFOLIO 2030
	ATTN FUND ACCOUNTING
	NATIONAL FINANCIAL SERVICES	7.04
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

174

FUND	SHAREHOLDER	%
EMERGING MARKETS DISCOVERY STOCK FUND—	RETIREMENT I 2030 FUND	6.30
Z CLASS	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.52
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.65
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.00
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.92
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.98
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.22
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.65
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.06
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

175

FUND	SHAREHOLDER	%
EMERGING MARKETS STOCK FUND	CHARLES SCHWAB & CO INC	8.45
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	MLPF&S FOR THE SOLE BENEFIT OF	5.62
	ITS CUSTOMERS
	JACKSONVILLE FL 32246-6484
	NATIONAL FINANCIAL SERVICES	9.41
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	19.73
EMERGING MARKETS STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC	6.30
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	27.74(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	7.16
	OUR CUSTOMERS

176

FUND	SHAREHOLDER	%
EMERGING MARKETS STOCK FUND—Z CLASS	RETIREMENT I 2030 FUND	6.17
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.32
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.38
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.88
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.83
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.46
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.15
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.64
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.03
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
EUROPEAN STOCK FUND	CHARLES SCHWAB & CO INC	12.73
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	10.41
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
EUROPEAN STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC	8.77
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS

177

FUND	SHAREHOLDER	%
EUROPEAN STOCK FUND—Z CLASS	SPECTRUM INTERNATIONAL EQUITY FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
GLOBAL ALLOCATION FUND	LPL FINANCIAL	16.77
	ATTN MUTUAL FUND TRADING
	MORGAN STANLEY SMITH BARNEY LLC	6.54
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	10.55
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.24
	T ROWE PRICE ASSOCIATES	28.26(c)
	ATTN FINANCIAL REPORTING DEPT
	UBS WM USA	5.14
	SPEC CDY A/C EXL BEN CUSTOMERS
	OF UBSFI
GLOBAL ALLOCATION FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	6.99
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	MLPF&S FOR THE SOLE BENEFIT OF	6.17
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	51.12(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	13.58

178

FUND	SHAREHOLDER	%
GLOBAL ALLOCATION FUND—I CLASS	CHARLES SCHWAB & CO INC	25.87(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	CHARLES SCHWAB & CO INC	8.37
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	12.26
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	6.17
	OUR CUSTOMERS
GLOBAL GROWTH STOCK FUND	CHARLES SCHWAB & CO INC	6.39
	ATTN MUTUAL FUND DEPT
	MLPF&S FOR THE SOLE BENEFIT OF	13.16
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	16.52
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.51
GLOBAL GROWTH STOCK FUND—ADVISOR CLASS	ASCENSUS TRUST COMPANY FBO	10.41
	FARMINGTON ACUTE CARE EMERGENCY SPE
	PO BOX 10758
	FARGO ND 58106-0758
	NATIONAL FINANCIAL SERVICES	53.74(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	15.36

179

FUND	SHAREHOLDER	%
GLOBAL GROWTH STOCK FUND—I CLASS	CTC FBO	14.40
	TEXAS TUITION PROMISE FUND 529
	17605 WRIGHT STREET SUITE #3
	OMAHA NE 68130-2033
	NATIONAL FINANCIAL SERVICES	32.72(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	WASHINGTON SUBURBAN SANITARY	5.22
	COMMISSION RETIREE OTHER POST
	EMPLOYMENT BENEFIT TRUST
	14501 SWEITZER LN
	LAUREL MD 20707-5901
GLOBAL STOCK FUND	CHARLES SCHWAB & CO INC	5.20
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	9.41
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MORGAN STANLEY SMITH BARNEY LLC	8.89
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	24.23
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	15.38
GLOBAL STOCK FUND—ADVISOR CLASS	MORGAN STANLEY SMITH BARNEY LLC	5.37
	FOR THE EXCLSIVE BENE OF ITS CUST
	UMB BANK N/A	68.92(b)
	FBO FIDUCIARY FOR VARIOUS
	RETIREMENT PROGRAMS

180

FUND	SHAREHOLDER	%
GLOBAL STOCK FUND—I CLASS	AFFILIATED FM INSURANCE CO.	6.14
	CHARLES SCHWAB & CO INC	10.78
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EDWARD D JONES & CO	14.70
	FOR THE BENEFIT OF CUSTOMERS
	FACTORY MUTUAL INSURANCE CO	11.77
	NATIONAL FINANCIAL SERVICES	11.82
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	7.65
	OUR CUSTOMERS
INSTITUTIONAL EMERGING MARKETS EQUITY FUND	GOLDMAN SACHS & CO	19.94
	EXCLUSIVE BENEFIT OF CUSTOMERS
	LADYBIRD & CO	6.47
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY INCOME FD
	LADYBUG & CO	10.05
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD
	LAKESIDE & CO	20.09
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY GROWTH FUND
	NATIONAL FINANCIAL SERVICES	9.41
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	WELLS FARGO BANK NA FBO	11.18
	OMNIBUS ACCOUNT CASH/CASH

181

FUND	SHAREHOLDER	%
INSTITUTIONAL INTERNATIONAL DISCIPLINED	CHARLES SCHWAB & CO INC	17.81
EQUITY FUND	ATTN MUTUAL FUND DEPT
	COLUMBIA TRUST PARTNERS	6.59
	PO BOX 1012
	SALEM OR 97308-1012
	J.P. MORGAN SECURITIES LLC	5.70
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	NATIONAL FINANCIAL SERVICES	51.94(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
INTERNATIONAL DISCIPLINED EQUITY FUND	CHARLES SCHWAB & CO INC	36.97(b)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	27.83(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	RAYMOND JAMES	14.58
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
INTERNATIONAL DISCIPLINED EQUITY FUND—	EMPOWER TRUST COMPANY LLC	6.41
ADVISOR CLASS	EMPLOYEE BENEFITS CLIENTS 401K
	FIIOC AS AGENT	22.67
	FBO DENTAL ASSOCIATES OF WALPOLE
	401K PROFIT SHARING PLAN & TRUST
	FIIOC AS AGENT	17.53
	FBO PRO TOOL & SUPPLY, INC AND
	PRO EQUIPMENT RENTAL, INC 401K
	NATIONAL FINANCIAL SERVICES	42.51(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

182

FUND	SHAREHOLDER	%
INTERNATIONAL DISCIPLINED EQUITY FUND—I CLASS	CHARLES SCHWAB & CO INC	39.01(b)
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	MAC & CO	18.56
	ATTN MUTUAL FUND OPERATION
	NATIONAL FINANCIAL SERVICES	6.89
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	13.38
	TD AMERITRADE INC FBO	5.07
	OUR CUSTOMERS
INTERNATIONAL DISCOVERY FUND	CHARLES SCHWAB & CO INC	5.48
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	27.38(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	15.83
INTERNATIONAL DISCOVERY FUND—I CLASS	CHARLES SCHWAB & CO INC	7.97
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EDWARD D JONES & CO	21.38
	FOR THE BENEFIT OF CUSTOMERS
	NATIONAL FINANCIAL SERVICES	22.79
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
INTERNATIONAL DISCOVERY FUND—Z CLASS	SPECTRUM DIVERSIFIED EQUITY	55.22(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INTERNATIONAL EQUITY FUND	44.78(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

183

FUND	SHAREHOLDER	%
INTERNATIONAL EQUITY INDEX FUND	MARYLAND COLLEGE INVESTMENT PLAN	16.71
	GLOBAL EQUITY MARKET INDEX
	ATTN FUND ACCOUNTING
	NATIONAL FINANCIAL SERVICES	5.19
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
INTERNATIONAL EQUITY INDEX FUND—Z CLASS	RETIREMENT BLEND 2020 FUND	6.99
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2025 FUND	11.52
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2030 FUND	13.63
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2035 FUND	16.05
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2040 FUND	15.57
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2045 FUND	12.73
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2050 FUND	10.71
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2055 FUND	5.42
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

184

FUND	SHAREHOLDER	%
INTERNATIONAL STOCK FUND	CHARLES SCHWAB & CO INC	7.39
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	8.63
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	5.19
	ATTN TRPS INST CONTROL DEPT
INTERNATIONAL STOCK FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	15.79
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	30.65(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	WELLS FARGO CLEARING SERVICES LLC	5.80
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
INTERNATIONAL STOCK FUND—I CLASS	EDWARD D JONES & CO	57.75(b)
	FOR THE BENEFIT OF CUSTOMERS
INTERNATIONAL STOCK FUND—R CLASS	AMERICAN UNITED LIFE	18.80
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS
	AXA EQUITABLE FOR SA NO 65	8.65
	CAPITAL BANK & TRUST COMPANY TTEE	6.82
	C/O FASCORE LLC
	PATTCO LLC 401K
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002
	DCGT AS TTEE AND/OR CUST	29.88(b)
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

185

FUND	SHAREHOLDER	%
INTERNATIONAL STOCK FUND—Z CLASS	RETIREMENT I 2030 FUND	6.12
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.33
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.44
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.64
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.73
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.32
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	6.99
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.51
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
INTERNATIONAL VALUE EQUITY FUND	LPL FINANCIAL	12.90
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	14.05
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	RAYMOND JAMES	8.92
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	WELLS FARGO CLEARING SERVICES LLC	10.07
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS

186

FUND	SHAREHOLDER	%
INTERNATIONAL VALUE EQUITY FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	5.25
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	5.25
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	NATIONWIDE TRUST CO FSB	5.44
	FBO PARTICIPATING RETIREMENT PLANS
	C/O IPO PORTFOLIO ACCOUNTING
	STATE STREET BANK AND TRUST AS	57.28(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
INTERNATIONAL VALUE EQUITY FUND—I CLASS	MARYLAND COLLEGE INVESTMENT PLAN	6.34
	EQUITY PORTFOLIO
	ATTN FUND ACCOUNTING
	PERSHING LLC	6.15
	TD AMERITRADE INC FBO	18.63
	OUR CUSTOMERS
INTERNATIONAL VALUE EQUITY FUND—R CLASS	DCGT AS TTEE AND/OR CUST	5.84
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	SAMMONS FINANCIAL NETWORK LLC	50.37(b)
	4546 CORPORATE DR STE 100
	WEST DES MOINES IA 50266-5911
	STATE STREET BANK AND TRUST AS	28.39(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

187

FUND	SHAREHOLDER	%
INTERNATIONAL VALUE EQUITY FUND—Z CLASS	RETIREMENT I 2030 FUND	6.04
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.29
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.40
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.70
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.69
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.26
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.08
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.04
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
JAPAN FUND	CHARLES SCHWAB & CO INC	6.49
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	MORGAN STANLEY SMITH BARNEY LLC	43.58(b)
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	6.70
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

188

FUND	SHAREHOLDER	%
JAPAN FUND—I CLASS	CHARLES SCHWAB & CO INC	13.28
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	J.P. MORGAN SECURITIES LLC	6.69
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	NATIONAL FINANCIAL SERVICES	10.26
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	S KENNETH LEECH	10.42
	EILEEN STUECK LEECH JT TEN
JAPAN FUND—Z CLASS	SPECTRUM INTERNATIONAL EQUITY FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
LATIN AMERICA FUND	CHARLES SCHWAB & CO INC	9.23
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	10.96
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
LATIN AMERICA FUND—I CLASS	T ROWE PRICE RPS INC	10.33
	FBO TRP PLAN
	TRP LATIN AMERICA I
	WASHINGTON & CO C/O US BANK NA	8.51
	1555 N RIVERCENTER DR STE 302
	MILWAUKEE WI 53212-3958
LATIN AMERICA FUND—Z CLASS	SPECTRUM INTERNATIONAL EQUITY FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

189

FUND	SHAREHOLDER	%
MULTI-STRATEGY TOTAL RETURN FUND	CHARLES SCHWAB & CO INC	12.10
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	LPL FINANCIAL	14.10
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	10.42
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	13.88
	TD AMERITRADE INC FBO	11.73
	OUR CUSTOMERS
	VANGUARD BROKERAGE SERVICES	8.02
MULTI-STRATEGY TOTAL RETURN FUND—I CLASS	HORIZONDECK & CO	9.29
	ATTN TRP GLOBAL ALLOCATION FUND
	C/O T ROWE PRICE ASSOCIATES INC
	LADYBIRD & CO	32.49(a)
	C/O T ROWE PRICE ASSOCIATES INC
	ATTN TRP SPECTRUM CONSERV ALLOC
	LADYBUG & CO	24.97
	C/O T ROWE PRICE ASSOCIATES INC
	ATTN TRP SPECTRUM MODERATE ALLOC
	LAKESIDE & CO	23.64
	C/O T ROWE PRICE ASSOCIATES INC
	ATTN TRP SPECTRUM MOD GROWTH ALLOC
NEW ASIA FUND	CHARLES SCHWAB & CO INC	8.59
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	13.99
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

190

FUND	SHAREHOLDER	%
NEW ASIA FUND—I CLASS	CHARLES SCHWAB & CO INC	8.54
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	J.P. MORGAN SECURITIES LLC	30.60(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	MITRA & CO FBO VA	6.87
	C/O RELIANCE TRUST COMPANY WI
	MAILCODE BD1N - ATTN MF
	4900 W BROWN DEER ROAD
	MILWAUKEE WI 53223-2422
NEW ASIA FUND—Z CLASS	SPECTRUM INTERNATIONAL EQUITY FUND	100.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
OVERSEAS STOCK FUND	NATIONAL FINANCIAL SERVICES	7.17
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	RAYMOND JAMES	16.91
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	WELLS FARGO CLEARING SERVICES LLC	54.24(b)
	EXCLUSIVE BENEFIT OF CUSTOMERS
OVERSEAS STOCK FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	93.88(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
OVERSEAS STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC	8.06
	ATTN MUTUAL FUND DEPT
	CHARLES SCHWAB & CO INC	7.60
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	EDWARD D JONES & CO	13.22
	FOR THE BENEFIT OF CUSTOMERS
	NATIONAL FINANCIAL SERVICES	17.98
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	WELLS FARGO BANK NA FBO	6.36
	OMNIBUS CASH CASH

191

FUND	SHAREHOLDER	%
OVERSEAS STOCK FUND—Z CLASS	RETIREMENT I 2030 FUND	6.30
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.51
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.64
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.07
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.97
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.99
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.70
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.29
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.71
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.13
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

192

FUND	SHAREHOLDER	%
QM U.S. BOND INDEX FUND	CHARLES SCHWAB & CO INC	10.68
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	8.06
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	25.46(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
QM U.S. BOND INDEX FUND—I CLASS	EDUCATION TRUST OF ALASKA	17.49
	ACT PORTFOLIO
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME
	T ROWE PRICE CHARITABLE	5.39
	BALANCED INDEX POOL
	ATTN FUND ACCOUNTING
	4515 PAINTERS MILL RD
	OWINGS MILLS MD 21117-4903
QM U.S. BOND INDEX FUND—Z CLASS	RETIREMENT BLEND 2015 FUND	5.61
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2020 FUND	19.62
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2025 FUND	27.00(a)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2030 FUND	21.15
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2035 FUND	13.78
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2040 FUND	5.25
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

193

FUND	SHAREHOLDER	%
SUMMIT MUNICIPAL INCOME FUND	LPL FINANCIAL	17.10
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	5.45
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	RAYMOND JAMES	24.78
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	WELLS FARGO CLEARING SERVICES LLC	31.17(b)
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
SUMMIT MUNICIPAL INCOME FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	35.24(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	58.12(b)
	TD AMERITRADE INC FBO	5.61
	OUR CUSTOMERS
SUMMIT MUNICIPAL INCOME FUND—I CLASS	EDWARD D JONES & CO	11.92
	FOR THE BENEFIT OF CUSTOMERS
	J.P. MORGAN SECURITIES LLC	44.31(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	NATIONAL FINANCIAL SERVICES	5.77
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	SAXON & CO	14.39

194

FUND	SHAREHOLDER	%
SUMMIT MUNICIPAL INTERMEDIATE FUND	LPL FINANCIAL	12.09
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MLPF&S FOR THE SOLE BENEFIT OF	8.29
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	6.57
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	WELLS FARGO CLEARING SERVICES LLC	46.91(b)
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
SUMMIT MUNICIPAL INTERMEDIATE FUND—	CHARLES SCHWAB & CO INC	16.71
ADVISOR CLASS	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	CITBANCO A PARTNERSHIP	50.08(b)
	NATIONAL FINANCIAL SERVICES	28.41(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
SUMMIT MUNICIPAL INTERMEDIATE FUND—I CLASS	CHARLES SCHWAB & CO INC	21.78
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	CHARLES SCHWAB & CO INC	6.88
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	EDWARD D JONES & CO	23.30
	FOR THE BENEFIT OF CUSTOMERS
	J.P. MORGAN SECURITIES LLC	12.99
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	SAXON & CO	6.08

(a)	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.
(b)	At the level of ownership indicated, the shareholder may be able to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote.
(c)	T. Rowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares owned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception that provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership indicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders for vote.

195

12/31 Fiscal Year Funds

FUND	SHAREHOLDER	%
ALL-CAP OPPORTUNITIES FUND	CHARLES SCHWAB & CO INC	12.64
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	19.60
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
ALL-CAP OPPORTUNITIES FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	13.82
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EMPOWER TRUST COMPANY LLC	5.23
	VARIOUS FASCORE LLC RECORDKEPT PLAN
	C/O FASCORE LLC
	EMPOWER TRUST COMPANY LLC	22.14
	SANTA BARBARA COUNTY DCP
	C/O FASCORE LLC
	NATIONAL FINANCIAL SERVICES	8.54
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
ALL-CAP OPPORTUNITIES FUND—I CLASS	CHARLES SCHWAB & CO INC	13.01
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	19.06
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
BALANCED FUND	NATIONAL FINANCIAL SERVICES	8.19
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	19.56
	ATTN TRPS INST CONTROL DEPT

196

FUND	SHAREHOLDER	%
BALANCED FUND—I CLASS	CHARLES SCHWAB & CO INC	10.62
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	5.30
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
BLUE CHIP GROWTH FUND	CHARLES SCHWAB & CO INC	7.39
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	15.17
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.35
	WELLS FARGO CLEARING SERVICES LLC	14.63
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
BLUE CHIP GROWTH FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	6.42
	EMPLOYEE BENEFITS CLIENTS 401K
	EMPOWER TRUST COMPANY LLC	5.55
	GREAT WEST IRA ADVANTAGE
	C/O FASCORE LLC
	NATIONAL FINANCIAL SERVICES	21.63
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
BLUE CHIP GROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC	7.53
	ATTN MUTUAL FUND DEPT
	EDWARD D JONES & CO	10.89
	FOR THE BENEFIT OF CUSTOMERS
	NATIONAL FINANCIAL SERVICES	14.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

197

FUND	SHAREHOLDER	%
BLUE CHIP GROWTH FUND—R CLASS	DCGT AS TTEE AND/OR CUST	6.13
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	NATIONWIDE LIFE INSURANCE COMPANY	8.96
	C/O IPO PORTFOLIO ACCOUNTING
	DCVA
	PO BOX 182029
	COLUMBUS OH 43218-2029
	NATIONWIDE LIFE INSURANCE COMPANY	5.98
	C/O IPO PORTFOLIO ACCOUNTING
	NACO
	SAMMONS FINANCIAL NETWORK LLC	25.05(a)
	4546 CORPORATE DR STE 100
	WEST DES MOINES IA 50266-5911
	STATE STREET BANK AND TRUST AS	14.41
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
BLUE CHIP GROWTH FUND—Z CLASS	SPECTRUM DIVERSIFIED EQUITY	100.00(b)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
CAPITAL APPRECIATION FUND	CHARLES SCHWAB & CO INC	7.07
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	17.87
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	15.71
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.80
	TD AMERITRADE INC FBO	6.17
	OUR CUSTOMERS

198

FUND	SHAREHOLDER	%
CAPITAL APPRECIATION FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	12.38
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	9.26
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	UMB BANK N/A	31.97(a)
	FBO FIDUCIARY FOR TAX DEFERRED
	ACCOUNTS
CAPITAL APPRECIATION FUND—I CLASS	CHARLES SCHWAB & CO INC	17.04
	ATTN MUTUAL FUND DEPT
	NATIONAL FINANCIAL SERVICES	15.27
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	6.97
	OUR CUSTOMERS
COMMUNICATIONS & TECHNOLOGY FUND	CHARLES SCHWAB & CO INC	5.83
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	6.06
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	13.46
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	5.69
	MEDIA & TELECOMMUNICATION FUND
DIVERSIFIED MID-CAP GROWTH FUND	LPL FINANCIAL	6.06
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	13.99
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.65

199

FUND	SHAREHOLDER	%
DIVERSIFIED MID-CAP GROWTH FUND—I CLASS	NATIONAL FINANCIAL SERVICES	12.76
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PIMS/PRUDENTIAL RETIREMENT	12.22
	AS NOMINEE FOR THE TTEE/CUST PL 010
	STATE OF CONNECTICUT DEFERRED
	165 CAPITOL AVENUE
	HARTFORD CT 06106-1659
DIVIDEND GROWTH FUND	CHARLES SCHWAB & CO INC	9.97
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	12.59
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MLPF&S FOR THE SOLE BENEFIT OF	7.42
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	20.19
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.76
DIVIDEND GROWTH FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	8.20
	GREAT WEST IRA ADVANTAGE
	C/O FASCORE LLC
	MLPF&S FOR THE SOLE BENEFIT OF	5.14
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	45.24(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

200

FUND	SHAREHOLDER	%
DIVIDEND GROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC	8.87
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EDWARD D JONES & CO	23.27
	FOR THE BENEFIT OF CUSTOMERS
	NATIONAL FINANCIAL SERVICES	16.06
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
DIVIDEND GROWTH FUND—Z CLASS	SPECTRUM DIVERSIFIED EQUITY	100.00(b)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
DYNAMIC CREDIT FUND	NATIONAL FINANCIAL SERVICES	9.31
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE ASSOCIATES	72.44(c)
	ATTN FINANCIAL REPORTING DEPT
DYNAMIC CREDIT FUND—I CLASS	ANDREW C MC CORMICK	10.70
	LYN R. MC CORMICK JT TEN
	JOHN D BESSON T O D	10.25
	T ROWE PRICE RPS INC	21.96
	FBO TRP PLAN
	TRP DYNAMIC CRED I CL
DYNAMIC GLOBAL BOND FUND	CHARLES SCHWAB & CO INC	8.33
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	15.44
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	41.13(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	7.15
	RAYMOND JAMES	9.03
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER

201

FUND	SHAREHOLDER	%
DYNAMIC GLOBAL BOND FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	19.95
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	30.17(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	23.42
	T ROWE PRICE ASSOCIATES	15.37
	ATTN FINANCIAL REPORTING DEPT
DYNAMIC GLOBAL BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	18.24
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LADYBIRD & CO	17.20
	C/O T ROWE PRICE ASSOC
	ATTN DYNAMIC GLOBAL BOND
	I CLASS
	LADYBUG & CO	8.77
	C/O T ROWE PRICE ASSOC
	ATTN DYNAMIC GLOBAL BOND
	I CLASS
	MAC & CO	6.82
	ATTN MUTUAL FUND OPERATION
	PERSHING LLC	8.26

202

FUND	SHAREHOLDER	%
DYNAMIC GLOBAL BOND FUND—Z CLASS	RETIREMENT I 2020 FUND	5.71
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2025 FUND	7.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2030 FUND	8.35
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	11.66
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	11.69
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	12.75
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	5.55
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	7.83
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
EMERGING MARKETS BOND FUND	NATIONAL FINANCIAL SERVICES	33.20(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
EMERGING MARKETS BOND FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	41.33(a)
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	MATRIX TRUST COMPANY CUST FBO	31.98(a)
	MODERN FOUNDATIONS, INC 401(K) PSP
	MID ATLANTIC TRUST COMPANY FBO	23.05
	CFD LEASING, INC 401(K) PLAN

203

FUND	SHAREHOLDER	%
EMERGING MARKETS BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	8.32
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	CHARLES SCHWAB & CO INC	6.84
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	EDWARD D JONES & CO	27.20(a)
	FOR THE BENEFIT OF CUSTOMERS
EMERGING MARKETS BOND FUND—Z CLASS	RETIREMENT I 2020 FUND	6.23
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2025 FUND	7.43
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2030 FUND	6.83
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2015	5.15
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	12.65
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	11.49
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	10.38
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	17.36
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

204

FUND	SHAREHOLDER	%
EMERGING MARKETS CORPORATE BOND FUND	CHARLES SCHWAB & CO INC	25.65(a)
	ATTN MUTUAL FUND DEPT
	LPL FINANCIAL	10.56
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	41.61(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
EMERGING MARKETS CORPORATE BOND FUND—	CHARLES SCHWAB & CO INC	41.51(a)
ADVISOR CLASS	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	19.65
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MLPF&S FOR THE SOLE BENEFIT OF	13.53
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	24.22
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
EMERGING MARKETS CORPORATE BOND FUND—	CHARLES SCHWAB & CO INC	82.92(a)
I CLASS	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
EMERGING MARKETS CORPORATE MULTI-SECTOR	BALTIMORE EQUITABLE SOCIETY	13.59
ACCOUNT PORTFOLIO
	GENERAL DYNAMICS CORP 401K	68.11(a)
	PLAN MASTER TRUST CP
	ILLINOIS STUDENT ASSISTANCE	18.30
	COMMISSION
	ATTN ROGER ROJAS
EMERGING MARKETS LOCAL CURRENCY BOND FUND	CHARLES SCHWAB & CO INC	14.50
	ATTN MUTUAL FUND DEPT
	NATIONAL FINANCIAL SERVICES	29.13(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

205

FUND	SHAREHOLDER	%
EMERGING MARKETS LOCAL CURRENCY BOND FUND—	NATIONAL FINANCIAL SERVICES	19.31
ADVISOR CLASS	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	65.28(a)
	TD AMERITRADE INC FBO	15.37
	OUR CUSTOMERS
EMERGING MARKETS LOCAL CURRENCY BOND FUND—	CHARLES SCHWAB & CO INC	29.09(a)
I CLASS	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	CHARLES SCHWAB & CO INC	7.09
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	HORIZONDECK & CO	26.28(b)
	ATTN GLOBAL ALLOCATION FUND
	C/O T ROWE PRICE ASSOCIATES INC
	100 E PRATT ST
	BALTIMORE MD 21202-1009
	PERSHING LLC	22.28
EMERGING MARKETS LOCAL CURRENCY BOND FUND—	SPECTRUM INCOME FUND	100.00(b)
Z CLASS	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
EMERGING MARKETS LOCAL MULTI-SECTOR	T ROWE PRICE ASSOCIATES	100.00(c)
ACCOUNT PORTFOLIO	ATTN FINANCIAL REPORTING DEPT
EQUITY INCOME FUND	NATIONAL FINANCIAL SERVICES	11.65
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	7.66
	ATTN TRPS INST CONTROL DEPT
EQUITY INCOME FUND—ADVISOR CLASS	MORGAN STANLEY SMITH BARNEY LLC	6.07
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	49.15(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

206

FUND	SHAREHOLDER	%
EQUITY INCOME FUND—I CLASS	EDWARD D JONES & CO	6.76
	FOR THE BENEFIT OF CUSTOMERS
	NATIONAL FINANCIAL SERVICES	6.44
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
EQUITY INCOME FUND—R CLASS	AMERICAN UNITED LIFE	10.03
	AMERICAN UNIT TRUST
	ATTN SEPARATE ACCOUNTS
	PO BOX 368
	INDIANAPOLIS IN 46206-0368
	AMERICAN UNITED LIFE	14.59
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS
	AXA EQUITABLE FOR SA NO 65	5.11
	DCGT AS TTEE AND/OR CUST	5.51
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	HARTFORD LIFE INSURANCE CO	10.18
	SEPARATE ACCOUNT
	ATTN UNITOPERATIONS
	PO BOX 2999
	HARTFORD CT 06104-2999
	NATIONWIDE TRUST CO FSB	9.35
	C/O IPO PORTFOLIO ACCTG
EQUITY INCOME FUND—Z CLASS	SPECTRUM DIVERSIFIED EQUITY	35.37(b)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	64.63(b)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
EQUITY INDEX 500 FUND	T ROWE PRICE TRUST CO INC	11.49
	ATTN RPS CONTROL DEPT
	10090 RED RUN BLVD
	OWINGS MILLS MD 21117-4842
	TD AMERITRADE INC FBO	7.43
	OUR CUSTOMERS

207

FUND	SHAREHOLDER	%
EQUITY INDEX 500 FUND—I CLASS	MARYLAND COLLEGE INVESTMENT PLAN	6.28
	EQUITY INDEX 500 PORTFOLIO
	ATTN FUND ACCOUNTING
EQUITY INDEX 500 FUND—Z CLASS	RETIREMENT I 2030 FUND	6.34
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.51
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.66
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.16
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2050 FUND	5.10
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	9.06
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.91
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.66
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.43
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.90
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
EXTENDED EQUITY MARKET INDEX FUND	TD AMERITRADE INC FBO	5.70
	OUR CUSTOMERS

208

FUND	SHAREHOLDER	%
FINANCIAL SERVICES FUND	CHARLES SCHWAB & CO INC	8.63
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	9.12
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	14.61
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	7.52
FINANCIAL SERVICES FUND—I CLASS	AFFILIATED FM INSURANCE CO.	16.09
	270 CENTRAL AVE
	JOHNSTON RI 02919-4923
	CHARLES SCHWAB & CO INC	6.57
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE SERVICES INC FBO	10.95
	EDUCATION TRUST OF ALASKA
	PORTFOLIO FUTURE TRENDS
	ATTN DAWN WAGNER FIXED INCOME
GLOBAL CONSUMER FUND	NATIONAL FINANCIAL SERVICES	26.63(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
GLOBAL HIGH INCOME BOND FUND	CHARLES SCHWAB & CO INC	10.28
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	18.06
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	7.88
	OUR CUSTOMERS

209

FUND	SHAREHOLDER	%
GLOBAL HIGH INCOME BOND FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	13.82
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	25.60(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	45.82(a)
	TD AMERITRADE INC FBO	14.75
	OUR CUSTOMERS
GLOBAL HIGH INCOME BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	11.71
	ATTN MUTUAL FUND DEPT
	MAC & CO	26.49(a)
	ATTN MUTUAL FUND OPERATIONS
	500 GRANT STREET ROOM 151-1010
	PITTSBURGH PA 15219-2502
	NATIONAL FINANCIAL SERVICES	27.04(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
GLOBAL INDUSTRIALS FUND	CHARLES SCHWAB & CO INC	11.46
	ATTN MUTUAL FUND DEPT
	LPL FINANCIAL	13.42
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	17.24
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.11
	UBS WM USA	15.97
	SPEC CDY A/C EXL BEN CUSTOMERS
	OF UBSFI

210

FUND	SHAREHOLDER	%
GLOBAL INDUSTRIALS FUND—I CLASS	NATIONAL FINANCIAL SERVICES	30.52(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	SUTTER HEALTH	39.91(a)
	2200 RIVER PLAZA DR
	SACRAMENTO CA 95833-4134
GLOBAL REAL ESTATE FUND	CHARLES SCHWAB & CO INC	10.09
	ATTN MUTUAL FUND DEPT
	NATIONAL FINANCIAL SERVICES	5.88
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	11.82
	OUR CUSTOMERS
GLOBAL REAL ESTATE FUND—ADVISOR CLASS	EMPOWER ANNUITY INSURANCE	16.80
	FBO FUTURE FUNDS II
	EMPOWER TRUST COMPANY LLC	5.81
	EMPLOYEE BENEFITS CLIENTS 401K
	EMPOWER TRUST COMPANY LLC	40.08(a)
	EMPLOYEE BENEFITS CLIENTS 401K
	LINCOLN RETIREMENT SERVICES COMPANY	5.66
	FBO MONTCLAIR 403B
	PO BOX 7876
	FORT WAYNE IN 46801-7876
	LINCOLN RETIREMENT SERVICES COMPANY	6.02
	FBO PAL DEFERRED COMPENSATION PLAN
GLOBAL REAL ESTATE FUND—I CLASS	CHARLES SCHWAB & CO INC	5.72
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	10.39
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	6.80
	FBO TRP PLAN
	TRP GLOBAL REAL ESTATE I

211

FUND	SHAREHOLDER	%
GLOBAL TECHNOLOGY FUND	CHARLES SCHWAB & CO INC	7.15
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	MORGAN STANLEY SMITH BARNEY LLC	5.72
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	11.60
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	5.30
	OUR CUSTOMERS
GLOBAL TECHNOLOGY FUND—I CLASS	NATIONAL FINANCIAL SERVICES	7.03
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
GROWTH STOCK FUND	CHARLES SCHWAB & CO INC	7.51
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	5.82
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	13.86
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	13.59
	ATTN TRPS INST CONTROL DEPT
GROWTH STOCK FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES	7.47
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	NATIONWIDE LIFE INSURANCE COMPANY	15.39
	C/O IPO PORTFOLIO ACCOUNTING
	DCVA
	NATIONWIDE LIFE INSURANCE COMPANY	7.30
	C/O IPO PORTFOLIO ACCOUNTING
	NACO
	VANTAGETRUST - UNITIZED	31.91(a)
	C/O ICMA RETIREMENT CORPORATION

212

FUND	SHAREHOLDER	%
GROWTH STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC	6.97
	ATTN MUTUAL FUND DEPT
	101 MONTGOMERY ST
	SAN FRANCISCO CA 94104-4151
	CHARLES SCHWAB & CO INC	5.53
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	9.74
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
GROWTH STOCK FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	10.81
	HARTFORD LIFE INSURANCE CO	6.93
	SEPARATE ACCOUNT
	ATTN UNITOPERATIONS
	STATE STREET BANK AND TRUST AS	14.95
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	UMB BANK N/A	12.68
	FBO FIDUCIARY FOR TAX DEFERRED
	ACCOUNTS
	UMB BANK NA SFR	12.56
	FBO FIDUCIARY FOR TAX DEFERRED
	ACCOUNTS GROUP

213

FUND	SHAREHOLDER	%
GROWTH STOCK FUND—Z CLASS	RETIREMENT I 2030 FUND	6.35
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.56
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.63
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.02
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.95
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.96
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.65
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.28
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.76
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.22
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

214

FUND	SHAREHOLDER	%
HEALTH SCIENCES FUND	CHARLES SCHWAB & CO INC	6.27
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	JOHN HANCOCK LIFE	5.36
	INSURANCE CO USA
	ATTN JHRPS TRADING OPS ST6
	LPL FINANCIAL	6.08
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	12.95
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.02
HEALTH SCIENCES FUND—I CLASS	CHARLES SCHWAB & CO INC	7.06
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	5.76
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
INSTITUTIONAL EMERGING MARKETS BOND FUND	CAPINCO C/O US BANK NA	8.58
	MILWAUKEE WI 53212-3958
	EMPOWER TRUST COMPANY LLC	11.58
	C/O MUTUAL FUND TRADING
	HORIZONDECK & CO	11.08
	ATTN GLOBAL ALLOCATION FUND
	LADYBIRD & CO	30.59(b)
	ATTN PERS STRATEGY INCOME FD
	LADYBUG & CO	18.68
	ATTN PERS STRATEGY BALANCED FD
	LAKESIDE & CO	10.82
	ATTN PERS STRATEGY GROWTH FUND

215

FUND	SHAREHOLDER	%
INSTITUTIONAL LARGE-CAP CORE GROWTH FUND	MAC & CO	5.63
	ATTN MUTUAL FUND OPERATION
	FBO HIGHMARK HEALTH AHN
	NATIONAL FINANCIAL SERVICES	32.02(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	RUSS LENNON
	VANGUARD FIDUCIARY TRUST COMPANY	6.30
	T ROWE INSTITUTIONAL CLASS
	ATTN OUTSIDE FUNDS/SCOTT GELLERT
	PO BOX 2600 L-24
	VALLEY FORGE PA 19482-2600
INSTITUTIONAL MID-CAP EQUITY GROWTH FUND	CHARLES SCHWAB & CO INC	8.31
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	KY PUBLIC EMP DEF COMP AUTHORITY	7.34
	C/O NATIONWIDE AS CUSTODIAN &
	RECORDKEEPER
	IPO PORTFOLIO ACCOUNTING
	PO BOX 182029
	COLUMBUS OH 43218-2029
	NATIONAL FINANCIAL SERVICES	28.87(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	THE STATE OF WISC DEF COMP BRD TTEE	10.15
	STATE OF WISCONSIN DCP
	C/O FASCORE
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002
	VANGUARD FIDUCIARY TRUST COMPANY	7.62
	T ROWE INSTITUTIONAL CLASS
	ATTN OUTSIDE FUNDS/SCOTT GELLERT

216

FUND	SHAREHOLDER	%
INSTITUTIONAL SMALL-CAP STOCK FUND	NATIONAL FINANCIAL SERVICES	25.34(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	NORTHERN TRUST COMPANY TR	11.02
	FBO PFIZER SAVINGS AND
	INVESTMENT PLAN
	PO BOX 92994
	CHICAGO IL 60675-0001
	STATE OF MINNESOTA	18.69
	FBO MINNESOTA STATE RETIREMENT SYST
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002
	T ROWE PRICE RPS INC	9.71
	OMNIBUS DST 129
	INSTL SMALL CAP STOCK
	VANGUARD FIDUCIARY TRUST COMPANY	17.07
	T ROWE INSTITUTIONAL CLASS
	ATTN OUTSIDE FUNDS/SCOTT GELLERT
INTEGRATED GLOBAL EQUITY FUND	CHARLES SCHWAB & CO INC	19.19
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	T ROWE PRICE ASSOCIATES	40.09(c)
	ATTN FINANCIAL REPORTING DEPT
INTEGRATED GLOBAL EQUITY FUND—ADVISOR CLASS	T ROWE PRICE ASSOCIATES	100.00(c)
	ATTN FINANCIAL REPORTING DEPT
INTEGRATED GLOBAL EQUITY FUND—I CLASS	PORT OF SEATTLE POLICE RMT 401 PLAN	5.55
	C/O ICMA RETIREMENT CORPORATION
	777 NORTH CAPITOL STREET NE
	WASHINGTON DC 20002-4239
	PORT OF SEATTLE WA	41.75(a)
	C/O ICMA RETIREMENT CORPORATION
	T ROWE PRICE RPS INC	5.05
	FBO TRP PLAN
	INTEGRATED GLOBAL EQUITY FUND I
INTEGRATED U.S. LARGE-CAP VALUE EQUITY FUND	CHARLES SCHWAB & CO INC	25.11(a)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
INTEGRATED U.S. LARGE-CAP VALUE EQUITY FUND—	PERSHING LLC	36.80(a)
ADVISOR CLASS
	T ROWE PRICE ASSOCIATES	63.20(c)
	ATTN FINANCIAL REPORTING DEPT

217

FUND	SHAREHOLDER	%
INTEGRATED U.S. LARGE-CAP VALUE EQUITY FUND—	T ROWE PRICE RPS INC	14.28
I CLASS	FBO TRP PLAN
	INTEGRATED US LARGE-CAP VALUE EQUITY FUND I
INTEGRATED U.S. SMALL-CAP GROWTH EQUITY FUND	LPL FINANCIAL	10.01
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MLPF&S FOR THE SOLE BENEFIT OF	5.46
	ITS CUSTOMERS
	MORGAN STANLEY SMITH BARNEY LLC	11.19
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	15.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.14
	WELLS FARGO CLEARING SERVICES LLC	6.62
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
INTEGRATED U.S. SMALL-CAP GROWTH EQUITY FUND—	JOHN HANCOCK TRUST COMPANY LLC	23.57
ADVISOR CLASS
	NATIONAL FINANCIAL SERVICES	18.43
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	UMB BANK CUSTODIAN	49.13(a)
	SECURITY FINANCIAL RESOURCES
INTEGRATED U.S. SMALL-CAP GROWTH EQUITY FUND—	CHARLES SCHWAB & CO INC	16.12
I CLASS	ATTN MUTUAL FUND DEPT
	EDWARD D JONES & CO	6.32
	FOR THE BENEFIT OF CUSTOMERS
	MAC & CO	14.86
	ATTN MUTUAL FUND OPERATION
	NATIONAL FINANCIAL SERVICES	15.13
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.53

218

FUND	SHAREHOLDER	%
INTEGRATED U.S. SMALL-MID CAP CORE EQUITY FUND	LPL FINANCIAL	29.27(a)
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	PERSHING LLC	12.66
INTEGRATED U.S. SMALL-MID CAP CORE EQUITY FUND—	CHARLES SCHWAB & CO INC	8.98
ADVISOR CLASS	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	PERSHING LLC	36.91(a)
	T ROWE PRICE ASSOCIATES	39.02(c)
	ATTN FINANCIAL REPORTING DEPT
INTEGRATED U.S. SMALL-MID CAP CORE EQUITY FUND—	CHARLES SCHWAB & CO INC	12.57
I CLASS	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	HORIZONDECK & CO	27.30(b)
	TRP GAF - INTEGRATED SMID EQUITY
	C/O T ROWE PRICE ASSOCIATES INC
	NATIONAL FINANCIAL SERVICES	5.26
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	23.03
INTEGRATED U.S. SMALL-CAP GROWTH EQUITY FUND	LPL FINANCIAL	10.01
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	MLPF&S FOR THE SOLE BENEFIT OF	5.46
	ITS CUSTOMERS
	MORGAN STANLEY SMITH BARNEY LLC	11.19
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	15.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.14
	WELLS FARGO CLEARING SERVICES LLC	6.62
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS

219

FUND	SHAREHOLDER	%
INTEGRATED U.S. SMALL-CAP GROWTH EQUITY FUND—	JOHN HANCOCK TRUST COMPANY LLC	23.57
ADVISOR CLASS
	NATIONAL FINANCIAL SERVICES	18.43
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	UMB BANK CUSTODIAN	49.13(a)
	SECURITY FINANCIAL RESOURCES
INTEGRATED U.S. SMALL-CAP GROWTH EQUITY FUND—	CHARLES SCHWAB & CO INC	16.12
I CLASS	ATTN MUTUAL FUND DEPT
	EDWARD D JONES & CO	6.32
	FOR THE BENEFIT OF CUSTOMERS
	MAC & CO	14.86
	ATTN MUTUAL FUND OPERATION
	NATIONAL FINANCIAL SERVICES	15.13
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.53
INTERNATIONAL BOND FUND (USD HEDGED)	CHARLES SCHWAB & CO INC	8.27
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	7.76
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	17.25
	PO BOX 2052
	JERSEY CITY NJ 07303-2052
INTERNATIONAL BOND FUND (USD HEDGED)—	PERSHING LLC	72.70(a)
ADVISOR CLASS
	T ROWE PRICE ASSOCIATES	27.30(c)
	ATTN FINANCIAL REPORTING DEPT

220

FUND	SHAREHOLDER	%
INTERNATIONAL BOND FUND (USD HEDGED)—I CLASS	EDWARD D JONES & CO	53.45(a)
	FOR THE BENEFIT OF CUSTOMERS
	LADYBIRD & CO	8.57
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY INCOME FD
	LADYBUG & CO	6.53
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD
	NATIONAL FINANCIAL SERVICES	9.91
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.44
INTERNATIONAL BOND FUND (USD HEDGED)—Z CLASS	RETIREMENT I 2020 FUND	5.69
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2025 FUND	7.58
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2030 FUND	8.40
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2020	11.63
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	11.72
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	12.86
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	5.66
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM INCOME FUND	7.41
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

221

FUND	SHAREHOLDER	%
INTERNATIONAL BOND FUND	CHARLES SCHWAB & CO INC	10.19
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	12.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
INTERNATIONAL BOND FUND—ADVISOR CLASS	MORGAN STANLEY SMITH BARNEY LLC	16.05
	FOR THE EXCLSIVE BENE OF ITS CUST
	NATIONAL FINANCIAL SERVICES	14.34
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	32.95(a)
	OUR CUSTOMERS
	VOYA INSTITUTIONAL TRUST COMPANY	8.95
INTERNATIONAL BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	6.16
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EDWARD D JONES & CO	5.13
	FOR THE BENEFIT OF CUSTOMERS
	HORIZONDECK & CO	6.59
	ATTN GLOBAL ALLOCATION FUND
	C/O T ROWE PRICE ASSOCIATES INC
	NATIONAL FINANCIAL SERVICES	6.53
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	11.89
	TD AMERITRADE INC FBO	38.92(a)
	OUR CUSTOMERS
INTERNATIONAL BOND FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(b)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

222

FUND	SHAREHOLDER	%
MID-CAP GROWTH FUND	CHARLES SCHWAB & CO INC	6.48
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	17.79
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO	17.20
	ATTN ASSET RECONCILIATIONS
	WELLS FARGO CLEARING SERVICES LLC	9.58
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
MID-CAP GROWTH FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.28
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	DCGT AS TTEE AND/OR CUST	5.16
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	LINCOLN RETIREMENT SERVICES COMPANY	5.70
	FBO UNIVERSITY HOSPITAL 401K PLAN
	MATRIX TRUST COMPANY CUST FBO	5.76
	VERMEER CORPORATION 401(K) RETIREME
	NATIONAL FINANCIAL SERVICES	37.56(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
MID-CAP GROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC	12.72
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	12.73
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

223

FUND	SHAREHOLDER	%
MID-CAP GROWTH FUND—R CLASS	AMERICAN UNITED LIFE	14.08
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS
	EMPOWER TRUST COMPANY LLC	7.86
	VARIOUS FASCORE LLC RECORDKEPT PLAN
	C/O FASCORE LLC
	EMPOWER TRUST COMPANY LLC	6.09
	RECORDKEEPING FOR VARIOUS BENEFIT P
	C/O MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	12.08
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	NATIONWIDE TRUST CO FSB	9.43
	C/O IPO PORTFOLIO ACCTG
	STATE STREET BANK AND TRUST AS	6.84
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	VOYA RETIREMENT INS & ANNUITY CO	16.52

224

FUND	SHAREHOLDER	%
MID-CAP GROWTH FUND—Z CLASS	RETIREMENT I 2030 FUND	6.44
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.51
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.67
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.86
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	6.10
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.71
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.12
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.55
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.03
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
MID-CAP INDEX FUND	T ROWE PRICE ASSOCIATES	100.00(c)
	ATTN FINANCIAL REPORTING DEPT

225

FUND	SHAREHOLDER	%
MID-CAP INDEX FUND—I CLASS	EDUCATION TRUST OF ALASKA	7.98
	ACT PORTFOLIO
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME
	EDUCATION TRUST OF ALASKA	39.80(a)
	TOTAL EQUITY MARKET INDEX PORTFOLIO
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME
	MARYLAND COLLEGE INVESTMENT PLAN	18.58
	EXTENDED EQUITY INDEX PORTFOLIO
	ATTN FUND ACCOUNTING
	MARYLAND COLLEGE INVESTMENT PLAN	28.52(a)
	GLOBAL EQUITY MARKET INDEX
	ATTN FUND ACCOUNTING
MID-CAP INDEX FUND—Z CLASS	RETIREMENT BLEND 2020 FUND	6.99
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2025 FUND	11.61
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2030 FUND	13.69
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2035 FUND	16.15
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2040 FUND	15.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2045 FUND	12.57
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2050 FUND	10.68
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2055 FUND	5.37
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

226

FUND	SHAREHOLDER	%
MID-CAP VALUE FUND	CHARLES SCHWAB & CO INC	5.08
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	16.36
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC	7.99
	PLAN # OMNIBUS ACCT
	NEW BUSINESS GROUP
MID-CAP VALUE FUND—ADVISOR CLASS	DCGT AS TTEE AND/OR CUST	5.26
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	7.02
	RECORDKEEPING FOR LARGE BENEFIT PL
	LINCOLN RETIREMENT SERVICES COMPANY	6.71
	FBO CAROLINAEAST MEDICAL CENTER 40
	NATIONAL FINANCIAL SERVICES	19.30
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	STATE STREET BANK AND TRUST AS	16.77
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
MID-CAP VALUE FUND—I CLASS	CHARLES SCHWAB & CO INC	5.75
	ATTN MUTUAL FUND DEPT
	EDWARD D JONES & CO	6.06
	FOR THE BENEFIT OF CUSTOMERS
	NATIONAL FINANCIAL SERVICES	13.46
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
MID-CAP VALUE FUND—R CLASS	NATIONWIDE TRUST CO FSB	42.70(a)
	C/O IPO PORTFOLIO ACCTG
	STATE STREET BANK AND TRUST AS	40.04(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

227

FUND	SHAREHOLDER	%
MID-CAP VALUE FUND—Z CLASS	RETIREMENT I 2030 FUND	6.14
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.36
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.45
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.93
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.94
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.27
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.67
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.10
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

228

FUND	SHAREHOLDER	%
NEW ERA FUND	CHARLES SCHWAB & CO INC	5.66
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	5.11
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	10.41
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	WELLS FARGO CLEARING SERVICES LLC	5.12
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
NEW ERA FUND—I CLASS	NATIONAL FINANCIAL SERVICES	37.28(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	TD AMERITRADE INC FBO	8.74
	OUR CUSTOMERS
NEW HORIZONS FUND	CHARLES SCHWAB & CO INC	5.29
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	20.54
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	15.96
	ATTN TRPS INST CONTROL DEPT
NEW HORIZONS FUND—I CLASS	NATIONAL FINANCIAL SERVICES	19.86
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

229

FUND	SHAREHOLDER	%
NEW HORIZONS FUND—Z CLASS	RETIREMENT I 2030 FUND	6.22
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.31
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.41
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.00
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.59
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.76
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.36
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	6.96
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.56
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.09
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
REAL ASSETS FUND	NATIONAL FINANCIAL SERVICES	11.28
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	8.09
	RAYMOND JAMES	34.96(a)
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER

230

FUND	SHAREHOLDER	%
REAL ASSETS FUND—I CLASS	BREAD & CO	16.41
	C/O T ROWE PRICE ASSOC
	ATTN BALANCED FUND
	LADYBUG & CO	7.14
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD
	LAKESIDE & CO	14.85
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY GROWTH FUND

231

FUND	SHAREHOLDER	%
REAL ASSETS FUND—Z CLASS	RETIREMENT I 2030 FUND	6.30
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.45
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.58
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.02
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.85
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.86
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.54
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.11
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.73
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.09
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
REAL ESTATE FUND	CHARLES SCHWAB & CO INC	5.25
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	28.67(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

232

FUND	SHAREHOLDER	%
REAL ESTATE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	6.10
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	EMPOWER TRUST COMPANY LLC	16.81
	EMPLOYEE BENEFITS CLIENTS 401K
	NATIONAL FINANCIAL SERVICES	21.06
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.94
REAL ESTATE FUND—I CLASS	INTERNATIONAL PAPER COMPANY	7.92
	MODERATE PORTFOLIO
	281 TRESSER BLVD
	STAMFORD CT 06901-3284
	NATIONAL FINANCIAL SERVICES	6.55
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
SCIENCE & TECHNOLOGY FUND	JOHN HANCOCK LIFE	11.32
	INSURANCE CO USA
	ATTN JHRPS TRADING OPS ST6
	T ROWE PRICE RPS INC	8.14
	OMNIBUS PLAN
	NEW BUSINESS-CONV ASSTS
SCIENCE & TECHNOLOGY FUND—ADVISOR CLASS	FIIOC AS AGENT	6.60
	FBO CLEAN ENERGY 401K PLAN
	VANGUARD FIDUCIARY TRUST COMPANY	5.19
	T ROWE PRICE ADVISOR CLASS FUNDS
	ATTN OUTSIDE FUNDS
	VOYA INSTITUTIONAL TRUST COMPANY	9.40
	VOYA RETIREMENT INS & ANNUITY CO	28.37(a)
SMALL-CAP INDEX FUND	T ROWE PRICE ASSOCIATES	100.00(c)
	ATTN FINANCIAL REPORTING DEPT

233

FUND	SHAREHOLDER	%
SMALL-CAP INDEX FUND—I CLASS	EDUCATION TRUST OF ALASKA	7.24
	ACT PORTFOLIO
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME
	EDUCATION TRUST OF ALASKA	40.32(a)
	TOTAL EQUITY MARKET INDEX PORTFOLIO
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME
	MARYLAND COLLEGE INVESTMENT PLAN	18.33
	EXTENDED EQUITY INDEX PORTFOLIO
	ATTN FUND ACCOUNTING
	MARYLAND COLLEGE INVESTMENT PLAN	28.83(a)
	GLOBAL EQUITY MARKET INDEX
	ATTN FUND ACCOUNTING
SMALL-CAP INDEX FUND—Z CLASS	RETIREMENT BLEND 2020 FUND	6.99
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2025 FUND	11.58
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2030 FUND	13.79
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2035 FUND	16.11
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2040 FUND	15.54
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2045 FUND	12.56
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2050 FUND	10.69
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT BLEND 2055 FUND	5.36
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

234

FUND	SHAREHOLDER	%
SMALL-CAP STOCK FUND	CHARLES SCHWAB & CO INC	7.32
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	15.93
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	5.30
	TRP OTC FUND
	ATTN RPS CONTROL DEPT
SMALL-CAP STOCK FUND—ADVISOR CLASS	DCGT AS TTEE AND/OR CUST	13.06
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	EMPOWER TRUST COMPANY LLC	16.06
	EMPOWER BENEFIT PLANS
	JOHN HANCOCK TRUST COMPANY LLC	5.09
	LINCOLN INVESTMENT PLANNING, LLC	7.24
	FBO LINCOLN CUSTOMERS
	NATIONAL FINANCIAL SERVICES	14.41
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
SMALL-CAP STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC	6.53
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	9.89
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

235

FUND	SHAREHOLDER	%
SMALL-CAP STOCK FUND—Z CLASS	RETIREMENT I 2030 FUND	6.40
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.57
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.71
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.13
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2050 FUND	5.01
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	9.22
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	6.18
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.99
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.47
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.90
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

236

FUND	SHAREHOLDER	%
SMALL-CAP VALUE FUND	CHARLES SCHWAB & CO INC	5.78
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	13.26
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	5.58
	RAYMOND JAMES	21.35
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	T ROWE PRICE TRUST CO INC	6.02
	ATTN TRPS INST CONTROL DEPT
SMALL-CAP VALUE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	17.93
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	26.66(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	8.90
	RAYMOND JAMES	7.73
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
SMALL-CAP VALUE FUND—I CLASS	CHARLES SCHWAB & CO INC	7.17
	ATTN MUTUAL FUND DEPT
	EDWARD D JONES & CO	5.02
	FOR THE BENEFIT OF CUSTOMERS
	NATIONAL FINANCIAL SERVICES	11.17
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

237

FUND	SHAREHOLDER	%
SMALL-CAP VALUE FUND—Z CLASS	RETIREMENT I 2030 FUND	6.17
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.28
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.36
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.80
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.81
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.54
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.11
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.51
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.01
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
SPECTRUM DIVERSIFIED EQUITY FUND	NATIONAL FINANCIAL SERVICES	5.24
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	6.10
	ATTN TRPS INST CONTROL DEPT

238

FUND	SHAREHOLDER	%
SPECTRUM INCOME FUND	JOHN HANCOCK LIFE	5.57
	INSURANCE CO USA
	ATTN JHRPS TRADING OPS ST6
	NATIONAL FINANCIAL SERVICES	5.79
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	16.21
	ATTN TRPS INST CONTROL DEPT
SPECTRUM INCOME FUND—I CLASS	MARYLAND COLLEGE INVESTMENT PLAN	12.60
	PORTFOLIO 2027
	ATTN FUND ACCOUNTING
	MARYLAND COLLEGE INVESTMENT PLAN	8.26
	PORTFOLIO 2030
	ATTN FUND ACCOUNTING
	T ROWE PRICE SERVICES INC FBO	5.12
	EDUCATION TRUST OF ALASKA
	PORTFOLIO 2021-2024
	ATTN DAWN WAGNER FIXED INCOME
	T ROWE PRICE SERVICES INC FBO	5.66
	EDUCATION TRUST OF ALASKA
	PORTFOLIO 2025-2028
	ATTN DAWN WAGNER FIXED INCOME
SPECTRUM INTERNATIONAL EQUITY FUND	CHARLES SCHWAB & CO INC	17.96
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	14.33
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE RPS INC CORP	6.31
	OMNIPLAN ACCOUNT PLAN
	NEW BUSINESS GROUP
SPECTRUM INTERNATIONAL EQUITY FUND—I CLASS	CHARLES SCHWAB & CO INC	6.31
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
TOTAL EQUITY MARKET INDEX FUND	PERSHING LLC	6.72

239

FUND	SHAREHOLDER	%
U.S. EQUITY RESEARCH FUND	NATIONAL FINANCIAL SERVICES	23.28
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	RAYMOND JAMES	51.36(a)
	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
U.S. EQUITY RESEARCH FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	6.31
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	DCGT AS TTEE AND/OR CUST	5.64
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	FIIOC AS AGENT	15.20
	FBO SHEPHERD ELECTRIC COMPANY INC
	401K AND PROFIT SHARING PLAN
	MATRIX TRUST COMPANY AS AGENT FOR	9.52
	NEWPORT TRUST COMPANY
	MEDICAL SERVICES GROUP-DEPARTMENT
	OF MEDICINE PROFIT SHARING
	35 IRON POINT CIRCLE
	FOLSOM CA 95630-8587
	PERSHING LLC	5.73
U.S. EQUITY RESEARCH FUND—I CLASS	CHARLES SCHWAB & CO INC	44.06(a)
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	10.65
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	SEI PRIVATE TRUST COMPANY	9.38
	C/O PRINCIPAL FINANCIAL
	ATTN MUTUAL FUND ADMINISTRATOR

240

FUND	SHAREHOLDER	%
U.S. EQUITY RESEARCH FUND—Z CLASS	RETIREMENT I 2030 FUND	6.43
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.63
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.77
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.20
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2050 FUND	5.09
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	9.22
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	6.06
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.82
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.46
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.89
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
U.S. LARGE-CAP CORE FUND	NATIONAL FINANCIAL SERVICES	8.98
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	T ROWE PRICE TRUST CO INC	5.38
	OMNI ACCOUNT ABAW

241

FUND	SHAREHOLDER	%
U.S. LARGE-CAP CORE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	8.34
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	MLPF&S FOR THE SOLE BENEFIT OF	5.20
	ITS CUSTOMERS
	NATIONAL FINANCIAL SERVICES	14.68
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	19.59
	STATE STREET BANK AND TRUST AS	11.63
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
	TD AMERITRADE INC FBO	13.15
	OUR CUSTOMERS

242

FUND	SHAREHOLDER	%
U.S. LARGE-CAP CORE FUND—Z CLASS	RETIREMENT I 2030 FUND	5.96
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.23
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.34
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.62
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.12
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	6.95
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.53
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	SPECTRUM DIVERSIFIED EQUITY	6.53
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

243

FUND	SHAREHOLDER	%
VALUE FUND	CHARLES SCHWAB & CO INC	6.86
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	LPL FINANCIAL	8.88
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING
	NATIONAL FINANCIAL SERVICES	17.27
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	7.32
	T ROWE PRICE TRUST CO	7.86
	ATTN INSTALLATION TEAM FOR
	TRPS INST CONTROL DEPT
VALUE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	5.41
	ATTN MUTUAL FUND DEPT
	REINVEST ACCOUNT
	NATIONAL FINANCIAL SERVICES	31.48(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL
	PERSHING LLC	6.49
	PIMS/PRUDENTIAL RETIREMENT	12.31
	AS NOMINEE FOR THE TTEE/CUST PL 980
	DEFERRED COMPENSATION PLAN FOR
	148 MARTINE AVE, 7TH FLOOR
	WHITE PLAINS NY 10601-3311
	VOYA RETIREMENT INS & ANNUITY CO	12.97
VALUE FUND—I CLASS	CHARLES SCHWAB & CO INC	8.90
	ATTN MUTUAL FUND DEPT
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	NATIONAL FINANCIAL SERVICES	10.99
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT 4TH FL

244

FUND	SHAREHOLDER	%
VALUE FUND—Z CLASS	RETIREMENT I 2030 FUND	6.30
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2035 FUND	5.49
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2040 FUND	6.59
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT I 2045 FUND	5.08
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2040	8.95
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2025	5.97
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2030	9.65
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2035	7.27
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2045	5.70
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
	RETIREMENT PORTFOLIO 2050	5.14
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

(a)	At the level of ownership indicated, the shareholder may be able to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote.
(b)	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.
(c)	T. Rowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares owned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception that provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership indicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders for vote.

245

INVESTMENT ADVISER AND INVESTMENT MANAGEMENT AGREEMENTS

T. Rowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each fund.

For certain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with Price Investment Management, Price International, Price Hong Kong, Price Japan, and/or Price Singapore. T. Rowe Price, Price Investment Management, Price International, Price Hong Kong, Price Japan, and Price Singapore are hereinafter referred to collectively as “Price Advisers.” T. Rowe Price is a wholly-owned subsidiary of T. Rowe Price Group, Inc. Price Investment Management and Price International are wholly-owned subsidiaries of T. Rowe Price. Price Hong Kong, Price Japan, and Price Singapore are wholly-owned subsidiaries of Price International.

Investment Management Services

Under the Investment Management Agreements for each fund, T. Rowe Price is responsible for supervising and overseeing investments of the funds in accordance with the funds’ investment objectives, programs, and restrictions as provided in the funds’ prospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including maintaining the funds’ corporate existence and corporate records; registering and qualifying fund shares under federal laws; monitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed by the funds such as the funds’ custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination of such agents’ activities; and permitting employees of the Price Advisers to serve as officers, directors, and committee members of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a subadvisory agreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally responsible for effecting security transactions, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.

T. Rowe Price has entered into a subadvisory agreement with one or more Price Adviser(s) on behalf of each fund as indicated in the table below under which, subject to the supervision of T. Rowe Price, the Price Adviser is authorized to trade securities or delegate the trading of securities and make discretionary investment decisions with respect to all or a portion of each fund’s portfolio. Under the subadvisory agreement, each Price Adviser is responsible for effecting all or a portion of the securities transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.

Price Adviser	Fund
Price Investment Management	Capital Appreciation Fund Institutional Mid-Cap Equity Growth Fund Institutional Small-Cap Stock Fund Mid-Cap Growth Fund Small-Cap Stock Fund Small-Cap Value Fund Spectrum Conservative Allocation Fund Spectrum Moderate Allocation Fund Spectrum Moderate Growth Allocation Fund U.S. High Yield Fund
Price International	Africa & Middle East Fund Dynamic Global Fund Emerging Europe Fund Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Currency Bond Fund Emerging Markets Local Multi-Sector Account Portfolio Equity Index 500 Fund European Stock Fund Extended Equity Market Index Fund Global Allocation Fund Global High Income Bond Fund Global Impact Equity Fund Global Multi-Sector Bond Fund Global Technology Fund

246

Price Adviser	Fund
	Global Value Equity Fund Inflation Protected Bond Fund Institutional Emerging Markets Bond Fund Institutional International Disciplined Equity Fund International Bond Fund International Bond Fund (USD Hedged) International Disciplined Equity Fund International Discovery Fund International Equity Index Fund International Value Equity Fund Latin America Fund Limited Duration Inflation Focused Bond Fund Mid-Cap Index Fund Multi-Strategy Total Return Fund New Asia Fund New Income Fund Real Assets Fund Short Duration Income Fund Short-Term Bond Fund Small-Cap Index Fund Spectrum Conservative Allocation Fund Spectrum Moderate Allocation Fund Spectrum Moderate Growth Allocation Fund Total Equity Market Index Fund Total Return Fund Ultra Short-Term Bond Fund
Price Hong Kong	China Evolution Equity Fund Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Discovery Stock Fund Global Allocation Fund Global High Income Bond Fund Global Multi-Sector Bond Fund Global Real Estate Fund Inflation Protected Bond Fund Institutional Emerging Markets Bond Fund International Bond Fund International Bond Fund (USD Hedged) International Discovery Fund Limited Duration Inflation Focused Bond Fund Multi-Strategy Total Return Fund New Income Fund Real Assets Fund Short Duration Income Fund Short-Term Bond Fund Spectrum Conservative Allocation Fund Spectrum Moderate Allocation Fund Spectrum Moderate Growth Allocation Fund Total Return Fund Ultra Short-Term Bond Fund
Price Japan	Global Allocation Fund International Discovery Fund Japan Fund Real Assets Fund
Price Singapore	Asia Opportunities Fund Emerging Markets Stock Fund Global Allocation Fund Institutional Emerging Markets Equity Fund

 

The Price Advisers have controls to generally prevent the sharing of information between Price Investment Management and the other Price Advisers related to portfolio management, such as investment decisions, investment research, trading

247

and proxy voting decisions. Thus, Price Investment Management generally makes independent portfolio management decisions from and does not coordinate trading activities with the other Price Advisers.

The Investment Management Agreements also provide that T. Rowe Price, and its directors, officers, employees, and certain other persons performing specific functions for the funds, will be liable to the funds only for losses resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of duty. The subadvisory agreements have a similar provision limiting the liability of the investment subadviser for errors, mistakes, and losses other than those caused by its willful misfeasance, bad faith, or gross negligence.

Under the Investment Management Agreements (and subadvisory agreements, if applicable), the Price Advisers 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 Price Advisers may deem necessary, appropriate, or convenient for the discharge of their obligations under the Investment Management Agreements (and subadvisory agreements, if applicable) or otherwise helpful to the funds.

Control of Investment Adviser

T. Rowe Price Group, Inc. (Group), is a publicly owned company and owns 100% of the stock of T. Rowe Price, which in turn owns 100% each of Price Investment Management and Price International. Price International in turn owns 100% each of Price Hong Kong, Price Japan, and Price Singapore. Group was formed in 2000 as a holding company for the T. Rowe Price-affiliated companies.

Management Fees

All funds except Index Funds, Institutional Funds, Multi-Sector Account Portfolios, Spectrum Funds, Target Date Funds, TRP Reserve Funds, and Certain Money Market Funds

The funds pay T. Rowe Price a fee (Fee), which consists of two components: a group management fee (Group Fee) and an individual fund fee (Fund Fee). The Fee is paid monthly to T. Rowe Price and is calculated as described below.

The monthly Group Fee (Monthly Group Fee) is the sum of the daily Group Fee accruals (Daily Group Fee Accruals) for each month. The Daily Group Fee Accrual for any particular day is computed by multiplying the Price Funds’ group fee accrual as determined below (Daily Price Funds’ Group Fee Accrual) by the ratio of the Price Funds’ net assets for that day to the sum of the aggregate net assets of the Price Funds for that day. The Daily Price Funds’ Group Fee Accrual for any particular day is calculated by multiplying the fraction of one 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	0.340%	Next $5 billion	0.290%	Next $60 billion
0.450%	Next $1 billion	0.330%	Next $10 billion	0.285%	Next $80 billion
0.420%	Next $1 billion	0.320%	Next $10 billion	0.280%	Next $100 billion
0.390%	Next $1 billion	0.310%	Next $16 billion	0.275%	Next $100 billion
0.370%	Next $1 billion	0.305%	Next $30 billion	0.270%	Next $150 billion
0.360%	Next $2 billion	0.300%	Next $40 billion	0.265%	Next $195 billion
0.350%	Next $2 billion	0.295%	Next $40 billion	0.260%	Thereafter

For the purpose of calculating the Group Fee, the Price Funds include all the mutual funds distributed by Investment Services (excluding the Funds-of-Funds, TRP Reserve Funds, Multi-Sector Account Portfolios, any Index, or private-label mutual funds). In addition, any investments by a fund in another Price Fund are excluded from the calculation. For the purpose of calculating the Daily Price Funds’ Group Fee Accrual for any particular day, the net assets of each Price Fund are determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business.

The monthly Fund Fee (Monthly Fund Fee) is the sum of the daily Fund Fee accruals (Daily Fund Fee Accruals) for each month. The Daily Fund Fee Accrual for any particular day is computed by multiplying the fraction of one (1) over the number of calendar days in the year by the individual fund fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with the fund’s prospectus as of the close of business on the previous business day on which the fund was open for business. The individual fund fees are listed in the following tables:

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Fund	Fee %
Africa & Middle East Fund	0.75
All-Cap Opportunities Fund	0.35
Asia Opportunities Fund	0.50
Balanced Fund	0.15
Blue Chip Growth Fund	0.30	(a)
California Tax-Free Bond Fund	0.10
Capital Appreciation Fund	0.30
China Evolution Equity Fund	0.70
Communications & Technology Fund	0.35
Corporate Income Fund	0.07
Credit Opportunities Fund	0.27
Diversified Mid-Cap Growth Fund	0.35
Dividend Growth Fund	0.20
Dynamic Credit Fund	0.22
Dynamic Global Bond Fund	0.20
Emerging Europe Fund	0.75
Emerging Markets Bond Fund	0.41
Emerging Markets Corporate Bond Fund	0.41
Emerging Markets Discovery Stock Fund	0.65
Emerging Markets Local Currency Bond Fund	0.36
Emerging Markets Stock Fund	0.65
Equity Income Fund	0.25	(b)
European Stock Fund	0.50
Financial Services Fund	0.35
Floating Rate Fund	0.30
Georgia Tax-Free Bond Fund	0.10
Global Allocation Fund	0.40
Global Consumer Fund	0.40
Global Growth Stock Fund	0.35	(c)
Global High Income Bond Fund	0.27
Global Impact Equity Fund	0.40
Global Industrials Fund	0.40
Global Multi-Sector Bond Fund	0.19
Global Real Estate Fund	0.40
Global Stock Fund	0.35	(c)
Global Value Equity Fund	0.35	(c)
Global Technology Fund	0.45
GNMA Fund	0.07
Growth Stock Fund	0.25	(b)
Health Sciences Fund	0.35
High Yield Fund	0.30
Inflation Protected Bond Fund	0.05
Integrated Global Equity Fund	0.25
Integrated U.S. Large-Cap Value Equity Fund	0.20
Integrated U.S. Small-Cap Growth Equity Fund	0.35

249

Fund	Fee %
Integrated U.S. Small-Mid Cap Core Equity Fund	0.35
Intermediate Tax-Free High Yield Fund	0.07
International Bond Fund	0.20
International Bond Fund (USD Hedged)	0.20
International Disciplined Equity Fund	0.35
International Discovery Fund	0.75
International Stock Fund	0.35	(d)
International Value Equity Fund	0.35
Japan Fund	0.50
Latin America Fund	0.75
Large-Cap Growth Fund	0.26	(e)
Large-Cap Value Fund	0.26	(e)
Limited Duration Inflation Focused Bond Fund	0.05
Maryland Short-Term Tax-Free Bond Fund	0.10
Maryland Tax-Free Bond Fund	0.10
Mid-Cap Growth Fund	0.35	(f)
Mid-Cap Value Fund	0.35
Multi-Strategy Total Return Fund	0.71
New Asia Fund	0.50
New Era Fund	0.25
New Horizons Fund	0.35
New Income Fund	0.03	(g)
New Jersey Tax-Free Bond Fund	0.10
New York Tax-Free Bond Fund	0.10
Overseas Stock Fund	0.35	(h)
Real Assets Fund	0.35
Real Estate Fund	0.30
Science & Technology Fund	0.35
Short Duration Income Fund	0.00
Short-Term Bond Fund	0.01
Small-Cap Stock Fund	0.45
Small-Cap Value Fund	0.35
Spectrum Conservative Allocation Fund	0.15
Spectrum Moderate Allocation Fund	0.25
Spectrum Moderate Growth Allocation Fund	0.30
Summit Municipal Income	0.08
Summit Municipal Intermediate Fund	0.08
Tax-Efficient Equity Fund	0.35
Tax-Free High Yield Fund	0.30
Tax-Free Income Fund	0.15
Tax-Free Short-Intermediate Fund	0.05
Total Return Fund	0.02
U.S. Equity Research Fund	0.04	(i)
U.S. High Yield Fund	0.27
U.S. Large-Cap Core Fund	0.25

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Fund	Fee %
Value Fund	0.27(j)
Virginia Tax-Free Bond Fund	0.10

(a) On assets up to $15 billion and 0.255% on assets above $15 billion.

(b) On assets up to $15 billion and 0.2125% on assets above $15 billion.

(c) Total management fee not to exceed 0.65% of the fund’s average daily net assets.

(d) Total management fee not to exceed 0.70% of the fund’s average daily net assets.

(e) Total management fee not to exceed 0.55% of the fund’s average daily net assets.

(f) On assets up to $15 billion and 0.2975% on assets above $15 billion.

(g) On assets up to $20 billion and 0.0255% on assets above $20 billion.

(h) On assets up to $25 billion and 0.2975% on assets above $25 billion.

(i) Total management fee not to exceed 0.33% of the fund’s average daily net assets.

(j) On assets up to $20 billion and 0.2295% on assets above $20 billion.

Index Funds, Institutional Funds, and Certain Money Market Funds

The following funds pay T. Rowe Price an annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund.

Fund	Fee %
Equity Index 500 Fund	0.05
Extended Equity Market Index Fund	0.09
Government Money Fund	0.18
Institutional International Disciplined Equity Fund	0.65
Institutional Large-Cap Core Growth Fund	0.55
Institutional Mid-Cap Equity Growth Fund	0.60
Institutional Small-Cap Stock Fund	0.65
International Equity Index Fund	0.09
Maryland Tax-Free Money Fund	0.19
Mid-Cap Index Fund	0.09
QM U.S. Bond Index Fund	0.07
Small-Cap Index Fund	0.09
Tax-Exempt Money Fund	0.19
Total Equity Market Index Fund	0.09
U.S. Limited Duration TIPS Index Fund	0.06
U.S. Treasury Intermediate Index Fund	0.06
U.S. Treasury Long-Term Index Fund	0.06
U.S. Treasury Money Fund	0.18
Ultra Short-Term Bond Fund	0.16

The following funds (All-Inclusive Fee Funds) pay T. Rowe Price a single annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund.

Fund	Fee %
Cash Reserves Fund	0.40
Institutional Emerging Markets Bond Fund	0.70
Institutional Emerging Markets Equity Fund	1.00
Institutional Floating Rate Fund	0.55
Institutional High Yield Fund	0.50
Institutional Long Duration Credit Fund	0.45

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The Investment Management Agreement between each All-Inclusive Fee Fund and T. Rowe Price provides that T. Rowe Price will pay all expenses of each fund’s operations except for interest; taxes; brokerage commissions, and other charges incident to the purchase, sale, or lending of the fund’s portfolio securities; and such nonrecurring or extraordinary expenses that may arise, including the costs of actions, suits, or proceedings to which the fund is a party and the expenses the fund may incur as a result of its obligation to provide indemnification to its officers, directors, and agents. However, the Boards for the funds reserve the right to impose additional fees against shareholder accounts to defray expenses that would otherwise be paid by T. Rowe Price under the Investment Management Agreement. The Boards do not anticipate levying such charges; such a fee, if charged, may be retained by the funds or paid to the Price Advisers.

The Fee is paid monthly to T. Rowe Price and is the sum of the Daily Fee accruals for each month. The Daily Fee accrual for any particular day is calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the appropriate Fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business.

Spectrum Funds and Target Date Funds

The Spectrum Funds and Target Date Funds also pay an All-Inclusive Fee to T. Rowe Price based on each fund’s average daily net assets and the fee covers investment management services and all of the fund’s operating expenses, except for interest and borrowing expenses; taxes; brokerage commissions; nonrecurring and extraordinary expenses; acquired fund fees and expenses; and any 12b-1 fees applicable to a share class. Any differences in the All-Inclusive Fee rates between certain share classes of the same fund relate to differences in expected shareholder servicing expenses. In accordance with predetermined contractual fee schedules, the All-Inclusive Fee rates for the Spectrum Funds are as follows:

Fund	All-Inclusive Fee Rate (%)
Spectrum Diversified Equity Fund	0.73
Spectrum Diversified Equity Fund—I Class	0.58
Spectrum Income Fund	0.62
Spectrum Income Fund—I Class	0.47
Spectrum International Equity Fund	0.89
Spectrum International Equity Fund—I Class	0.74

In accordance with predetermined contractual fee schedules, the All-Inclusive Fee rates for the Target Date Funds (other than the Retirement Balanced Fund and Retirement Balanced I Fund) will continue to generally decline over time as a fund reduces its overall stock exposure along its investment glide path. Any predetermined decrease for a particular year will occur on the first day of the fund’s fiscal year.

The Retirement Balanced Fund charges an All-Inclusive Fee of 0.49%. The other RDFs and Retirement Income 2020 Fund charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):

Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.64	17	0.60	3	0.55
30	0.63	16	0.60	2	0.54
29	0.63	15	0.59	1	0.54
28	0.63	14	0.59	0	0.53
27	0.63	13	0.59	(1)	0.53
26	0.63	12	0.59	(2)	0.53
25	0.62	11	0.59	(3)	0.53
24	0.62	10	0.58	(4)	0.52
23	0.62	9	0.58	(5)	0.51
22	0.62	8	0.58	(6)	0.51
21	0.61	7	0.57	(7)	0.51
20	0.60	6	0.56	(8)	0.50
19	0.60	5	0.55	(9)	0.50
18	0.60	4	0.55	Thereafter	0.49

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The Retirement Balanced I Fund—I Class charges an All-Inclusive Fee of 0.34%. The other Retirement I Funds charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):

Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.46	17	0.43	3	0.39
30	0.45	16	0.43	2	0.38
29	0.45	15	0.42	1	0.38
28	0.45	14	0.42	0	0.37
27	0.45	13	0.42	(1)	0.37
26	0.45	12	0.42	(2)	0.37
25	0.44	11	0.42	(3)	0.37
24	0.44	10	0.41	(4)	0.37
23	0.44	9	0.41	(5)	0.36
22	0.44	8	0.41	(6)	0.36
21	0.44	7	0.40	(7)	0.36
20	0.43	6	0.40	(8)	0.35
19	0.43	5	0.39	(9)	0.35
18	0.43	4	0.39	Thereafter	0.34

The Retirement Blend Investor Classes charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):

Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.44	17	0.41	3	0.38
30	0.43	16	0.41	2	0.38
29	0.43	15	0.41	1	0.38
28	0.43	14	0.41	0	0.37
27	0.43	13	0.41	(1)	0.37
26	0.43	12	0.41	(2)	0.37
25	0.43	11	0.41	(3)	0.37
24	0.43	10	0.40	(4)	0.36
23	0.43	9	0.40	(5)	0.35
22	0.43	8	0.40	(6)	0.35
21	0.42	7	0.40	(7)	0.35
20	0.41	6	0.39	(8)	0.35
19	0.41	5	0.38	(9)	0.35
18	0.41	4	0.38	Thereafter	0.34

The Retirement Blend I Classes charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):

Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.26	17	0.24	3	0.22
30	0.25	16	0.24	2	0.22
29	0.25	15	0.24	1	0.22
28	0.25	14	0.24	0	0.21
27	0.25	13	0.24	(1)	0.21
26	0.25	12	0.24	(2)	0.21
25	0.25	11	0.24	(3)	0.21
24	0.25	10	0.23	(4)	0.21
23	0.25	9	0.23	(5)	0.20
22	0.25	8	0.23	(6)	0.20

253

Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
21	0.25	7	0.23	(7)	0.20
20	0.24	6	0.23	(8)	0.20
19	0.24	5	0.22	(9)	0.20
18	0.24	4	0.22	Thereafter	0.19

The TRFs’ Investor Classes and Advisor Classes charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):

Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.64	21	0.60	5	0.52
35	0.63	20	0.59	4	0.52
34	0.63	19	0.59	3	0.52
33	0.63	18	0.59	2	0.51
32	0.63	17	0.58	1	0.51
31	0.63	16	0.58	0	0.50
30	0.62	15	0.57	(1)	0.50
29	0.62	14	0.57	(2)	0.50
28	0.62	13	0.57	(3)	0.49
27	0.62	12	0.56	(4)	0.48
26	0.62	11	0.56	(5)	0.47
25	0.61	10	0.55	(6)	0.47
24	0.61	9	0.55	(7)	0.47
23	0.61	8	0.55	(8)	0.46
22	0.61	7	0.54	(9)	0.46
		6	0.53	Thereafter	0.45

The TRFs’ I Classes charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):

Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.46	21	0.43	5	0.36
35	0.45	20	0.42	4	0.36
34	0.45	19	0.42	3	0.36
33	0.45	18	0.42	2	0.35
32	0.45	17	0.41	1	0.35
31	0.45	16	0.41	0	0.34
30	0.44	15	0.40	(1)	0.34
29	0.44	14	0.40	(2)	0.34
28	0.44	13	0.40	(3)	0.33
27	0.44	12	0.39	(4)	0.33
26	0.44	11	0.39	(5)	0.32
25	0.43	10	0.38	(6)	0.32
24	0.43	9	0.38	(7)	0.32
23	0.43	8	0.38	(8)	0.31
22	0.43	7	0.37	(9)	0.31
		6	0.37	Thereafter	0.30

Multi-Sector Account Portfolios and TRP Reserve Funds

None of these funds pays T. Rowe Price an investment management fee.

Investment Subadvisory Agreements

Pursuant to each of the subadvisory agreements that T. Rowe Price has entered into on behalf of a Price Fund, T. Rowe Price may pay the investment subadviser up to 60% of the management fee that T. Rowe Price receives from that fund.

254

Management Fee Compensation

The following table sets forth the total management fees, if any, paid to the Price Advisers by each fund, during the fiscal years indicated:

Fund	Fiscal Year Ended
	2/28/22	2/28/21	2/29/20
California Tax-Free Bond Fund(a)	$2,740,000	$2,660,000	$2,744,000
Floating Rate Multi-Sector Account Portfolio	(b)	(b)	(b)
Georgia Tax-Free Bond Fund(a)	1,896,000	1,749,000	1,623,000
High Yield Multi-Sector Account Portfolio	(b)	(b)	(b)
Intermediate Tax-Free High Yield Fund(a)	306,000	298,000	268,000
Investment-Grade Corporate Multi-Sector Account Portfolio	(b)	(b)	(b)
Maryland Short-Term Tax-Free Bond Fund(a)	655,000	613,000	651,000
Maryland Tax-Free Bond Fund(a)	10,491,000	9,748,000	9,546,000
Maryland Tax-Free Money Fund(a)	190,000	417,000	310,000
Mortgage-Backed Securities Multi-Sector Account Portfolio	(b)	(b)	(b)
New Jersey Tax-Free Bond Fund(a)	1,730,000	1,679,000	1,861,000
New York Tax-Free Bond Fund(a)	1,989,000	1,924,000	1,980,000
Tax-Efficient Equity Fund(a)	5,593,000	4,188,000	3,299,000
Tax-Exempt Money Fund(a)	1,167,000	1,668,000	1,435,000
Tax-Free High Yield Fund(a)	31,841,000	27,901,000	31,705,000
Tax-Free Income Fund(a)	12,210,000	11,629,000	11,429,000
Tax-Free Short-Intermediate Fund(a)	8,001,000	7,758,000	7,511,000
Virginia Tax-Free Bond Fund(a)	6,533,000	5,963,000	5,595,000

(a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets.

(b) The fund does not pay an investment management fee.

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Corporate Income Fund(a)	$2,843,000	$3,409,000	$3,227,000
Credit Opportunities Fund(a)	546,000	455,000	457,000
Floating Rate Fund(a)	25,004,000	14,217,000	11,118,000
Global Multi-Sector Bond Fund(a)	8,281,000	6,403,000	5,842,000
GNMA Fund(a)	4,241,000	5,338,000	5,725,000
Government Money Fund(a)	18,825,000	27,477,000	24,842,000
Government Reserve Fund	(c)	(c)	(c)
High Yield Fund(a)	48,000,000	49,381,000	47,358,000
Inflation Protected Bond Fund(a)	2,395,000	1,698,000	1,263,000
Institutional Floating Rate Fund(a)(d)	33,764,000	17,842,000	18,970,000
Institutional High Yield Fund(d)	10,041,000	9,988,000	7,763,000
Institutional Long Duration Credit Fund(d)	120,000	106,000	126,000
Limited Duration Inflation Focused Bond Fund(a)	31,918,000	27,030,000	28,680,000
New Income Fund(a)	67,875,000	80,050,000	91,888,000
Retirement 2005 Fund(a)(e)	6,254,000	6,799,000	915,000
Retirement 2010 Fund(a)(e)	17,510,000	19,638,000	2,668,000

255

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Retirement 2015 Fund(a)(e)	27,844,000	31,223,000	4,293,000
Retirement 2020 Fund(a)(e)	77,949,000	91,577,000	12,639,000
Retirement 2025 Fund(a)(e)	88,248,000	100,181,000	13,215,000
Retirement 2030 Fund(a)(e)	123,028,000	137,123,000	17,668,000
Retirement 2035 Fund(a)(e)	80,513,000	90,710,000	11,491,000
Retirement 2040 Fund(a)(e)	93,026,000	106,454,000	13,298,000
Retirement 2045 Fund(a)(e)	56,782,000	64,293,000	7,934,000
Retirement 2050 Fund(a)(e)	50,523,000	56,631,000	6,898,000
Retirement 2055 Fund(a)(e)	28,892,000	31,156,000	3,780,000
Retirement 2060 Fund(a)(e)	9,619,000	9,218,000	978,000
Retirement 2065 Fund(a)	383,000	41,000	(b)
Retirement Balanced Fund(a)(e)	10,650,000	10,739,000	1,415,000
Retirement Blend 2005 Fund(a)	3,000	(b)	(b)
Retirement Blend 2010 Fund(a)	6,000	(b)	(b)
Retirement Blend 2015 Fund(a)	9,000	(b)	(b)
Retirement Blend 2020 Fund(a)	26,000	(b)	(b)
Retirement Blend 2025 Fund(a)	49,000	(b)	(b)
Retirement Blend 2030 Fund(a)	42,000	(b)	(b)
Retirement Blend 2035 Fund(a)	54,000	(b)	(b)
Retirement Blend 2040 Fund(a)	46,000	(b)	(b)
Retirement Blend 2045 Fund(a)	40,000	(b)	(b)
Retirement Blend 2050 Fund(a)	26,000	(b)	(b)
Retirement Blend 2055 Fund(a)	15,000	(b)	(b)
Retirement Blend 2060 Fund(a)	6,000	(b)	(b)
Retirement Blend 2065 Fund(a)	5,000	(b)	(b)
Retirement I 2005 Fund—I Class(e)	1,152,000	1,224,000	116,000
Retirement I 2010 Fund—I Class(e)	3,400,000	3,235,000	304,000
Retirement I 2015 Fund—I Class(e)	6,488,000	6,381,000	615,000
Retirement I 2020 Fund—I Class(e)	22,466,000	23,383,000	2,229,000
Retirement I 2025 Fund—I Class(e)	32,170,000	31,108,000	2,771,000
Retirement I 2030 Fund—I Class(e)	44,384,000	42,135,000	3,640,000
Retirement I 2035 Fund—I Class(e)	33,479,000	30,900,000	2,578,000
Retirement I 2040 Fund—I Class(e)	37,791,000	35,569,000	2,950,000
Retirement I 2045 Fund—I Class(e)	27,074,000	24,049,000	1,946,000
Retirement I 2050 Fund—I Class(e)	25,825,000	22,625,000	1,828,000
Retirement I 2055 Fund—I Class(e)	14,727,000	11,879,000	936,000
Retirement I 2060 Fund—I Class(e)	6,063,000	4,245,000	305,000
Retirement I 2065 Fund—I Class(e)	169,000	8,000	(b)
Retirement Balanced I Fund—I Class(e)	1,803,000	1,388,000	128,000
Short Duration Income Fund(a)	145,000	39,000	(b)
Short-Term Fund	(c)	(c)	(c)

256

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Short-Term Bond Fund(a)	17,589,000	19,159,000	18,229,000
Short-Term Government Fund	(b)	(b)	(b)
Spectrum Conservative Allocation Fund(a)	11,272,000	10,522,000	9,879,000
Spectrum Moderate Allocation Fund(a)	14,761,000	13,634,000	12,900,000
Spectrum Moderate Growth Allocation Fund(a)	22,178,000	19,477,000	16,554,000
Target 2005 Fund(a)(e)	247,000	229,000	25,000
Target 2010 Fund(a)(e)	333,000	338,000	38,000
Target 2015 Fund(a)(e)	891,000	935,000	111,000
Target 2020 Fund(a)(e)	1,707,000	1,718,000	193,000
Target 2025 Fund(a)(e)	2,443,000	2,303,000	251,000
Target 2030 Fund(a)(e)	2,726,000	2,564,000	266,000
Target 2035 Fund(a)(e)	2,150,000	1,938,000	193,000
Target 2040 Fund(a)(e)	2,034,000	1,809,000	174,000
Target 2045 Fund(a)(e)	1,687,000	1,414,000	130,000
Target 2050 Fund(a)(e)	1,380,000	1,142,000	105,000
Target 2055 Fund(a)(e)	940,000	726,000	65,000
Target 2060 Fund(a)(e)	476,000	330,000	27,000
Target 2065 Fund(a)	37,000	6,000	(b)
Total Return Fund(a)	2,032,000	1,242,000	257,000
Treasury Reserve Fund	(c)	(c)	(c)
U.S. High Yield Fund(a)	3,112,000	2,429,000	1,630,000
U.S. Limited Duration TIPS Index Fund(a)	974,000	254,000	(b)
U.S. Treasury Intermediate Index Fund(a)	573,000	1,611,000	1,974,000
U.S. Treasury Long-Term Index Fund(a)	2,262,000	3,921,000	13,545,000
U.S. Treasury Money Fund(a)	21,270,000	26,670,000	19,433,000
Ultra Short-Term Bond Fund(a)	9,669,000	10,080,000	5,270,000

(a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets.

(b) Prior to commencement of operations.

(c) The fund does not pay an investment management fee.

(d) The fee includes investment and administrative expenses.

(e) In April 2020, the fund began charging an all-inclusive management fee.

Fund	Fiscal Year Ended
	10/31/22	10/31/21	10/31/20
Africa & Middle East Fund(a)	$1,579,000	$1,236,000	$1,052,000
Asia Opportunities Fund(a)	1,455,000	1,991,000	1,165,000
Cash Reserves Fund(c)	15,831,000	16,521,000	16,533,000
China Evolution Equity Fund(a)	673,000	1,053,000	179,000
Emerging Europe Fund(a)	731,000	1,519,000	1,361,000
Emerging Markets Discovery Stock Fund(a)	40,100,000	23,941,000	2,902,000
Emerging Markets Stock Fund(a)	88,735,000	131,649,000	123,440,000
European Stock Fund(a)	8,350,000	9,700,000	7,644,000
Global Allocation Fund(a)	7,503,000	7,525,000	5,358,000

257

Fund	Fiscal Year Ended
	10/31/22	10/31/21	10/31/20
Global Growth Stock Fund(a)	8,037,000	9,890,000	5,459,000
Global Impact Equity Fund(a)	125,000	57,000	(b)
Global Stock Fund(a)	39,239,000	45,523,000	21,817,000
Global Value Equity Fund(a)	189,000	136,000	65,000
Institutional Emerging Markets Equity Fund(c)	14,837,000	23,001,000	19,142,000
Institutional International Disciplined Equity Fund	2,093,000	2,317,000	1,912,000
International Disciplined Equity Fund(a)	2,172,000	3,492,000	2,187,000
International Discovery Fund(a)	83,600,000	109,934,000	85,722,000
International Equity Index Fund(c)	600,000	2,293,000	2,508,000
International Stock Fund(a)	83,809,000	103,118,000	90,656,000
International Value Equity Fund(a)	73,859,000	82,262,000	67,951,000
Japan Fund(a)	5,123,000	8,736,000	6,469,000
Latin America Fund(a)	4,126,000	4,748,000	4,626,000
Multi-Strategy Total Return Fund(a)	3,819,000	2,466,000	738,000
New Asia Fund(a)	25,357,000	34,431,000	24,493,000
Overseas Stock Fund(a)	129,687,000	132,183,000	105,804,000
QM U.S. Bond Index Fund(a)(d)	949,000	1,144,000	3,691,000
Summit Municipal Income Fund(a)(c)	9,210,000	10,901,000	8,831,000
Summit Municipal Intermediate Fund(a)(c)	22,811,000	22,893,000	21,202,000

(a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets.

(b) Prior to commencement of operations.

(c) The fee includes investment management fees and administrative expenses.

(d) Prior to October 1, 2020, the fund paid an all-inclusive management fee that included investment management and ordinary, recurring operating expenses. Effective October 1, 2020, the fund pays an annual investment management fee.

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
All-Cap Opportunities Fund(a)	$49,500,000	$54,452,000	$40,162,000
Balanced Fund(a)	19,642,000	22,846,000	19,329,000
Blue Chip Growth Fund(a)	383,388,000	551,062,000	437,213,000
Capital Appreciation Fund(a)	284,018,000	289,776,000	227,852,000
Communications & Technology Fund(a)	49,678,000	74,111,000	54,229,000
Diversified Mid-Cap Growth Fund(a)	12,157,000	15,394,000	11,631,000
Dividend Growth Fund(a)	98,495,000	96,043,000	74,490,000
Dynamic Credit Fund(a)	182,000	294,000	214,000
Dynamic Global Bond Fund(a)	22,659,000	21,641,000	19,908,000
Emerging Markets Bond Fund(a)	28,181,000	36,461,000	37,902,000
Emerging Markets Corporate Bond Fund(a)	4,440,000	5,876,000	2,660,000
Emerging Markets Corporate Multi-Sector Account Portfolio	(c)	(c)	(c)
Emerging Markets Local Currency Bond Fund(a)	2,443,000	3,458,000	3,377,000
Emerging Markets Local Multi-Sector Account Portfolio	(c)	(c)	(c)
Equity Income Fund(a)	95,650,000	98,076,000	86,466,000

258

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
Equity Index 500 Fund(a)	13,138,000	18,740,000	18,428,000
Extended Equity Market Index Fund(b)	869,000	2,826,000	3,149,000
Financial Services Fund(a)	11,272,000	9,618,000	4,240,000
Global Consumer Fund	464,000	712,000	338,000
Global High Income Bond Fund(a)	1,566,000	1,432,000	995,000
Global Industrials Fund(a)	1,216,000	1,576,000	211,000
Global Real Estate Fund(a)	690,000	776,000	737,000
Global Technology Fund(a)	34,263,000	67,272,000	43,494,000
Growth Stock Fund(a)	265,003,000	369,996,000	304,287,000
Health Sciences Fund(a)	103,891,000	118,636,000	92,399,000
Institutional Emerging Markets Bond Fund(b)	2,802,000	3,285,000	3,026,000
Institutional Large-Cap Core Growth Fund	24,161,000	35,616,000	27,038,000
Institutional Mid-Cap Equity Growth Fund	32,272,000	46,597,000	43,535,000
Institutional Small-Cap Stock Fund	32,208,000	44,442,000	32,655,000
Integrated Global Equity Fund(a)	123,000	150,000	111,000
Integrated U.S. Large-Cap Value Equity Fund(a)	196,000	178,000	89,000
Integrated U.S. Small-Cap Growth Equity Fund(a)	47,295,000	64,872,000	53,546,000
Integrated U.S. Small-Mid Cap Core Equity Fund(a)	1,852,000	1,286,000	728,000
International Bond Fund(a)	4,958,000	6,199,000	5,246,000
International Bond Fund (USD Hedged)(a)	27,353,000	29,078,000	28,324,000
Large-Cap Growth Fund(a)	96,081,000	128,801,000	98,451,000
Large-Cap Value Fund(a)	18,987,000	20,800,000	16,484,000
Mid-Cap Growth Fund(a)	181,572,000	231,097,000	200,101,000
Mid-Cap Index Fund(a)	83,000	72,000	9,000
Mid-Cap Value Fund(a)	88,339,000	94,097,000	72,341,000
New Era Fund(a)	17,197,000	15,872,000	14,185,000
New Horizons Fund(a)	168,563,000	254,483,000	200,851,000
Real Assets Fund(a)	37,684,000	28,777,000	20,116,000
Real Estate Fund(a)	8,519,000	9,004,000	10,748,000
Retirement Income 2020 Fund(d)	688,000	687,000	338,000
Science & Technology Fund(a)	39,574,000	61,790,000	46,453,000
Small-Cap Index Fund(a)	85,000	76,000	8,000
Small-Cap Stock Fund(a)	68,770,000	86,417,000	68,779,000
Small-Cap Value Fund(a)	74,548,000	84,530,000	57,607,000
Spectrum Diversified Equity Fund	25,277,000	2,910,000	(c)
Spectrum Income Fund(e)	34,546,000	4,099,000	(c)
Spectrum International Equity Fund(e)	13,493,000	1,726,000	(c)
Total Equity Market Index Fund(b)	1,862,000	4,202,000	6,173,000
Transition Fund	(c)	(c)	(c)

259

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
U.S. Equity Research Fund(a)	36,813	24,382,000	12,568,000
U.S. Large-Cap Core Fund(a)	36,900,000	27,263,000	6,967,000
Value Fund(a)	186,846,000	226,975,000	161,029,000

(a) The fund has multiple classes. The management fee is allocated to each class based on relative net assets.

(b) The fee includes investment management fees and administrative expenses.

(c) The fund does not pay an investment management fee.

(d) In April 2020, the fund began charging an all-inclusive management fee.

(e) In March 2021, the fund began charging an all-inclusive management fee.

Expense Limitations and Reimbursements

The Investment Management Agreement between each Price Fund and T. Rowe Price provides that the fund will bear all expenses of its operations that are not specifically assumed by T. Rowe Price. Certain Price Funds have implemented contractual expense limitations pursuant to either their Investment Management Agreement or a separate agreement between the fund and T. Rowe Price. Some expense limitations apply to a fund’s (or class’) total expense ratio, while others apply to a fund’s management fee rate or to a particular class’ ordinary operating expenses.

For purposes of applying a fund’s expense limitation, the expenses of a fund and its share classes are generally calculated on a monthly basis. If a class is operating above its expense limitation, that month’s management fee will be reduced or waived and/or the fund’s operating expenses will be paid or reimbursed, with any adjustment made after the end of the year. For all contractual expense limitation arrangements except for management fee waivers, fees waived and expenses borne by T. Rowe Price are subject to reimbursement by the fund (or class) through the indicated reimbursement date, provided no reimbursement will be made if it would result in a fund’s (or class’) expense ratio exceeding the lower of: (i) the expense limitation in place at the time of the waiver or payment; or (ii) any applicable expense limitation at the time of the reimbursement. Generally, T. Rowe Price may agree (with approval of the fund’s Board) to implement one or more additional expense limitations (of the same or different time periods and amounts) for a fund after the expiration of the current expense limitation, and that with respect to any such additional limitation period, the fund may reimburse T. Rowe Price, provided the reimbursement does not result in the fund’s (or class’) expenses exceeding the lower of: (i) the expense limitation in place at the time of the waiver or payment; or (ii) any applicable expense limitation at the time of the reimbursement. Expenses waived pursuant to a management fee waiver agreement are not subject to reimbursement.

The following four tables set forth the majority of the contractual expense limitation arrangements currently in effect (or those that will be in effect in the near future) for the Price Funds and the periods for which they are effective. The tables are organized by fiscal year-end. Limitations that were in effect during the prior three fiscal years and certain expense limitation arrangements that are currently in effect are included in the additional tables appearing under the heading “Additional Expense Limitation Arrangements.”

Funds with a 10/31 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Africa & Middle East Fund	March 1, 2022 – February 29, 2024	1.30	—	—	(b)
Africa & Middle East Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
Africa & Middle East Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Asia Opportunities Fund	March 1, 2023 – February 28, 2025	1.15	—	—	(b)
Asia Opportunities Fund—Advisor Class	March 1, 2023 – February 28, 2025	1.25	—	—	(b)
Asia Opportunities Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
China Evolution Equity Fund	March 1, 2022 – February 29, 2024	1.40	—	—	(b)
China Evolution Equity Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)

260

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Emerging Europe Fund	March 1, 2022 – February 29, 2024	1.41	—	—	(b)
Emerging Europe Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
Emerging Europe Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Emerging Markets Discovery Stock Fund	May 1, 2023 – February 28, 2025	1.13	—	—	(b)
Emerging Markets Discovery Stock Fund—Advisor Class	May 1, 2023 – February 28, 2025	1.55	—	—	(b)
Emerging Markets Discovery Stock Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
Emerging Markets Discovery Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Emerging Markets Stock Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
Emerging Markets Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
European Stock Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
European Stock Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Global Allocation Fund—Advisor Class	March 1, 2022 – February 29, 2024	1.15	—	—	(b)
Global Allocation Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
Global Growth Stock Fund—Advisor Class	March 1, 2023 – February 28, 2025	1.10	—	—	(b)
Global Growth Stock Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
Global Impact Equity Fund	March 1, 2023 – February 28, 2025	0.94	—	—	(b)
Global Impact Equity Fund—I Class	March 1, 2023 – February 28, 2025	—	0.10	—	(a)
Global Stock Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
Global Value Equity Fund	March 1, 2022 – February 29, 2024	0.89	—	—	(a)
Global Value Equity Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
Institutional International Disciplined Equity Fund	March 1, 2023 – February 28, 2025	0.75	—	—	(b)
International Disciplined Equity Fund	March 1, 2023 – February 28, 2025	0.90	—	—	(b)
International Disciplined Equity Fund—Advisor Class	March 1, 2023 – February 28, 2025	1.00	—	—	(b)
International Disciplined Equity Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
International Discovery Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
International Discovery Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
International Equity Index Fund	August 1, 2021 – February 29, 2024	0.31	—	—	(b)
International Equity Index Fund—Z Class	Effective November 2, 2020 (f)	0.00	—	—	(c)
International Stock Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
International Stock Fund—R Class	March 1, 2022 – February 29, 2024	1.40	—	—	(b)
International Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
International Value Equity Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
International Value Equity Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Japan Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)

261

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Japan Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Latin America Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
Latin America Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Multi-Strategy Total Return Fund	March 1, 2022 – February 29, 2024	1.19	—	—	(b)
Multi-Strategy Total Return Fund—Advisor Class	March 1, 2022 – February 29, 2024	1.60	—	—	(b)
Multi-Strategy Total Return Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
New Asia Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
New Asia Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Overseas Stock Fund	March 1, 2023 – February 29, 2024	—	—	0.2975(g)	(c)
Overseas Stock Fund—Advisor Class	March 1, 2023 – February 29, 2024	—	—	0.2975(g)	(c)
Overseas Stock Fund—I Class	March 1, 2022 – February 29, 2024	—	0.05	—	(a)
Overseas Stock Fund—I Class	March 1, 2023 – February 29, 2024	—	—	0.2975(g)	(c)
Overseas Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
QM U.S. Bond Index Fund	March 1, 2023 – February 28, 2025	0.25	—	—	(b)
QM U.S. Bond Index Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
QM U.S. Bond Index Fund—Z Class	Effective October 1, 2020 (f)	0.00	—	—	(c)
Summit Municipal Income Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)
Summit Municipal Intermediate Fund—I Class	March 1, 2023 – February 28, 2025	—	0.05	—	(a)

Funds with a 12/31 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
All-Cap Opportunities Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Balanced Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Blue Chip Growth Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Blue Chip Growth Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Capital Appreciation Fund	May 1, 2023 – April 30, 2024	—	—	0.27(d)	(c)
Capital Appreciation Fund—Advisor Class	May 1, 2023 – April 30, 2024	—	—	0.27(d)	(c)
Capital Appreciation Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Capital Appreciation Fund—I Class	May 1, 2023 – April 30, 2024	—	—	0.27(d)	(c)
Communications & Technology Fund	May 1, 2023 – April 30, 2025	0.77	—	—	(b)
Communications & Technology Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Diversified Mid-Cap Growth Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Dividend Growth Fund	May 1, 2023 – April 30, 2024	—	—	0.17(g)	(c)
Dividend Growth Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Dividend Growth Fund—I Class	May 1, 2023 – April 30, 2024	—	—	0.17(g)	(c)

262

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Dividend Growth Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Dynamic Credit Fund	May 1, 2023 – April 30, 2025	0.63	—	—	(b)
Dynamic Credit Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Dynamic Global Bond Fund—Advisor Class	May 1, 2022 – April 30, 2024	0.90	—	—	(b)
Dynamic Global Bond Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Dynamic Global Bond Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Emerging Markets Bond Fund—Advisor Class	May 1, 2022 – April 30, 2024	1.15	—	—	(b)
Emerging Markets Bond Fund—I Class	May 1, 2022 – April 30, 2024	—	0.01	—	(a)
Emerging Markets Bond Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Emerging Markets Corporate Bond Fund	May 1, 2022 – April 30, 2024	0.88	—	—	(b)
Emerging Markets Corporate Bond Fund—Advisor Class	May 1, 2022 – April 30, 2024	1.16	—	—	(b)
Emerging Markets Corporate Bond Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Emerging Markets Local Currency Bond Fund—Advisor Class	May 1, 2022 – April 30, 2024	1.10	—	—	(b)
Emerging Markets Local Currency Bond Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Emerging Markets Local Currency Bond Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Equity Income Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Equity Income Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Equity Index 500 Fund	May 1, 2022 – April 30, 2024	0.21	—	—	(b)
Equity Index 500 Fund—I Class	May 1, 2022 – April 30, 2024	—	0.00	—	(a)
Equity Index 500 Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Extended Equity Market Index Fund	August 1, 2021 – April 30, 2024	0.25	—	—	(b)
Extended Equity Market Index Fund	Effective August 1, 2021 (f)	—	—	0.35	(c)
Financial Services Fund	May 1, 2023 – April 30, 2025	0.83	—	—	(b)
Financial Services Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Global Consumer Fund	May 1, 2023 – April 30, 2025	1.05	—	—	(b)
Global High Income Bond Fund	May 1, 2022 – April 30, 2024	0.75	—	—	(b)
Global High Income Bond Fund—Advisor Class	May 1, 2022 – April 30, 2024	0.96	—	—	(b)
Global High Income Bond Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Global Industrials Fund	May 1, 2023 – April 30, 2025	1.05	—	—	(b)
Global Industrials Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Global Real Estate Fund	May 1, 2023 – April 30, 2025	0.95	—	—	(b)
Global Real Estate Fund—Advisor Class	May 1, 2023 – April 30, 2025	1.15	—	—	(b)
Global Real Estate Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Global Technology Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Growth Stock Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)

263

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Growth Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Health Sciences Fund	May 1, 2023 – April 30, 2024	—	—	0.2975(g)	(c)
Health Sciences Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Health Sciences Fund—I Class	May 1, 2023 – April 30, 2024	—	—	0.2975(g)	(c)
Integrated Global Equity Fund	May 1, 2022 – April 30, 2024	0.74	—	—	(b)
Integrated Global Equity Fund—Advisor Class	May 1, 2022 – April 30, 2024	1.04	—	—	(b)
Integrated Global Equity Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Integrated U.S. Large-Cap Value Equity Fund	May 1, 2022 – April 30, 2024	0.72	—	—	(b)
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class	May 1, 2022 – April 30, 2024	0.99	—	—	(b)
Integrated U.S. Large-Cap Value Equity Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Integrated U.S. Small-Cap Growth Equity Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Integrated U.S. Small-Mid Cap Core Equity Fund	May 1, 2022 – April 30, 2024	0.87	—	—	(b)
Integrated U.S. Small-Mid Cap Core Equity Fund —Advisor Class	May 1, 2022 – April 30, 2024	1.14	—	—	(b)
Integrated U.S. Small-Mid Cap Core Equity Fund —I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
International Bond Fund	May 1, 2023 – April 30, 2025	0.67	—	—	(b)
International Bond Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
International Bond Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
International Bond Fund (USD Hedged)—Advisor Class	May 1, 2022 – April 30, 2024	0.99	—	—	(b)
International Bond Fund (USD Hedged)—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
International Bond Fund (USD Hedged)—Z Class	Effective October 28, 2019 (f)	0.00	—	—	(c)
Large-Cap Growth Fund	May 1, 2022 – April 30, 2024	0.70	—	—	(a)
Large-Cap Growth Fund	May 1, 2023 – April 30, 2024	—	—	0.221(g)	(c)
Large-Cap Growth Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Large-Cap Growth Fund—I Class	May 1, 2023 – April 30, 2024	—	—	0.221(g)	(c)
Large-Cap Value Fund	May 1, 2022 – April 30, 2024	0.70	—	—	(a)
Large-Cap Value Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Mid-Cap Growth Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Mid-Cap Growth Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Mid-Cap Index Fund	August 1, 2021 – April 30, 2024	0.27	—	—	(b)
Mid-Cap Index Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Mid-Cap Index Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Mid-Cap Value Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Mid-Cap Value Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
New Era Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
New Horizons Fund	May 1, 2023 – April 30, 2024	—	—	0.2975(h)	(c)
New Horizons Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)

264

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
New Horizons Fund—I Class	May 1, 2023 – April 30, 2024	—	—	0.2975(h)	(c)
New Horizons Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Real Assets Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
Real Assets Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Real Estate Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Science & Technology Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Small-Cap Index Fund	August 1, 2021 – April 30, 2024	0.29	—	—	(b)
Small-Cap Index Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Small-Cap Index Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Small-Cap Stock Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Small-Cap Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Small-Cap Value Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Small-Cap Value Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Total Equity Market Index Fund	August 1, 2021 – April 30, 2024	0.22	—	—	(b)
Total Equity Market Index Fund	Effective August 1, 2021 (f)	—	—	0.30	(c)
U.S. Equity Research Fund—I Class	May 1, 2022 – April 30, 2024	—	0.04	—	(a)
U.S. Equity Research Fund—Z Class	Effective November 23, 2021 (f)	0.00	—	—	(c)
U.S. Large-Cap Core Fund	May 1, 2023 – April 30, 2025	0.64	—	—	(b)
U.S. Large-Cap Core Fund—I Class	May 1, 2023 – April 30, 2025	—	0.05	—	(a)
U.S. Large-Cap Core Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Value Fund	May 1, 2023 – April 30, 2024	—	—	0.2295(e)	(c)
Value Fund—Advisor Class	May 1, 2023 – April 30, 2024	—	—	0. 2295(e)	(c)
Value Fund—I Class	May 1, 2022 – April 30, 2024	—	0.05	—	(a)
Value Fund—I Class	May 1, 2023 – April 30, 2024	—	—	0. 2295(e)	(c)
Value Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)

Funds with a 2/28 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
California Tax-Free Bond Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Georgia Tax-Free Bond Fund	September 1, 2021 – June 30, 2023	0.56	—	—	(b)
Georgia Tax-Free Bond Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Intermediate Tax-Free High Yield Fund	October 1, 2021 – June 30, 2023	0.45	—	—	(b)
Intermediate Tax-Free High Yield Fund—Advisor Class	October 1, 2021 – June 30, 2023	0.71	—	—	(b)
Intermediate Tax-Free High Yield Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Maryland Short-Term Tax-Free Bond Fund	July 1, 2022 – June 30, 2024	0.53	—	—	(a)
Maryland Short-Term Tax-Free Bond Fund—I Class	July 1, 2022 – June 30, 2024	—	0.05	—	(a)

265

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Maryland Tax-Free Bond Fund	September 1, 2021 – June 30, 2023	0.49	—	—	(b)
Maryland Tax-Free Bond Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Maryland Tax-Free Money Fund	October 1, 2021 – June 30, 2023	0.41	—	—	(b)
Maryland Tax-Free Money Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
New Jersey Tax-Free Bond Fund	September 1, 2021 – June 30, 2023	0.57	—	—	(b)
New Jersey Tax-Free Bond Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
New York Tax-Free Bond Fund	September 1, 2021 – June 30, 2023	0.53	—	—	(b)
New York Tax-Free Bond Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Tax-Efficient Equity Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Tax-Exempt Money Fund	July 1, 2022 – June 30, 2024	0.45	—	—	(b)
Tax-Exempt Money Fund—I Class	July 1, 2022 – June 30, 2024	—	0.05	—	(a)
Tax-Free High Yield Fund	July 1, 2022 – June 30, 2023	—	—	0.49	(c)
Tax-Free High Yield Fund—Advisor Class	July 1, 2022 – June 30, 2023	—	—	0.49	(c)
Tax-Free High Yield Fund—I Class	July 1, 2022 – June 30, 2023	—	—	0.49	(c)
Tax-Free High Yield Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Tax-Free Income Fund	September 1, 2021 – June 30, 2023	0.53	—	—	(b)
Tax-Free Income Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Tax-Free Short-Intermediate Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)
Virginia Tax-Free Bond Fund—I Class	July 1, 2021 – June 30, 2023	—	0.05	—	(a)

Funds with a 5/31 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Corporate Income Fund	September 1, 2021 – September 30, 2023	0.59	—	—	(b)
Corporate Income Fund—I Class	October 1, 2022 – September 30, 2023	—	0.05	—	(a)
Corporate Income Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Credit Opportunities Fund	October 1, 2021 – September 30, 2023	0.81	—	—	(b)
Credit Opportunities Fund—Advisor Class	October 1, 2021 – September 30, 2023	0.91	—	—	(b)
Credit Opportunities Fund—I Class	October 1, 2021 – September 30, 2023	—	0.01	—	(a)
Floating Rate Fund—Advisor Class	October 1, 2021 – September 30, 2023	0.95	—	—	(b)
Floating Rate Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
Floating Rate Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Global Multi-Sector Bond Fund	September 1, 2021 – September 30, 2023	0.65	—	—	(b)
Global Multi-Sector Bond Fund—Advisor Class	October 1, 2021 – September 30, 2023	0.93	—	—	(b)
Global Multi-Sector Bond Fund—I Class	October 1, 2021 – September 30, 2023	—	0.01	—	(a)
GNMA Fund	September 1, 2021 – September 30, 2023	0.62	—	—	(b)

266

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
GNMA Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
GNMA Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Government Money Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
High Yield Fund	September 1, 2021 – September 30, 2023	0.70	—	—	(b)
High Yield Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
High Yield Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Inflation Protected Bond Fund	October 1, 2021 – September 30, 2023	0.41	—	—	(b)
Inflation Protected Bond Fund	October 1, 2022 – September 30, 2023	—	—	0.17	(c)
Inflation Protected Bond Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
Inflation Protected Bond Fund—I Class	October 1, 2022 – September 30, 2023	—	—	0.17	(c)
Inflation Protected Bond Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Institutional Floating Rate Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Institutional High Yield Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Limited Duration Inflation Focused Bond Fund	October 1, 2022 – September 30, 2023	—	—	0.25	(c)
Limited Duration Inflation Focused Bond Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
Limited Duration Inflation Focused Bond Fund—I Class	October 1, 2022 – September 30, 2023	—	—	0.25	(c)
Limited Duration Inflation Focused Bond Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
New Income Fund	September 1, 2021 – September 30, 2023	0.44	—	—	(b)
New Income Fund	October 1, 2022 – September 30, 2023	—	—	0.0255(e)	(c)
New Income Fund—Advisor Class	October 1, 2022 – September 30, 2023	—	—	0.0255(e)	(c)
New Income Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
New Income Fund—I Class	October 1, 2022 – September 30, 2023	—	—	0.0255(e)	(c)
New Income Fund—R Class	October 1, 2021 – September 30, 2023	1.08	—	—	(b)
New Income Fund—R Class	October 1, 2022 – September 30, 2023	—	—	0.0255(e)	(c)
New Income Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Short Duration Income Fund	October 1, 2020 – September 30, 2023	0.40	—	—	(b)
Short Duration Income Fund—I Class	October 1, 2020 – September 30, 2023	—	0.01	—	(a)
Short-Term Bond Fund—I Class	October 1, 2022 – September 30, 2024	—	0.05	—	(a)
Short-Term Bond Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
Spectrum Conservative Allocation Fund—I Class	October 1, 2022 – September 30, 2024	—	0.05	—	(a)
Spectrum Moderate Allocation Fund—I Class	October 1, 2022 – September 30, 2024	—	0.05	—	(a)
Spectrum Moderate Growth Allocation Fund—I Class	October 1, 2022 – September 30, 2024	—	0.05	—	(a)
Total Return Fund	October 1, 2021 – September 30, 2023	0.46	—	—	(b)
Total Return Fund—Advisor Class	October 1, 2021 – September 30, 2023	0.75	—	—	(b)
Total Return Fund—I Class	September 1, 2021 – September 30, 2023	—	0.02	—	(a)

267

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
U.S. High Yield Fund	October 1, 2021 – September 30, 2023	0.75	—	—	(a)
U.S. High Yield Fund—Advisor Class	October 1, 2021 – September 30, 2023	0.90	—	—	(a)
U.S. High Yield Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
U.S. Limited Duration TIPS Index Fund	October 1, 2022 – September 30, 2024	0.21	—	—	(b)
U.S. Limited Duration TIPS Index Fund—I Class	October 1, 2022 – September 30, 2024	—	0.05	—	(a)
U.S. Limited Duration TIPS Index Fund—Z Class	Effective August 14, 2020 (f)	0.00	—	—	(c)
U.S. Treasury Intermediate Index Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
U.S. Treasury Intermediate Index Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)
U.S. Treasury Long-Term Index Fund	September 1, 2021 – September 30, 2023	0.29	—	—	(b)
U.S. Treasury Long-Term Index Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
U.S. Treasury Long-Term Index Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
U.S. Treasury Money Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
U.S. Treasury Money Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Ultra Short-Term Bond Fund	October 1, 2021 – September 30, 2023	0.31	—	—	(b)
Ultra Short-Term Bond Fund—I Class	October 1, 2021 – September 30, 2023	—	0.05	—	(a)
Ultra Short-Term Bond Fund—Z Class	Effective October 26, 2020 (f)	0.00	—	—	(c)

¹ T. Rowe Price has agreed to waive its fees and/or bear any expenses (excluding interest; taxes; brokerage, and other expenses that are capitalized in accordance with generally accepted accounting principles; extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ total ratio of expenses to average daily net assets to exceed the percentage indicated.

² T. Rowe Price has agreed to pay or reimburse the operating expenses of the class excluding management fees; interest, expenses relating to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“Class-Level Operating Expenses”) to the extent the Class-Level Operating Expenses exceed the percentage indicated.

³ T. Rowe Price has agreed to waive a portion of its management fee in order to limit the fund’s management fee to the percentage indicated of the fund’s average daily net assets. The agreement may be terminated at any time after the expiration of the current expense limitation with approval by the fund’s Board of Directors.

(a) No reimbursement will be made more than three years after the payment of Class-Level Operating Expenses.

(b) No reimbursement will be made more than three years after any waiver or payment.

(c) Fees waived under this agreement are not subject to reimbursement to T. Rowe Price by the fund.

(d) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $27.5 billion.

(e) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $20 billion.

(f) This contractual arrangement is expected to remain in place indefinitely.

(g) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $25 billion.

(h) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $40 billion.

Additional Expense Limitation Arrangements

The following four tables set forth contractual expense limitation arrangements that were in effect during the prior three fiscal years and certain expense limitation arrangements that are currently in effect.

268

Funds with a 10/31 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Asia Opportunities Fund	March 1, 2021 – February 28, 2023	1.15	—	—	(b)
Asia Opportunities Fund—Advisor Class	March 1, 2021 – February 28, 2023	1.25	—	—	(b)
Asia Opportunities Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
China Evolution Equity Fund	October 23, 2019 – February 28, 2022	1.40	—	—	(b)
China Evolution Equity Fund—I Class	October 23, 2019 – February 28, 2022	—	0.05	—	(a)
Emerging Europe Fund	October 1, 2019 – February 28, 2022	1.41	—	—	(b)
Emerging Europe Fund—I Class	March 1, 2019 – February 28, 2021 March 1, 2021 – February 28, 2022	—	0.05	—	(a)
Emerging Markets Discovery Stock Fund	May 1, 2022 – February 28, 2023	1.13	—	—	(b)
Emerging Markets Discovery Stock Fund—Advisor Class	May 1, 2022 – February 28, 2023	1.55	—	—	(b)
Emerging Markets Discovery Stock Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
Emerging Markets Stock Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
European Stock Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
Global Allocation Fund—Advisor Class	March 1, 2020 – February 28, 2022	1.15	—	—	(b)
Global Allocation Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Global Growth Stock Fund	March 1, 2021 – February 28, 2023	1.00	—	—	(b)
Global Growth Stock Fund—Advisor Class	March 1, 2021 – February 28, 2023	1.10	—	—	(b)
Global Growth Stock Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
Global Impact Equity Fund	October 26, 2020 – February 28, 2023	0.89	—	—	(b)
Global Impact Equity Fund—I Class	October 26, 2020 – February 28, 2023	—	0.05	—	(a)
Global Stock Fund—Advisor Class	March 1, 2021 – February 29, 2023	1.15	—	—	(b)
Global Stock Fund—I Class	March 1, 2021 – February 29, 2023	0.75	—	—	(b)
Global Value Equity Fund	March 1, 2020 – February 28, 2022	0.89	—	—	(b)
Global Value Equity Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Institutional International Disciplined Equity Fund	March 1, 2021 – February 28, 2023	0.75	—	—	(b)
International Disciplined Equity Fund	March 1, 2021 – February 28, 2023	0.90	—	—	(b)
International Disciplined Equity Fund—Advisor Class	March 1, 2021 – February 28, 2023	1.00	—	—	(b)
International Disciplined Equity Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
International Discovery Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
International Stock Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
International Stock Fund—I Class	September 1, 2020 – February 28, 2022	0.75	—	—	(b)
International Stock Fund—R Class	March 1, 2020 – February 28, 2022	1.40	—	—	(b)
International Value Equity Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Japan Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)

269

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Latin America Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
Multi-Strategy Total Return Fund	March 1, 2020 – February 28, 2022	1.19	—	—	(b)
Multi-Strategy Total Return Fund—Advisor Class	March 1, 2020 – February 28, 2022	1.60	—	—	(b)
Multi-Strategy Total Return Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
New Asia Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Overseas Stock Fund	March 1, 2021 – February 28, 2023	0.75	—	—	(b)
Overseas Stock Fund—Advisor Class	March 1, 2021 – February 28, 2023	0.75	—	—	(b)
Overseas Stock Fund—I Class	September 1, 2020 – February 28, 2021	0.75	—	—	(b)
Overseas Stock Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
QM U.S. Bond Index Fund	October 1, 2020 – February 28, 2023	0.25	—	—	(b)
QM U.S. Bond Index Fund—I Class	October 1, 2020 – February 28, 2023	—	0.05	—	(a)
Summit Municipal Income Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)
Summit Municipal Intermediate Fund—I Class	March 1, 2021 – February 28, 2023	—	0.05	—	(a)

Funds with a 12/31 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Capital Appreciation Fund	May 1, 2020 – April 30, 2021 May 1, 2022 – April 30, 2023	—	—	0.27(d)	(c)
Capital Appreciation Fund—Advisor Class	May 1, 2020 – April 30, 2021 May 1, 2022 – April 30, 2023	—	—	0.27(d)	(c)
Capital Appreciation Fund—I Class	May 1, 2020 – April 30, 2021 May 1, 2022 – April 30, 2023	—	—	0.27(d)	(c)
Communications & Technology Fund	September 1, 2021 – April 30, 2023	0.77	—	—	(b)
Communications & Technology Fund—I Class	May 1, 2022 – April 30, 2023	—	0.05	—	(a)
Diversified Mid-Cap Growth Fund—I Class	May 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	—	0.05	—	(a)
Dividend Growth Fund	May 1, 2021 – April 30, 2023	—	—	0.17(g)	(c)
Dividend Growth Fund—I Class	May 1, 2021 – April 30, 2023	—	—	0.17(g)	(c)
Dynamic Credit Fund	October 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	0.63	—	—	(b)
Dynamic Credit Fund—I Class	January 10, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	—	0.05	—	(a)
Dynamic Global Bond Fund	May 1, 2019 – April 30, 2021 May1, 2021 – April 30, 2022	0.75	—	—	(b)
Dynamic Global Bond Fund—Advisor Class	May 1, 2019 – April 30, 2021	0.90	—	—	(b)
Emerging Markets Bond Fund—Advisor Class	May 1, 2020 – September 30, 2021	1.20	—	—	(b)
Emerging Markets Bond Fund—I Class	May 1, 2020 – September 30, 2021	—	0.05	—	(a)
Emerging Markets Corporate Bond Fund	October 1, 2019 – April 30, 2021 May 1, 2021 – September 30, 2021	0.97	—	—	(b)

270

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Emerging Markets Corporate Bond Fund—Advisor Class	May 1, 2019 – April 30, 2021 May 1, 2021 – September 30, 2021	1.25	—	—	(b)
Emerging Markets Local Currency Bond Fund—Advisor Class	May 1, 2020 – September 30, 2021	1.20	—	—	(b)
Financial Services Fund	September 1, 2021 – April 30, 2023	0.83	—	—	(b)
Financial Services Fund—I Class	May 1, 2019 – April 30, 2021 May1, 2021 – April 30, 2023	—	0.05	—	(a)
Global Consumer Fund	May 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	1.05	—	—	(b)
Global High Income Bond Fund	October 1, 2019 – April 30, 2021 May 1, 2021 – September 30, 2021	0.79	—	—	(b)
Global High Income Bond Fund—Advisor Class	May 1, 2019 – April 30, 2021 May 1, 2021 – September 30, 2021	1.00	—	—	(b)
Global Industrials Fund	May 1, 2021 – April 30, 2023	1.05	—	—	(b)
Global Industrials Fund—I Class	May 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	—	0.05	—	(a)
Global Real Estate Fund	October 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	0.95	—	—	(b)
Global Real Estate Fund—Advisor Class	May 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	1.15	—	—	(b)
Global Real Estate Fund—I Class	May 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	—	0.05	—	(a)
Global Technology Fund—I Class	May 1, 2019 – April 30, 2021 May 1, 2021 – April 30, 2023	—	0.05	—	(a)
Health Sciences Fund	May 1, 2021 – April 30, 2023	—	—	0.2975(h)	(c)
Health Sciences Fund—I Class	May 1, 2021 – April 30, 2023	—	—	0.2975(h)	(c)
International Bond Fund	September 1, 2021 – April 30, 2023	0.67	—	—	(b)
International Bond Fund—I Class	May 1, 2022 – April 30, 2023	—	0.05	—	(a)
Large-Cap Growth Fund	May 1, 2021 – April 30, 2023	—	—	0.221(h)	(c)
Large-Cap Growth Fund—I Class	May 1, 2021 – April 30, 2023	—	—	0.221(h)	(c)
Mid-Cap Index Fund	May 1, 2020 – April 30, 2022	0.30	—	—	(b)
New Horizons Fund	May1, 2021 – April 30, 2023	—	—	0.2975(h)	(c)
New Horizons Fund—I Class	May1, 2021 – April 30, 2023	—	—	0.2975(h)	(c)
Real Assets Fund	September 1, 2021 – April 30, 2023	0.99	—	—	(b)
U.S. Equity Research Fund—I Class	November 1, 2019 – April 30, 2022	—	0.05	—	(a)
U.S. Equity Research Fund—Advisor Class	October 1, 2019 – April 30, 2022	0.97	—	—	(b)
U.S. Equity Research Fund—R Class	October 1, 2019 – April 30, 2022	1.31	—	—	(b)
U.S. Large-Cap Core Fund	May 1, 2021 – April 30, 2023	0.64	—	—	(b)
U.S. Large-Cap Core Fund—I Class	May 1, 2019 – April 30, 2021 May1, 2021 – April 30, 2023	—	0.05	—	(a)
Value Fund	May 1, 2020 – April 30, 2021 May1, 2021 – April 30, 2023	—	—	0.2975(e)	(c)
Value Fund—I Class	May 1, 2020 – April 30, 2021 May1, 2021 – April 30, 2023	—	—	0.2975(e)	(c)

271

Funds with a 2/28 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Intermediate Tax-Free High Yield Fund	July 1, 2019 – September 30, 2019 July 1, 2021 – September 30, 2021	0.75 0.59	—	—	(b)
Intermediate Tax-Free High Yield Fund—Advisor Class	July 1, 2021 – September 30, 2021	0.85	—	—	(b)
Maryland Short-Term Tax-Free Bond Fund	October 1, 2019 – June 30, 2022	0.53	—	—	(a)
Maryland Short-Term Tax-Free Bond Fund—I Class	July 1, 2021 – June 30, 2022	—	0.05	—	(a)
Maryland Tax-Free Money Fund	July 1, 2019 – September 30, 2019	0.55	—	—	(b)
Maryland Tax-Free Money Fund	July 1, 2019 – June 30, 2020 July 1, 2020 – March 31, 2021	—	—	0.28	(c)
Maryland Tax-Free Money Fund—I Class	July 1, 2019 – June 30, 2020 July 1, 2020 – March 31, 2021	—	—	0.28	(c)
Tax-Exempt Money Fund	July 1, 2019 – June 30, 2020 July 1, 2020 – March 31, 2021	—	—	0.28	(c)
Tax-Exempt Money Fund	June 1, 2020 – June 30, 2022	0.45	—	—	(b)
Tax-Exempt Money Fund—I Class	July 1, 2021 – June 30, 2022	—	0.05	—	(a)
Tax-Exempt Money Fund—I Class	July 1, 2019 – June 30, 2020 July 1, 2020 – March 31, 2021	—	—	0.28	(c)
Tax-Free High Yield Fund	July 1, 2021 – June 30, 2022	—	—	0.49	(c)
Tax-Free High Yield Fund—Advisor Class	July 1, 2021 – June 30, 2022	—	—	0.49	(c)
Tax-Free High Yield Fund—I Class	July 1, 2021 – June 30, 2022	—	—	0.49	(c)

Funds with a 5/31 Fiscal Year-End

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Corporate Income Fund—I Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2022	—	0.05	—	(a)
Credit Opportunities Fund	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2021	0.90	—	—	(b)
Credit Opportunities Fund—Advisor Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2021	1.00	—	—	(b)
Credit Opportunities Fund—I Class	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Floating Rate Fund—Advisor Class	October 1, 2019 – September 30, 2021	0.95	—	—	(b)
Floating Rate Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Global Multi-Sector Bond Fund—Advisor Class	October 1, 2019 – September 30, 2021	0.95	—	—	(b)
Global Multi-Sector Bond Fund—I Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2021	—	0.01	—	(a)
GNMA Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Government Money Fund	October 1, 2019 – September 30, 2020 October 1, 2020 – March 31, 2021	—	—	0.25	(c)
Government Money Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Government Money Fund—I Class	October 1, 2019 – September 30, 2020 October 1, 2020 – March 31, 2021	—	—	0.25	(c)
High Yield Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Inflation Protected Bond Fund	October 1, 2019 – September 30, 2021	0.41	—	—	(b)

272

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Inflation Protected Bond Fund	October 1, 2019 – September 30, 2020 October 1, 2021 – September 30, 2022	—	—	0.17	(c)
Inflation Protected Bond Fund—I Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2021	—	0.05	—	(a)
Inflation Protected Bond Fund—I Class	October 1, 2019 – September 30, 2020 October 1, 2020 – September 30, 2021 October 1, 2021 – September 30, 2022	—	—	0.17	(c)
Limited Duration Inflation Focused Bond Fund	October 1, 2019 – September 30, 2020 October 1, 2020 – September 30, 2021 October 1, 2021 – September 30, 2022	—	—	0.25	(c)
Limited Duration Inflation Focused Bond Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Limited Duration Inflation Focused Bond Fund—I Class	October 1, 2021 – September 30, 2022	—	—	0.25	(c)
New Income Fund	October 1, 2019 – September 30, 2020 October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund	October 1, 2021 – September 30, 2022	—	—	0.0255(e)	(c)
New Income Fund—Advisor Class	October 1, 2019 – September 30, 2020 October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund—Advisor Class	October 1, 2021 – September 30, 2022	—	—	0.0255(e)	(c)
New Income Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
New Income Fund—I Class	October 1, 2019 – September 30, 2020 October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund—I Class	October 1, 2021 – September 30, 2022	—	—	0.0255(e)	(c)
New Income Fund—R Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2021	1.15	—	—	(b)
New Income Fund—R Class	October 1, 2019 – September 30, 2020 October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund—R Class	October 1, 2021 – September 30, 2022	—	—	0.0255(e)	(c)
Retirement I 2005 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2010 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.00	—	(a)
Retirement I 2015 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2020 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2025 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2030 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2035 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2040 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2045 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2050 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2055 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2060 Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement Balanced I Fund—I Class(f)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Short-Term Bond Fund—I Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2022	—	0.05	—	(a)
Spectrum Conservative Allocation Fund—I Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2022	—	0.05	—	(a)
Spectrum Moderate Allocation Fund—I Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2022	—	0.05	—	(a)
Spectrum Moderate Growth Allocation Fund—I Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2022	—	0.05	—	(a)

273

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Target 2005 Fund(f)	October 1, 2018 – September 30, 2020	0.58	—	—	(b)
Target 2005 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2005 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.83	—	—	(b)
Target 2005 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2005 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2010 Fund(f)	October 1, 2018 – September 30, 2020	0.58	—	—	(b)
Target 2010 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2010 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.83	—	—	(b)
Target 2010 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2010 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.00	—	(a)
Target 2015 Fund(f)	October 1, 2018 – September 30, 2020	0.61	—	—	(b)
Target 2015 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2015 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.86	—	—	(b)
Target 2015 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2015 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2020 Fund(f)	October 1, 2018 – September 30, 2020	0.64	—	—	(b)
Target 2020 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2020 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.89	—	—	(b)
Target 2020 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2020 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2025 Fund(f)	October 1, 2018 – September 30, 2020	0.67	—	—	(b)
Target 2025 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2025 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.92	—	—	(b)
Target 2025 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2025 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2030 Fund(f)	October 1, 2018 – September 30, 2020	0.70	—	—	(b)
Target 2030 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2030 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.95	—	—	(b)
Target 2030 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2030 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2035 Fund(f)	October 1, 2018 – September 30, 2020	0.72	—	—	(b)
Target 2035 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2035 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.97	—	—	(b)
Target 2035 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2035 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)

274

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
Target 2040 Fund(f)	October 1, 2018 – September 30, 2020	0.74	—	—	(b)
Target 2040 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2040 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.99	—	—	(b)
Target 2040 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2040 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2045 Fund(f)	October 1, 2018 – September 30, 2020	0.74	—	—	(b)
Target 2045 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2045 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	0.99	—	—	(b)
Target 2045 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2045 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2050 Fund(f)	October 1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2050 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2050 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2050 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2050 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2055 Fund(f)	October 1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2055 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2055 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2055 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2055 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2060 Fund(f)	October 1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2060 Fund(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2060 Fund—Advisor Class(f)	October 1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2060 Fund—Advisor Class(f)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2060 Fund—I Class(f)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Total Return Fund	October 1, 2019 – September 30, 2021	0.53	—	—	(b)
Total Return Fund—Advisor Class	October 1, 2018 – September 30, 2020 October 1, 2020 – September 30, 2021	0.82	—	—	(b)
Total Return Fund—I Class	October 1, 2018 – August 31, 2020	—	0.05	—	(a)
U.S. High Yield Fund	October 1, 2019 – September 30, 2021	0.79	—	—	(b)
U.S. High Yield Fund—Advisor Class	October 1, 2019 – September 30, 2021	0.94	—	—	(b)
U.S. High Yield Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Limited Duration TIPS Index Fund	August 14, 2020 – September 30, 2022	0.21	—	—	(b)
U.S. Limited Duration TIPS Index Fund—I Class	August 14, 2020 – September 30, 2022	—	0.05	—	(a)
U.S. Treasury Intermediate Index Fund	October 1, 2020 – September 30, 2021	—	—	0.15	(c)

275

Fund	Limitation Period	Total Expense Ratio Limitation %1	Operating Expense Limitation %2	Management Fee Limitation %3	Reimbursement Date
U.S. Treasury Intermediate Index Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Treasury Intermediate Index Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.15	(c)
U.S. Treasury Long-Term Index Fund	October 1, 2020 – September 30, 2021	—	—	0.15	(c)
U.S. Treasury Long-Term Index Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Treasury Long-Term Index Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.15	(c)
U.S. Treasury Money Fund	October 1, 2019 – September 30, 2020 October 1, 2020 – March 31, 2021	—	—	0.25	(c)
U.S. Treasury Money Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Treasury Money Fund—I Class	October 1, 2019 – September 30, 2020 October 1, 2020 – March 31, 2021	—	—	0.25	(c)
Ultra Short-Term Bond Fund	October 1, 2019 – September 30, 2021	0.35	—	—	(b)
Ultra Short-Term Bond Fund	July 1, 2019 – September 30, 2021	—	—	0.20	(c)
Ultra Short-Term Bond Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Ultra Short-Term Bond Fund—I Class	July 1, 2019 – September 30, 2021	—	—	0.20	(c)

¹ T. Rowe Price has agreed to waive its fees and/or bear any expenses (excluding interest; taxes; brokerage, and other expenses that are capitalized in accordance with generally accepted accounting principles; extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ total ratio of expenses to average daily net assets to exceed the percentage indicated.

² T. Rowe Price has agreed to pay or reimburse the operating expenses of the class excluding management fees; interest, expenses relating to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“Class-Level Operating Expenses”) to the extent the Class-Level Operating Expenses exceed the percentage indicated.

³ T. Rowe Price has agreed to waive a portion of its management fee in order to limit the fund’s management fee to the percentage indicated of the fund’s average daily net assets. The agreement may be terminated at any time after the expiration of the current expense limitation with approval by the fund’s Board of Directors.

(a) No reimbursement will be made more than three years after the payment of Class-Level Operating Expenses.

(b) No reimbursement will be made more than three years after any waiver or payment.

(c) Fees waived under this agreement are not subject to reimbursement to T. Rowe Price by the fund.

(d) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $27.5 billion.

(e) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $20 billion.

(f) In April 2020, the fund began charging an all-inclusive management fee based on the fund’s average daily net assets. As a result, although the expense limitation agreement will still be in effect, the fund is not expected to waive any expenses pursuant to the agreement.

(g) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $25 billion.

(h) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $40 billion.

Indefinite Expense Limitation Arrangements

The following table sets forth contractual expense limitations for the Price Funds that are expected to remain in place indefinitely. Fees waived and expenses borne by T. Rowe Price are subject to reimbursement by the fund (or class) through the indicated reimbursement date, provided no reimbursement will be made if it would result in a fund’s (or class’) expense ratio exceeding its applicable limitation at the time of the waiver/payment or reimbursement, whichever is lower.

Fund	Limitation Period	Total Expense Ratio Limitation %1	Management Fee Limitation %2	Reimbursement Date
International Equity Index Fund	Effective October 1, 2021	0.45	—	(a)
QM U.S. Bond Index Fund	Effective October 1, 2020	0.30	—	(a)
Summit Municipal Income Fund	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Income Fund—Advisor Class	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Income Fund—I Class	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Intermediate Fund	Effective March 1, 2019	0.50	—	(a)

276

Fund	Limitation Period	Total Expense Ratio Limitation %1	Management Fee Limitation %2	Reimbursement Date
Summit Municipal Intermediate Fund—Advisor Class	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Intermediate Fund—I Class	Effective March 1, 2019	0.50	—	(a)
Total Return Fund—I Class	Effective September 1, 2020	0.40	—	(a)
U.S. Equity Research Fund	Effective November 1, 2019	—	0.33	(b)
U.S. Equity Research Fund—Advisor Class	Effective November 1, 2019	—	0.33	(b)
U.S. Equity Research Fund—I Class	Effective November 1, 2019	—	0.33	(b)
U.S. Equity Research Fund—R Class	Effective November 1, 2019	—	0.33	(b)

¹ T. Rowe Price has agreed to waive its fees and/or bear any expenses, including but not limited to management fees, but excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses, or reimburse fund or class, to the extent the fund’s or class’ total ratio of expenses to average daily net assets to exceed the percentage indicated (on an annualized basis).

² T. Rowe Price has contractually agreed to permanently waive any portion of the management fee in order to limit the management fee rate. This agreement can only be modified or terminated with approval by the Board.

(a) No reimbursement will be made more than three years after any waiver or payment.

(b) Fees waived under this agreement are not subject to reimbursement.

Management Related Services

In addition to the management fee, the funds (other than the All-Inclusive Fee Funds) pay for the following: shareholder service expenses; custodial, accounting, legal, and audit fees; costs of preparing and printing prospectuses and reports sent to shareholders; registration fees and expenses; proxy and annual meeting expenses (if any); and directors’ fees and expenses.

T. Rowe Price Services, Inc. (Services), a wholly owned subsidiary of T. Rowe Price, acts as the funds’ transfer and dividend disbursing agent and provides shareholder and administrative services. T. Rowe Price Retirement Plan Services, Inc. (RPS), also a wholly owned subsidiary of T. Rowe Price, provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. Pursuant to an agreement between the Price Funds and Services, the fees paid by the funds to Services are based on the costs to Services of providing these services plus a return on capital employed in support of the services.

Pursuant to an agreement between applicable Price Funds and RPS, the fees paid to RPS are based on the percentage of Price Fund assets for which RPS provides recordkeeping and sub-transfer agency services. The fees paid to Services and RPS are set forth in each fund’s shareholder report under “Related Party Transactions.” The address for Services and RPS is 100 East Pratt Street, Baltimore, Maryland 21202.

Pursuant to an agreement between T. Rowe Price and BNY Mellon, BNY Mellon provides a variety of non-discretionary portfolio accounting and investment operations functions, including but not limited to trade support, security pricing unrelated to fair valuation, non-discretionary aspects of corporate actions, and collateral management functions, to T. Rowe Price for the Price Funds. The fees paid by T. Rowe Price to BNY Mellon under this agreement are based on a combination of flat, asset-based, and transaction fees.

T. Rowe Price, under a separate agreement with the Price Funds, provides accounting services to the funds. Certain accounting services are provided to the Price Funds by T. Rowe Price and certain accounting services are provided to the Price Funds by BNY Mellon, subject to the oversight of T. Rowe Price. The following table shows the fees paid by the funds for accounting services during the fiscal years indicated.

Fund	Fiscal Year Ended
	2/28/22	2/28/21	2/29/20
California Tax-Free Bond Fund	$136,000	$117,000	$135,000
California Tax-Free Bond Fund—I Class	36,000	26,000	23,000
Floating Rate Multi-Sector Account Portfolio	—	—	—
Georgia Tax-Free Bond Fund	101,000	89,000	112,000
Georgia Tax-Free Bond Fund—I Class	69,000	54,000	45,000

277

Fund	Fiscal Year Ended
	2/28/22	2/28/21	2/29/20
High Yield Multi-Sector Account Portfolio	—	—	—
Intermediate Tax-Free High Yield Fund	114,00	106,00	144,000
Intermediate Tax-Free High Yield Fund—Advisor Class	(a)	1,000	2,000
Intermediate Tax-Free High Yield Fund—I Class	54,000	34,000	10,000
Investment-Grade Corporate Multi-Sector Account Portfolio	—	—	—
Maryland Short-Term Tax-Free Bond Fund	120,000	107,000	112,000
Maryland Short-Term Tax-Free Bond Fund—I Class	49,000	34,000	44,000
Maryland Tax-Free Bond Fund	141,000	123,000	136,000
Maryland Tax-Free Bond Fund—I Class	39,000	27,000	28,000
Maryland Tax-Free Money Fund	84,000	74,000	87,000
Maryland Tax-Free Money Fund—I Class	75,000	57,000	59,000
Mortgage-Backed Securities Multi-Sector Account Portfolio	—	—	—
New Jersey Tax-Free Bond Fund	152,000	131,000	146,000
New Jersey Tax-Free Bond Fund—I Class	19,000	11,000	11,000
New York Tax-Free Bond Fund	143,000	122,000	137,000
New York Tax-Free Bond Fund—I Class	28,000	20,000	20,000
Tax-Efficient Equity Fund	132,000	120,000	136,000
Tax-Efficient Equity Fund—I Class	41,000	22,000	22,000
Tax-Exempt Money Fund	120,000	82,000	97,000
Tax-Exempt Money Fund—I Class	64,000	41,000	50,000
Tax-Free High Yield Fund	147,000	124,000	135,000
Tax-Free High Yield Fund—Advisor Class	(a)	(a)	(a)
Tax-Free High Yield Fund—I Class	44,000	34,000	40,000
Tax-Free Income Fund	110,000	94,000	108,000
Tax-Free Income Fund—Advisor Class	6,000	22,000	24,000
Tax-Free Income Fund—I Class	65,000	34,000	32,000
Tax-Free Short-Intermediate Fund	118,000	103,000	116,000
Tax-Free Short-Intermediate Fund—Advisor Class	(a)	(a)	(a)
Tax-Free Short-Intermediate Fund—I Class	60,000	44,000	46,000
Virginia Tax-Free Bond Fund	136,000	115,000	128,000
Virginia Tax-Free Bond Fund—I Class	40,000	31,000	32,000

(a) Less than $1,000.

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Corporate Income Fund	$84,000	$130,000	$147,000
Corporate Income Fund—I Class	15,000	4,000	7,000
Corporate Income Fund—Z Class	79,000	12,000	(a)
Credit Opportunities Fund	117,000	91,000	99,000
Credit Opportunities Fund—Advisor Class	(b)	(b)	(b)
Credit Opportunities Fund—I Class	59,000	51,000	52,000

278

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Floating Rate Fund	65,000	61,000	126,000
Floating Rate Fund—Advisor Class	1,000	(b)	2,000
Floating Rate Fund—I Class	23,000	10,000	24,000
Floating Rate Fund—Z Class	102,000	79,000	7,000
Global Multi-Sector Bond Fund	137,000	121,000	128,000
Global Multi-Sector Bond Fund—Advisor Class	2,000	2,000	2,000
Global Multi-Sector Bond Fund—I Class	43,000	24,000	26,000
GNMA Fund	87,000	133,000	153,000
GNMA Fund—I Class	12,000	4,000	3,000
GNMA Fund—Z Class	81,000	11,000	(a)
Government Money Fund	189,000	163,000	166,000
Government Money Fund—I Class	22,000	10,000	9,000
Government Reserve Fund	263,000	191,000	209,000
High Yield Fund	54,000	68,000	123,000
High Yield Fund—Advisor Class	1,000	3,000	6,000
High Yield Fund—I Class	60,000	40,000	51,000
High Yield Fund—Z Class	97,000	63,000	5,000
Inflation Protected Bond Fund	139,000	128,000	137,000
Inflation Protected Bond Fund—I Class	39,000	17,000	15,000
Inflation Protected Bond Fund—Z Class	(b)	(b)	(a)
Institutional Floating Rate Fund	160,000	104,000	127,000
Institutional Floating Rate Fund—F Class	20,000	23,000	21,000
Institutional Floating Rate Fund—Z Class	20,000	27,000	7,000
Institutional High Yield Fund	176,000	138,000	157,000
Institutional High Yield Fund—Z Class	8,000	12,000	(b)
Institutional Long Duration Credit Fund	175,000	143,000	151,000
Limited Duration Inflation Focused Bond Fund	23,000	35,000	144,000
Limited Duration Inflation Focused Bond Fund—I Class	6,000	8,000	30,000
Limited Duration Inflation Focused Bond Fund—Z Class	188,000	128,000	13,000
New Income Fund	32,000	42,000	159,000
New Income Fund—Advisor Class	(b)	(b)	(b)
New Income Fund—I Class	29,000	28,000	78,000
New Income Fund—R Class	(b)	(b)	(b)
New Income Fund—Z Class	205,000	150,000	15,000
Retirement 2005 Fund	101,000	82,000	41,000
Retirement 2005 Fund—Advisor Class	4,000	3,000	2,000
Retirement 2005 Fund—R Class	4,000	3,000	1,000
Retirement 2010 Fund	98,000	79,000	40,000
Retirement 2010 Fund—Advisor Class	7,000	10,000	3,000
Retirement 2010 Fund—R Class	4,000	7,000	2,000
Retirement 2015 Fund	119,000	96,000	48,000

279

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Retirement 2015 Fund—Advisor Class	7,000	6,000	3,000
Retirement 2015 Fund—R Class	5,000	4,000	2,000
Retirement 2020 Fund	111,000	93,000	48,000
Retirement 2020 Fund—Advisor Class	11,000	10,000	5,000
Retirement 2020 Fund—R Class	8,000	7,000	4,000
Retirement 2025 Fund	112,000	95,000	49,000
Retirement 2025 Fund—Advisor Class	10,000	9,000	5,000
Retirement 2025 Fund—R Class	9,000	7,000	4,000
Retirement 2030 Fund	105,000	90,000	46,000
Retirement 2030 Fund—Advisor Class	14,000	12,000	6,000
Retirement 2030 Fund—R Class	11,000	9,000	5,000
Retirement 2035 Fund	108,000	92,000	48,000
Retirement 2035 Fund—Advisor Class	11,000	10,000	5,000
Retirement 2035 Fund—R Class	11,000	9,000	5,000
Retirement 2040 Fund	103,000	88,000	45,000
Retirement 2040 Fund—Advisor Class	15,000	13,000	7,000
Retirement 2040 Fund—R Class	12,000	10,000	5,000
Retirement 2045 Fund	105,000	90,000	47,000
Retirement 2045 Fund—Advisor Class	13,000	11,000	6,000
Retirement 2045 Fund—R Class	12,000	10,000	5,000
Retirement 2050 Fund	97,000	84,000	43,000
Retirement 2050 Fund—Advisor Class	18,000	15,000	8,000
Retirement 2050 Fund—R Class	16,000	12,000	6,000
Retirement 2055 Fund	85,000	68,000	34,000
Retirement 2055 Fund—Advisor Class	14,000	11,000	5,000
Retirement 2055 Fund—R Class	13,000	10,000	5,000
Retirement 2060 Fund	86,000	70,000	36,000
Retirement 2060 Fund—Advisor Class	14,000	10,000	5,000
Retirement 2060 Fund—R Class	12,000	9,000	4,000
Retirement 2065 Fund	104,000	50,000	(a)
Retirement 2065 Fund—Advisor Class	3,000	3,000	(a)
Retirement 2065 Fund—R Class	2,000	2,000	(a)
Retirement Balanced Fund	95,000	74,000	37,000
Retirement Balanced Fund—Advisor Class	6,000	6,000	3,000
Retirement Balanced Fund—R Class	8,000	8,000	4,000
Retirement Blend 2005 Fund	68,000	(a)	(a)
Retirement Blend 2005 Fund—I Class	19,000	(a)	(a)
Retirement Blend 2010 Fund	65,000	(a)	(a)
Retirement Blend 2010 Fund—I Class	21,000	(a)	(a)
Retirement Blend 2015 Fund	61,000	(a)	(a)
Retirement Blend 2015 Fund—I Class	25,000	(a)	(a)

280

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Retirement Blend 2020 Fund	41,000	(a)	(a)
Retirement Blend 2020 Fund—I Class	46,000	(a)	(a)
Retirement Blend 2025 Fund	58,000	(a)	(a)
Retirement Blend 2025 Fund—I Class	29,000	(a)	(a)
Retirement Blend 2030 Fund	55,000	(a)	(a)
Retirement Blend 2030 Fund—I Class	32,000	(a)	(a)
Retirement Blend 2035 Fund	49,000	(a)	(a)
Retirement Blend 2035 Fund—I Class	37,000	(a)	(a)
Retirement Blend 2040 Fund	62,000	(a)	(a)
Retirement Blend 2040 Fund—I Class	25,000	(a)	(a)
Retirement Blend 2045 Fund	70,000	(a)	(a)
Retirement Blend 2045 Fund—I Class	16,000	(a)	(a)
Retirement Blend 2050 Fund	62,000	(a)	(a)
Retirement Blend 2050 Fund—I Class	25,000	(a)	(a)
Retirement Blend 2055 Fund	70,000	(a)	(a)
Retirement Blend 2055 Fund—I Class	17,000	(a)	(a)
Retirement Blend 2060 Fund	70,000	(a)	(a)
Retirement Blend 2060 Fund—I Class	17,000	(a)	(a)
Retirement Blend 2065 Fund	74,000	(a)	(a)
Retirement Blend 2065 Fund—I Class	12,000	(a)	(a)
Retirement I 2005 Fund—I Class	109,000	88,000	45,000
Retirement I 2010 Fund—I Class	109,000	88,000	45,000
Retirement I 2015 Fund—I Class	109,000	88,000	45,000
Retirement I 2020 Fund—I Class	130,000	106,000	53,000
Retirement I 2025 Fund—I Class	130,000	106,000	53,000
Retirement I 2030 Fund—I Class	130,000	106,000	53,000
Retirement I 2035 Fund—I Class	130,000	106,000	53,000
Retirement I 2040 Fund—I Class	130,000	106,000	53,000
Retirement I 2045 Fund—I Class	109,000	88,000	45,000
Retirement I 2050 Fund—I Class	109,000	88,000	45,000
Retirement I 2055 Fund—I Class	109,000	88,000	45,000
Retirement I 2060 Fund—I Class	109,000	88,000	45,000
Retirement I 2065 Fund—I Class	110,000	56,000	(a)
Retirement Balanced I Fund—I Class	109,000	88,000	45,000
Short Duration Income Fund	158,000	65,000	(a)
Short Duration Income Fund—I Class	20,000	(b)	(a)
Short-Term Fund	120,000	154,000	166,000
Short-Term Bond Fund	103,000	119,000	145,000
Short-Term Bond Fund—Advisor Class	1,000	(b)	1,000
Short-Term Bond Fund—I Class	89,000	43,000	28,000
Short-Term Bond Fund—Z Class	8,000	1,000	(a)

281

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Short-Term Government Fund	(a)	(a)	(a)
Spectrum Conservative Allocation Fund	143,000	126,000	136,000
Spectrum Conservative Allocation Fund—I Class	47,000	25,000	24,000
Spectrum Moderate Allocation Fund	136,000	123,000	134,000
Spectrum Moderate Allocation Fund—I Class	54,000	29,000	27,000
Spectrum Moderate Growth Allocation Fund	129,000	133,000	141,000
Spectrum Moderate Growth Allocation—I Class	64,000	22,000	22,000
Target 2005 Fund	82,000	78,000	40,000
Target 2005 Fund—Advisor Class	(b)	(b)	(b)
Target 2005 Fund—I Class	26,000	10,000	4,000
Target 2010 Fund	78,000	76,000	38,000
Target 2010 Fund—Advisor Class	2,000	2,000	1,000
Target 2010 Fund—I Class	29,000	11,000	5,000
Target 2015 Fund	78,000	75,000	38,000
Target 2015 Fund—Advisor Class	1,000	1,000	(b)
Target 2015 Fund—I Class	30,000	12,000	6,000
Target 2020 Fund	70,000	66,000	34,000
Target 2020 Fund—Advisor Class	5,000	5,000	3,000
Target 2020 Fund—I Class	34,000	17,000	8,000
Target 2025 Fund	63,000	61,000	31,000
Target 2025 Fund—Advisor Class	2,000	3,000	2,000
Target 2025 Fund—I Class	44,000	24,000	11,000
Target 2030 Fund	57,000	57,000	30,000
Target 2030 Fund—Advisor Class	3,000	4,000	2,000
Target 2030 Fund—I Class	49,000	27,000	13,000
Target 2035 Fund	55,000	55,000	28,000
Target 2035 Fund—Advisor Class	2,000	2,000	1,000
Target 2035 Fund—I Class	52,000	32,000	15,000
Target 2040 Fund	58,000	57,000	30,000
Target 2040 Fund—Advisor Class	3,000	3,000	2,000
Target 2040 Fund—I Class	48,000	28,000	13,000
Target 2045 Fund	44,000	47,000	26,000
Target 2045 Fund—Advisor Class	3,000	3,000	2,000
Target 2045 Fund—I Class	62,000	38,000	17,000
Target 2050 Fund	52,000	52,000	27,000
Target 2050 Fund—Advisor Class	4,000	3,000	2,000
Target 2050 Fund—I Class	53,000	33,000	16,000
Target 2055 Fund	47,000	50,000	27,000
Target 2055 Fund—Advisor Class	5,000	4,000	2,000
Target 2055 Fund—I Class	57,000	35,000	16,000
Target 2060 Fund	65,000	63,000	33,000

282

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Target 2060 Fund—Advisor Class	4,000	4,000	2,000
Target 2060 Fund—I Class	40,000	21,000	10,000
Target 2065 Fund	67,000	42,000	(a)
Target 2065 Fund—Advisor Class	3,000	7,000	(a)
Target 2065 Fund—I Class	40,000	7,000	(a)
Total Return Fund	37,000	85,000	141,000
Total Return Fund—Advisor Class	(b)	(b)	1,000
Total Return Fund—I Class	132,000	67,000	9,000
Treasury Reserve Fund	180,000	145,000	157,000
U.S. High Yield Fund	134,000	124,000	127,000
U.S. High Yield Fund—Advisor Class	4,000	5,000	7,000
U.S. High Yield Fund—I Class	39,000	16,000	19,000
U.S. Limited Duration TIPS Index Fund	3,000	6,000	(a)
U.S. Limited Duration TIPS Index Fund—I Class	181,000	74,000	(a)
U.S. Limited Duration TIPS Index Fund—Z Class	(b)	1,000	(a)
U.S. Treasury Intermediate Index Fund	152,000	133,000	147,000
U.S. Treasury Intermediate Index Fund—I Class	28,000	15,000	7,000
U.S. Treasury Intermediate Index Fund—Z Class	(b)	(b)	(a)
U.S. Treasury Long-Term Index Fund	20,000	32,000	122,000
U.S. Treasury Long-Term Index Fund—I Class	10,000	6,000	39,000
U.S. Treasury Long-Term Index Fund—Z Class	161,000	114,000	11,000
U.S. Treasury Money Fund	98,000	103,000	128,000
U.S. Treasury Money Fund—I Class	45,000	28,000	33,000
U.S. Treasury Money Fund—Z Class	73,000	41,000	4,000
Ultra Short-Term Bond Fund	148,000	131,000	138,000
Ultra Short-Term Bond Fund—I Class	48,000	24,000	21,000
Ultra Short-Term Bond Fund—Z Class	(b)	(b)	(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
	10/31/22	10/31/21	10/31/20
Africa & Middle East Fund	$117,000	$100,000	$119,000
Africa & Middle East Fund—I Class	52,000	45,000	27,000
Africa & Middle East Fund—Z Class	12,000	8,000	(a)
Asia Opportunities Fund	90,000	99,000	100,000
Asia Opportunities Fund—Advisor Class	(b)	(b)	(b)
Asia Opportunities Fund—I Class	91,000	54,000	45,000
Cash Reserves Fund	186,000	159,000	149,000
China Evolution Equity Fund	93,000	131,000	120,000
China Evolution Equity Fund—I Class	87,000	22,000	10,000

283

Fund	Fiscal Year Ended
	10/31/22	10/31/21	10/31/20
Emerging Europe Fund	149,000	139,000	141,000
Emerging Europe Fund—I Class	19,000	5,000	5,000
Emerging Europe Fund—Z Class	12,000	8,000	(a)
Emerging Markets Discovery Stock Fund	4,000	13,000	90,000
Emerging Markets Discovery Stock Fund—Advisor Class	(b)	(b)	(b)
Emerging Markets Discovery Stock Fund—I Class	14,000	11,000	21,000
Emerging Markets Discovery Stock Fund—Z Class	179,000	135,000	35,000
Emerging Markets Stock Fund	65,000	59,000	90,000
Emerging Markets Stock Fund—I Class	61,000	53,000	50,000
Emerging Markets Stock Fund—Z Class	98,000	93,000	50,000
European Stock Fund	110,000	124,000	143,000
European Stock Fund—I Class	29,000	7,000	6,000
European Stock Fund—Z Class	46,000	26,000	(a)
Global Allocation Fund	150,000	134,000	130,000
Global Allocation Fund—Advisor Class	1,000	1,000	2,000
Global Allocation Fund—I Class	41,000	21,000	16,000
Global Impact Equity Fund	131,000	92,000	(a)
Global Impact Equity Fund—I Class	50,000	5,000	(a)
Global Growth Stock Fund	70,000	70,000	53,000
Global Growth Stock Fund—Advisor Class	2,000	2,000	1,000
Global Growth Stock Fund—I Class	115,000	85,000	88,000
Global Stock Fund	122,000	120,000	104,000
Global Stock Fund—Advisor Class	2,000	1,000	2,000
Global Stock Fund—I Class	86,000	62,000	45,000
Global Value Equity	78,000	53,000	5,000
Global Value Equity Fund—I Class	103,000	99,000	140,000
Institutional Emerging Markets Equity Fund	188,000	160,000	152,000
Institutional International Disciplined Equity Fund	182,000	153,000	146,000
International Disciplined Equity Fund	39,000	33,000	36,000
International Disciplined Equity Fund—Advisor Class	2,000	1,000	1,000
International Disciplined Equity Fund—I Class	141,000	120,000	109,000
International Discovery Fund	108,000	111,000	98,000
International Discovery Fund—I Class	109,000	82,000	77,000
International Discovery Fund—Z Class	4,000	2,000	(a)
International Equity Index Fund	177,000	154,000	147,000
International Equity Index Fund—Z Class	6,000	(b)	(a)
International Stock Fund	38,000	46,000	99,000
International Stock Fund—Advisor Class	(b)	(b)	(b)
International Stock Fund—I Class	38,000	29,000	36,000
International Stock Fund—R Class	(b)	(b)	(b)
International Stock Fund—Z Class	163,000	145,000	63,000

284

Fund	Fiscal Year Ended
	10/31/22	10/31/21	10/31/20
International Value Equity Fund	7,000	9,000	77,000
International Value Equity Fund—Advisor Class	(b)	(b)	(b)
International Value Equity Fund—I Class	16,000	11,000	25,000
International Value Equity Fund—R Class	(b)	(b)	(b)
International Value Equity Fund—Z Class	211,000	183,000	81,000
Japan Fund	114,000	105,000	120,000
Japan Fund—I Class	40,000	38,000	28,000
Japan Fund—Z Class	29,000	14,000	(a)
Latin America Fund	147,000	143,000	141,000
Latin America Fund—I Class	27,000	6,000	6,000
Latin America Fund—Z Class	8,000	4,000	(a)
Multi-Strategy Total Return Fund	31,000	116,000	136,000
Multi-Strategy Total Return Fund—Advisor Class	(a)	(a)	(a)
Multi-Strategy Total Return Fund—I Class	151,000	37,000	10,000
New Asia Fund	105,000	120,000	127,000
New Asia Fund—I Class	77,000	43,000	30,000
New Asia Fund—Z Class	14,000	8,000	(a)
Overseas Stock Fund	76,000	59,000	85,000
Overseas Stock Fund—Advisor Class	1,000	(b)	(b)
Overseas Stock Fund—I Class	64,000	54,000	58,000
Overseas Stock Fund—Z Class	132,000	128,000	51,000
QM U.S. Bond Index Fund	121,000	138,000	150,000
QM U.S. Bond Index Fund—I Class	64,000	21,000	(a)
QM U.S. Bond Index Fund—Z Class	2,000	(b)	(a)
Summit Municipal Income Fund	93,000	108,000	105,000
Summit Municipal Income Fund—Advisor Class	(b)	(b)	(b)
Summit Municipal Income Fund—I Class	100,000	55,000	50,000
Summit Municipal Intermediate Fund	93,000	90,000	91,000
Summit Municipal Intermediate Fund—Advisor Class	(b)	(b)	(b)
Summit Municipal Intermediate Fund—I Class	116,000	86,000	76,000

(a) Prior to commencement of operations.

(b) Less than $1,000.

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
All-Cap Opportunities Fund	$128,000	$140,000	$124,000
All-Cap Opportunities Fund—Advisor Class	5,000	6,000	7,000
All-Cap Opportunities Fund—I Class	81,000	49,000	36,000
Balanced Fund	126,000	145,000	135,000
Balanced Fund—I Class	75,000	36,000	27,000
Blue Chip Growth Fund	271,000	341,000	278,000
Blue Chip Growth Fund—Advisor Class	15,000	19,000	20,000

285

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
Blue Chip Growth Fund—I Class	228,000	211,000	145,000
Blue Chip Growth Fund—R Class	6,000	7,000	6,000
Blue Chip Growth Fund—Z Class	3,000	2,000	(a)
Capital Appreciation Fund	237,000	283,000	234,000
Capital Appreciation Fund—Advisor Class	6,000	6,000	6,000
Capital Appreciation Fund—I Class	141,000	81,000	52,000
Communications & Technology Fund	149,000	193,000	162,000
Communications & Technology Fund—I Class	68,000	17,000	12,000
Diversified Mid-Cap Growth Fund	110,000	131,000	121,000
Diversified Mid-Cap Growth Fund—I Class	77,000	38,000	31,000
Dividend Growth Fund	152,000	157,000	141,000
Dividend Growth Fund—Advisor Class	5,000	5,000	4,000
Dividend Growth Fund—I Class	104,000	74,000	60,000
Dividend Growth Fund—Z Class	6,000	5,000	(a)
Dynamic Credit Fund	160,000	108,000	103,000
Dynamic Credit Fund—I Class	21,000	51,000	42,000
Dynamic Global Bond Fund	11,000	8,000	47,000
Dynamic Global Bond Fund—Advisor Class	(b)	(b)	(b)
Dynamic Global Bond Fund—I Class	30,000	24,000	30,000
Dynamic Global Bond Fund—Z Class	159,000	145,000	85,000
Emerging Markets Bond Fund	30,000	42,000	79,000
Emerging Markets Bond Fund—Advisor Class	(b)	(b)	(b)
Emerging Markets Bond Fund—I Class	24,000	16,000	21,000
Emerging Markets Bond Fund—Z Class	143,000	121,000	65,000
Emerging Markets Corporate Bond Fund	45,000	50,000	50,000
Emerging Markets Corporate Bond Fund—Advisor Class	(b)	(b)	(b)
Emerging Markets Corporate Bond Fund—I Class	139,000	112,000	96,000
Emerging Markets Corporate Multi-Sector Account Portfolio	—	—	—
Emerging Markets Local Currency Bond Fund	20,000	46,000	120,000
Emerging Markets Local Currency Bond Fund—Advisor Class	(b)	(b)	(b)
Emerging Markets Local Currency Bond Fund—I Class	47,000	41,000	27,000
Emerging Markets Local Currency Bond Fund—Z Class	115,000	74,000	(a)
Emerging Markets Local Multi-Sector Account Portfolio	—	—	—
Equity Income Fund	144,000	183,000	169,000
Equity Income Fund—Advisor Class	2,000	2,000	2,000
Equity Income Fund—I Class	90,000	35,000	38,000
Equity Income Fund—R Class	(b)	(b)	(b)
Equity Income Fund—Z Class	17,000	14,000	(a)
Equity Index 500 Fund	78,000	90,000	127,000
Equity Index 500 Fund—I Class	64,000	29,000	23,000

286

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
Equity Index 500 Fund—Z Class	158,000	182,000	111,000
Extended Equity Market Index Fund	184,000	164,000	148,000
Financial Services Fund	133,000	140,000	133,000
Financial Services Fund—I Class	55,000	24,000	15,000
Global Consumer Fund	180,000	159,000	145,000
Global High Income Bond Fund	47,000	80,000	94,000
Global High Income Bond Fund—Advisor Class	(b)	(b)	1,000
Global High Income Bond Fund—I Class	134,000	79,000	51,000
Global Industrials Fund	97,000	124,000	135,000
Global Industrials Fund—I Class	84,000	36,000	10,000
Global Real Estate Fund	121,000	135,000	121,000
Global Real Estate Fund—Advisor Class	9,000	9,000	11,000
Global Real Estate Fund—I Class	51,000	15,000	14,000
Global Technology Fund	139,000	171,000	146,000
Global Technology Fund—I Class	66,000	28,000	19,000
Growth Stock Fund	130,000	174,000	171,000
Growth Stock Fund—Advisor Class	17,000	19,000	17,000
Growth Stock Fund—I Class	126,000	107,000	90,000
Growth Stock Fund—R Class	6,000	7,000	6,000
Growth Stock Fund—Z Class	154,000	156,000	86,000
Health Sciences Fund	173,000	213,000	179,000
Health Sciences Fund—I Class	76,000	25,000	18,000
Institutional Emerging Markets Bond Fund	182,000	160,000	147,000
Institutional Large-Cap Core Growth Fund	200,000	186,000	162,000
Institutional Mid-Cap Equity Growth Fund	202,000	192,000	173,000
Institutional Small-Cap Stock Fund	200,000	187,000	164,000
Integrated Global Equity Fund	144,000	151,000	137,000
Integrated Global Equity Fund—Advisor Class	3,000	3,000	2,000
Integrated Global Equity Fund—I Class	32,000	6,000	6,000
Integrated U.S. Large-Cap Value Equity Fund	125,000	150,000	136,000
Integrated U.S. Large-Cap Value Equity Fund —Advisor Class	1,000	(b)	2,000
Integrated U.S. Large-Cap Value Equity Fund—I Class	53,000	8,000	8,000
Integrated U.S. Small-Cap Growth Equity Fund	110,000	115,000	103,000
Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class	(b)	(b)	(b)
Integrated U.S. Small-Cap Growth Equity Fund—I Class	100,000	88,000	73,000
Integrated U.S. Small-Mid Cap Core Equity Fund	84,000	115,000	117,000
Integrated U.S. Small-Mid Cap Core Equity Fund —Advisor Class	(b)	(b)	1,000
Integrated U.S. Small-Mid Cap Core Equity Fund—I Class	96,000	44,000	27,000
International Bond Fund	57,000	73,000	95,000
International Bond Fund—Advisor Class	(b)	(b)	(b)

287

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
International Bond Fund—I Class	75,000	52,000	53,000
International Bond Fund—Z Class	52,000	38,000	(b)
International Bond Fund (USD Hedged)	4,000	9,000	54,000
International Bond Fund (USD Hedged)—Advisor Class	(b)	(b)	(b)
International Bond Fund (USD Hedged)—I Class	24,000	15,000	23,000
International Bond Fund (USD Hedged)—Z Class	176,000	159,000	93,000
Large-Cap Growth Fund	4,000	3,000	(b)
Large-Cap Growth Fund—I Class	260,000	256,000	204,000
Large-Cap Value Fund	5,000	2,000	(b)
Large-Cap Value Fund—I Class	190,000	172,000	156,000
Mid-Cap Growth Fund	148,000	193,000	173,000
Mid-Cap Growth Fund—Advisor Class	3,000	4,000	6,000
Mid-Cap Growth Fund—I Class	111,000	78,000	61,000
Mid-Cap Growth Fund—R Class	(b)	(b)	(b)
Mid-Cap Growth Fund—Z Class	50,000	49,000	28,000
Mid-Cap Index Fund	(b)	27,000	136,000
Mid-Cap Index Fund—I Class	165,000	130,000	7,000
Mid-Cap Index Fund—Z Class	15,000	1,000	2,000
Mid-Cap Value Fund	77,000	89,000	95,000
Mid-Cap Value Fund—Advisor Class	1,000	2,000	3,000
Mid-Cap Value Fund—I Class	71,000	43,000	37,000
Mid-Cap Value Fund—R Class	2,000	2,000	2,000
Mid-Cap Value Fund—Z Class	85,000	87,000	50,000
New Era Fund	89,000	93,000	84,000
New Era Fund—I Class	104,000	78,000	71,000
New Horizons Fund	150,000	210,000	177,000
New Horizons Fund—I Class	134,000	88,000	66,000
New Horizons Fund—Z Class	25,000	29,000	20,000
Real Assets Fund	9,000	12,000	50,000
Real Assets Fund—I Class	23,000	18,000	23,000
Real Assets Fund—Z Class	171,000	148,000	84,000
Real Estate Fund	132,000	137,000	114,000
Real Estate Fund—Advisor Class	3,000	3,000	10,000
Real Estate Fund—I Class	52,000	24,000	28,000
Retirement Income 2020 Fund	109,000	100,000	89,000
Science & Technology Fund	144,000	181,000	149,000
Science & Technology Fund—Advisor Class	2,000	2,000	8,000
Science & Technology Fund—I Class	62,000	19,000	14,000
Small-Cap Index Fund	(b)	26,000	135,000
Small-Cap Index Fund—I Class	166,000	131,000	7,000
Small-Cap Index Fund—Z Class	15,000	1,000	3,000

288

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
Small-Cap Stock Fund	73,000	94,000	104,000
Small-Cap Stock Fund—Advisor Class	2,000	2,000	2,000
Small-Cap Stock Fund—I Class	69,000	41,000	33,000
Small-Cap Stock Fund—Z Class	76,000	72,000	41,000
Small-Cap Value Fund	106,000	118,000	112,000
Small-Cap Value Fund—Advisor Class	2,000	2,000	2,000
Small-Cap Value Fund—I Class	58,000	32,000	29,000
Small-Cap Value Fund—Z Class	64,000	64,000	36,000
Spectrum Diversified Equity Fund	69,000	94,000	(c)
Spectrum Diversified Equity Fund—I Class	42,000	5,000	(a)
Spectrum Income Fund	64,000	94,000	(c)
Spectrum Income Fund—I Class	67,000	25,000	(a)
Spectrum International Equity Fund	58,000	93,000	(c)
Spectrum International Equity Fund—I Class	53,000	5,000	(a)
Total Equity Market Index Fund	189,000	169,000	153,000
Transition Fund	(b)	38,000	38,000(d)
U.S. Equity Research Fund	70,000	85,000	75,000
U.S. Equity Research Fund—Advisor Class	(b)	(b)	1,000
U.S. Equity Research Fund—I Class	90,000	106,000	74,000
U.S. Equity Research Fund—R Class	2,000	(b)	(b)
U.S. Equity Research Fund—Z Class	63,000	(b)	(a)
U.S. Large-Cap Core Fund	58,000	93,000	84,000
U.S. Large-Cap Core Fund—Advisor Class	(b)	(b)	2,000
U.S. Large-Cap Core Fund—I Class	34,000	9,000	8,000
U.S. Large-Cap Core Fund—Z Class	105,000	91,000	55,000
Value Fund	44,000	47,000	84,000
Value Fund—Advisor Class	2,000	2,000	2,000
Value Fund—I Class	45,000	27,000	30,000
Value Fund—Z Class	231,000	237,000	119,000

(a) Prior to commencement of operations.

(b) Less than $1,000.

(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement. Effective March 2021, this fee is no longer paid by underlying Price Funds.

(d) Data as of February 28, 2021, which is the fund’s previous fiscal year-end.

529 Plans

T. Rowe Price is the investment manager of several college savings plans established by states under Section 529 of the Code. Each plan has a number of portfolios that invest in underlying Price Funds including the Blue Chip Growth, Emerging Markets Bond, Emerging Markets Stock, Equity Income, Equity Index 500, Financial Services, Global Impact Equity, Health Sciences, High Yield, International Bond, International Equity Index, International Stock, International Value Equity, Limited Duration Inflation Focused Bond, Mid-Cap Growth, Mid-Cap Index, Mid-Cap Value, New Horizons, New Income, Overseas Stock, QM U.S. Bond Index, Real Assets, Science & Technology, Short-Term Bond, Small-Cap Index, Small-Cap Stock, Spectrum Income, Total Equity Market Index, Transition, U.S. Equity Research, U.S. Large-Cap Core, U.S. Limited Duration TIPS 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

289

result of transactions by participants in the Section 529 college savings plans that invest in the Investor Class of certain Price Funds are paid for by the Investor Class of that underlying Price Fund under its agreement with its transfer agent, T. Rowe Price Services, Inc. The expenses borne by each underlying Price Fund are set forth in the shareholder report of the underlying Price Fund under “Related Party Transactions.”

THIRD-PARTY ARRANGEMENTS

Administrative Fee Payments

The Price Funds (other than I Class and Z Class shares; Institutional Funds, except for their F Class shares; Mid-Cap Index Fund; Multi-Sector Account Portfolios; Small-Cap Index Fund; and TRP Reserve Funds) have adopted an administrative fee payment (AFP) program that authorizes the funds to make payments to financial intermediaries for services provided on behalf of the funds. Under the AFP program, payments by a fund’s Investor Class (of up to 0.15% of its average daily net assets per year) may be made to retirement plans, retirement plan recordkeepers, insurance companies, banks, and broker-dealers which maintain omnibus accounts with the Funds for transfer agency, recordkeeping, and other administrative services. These services may include, but are not limited to: transmitting purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; delivering shareholder confirmations, statements and tax forms; processing dividend payments; and providing support to respond to customers’ questions regarding their accounts. The Price Funds generally pay $10 per account up to a maximum of 0.15% of its average daily net assets per year for financial intermediaries that continue to maintain Price Fund assets in client-level networked accounts. Under the AFP program, the funds paid the amounts set forth below in the calendar year 2022, unless otherwise indicated.

Fund	Payment
Africa & Middle East Fund	$50,873
All-Cap Opportunities Fund	4,650,659
Asia Opportunities Fund	51,085
Balanced Fund	1,504,987
Blue Chip Growth Fund	39,100,978
California Tax-Free Bond Fund	342,138
Capital Appreciation Fund	31,509,703
Cash Reserves Fund	154,555
China Evolution Equity Fund	9,253
Communications & Technology Fund	3,897,008
Corporate Income Fund	65,300
Credit Opportunities Fund	23,019
Diversified Mid-Cap Growth Fund	933,622
Dividend Growth Fund	12,801,124
Dynamic Credit Fund	6,954
Dynamic Global Bond Fund	281,520
Emerging Europe Fund	14,346
Emerging Markets Bond Fund	453,370
Emerging Markets Corporate Bond Fund	200,370
Emerging Markets Corporate Multi-Sector Account Portfolio	(a)
Emerging Markets Discovery Stock Fund	50,496
Emerging Markets Local Currency Bond Fund	47,032
Emerging Markets Local Multi-Sector Account Portfolio	(a)

290

Fund	Payment
Emerging Markets Stock Fund	2,344,008
Equity Income Fund	5,595,419
Equity Index 500 Fund	2,873,180
European Stock Fund	348,106
Extended Equity Market Index Fund	408,763
Financial Services Fund	1,086,603
Floating Rate Fund	2,160,125
Floating Rate Multi-Sector Account Portfolio	(a)
Georgia Tax-Free Bond Fund	228,338
Global Allocation Fund	678,700
Global Consumer Fund	55,598
Global Growth Stock Fund	331,343
Global High Income Bond Fund	43,679
Global Impact Equity Fund	1,584
Global Industrials Fund	103,720
Global Multi-Sector Bond Fund	927,275
Global Real Estate Fund	38,417
Global Stock Fund	3,611,354
Global Technology Fund	2,882,782
Global Value Equity Fund	26,517
GNMA Fund	101,649
Government Money Fund	148,747
Government Reserve Fund	(a)
Growth Stock Fund	14,584,327
Health Sciences Fund	9,651,846
High Yield Fund	646,132
High Yield Multi-Sector Account Portfolio	(a)
Inflation Protected Bond Fund	351,431
Institutional Emerging Markets Bond Fund	(a)
Institutional Emerging Markets Equity Fund	(a)
Institutional Floating Rate Fund	(a)
Institutional Floating Rate Fund—F Class	764,989
Institutional High Yield Fund	(a)
Institutional International Disciplined Equity Fund	(a)
Institutional Large-Cap Core Growth Fund	(a)
Institutional Long Duration Credit Fund	(a)
Institutional Mid-Cap Equity Growth Fund	(a)
Institutional Small-Cap Stock Fund	(a)
Integrated Global Equity Fund	5,529
Integrated U.S. Large-Cap Value Equity Fund	8,691
Integrated U.S. Small-Cap Growth Equity Fund	4,309,344
Integrated U.S. Small-Mid Cap Core Equity Fund	91,078

291

Fund	Payment
Intermediate Tax-Free High Yield Fund	13,336
International Bond Fund	192,817
International Bond Fund (USD Hedged)	19,658
International Disciplined Equity Fund	87,951
International Discovery Fund	3,639,661
International Equity Index Fund	192,917
International Stock Fund	915,139
International Value Equity Fund	245,053
Investment-Grade Corporate Multi-Sector Account Portfolio	(a)
Japan Fund	213,733
Large-Cap Growth Fund	214,781
Large-Cap Value Fund	47,232
Latin America Fund	160,631
Limited Duration Inflation Focused Bond Fund	130,174
Maryland Short-Term Tax-Free Bond Fund	61,427
Maryland Tax-Free Bond Fund	1,038,370
Maryland Tax-Free Money Fund	3,139
Mid-Cap Growth Fund	11,203,817
Mid-Cap Index Fund	(a)
Mid-Cap Value Fund	3,600,621
Mortgage-Backed Securities Multi-Sector Account Portfolio	(a)
Multi-Strategy Total Return Fund	57,398
New Asia Fund	867,122
New Era Fund	915,300
New Horizons Fund	10,140,093
New Income Fund	281,771
New Jersey Tax-Free Bond Fund	298,934
New York Tax-Free Bond Fund	171,803
Overseas Stock Fund	6,137,962
QM U.S. Bond Index Fund	535,266
Real Assets Fund	126,447
Real Estate Fund	869,818
Retirement 2005 Fund	327,240
Retirement 2010 Fund	879,732
Retirement 2015 Fund	1,388,117
Retirement 2020 Fund	5,286,110
Retirement 2025 Fund	6,809,719
Retirement 2030 Fund	9,528,315
Retirement 2035 Fund	6,378,589
Retirement 2040 Fund	7,428,914
Retirement 2045 Fund	4,685,586

292

Fund	Payment
Retirement 2050 Fund	4,456,850
Retirement 2055 Fund	2,535,514
Retirement 2060 Fund	933,303
Retirement 2065 Fund	40,976
Retirement Balanced Fund	843,127
Retirement Blend 2005 Fund	0
Retirement Blend 2010 Fund	0
Retirement Blend 2015 Fund	0
Retirement Blend 2020 Fund	305
Retirement Blend 2025 Fund	440
Retirement Blend 2030 Fund	263
Retirement Blend 2035 Fund	260
Retirement Blend 2040 Fund	146
Retirement Blend 2045 Fund	672
Retirement Blend 2050 Fund	102
Retirement Blend 2055 Fund	80
Retirement Blend 2060 Fund	25
Retirement Blend 2065 Fund	175
Retirement Income 2020 Fund	0
Science & Technology Fund	2,264,554
Short Duration Income Fund	4,137
Short-Term Fund	(a)
Short-Term Bond Fund	1,301,758
Short-Term Government Fund	(b)
Small-Cap Index Fund	(a)
Small-Cap Stock Fund	2,210,114
Small-Cap Value Fund	4,148,700
Spectrum Conservative Allocation Fund	851,647
Spectrum Diversified Equity Fund	662,002
Spectrum Income Fund	1,070,391
Spectrum International Equity Fund	618,919
Spectrum Moderate Allocation Fund	991,215
Spectrum Moderate Growth Allocation Fund	1,467,643
Summit Municipal Income Fund	1,489,518
Summit Municipal Intermediate Fund	3,452,192
Target 2005 Fund	6,481
Target 2010 Fund	12,048
Target 2015 Fund	23,609
Target 2020 Fund	73,014
Target 2025 Fund	127,671
Target 2030 Fund	132,292
Target 2035 Fund	118,582

293

Fund	Payment
Target 2040 Fund	109,423
Target 2045 Fund	74,399
Target 2050 Fund	82,213
Target 2055 Fund	45,012
Target 2060 Fund	37,724
Target 2065 Fund	1,783
Tax-Efficient Equity Fund	289,476
Tax-Exempt Money Fund	13,114
Tax-Free High Yield Fund	3,124,497
Tax-Free Income Fund	727,506
Tax-Free Short-Intermediate Fund	1,205,157
Total Equity Market Index Fund	796,611
Total Return Fund	68,473
Transition Fund	(a)
Treasury Reserve Fund	(a)
U.S. Equity Research Fund	2,851,245
U.S. High Yield Fund	150,086
U.S. Large-Cap Core Fund	846,908
U.S. Limited Duration TIPS Index Fund	2,395
U.S. Treasury Intermediate Index Fund	635,823
U.S. Treasury Long-Term Index Fund	77,755
U.S. Treasury Money Fund	513,489
Ultra Short-Term Bond Fund	3,004,005
Value Fund	3,885,999
Virginia Tax-Free Bond Fund	866,648

(a) Not eligible to participate in AFP program.

(b) Prior to commencement of operations.

Each Advisor Class and R Class has adopted an AFP program under which various third parties, including third parties receiving 12b-1 payments, may receive administrative fee payments from the class (at an annual rate of up to 0.15% of the class’ average daily net assets) in addition to 12b-1 fees for providing, on behalf of the funds, various recordkeeping, transfer agency, and other administrative services. These services may include, but are not limited to: transmitting purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; delivering shareholder confirmations, statements, and tax forms; processing dividend payments; and providing support to respond to customers’ questions regarding their accounts. Under this AFP program, the funds paid the amounts set forth below in the calendar year 2022, unless otherwise indicated.

Fund	Payment
All-Cap Opportunities Fund—Advisor Class	$240,268
Asia Opportunities Fund—Advisor Class	210
Blue Chip Growth Fund—Advisor Class	2,940,768
Blue Chip Growth Fund—R Class	1,199,012
Capital Appreciation Fund—Advisor Class	1,029,200
Credit Opportunities Fund—Advisor Class	180
Dividend Growth Fund—Advisor Class	530,937

294

Fund	Payment
Dynamic Global Bond Fund—Advisor Class	398
Emerging Markets Bond Fund—Advisor Class	235
Emerging Markets Corporate Bond Fund—Advisor Class	585
Emerging Markets Discovery Stock Fund—Advisor Class	88
Emerging Markets Local Currency Bond Fund—Advisor Class	32
Equity Income Fund—Advisor Class	237,599
Equity Income Fund—R Class	72,040
Floating Rate Fund—Advisor Class	30,306
Global Allocation Fund—Advisor Class	7,858
Global Growth Stock Fund—Advisor Class	21,663
Global High Income Bond Fund—Advisor Class	636
Global Multi-Sector Bond Fund—Advisor Class	21,761
Global Real Estate Fund—Advisor Class	7,258
Global Stock Fund—Advisor Class	71,280
Growth Stock Fund—Advisor Class	3,023,741
Growth Stock Fund—R Class	1,073,224
High Yield Fund—Advisor Class	33,805
Integrated Global Equity Fund—Advisor Class	0
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class	130
Integrated U.S. Small-Cap Growth Equity—Advisor Class	30,077
Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class	222
Intermediate Tax-Free High Yield Fund—Advisor Class	183
International Bond Fund—Advisor Class	5,224
International Bond Fund (USD Hedged)—Advisor Class	0
International Disciplined Equity Fund—Advisor Class	4,519
International Stock Fund—Advisor Class	20,822
International Stock Fund—R Class	11,265
International Value Equity Fund—Advisor Class	44,105
International Value Equity Fund—R Class	50,007
Mid-Cap Growth Fund—Advisor Class	468,045
Mid-Cap Growth Fund—R Class	60,518
Mid-Cap Value Fund—Advisor Class	122,217
Mid-Cap Value Fund—R Class	189,856
Multi-Strategy Total Return Fund—Advisor Class	(a)
New Income Fund—Advisor Class	19,011
New Income Fund—R Class	2,006
Overseas Stock Fund—Advisor Class	228,466
Real Estate Fund—Advisor Class	31,350
Retirement 2005 Fund—Advisor Class	57,353
Retirement 2005 Fund—R Class	58,075
Retirement 2010 Fund—Advisor Class	269,910

295

Fund	Payment
Retirement 2010 Fund—R Class	161,615
Retirement 2015 Fund—Advisor Class	330,451
Retirement 2015 Fund—R Class	227,114
Retirement 2020 Fund—Advisor Class	1,440,793
Retirement 2020 Fund—R Class	1,135,138
Retirement 2025 Fund—Advisor Class	1,481,557
Retirement 2025 Fund—R Class	1,332,758
Retirement 2030 Fund—Advisor Class	2,675,916
Retirement 2030 Fund—R Class	2,299,811
Retirement 2035 Fund—Advisor Class	1,454,834
Retirement 2035 Fund—R Class	1,446,154
Retirement 2040 Fund—Advisor Class	2,109,997
Retirement 2040 Fund—R Class	1,862,514
Retirement 2045 Fund—Advisor Class	1,100,868
Retirement 2045 Fund—R Class	1,075,561
Retirement 2050 Fund—Advisor Class	1,315,841
Retirement 2050 Fund—R Class	1,215,761
Retirement 2055 Fund—Advisor Class	699,112
Retirement 2055 Fund—R Class	694,888
Retirement 2060 Fund—Advisor Class	250,387
Retirement 2060 Fund—R Class	237,113
Retirement 2065 Fund—Advisor Class	4,862
Retirement 2065 Fund—R Class	3,260
Retirement Balanced Fund—Advisor Class	143,442
Retirement Balanced Fund—R Class	199,106
Science & Technology Fund—Advisor Class	68,979
Short-Term Bond Fund—Advisor Class	19,864
Small-Cap Stock Fund—Advisor Class	113,798
Small-Cap Value Fund—Advisor Class	131,930
Summit Municipal Income Fund—Advisor Class	1,012
Summit Municipal Intermediate Fund—Advisor Class	7,110
Target 2005 Fund—Advisor Class	87
Target 2010 Fund—Advisor Class	1,017
Target 2015 Fund—Advisor Class	2,401
Target 2020 Fund—Advisor Class	13,434
Target 2025 Fund—Advisor Class	11,130
Target 2030 Fund—Advisor Class	12,737
Target 2035 Fund—Advisor Class	5,594
Target 2040 Fund—Advisor Class	8,447
Target 2045 Fund—Advisor Class	9,455
Target 2050 Fund—Advisor Class	8,711
Target 2055 Fund—Advisor Class	7,884

296

Fund	Payment
Target 2060 Fund—Advisor Class	3,623
Target 2065 Fund—Advisor Class	8
Tax-Free High Yield Fund—Advisor Class	10,057
Tax-Free Income Fund—Advisor Class	86,327
Tax-Free Short-Intermediate Fund—Advisor Class	6,449
Total Return Fund—Advisor Class	1,193
U.S. Equity Research Fund—Advisor Class	56,209
U.S. Equity Research Fund—R Class	121,609
U.S. High Yield Fund—Advisor Class	12,408
U.S. Large-Cap Core Fund—Advisor Class	15,097
Value Fund—Advisor Class	293,340

(a) Prior to commencement of operations.

Additional Payments to Financial Intermediaries and Other Third Parties (All Funds)

In addition to shareholder servicing payments (including AFP) and the 12b-1 payments made by each Advisor Class and R Class, T. Rowe Price or its affiliates will, at their own expense and out of their own profits, provide additional compensation to certain financial intermediaries such as broker-dealers, registered investment advisers, banks, insurance companies, and retirement plan recordkeepers. These payments may be in the form of asset-based, transaction-based, or fixed-dollar payments in connection with the sale, distribution, marketing, and/or servicing of the Price Funds, commonly referred to as revenue-sharing (collectively “Additional Compensation”). The categories of Additional Compensation are described below. These categories are not mutually exclusive and T. Rowe Price or its affiliates may pay Additional Compensation for other types of services in the future. The same financial intermediaries may receive payments under one or more categories.

Marketing Support Payments T. Rowe Price or its affiliates will pay Additional Compensation for sales and marketing support activities to certain financial intermediaries in connection with their efforts to educate financial professionals and provide services that may facilitate, directly or indirectly, investment in the Price Funds. A financial intermediary’s marketing support services may include business planning assistance; advertising; educating financial intermediary personnel about the Price Funds and shareholder financial planning needs; placement on the financial intermediary’s sales platform; inclusion on a no-transaction fee fund list or preferred funds list; periodic sales reporting and data on the Price Funds; and access to sales meetings, sales representatives and management representatives of the financial intermediary. T. Rowe Price or its affiliates compensate financial intermediaries differently depending upon, among other factors, sales and asset levels, redemption rates and their level, and/or the type of marketing and educational activities provided by the financial intermediary.

Conference Support Payments Additional Compensation will include financial assistance to financial intermediaries that enable employees of T. Rowe Price or its affiliates to participate in and/or present at conferences or seminars, sales or training programs, client and investor events, co-operative advertising, newsletters, and other events. Additional Compensation amounts may vary depending upon the nature of the event. T. Rowe Price or its affiliates routinely sponsor and pay Additional Compensation in connection with due diligence meetings during which attendees receive updates on various Price Funds and are afforded the opportunity to speak with investment professionals, including portfolio managers. To the extent permitted by their firm’s policies and procedures, registered representatives’ expenses in attending these meetings, including lodging and transportation, may be covered by T. Rowe Price or its affiliates.

Administrative and Processing Support Payments T. Rowe Price provides Additional Compensation to financial intermediaries that will help facilitate rollovers from employer-sponsored retirement plans to individual retirement accounts; contribute to the costs of providing certain technology and data support services; reimburse certain transaction expenses, such as ticket charges for purchases or exchanges; and contribute to costs for ancillary services, such as setting up Price Funds on an intermediary’s mutual fund trading system/platform.

In addition, T. Rowe Price has a long-term strategic relationship with Charles Schwab & Co., Inc. (Schwab). Under this arrangement, T. Rowe Price will pay Additional Compensation in the form of asset-based payments to Schwab in exchange

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for Schwab, among other services, promoting certain Price Funds to Schwab’s retail clients and clients of investment advisers that custody assets at Schwab, including on schwab.com and other digital properties, access to Schwab representatives and advisers that custody their clients’ assets at Schwab and for the provision of additional marketing support opportunities.

Payments to Retirement Plans T. Rowe Price or its affiliated retirement plan recordkeeper, RPS, will pay Additional Compensation in circumstances where the Price Funds are offered as investment options in such plans to the extent that amounts collected by RPS for providing administrative and transfer agent services to the Price Funds exceed the RPS negotiated revenue requirements for servicing such plan. These payments are provided directly to the retirement plans. To the extent the amounts are not used to offset plan expenses, the amounts may be allocated to participant accounts.

The receipt of, or the prospect of receiving, Additional Compensation from T. Rowe Price and its affiliates may influence intermediaries, plan sponsors, and other third parties to offer or recommend Price Funds over other investment options for which an intermediary does not receive similar compensation (or receives lower levels of additional compensation). In addition, financial intermediaries that receive Additional Compensation may elevate the prominence of the Price Funds by, for example, placing the Price Funds on a list of preferred or recommended funds and/or provide preferential or enhanced opportunities to promote the Price Funds in various ways. Additional Compensation amounts are not paid by a fund directly; these arrangements do not increase fund expenses and will not change the price that an investor pays for shares of the Price Funds or the amount that a Price Fund receives to invest on behalf of an investor. However, T. Rowe Price’s revenues or profits may in part be derived from fees earned for services provided to and paid for by the Price Funds. Investors or prospective investors in the Price Funds should ask their financial intermediary for more information about any Additional Compensation it receives from T. Rowe Price or its affiliates.

DISTRIBUTOR FOR THE FUNDS

Investment Services, a Maryland corporation formed in 1980 as a wholly owned subsidiary of T. Rowe Price, serves as distributor for all Price Funds on a continuous basis. Investment Services is registered as a broker-dealer under the 1934 Act and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA).

Investment Services is located at the same address as the funds and T. Rowe Price: 100 East Pratt Street, Baltimore, Maryland 21202.

Investment Services serves as distributor to the Price Funds, pursuant to an Underwriting Agreement (Underwriting Agreement), which provides that the funds (other than the All-Inclusive Fee Funds) will pay all fees and expenses in connection with necessary state filings; preparing, setting in type, printing, and mailing of prospectuses and shareholder reports to shareholders; and issuing shares, including expenses of confirming purchase orders. For the All-Inclusive Funds, the Underwriting Agreement provides that Investment Services will pay, or will arrange for others to pay, these fees and expenses.

The Underwriting Agreement also provides that Investment Services will pay all fees and expenses in connection with printing and distributing prospectuses and shareholder 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 (NAV). Other than as described below with respect to the Advisor Class and R Class shares, no sales charges are paid by investors or the funds, and no compensation is paid to Investment Services. The Underwriting Agreement also allows Investment Services to enter into agreements with affiliated T. Rowe Price entities to offer and sell shares of the Price Funds, under limited conditions, to certain institutional investors outside the U.S.

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Advisor Class and R Class

Distribution and Shareholder Services Plan

The funds’ directors adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to each Advisor Class and R Class (each, a “Class”). Each plan provides that the Class may compensate Investment Services, or such other persons as the funds or Investment Services designates, to finance any or all of the distribution, shareholder servicing, maintenance of shareholder accounts, and/or other administrative services with respect to Class shares. It is expected that most, if not all, payments under each plan will be made (either directly, or indirectly through Investment Services) to intermediaries other than Investment Services such as broker-dealers, banks, insurance companies, and retirement plan recordkeepers. Under each plan, the Advisor Class pays a fee at the annual rate of up to 0.25% of that class’ average daily net assets and the R Class pays a fee at the annual rate of up to 0.50% of that class’ average net daily assets. Normally, the full amount of the fee 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 fund directors considered various factors relating to the implementation of the plan and determined that there is a reasonable likelihood that the plan will benefit each fund, its Class, and the Class’ shareholders. The fund directors noted that to the extent the plan allows a fund to sell Class shares in markets to which it would not otherwise have access, the plan may result in additional sales of fund shares. This may enable a fund to achieve economies of scale that could reduce expenses. In addition, certain ongoing shareholder services may be provided more effectively by intermediaries with which shareholders have an existing relationship.

The plan is renewable from year to year with respect to each fund, as long as its continuance is approved at least annually (1) by the vote of a majority of the fund directors and (2) by a vote of the majority of the funds’ independent directors cast in person at a meeting called for the purpose of voting on such approval. The plan may not be amended to increase materially the amount of fees paid by any Class thereunder unless such amendment is approved by a majority vote of the outstanding shares of such Class and by the fund directors in the manner prescribed by Rule 12b-1 under the 1940 Act. The plan is terminable with respect to a Class at any time by a vote of a majority of the independent directors or by a majority vote of the outstanding shares in the Class.

Payments under the 12b-1 plans will still normally be made for funds that are closed to new investors. Such payments are made for the various services provided to existing investors by the intermediaries receiving such payments.

The following payments for the fiscal year indicated were made to intermediaries, including broker-dealers and insurance companies, for the distribution, shareholder servicing, maintenance of shareholder accounts, and/or other administrative services under the plan.

Fund	Fiscal Year Ended 2/28/22
Intermediate Tax-Free High Yield Fund—Advisor Class	$1,000
Tax-Free High Yield Fund—Advisor Class	24,000
Tax-Free Income Fund—Advisor Class	190,000
Tax-Free Short-Intermediate Fund—Advisor Class	8,000

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Fund	Fiscal Year Ended 5/31/22
Credit Opportunities Fund—Advisor Class	(a)
Floating Rate Fund—Advisor Class	$54,000
Global Multi-Sector Bond Fund—Advisor Class	45,000
High Yield Fund—Advisor Class	65,000
New Income Fund—Advisor Class	42,000
New Income Fund—R Class	9,000
Retirement 2005 Fund—Advisor Class	115,000
Retirement 2005 Fund—R Class	227,000
Retirement 2010 Fund—Advisor Class	558,000
Retirement 2010 Fund—R Class	687,000
Retirement 2015 Fund—Advisor Class	699,000
Retirement 2015 Fund—R Class	933,000
Retirement 2020 Fund—Advisor Class	3,132,000
Retirement 2020 Fund—R Class	4,719,000
Retirement 2025 Fund—Advisor Class	3,037,000
Retirement 2025 Fund—R Class	5,330,000
Retirement 2030 Fund—Advisor Class	5,558,000
Retirement 2030 Fund—R Class	9,118,000
Retirement 2035 Fund—Advisor Class	2,861,000
Retirement 2035 Fund—R Class	5,659,000
Retirement 2040 Fund—Advisor Class	4,446,000
Retirement 2040 Fund—R Class	7,373,000
Retirement 2045 Fund—Advisor Class	2,178,000
Retirement 2045 Fund—R Class	4,227,000
Retirement 2050 Fund—Advisor Class	2,724,000
Retirement 2050 Fund—R Class	4,740,000
Retirement 2055 Fund—Advisor Class	1,362,000
Retirement 2055 Fund—R Class	2,634,000
Retirement 2060 Fund—Advisor Class	456,000
Retirement 2060 Fund—R Class	812,000
Retirement 2065 Fund—Advisor Class	5,000
Retirement 2065 Fund—R Class	6,000
Retirement Balanced Fund—Advisor Class	304,000
Retirement Balanced Fund—R Class	763,000
Short-Term Bond Fund—Advisor Class	55,000
Target 2005 Fund—Advisor Class	1,000
Target 2010 Fund—Advisor Class	4,000
Target 2015 Fund—Advisor Class	5,000
Target 2020 Fund—Advisor Class	42,000
Target 2025 Fund—Advisor Class	29,000
Target 2030 Fund—Advisor Class	39,000

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Fund	Fiscal Year Ended 5/31/22
Target 2035 Fund—Advisor Class	17,000
Target 2040 Fund—Advisor Class	24,000
Target 2045 Fund—Advisor Class	23,000
Target 2050 Fund—Advisor Class	23,000
Target 2055 Fund—Advisor Class	19,000
Target 2060 Fund—Advisor Class	6,000
Target 2065 Fund—Advisor Class	(a)
Total Return Fund—Advisor Class	1,000
U.S. High Yield Fund—Advisor Class	26,000

(a) Less than $1,000.

Fund	Fiscal Year Ended 10/31/22
Asia Opportunities Fund—Advisor Class	$1,000
Emerging Markets Discovery Stock Fund—Advisor Class	(a)
Global Allocation Fund—Advisor Class	14,000
Global Growth Stock Fund—Advisor Class	38,000
Global Stock Fund—Advisor Class	133,000
International Disciplined Equity Fund—Advisor Class	8,000
International Stock Fund—Advisor Class	38,000
International Stock Fund—R Class	40,000
International Value Equity Fund—Advisor Class	78,000
International Value Equity Fund—R Class	168,000
Overseas Stock Fund—Advisor Class	202,000
Summit Municipal Income Fund—Advisor Class	2,000
Summit Municipal Intermediate Fund—Advisor Class	12,000

(a) Less than $1,000.

Fund	Fiscal Year Ended 12/31/22
All-Cap Opportunities Fund—Advisor Class	$406,000
Blue Chip Growth Fund—Advisor Class	4,934,000
Blue Chip Growth Fund—R Class	4,009,000
Capital Appreciation Fund—Advisor Class	1,710,000
Dividend Growth Fund—Advisor Class	893,000
Dynamic Global Bond Fund—Advisor Class	(a)
Emerging Markets Bond Fund—Advisor Class	(a)
Emerging Markets Corporate Bond Fund—Advisor Class	1,000
Emerging Markets Local Currency Bond Fund—Advisor Class	(a)
Equity Income Fund—Advisor Class	409,000
Equity Income Fund—R Class	239,000
Global High Income Bond Fund—Advisor Class	(a)
Global Real Estate Fund—Advisor Class	12,000
Growth Stock Fund—Advisor Class	5,027,000

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Fund	Fiscal Year Ended 12/31/22
Growth Stock Fund—R Class	3,596,000
Integrated Global Equity Fund—Advisor Class	1,000
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class	1,000
Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class	50,000
Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class	1,000
International Bond Fund—Advisor Class	9,000
International Bond Fund (USD Hedged)—Advisor Class	(a)
Mid-Cap Growth Fund—Advisor Class	789,000
Mid-Cap Growth Fund—R Class	202,000
Mid-Cap Value Fund—Advisor Class	205,000
Mid-Cap Value Fund—R Class	634,000
Real Estate Fund—Advisor Class	52,000
Science & Technology Fund—Advisor Class	116,000
Small-Cap Stock Fund—Advisor Class	191,000
Small-Cap Value Fund—Advisor Class	221,000
U.S. Equity Research Fund—Advisor Class	94,000
U.S. Equity Research Fund—R Class	407,000
U.S. Large-Cap Core Fund—Advisor Class	26,000
Value Fund—Advisor Class	503,000

(a) Less than $1,000

PORTFOLIO TRANSACTIONS

Investment or Brokerage Discretion

Decisions with respect to the selection, purchase, and sale of portfolio securities on behalf of all or a portion of the funds’ portfolios are made by the Price Advisers. The Price Advisers are responsible for implementing these decisions for the funds, including, where applicable, the negotiation of commissions, the allocation of portfolio brokerage and principal business, and the use of affiliates to assist in routing orders for execution. Each Price Adviser may delegate actual trade execution to the trading desks of other Price Advisers and may use these other Price Advisers for certain other trading-related services.

Broker-Dealer Selection

With respect to equity, fixed income, and derivative transactions, and subject to the investment limitations of each fund, the Price Advisers may effect principal transactions on behalf of a fund with a broker-dealer that furnishes brokerage and, in certain cases, research services; designate a broker-dealer to receive selling concessions, discounts, or other allowances; and otherwise deal with a broker-dealer in the acquisition of securities in underwritings.

Fixed Income Securities

In purchasing and selling fixed income securities, the Price Advisers ordinarily place transactions with the issuer or a broker-dealer acting as principal for the securities on a net basis, with no stated brokerage commission being paid by the client, although the price usually reflects undisclosed compensation to the broker-dealer. Fixed income transactions may also be placed with underwriters at prices that include underwriting fees. Fixed income transactions through broker-dealers reflect the spread between the bid and asked prices.

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Foreign Currency Transactions

Subject to the investment limitations of each fund, the Price Advisers may engage in foreign currency transactions (FX) to facilitate trading in or settlement of trades in foreign securities. The Price Advisers may use FX, including forward currency contracts, when seeking to manage exposure to or profit from changes in interest or exchange rates; to protect the value of portfolio securities; or to facilitate cash management. The Price Advisers select broker-dealers that they believe will provide best execution on behalf of the funds and other investment accounts that they manage, frequently via electronic platforms. To minimize transaction costs, certain FX trading activity may be aggregated across accounts, including the funds, but each account’s trade is individually settled with the counterparty. T. Rowe Price has agreed to voluntarily reimburse from its own resources certain funds managed by Price Investment Management for the cost of brokerage commissions embedded in the cost of the fund’s foreign currency transactions. This agreement may be rescinded at any time.

Equity Securities

Subject to the investment limitations of each fund, in purchasing and selling equity securities, the Price Advisers seek to obtain best execution at favorable security prices through responsible broker-dealers and, in the case of agency transactions, at competitive commission rates. However, under certain conditions, higher brokerage commissions may be paid to broker-dealers providing brokerage and research services to the Price Advisers than might be paid to other broker-dealers in accordance with Section 28(e) of the 1934 Act (Section 28(e)) and subsequent guidance from regulators.

In selecting broker-dealers to execute the funds’ portfolio transactions, consideration is given to such factors as the (i) liquidity of the security; (ii) the size and difficulty of the order; (iii) the speed and likelihood of execution and settlement; (iv) the reliability, integrity and creditworthiness, general execution and operational capabilities of competing broker-dealers and services provided; and (v) expertise in particular markets. It is not the policy of the Price Advisers to seek the lowest available commission rate where it is believed that a broker-dealer charging a higher commission rate would offer greater reliability or provide better pricing or more efficient execution. Therefore, the Price Advisers pay higher commission rates to broker-dealers that are believed to offer greater reliability, better pricing, or more efficient execution.

Best Execution

T. Rowe Price’s Global Trading Committee (GTC) oversees the brokerage allocation and trade execution policies for the Price Advisers. The GTC is supported by the equity and fixed income best execution subcommittees in monitoring the Price Advisers’ compliance with the execution policy. The execution policy requires the Price Advisers to execute trades consistent with the principles of best execution which requires an adviser to take all sufficient steps to obtain the best possible result for the funds taking into account various factors.

Research Benefits

The Price Advisers believe that original in-house research is the primary driver of value-added active management. Although research created or developed by a broker-dealer or its affiliate and research created or developed by an independent third party is an important component of the Price Advisers’ investment approach, the Price Advisers rely primarily upon their own research and subject any outside research to internal analysis before incorporating it into the investment process.

The Price Advisers may use equity brokerage commissions in connection with securities transactions consistent with Section 28(e) and other relevant regulatory guidance to acquire brokerage services from broker-dealers. Section 28(e) permits an investment adviser to cause an account to pay a higher commission to a broker-dealer that provides research services than the commission another broker-dealer would charge, provided the adviser determines in good faith that the commission paid is reasonable in relation to the value of the brokerage services provided. An adviser may make this good faith determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion.

T. Rowe Price bears the cost of research services for all Price Funds. For certain Price Funds, T. Rowe Price continues to use equity brokerage commissions from those funds’ transactions through commission-sharing arrangements (consistent

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with Section 28(e)) to compensate certain U.S. broker-dealers for research services. T. Rowe Price, however, voluntarily reimburses those Price Funds for any amount collected into the commission-sharing arrangements.

The Price Advisers acquire proprietary research from broker-dealers who also provide trade execution, clearing settlement, and/or other services. Research received from broker-dealers or independent third-party research providers generally includes information on the economy; industries; groups of securities; individual companies; statistical information; accounting and tax law interpretations; political developments; legal developments affecting portfolio securities; technical market action; pricing and appraisal services; credit analysis; currency and commodity market analysis; risk measurement analysis; performance analysis; and analysis of corporate, environmental, social, and governance responsibility issues.

Research services are received in the form of written reports; computer-generated data; telephone contacts; investment conferences; bespoke services; financial models; and personal meetings with security analysts, market specialists, corporate and industry executives, and other persons. Research may also include access to unaffiliated individuals with expertise in various industries, businesses, or other related areas, including use of expert referral networks that provide access to industry consultants, vendors, and suppliers. The Price Advisers may use a limited number of expert networks.

Each Price Adviser generally pays for data subscriptions, investment technology tools, and other specialized services to assist with the investment process directly from its own resources. Each Price Adviser also pays for fixed income research and services directly from its own resources where feasible or required.

Allocation of Brokerage Business

Each Price Adviser has a policy of not pre-committing a specific amount of business to any broker-dealer over any specific period. Each Price Adviser makes brokerage placement determinations, as appropriate, based on the needs of a specific transaction such as market-making, availability of a buyer for or seller of a particular security, or specialized execution skills. Each Price Adviser may choose to allocate brokerage among several broker-dealers able to meet the needs of the transaction. Allocation of brokerage business is monitored on a regularly scheduled basis by appropriate personnel and the GTC.

Each Price Adviser may have brokerage relationships with broker-dealers that are, or are an affiliate of, clients that have appointed the Price Adviser or an affiliate to serve as investment adviser, trustee, or recordkeeper. Each Price Adviser also has other relationships with or may own positions in the publicly traded securities of the broker-dealers with which they transact with or on behalf of our clients.

Evaluating the Overall Reasonableness of Brokerage Commissions Paid

On a continuing basis, the Price Advisers seek to determine what levels of commission rates are reasonable in the marketplace for transactions executed on behalf of funds and other institutional clients. In evaluating the reasonableness of commission rates, the Price Advisers may consider any or all of the following: (a) rates quoted by broker-dealers; (b) the size of a particular transaction, in terms of the number of shares, dollar amount, and number of clients involved; (c) the complexity of a particular transaction in terms of both execution and settlement; (d) the level and type of business conducted with a particular firm over a period of time; (e) the extent to which the broker-dealer has capital at risk in the transaction; (f) historical commission rates; (g) rates paid by other institutional investors based on available public information; and (h) research provided by the broker-dealer.

Commission Recapture

Currently, the Price Advisers do not recapture commissions, underwriting discounts, or selling-group concessions for equity or fixed income securities acquired in underwritten offerings. The Price Advisers may, however, designate a portion of the underwriting spread to broker-dealers that participate in the offering.

Block Trading/Aggregated Orders/Order Sequencing

Because certain investment vehicles (including the funds) managed by the Price Advisers and other affiliated investment advisers have similar investment objectives and programs, investment decisions may be made that result in the simultaneous purchase or sale of securities. As a result, the demand for, or supply of, securities may increase or decrease, which could have an adverse effect on prices. Aggregation of orders may be a collaborative process between trading and

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portfolio management staff. The Price Advisers’ policy is not to favor one client over another in grouping orders for various clients.

The grouping of orders could at times result in more or less favorable prices. In certain cases, where the aggregated order is executed in a series of transactions at various prices on a given day, each participating investment vehicle’s proportionate share of grouped orders reflects the average price paid or received. The Price Advisers may include orders on behalf of Price Funds and other clients and products advised by the Price Advisers and their affiliates, including the not-for-profit entities T. Rowe Price Foundation, Inc., the T. Rowe Price Program for Charitable Giving, Inc., employee stock for certain Retirement Plan Services relationships, and T. Rowe Price and its affiliates’ proprietary investments, in its aggregated orders.

The Price Advisers and other affiliated investment advisers have developed written trade allocation guidelines for their trading desks. Generally, when the amount of securities available in a public or initial offering or the secondary markets is insufficient to satisfy the volume for participating clients, the Price Advisers will make pro-rata allocations based upon the relative sizes of the participating client orders or the relative sizes of the participating client portfolios depending upon the market involved, subject to portfolio manager and trader input. For example, a portfolio manager may choose to receive a non-pro-rata allocation to comply with certain client guidelines, manage anticipated cash flows, or achieve the portfolio manager’s long-term vision for the portfolio. Each investment vehicle (including the Price Funds) receives the same average share price of the securities for each aggregated order. Because a pro-rata allocation may not always accommodate all facts and circumstances, the guidelines provide for adjustments to allocation amounts in certain cases. For example, adjustments may be made: (i) to eliminate de minimis positions or to satisfy minimum denomination requirements; (ii) to give priority to accounts with specialized investment policies and objectives; and (iii) to allocate in light of a participating portfolio’s characteristics, such as available cash, industry or issuer concentration, duration, and credit exposure. Such allocation processes may result in a partial execution of a proposed purchase or sale order.

The Price Advisers employ certain guidelines in an effort to ensure equitable distribution of investment opportunities among clients of the firm, which may occasionally serve to limit the participation of certain clients in a particular security, based on factors such as client mandate or a sector- or industry-specific investment strategy or focus. For example, accounts that maintain a broad investment mandate may have less access than targeted investment mandates to certain securities (e.g., sector-specific securities) where the relevant adviser does not receive a fully filled order (e.g., certain IPO transactions) or where aggregate ownership of such securities is approaching firm limits.

Also, for certain types of investments, most commonly private placement transactions, conditions imposed by the issuer may limit the number or type of clients allowed to participate or number of shares offered to the Price Advisers.

The Price Advisers have developed written trade sequencing and execution guidelines that they believe are reasonably designed to provide the fair and equitable allocation of trades, both long and short, to minimize the impact of trading activity across client accounts. The policies and procedures are intended to mitigate conflicts of interest when: (i) trading both long and short in the same security; and (ii) shorting a security that is held by other accounts managed by the Price Advisers that are not simultaneously transacting in the security. Notwithstanding the application of the Price Advisers’ policies and procedures, it may not be possible to mitigate all conflicts of interest when transacting both long and short in the same security; therefore, there is a risk that one transaction will be completed ahead of the other transaction, that the pricing may not be consistent between long and short transactions, or that a long or short transaction may have an adverse impact on the market price of the security being traded.

Miscellaneous

The brokerage allocation policies for the Price Advisers are generally applied to all of their fully discretionary accounts, which represent a substantial majority of all assets under management. Research services furnished by broker-dealers through which the Price Advisers effect securities transactions may be used in servicing all accounts (including non-Price Funds) managed by the Price Advisers. Therefore, research services received from broker-dealers that execute transactions for a particular fund will not necessarily be used by the Price Advisers in connection with the management of that fund. The Price Funds do not allocate business to any broker-dealer on the basis of its sales of the funds’ shares. However, this does not mean that broker-dealers that purchase fund shares for their clients will not receive business from the fund.

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The Price Advisers may give advice and take action for clients, including the funds, that differs from advice given or the timing or nature of action taken for other clients. The Price Advisers are not obligated to initiate transactions for clients in any security that their principals, affiliates, or employees may purchase or sell for their own accounts or for other clients.

Purchase and sale transactions may be effected directly among and between non-ERISA client accounts (including affiliated mutual funds), provided no commission is paid to any broker-dealer, the security traded has readily available market quotations, and the transaction is effected at the independent current market price.

The GTC is responsible for developing brokerage policies, monitoring their implementation, and resolving any questions that arise in connection with these policies for the Price Advisers.

The Price Advisers have established a general investment policy that they will ordinarily not make additional purchases of a common stock for their clients (including the funds) if, as a result of such purchases, 10% or more of the outstanding common stock of the issuer would be held by clients in the aggregate. Approval may be given for aggregate ownership up to 20%, and in certain instances, higher amounts. All aggregate ownership decisions are reviewed by the 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 funds’ bond investments are generally purchased and sold through principal transactions, meaning that a fund normally purchases bonds directly from the issuer or a primary market-maker acting as principal for the bonds, on a net basis. As a result, there is no explicit brokerage commission paid on these transactions, although purchases of new issues from underwriters of bonds typically include a commission or concession paid by the issuer to the underwriter and purchases from dealers serving as market-makers typically include a dealer’s markup (i.e., a spread between the bid and the asked prices). Explicit brokerage commissions are paid, however, in connection with opening and closing out futures positions. In addition, the funds do not incur any brokerage commissions when buying and selling shares of other Price Funds or another mutual fund, although a fund will pay brokerage commissions if it purchases or sells shares of an exchange-traded fund.

The following table shows the approximate total amount of brokerage commissions paid by each fund for its prior three fiscal years. Since bond purchases do not normally involve the payment of explicit brokerage commissions, the tables generally reflect only the brokerage commissions paid on transactions involving equity securities and futures, if applicable. The amount of brokerage commissions paid by a fund may change from year to year because of changing asset levels, shareholder activity, portfolio turnover, or other factors.

Fund	Fiscal Year Ended
	2/28/22	2/28/21	2/29/20
California Tax-Free Bond Fund	$0	$0	$0
Floating Rate Multi-Sector Account Portfolio	(a)	(a)	0
Georgia Tax-Free Bond Fund	0	(a)	(a)
High Yield Multi-Sector Account Portfolio	(a)	(a)	(a)
Intermediate Tax-Free High Yield Fund	0	0	0
Investment-Grade Corporate Multi-Sector Account Portfolio	12,016.20	12,607.60	7,281.40
Maryland Short-Term Tax-Free Bond Fund	0	0	0
Maryland Tax-Free Bond Fund	0	(a)	2,804.20
Maryland Tax-Free Money Fund	0	0	0
Mortgage-Backed Securities Multi-Sector Account Portfolio	0	0	0
New Jersey Tax-Free Bond Fund	0	0	0
New York Tax-Free Bond Fund	0	0	0
Tax-Efficient Equity Fund	21,490.63	40,663.32	39,526.44
Tax-Exempt Money Fund	0	0	0

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Fund	Fiscal Year Ended
	2/28/22	2/28/21	2/29/20
Tax-Free High Yield Fund	0	3,750.00	0
Tax-Free Income Fund	0	0	0
Tax-Free Short-Intermediate Fund	1,400.00	0	8,960.00
Virginia Tax-Free Bond Fund	0	(a)	0

(a) Less than $1,000.

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Corporate Income Fund	$84,335.33	$71,587.00	$48,001.80
Credit Opportunities Fund	477.00	492.97	2,456.05
Floating Rate Fund	0	259.94	9,571.78
Global Multi-Sector Bond Fund	144,725.37	72,251.15	111,706.24
GNMA Fund	23,943.20	23,271.40	52,604.95
Government Money Fund	0	0	0
Government Reserve Fund	0	0	0
High Yield Fund	27,022.27	31,391.92	92,603.59
Inflation Protected Bond Fund	112,150.47	49,902.50	39,321.10
Institutional Floating Rate Fund	0	3.59	0
Institutional High Yield Fund	6,532.58	6,817.48	17,552.87
Institutional Long Duration Credit Fund	608.00	484.40	933.80
Limited Duration Inflation Focused Bond Fund	1,238,444.21	549,515.80	986,527.50
New Income Fund	1,029,971.25	889,521.80	1,432,715.17
Retirement 2005 Fund	0	0	0
Retirement 2010 Fund	0	0	0
Retirement 2015 Fund	0	0	0
Retirement 2020 Fund	0	0	0
Retirement 2025 Fund	0	0	0
Retirement 2030 Fund	0	0	0
Retirement 2035 Fund	0	0	0
Retirement 2040 Fund	0	0	0
Retirement 2045 Fund	0	0	0
Retirement 2050 Fund	0	0	0
Retirement 2055 Fund	0	0	0
Retirement 2060 Fund	0	0	0
Retirement 2065 Fund	0	0	(a)
Retirement Balanced Fund	0	0	0
Retirement Blend 2005 Fund	0	(a)	(a)
Retirement Blend 2010 Fund	0	(a)	(a)
Retirement Blend 2015 Fund	0	(a)	(a)
Retirement Blend 2020 Fund	0	(a)	(a)
Retirement Blend 2025 Fund	0	(a)	(a)

307

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Retirement Blend 2030 Fund	0	(a)	(a)
Retirement Blend 2035 Fund	0	(a)	(a)
Retirement Blend 2040 Fund	0	(a)	(a)
Retirement Blend 2045 Fund	0	(a)	(a)
Retirement Blend 2050 Fund	0	(a)	(a)
Retirement Blend 2055 Fund	0	(a)	(a)
Retirement Blend 2060 Fund	0	(a)	(a)
Retirement Blend 2065 Fund	0	(a)	(a)
Retirement I 2005 Fund—I Class	0	0	0
Retirement I 2010 Fund—I Class	0	0	0
Retirement I 2015 Fund—I Class	0	0	0
Retirement I 2020 Fund—I Class	0	0	0
Retirement I 2025 Fund—I Class	0	0	0
Retirement I 2030 Fund—I Class	0	0	0
Retirement I 2035 Fund—I Class	0	0	0
Retirement I 2040 Fund—I Class	0	0	0
Retirement I 2045 Fund—I Class	0	0	0
Retirement I 2050 Fund—I Class	0	0	0
Retirement I 2055 Fund—I Class	0	0	0
Retirement I 2060 Fund—I Class	0	0	0
Retirement I 2065 Fund—I Class	0	0	(a)
Retirement Balanced I Fund—I Class	0	0	0
Short Duration Income Fund	1,188.20	476.00	(a)
Short-Term Fund	0	0	0
Short-Term Bond Fund	89,344.20	96,043.20	132,123.20
Short-Term Government Fund	(a)	(a)	(a)
Spectrum Conservative Allocation Fund	319,756.25	288,237.20	412,069.19
Spectrum Moderate Allocation Fund	486,954.23	435,176.67	614,832.11
Spectrum Moderate Growth Allocation Fund	887,044.53	700,716.44	988,590.63
Target 2005 Fund	0	0	0
Target 2010 Fund	0	0	0
Target 2015 Fund	0	0	0
Target 2020 Fund	0	0	0
Target 2025 Fund	0	0	0
Target 2030 Fund	0	0	0
Target 2035 Fund	0	0	0
Target 2040 Fund	0	0	0
Target 2045 Fund	0	0	0
Target 2050 Fund	0	0	0
Target 2055 Fund	0	0	0
Target 2060 Fund	0	0	0

308

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Target 2065 Fund	0	0	(a)
Total Return Fund	30,109.78	7,923.18	4,058.89
Treasury Reserve Fund	0	0	0
U.S. High Yield Fund	0	0	0
U.S. Limited Duration TIPS Index Fund	208,743.27	32,073.00	(a)
U.S. Treasury Intermediate Index Fund	104,634.05	61,746.60	65,299.70
U.S. Treasury Long-Term Index Fund	398,446.40	142,052.00	577,575.35
U.S. Treasury Money Fund	0	0	0
Ultra Short-Term Bond Fund	42,459.00	28,608.40	14,563.10

(a) Prior to commencement of operations.

Fund	Fiscal Year Ended
	10/31/22	10/31/21	10/31/20
Africa & Middle East Fund	$213,808.29	$163,630.68	$206,117.28
Asia Opportunities Fund	118,693.23	156,601.52	232,764.55
Cash Reserves Fund	0	0	0
China Evolution Equity Fund	75,225.07	192,502.84	35,025.71
Emerging Europe Fund	78,962.01	132,617.61	94,717.18
Emerging Markets Discovery Stock Fund	3,752,011.90	3,924,546.95	737,306.12
Emerging Markets Stock Fund	8,266,966.75	5,408,170.64	5,522,830.34
European Stock Fund	447,093.21	553,649.99	1,018,448.22
Global Allocation Fund	428,704.10	282,198.54	289,857.48
Global Growth Stock Fund	524,985.72	515,563.92	631,401.26
Global Impact Equity Fund	5,518.36	4,328.39	(a)
Global Stock Fund	3,270,002.00	3,296,401.58	3,078,071.27
Global Value Equity	19,487.92	10,274.55	4,997.79
Institutional Emerging Markets Equity Fund	1,396,522.59	848,493.15	689,621.96
Institutional International Disciplined Equity Fund	167,479.89	203,829.60	163,848.27
International Disciplined Equity Fund	206,059.37	339,834.27	287,220.16
International Discovery Fund	3,564,199.74	4,954,847.55	4,195,651.32
International Equity Index Fund	39,667.04	73,009.88	25,798.66
International Stock Fund	4,869,962.42	5,261,227.67	6,267,695.53
International Value Equity Fund	2,947,968.48	3,652,833.89	3,941,945.61
Japan Fund	357,940.23	252,797.26	422,845.26
Latin America Fund	263,690.49	264,579.85	289,308.61
Multi-Strategy Total Return Fund	550,400.58	311,667.95	116,359.62
New Asia Fund	2,597,547.10	3,563,072.04	3,750,125.95
Overseas Stock Fund	1,740,872.45	2,349,790.02	3,913,422.68
QM U.S. Bond Index Fund	8,934.80	12,374.20	8,409.80

309

Fund	Fiscal Year Ended
	10/31/22	10/31/21	10/31/20
Summit Municipal Income Fund	0	0	0
Summit Municipal Intermediate Fund	0	0	6,440.00

(a) Prior to commencement of operations.

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
All-Cap Opportunities Fund	$2,357,973.94	$2,092,996.28	$2,313,398.45
Balanced Fund	822,375.04	698,027.31	930,204.15
Blue Chip Growth Fund	2,862,153.46	11,549,735.77	8,152,363.53
Capital Appreciation Fund	8,212,396.49	3,925,456.03	10,628,937.87
Communications & Technology Fund	914,773.15	876,172.41	535,403.65
Diversified Mid-Cap Growth Fund	161,636.38	151,172.15	235,495.42
Dividend Growth Fund	1,042,954.20	721,207.00	991,504.83
Dynamic Credit Fund	13,920.19	14,153.07	10,502.95
Dynamic Global Bond Fund	1,015,779.75	520,505.00	628,420.07
Emerging Markets Bond Fund	51,072.40	29,907.20	45,681.80
Emerging Markets Corporate Bond Fund	12,222.80	13,443.33	6,719.80
Emerging Markets Corporate Multi-Sector Account Portfolio	(a)	(a)	(a)
Emerging Markets Local Currency Bond Fund	6,958.90	4,302.05	3,629.09
Emerging Markets Local Multi-Sector Account Portfolio	(a)	(a)	(a)
Equity Income Fund	1,937,735.24	2,533,994.02	3,717,010.43
Equity Index 500 Fund	105,198.00	217,880.24	803,799.64
Extended Equity Market Index Fund	112,801.10	271,449.87	190,580.07
Financial Services Fund	366,474.98	476,762.41	291,644.16
Global Consumer Fund	6,442.56	33,371.83	23,428.62
Global High Income Bond Fund	(a)	(a)	(a)
Global Industrials Fund	83,234.09	96,882.09	32,830.30
Global Real Estate Fund	43,536.30	63,315.13	55,674.67
Global Technology Fund	2,615,853.25	3,535,799.69	2,612,128.80
Growth Stock Fund	4,163,793.91	5,848,023.02	8,536,789.68
Health Sciences Fund	2,747,837.04	2,851,340.25	3,066,401.05
Integrated Global Equity Fund	10,248.34	3,861.50	3,096.42
Integrated U.S. Large-Cap Value Equity Fund	7,108.09	5,946.40	2,585.85
Integrated U.S. Small-Cap Growth Equity Fund	1,576,417.59	1,909,044.41	2,010,071.03
Integrated U.S. Small-Mid Cap Core Equity Fund	100,720.12	25,166.74	19,364.88
Institutional Emerging Markets Bond Fund	5,867.60	3,012.20	4,136.40
Institutional Large-Cap Core Growth Fund	193,940.41	668,631.96	475,285.70
Institutional Mid-Cap Equity Growth Fund	1,408,623.39	836,809.59	1,430,278.85
Institutional Small-Cap Stock Fund	1,785,319.63	1,022,405.14	1,308,844.89
International Bond Fund	57,444.70	37,595.13	47,938.97
International Bond Fund (USD Hedged)	318,521.59	177,576.33	251,591.92

310

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
Large-Cap Growth Fund	1,123,808.13	1,017,024.16	1,251,153.62
Large-Cap Value Fund	521,146.26	407,306.91	688,924.20
Mid-Cap Growth Fund	7,224,937.76	3,754,809.70	5,979,170.45
Mid-Cap Index Fund	9,423.00	14,054.19	(a)
Mid-Cap Value Fund	5,645,672.43	5,052,463.23	5,285,193.43
New Era Fund	988,800.36	955,942.67	1,481,437.77
New Horizons Fund	6,621,665.74	5,613,419.11	5,683,331.92
Real Assets Fund	3,380,287.34	3,093,152.64	1,724,034.51
Real Estate Fund	244,743.55	235,426.74	701,116.85
Retirement Income 2020 Fund	0	0	0
Science & Technology Fund	2,240,171.19	2,582,340.23	2,778,936.21
Small-Cap Index Fund	24,498.79	32,919.13	(a)
Small-Cap Stock Fund	3,336,826.22	1,809,497.66	2,338,269.84
Small-Cap Value Fund	5,219,284.78	3,458,924.74	3,101,341.82
Spectrum Diversified Equity Fund	0	0	0
Spectrum Income Fund	0	0	0
Spectrum International Equity Fund	0	0	0
Total Equity Market Index Fund	55,588.23	115,851.14	114,314.56
Transition Fund	461,911.53	0	0
U.S. Equity Research Fund	2,205,800.40	825,642.17	763,393.78
U.S. Large-Cap Core Fund	1,485,456.59	567,192.81	327,624.44
Value Fund	25,116,078.32	16,463,484.53	17,808,266.28

(a) Less than $1,000.

Fund Holdings in Securities of Brokers and Dealers

The following lists each fund’s holdings in securities of its regular brokers and dealers as of the end of the fiscal years indicated, if applicable.

(Amounts in 000s)

Investment-Grade Corporate Multi-Sector Account Portfolio

	Fiscal Year Ended 2/28/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$6,045
Barclays	—	1,413
Citigroup	—	5,038
Goldman Sachs	—	4,155
JPMorgan	—	1,803
Morgan Stanley	—	4,013
Wells Fargo	—	3,649

311

Corporate Income Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$24,129
Barclays		6,435
Citigroup	—	23,700
Goldman Sachs	—	21,227
JPMorgan	—	5,548
Morgan Stanley		17,484
Wells Fargo		17,875

Floating Rate Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Morgan Stanley	—	$8,501

Global Multi-Sector Bond Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$6,965
Citigroup	—	12,734
Goldman Sachs	—	5,002
JPMorgan	—	5,742

GNMA Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	—	$13,260

Inflation Protected Bond Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	—	$2,977
Wells Fargo	—	535

Institutional Floating Rate Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Morgan Stanley	—	$7,501

Institutional Long Duration Credit Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$449
Citigroup	—	275
Goldman Sachs	—	315
JPMorgan	—	629
Morgan Stanley	—	191

312

Limited Duration Inflation Focused Bond Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	—	$42,990
JPMorgan	—	977
Wells Fargo	—	8,899

New Income Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$281,851
Barclays	—	77,621
BNP Paribas	—	53,946
Citigroup	—	185,685
Goldman Sachs	—	233,543
JPMorgan	—	282,348
Morgan Stanley	—	138,422
Wells Fargo	—	227,611

Short Duration Income Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$333
Barclays	—	79
Citigroup	—	832
Goldman Sachs	—	458
JPMorgan	—	717
Morgan Stanley	—	598
Wells Fargo	—	338

Short-Term Bond Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$39,401
Barclays	—	20,504
Citigroup	—	23,111
Goldman Sachs	—	71,692
JPMorgan	—	65,875
Morgan Stanley	—	75,113
Wells Fargo	—	39,794

Spectrum Conservative Allocation Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$2,016	$7,741
Barclays	—	1,916
BNP Paribas	1,103	1,531
Citigroup	1,319	3,758
Goldman Sachs	2,737	6,339
HSBC Securities	—	2,551
JPMorgan	8,557	7,387
Morgan Stanley	2,245	4,788
UBS Investment Bank	—	882
Wells Fargo	1,910	8,875

313

Spectrum Moderate Allocation Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$3,135	$6,025
Barclays	—	1,065
BNP Paribas	1,743	1,370
Citigroup	2,068	2,556
Goldman Sachs	4,211	4,626
HSBC Securities	—	2,222
JPMorgan	13,391	6,138
Morgan Stanley	3,477	4,710
UBS Investment Bank	—	743
Wells Fargo	2,984	8,043

Spectrum Moderate Growth Allocation Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$6,193	$4,131
Barclays	—	523
BNP Paribas	3,279	1,033
Citigroup	4,027	1,593
Goldman Sachs	7,751	3,380
HSBC Securities	—	1,429
JPMorgan	26,020	3,804
Morgan Stanley	6,850	1,763
UBS Investment Bank	—	561
Wells Fargo	5,906	3,948

Total Return Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$1,799
Barclays	—	1,765
Citigroup	—	2,378
Credit Suisse	—	1,432
Goldman Sachs	—	4,367
JPMorgan	—	5,213
Morgan Stanley	—	2,477
Wells Fargo	—	847

Ultra Short-Term Bond Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$14,866
Barclays	—	5,393
Citigroup	—	23,217
Goldman Sachs	—	68,210
JPMorgan	—	52,067
Morgan Stanley	—	24,731
Wells Fargo	—	9,891

U.S. Limited Duration TIPS Index Fund

	Fiscal Year Ended 5/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	—	$3,723

314

Global Allocation Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$5,171	$618
Citigroup Global Markets	—	521
Credit Suisse	—	243
Goldman Sachs	1,994	649
JPMorgan	2,615	1,271
Morgan Stanley	—	1,250
RBC Capital Markets	—	379
UBS Investment Bank	191	373
Wells Fargo	4,187	274

Global Growth Stock Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	$14,106	—
JPMorgan	11,763	—
Morgan Stanley	4,777	—

Global Value Equity Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Citigroup Global Markets	$592	—
Goldman Sachs	701	—
JPMorgan	673	—
Morgan Stanley	789	—

Institutional Emerging Markets Equity Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
First Abu Dhabi Bank	$11,328	—
Saudi National Bank	10,779	—

Institutional International Disciplined Equity Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
HSBC	$4,256	—

International Equity Index Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
BNP Paribas	$2,339	—
Macquarie Group	1,741
Nomura	763	—
UBS Investment Bank	2,473

International Value Equity Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Investec	$28,498	—
UBS Investment Bank	78,639	—

315

Multi-Strategy Total Return Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$81,000	—
Barclays Capital	—	$2,026
Citigroup Global Markets	64	200
Goldman Sachs	78	—
JPMorgan	43	884
Morgan Stanley	42	243

QM U.S. Bond Index Fund

	Fiscal Year Ended 10/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$6,518
Barclays Capital	—	5,635
Citigroup Global Markets		7,284
Goldman Sachs	—	4,872
JPMorgan	—	6,660
Morgan Stanley	—	15,585
Wells Fargo	—	6,693

All-Cap Opportunities Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	79,642	$99
JPMorgan	97,954	99
Morgan Stanley	45,409	375

Balanced Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$21,533	$8,139
Bank of Montreal	—	1,859
Barclays Capital	—	2,635
Citigroup Global Markets	3,967	5,195
Goldman Sachs	13,535	2,945
HSBC Securities	—	913
JPMorgan	21,568	12,573
Morgan Stanley	1,278	14,354
RBC Capital Markets	—	2,054
Wells Fargo	14,670	7,306

Blue Chip Growth Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	$650,998	—

Dividend Growth Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$248,055	—
Goldman Sachs	120,356	—
JPMorgan	347,766	—
Morgan Stanley	220,634	—

316

Dynamic Credit Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Barclays Capital	—	$99
Credit Suisse	—	99
JPMorgan	—	375

Dynamic Global Bond Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Barclays Capital	—	$33,635
Citigroup Global Markets	—	20,217
HSBC Securities	—	34

Equity Income Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$95,054	—
Citigroup Global Markets	92,722	—
Goldman Sachs	207,745	—
JPMorgan	126,724	—
Morgan Stanley	126,255	—

Equity Index 500 Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$164,912	—
Citigroup Global Markets	62,312	—
Goldman Sachs	83,205	—
JPMorgan	280,347	—
Morgan Stanley	79,862	—

Extended Equity Market Index Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Jefferies Financial Group	$927	—
Stifel Financial	889	—
Virtu Financial	298	—

Financial Services Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$58,642	—
Citigroup Global Markets	43,566	—
JPMorgan	28,496	—
Morgan Stanley	28,976	—
Wells Fargo	65,518	—

Global High Income Bond Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
UBS Group	—	$613

317

Institutional Large-Cap Core Growth Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Goldman Sachs	$39,297	—

Integrated Global Equity Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$163	—
Goldman Sachs	158	—
JPMorgan	212	—
Wells Fargo	186	—

Integrated U.S. Large-Cap Value Equity Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$694	—
Goldman Sachs	201	—
JPMorgan	903	—
Morgan Stanley	251	—
Wells Fargo	603	—

Integrated U.S. Small-Mid Cap Core Equity Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Jefferies Financial Group	$1,057	—

International Bond Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$1,471
Goldman Sachs	—	1,198
Morgan Stanley	—	1,168

International Bond Fund (USD Hedged)

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	—	$11,300
Barclays Capital		4,692
Goldman Sachs	—	10,066
Morgan Stanley	—	7,747

Large-Cap Value Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$58,664	—
Citigroup Global Markets	30,856	—
Goldman Sachs	20,694	—

318

Mid-Cap Index Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Jefferies Financial Group	$185	—
Stifel Financial	162	—
Virtu Financial	52	—

Total Equity Market Index Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$11,865	—
Citigroup Global Markets	4,321	—
Goldman Sachs	5,917
Jefferies Financial Group	422	—
JPMorgan	19,064	—
Morgan Stanley	6,102	—

U.S. Equity Research Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$77,411	—
Citigroup Global Markets	24,435	—
Goldman Sachs	57,336	—
JPMorgan	125,371	—
Morgan Stanley	22,611	—

U.S. Large-Cap Core Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$111,578	—
Goldman Sachs	65,671	—
JPMorgan	154,772	—

Value Fund

	Fiscal Year Ended 12/31/22
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America	$862,497	—
Citigroup Global Markets	128,973	—
Goldman Sachs	193,341	—
JPMorgan	729,841	—

PORTFOLIO TURNOVER

The portfolio turnover rates for the funds (if applicable) for the fiscal years indicated are shown in the table that follows. A fund’s portfolio turnover rate may vary from year to year due to fluctuating volume of shareholder purchase and redemption orders, market conditions, changes in T. Rowe Price’s investment outlook, or other factors.

Fund	Fiscal Year Ended
	2/28/22		2/28/21		2/29/20
California Tax-Free Bond Fund	8.3	%	16.1	%	8.3	%
Floating Rate Multi-Sector Account Portfolio	58.0		118.0		62.7
Georgia Tax-Free Bond Fund	16.0		13.9		8.0

319

Fund	Fiscal Year Ended
	2/28/22	2/28/21	2/29/20
High Yield Multi-Sector Account Portfolio	50.2	44.2	35.8
Intermediate Tax-Free High Yield Fund	15.6	18.8	11.3
Investment-Grade Corporate Multi-Sector Account Portfolio	73.5	141.1	118.6
Maryland Short-Term Tax-Free Bond Fund	37.2	22.8	30.3
Maryland Tax-Free Bond Fund	13.4	20.5	3.9
Maryland Tax-Free Money Fund	(a)	(a)	(a)
Mortgage-Backed Securities Multi-Sector Account Portfolio	916.0	500.2	344.9
New Jersey Tax-Free Bond Fund	6.5	8.4	7.9
New York Tax-Free Bond Fund	12.0	33.8	10.4
Tax-Efficient Equity Fund	9.6	25.7	22.9
Tax-Exempt Money Fund	(a)	(a)	(a)
Tax-Free High Yield Fund	11.8	12.8	5.1
Tax-Free Income Fund	10.6	14.9	10.6
Tax-Free Short-Intermediate Fund	23.9	57.8	17.4
Virginia Tax-Free Bond Fund	15.6	22.1	10.0

(a) Money market funds are not required to show portfolio turnover.

Fund	Fiscal Year Ended
	5/31/22		5/31/21		5/31/20
Corporate Income Fund	85.5	%	107.6	%	149.4	%
Credit Opportunities Fund	38.9		53.5		53.5
Floating Rate Fund	37.2		62.0		75.9
Global Multi-Sector Bond Fund	211.0		90.7		144.3
GNMA Fund	954.9		996.6		853.3
Government Money Fund	(a)		(a)		(a)
Government Reserve Fund	(a)		(a)		(a)
High Yield Fund	45.5		55.0		42.2
Inflation Protected Bond Fund	233.2		155.1		106.2
Institutional Floating Rate Fund	45.5		62.6		72.6
Institutional High Yield Fund	45.6		49.2		43.0
Institutional Long Duration Credit Fund	59.9		50.9		70.5
Limited Duration Inflation Focused Bond Fund	141.0		136.7		101.8
New Income Fund	93.1		126.4		153.7
Retirement 2005 Fund	33.5		28.8		27.1
Retirement 2010 Fund	29.4		26.8		25.5
Retirement 2015 Fund	28.9		30.4		23.7
Retirement 2020 Fund	31.3		36.4		18.8
Retirement 2025 Fund	34.7		33.1		19.4
Retirement 2030 Fund	33.0		29.4		16.8
Retirement 2035 Fund	30.9		24.0		17.8

320

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Retirement 2040 Fund	28.5	21.5	15.7
Retirement 2045 Fund	31.1	21.8	19.9
Retirement 2050 Fund	32.5	24.0	22.5
Retirement 2055 Fund	35.1	24.8	25.4
Retirement 2060 Fund	37.6	32.0	23.1
Retirement 2065 Fund	51.9	16.8	(b)
Retirement Balanced Fund	32.2	35.4	29.4
Retirement Blend 2005 Fund	72.6	(b)	(b)
Retirement Blend 2010 Fund	81.2	(b)	(b)
Retirement Blend 2015 Fund	57.4	(b)	(b)
Retirement Blend 2020 Fund	40.0	(b)	(b)
Retirement Blend 2025 Fund	52.3	(b)	(b)
Retirement Blend 2030 Fund	28.5	(b)	(b)
Retirement Blend 2035 Fund	33.1	(b)	(b)
Retirement Blend 2040 Fund	32.0	(b)	(b)
Retirement Blend 2045 Fund	32.6	(b)	(b)
Retirement Blend 2050 Fund	22.9	(b)	(b)
Retirement Blend 2055 Fund	57.2	(b)	(b)
Retirement Blend 2060 Fund	97.0	(b)	(b)
Retirement Blend 2065 Fund	62.6	(b)	(b)
Retirement I 2005 Fund—I Class	47.4	48.2	42.6
Retirement I 2010 Fund—I Class	36.5	41.1	35.5
Retirement I 2015 Fund—I Class	33.9	43.4	34.2
Retirement I 2020 Fund—I Class	36.4	52.6	35.3
Retirement I 2025 Fund—I Class	36.8	46.5	31.8
Retirement I 2030 Fund—I Class	32.3	41.5	26.1
Retirement I 2035 Fund—I Class	30.7	37.8	23.1
Retirement I 2040 Fund—I Class	29.3	33.0	20.9
Retirement I 2045 Fund—I Class	30.9	28.9	19.3
Retirement I 2050 Fund—I Class	29.9	29.9	23.3
Retirement I 2055 Fund—I Class	31.6	28.4	21.2
Retirement I 2060 Fund—I Class	30.7	30.7	16.5
Retirement I 2065 Fund—I Class	32.9	16.3	(b)
Retirement Balanced I Fund—I Class	35.0	45.1	47.1
Short Duration Income Fund	60.1	24.7	(b)
Short-Term Fund	(c)	(c)	(c)
Short-Term Bond Fund	70.1	49.4	70.2
Short-Term Government Fund	(b)	(b)	(b)
Spectrum Conservative Allocation Fund	83.8	62.2	73.0
Spectrum Moderate Allocation Fund	80.3	60.2	71.0
Spectrum Moderate Growth Allocation Fund	73.5	55.0	74.0

321

Fund	Fiscal Year Ended
	5/31/22	5/31/21	5/31/20
Target 2005 Fund	41.8	42.3	41.0
Target 2010 Fund	35.4	39.1	42.8
Target 2015 Fund	30.4	37.6	38.0
Target 2020 Fund	34.0	40.6	46.4
Target 2025 Fund	35.5	34.4	41.6
Target 2030 Fund	31.4	30.9	40.9
Target 2035 Fund	28.6	27.5	41.8
Target 2040 Fund	31.8	22.2	37.6
Target 2045 Fund	29.2	20.7	40.7
Target 2050 Fund	32.0	23.4	34.7
Target 2055 Fund	32.2	16.7	35.3
Target 2060 Fund	33.0	29.5	34.8
Target 2065 Fund	54.6	48.0	(b)
Total Return Fund	324.9	458.4	613.0
Treasury Reserve Fund	(a)	(a)	(a)
U.S. High Yield Fund	73.4	135.3	156.7
U.S. Limited Duration TIPS Index Fund	181.3	39.9	(b)
U.S. Treasury Intermediate Index Fund	78.1	77.8	167.9
U.S. Treasury Long-Term Index Fund	75.2	49.1	157.0
U.S. Treasury Money Fund	(a)	(a)	(a)
Ultra Short-Term Bond Fund	56.2	45.8	69.8

(a) Money market funds are not required to show portfolio turnover.

(b) Prior to commencement of operations.

(c) Funds holding only short-term securities are not required to show portfolio turnover.

Fund	Fiscal Year Ended
	10/31/22		10/31/21		10/31/20
Africa & Middle East Fund	48.2	%	51.3	%	62.3	%
Asia Opportunities Fund	29.5		31.5		92.6
Cash Reserves Fund	(a)		(a)		(a)
China Evolution Equity Fund	62.2		106.6		60.6
Emerging Europe Fund	65.8		46.0		31.9
Emerging Markets Discovery Stock Fund	37.1		54.9		81.0
Emerging Markets Stock Fund	44.8		26.6		22.5
European Stock Fund	29.8		34.6		75.4
Global Allocation Fund	72.1		42.2		56.8
Global Growth Stock Fund	58.4		56.7		85.4
Global Impact Equity Fund	74.0		34.7		(b)
Global Stock Fund	97.2		78.2		112.7
Global Value Equity Fund	64.8		68.8		76.1
Institutional Emerging Markets Equity Fund	45.6		30.0		20.2
Institutional International Disciplined Equity Fund	78.9		81.1		86.0

322

Fund	Fiscal Year Ended
	10/31/22	10/31/21	10/31/20
International Disciplined Equity Fund	69.4	74.7	69.1
International Discovery Fund	24.6	29.4	26.8
International Equity Index Fund	12.9	22.9	10.5
International Stock Fund	33.6	27.6	31.3
International Value Equity Fund	20.7	21.7	24.2
Japan Fund	35.7	26.9	38.6
Latin America Fund	32.0	30.7	29.6
Multi-Strategy Total Return Fund	133.8	144.8	99.5
New Asia Fund	37.4	48.0	59.6
Overseas Stock Fund	5.0	12.6	13.4
QM U.S. Bond Index Fund	203.5	225.2	161.2
Summit Municipal Income Fund	29.7	23.8	18.6
Summit Municipal Intermediate Fund	20.6	6.6	15.6

(a) Money market funds are not required to show portfolio turnover.

(b) Prior to commencement of operations.

Fund	Fiscal Year Ended
	12/31/22		12/31/21		12/31/20
All-Cap Opportunities Fund	103.4	%	75.4	%	85.8	%
Balanced Fund	97.9		91.9		75.7
Blue Chip Growth Fund	10.5		39.1		28.5
Capital Appreciation Fund	83.9		47.8		87.3
Communications & Technology Fund	30.8		16.9		19.1
Diversified Mid-Cap Growth Fund	30.5		33.3		60.0
Dividend Growth Fund	15.5		12.3		13.1
Dynamic Credit Fund	217.6		252.1		301.7
Dynamic Global Bond Fund	134.3		112.7		146.1
Emerging Markets Bond Fund	36.6		38.1		58.2
Emerging Markets Corporate Bond Fund	41.2		69.3		79.3
Emerging Markets Corporate Multi-Sector Account Portfolio	35.9		65.8		130.8
Emerging Markets Local Currency Bond Fund	104.4		83.1		76.1
Emerging Markets Local Multi-Sector Account Portfolio	18.2		26.6		31.5
Equity Income Fund	17.3		19.4		24.2
Equity Index 500 Fund	3.1		3.1		13.6
Extended Equity Market Index Fund	13.7		36.7		35.9
Financial Services Fund	38.0		15.4		52.9
Global Consumer Fund	5.1		62.2		64.4
Global High Income Bond Fund	45.2		63.2		81.8
Global Industrials Fund	47.6		39.7		58.4
Global Real Estate Fund	50.7		43.8		39.6
Global Technology Fund	44.7		81.0		82.8

323

Fund	Fiscal Year Ended
	12/31/22	12/31/21	12/31/20
Growth Stock Fund	25.9	22.7	33.0
Health Sciences Fund	28.8	33.8	41.7
Institutional Emerging Markets Bond Fund	43.1	37.7	58.0
Institutional Large-Cap Core Growth Fund	14.4	40.4	30.4
Institutional Mid-Cap Equity Growth Fund	24.1	17.7	25.3
Institutional Small-Cap Stock Fund	25.1	18.9	22.6
Integrated Global Equity Fund	102.9	25.6	32.5
Integrated U.S. Large-Cap Value Equity Fund	74.6	41.5	40.8
Integrated U.S. Small-Cap Growth Equity Fund	30.3	28.3	34.5
Integrated U.S. Small-Mid Cap Core Equity Fund	50.2	14.5	31.1
International Bond Fund	69.3	37.9	61.2
International Bond Fund (USD Hedged)	74.6	35.3	49.4
Large-Cap Growth Fund	18.3	18.0	18.6
Large-Cap Value Fund	33.3	24.4	31.5
Mid-Cap Growth Fund	21.4	13.9	23.0
Mid-Cap Index Fund	23.4	34.7	38.3
Mid-Cap Value Fund	46.8	24.8	35.1
New Era Fund	41.5	33.8	47.7
New Horizons Fund	52.7	42.5	52.2
Real Assets Fund	47.8	55.7	52.5
Real Estate Fund	35.5	20.0	18.0
Retirement Income 2020 Fund	47.8	21.2	53.4
Science & Technology Fund	66.4	63.3	65.9
Small-Cap Index Fund	22.0	29.0	21.1
Small-Cap Stock Fund	24.3	14.9	19.6
Small-Cap Value Fund	20.7	25.1	28.0
Spectrum Diversified Equity Fund	11.1	8.6	12.9
Spectrum Income Fund	20.7	15.1	29.9
Spectrum International Equity Fund	10.2	9.5	8.5
Total Equity Market Index Fund	4.8	20.0	10.1
Transition Fund	(a)	(a)	(a)
U.S. Equity Research Fund	45.4	27.5	35.6
U.S. Large-Cap Core Fund	90.6	67.9	58.4
Value Fund	192.1	114.6	139.6

(a) Funds registered only under the 1940 Act are not required to show portfolio turnover.

SECURITIES LENDING ACTIVITIES

JPMorgan Chase and State Street Bank and Trust Company serves as custodian and securities lending agent (individually the “Agent”) for the Price Funds. As the securities lending agent, it administers the funds’ securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Price Funds and the Agent.

324

The Agent is responsible for making securities from each fund’s portfolio available to approved borrowers. The Agent is also responsible for the administration and management of each fund’s securities lending program, including the preparation and execution of an agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented, ensuring that loaned securities are valued daily and that the corresponding required cash collateral is delivered by the borrower(s), arranging for the investment of cash collateral received from borrowers in accordance with the investment vehicle approved by each fund’s Board, and arranging for the return of loaned securities to the fund in accordance with the funds’ instruction or at loan termination. As compensation for their services, the Agent receives a portion of the amount earned by each fund for lending securities.

The following table sets forth, for each fund’s most recently completed fiscal year, the fund’s gross income received from securities lending activities, any fees and/or other compensation paid by the fund for securities lending activities, and the net income earned by the fund for securities lending activities. The funds do not pay cash collateral management fees, separate administrative fees, separate indemnification fees, or other fees not reflected in the following table. Net income from securities lending activities may differ from the amount reported in a fund’s annual report, which reflects estimated accruals.

Fiscal Year Ended 2/28/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
California Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
Floating Rate Multi-Sector Account Portfolio	(a)	(a)	(a)	(a)	(a)
Georgia Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
High Yield Multi-Sector Account Portfolio	(a)	(a)	(a)	(a)	(a)
Intermediate Tax-Free High Yield Fund	(a)	(a)	(a)	(a)	(a)
Investment-Grade Corporate Multi-Sector Account Portfolio	(a)	(a)	(a)	(a)	(a)
Maryland Short-Term Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
Maryland Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
Maryland Tax-Free Money Fund	(a)	(a)	(a)	(a)	(a)
Mortgage-Backed Securities Multi-Sector Account Portfolio	(a)	(a)	(a)	(a)	(a)
New Jersey Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
New York Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
Tax-Efficient Equity Fund	$ 41,530	$4,145	—	$4,145	$37,386
Tax-Exempt Money Fund	(a)	(a)	(a)	(a)	(a)
Tax-Free High Yield Fund	(a)	(a)	(a)	(a)	(a)
Tax-Free Income Fund	(a)	(a)	(a)	(a)	(a)
Tax-Free Short-Intermediate Fund	(a)	(a)	(a)	(a)	(a)
Virginia Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)

(a) This fund does not participate in securities lending.

Fiscal Year Ended 5/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities

325

Fiscal Year Ended 5/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Corporate Income Fund	$50,662	$5,074	$830	$5,903	$44,759
Credit Opportunities Fund	(a)	(a)	(a)	(a)	(a)
Floating Rate Fund	(a)	(a)	(a)	(a)	(a)
Global Multi-Sector Bond Fund	497,037	49,703	1,017	50,719	446,317
GNMA Fund	0	0	0	0	0
Government Money Fund	(a)	(a)	(a)	(a)	(a)
Government Reserve Fund	(a)	(a)	(a)	(a)	(a)
High Yield Fund	343,454	34,345	0	34,345	309,109
Inflation Protected Bond Fund	17,248	1,708	164	1,872	15,376
Institutional Floating Rate Fund	(a)	(a)	(a)	(a)	(a)
Institutional High Yield Fund	90,612	9,061	0	9,061	81,551
Institutional Long Duration Credit Fund	1,488	133	279	411	1,076
Limited Duration Inflation Focused Bond Fund	200,654	20,086	97	20,183	180,471
New Income Fund	539,024	45,955	91,052	137,006	402,018
Retirement 2005 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2010 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2015 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2020 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2025 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2030 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2035 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2040 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2045 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2050 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2055 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2060 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2065 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Balanced Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2005 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2010 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2015 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2020 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2025 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2030 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2035 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2040 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2045 Fund	(a)	(a)	(a)	(a)	(a)

326

Fiscal Year Ended 5/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Retirement Blend 2050 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2055 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2060 Fund	(a)	(a)	(a)	(a)	(a)
Retirement Blend 2065 Fund	(a)	(a)	(a)	(a)	(a)
Retirement I 2005 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2010 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2015 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2020 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2025 Fund—Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2030 Fund—Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2035 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2040 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2045 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2050 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2055 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2060 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement I 2065 Fund—I Class	(a)	(a)	(a)	(a)	(a)
Retirement Balanced I Fund—I Class	(a)	(a)	(a)	(a)	(a)
Short Duration Income Fund	0	0	0	0	0
Short-Term Fund	(a)	(a)	(a)	(a)	(a)
Short-Term Bond Fund	0	0	0	0	0
Short-Term Government Fund	(b)	(b)	(b)	(b)	(b)
Spectrum Conservative Allocation Fund	68,440	6,496	3,462	9,958	58,483
Spectrum Moderate Allocation Fund	97,870	9,304	4,814	14,118	83,753
Spectrum Moderate Growth Allocation Fund	177,136	16,637	10,750	27,387	149,750
Target 2005 Fund	(a)	(a)	(a)	(a)	(a)
Target 2010 Fund	(a)	(a)	(a)	(a)	(a)
Target 2015 Fund	(a)	(a)	(a)	(a)	(a)
Target 2020 Fund	(a)	(a)	(a)	(a)	(a)
Target 2025 Fund	(a)	(a)	(a)	(a)	(a)
Target 2030 Fund	(a)	(a)	(a)	(a)	(a)
Target 2035 Fund	(a)	(a)	(a)	(a)	(a)
Target 2040 Fund	(a)	(a)	(a)	(a)	(a)
Target 2045 Fund	(a)	(a)	(a)	(a)	(a)
Target 2050 Fund	(a)	(a)	(a)	(a)	(a)
Target 2055 Fund	(a)	(a)	(a)	(a)	(a)
Target 2060 Fund	(a)	(a)	(a)	(a)	(a)

327

Fiscal Year Ended 5/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Target 2065 Fund	(a)	(a)	(a)	(a)	(a)
Total Return Fund	0	0	0	0	0
Treasury Reserve Fund	(a)	(a)	(a)	(a)	(a)
U.S. High Yield Fund	(a)	(a)	(a)	(a)	(a)
U.S. Limited Duration TIPS Index Fund	0	0	0	0	0
U.S. Treasury Intermediate Index Fund	0	0	0	0	0
U.S. Treasury Long-Term Index Fund	0	0	0	0	0
U.S. Treasury Money Fund	(a)	(a)	(a)	(a)	(a)
Ultra Short-Term Bond Fund	0	0	0	0	0

(a) This fund does not participate in securities lending.

(b) Prior to commencement of operations.

Fiscal Year Ended 10/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Africa & Middle East Fund	$0	$0	$0	$0	$0
Asia Opportunities Fund	16,786	1,103	5,749	6,852	9,934
Cash Reserves Fund	(a)	(a)	(a)	(a)	(a)
China Evolution Equity Fund	3,614	137	2,243	2,380	1,234
Emerging Europe Fund	127,293	12,612	1,129	13,741	113,552
Emerging Markets Discovery Stock Fund	67,239	453	62,704	63,158	4,081
Emerging Markets Stock Fund	0	0	0	0	0
European Stock Fund	175,089	14,405	31,041	45,445	129,643
Global Allocation Fund	60,085	3,938	20,623	24,562	35,523
Global Growth Stock Fund	439,438	23,002	209,307	232,309	207,129
Global Impact Equity Fund	2,936	34	2,590	2,624	312
Global Stock Fund	572,574	30,204	270,483	300,687	271,886
Global Value Equity Fund	8,846	254	6,295	6,549	2,297
Institutional Emerging Markets Equity Fund	0	0	0	0	0
Institutional International Disciplined Equity Fund	79,155	3,344	45,714	49,058	30,097
International Disciplined Equity Fund	73,084	2,985	43,231	46,216	26,867
International Discovery Fund	1,668,262	92,466	743,363	835,829	832,433
International Equity Index Fund	250,992	13,520	115,676	129,196	121,796
International Stock Fund	3,562,653	217,809	1,384,513	1,602,322	1,960,332
International Value Equity Fund	5,067,084	306,878	1,998,249	2,305,127	2,761,957

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Fiscal Year Ended 10/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Japan Fund	434,466	30,241	132,029	162,270	272,196
Latin America Fund	27,652	860	19,019	19,879	7,773
Multi-Strategy Total Return Fund	151,020	10,807	46,914	57,720	93,299
New Asia Fund	365,914	23,714	128,745	152,459	213,455
Overseas Stock Fund	9,150,899	613,706	3,013,788	3,627,494	5,523,405
QM U.S. Bond Index Fund	91,668	3,341	60,980	64,321	27,346
Summit Municipal Income Fund	(a)	(a)	(a)	(a)	(a)
Summit Municipal Intermediate Fund	(a)	(a)	(a)	(a)	(a)

(a) This fund does not participate in securities lending.

Fiscal Year Ended 12/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
All-Cap Opportunities Fund	$0	$0	$0	$0	$0
Balanced Fund	484,387	26,208	222,592	248,800	235,587
Blue Chip Growth Fund	2,402,699	93,339	1,494,390	1,587,729	814,970
Capital Appreciation Fund	0	0	0	0	0
Communications & Technology Fund	783,304	32,409	477,469	509,878	273,426
Diversified Mid-Cap Growth Fund	257,841	7,160	203,433	210,593	47,248
Dividend Growth Fund	254,445	11,899	163,880	175,779	78,667
Dynamic Credit Fund	14,758	604	9,110	9,715	5,043
Dynamic Global Bond Fund	1,998,671	153,049	470,046	623,094	1,375,577
Emerging Markets Bond Fund	0	0	0	0	0
Emerging Markets Corporate Bond Fund	(a)	(a)	(a)	(a)	(a)
Emerging Markets Corporate Multi-Sector Account Portfolio	(a)	(a)	(a)	(a)	(a)
Emerging Markets Local Currency Bond Fund	(a)	(a)	(a)	(a)	(a)
Emerging Markets Local Multi-Sector Account Portfolio	(a)	(a)	(a)	(a)	(a)
Equity Income Fund	74,815	8,002	8,467	16,469	58,346
Equity Index 500 Fund	415,403	25,937	214,930	240,868	174,535
Extended Equity Market Index Fund	1,405,130	95,837	459,252	555,089	850,041
Financial Services Fund	244,167	16,345	97,674	114,019	130,148
Global Consumer Fund	32,125	364	28,462	28,827	3,299
Global High Income Bond Fund	(a)	(a)	(a)	(a)	(a)
Global Industrials Fund	86,034	1,785	68,156	69,941	16,093
Global Real Estate Fund	0	0	0	0	0

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Fiscal Year Ended 12/31/22		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lending agent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Global Technology Fund	0	0	0	0	0
Growth Stock Fund	0	0	0	0	0
Health Sciences Fund	0	0	0	0	0
Institutional Emerging Markets Bond Fund	0	0	0	0	0
Institutional Large-Cap Core Growth Fund	262,993	15,327	121,687	137,014	125,979
Large-Cap Growth Fund	0	0	0	0	0
Large-Cap Value Fund	0	0	0	0	0
Institutional Mid-Cap Equity Growth Fund	0	0	0	0	0
Institutional Small-Cap Stock Fund	0	0	0	0	0
Integrated Global Equity Fund	5,228	163	3,574	3,737	1,491
Integrated U.S. Large-Cap Value Equity Fund	732	6	672	678	54
Integrated U.S. Small-Cap Growth Equity Fund	51,863	791	45,279	46,070	5,792
Integrated U.S. Small-Mid Cap Core Equity Fund	1,025,709	15,859	916,296	932,155	93,554
International Bond Fund	570,864	13,015	440,678	453,693	117,171
International Bond Fund (USD Hedged)	4,756,623	97,046	3,786,091	3,883,137	873,486
Mid-Cap Growth Fund	0	0	0	0	0
Mid-Cap Index Fund	88,937	5,961	29,859	35,820	53,117
Mid-Cap Value Fund	861,021	85,024	10,778	95,803	765,219
New Era Fund	433,770	24,021	193,694	217,715	216,055
New Horizons Fund	0	0	0	0	0
Real Assets Fund	1,514,394	41,810	1,133,449	1,175,259	339,135
Real Estate Fund	0	0	0	0	0
Retirement Income 2020 Fund	(a)	(a)	(a)	(a)	(a)
Science & Technology Fund	1,121,676	57,649	549,904	607,554	514,122
Small-Cap Index Fund	173,319	11,217	62,494	73,710	99,609
Small-Cap Stock Fund	0	0	0	0	0
Small-Cap Value Fund	1,352,358	79,155	571,622	650,777	701,581
Spectrum Diversified Equity Fund	(a)	(a)	(a)	(a)	(a)
Spectrum Income Fund	(a)	(a)	(a)	(a)	(a)
Spectrum International Equity Fund	(a)	(a)	(a)	(a)	(a)
Total Equity Market Index Fund	450,023	31,176	139,921	171,097	278,926
Transition Fund	(a)	(a)	(a)	(a)	(a)
U.S. Equity Research Fund	0	0	0	0	0
U.S. Large-Cap Core Fund	0	0	0	0	0
Value Fund	839,193	21,809	653,922	675,732	163,461

(a) This fund does not participate in securities lending.

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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, Maryland 21202, is the independent registered public accounting firm to the funds.

The financial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund’s annual report are incorporated into this SAI by reference. A copy of the annual report of each fund with respect to which an inquiry is made will accompany this SAI.

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PART II – TABLE OF CONTENTS

Page

Investment Objectives and Policies	332
Risk Factors	332
Portfolio Securities	359
Derivatives	379
Portfolio Management Practices	392
Investment Restrictions	395
Custodian and Fund Accounting	405
Code of Ethics	405
Disclosure of Fund Portfolio Information	406
Pricing of Securities	409
Net Asset Value Per Share	410

Page

Dividends and Distributions	411
Redemptions In-Kind and Purchases	412
Tax Status	412
Capital Stock	418
Proxy Voting Policies	434
Federal Registration of Shares	441
Legal Counsel	441
Ratings of Commercial Paper	441
Ratings of Corporate Debt Securities	442
Ratings of Municipal Notes and Variable Rate Securities	443

PART II

Part II of this SAI describes risks, policies, and practices that apply to the Price Funds.

INVESTMENT OBJECTIVES AND POLICIES

The following information supplements the discussion of the funds’ investment programs and policies discussed in the funds’ prospectuses. You should refer to each fund’s prospectus to determine the types of holdings in which the fund primarily invests. You will then be able to review additional information set forth herein on those types of holdings and their risks, as well as information on other holdings in which the fund may occasionally invest.

Except for the Global Impact Equity Fund, each fund’s investment objective is considered a fundamental policy. For all funds other than the Global Impact Equity Fund, shareholder approval is required to change fund objectives. Shareholder approval is not required to change the investment objective of the Global Impact Equity Fund. Unless otherwise specified, the investment programs and restrictions of the funds are not fundamental policies. Each fund’s operating policies are subject to change by the Board without shareholder approval. The funds’ fundamental policies may not be changed without the approval of at least a majority of the outstanding shares of the fund or, if it is less, 67% of the shares represented at a meeting of shareholders at which the holders of more than 50% of the shares are represented.

RISK FACTORS

You may also refer to the sections titled “Portfolio Securities” and “Portfolio Management Practices” for discussions of the risks associated with the investments and practices described therein as they apply to the funds.

All Funds

Unforeseen Market Events

Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict (including Russia’s military invasion of Ukraine), terrorism, geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), and public health epidemics (including the global outbreak of COVID-19) and similar public health threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to a fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and

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worldwide. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a fund’s investments may be negatively impacted. Some events may affect certain geographic regions, countries, sectors, and industries more significantly than others and exacerbate other preexisting environmental, political, social, and economic risks. Governmental and quasi-governmental authorities and regulators have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could lead to inflation, negatively impact overall investor sentiment and/or further increase volatility in securities markets.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on a fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of disruptions to business operations, supply chains and customer activity, travel restrictions, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which a fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

In addition, the operations of the funds, their investment advisers, and the funds’ service providers may be significantly impacted, or even temporarily halted, as a result of any impairment to their information technology and other operational systems and other factors related to public emergencies.

Global economies and financial markets have become increasingly interconnected, which increases the possibility that environmental, economic, financial, or political events and factors in one country or region might adversely impact issuers in a different country or region or worldwide.

In March 2023, the banking industry experienced heightened volatility, which sparked concerns of potential broader adverse market conditions. The extent of the impact of these events on the U.S. and global markets is uncertain.

Cybersecurity Risk

As the use of the internet and other technologies has become more prevalent in the course of business, the funds have become more susceptible to operational and financial risks associated with cyberattacks. Cybersecurity incidents can result from deliberate attacks, such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the funds, or their service providers or the issuers of securities in which the funds invest, can cause disruptions and impact business operations, potentially resulting in financial losses; the inability of fund shareholders to transact; violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement, or other compensation costs; and/or additional compliance costs. While measures have been developed that are designed to reduce the risks associated with cyberattacks, there is no guarantee that those measures will be effective, particularly since the funds do not directly control the cybersecurity defenses or plans of their service providers, financial intermediaries, and companies in which they invest or with which they do business.

Operational Risk

An investment in a Price Fund may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers or trading counterparties. Although the funds attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result. Processes and controls developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks simply may be beyond any control of the funds, T. Rowe Price and its affiliates, or other service providers.

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Large Shareholder Risk

Certain shareholders of a fund may from time to time own or control a significant percentage of the fund’s shares (Large Shareholders). Large Shareholders may include, for example, institutional investors, funds of funds, and discretionary advisory clients whose buy-sell decisions are controlled by a single decision-maker. Large Shareholders may sell all or a portion of their shares of a fund at any time or may be required to sell all or a portion of their shares in order to comply with applicable regulatory restrictions (including, but not limited to, restrictions that apply to U.S. banking entities and their affiliates).

Risk Factors of Investing in Foreign Securities

· General Foreign securities include both U.S. dollar-denominated and non-U.S. dollar-denominated securities of foreign issuers. Foreign securities include securities issued by companies that are organized under the laws of countries other than the U.S. as well as securities that are issued or guaranteed by foreign governments or by foreign supranational entities. They also include securities issued by companies whose principal trading market is in a country other than the U.S. and companies that derive a significant portion of their revenue or profits from foreign businesses, investments, or sales or that have a majority of their assets outside the United States. Foreign securities may be traded on foreign securities exchanges or in the foreign over-the-counter (OTC) markets. Foreign securities markets generally are not as developed or efficient as those in the United States.

Investing in foreign securities, as well as instruments that provide investment exposure to foreign securities and markets, involves risks that are not typically associated with investing in U.S. dollar-denominated securities of domestic issuers. Certain of these risks are inherent in any 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.

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 are generally more volatile than, those in the United States. While growing in volume, they usually have substantially less volume than U.S. markets and the funds’ foreign portfolio securities may have lower overall liquidity, be more difficult to value, and be subject to more rapid and erratic price movements than securities of comparable U.S. companies. Foreign securities may trade at price/earnings multiples higher than comparable U.S. securities, and such levels may not be sustainable. Commissions on foreign securities trades are generally higher than commissions on U.S. exchanges, and while there are an increasing number of overseas securities markets that have adopted a system of negotiated rates, a number are still subject to an established schedule of minimum commission rates. There is generally less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than in the United States.

Moreover, overall settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the U.S. and practices, such as delivery of securities prior to receipt 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 NAV. Therefore, the values of a fund’s holdings in those markets may be affected on days when shareholders have no access to the fund.

· Depositary Receipts It is expected that most foreign securities will be purchased in OTC markets or on securities exchanges located in the countries in which the issuers of the various securities are located, provided that is the best available market. However, the funds may also purchase depositary receipts, such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and European Depositary Receipts (EDRs), which are certificates evidencing ownership of underlying foreign securities, as alternatives to directly purchasing the foreign securities in their local markets and currencies. An advantage of ADRs, GDRs, and EDRs is that investors do not have to buy shares through the issuing company’s home exchange, which may be difficult or expensive. ADRs, GDRs, and EDRs are subject to many of the same risks associated with investing directly in foreign securities.

Generally, ADRs are denominated in U.S. dollars and are designed for use in the U.S. securities markets. The depositaries that issue ADRs are usually U.S. financial institutions, such as a bank or trust company, but the underlying securities are issued by a foreign issuer.

GDRs may be issued in U.S. dollars or other currencies and are generally designed for use in securities markets outside the United States. GDRs represent shares of foreign securities that can be traded on the exchanges of the depositary’s country. The issuing depositary, which may be a foreign or a U.S. entity, converts dividends and the share price into the shareholder’s home currency. EDRs are generally issued by a European bank and traded on local exchanges.

For purposes of a fund’s investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, an ADR representing ownership of common stock will be treated as common stock.

· Participation Notes The funds may gain exposure to securities in certain foreign markets through investments in participation notes (P-notes). For instance, a fund may purchase P-notes while it is awaiting approval from a foreign

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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, including ETFs and government money market funds, that have been authorized by the governments of certain countries specifically to permit foreign investment in securities of companies listed and traded on the stock exchanges in these respective countries. Investment in these funds is subject to the provisions of the 1940 Act. If a fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses of the fund (including operating expenses and the fees of the investment manager), but will also indirectly bear similar expenses of the underlying investment funds. In addition, the securities of these investment funds may trade at a premium (or discount) over their NAV.

· Financial Information and Governance There is generally less publicly available information about foreign companies when compared with the reports and ratings that are published about companies in the United States. Many foreign companies are not subject to uniform accounting, auditing, and financial reporting standards, practices, and requirements comparable to those applicable to U.S. companies, and there may be less stringent investor protection and disclosure standards. It also is often more difficult to keep currently informed of corporate actions, which can adversely affect the prices of portfolio securities.

· Taxes The dividends and interest payable on certain of the funds’ foreign portfolio securities may be subject to foreign withholding taxes, thus reducing the net amount of income available for distribution to the funds’ shareholders. In addition, some governments may impose a tax on purchases by foreign investors of certain securities that trade in their country.

· Higher Costs Investors should understand that the expense ratios of funds investing primarily in foreign securities can be expected to be higher than funds that invest mainly in domestic securities. Reasons include the higher costs of maintaining custody of foreign securities, higher advisory fee rates paid by funds to investment advisers for researching and selecting foreign securities, and brokerage commission rates and trading costs that tend to be more expensive in foreign markets than in the United States.

· Other Risks With respect to certain foreign countries, especially emerging markets, there is the possibility of adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of the funds, or diplomatic developments that could affect investments by U.S. persons in those countries. Further, the funds may find it difficult or be unable to enforce ownership rights, pursue legal remedies, or obtain judgments in foreign courts. Evidence of securities ownership may be uncertain in many foreign countries. In many of these countries, the most notable of which is Russia, the ultimate evidence of securities ownership is the share register held by the issuing company or its registrar. While some companies may issue share certificates or provide extracts of the company’s share register, these are not negotiable instruments and are not effective evidence of securities ownership. In an ownership dispute, the company’s share register is controlling.

· Europe, Middle East, and Africa

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 United States, and public deficits have been an ongoing concern in many European countries.

Fiscal Constraints Most developed countries in 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

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tight fiscal and monetary controls that the EMU imposes on its members and with which candidates for EMU membership are required to comply. Member countries are required to maintain tight controls over inflation, public debt, and budget deficits, and these requirements can severely limit EMU member countries’ ability to implement monetary policy to address local or regional economic conditions. The private and public sectors’ debt problems of a single EU country can pose economic risks to the EU as a whole. The imposition of fiscal and monetary controls by EMU countries can have a significant impact on Europe as a whole. In addition, such controls could prove unsustainable and lead to an abrupt and unexpected elimination of the policy, leading to significant volatility.

Eurozone Currency Issues While certain EU countries continue to use their own currency, there is a collective group of EU countries, known as the eurozone, that use the euro as their currency. Although the eurozone has adopted a common currency and central bank, there is no fiscal union; therefore, money does not automatically flow from countries with surpluses to those with fiscal deficits. Several eurozone countries continue to face deficits and budget issues, some of which may have negative long-term effects for the economies of not just eurozone countries but all of Europe. Rising government debt levels could increase market volatility and the probability of a recession, lead to emergency financing for certain countries, and foster increased speculation that certain countries may require bailouts. Eurozone policymakers have previously struggled to agree on solutions to debt crises, which has stressed the European banking system as lending continued to tighten. Similar crises in the future could place additional stress on the banking system and lead to downgrades of European sovereign debt. There continues to be concern over national-level support for the euro, which could lead to the implementation of currency controls, certain countries leaving the EU, or potentially a breakup of the eurozone and dissolution of the euro. A breakup of the eurozone, particularly a disorderly breakup, would pose special challenges for the financial markets and could lead to exchange controls and/or market closures. In the event of a eurozone default or breakup, some of the most significant challenges the funds with euro-denominated holdings and derivatives involving the euro face would include diminished market liquidity, operational issues relating to the settlement of trades, difficulty in establishing the fair values of holdings, and the redenomination of holdings into other currencies.

British Exit From the EU (Brexit) The United Kingdom withdrew from the European Union on January 31, 2020 and entered into a transition period, which ended on December 31, 2020. The longer term economic, legal, and political framework between the United Kingdom and the EU remains unclear at this stage and is likely to lead to ongoing political and economic uncertainly and periods of increased volatility in the United Kingdom, Europe, and the global market for some time. This may impact the funds in a variety of ways, not all of which are readily apparent. The funds may have investments in companies with significant operations and/or assets in the United Kingdom, any of which could be adversely impacted by the new legal, political, and regulatory environment, whether by increased costs or impediments to the implementation of its business plan. The uncertainty resulting from any further exits from the EU, or the possibility of such exits, would also be likely to cause market disruption in the EU and more broadly across the global economy, as well as introduce further legal, political, and regulatory uncertainty in the EU.

Central Securities Depositories Regulation (CSDR) Beginning February 1, 2022, the European Union adopted a settlement discipline regime pursuant to CSDR that introduced new measures for the authorization and supervision of European Union Central Security Depositories. CSDR aims to reduce the number of settlement fails that occur in European Economic Area (EEA) central securities depositories (CSDs) and address settlement fails where they occur. Under the regime, among other things, EEA CSDs are required to impose cash penalties on participants that cause settlement fails and distribute these to receiving participants. The CSDR requirements apply to transactions in transferable securities (e.g., stocks and bonds), money market instruments, shares of funds and emission allowances that will be settled through an EEA CSD and are admitted to trading or traded on an EEA trading venue or cleared by an EEA central counterparty. If in-scope transactions are subject to penalties as a consequence of CSDR, the relevant Price Funds are expected to economically benefit from the penalties in most instances. However, in certain limited circumstances, such penalties may be borne by the relevant Price Funds. The penalties are expected to be immaterial.

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.

Russia’s Invasion of Ukraine In February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and

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commodities such as oil and natural gas. The United States, the regulatory bodies of certain other countries, and the EU have instituted broad economic sanctions against certain Russian individuals and Russian entities in response to political and military actions, including state-sponsored cyberattacks, against foreign companies and foreign governments. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion.

These sanctions can consist of prohibiting certain securities trades, certain private transactions, and doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs as well as asset freezes. The sanctions include a commitment by certain countries and the EU to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, commonly called “SWIFT”, the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Other sanctions have included bans on the export of certain services and goods, bans and restrictions on the importation of Russian origin items, including crude oil and gold, and prohibitions on additional services being provided in Russia that will impact a larger number of non-Russian firms indirectly and thereby negatively affect the value of a fund’s investments beyond any direct exposure to Russian issuers or those of adjoining geographic regions.

In response to sanctions, Russia has adopted a broad range of measures aimed at limiting the impact of sanctions on its economy in response to actions taken by the United States, United Kingdom, EU, and other coalition countries. The Russian Central Bank raised its interest rates and banned sales of local securities by foreigners. Russia has also severely restricted foreign currency transfers outside of Russia and introduced requirements that certain payments be in rubles.

Russia may take additional counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities and fund investments. Such actions could, for example, include restricting gas exports to other countries, seizure of U.S. and European residents' assets, or undertaking or provoking other military conflict elsewhere in Europe, any of which could exacerbate negative consequences on global financial markets and the economy.

These actions in response to the Russian invasion of Ukraine has resulted in the devaluation of Russian currency, a downgrade in the country’s credit rating, significant declines in the value and liquidity of securities issued by Russian companies or the Russian government, and/or significant impairment of the funds’ ability to buy, sell, or receive proceeds from those securities. Currently, funds that hold affected Russian equity securities have fair valued such securities effectively at zero, which may continue for an extended period of time. Ongoing sanctions, the continued disruption of the Russian economy, or future military actions by Russia have and could continue to severely impact not only the performance of Russian securities or derivatives with exposure to Russian securities or currency, but also the economies of other European countries and globally. Moreover, the measures have and could continue to adversely affect global financial and energy markets, global supply chains, inflation, and global growth and thereby negatively affect the value of the fund's investments beyond any direct exposure to Russian issuers or those of adjoining geographic regions. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted and may result in a negative impact on performance and the value of fund investments, particularly as it relates to Russia exposure.

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.

Many Middle Eastern economies have little or no democratic tradition and are led by family structures. Opposition parties are often banned, which can lead to dissidence and militancy. Despite a growing trend toward a democratic process, many African nations have a history of dictatorship, military intervention, and corruption. War, terrorism, and military takeovers could result in a securities market unexpectedly closing for an extended period, which would restrict a fund from selling its securities that are traded in that market. In all parts of EMEA, such developments, if they were to recur, could reverse favorable trends toward economic and market reform, privatization, and removal of trade barriers and result in significant disruptions in securities markets.

Foreign Currency Certain countries in the region may have managed currencies that are pegged to the U.S. dollar or the euro, rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the

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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, many African nations, and certain Latin American countries are highly reliant on income from oil sales. As a result, oil prices tend to have a major impact on these economies and other commodities, such as base and precious metals, may also significantly impact these economies. As global supply and demand for commodities fluctuate, the EMEA economies can be significantly impacted by the prices of such commodities.

Custody and Settlement The process of clearing and settling trades and to the holding of securities, cash, and other assets by local banks, agents, and depositories, may result in custody and settlement risks for the funds. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to the standards of care of their local markets, and thus may be subject to limited or no government oversight. In general, the less developed a country’s securities market, the greater the likelihood of custody problems. The possibility of fraud, negligence, or undue influence being exerted by the issuer or refusal to recognize ownership in some emerging markets, and, along with other factors, could result in ownership registration being lost. In addition, the laws of certain countries may put limits on a fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation.

In particular, 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. In addition, Russia has also recently required payments of loans, credit, and other financial instruments only be made in rubles and then deposited in accounts with a Russian bank that are effectively frozen, as well mandatory conversions of depositary receipts issued by Russian issuers to local Russian shares.

Investments in Saudi Arabia The funds generally expect to conduct their transactions in a manner in which they would not be limited by regulations to a single broker. However, there may be a limited number of brokers who can provide services to the fund in Saudi Arabia, which may have an adverse impact on the prices, quantity, or timing of fund transactions.

The funds’ ability to invest in Saudi Arabian equity securities depends on the ability of T. Rowe Price as a Foreign Portfolio Manager, and the fund as a Qualified Foreign Investor (QFI), to obtain and maintain their respective authorizations from the Saudi Arabia Capital Market Authority (CMA). Even though the funds have obtained QFI approval, the funds do not have an exclusive investment quota and are subject to foreign investment limitations and other regulations imposed by the CMA on QFIs, as well as local market participants. Any change in the QFI system generally, including the possibility of T. Rowe Price or the funds losing their respective Foreign Portfolio Manager and QFI status, may adversely affect the funds.

The funds are required to use a trading account to buy and sell securities in Saudi Arabia. This trading account can be held directly with a broker, or held with a custodian, which is known as the Independent Custody Model (ICM). The ICM approach is generally regarded as preferable because securities are under the safe keeping and control of the custodian and would be recoverable in the event of the bankruptcy of the custodian. When a fund utilizes the ICM approach, it relies on a broker standing instruction letter to authorize the fund’s sub-custodian to move securities to a trading account for settlement, based on the details supplied by the broker. However, an authorized broker could potentially either fraudulently or erroneously sell a fund’s securities, although opportunities for a local broker to conduct fraudulent

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transactions are limited due to short trading hours (trading hours in Saudi Arabia are generally between 10 a.m. to 3 p.m. local time) In addition, the risk of fraudulent or erroneous transactions are further mitigated by a manual pre-matching process conducted by the custodian, which validates the fund’s settlement instructions with the local broker contract note and the transaction report from the depository. Similar risks also apply to using a direct broker trading account. When a fund utilizes a direct broker trading account, the account is set up in the fund’s name, and the assets are likely to be treated as ring-fenced and separated from any other accounts at the broker. However, if the broker defaults, there may be a delay to recovering the fund’s assets that are held in the broker account and legal proceedings may need to be initiated in order to do so.

· Latin America

The majority of Latin American countries have been characterized at various times by high interest and unemployment rates, inflation, an over-reliance on commodity trades, and government intervention.

Inflation Most Latin American countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. For example, recent political and social unrest in Venezuela has resulted in a massive disruption in the Venezuelan economy, including a deep recession and near hyperinflation. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels.

Political Instability and Government Control Certain Latin American countries have been marred by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they were to recur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers and result in significant disruption in securities markets. Many Latin American governments have exercised significant influence over their country’s economies, which can have significant effects on companies doing business in Latin America and the securities they issue. These governments have often changed monetary, taxation, credit, tariff, and other policies to alter the direction of their economies. Actions to control inflation have involved the setting of wage and price controls, blocking access to bank accounts, imposing exchange controls, and limiting imports. Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Brazilian law provides that whenever a serious imbalance in Brazil’s balance of payments exists or is anticipated, the Brazilian government may impose temporary restrictions on the remittance to foreign investors, such as the funds, of proceeds from the sale of Brazilian securities.

Foreign Currency Certain Latin American countries may experience sudden and large adjustments in their currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries may impose restrictions on the free conversion of their currency into other currencies, including the U.S. dollar. There is no significant foreign exchange market for many Latin American currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies.

Sovereign Debt A number of Latin American countries have been among the largest debtors of emerging market countries. There have been moratoria on, and reschedulings of, repayment with respect to these debts. Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies.

Foreign Trade Because commodities, such as agricultural products, minerals, oil, and metals, represent a significant percentage of exports of many Latin American countries, the economies of those countries are particularly sensitive to fluctuations in commodity prices, currencies, and global demand for commodities. More specifically, the prices of oil and other commodities are in the midst of a period of high volatility driven, in part, by economic contraction caused by the COVID-19 pandemic and a sudden increase in crude oil supply following the suspension of agreed production cuts among the Organization of the Petroleum Exporting Countries and partner countries. If economic contraction continues, or if global economic conditions worsen, Latin American countries may face significant economic difficulties.

Venezuela Investments in Venezuela increase a fund’s overall liquidity risk and may subject a fund to legal, regulatory, political, currency, security, expropriation and/or nationalization of assets, and economic risk specific to Venezuela. Venezuela is extremely well endowed with natural resources, and its economy is heavily dependent on the export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will likely negatively affect the Venezuelan economy. The U.S. has

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imposed economic sanctions, which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities and on the Venezuelan government. These sanctions, or the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of the bolivar, or other adverse consequences to the Venezuelan economy. These sanctions significantly impair the ability of a fund to buy, sell, receive, or deliver those securities and/or assets. Additional sanctions against Venezuela may in the future be imposed by the U.S. or other countries. These factors and others may significantly reduce the value of creditors’ claims against the Venezuelan government, state-owned enterprises, and private business in Venezuela. Enforcing these claims may also require protracted negotiation or litigation.

· Japan

Japan may be subject to political, economic, nature disaster, labor, and other risks. The Japanese economy has fallen into recessions due in part to an unstable financials sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major issues the Japanese economy faces. Japan’s government implemented significant economic reform aimed at jump-starting the Japanese economy and boosting the competitiveness of Japanese goods in world markets. Through aggressive monetary easing, temporary fiscal stimulus, and overall structural reform, the program is designed to end the recent cycles of deflation, falling prices, and declining wages. In addition, in recent years, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. Japan has an aging workforce and has experienced a significant population decline in recent years, which may adversely affect Japan’s economic competitiveness.

Banking System To help sustain Japan’s economic recovery and improve its economic growth, many believe an overhaul of the nation’s financial institutions is necessary. Banks, in particular, may have to reform themselves to become more competitive. While successful financials sector reform would contribute to Japan’s economic recovery at home and would benefit other economies in Asia, internal conflict over the proper way to reform the banking system currently persists.

Natural Disasters Japan has experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity. The risks of such phenomena, and the resulting damage, continue to exist and could have a severe and negative impact on a fund’s holdings in Japanese securities. Japan also has one of the world’s highest population densities. A significant percentage of the total population of Japan is concentrated in the metropolitan areas of Tokyo, Osaka, and Nagoya. Therefore, a natural disaster centered in or very near one of these cities could have a particularly devastating effect on Japan’s financial markets. Japan’s recovery from the recession has been affected by economic distress from the earthquake and resulting tsunami that struck northeastern Japan in March 2011 causing major damage along the coast, including damage to nuclear power plants in the region. Since the earthquake, Japan’s financial markets have fluctuated dramatically.

Energy Importation Japan historically has 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 the use of alternative fuels. In addition, a restructuring of industry, with emphasis shifting from basic industries to processing and assembly type industries, has contributed to the reduction of oil consumption. However, there is no guarantee that this favorable trend will continue.

Foreign Trade Overseas trade is important to Japan’s economy, and Japan’s economic growth is significantly driven by its exports. Japan has few natural resources and must export to pay for its imports of these basic requirements. A significant portion of Japan’s trade is conducted with emerging market countries, almost all of which are located in East and Southeast Asia, and it can be affected by conditions in these other countries and currency fluctuations. Because of the concentration of Japanese exports in highly visible products such as automobiles and technology, and the large trade surpluses ensuing therefrom, Japan has had difficult relations with its trading partners, particularly the United States. Japan’s aging and shrinking population increases the cost of the country’s pension and public welfare system and lowers domestic demand, making Japan even more dependent on exports to sustain its economy. It is possible that trade sanctions or other protectionist measures could impact Japan adversely in both the short and long term.

· Asia (excluding Japan)

Asia includes countries in all stages of economic development, some of which have been characterized at times by overextension of credit, currency fluctuations, devaluations, restrictions, unstable employment rates, over-reliance on exports, and less efficient markets. Currency fluctuations or devaluations in any one country can have a significant effect

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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. China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs, or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers of securities in which certain funds invest. 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 historically has 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 or partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors, or particular Chinese companies, may adversely affect the public and private sector companies in which a fund invests. The Hong Kong, Taiwanese, and Chinese economies can be dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. These China region economies can also be significantly affected by general social, economic, and political conditions in China and other countries. The willingness and ability of the Chinese government to support the Hong Kong and Chinese economies and markets is uncertain. China has yet to develop comprehensive securities, corporate, or commercial laws, and its market is relatively new and undeveloped. Also, foreign investments may be restricted. Changes in government policy could significantly affect the local markets.

Investments in Chinese Companies and Securities

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards, or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which certain funds invest may be less reliable or complete.

Chinese operating companies listed on U.S. exchanges are often structured as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service contracts and other contracts with the Chinese company, which provide the VIE with exposure to the company. Although the VIE has no equity ownership of the Chinese operating company, the contractual arrangements permit the VIE to consolidate the Chinese operating company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the

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Chinese operating company’s performance and the enforceability of the VIE’s contractual arrangements with the Chinese company.

There may be significant obstacles to obtaining information necessary for investigations into, or litigation against, Chinese companies and shareholders may have limited legal remedies. In addition, there may be restrictions on investments in Chinese companies. For example, a series of executive orders issued between November 2020 and June 2021 prohibit the funds from investing in certain companies tied to the Chinese military or China’s surveillance technology sector. The prohibited companies are those identified by the U.S. Department of the Treasury as “Chinese Military Industrial Complex Companies.” The restrictions on investing in Chinese Military Industrial Complex Companies extend to instruments that are derivative of, or designed to provide investment exposure to, these companies. The restrictions in these executive orders may force the fund to sell certain positions and may restrict the fund from future investments the fund deems otherwise attractive.

Certain funds may hold securities listed on the Shanghai Stock Exchange (SSE) or Shenzhen Stock Exchange (SZSE). Securities listed on these exchanges are divided into two classes: A shares, which are mostly limited to domestic investors (China A Shares, as described further below under “Risks Associated With Investing in China A Shares”), and B shares, which are allocated for both international and domestic investors (China B Shares). The funds’ exposure to China A Shares is generally through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs (each a “Stock Connect” and together the “Stock Connects”) or through T. Rowe Price’s Qualified Foreign Institutional Investor (QFII) Quota.

The Stock Connects and T. Rowe Price’s QFII Quota are described in more detail under “Risks Associated With Investing in China A Shares,” below. In addition to China A Shares and China B Shares, certain funds may also invest in Hong Kong-listed H shares, Hong Kong-listed Red Chips (which are companies incorporated in certain foreign jurisdictions, owned by national or local governments in China and deriving substantial revenues in China but listed in Hong Kong), P Chips (which are companies incorporated in certain foreign jurisdictions, controlled by individuals in China and deriving substantial revenues in China but listed in Hong Kong), and companies with a majority of revenues derived from business conducted in China (regardless of the exchange on which the security is listed or the country in which the company is based).

Some funds may invest in onshore China bonds via a QFII license awarded to T. Rowe Price or through a China Interbank Bond Market (CIBM) registration. CIBM is an over-the-counter (OTC) market outside the two main stock exchanges in the People’s Republic of China (PRC), Shanghai Stock Exchange and Shenzhen Stock Exchange, and was established in 1997. On CIBM, institutional investors (including domestic institutional investors but also QFIIs, Renminbi QFIIs as well as other offshore institutional investors, subject to authorization) trade certain debt instruments on a one-to-one quote-driven basis. CIBM accounts for a vast majority of outstanding bond values of total trading volume in the PRC. The main debt instruments traded on CIBM include government bonds, financial bonds, corporate bonds, bond repo, bond lending, and People’s Bank of China bills.

Investors should be aware that trading on CIBM exposes the applicable fund to increased risks. CIBM is still in its development stage, and the market capitalization and trading volume may be lower than those of more developed markets. Market volatility and potential lack of liquidity due to low trading volume of certain debt securities may result in the prices of debt securities traded on such market to fluctuate significantly. Funds investing in such a market therefore may incur significant trading, settlement, and realization costs and may face counterparty default, liquidity, and volatility risks, resulting in significant losses for the funds and their investors. Further, since a large portion of CIBM consists of Chinese state-owned entities, the policy priorities of the Chinese government, the strategic importance of the industry, and the strength of a company’s ties to the local, provincial, or central government may and will affect the pricing of such securities.

In addition to the risks of investing in securities of Chinese issuers described in each applicable fund’s prospectus, it is important to understand that significant portions of the Chinese securities markets may become rapidly illiquid, as the Chinese regulatory authorities and Chinese issuers have the ability to suspend the trading of equity securities and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market, or political events or adverse investor perceptions, whether or not accurate. The liquidity of a suspended security may be significantly impaired and may be more difficult to value accurately. Illiquidity of a fund’s holdings may limit the ability of the fund to obtain cash to meet redemptions on a timely basis.

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China A Share Market Risk Investments in China and more specifically, investments in securities of the Chinese domestic securities market listed and traded on China’s domestic stock exchanges (including China A Shares) are currently subject to certain additional risks. Purchase and ownership of China A Shares is generally restricted to Chinese investors and may only be accessible to foreign investors under certain regulatory frameworks as described herein. China A Shares may only be bought from, or sold to, a fund from time to time where the relevant China A Shares may be sold or purchased on the SSE or the SZSE, as appropriate. The existence of a liquid trading market for China A Shares may depend on whether there is supply of, and demand for, China A Shares. Investors should note that the SSE and SZSE on which China A Shares are traded (collectively, the “China A Shares Markets”) are undergoing development and the market capitalization of, and trading volumes on, those exchanges may be lower than those in more developed financial markets. Market volatility and settlement difficulties in the China A Shares Markets may result in significant fluctuation in the prices of the securities traded on such markets and thereby changes in the net asset value of a fund. The China A Shares Markets are considered volatile and unstable (with the risk of suspension of a particular stock or government intervention).

China QFII Investment Risk Part of the assets of certain funds may be invested in China A Shares through the use of a Qualified Foreign Institutional Investor license. Under the prevailing regulations in China, foreign investors can invest in China A Shares pursuant to the applicable QFII rules and regulations (QFII Eligible Securities) through institutions that have obtained QFII status in China. The funds themselves are not QFIIs, but may invest directly in QFII Eligible Securities via the QFII status of an entity having QFII status. T. Rowe Price has been granted QFII status and a QFII investment quota (QFII Quota) through which a fund will be able to invest in QFII Eligible Securities. Some funds, such as the China Evolution Equity Fund, have a segregated account from which they are able to utilize T. Rowe Price’s existing and unused QFII Quota.

A fund’s ability to make the relevant investment to fully implement or pursue its investment objective or strategy is subject to the applicable laws, rules, and regulations (including restrictions on investments and repatriation of principal and profits) in China, which are subject to change, and such change may have potential retrospective effect.

There are rules and restrictions under current QFII regulations including rules on remittance of principal, investment restrictions, lock-up periods, and repatriation of principal and profits. Due to Chinese legal restrictions on repatriation of assets, proceeds from sales of China A Shares cannot be immediately received by a fund. QFII restrictions on repatriations may apply to the QFII Quota granted to T. Rowe Price.

The QFII Quota is granted to T. Rowe Price as a whole and not simply to investments made by a particular fund. The capacity of a fund to make investments in QFII Eligible Securities and the ability to repatriate funds may be thus adversely affected by the investments, performance, and/or repatriation of funds invested by other client accounts or mutual funds managed by T. Rowe Price utilizing its QFII Quota or by T. Rowe Price itself.

The QFII status of T. Rowe Price could be revoked, in particular because of material violations of rules and regulations by T. Rowe Price. If T. Rowe Price loses its QFII status, the funds may not be able to invest directly in QFII Eligible Securities and may be required to dispose of their holdings, which would likely have a material adverse effect on the funds.

As the QFII, T. Rowe Price is responsible for ensuring that all transactions and dealings by a fund in China A Shares will comply with the fund’s investment policies as well as the relevant laws and regulations applicable to T. Rowe Price as QFII. If any conflicts of interest arise, T. Rowe Price will seek to ensure that each fund is managed in the best interests of the shareholders of that fund. The QFII Quota is granted to T. Rowe Price as a whole and not simply to investments made by a particular fund. There can be no assurance that the QFII will be able to allocate a sufficient portion of its QFII Quota to meet all desired investments by a fund in China A Shares, or that redemption requests can be processed in a timely manner due to adverse changes in relevant laws or regulations, including changes in QFII repatriation restrictions.

In extreme circumstances, a fund may incur significant loss if there is insufficient QFII Quota allocated for the fund to make investments, if the approval of T. Rowe Price as QFII is revoked/terminated or otherwise invalidated as the fund may be prohibited from trading of relevant securities and repatriating of the fund’s monies, or if any of the key operators or parties (including the QFII custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).

Risks Associated With Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect A fund may invest in and have direct access to certain eligible China A Shares via the Stock Connects upon approval by the relevant regulatory authority. The Shanghai-Hong Kong Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited (HKEx), SSE, and China Securities Depository and Clearing

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Corporation Limited (ChinaClear). The Shenzhen-Hong Kong Stock Connect is a securities trading and clearing linked program developed by HKEx, SZSE, and ChinaClear. The aim of each Stock Connect is to achieve mutual stock market access between mainland China and Hong Kong.

Under both Stock Connects, overseas investors (including the funds) may be allowed, subject to rules and regulations issued and amended from time to time, to trade certain China A Shares listed on either the SSE or SZSE through the relevant “Northbound Trading Link.” The list of eligible securities may be changed subject to the review and approval by the relevant Chinese regulators from time to time and the funds may invest in any security made available through the Stock Connects.

Hong Kong and overseas investors (including the funds) may only trade and settle SSE securities and SZSE securities in renminbi.

Risks of investing through the Stock Connects include:

· Quota Limitations Risk Each of the Stock Connects is subject to a daily quota. If the daily quota is exceeded, further buy orders will be rejected. The daily quota is not particular to either the funds or T. Rowe Price; instead, it applies to all market participants generally. Thus, T. Rowe Price will not be able to control the use or availability of the quota. If T. Rowe Price is unable to purchase additional Stock Connect securities, it may affect T. Rowe Price’s ability to implement the funds’ respective investment strategies.

· Suspension Risk The Stock Exchange of Hong Kong (SEHK), SZSE, and SSE reserve the right to suspend trading if necessary for ensuring an orderly and fair market and managing risks prudently, which could adversely affect the relevant funds’ ability to access the mainland China market.

· Differences in Trading Day The Stock Connects only operate on days when both the mainland China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. It is possible that there are occasions when it is a normal trading day for the mainland China market but Hong Kong and overseas investors (such as the funds) cannot carry out any China A Shares trading because it is not a day when the Hong Kong market is open for trading. The funds may be subject to the risk of price fluctuations in China A Shares during the time when the Stock Connects are not trading as a result.

· Extended Market Closings The Shanghai and Shenzhen stock exchanges may close for extended periods for holidays or otherwise, which impacts the fund’s ability to trade during those periods.

· Clearing and Settlement and Custody Risks The Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of HKEx (HKSCC) and ChinaClear establish the clearing links and each is a participant of the other to facilitate clearing and settlement of cross-boundary trades. As the national central counterparty of China’s securities market, ChinaClear operates a comprehensive network of clearing, settlement and stock holding infrastructure. ChinaClear has established a risk management framework and measures that are approved and supervised by the China Securities Regulatory Commission (CSRC). The chances of a default by ChinaClear are considered to be remote. Should the remote event of a ChinaClear default occur and ChinaClear be declared as a defaulter, HKSCC will in good faith, seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or through ChinaClear’s liquidation. In that event, the relevant fund(s) may suffer delay in the recovery process or may not be able to fully recover its losses from ChinaClear. The China A Shares traded through the Stock Connects are issued without stock certificates in scripless form, so investors such as the funds will not hold any physical China A Shares. Hong Kong and overseas investors, such as a fund, who have acquired SSE securities and/or SZSE securities through the Stock Connects, should maintain the SSE securities and/or SZSE securities with their brokers’ or custodians’ stock accounts with the Central Clearing and Settlement System operated by HKSCC for the clearing securities listed or traded on SEHK.

· Operational Risk The Stock Connects are premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this program subject to meeting certain information technology capability, risk management, and other requirements as may be specified by the relevant exchange and/or clearing house. It should be appreciated that the securities regimes and legal systems of the two markets differ significantly and market participants may need to address issues arising

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from the differences on an ongoing basis. There is no assurance that the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems failed to function properly, trading in both markets through the program could be disrupted. A fund’s ability to access the China A Shares Market (and hence to pursue its investment strategy) will be adversely affected.

· Recalling Risk and Trading Restrictions A stock may be recalled from the scope of eligible SSE securities or SZSE securities for trading via the Stock Connects for various reasons, and in such event the stock can only be sold but is restricted from being bought. T. Rowe Price’ ability to implement a fund’s investment strategies may be adversely affected.

· Nominee Arrangements in Holding China A Shares HKSCC is the “nominee holder” of the securities acquired by overseas investors (including the relevant funds) through the Stock Connects. The CSRC Stock Connect rules expressly provide that investors enjoy the rights and benefits of the securities acquired through the Stock Connects in accordance with applicable laws. However, how a beneficial owner of the relevant securities exercises and enforces its rights over such securities in the courts in China is yet to be tested. Even if the concept of beneficial ownership is recognized under Chinese law, those securities may form part of the pool of assets of such nominee holder available for distribution to creditors of such nominee holder and/or that a beneficial owner may have no rights whatsoever in respect thereof. Consequently, a fund and the Depositary cannot ensure that the funds’ ownership of these securities or title thereto is assured in all circumstances. Under the rules of the Central Clearing and Settlement System operated by HKSCC for the clearing of securities listed or traded on SEHK, HKSCC as nominee holder shall have no obligation to take any legal action or court proceeding to enforce any rights on behalf of the investors in respect of the SSE securities and/or SZSE securities in China or elsewhere. Therefore, although the relevant funds’ ownership may be ultimately recognized, that fund may suffer difficulties or delays in enforcing its rights in China. To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, the Depositary and the fund will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the fund suffers losses resulting from the performance or insolvency of HKSCC.

· Investor Compensation Investments of a fund through Northbound trading under the Stock Connects will not be covered by Hong Kong’s Investor Compensation Fund. Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange-traded products in Hong Kong. Since default matters in Northbound trading via the Stock Connects do not involve products listed or traded in SEHK or Hong Kong Futures Exchange Limited, they will not be covered by the Investor Compensation Fund. On the other hand, since a fund is carrying out Northbound trading through securities brokers in Hong Kong but not mainland Chinese brokers, it is not protected by the China Securities Investor Protection Fund in China.

· Trading Costs In addition to paying trading fees and stamp duties in connection with trading China A Shares, a fund may be subject to other fees and taxes arising from stock transfers which are determined by the relevant authorities.

· Regulatory Risk Stock Connects are subject to regulations promulgated by regulatory authorities and implementation rules made by the stock exchanges in mainland China and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border trades under the Stock Connects. The relevant rules and regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the rules and regulations are subject to change which may have potential retroactive effect. There can be no assurance that the Stock Connects will not be abolished. The relevant funds that may invest in mainland China markets through the Stock Connects may be adversely affected as a result of such changes.

· Risks Associated With the Small and Medium Enterprise Board and/or ChiNext Market Via Shenzhen-Hong Kong Stock Connect, the funds may access securities listed on the Small and Medium Enterprise (SME) board and the ChiNext market of the SZSE. Listed companies on the SME board and/or the ChiNext market are usually of an emerging nature with smaller operating scale. They are subject to higher fluctuation in stock

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prices and liquidity and have higher risks and turnover ratios than companies listed on the main board of the SZSE. Securities listed on the SME board and/or ChiNext may be overvalued and such exceptionally high valuation may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares. It may be more common and faster for companies listed on the SME board and/or ChiNext to delist. This may have an adverse impact on the funds if the companies that they invest in are delisted. Also, the rules and regulations regarding companies listed on the ChiNext market are less stringent in terms of profitability and share capital than those on the main board and SME board. Investments in the SME board and/or ChiNext market may result in significant losses for the funds and their investors.

Risk Factors of Investing in Taxable Debt Obligations

General

Yields on short-, intermediate-, and long-term debt securities are dependent on a variety of factors, including the general conditions of the money, bond, and foreign exchange markets; the size of a particular offering; the maturity of the obligation; and the credit rating of the issue. Debt securities with longer maturities tend to carry higher yields and are generally subject to greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market prices of debt securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of portfolio investments, and a decline in interest rates will generally increase the value of portfolio investments. The ability of funds investing in debt securities to achieve their investment objectives is also dependent on the continuing ability of the issuers of the debt securities in which the funds invest to meet their obligations for the payment of interest and principal when due.

After purchase by the funds, a debt security may cease to be rated or its rating may be reduced below the minimum required for purchase by the funds. Neither event will require a sale of such security by the funds. However, such events will be considered in determining whether the funds should continue to hold the security. To the extent that the ratings given by Moody’s, S&P, or others may change as a result of changes in such organizations or their rating systems, the funds will attempt to use comparable ratings as standards for investments in accordance with the investment policies contained in the prospectus. The ratings of Moody’s, S&P, and others represent their opinions as to the quality of securities that they undertake to rate. Ratings are not absolute standards of quality. When purchasing unrated securities, T. Rowe Price, under the supervision of the funds’ Boards, determines whether the unrated security is of a quality comparable to that which the funds are allowed to purchase.

Full Faith and Credit Securities

Securities backed by the full faith and credit of the United States (e.g., Government National Mortgage Association (GNMA) and U.S. Treasury securities) are generally considered to be among the most, if not the most, creditworthy investments available. While the U.S. government has honored its credit obligations continuously for the last 200 years, political events have, at times, called into question whether the United States would default on its obligations. Such an event would be unprecedented, and there is no way to predict its impact on the securities markets or the funds. However, it is very likely that default by the United States would result in losses to the funds.

Mortgage Securities

Mortgage-backed securities, including GNMA securities, differ from conventional bonds in that principal is paid back over the life of the security rather than at maturity. As a result, the holder of a mortgage-backed security (i.e., a fund) receives monthly scheduled payments of principal and interest and may receive unscheduled principal payments representing prepayments on the underlying mortgages. Therefore, GNMA securities may not be an effective means of “locking in” long-term interest rates due to the need for the funds to reinvest scheduled and unscheduled principal payments. The incidence of unscheduled principal prepayments is also likely to increase in mortgage pools owned by the funds when prevailing mortgage loan rates fall below the mortgage rates of the securities underlying the individual pool. The effect of such prepayments in a falling rate environment is to (1) cause the funds to reinvest principal payments at the then-lower prevailing interest rate, and (2) reduce the potential for capital appreciation beyond the face amount of the security and adversely affect the return to the funds. Conversely, in a rising interest rate environment, such prepayments can be reinvested at higher prevailing interest rates, which will reduce the potential effect of capital depreciation to which bonds are subject when interest rates rise. When interest rates rise and prepayments decline, GNMA securities become subject to extension risk or the risk that the price of the securities will fluctuate more. In addition, prepayments of mortgage

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securities purchased at a premium (or discount) will cause such securities to be paid off at par, resulting in a loss (gain) to the funds. T. Rowe Price will actively manage the funds’ portfolios in an attempt to reduce the risk associated with investment in mortgage-backed securities.

The market value of adjustable rate mortgage securities (ARMs), like other U.S. government securities, will generally vary inversely with changes in market interest rates, declining when interest rates rise and rising when interest rates decline. Because of their periodic adjustment feature, ARMs should be more sensitive to short-term interest rates than long-term rates. They should also display less volatility than long-term mortgage-backed securities. Thus, while having less risk of a decline during periods of rapidly rising rates, ARMs may also have less potential for capital appreciation than other investments of comparable maturities. Interest rate caps on mortgages underlying ARMs may prevent income on the ARMs from increasing to prevailing interest rate levels and cause the securities to decline in value. In addition, to the extent ARMs are purchased at a premium, mortgage foreclosures and unscheduled principal prepayments may result in some loss of the holders’ principal investment to the extent of the premium paid. On the other hand, if ARMs are purchased at a discount, both a scheduled payment of principal and an unscheduled prepayment of principal will increase current and total returns and will accelerate the recognition of income that, when distributed to shareholders, will be taxable as ordinary income.

High Yield Securities

Special Risks of Investing in Junk Bonds The following special considerations are additional risk factors of funds investing in lower-rated securities.

· Lower-Rated Debt Securities An economic downturn or increase in interest rates is likely to have a greater negative effect on this market; the value of lower-rated debt securities in the funds’ portfolios; the funds’ net asset value; and the ability of the bonds’ issuers to repay principal and interest, meet projected business goals, and obtain additional financing than on higher-rated securities. These circumstances also may result in a higher incidence of defaults than with respect to higher-rated securities. Investment in funds that invest in lower-rated debt securities is more risky than investment in shares of funds that invest only in higher-rated debt securities.

· Sensitivity to Interest Rate and Economic Changes Prices of lower-rated debt securities may be more sensitive to adverse economic changes or corporate developments than higher-rated investments. Debt securities with longer maturities, which may have higher yields, may increase or decrease in value more than debt securities with shorter maturities. Market prices of lower-rated debt securities structured as zero-coupon or pay-in-kind securities are affected to a greater extent by interest rate changes and may be more volatile than securities that pay interest periodically and in cash. Where it deems it appropriate and in the best interests of fund shareholders, a fund may incur additional expenses to seek recovery on a debt security on which the issuer has defaulted and to pursue litigation to protect the interests of security holders of its portfolio companies.

· Liquidity and Valuation Because the market for lower-rated securities may be thinner and less active than for higher-rated securities, there may be market price volatility for these securities and limited liquidity in the resale market. Nonrated securities are usually not as attractive to as many buyers as rated securities are, a factor that may make nonrated securities less marketable. These factors may have the effect of limiting the availability of the securities for purchase by the funds and may also limit the ability of the funds to sell such securities at their fair value, either to meet redemption requests or in response to changes in the economy or the financial markets.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt securities, especially in a thinly traded market. To the extent the funds own or may acquire illiquid or restricted lower-rated securities, these securities may involve special registration responsibilities, liabilities, costs, and liquidity and valuation difficulties. Changes in values of debt securities that the funds own will affect the net asset value per share. If market quotations are not readily available for the funds’ lower-rated or nonrated securities, these securities will be valued by a method that the funds’ Boards believe accurately reflects fair value. Judgment plays a greater role in valuing lower-rated debt securities than with respect to securities for which more external sources of quotations and last sale information are available.

· Taxation Special tax considerations are associated with investing in lower-rated debt securities structured as zero-coupon or pay-in-kind securities. The funds accrue income on these securities prior to the receipt of cash payments. Similar requirements may apply to bonds purchased with market discount. The funds must distribute substantially all of their

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income to their shareholders to qualify for pass-through treatment under the tax laws and may, therefore, have to dispose of portfolio securities to satisfy distribution requirements.

Risk Factors of Investing in Municipal Securities

General

Yields on municipal securities are dependent on a variety of factors, including the general conditions of the money market and the municipal bond market, the size of a particular offering, the maturity of the obligations, and the credit rating and financial condition of the issuer. Municipal securities with longer maturities tend to produce higher yields and are generally subject to potentially greater price volatility than municipal securities with shorter maturities and lower yields. A bond trading below par or face value (i.e., at a discount) has a yield higher than its coupon rate, which could mean the bonds will be priced based on time to maturity rather than priced to call thus extending the effective duration of the bond. Also, if bonds are acquired at a certain discount from the time of purchase to maturity, then there could be gains resulting from the discount that are taxable. The market prices of municipal securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of municipal bonds and a decline in interest rates will generally increase the value of municipal bonds. The ability of all the funds to achieve their investment objectives is also dependent on the continuing ability of the issuers of municipal securities in which the funds invest to meet their obligations for the payment of interest and principal when due. The ratings of Moody’s, S&P, and Fitch represent their opinions as to the quality of municipal securities that they undertake to rate. Ratings are not absolute standards of quality; consequently, municipal securities with the same maturity, coupon, and rating may have different yields. There are variations in municipal securities, both within a particular classification and between classifications, depending on numerous factors. It should also be pointed out that, unlike other types of investments, offerings of municipal securities traditionally have not been subject to regulation by, or registration with, the SEC, although there have been proposals that would provide for regulation in the future.

The federal bankruptcy statutes relating to the debts of political subdivisions and authorities of states of the United States provide that, in certain circumstances, such subdivisions or authorities may be authorized to initiate bankruptcy proceedings without prior notice to or consent of creditors, which proceedings could result in material and adverse changes in the rights of holders of their obligations.

Municipal bankruptcies have been rare and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to municipal bond issuers could produce varying results among the states or even among municipal bond issuers within a state. The rights of the holders of municipal bond issues, and the enforceability of municipal bond issues (and their associated financing documents), may be subject to, among others: (1) bankruptcy, insolvency, reorganization, moratorium, and other similar laws relating to or affecting creditors’ rights, in effect now or after the date of the issuance; (2) principles of equity; and (3) the exercise of judicial discretion. The U.S. Bankruptcy Code limits the filing for relief to municipalities that have been specifically authorized to do so under applicable state law, whereas bonds payable exclusively by private entities may be subject to the other provisions of the U.S. Bankruptcy Code. Further, when a municipality experiences an adverse change in financial condition (including, but not limited to, bankruptcy), the municipality may elect not to repay obligations due to economic or political pressures or other external factors.

Proposals have been introduced in Congress to restrict or eliminate the federal income tax exemption for interest on municipal securities, and similar proposals may be introduced in the future. Some of the past proposals would have applied to interest on municipal securities issued before the date of enactment, which would have materially adversely affected their value. 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.

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Risk Factors of Investing in Money Market Funds

The T. Rowe Price money market funds limit their purchases of portfolio holdings to those U.S. dollar-denominated securities that the funds’ Boards determine present minimal credit risk and that are eligible securities as defined in Rule 2a-7 under the 1940 Act.

Rule 2a-7 requires money market funds to purchase securities that have a remaining maturity of no more than 397 calendar days and that have been determined by the money market funds’ Boards (or the funds’ investment adviser, if the Boards delegate such power to the investment adviser) to present minimal credit risks to the money market funds. Accordingly, each T. Rowe Price money market fund only purchases securities that present minimal credit risks in the opinion of T. Rowe Price, pursuant to guidelines approved by each fund’s Board. In making its minimal credit risks determinations, T. Rowe Price considers the capacity of each security’s issuer or guarantor to meet its financial obligations and, in doing so, considers, to the extent appropriate, the following factors, as required by Rule 2a-7: (1) the issuer’s or guarantor’s financial condition; (2) the issuer’s or guarantor’s sources of liquidity; (3) the issuer’s or guarantor’s ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse situation; and (4) the strength of the issuer’s or guarantor’s industry within the economy and relative to economic trends and the issuer’s or guarantor’s competitive position within its industry. In making determinations regarding minimal credit risks, T. Rowe Price may consider additional factors, including, for example, certain asset-specific factors. Pursuant to Rule 2a-7 and guidelines approved by the funds’ Boards, T. Rowe Price provides an ongoing review of the credit quality of each portfolio security to determine whether the security continues to present minimal credit risks. A security may need to be sold if its maturity or credit quality is not acceptable under Rule 2a-7.

A “government money market fund” is required to invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are fully collateralized by government securities or cash. Government securities include any security issued or guaranteed as to principal or interest by the U.S. government and its agencies or instrumentalities.

There can be no assurance that the funds will achieve their investment objectives or, in the case of retail or government money market funds, be able to maintain their net asset values per share at $1.00. The price of the funds is not guaranteed or insured by the U.S. government, and their yields are not fixed. While the funds invest in high-grade money market instruments, investment in the funds is not without risk, even if all portfolio instruments are paid in full at maturity. An increase in interest rates could reduce the value of the funds’ portfolio investments, and a decline in interest rates could increase the value.

Pursuant to Rule 2a-7, “retail money market funds” are required to implement policies and procedures reasonably designed to limit investments in the funds to accounts beneficially owned by natural persons. Funds designated “retail money market funds” have implemented policies and procedures designed to limit new investments to accounts beneficially owned by natural persons and have obtained assurances from financial intermediaries that they have developed adequate procedures to limit new investments in the fund to accounts beneficially owned by natural persons. The T. Rowe Price retail money market funds will involuntarily redeem investors who do not satisfy these eligibility requirements.

Liquidity Fees and Redemption Gates

Pursuant to Rule 2a-7, if a prime or tax-exempt money market fund’s weekly liquid assets fall below 30% of its total assets, the fund’s Board, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed or temporarily suspend redemptions from the fund for up to 10 business days during any 90-day period (i.e., a “redemption gate”). In addition, if the fund’s weekly liquid assets fall below 10% of its total assets at the end of any business day, the fund must impose a 1% liquidity fee on shareholder redemptions unless the fund’s Board determines that not doing so is in the best interests of the fund.

Money market funds that are designated “government money market funds” pursuant to Rule 2a-7 are not required to impose a liquidity fee or redemption gate upon a sale of shares. However, the Board of a government money market fund reserves the right to impose liquidity fees in the future.

A money market fund may permanently suspend redemptions and payment of redemptions if: the fund’s Board determines that the deviation between a fund’s amortized cost price per share and its market-based net asset value per share may result in material dilution or unfair results; the Board has irrevocably approved the liquidation of the fund; and the fund notifies the SEC of its decision to liquidate prior to suspending redemptions. A money market fund’s Board may

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suspend redemptions and payment of redemption proceeds if the fund, at the end of a business day, has invested less than 10% of its total assets in weekly liquid assets.

The SEC has proposed amendments to the rules applicable to money market funds, which, if adopted as proposed, could change the investment strategies, operations, and/or liquidity for certain money markets funds.

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 Fund

Risk Factors Associated With a California Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Debt As of May 1, 2022, the state of California’s general obligation debt was rated Aa2 by Moody’s, AA- by S&P, and AA by Fitch. All three rating agencies have assigned stable outlooks for their ratings.

Types of Municipal Debt The fund invests 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 fund invests in any securities that pay income that is exempt from California income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and California income tax. The issuers of these debt obligations include the state of California and its agencies and authorities, counties and municipalities and their agencies and authorities, various California public institutions of higher education, and certain California not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

Debt is issued for a wide variety of public purposes, including transportation, housing, education, electric power, and health care. The state of California, and its local governments, agencies, and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are generally backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. Local governments also raise capital through the use of Mello-Roos Districts, 1915 Act Bonds, and Tax Increment Bonds, all of which are generally riskier than general obligation debt as they often rely on tax revenues to be generated by future development for their support.

The 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.

Political and Legislative Conditions Certain provisions of the California state constitution and state statutes limit the taxing and spending authority of California governmental entities, thus affecting their ability to meet debt service obligations. For example, the state constitution limits ad valorem taxes on real property to 1% of “full cash value” and restricts the ability of taxing entities to increase real property taxes. It also prohibits the state from spending revenues beyond its annually adjusted “appropriations limit.” Yet another provision further restricts the ability of local governments to levy and collect existing and future taxes, assessments, and fees. In addition to limiting the financial flexibility of local governments in the state, the provision also increases the possibility of voter-determined tax rollbacks and repeals.

One effect of the tax and spending limitations in California has been a broad scale shift by local governments away from general obligation debt requiring voter approval and pledging of future tax revenues toward lease revenue financing that is subject to abatement and does not require voter approval. Lease-backed debt is generally viewed as a less secure form of borrowing and therefore entails greater credit risk.

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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 portfolio is dependent upon the financial strength of the state of California, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. While California’s economy has been diverse and resilient, and is typically the largest among the 50 states, the state of California is also normally among the most highly indebted states in the nation. The state has historically experienced more extreme swings in employment levels and property values relative to the rest of the country. In addition, California is more prone to earthquakes and other natural disasters, which can result in sudden economic downturns and the unexpected inability of issuers to meet their obligations, as well as a long-lasting negative impact on the overall California municipal securities market. More detailed information regarding economic conditions and the financial strength of California is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

The fund 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, the state of California has embraced increasingly stringent renewable portfolio standards, which could affect the issuer’s financial performance. Other risks include unexpected outages, plant shutdowns, and wildfires caused by electrical lines.

Georgia Tax-Free Bond Fund

Risk Factors Associated With a Georgia Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Debt As of May 1, 2022, the state of Georgia’s general obligation bonds were rated Aaa by Moody’s and AAA by S&P, and Fitch. Each rating agency has assigned a stable outlook for the state.

Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the state of Georgia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Georgia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and Georgia income tax. The issuers of these debt obligations include the state of Georgia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Georgia public institutions of higher education, and certain Georgia not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

Debt is issued for a wide variety of purposes, including transportation, housing, education, health care, and industrial development. 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 many counties, municipalities, and agencies of the state and local governments 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

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tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The Georgia Constitution imposes certain debt limits and controls. The state’s general obligation highest annual debt service requirement cannot exceed 10% of the prior year’s state treasury receipts. The state also established “debt affordability” limits, which provide that outstanding debt will not exceed 2.7% of personal income or that maximum annual debt service will not exceed 7% of the prior year’s state treasury receipts.

The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of Georgia, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. While local governments in Georgia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Georgia is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

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.

Debt As of May 1, 2022, the state of Maryland’s general obligation debt was rated Aaa by Moody’s and AAA by S&P and Fitch. All three agencies have assigned a stable outlook.

Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments issued by the state of Maryland and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from Maryland income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the funds’ investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and Maryland income tax. The issuers of these debt obligations include the state of Maryland and its agencies and authorities, counties and municipalities and their agencies and authorities, various Maryland public institutions of higher education, and certain Maryland not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

The state of Maryland and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However,

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many counties, municipalities, and agencies of the state and local government are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. The state constitution imposes a 15-year maturity limit on state-issued general obligation bonds. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Maryland. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Maryland.

The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of Maryland, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. More detailed information regarding economic conditions and the financial strength of Maryland is available in the funds’ annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and of uncertain duration.

The funds may invest in issues related to life-care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life-care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, pandemics, and a lack of affordability.

New Jersey Tax-Free Bond Fund

Risk Factors Associated With a New Jersey Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Debt As of May 1, 2022, the state of New Jersey’s general obligation debt was rated A3 by Moody’s, BBB+ by S&P, and A- by Fitch. S&P and Moody’s have a stable outlook for the state while Fitch has a negative outlook.

Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the state of New Jersey and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from New Jersey income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and New Jersey income tax. The issuers of these debt obligations include the state of New Jersey and its agencies and authorities, counties and municipalities and their agencies and authorities, various New Jersey public institutions of higher education, and certain New Jersey not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

The state of New Jersey and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, many counties, municipalities, and agencies of the state and local government are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. Revenue bonds

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are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The majority of the state’s debt is appropriation-backed. This means that the debt service payments on these obligations must be funded annually by the state legislature, but the legislature has no legal obligation to continue to make such appropriations.

The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. These issues are sold through various governmental conduits, such as the New Jersey Economic Development Authority and various local issuers, and are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. In the past, a number of New Jersey Economic Development Authority issues have defaulted as a result of borrower financial difficulties.

Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of New Jersey, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. The state of New Jersey is typically among the most highly indebted states in the nation. More detailed information regarding economic conditions and the financial strength of New Jersey is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

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, pandemics, and a lack of consumer affordability.

New York Tax-Free Bond Fund

Risk Factors Associated With a New York Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Debt As of May 1, 2022, the state of New York’s general obligation debt was rated Aa1 by Moody’s, AA+ by S&P, and AA+ by Fitch. All outlooks are stable.

Types of Municipal Debt The fund invests 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 fund invests 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 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.

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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 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 New York, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. The state of New York is typically among the most highly indebted states in the nation, and New York City is typically one of the most indebted U.S. cities. More detailed information regarding economic conditions and the financial strength of New York is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

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, pandemics, 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.

Debt As of May 1, 2022, the Commonwealth of Virginia’s general obligation debt was rated Aaa by Moody’s and AAA by S&P and Fitch. All three agencies have stable outlooks on the Commonwealth’s ratings.

Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the Commonwealth of Virginia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Virginia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and Virginia income tax. The issuers of these debt obligations include the Commonwealth of Virginia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Virginia public institutions of higher education, and certain Virginia not-for-profit organizations (e.g.,

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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 purposes, including transportation, housing, education, health care, and industrial development. The Commonwealth of Virginia and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, bonds issued by many counties, municipalities, and agencies of the commonwealth and local governments are not backed by the full faith and credit of the commonwealth and may or may not be subject to annual appropriations from the commonwealth’s General Fund. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Virginia. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Virginia.

The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the Commonwealth of Virginia, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. While local governments in Virginia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Virginia is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant 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. 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, pandemics, and a lack of consumer affordability.

All Tax-Free Funds

The regular income dividends shareholders receive from municipal bond funds are typically exempt from regular federal income taxes. The portion of these dividends representing interest on bonds issued by your state may also be exempt from your state and local income taxes (if any). However, any capital gain distributions from municipal bond funds may be taxable to shareholders. Since the income generated by most municipal securities is exempt from federal taxation, investors are willing to accept lower yields on a municipal bond or municipal bond fund than on an otherwise similar (in quality, maturity, and duration) taxable bond or taxable bond fund.

Interest income from municipal securities is not always exempt from federal taxes. Since 1986, income from so-called “private activity” municipal bonds has generally been subject to the federal alternative minimum tax. For instance, some bonds financing airports, stadiums, and student loan programs fall into this category. These bonds typically carry higher

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yields than regular municipal securities. Shareholders subject to the alternative minimum tax must include income derived from private activity bonds that are not exempt from the alternative minimum tax in their alternative minimum tax calculation. The portion of any fund income subject to the alternative minimum tax will be reported annually to shareholders.

Additionally, under highly unusual circumstances, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable. If a state-tax free fund were to hold such a bond, it might have to distribute taxable income or reclassify previously distributed tax-free income as taxable income.

Municipal bond funds are generally not appropriate investments for those investing through a tax-deferred account, such as an IRA or employer-sponsored retirement plan, because the funds’ tax advantages are not applicable if investing through such an account.

Credit ratings and the financial and economic conditions of the state and local governments, public authorities, or others in which the state tax-free funds may invest are subject to change at any time.

Puerto Rico From time to time, the funds may invest in debt obligations of the Commonwealth of Puerto Rico and its public corporations, as well as debt obligations of other U.S. territories; some of these securities may be exempt from U.S. federal, state, and local income taxes. As of May 1, 2022, Puerto Rico’s general obligation debt was not rated by Moody’s, S&P, or Fitch.

The lack of ratings are due in part to delays in timely audited financial statements and Puerto Rico’s financial default, which began on August 1, 2015.

In June 2015, Alejandro García Padilla, the governor at the time, indicated that Puerto Rico would be unable to continue servicing its debt. This announcement was followed in September 2015 by the commonwealth’s Fiscal and Economic Growth Plan, which called into question the constitutional protection of Puerto Rico’s general obligation bonds and recommended negotiations with creditors to restructure the debt. In April 2016, Puerto Rico passed legislation that would allow the governor to declare a state of emergency, which would stop payments on its debts through early 2017. In response to these developments, in June 2016, the U.S. Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), establishing a federally appointed Financial Oversight & Management Board (FOMB) to oversee the commonwealth’s financial operations and debt restructuring. After years of restructuring negotiations, on January 18, 2022, the Court entered an Order confirming the Plan of Adjustment, with a March 15, 2022 effective date.

The lack of credit ratings could weaken the demand for such securities and prevent those issuers from obtaining the financing they need. Should the economic or fiscal conditions in Puerto Rico decline, the volatility, liquidity, credit quality, and performance of its obligations could be severely affected. Consequently, a fund’s performance could be negatively impacted, depending on its exposure to Puerto Rico’s municipal obligations.

Puerto Rico has suffered a series of devastating natural events. In September 2017, Hurricanes Irma and Maria crossed Puerto Rico, causing over $80 billion in damage; recovery has been prolonged and will continue to demand considerable resources. Beginning on December 29, 2019, a series of seismic events struck; the largest, a 6.4 magnitude earthquake, occurred on January 7, 2020, resulting in significant damage and requiring $947 million in federal funds to aid reconstruction. On March 15, 2020, in response to the COVID-19 pandemic, Governor Wanda Vázquez Garced signed an executive order, closing businesses and enacting a curfew. The economic impact of the pandemic continues to evolve; pandemic relief from the federal government is estimated to total over $43 billion. These ongoing challenges and any future additional or unanticipated events could negatively impact a fund’s performance, depending on its exposure to Puerto Rico’s obligations.

Debt On March 15, 2022, Puerto Rico exchanged more than $33 billion of general obligation bonds and claims into $7 billion of new bonds, reducing debt service to $1.15 billion from a peak of $3.9 billion. This recent exchange is in addition to the debts of $12 billion in restructured Puerto Rico Sales Tax Financing Corporation (COFINA), $5 billion in Puerto Rico Commonwealth Aqueduct & Sewer Authority (PRASA), and $3 billion in restructured Government Development Bank (GDB) for Puerto Rico. Debt restructurings are ongoing for the $9 billion Puerto Rico Electric Power Authority (PREPA) and the $6 billion Puerto Rico Highway & Transportation Authority (HTA).

Guaranteed direct obligations of the commonwealth that are supported by a general obligation pledge are subject to limitations imposed by the commonwealth’s constitution. Debts of its municipalities are typically supported by property

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and municipal taxes. Debts of its public corporations are generally supported by the entity’s revenues or taxes. Depending on future economic conditions and fiscal management, including the FOMB’s oversight, the ability and willingness for the Commonwealth of Puerto Rico to service its obligations could change. This presents a risk that could impact a fund’s performance, depending on its exposure to Puerto Rico’s obligations.

Economy Puerto Rico’s economy, as measured by the Puerto Rico Economic Activity Index (EDB-EAI), a proxy for GNP, has recently started to improve, increasing 14% since June 2020, surpassing pre-COVID levels. Despite recent gains, economic activity has declined by 7% over the past decade. Between the 2020 and 2010 Census, the population in Puerto Rico declined by 12%. The FOMB estimates that GNP will grow by 4.4% over the next decade, while population declines continue. As of March 2022, unemployment was 6.5%, the lowest on record. Declines in economic growth or population could negatively impact a fund’s performance, depending on its exposure to Puerto Rico’s obligations.

Manufacturing, particularly pharmaceuticals, medical and scientific equipment, and computer services, is important to the local economy in Puerto Rico. Manufacturing accounted for approximately 48% of GNP in 2020, and 7% of nonfarm payroll employment. Puerto Rico is the world’s fifth largest pharmaceutical manufacturing hub by volume and is home to more than 80 manufacturing facilities. Changes in global and local tax policies could change the economics of manufacturing in Puerto Rico, resulting in a decline in GNP and impacting tax revenue. Lower tax revenue could negatively impact a fund’s performance, depending on its exposure to Puerto Rico’s obligations.

Financial Puerto Rico has yet to release its audited financial statements from fiscal year 2021; therefore, this financial information is based on figures from the latest audited fiscal year, 2019. Puerto Rico’s general fund revenues, on a budgetary basis, were $11.4 billion and the ending general fund balance was $7.5 billion. Puerto Rico’s financial disclosure practices continue to be very weak. The lack of timely audited financials and weak disclosure practices present a risk that could impact a fund’s performance, depending on its exposure to Puerto Rico’s obligations.

Investments by Unaffiliated Investment Companies

At times, investment companies that are not sponsored by T. Rowe Price may invest in shares of a Price Fund. Such investments are subject to the limits and conditions that apply under the 1940 Act. It is the responsibility of the unaffiliated investment company to notify T. Rowe Price or its affiliates prior to investing in a Price Fund in excess of any applicable limits under the 1940 Act that would necessitate entering into an investment agreement.

PORTFOLIO SECURITIES

Types of Securities

Set forth below is additional information about certain of the investments described in the funds’ prospectuses.

Equity Securities

Common and preferred stocks both represent an equity or ownership interest in an issuer. Common stock typically entitles the owner to vote on the election of directors and other important matters, while preferred stock does not ordinarily carry voting rights. In the event an issuer is liquidated or declares bankruptcy, the claims of secured and unsecured creditors and owners of bonds take precedence over the claims of those who own preferred stock, and the owners of preferred stock take precedence over the claims of those who own common stock.

Although owners of common stock are typically entitled to receive any dividends on such stock, owners of common stock participate in company profits on a pro-rata basis. Profits may be paid out in dividends or reinvested in the company to help it grow. Because increases and decreases in earnings are usually reflected in a company’s stock price, common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Preferred stock, unlike common stock, often has a stated dividend rate payable from the corporation’s earnings. Preferred stock dividends may be cumulative or noncumulative, participating or nonparticipating, or adjustable rate. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer’s common stock, while a passed dividend on noncumulative preferred stock is generally gone forever. Participating preferred stock may be entitled to a dividend exceeding the declared dividend in certain cases, while nonparticipating

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preferred stock is limited to the stipulated dividend. Adjustable rate preferred stock pays a dividend that is adjustable, usually quarterly, based on changes in certain interest rates. Convertible preferred stock is exchangeable for a specified number of common stock shares and is typically more volatile than nonconvertible preferred stock, which tends to behave more like a bond.

The funds may make equity investments in companies through initial public offerings and by entering into privately negotiated transactions involving equity securities that are not yet publicly traded on a stock exchange. Stocks may also be purchased on a “when issued” basis, which is used to refer to a security that has not yet been issued but that will be issued in the future. The term may be used for new stocks and stocks that have split but have not yet started trading.

The market prices of equity securities owned by the fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Stocks of smaller companies may be more vulnerable to adverse developments than those of larger companies. Stocks of companies that the portfolio managers believe are fast-growing may trade at a higher multiple of current earnings than other stocks. The value of such stocks may be more sensitive to changes in current or expected earnings than the values of other stocks.

Debt Securities

· U.S. Government Obligations Bills, notes, bonds, and other debt securities issued by the U.S. Treasury and backed by the full faith and credit of the U.S. government. These are direct obligations of the U.S. government and differ mainly in the length of their maturities. U.S. Treasury obligations may also include, among other things, the separately traded principal and interest components of securities guaranteed or issued by the U.S. Treasury if such components are traded independently under the Separate Trading of Registered Interest and Principal of Securities program (STRIPS), as well as Treasury inflation protected securities (TIPS) whose principal value is periodically adjusted according to the rate of inflation.

· U.S. Government Agency Securities Issued or guaranteed by U.S. government-sponsored enterprises and federal agencies. These include securities issued by the Federal National Mortgage Association (FNMA), GNMA, Federal Home Loan Bank, Federal Land Banks, Farmers Home Administration, Banks for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Bank, Farm Credit Banks, the Small Business Association, and the Tennessee Valley Authority. Some of these securities are supported by the full faith and credit of the U.S. Treasury; the remainder are supported only by the credit of the instrumentality, which may or may not include the right of the issuer to borrow from the U.S. Treasury. These may also include securities issued by eligible private institutions that are guaranteed by certain U.S. government agencies under authorized programs.

· Bank Obligations Certificates of deposit, banker’s acceptances, and other short-term debt obligations. Certificates of deposit are short-term obligations of commercial banks. A banker’s acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with international commercial transactions. Certificates of deposit may have fixed or variable rates. The funds may invest in U.S. banks, foreign branches of U.S. banks, U.S. branches of foreign banks, and foreign branches of foreign banks.

· Savings and Loan Obligations Negotiable certificates of deposit and other short-term debt obligations of savings and loan associations.

· Supranational Agencies Securities of certain supranational entities, such as the International Development Bank.

· Corporate Debt Securities Outstanding corporate debt securities (e.g., bonds and debentures). Corporate notes may have fixed, variable, or floating rates.

· Short-Term Corporate Debt Securities Outstanding nonconvertible corporate debt securities (e.g., bonds and debentures) that have one year or less remaining to maturity. Corporate notes may have fixed, variable, or floating rates.

· Commercial Paper and Commercial Notes Short-term promissory notes issued by corporations primarily to finance short-term credit needs. Certain notes may have floating or variable rates and may contain options, exercisable by either the buyer or the seller, that extend or shorten the maturity of the note.

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· Foreign Government Securities Issued or guaranteed by a foreign government, province, instrumentality, political subdivision, or similar unit thereof.

· Funding Agreements Obligations of indebtedness negotiated privately between the funds and an insurance company. Often such instruments will have maturities with unconditional put features, exercisable by the funds, requiring return of principal within one year or less.

There are other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Rights and Warrants

Rights and warrants can be highly volatile and have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. Warrants generally entitle, but do not obligate, their holder to purchase other equity or fixed income securities at a specified price at a later date. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing holders of its stock to provide those holders the right to purchase additional shares of stock at a later date. Additionally, a warrant or right ceases to have value if it is not exercised prior to its expiration date. As a result, warrants and rights may be considered more speculative than certain other types of investments. Rights and warrants differ from call options in that they are issued by the issuer of the security that may be purchased on their exercise, whereas call options may be written or issued by anyone. The prices of rights and warrants do not necessarily move parallel to the prices of the underlying securities.

There are, of course, other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Mortgage-Related Securities

· Mortgage-Backed Securities Mortgage-backed securities are securities representing an interest in a pool of mortgages. The mortgages may be of a variety of types, including adjustable rate, conventional 30-year and 15-year fixed rate, and graduated payment mortgages. Principal and interest payments made on the mortgages in the underlying mortgage pool are passed through to the funds. This is in contrast to traditional bonds where principal is normally paid back at maturity in a lump sum. Unscheduled prepayments of principal shorten the securities’ weighted average life and may lower their total return. (When a mortgage in the underlying mortgage pool is prepaid, an unscheduled principal prepayment is passed through to the funds. This principal is returned to the funds at par. As a result, if a mortgage security were trading at a premium, its total return would be lowered by prepayments, and if a mortgage security were trading at a discount, its total return would be increased by prepayments.) The value of these securities also may change because of changes in the market’s perception of the creditworthiness of the federal agency that issued them or a downturn in housing prices. In addition, the mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies.

· U.S. Government Agency Mortgage-Backed Securities These are obligations issued or guaranteed by the U.S. government or one of its agencies or instrumentalities, such as GNMA, FNMA, the Federal Home Loan Mortgage Corporation (FHLMC), and the Federal Agricultural Mortgage Corporation (FAMC). FNMA, FHLMC, and FAMC obligations are not backed by the full faith and credit of the U.S. government as GNMA certificates are, but they are supported by the instrumentality’s right to borrow from the U.S. Treasury. On September 7, 2008, FNMA and FHLMC were placed under conservatorship of the Federal Housing Finance Agency, an independent federal agency. U.S. Government Agency Mortgage-Backed Certificates provide for the pass-through to investors of their pro-rata share of monthly payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees paid to the guarantor of such securities and the servicer of the underlying mortgage loans. GNMA, FNMA, FHLMC, and FAMC each guarantee timely distributions of interest to certificate holders. GNMA and FNMA guarantee timely distributions of scheduled principal. FHLMC has in the past guaranteed only the ultimate collection of principal of the underlying mortgage loan; however, FHLMC now issues mortgage-backed securities (FHLMC Gold PCS), which also guarantee timely payment of monthly principal reductions.

· GNMA Certificates GNMA is a wholly owned corporate instrumentality of the United States within the Department of Housing and Urban Development. The National Housing Act of 1934, as amended (Housing Act), authorizes GNMA to guarantee the timely payment of the principal of, and interest on, certificates that are based on and backed by a pool of

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mortgage loans insured by the Federal Housing Administration under the Housing Act, or Title V of the American Housing Act of 1949, or guaranteed by the Department of Veterans Affairs under the Servicemen’s Readjustment Act of 1944, as amended, or by pools of other eligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. government is pledged to the payment of all amounts that may be required to be paid under any guaranty. In order to meet its obligations under such guaranty, GNMA is authorized to borrow from the U.S. Treasury with no limitations as to amount.

· FNMA Certificates FNMA is a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage Association Charter Act of 1938. FNMA certificates represent a pro-rata interest in a group of mortgage loans purchased by FNMA. FNMA guarantees the timely payment of principal and interest on the securities it issues. The obligations of FNMA are not backed by the full faith and credit of the U.S. government.

· FHLMC Certificates FHLMC is a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970, as amended. FHLMC certificates represent a pro-rata interest in a group of mortgage loans purchased by FHLMC. FHLMC guarantees timely payment of interest and principal on certain securities it issues and timely payment of interest and eventual payment of principal on other securities it issues. The obligations of FHLMC are obligations solely of FHLMC and are not backed by the full faith and credit of the U.S. government.

· FAMC Certificates FAMC is a federally chartered instrumentality of the United States established by Title VIII of the Farm Credit Act of 1971, as amended. FAMC was chartered primarily to attract new capital for financing of agricultural real estate by making a secondary market in certain qualified agricultural real estate loans. FAMC provides guarantees of timely payment of principal and interest on securities representing interests in, or obligations backed by, pools of mortgages secured by first liens on agricultural real estate. Similar to FNMA and FHLMC, FAMC certificates are not supported by the full faith and credit of the U.S. government; rather, FAMC may borrow from the U.S. Treasury to meet its guaranty obligations.

As discussed above, prepayments on the underlying mortgages and their effect upon the rate of return of a mortgage-backed security is the principal investment risk for a purchaser of such securities, like the funds. Over time, any pool of mortgages will experience prepayments due to a variety of factors, including (1) sales of the underlying homes (including foreclosures), (2) refinancings of the underlying mortgages, and (3) increased amortization by the mortgagee. These factors, in turn, depend upon general economic factors, such as level of interest rates and economic growth. Thus, investors normally expect prepayment rates to increase during periods of strong economic growth or declining interest rates and to decrease in recessions and rising interest rate environments. Accordingly, the life of the mortgage-backed security is likely to be substantially shorter than the stated maturity of the mortgages in the underlying pool. Because of such variation in prepayment rates, it is not possible to predict the life of a particular mortgage-backed security, but FHA statistics indicate that 25- to 30-year single family dwelling mortgages have an average life of approximately 12 years. The majority of GNMA certificates are backed by mortgages of this type, and, accordingly, the generally accepted practice treats GNMA certificates as 30-year securities that prepay in full in the 12th year. FNMA and FHLMC certificates may have differing prepayment characteristics.

Fixed rate mortgage-backed securities bear a stated “coupon rate” that represents the effective mortgage rate at the time of issuance, less certain fees to GNMA, FNMA, and FHLMC for providing the guarantee and the issuer for assembling the pool and for passing through monthly payments of interest and principal.

Payments to holders of mortgage-backed securities consist of the monthly distributions of interest and principal less the applicable fees. The actual yield to be earned by a holder of mortgage-backed securities is calculated by dividing interest payments by the purchase price paid for the mortgage-backed securities (which may be at a premium to or a discount from the face value of the certificate).

Monthly distributions of interest, as contrasted to semiannual distributions that are common for other fixed interest investments, have the effect of compounding and thereby raising the effective annual yield earned on mortgage-backed securities. Because of the variation in the life of the pools of mortgages that back various mortgage-backed securities, and because it is impossible to anticipate the rate of interest at which future principal payments may be reinvested, the actual yield earned from a portfolio of mortgage-backed securities will differ significantly from the yield estimated by using an assumption of a certain life for each mortgage-backed security included in such a portfolio as described above.

· 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

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principal payments from the underlying loans are passed through to the funds according to a schedule of payments. CMBS are structured similarly to mortgage-backed securities in that both are backed by mortgage payments. However, CMBS involve loans related to commercial property, whereas mortgage-backed securities are based on loans relating to residential property. Because commercial mortgages tend to be structured with prepayment penalties, CMBS generally carry less prepayment risk than loans backed by residential mortgages. Credit quality depends primarily on the quality of the loans themselves and on the structure of the particular deal. However, the value of these securities may change because of actual or perceived changes in the creditworthiness of the individual borrowers, their tenants, and servicing agents or due to deterioration in the general state of commercial real estate or overall economic conditions.

· Collateralized Mortgage Obligations (CMOs) CMOs are bonds that are collateralized by whole-loan mortgages or mortgage pass-through securities. The bonds issued in a CMO deal are divided into groups, and each group of bonds is referred to as a “tranche.” Under the traditional CMO structure, the cash flows generated by the mortgages or mortgage pass-through securities in the collateral pool are used to first pay interest and then pay principal to the CMO bondholders. The bonds issued under such a CMO structure are retired sequentially as opposed to the pro-rata return of principal found in traditional pass-through obligations. Subject to the various provisions of individual CMO issues, the cash flow generated by the underlying collateral (to the extent it exceeds the amount required to pay the stated interest) is used to retire the bonds. Under the CMO structure, the repayment of principal among the different tranches is prioritized in accordance with the terms of the particular CMO issuance. The “fastest pay” tranche of bonds, as specified in the prospectus for the issuance, would initially receive all principal payments. When that tranche of bonds is retired, the next tranche, or tranches, in the sequence, as specified in the prospectus, receive all of the principal payments until they are retired. The sequential retirement of bond groups continues until the last tranche, or group of bonds, is retired. Accordingly, the CMO structure allows the issuer to use cash flows of long maturity, monthly pay collateral to formulate securities with short, intermediate, and long final maturities and expected average lives.

New types of CMO tranches continue to evolve, such as floating rate CMOs, planned amortization classes, accrual bonds, and CMO residuals. Some newer structures could affect the amount and timing of principal and interest received by each tranche from the underlying collateral. Under certain structures, given classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which the funds invest, the investment may be subject to a greater or lesser risk of prepayment than other types of mortgage-related securities.

The primary risk of any mortgage security is the uncertainty of the timing of cash flows. For CMOs, the primary risk results from the rate of prepayments on the underlying mortgages serving as collateral and from the structure of the deal (priority of the individual tranches). An increase or decrease in prepayment rates (resulting from a decrease or increase in mortgage interest rates) will affect the yield, average life, and price of CMOs. The prices of certain CMOs, depending on their structure and the rate of prepayments, can be volatile. Some CMOs may also not be as liquid as other securities.

· U.S. Government Agency Multi-class Pass-Through Securities Unlike CMOs, U.S. government agency multi-class pass-through securities, which include FNMA guaranteed real estate mortgage investment conduit pass-through certificates and FHLMC multi-class mortgage participation certificates, are ownership interests in a pool of mortgage assets. Unless the context indicates otherwise, all references herein to CMOs include multi-class pass-through securities.

· Multi-class Residential Mortgage Securities Such securities represent interests in pools of mortgage loans to residential home buyers made by commercial banks, savings and loan associations, or other financial institutions. Unlike GNMA, FNMA, and FHLMC securities, the payment of principal and interest on multi-class residential mortgage securities is not guaranteed by the U.S. government or any of its agencies. Accordingly, yields on multi-class residential mortgage securities historically have been 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

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insurance or guarantees, including individual loan, title, pool, and hazard insurance. The insurance and guarantees are issued by government entities, private insurance, or the mortgage poolers. Such insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether a mortgage-related security meets the funds’ quality standards. The funds may buy mortgage-related securities without insurance or guarantees if, through an examination of the loan experience and practices of the poolers, the investment manager determines that the securities meet the funds’ quality standards.

· Stripped Mortgage-Backed Securities These instruments represent interests in a pool of mortgages, the cash flow of which has been separated into its interest and principal components. Interest-only securities (IOs) receive the interest portion of the cash flow while principal-only securities (POs) receive the principal portion. IOs and POs are usually structured as tranches of a CMO. Stripped mortgage-backed securities may be issued by U.S. government agencies or by private issuers similar to those described above with respect to CMOs and privately issued mortgage-backed certificates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. The value of the PO, as with other mortgage-backed securities described herein, and other debt instruments, will tend to move in the opposite direction compared with interest rates. Under the Code, POs may generate taxable income from the current accrual of original issue discount without a corresponding distribution of cash to the funds.

The cash flows and yields on IO and PO classes are extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. In the case of IOs, prepayments affect the amount of cash flows provided to the investor. In contrast, prepayments on the mortgage pool affect the timing of cash flows received by investors in POs. For example, a rapid or slow rate of principal payments may have a material adverse effect on the prices of IOs or POs, respectively. If the underlying mortgage assets experience greater-than-anticipated prepayments of principal, investors may fail to fully recoup their initial investment in an IO class of a stripped mortgage-backed security, even if the IO class is rated AAA or Aaa or is derived from a full faith and credit obligation. Conversely, if the underlying mortgage assets experience slower-than-anticipated prepayments of principal, the price on a PO class will be affected more severely than would be the case with a traditional mortgage-backed security.

· ARMs ARMs, like fixed rate mortgages, have a specified maturity date, and the principal amount of the mortgage is repaid over the life of the mortgage. Unlike fixed rate mortgages, the interest rate on ARMs is adjusted at regular intervals based on a specified, published interest rate “index” such as a Treasury rate index. The new rate is determined by adding a specific interest amount, the “margin,” to the interest rate of the index. Investment in ARMs allows the funds to participate in changing interest rate levels through regular adjustments in the coupons of the underlying mortgages, resulting in more variable current income and lower price volatility than longer-term fixed rate mortgage securities. ARMs are a less effective means of locking in long-term rates than fixed rate mortgages since the income from adjustable rate mortgages will increase during periods of rising interest rates and decline during periods of falling rates.

· TBAs and Dollar Rolls Funds that purchase or sell mortgage-backed securities may choose to purchase or sell certain mortgage-backed securities on a delayed delivery or forward commitment basis through the TBA market. With TBA transactions, the fund would enter into a commitment to either purchase or sell mortgage-backed securities for a fixed price, with payment and delivery at a scheduled future date beyond the customary settlement period for mortgage-backed securities. These transactions are considered TBA because the fund commits to buy a pool of mortgages that have yet to be specifically identified but will meet certain standardized parameters (such as yield, duration, and credit quality) and contain similar loan characteristics. For either purchase or sale transactions, a fund may choose to extend the settlement through a “dollar roll” transaction in which it sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. These transactions have the potential to enhance the fund’s returns and reduce its administrative burdens when compared with holding mortgage-backed securities directly, although these transactions will increase the fund’s portfolio turnover rate. During the roll period, the fund forgoes principal and interest paid on the securities. However, the fund would be compensated by the difference between the current sale price and the forward price for the future purchase, as well as by the interest earned on the cash proceeds of the initial sale.

Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the fund will still bear the risk of any decline in the value of the security to be delivered. Dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement

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dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the fund may be less favorable than the security delivered to the dealer.

In addition, mandatory margin requirements under FINRA rules require the funds to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the funds and impose added operational complexity.

· Other Mortgage-Related Securities Governmental, government-related, or private entities may create mortgage loan pools offering pass-through investments in addition to those described above. The mortgages underlying these securities may be alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may differ from customary long-term fixed rate mortgages. As new types of mortgage-related securities are developed and offered to investors, the investment manager will, consistent with the funds’ objectives, policies, and quality standards, consider making investments in such new types of securities.

Asset-Backed Securities

Background The asset-backed securities (ABS) market has been one of the fastest-growing sectors of the U.S. fixed income market since its inception in late 1985. Although initial ABS transactions were backed by auto loans and credit card receivables, today’s market has evolved to include a variety of asset types, including home equity loans, student loans, equipment leases, stranded utility costs, and collateralized bond/loan obligations. For investors, securitization typically provides an opportunity to invest in high-quality securities with higher credit ratings and less downgrade/event risk than corporate bonds. Unlike mortgages, prepayments on ABS collateral are less sensitive to changes in interest rates. They can also be structured into classes that meet the market’s demand for various maturities and credit quality.

Structure Asset-backed securities are bonds that represent an ownership interest in a pool of receivables sold by originators into a special purpose vehicle (SPV). The collateral types can vary, as long as they are secured by homogeneous assets with relatively predictable cash flows. Assets that are transferred through a sale to an SPV are legally separated from those of the seller/servicer, which insulates investors from bankruptcy or other event risk associated with the seller/servicer of those assets. Most senior tranches of ABS are structured to a AAA rated level through credit enhancement; however, ABS credit ratings range from AAA to non-investment grade. Many ABS transactions are structured to include payout events/performance triggers, which provide added protection against deteriorating credit quality.

ABS structures are generally categorized by two distinct types of collateral. Amortizing assets (such as home equity loans, auto loans, and equipment leases) typically pass through principal and interest payments directly to investors, while revolving assets (such as credit card receivables, home equity lines of credit, and dealer floor-plan loans) typically reinvest principal and interest payments in new collateral for a specified period of time. The majority of amortizing transactions are structured as straight sequential-pay transactions. In these structures, all principal amortization and prepayments are directed to the shortest maturity class until it is retired, then to the next shortest class, and so on. The majority of revolving assets are structured as bullets, whereby investors receive periodic interest payments and only one final payment of principal at maturity.

Underlying Assets The asset-backed securities that may be purchased include securities backed by pools of mortgage-related receivables known as home equity loans, or of consumer receivables such as automobile loans or credit card loans. Other types of ABS may also be purchased. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets, which in turn may be affected by a variety of economic and other factors. As a result, the yield and return on any asset-backed security is difficult to predict with precision, and actual return or yield to maturity may be more or less than the anticipated return or yield to maturity.

Methods of Allocating Cash Flows While some asset-backed securities are issued with only one class of security, many asset-backed securities are issued in more than one class, each with different payment terms. Multiple-class asset-backed securities are issued for two main reasons. First, multiple classes may be used as a method of providing credit support. This 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

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issuance of securities with payment terms, interest rates, or other characteristics differing both from those of each other and from those of the underlying assets. Asset-backed securities in which the payment streams on the underlying assets are allocated in a manner different than those described above may be issued in the future. The funds may invest in such asset-backed securities if the investment is otherwise consistent with the fund’s investment objectives, policies, and restrictions.

Types of Credit Support Asset-backed securities are typically backed by a pool of assets representing the obligations of a diversified pool of numerous obligors. To lessen the effect of failures by obligors on the ability of underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two classes: liquidity protection and protection against ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that scheduled payments on the underlying pool are made in a timely fashion. Protection against ultimate default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained from third parties (external credit enhancement), through various means of structuring the transaction (internal credit enhancement), or through a combination of such approaches. Examples of asset-backed securities with credit support arising out of the structure of the transaction include:

· Excess Spread Typically, the first layer of protection against losses, equal to the cash flow from the underlying receivables remaining after deducting the sum of the investor coupon, servicing fees, and losses.

· Subordination Interest and principal that would have otherwise been distributed to a subordinate class is used to support the more senior classes. This feature is intended to enhance the likelihood that the holder of the senior class certificate will receive regular payments of interest and principal. Subordinate classes have a greater risk of loss than senior classes.

· Reserve Funds Cash that is deposited and/or captured in a designated account that may be used to cover any shortfalls in principal, interest, or servicing fees.

· Overcollateralization A form of credit enhancement whereby the principal amount of collateral used to secure a given transaction exceeds the principal of the securities issued. Overcollateralization can be created at the time of issuance or may build over time.

· Surety Bonds Typically consist of third-party guarantees to irrevocably and unconditionally make timely payments of interest and ultimate repayment of principal in the event there are insufficient cash flows from the underlying collateral.

The degree of credit support provided on each issue is based generally on historical information regarding the level of credit risk associated with such payments. Depending upon the type of assets securitized, historical information on credit risk and prepayment rates may be limited or even unavailable. Delinquency or loss in excess of that anticipated could adversely affect the return on an investment in an asset-backed security. There is no guarantee that the amount of any type of credit enhancement available will be sufficient to protect against future losses on the underlying collateral.

Some of the specific types of ABS that the funds may invest in include the following:

· Collateralized Bond or Loan Obligations Collateralized bond obligations (CBOs) are asset-backed securities collateralized by corporate bonds, mortgages, or pools of asset-backed securities. Collateralized loan obligations (CLOs) are asset-backed securities collateralized by pools of bank loans. CBOs and CLOs are structured into tranches, and payments are allocated such that each tranche has a predictable cash flow stream and average life. Most CBOs tend to be collateralized by high yield bonds or loans, with heavy credit enhancement.

· Home Equity Loans These ABS typically are backed by pools of mortgage loans made to subprime borrowers or borrowers with blemished credit histories. The underwriting standards for these loans are more flexible than the standards generally used by banks for borrowers with unblemished credit histories with regard to the borrower’s credit standing and repayment ability. Borrowers who qualify generally have impaired credit histories, which may include a record of major derogatory credit items such as outstanding judgments or prior bankruptcies. In addition, they may not have the documentation required to qualify for a standard mortgage loan.

As a result, the mortgage loans in the mortgage pool are likely to experience rates of delinquency, foreclosure, and bankruptcy that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Furthermore, changes in the values of the mortgaged properties, as well as changes in interest rates, may have a greater effect on the delinquency, foreclosure, bankruptcy, and loss experience of the mortgage loans in the mortgage pool than on mortgage loans originated in a more traditional manner.

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With respect to first-lien mortgage loans, the underwriting standards do not prohibit a mortgagor from obtaining, at the time of origination of the originator’s first-lien mortgage loan, additional financing that is subordinate to that first-lien mortgage loan, which subordinate financing would reduce the equity the mortgagor would otherwise appear to have in the related mortgaged property as indicated in the loan-to-value ratio.

Risk Regarding Mortgage Rates

The pass-through rates on the adjustable rate certificates may adjust monthly and are generally based on one-month London Interbank Offered Rate (LIBOR). The mortgage rates on the mortgage loans are either fixed or adjusted semiannually based on six-month LIBOR, which is referred to as a mortgage index. Because the mortgage index may respond to various economic and market factors different than those affecting one-month LIBOR, there is not necessarily a correlation in the movement between the interest rates on those mortgage loans and the pass-through rates of the adjustable rate certificates. As a result, the interest payable on the related interest-bearing certificates may be reduced because of the imposition of a pass-through rate cap called the “net rate cap.”

Yield and Reinvestment Could Be Adversely Affected by Unpredictability of Prepayments

No one can accurately predict the level of prepayments that an asset-backed mortgage pool may experience. Factors that influence prepayment behavior include general economic conditions, the level of prevailing interest rates, the availability of alternative financing, the applicability of prepayment charges, and homeowner mobility. Reinvestment risk results from a faster or slower rate of principal payments than expected. A rising interest rate environment and the resulting slowing of prepayments could result in greater volatility of these securities. A falling interest rate environment and the resulting increase in prepayments could require reinvestment in lower-yielding securities.

· Credit Card-Backed Securities These ABS are backed by revolving pools of credit card receivables. Due to the revolving nature of these assets, the credit quality could change over time. Unlike most other asset-backed securities, credit card receivables are unsecured obligations of the cardholder, and payments by cardholders are the primary source of payment on these securities. The revolving nature of these card accounts generally provides for monthly payments to the trust. In order to issue securities with longer-dated maturities, most credit card-backed securities are issued with an initial “revolving” period during which collections are reinvested in new receivables. The revolving period may be shortened upon the occurrence of specified events, which may signal a potential deterioration in the quality of the assets backing the security.

· Automobile Loans These ABS are backed by receivables from motor vehicle installment sales contracts or installment loans secured by motor vehicles. These securities are primarily discrete pools of assets that pay down over the life of the ABS. The securities are not obligations of the seller of the vehicle or servicer of the loans. The primary source of funds for payments on the securities comes from payment on the underlying trust receivables as well as from credit support.

Inflation-Linked Securities

Inflation-linked securities are income-generating instruments whose interest and principal payments are periodically adjusted for inflation, which measures a sustained increase in prices of goods and services in an economy that erodes the purchasing power of a currency over time. TIPS are inflation-linked securities issued by the U.S. government. Inflation-linked bonds are also issued by corporations, U.S. government agencies, states, and foreign countries. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of the investment. Because of this inflation-adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed rate bonds. Municipal inflation bonds generally have a fixed principal amount, and the inflation component is reflected in the nominal coupon.

Inflation-linked bonds normally will decline in price when real interest rates rise. (A real interest rate is calculated by subtracting the inflation rate from a nominal interest rate. For example, if a 10-year Treasury note is yielding 5% and the rate of inflation is 2%, the real interest rate is 3%.) If inflation is negative, the principal and income of an inflation-linked bond normally will decline and could result in losses for the fund. Funds that invest in inflation-linked securities do not always move in lockstep with changes in the inflation rate because they do not necessarily buy inflation-linked securities

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when they are originally issued or hold them until maturity. In addition, there is no assurance that the consumer price index or other inflation index used to determine inflation adjustments will accurately measure the real rate of inflation.

Inflation adjustments on TIPS that exceed deflation adjustments for the year will be distributed by a fund as ordinary income to shareholders. Net deflation adjustments for a year could result in all or a portion of dividends paid earlier in the year by a fund being treated as a return of capital. The accrual of inflation or deflation adjustments could significantly impact the current level of dividends actually paid to shareholders of a fund that invests heavily in inflation-linked securities.

Loan Participations and Assignments

Loan participations and assignments (collectively, “participations”) will typically be participating interests in loans made by a syndicate of banks, represented by an agent bank that has negotiated and structured the loan. The borrower are typically corporate borrowers seeking to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buyouts, or other corporate activities. Such loans may also have been made to governmental borrowers as borrowers, especially governments of developing countries, which are referred to as loans to developing countries debt (LDC debt). LDC debt will involve a higher risk that the entity responsible for the repayment of the debt may be unable or unwilling to meet its obligations when they become due.

The loans underlying such participations may be secured or unsecured, and the funds may invest in loans collateralized by mortgages on real property or that have no collateral. The loan participations themselves may extend for the entire term of the loan or may extend only for short “strips” that correspond to a quarterly or monthly floating rate interest period on the underlying loan. Thus, a term or revolving credit that extends for several years may be subdivided into shorter periods. Some of the funds may invest in fixed and floating rate loans. Loans may include senior floating rate loans; secured and unsecured loans, second lien or more junior loans; and bridge loans or bridge facilities.

Loans may be acquired by direct investment as a lender at the inception of the loan, by assignment of a portion of a loan previously made to a different lender, or by purchase of a participation interest – each of which is pursuant to a contractual arrangement. In an assignment, lenders may assign (a) both the lender’s rights and obligations; (b) only its right to receive payments of principal and interest; or (c) part of its rights to receive payments. Partial assignments, known as “participating interests,” do not shift the debtor-creditor relationship to the assignee, who must rely on the original lending institution to collect sums due and to otherwise enforce its rights against the agent bank that administers the loan or against the underlying borrower. If a fund makes a direct investment in a loan as one of the lenders, it generally acquires the loan at par. This means the fund receives a return at the full interest rate for the loan. As an originator, the fund may have more control in structuring the loan, enforcing compliance, or exercising voting/consent rights than if the fund purchases as an assignment or participating interest. If the fund acquires its interest in loans in the secondary market or acquires a participation interest, the loans may be purchased or sold above, at, or below par, which can result in a yield that is below, equal to, or above the stated interest rate of the loan.

If the funds purchase a participation interest in another lender’s loan, as opposed to acquiring a loan directly from a lender or through an agent or as an assignment from another lender, the funds will treat both the corporate borrower and the bank selling the participation interest as an issuer for purposes of its fundamental investment restriction on diversification.

In the process of buying, selling and holding loans, a fund may receive and/or pay certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, commissions and prepayment penalty fees. When a fund buys or sells a loan it may pay a fee. In certain circumstances, a fund may receive a prepayment penalty fee upon prepayment of a loan. Various service fees received by the funds from loan participations may be treated as non-interest income depending on the nature of the fee (commitment, takedown, commission, service, or loan origination). To the extent the service fees are not interest income, they will not qualify as income under Section 851(b) of the Code. Thus, the sum of such fees plus any other nonqualifying income earned by the funds cannot exceed 10% of total income.

The Price Advisers will generally choose not to receive material nonpublic information about the issuers of loans who also issue publicly traded securities that a Price Fund owns or may want to own. As a result, the Price Advisers may have less information than other investors about certain of the loans in which they invest or seek to invest on behalf of the Price Funds or other client accounts. In some circumstances, the Price Advisers may receive material nonpublic information about an issuer as a result of a Price Fund’s ownership of a loan involving that issuer. In these situations, a fund may be unable to enter into a transaction in a publicly traded security issued by that borrower when it would otherwise be

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advantageous to do so due to prohibitions on trading in securities of issuers while in possession of material nonpublic information. Unlike registered securities, such as most stocks and bonds, loans are not registered or regulated under the federal securities laws. As a result, investors in loans have less protection against fraud and other improper practices than investors in registered securities because investors in loans (such as the funds) may not be entitled to rely on the protections of the federal securities laws. Because floating interest rates on bank loans are typically based on a percentage above LIBOR, the expected discontinuation in 2023 for the majority of the LIBOR rates could have an adverse impact on the market for, or value of, bank loans held by funds. The risks associated with the expected discontinuation of LIBOR may be enhanced if the transition to an alternative reference rate is not completed in an orderly or timely manner.

· Covenant-Lite Loans Some of the loans in which a fund may invest or get exposure to through its investments in CDOs, CLOs or other types of structured securities may be “covenant-lite” loans, which means the loans contain fewer maintenance covenants than other loans (in some cases, none) and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by a fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. A fund may also experience delays in enforcing its rights on its holdings of covenant-lite loans. As a result of these risks, a fund’s exposure to losses may be increased, which could result in an adverse impact on the fund's net income and NAV.

· Delayed Draw Loan and Revolver A delayed draw term (or delayed funding) loan is a type of loan where a borrower can request additional funds after the initial draw period has come to an end. The withdrawal periods and loan amounts are determined in advance. There is generally a ticking fee paid from the borrower to the lender on undrawn portions of the loan.

Revolvers are a form of senior bank debt, where the borrower can draw down the credit of the revolver when it needs cash and repays the credit when the borrower has excess cash. One substantive difference between a delayed draw term loan and revolver is that under a revolver, the borrower would be able to pay off its liability to the fund and then re-borrow again the same amount in the future. Revolvers have maturity dates at which point the borrower can no longer draw on the line of credit and must repay any outstanding obligations.

Loans are subject to the risks associated with debt obligations in general including interest rate risk, credit risk and market risk as well as high yield securities risk, liquidity risk (as loans may be illiquid), and regulatory risk. Additional risks include:

· Collateral and Subordination Risk. With respect to loans that are secured, a fund is subject to the risk that collateral securing the loan will decline in value or have no value or that the fund’s lien is or will become junior in payment to other liens. A decline in value of the collateral, whether as a result of market value declines, bankruptcy proceedings or otherwise, could cause the loan to be under collateralized or unsecured. In such event, the fund may have the ability to require that the borrower pledge additional collateral. The fund, however, is subject to the risk that the borrower may not pledge such additional collateral or a sufficient amount of collateral. In some cases (for example, in the case of non-recourse loans), there may be no formal requirement for the borrower to pledge additional collateral. In addition, collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy a borrower’s obligation on a loan. If the fund were unable to obtain sufficient proceeds upon a liquidation of such assets, this could negatively affect fund performance.

· Information Risk. There is typically less publicly available information concerning loans than other types of fixed income investments. As a result, a fund generally will be dependent on reports and other information provided by the borrower, either directly or through an agent, to evaluate the borrower’s creditworthiness or to determine the borrower’s compliance with the covenants and other terms of the loan agreement. Such reliance may make investments in loans more susceptible to fraud than other types of investments. In addition, because the investment adviser may wish to invest in the publicly traded securities of a borrower, it may not have access to material non-public information regarding the borrower to which other loan investors have access.

· Agent Risk. Selling lenders, agents and other entities who may be positioned between a fund and the borrower may (1) be impacted by economic, political, regulatory events affecting the banking, finance, and financial industry more than other types of investments or (2) become insolvent, enter into an FDIC

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receivership, or bankruptcy. In these events, the fund might incur certain costs and delays in realizing payment on a loan or suffer a loss of principal and/or interest if assets or interests held by the agent, lender or other party positioned between the fund and the borrower are determined to be subject to the claims of the agent’s, lender’s or such other party’s creditors.

· Inventory Risk. Affiliates of Price Advisers may participate in the primary and secondary market for loans. Because of limitations imposed by applicable law, the presence of the affiliates in the loan market may restrict a fund’s ability to acquire some loans, affect the timing of such acquisition or affect the price at which the loan is acquired.

Zero-Coupon and Pay-in-Kind Bonds

A zero-coupon security has no cash coupon payments. Instead, the issuer sells the security at a substantial discount to its maturity value. The interest received by the investor from holding this security to maturity is the difference between the maturity value and the purchase price. The advantage to the investor is that reinvestment risk of the income received during the life of the bond is eliminated. However, zero-coupon bonds, like other bonds, retain interest rate and credit risk and usually display more price volatility than those securities that pay a cash coupon.

Pay-in-kind (PIK) instruments are securities that pay interest in either cash or additional securities, at the issuer’s option, for a specified period. PIKs, like zero-coupon bonds, are designed to give an issuer flexibility in managing cash flow. PIK bonds can be either senior or subordinated debt and trade flat (i.e., without accrued interest). The price of PIK bonds is expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. PIKs are usually less volatile than zero-coupon bonds but more volatile than cash pay securities.

For federal income tax purposes, these types of bonds will require the recognition of gross income each year even though no cash may be paid to the funds until the maturity or call date of the bond. Similar requirements may apply to bonds purchased with market discount. The funds will nonetheless be required to distribute substantially all of this gross income each year to comply with the Code, and such distributions could reduce the amount of cash available for investment by the funds.

Trade Claims

Trade claims are non-securitized rights of payment arising from obligations other than borrowed funds. Trade claims typically arise when, in the ordinary course of business, vendors and suppliers extend credit to a company by offering payment terms. Generally, when a company files for bankruptcy protection, payments on these trade claims cease and the claims are subject to compromise along with the other debts of the company. Trade claims typically are bought and sold at a discount reflecting the degree of uncertainty with respect to the timing and extent of recovery. In addition to the risks otherwise associated with low-quality obligations, trade claims have other risks, including the possibility that the amount of the claim may be disputed by the obligor.

Many vendors are either unwilling or lack the resources to hold their claim through the extended bankruptcy process with an uncertain outcome and timing. Some vendors are also aggressive in establishing reserves against these receivables, so that the sale of the claim at a discount may not result in the recognition of a loss.

Trade claims can represent an attractive investment opportunity because these claims typically are priced at a discount to comparable public securities. This discount is a reflection of a less efficient trading market with lower overall liquidity, a smaller universe of potential buyers, and the risks peculiar to trade claim investing. It is not unusual for trade claims to be priced at a discount to public securities that have an equal or lower priority claim.

As noted above, investing in trade claims does carry some unique risks, which include:

· Establishing the Amount of the Claim Frequently, the supplier’s estimate of its receivable will differ from the customer’s estimate of its payable. Resolution of these differences can result in a reduction in the amount of the claim. This risk can be reduced by only purchasing scheduled claims (claims already listed as liabilities by the debtor) and seeking representations from the seller.

· Defenses to Claims The debtor has a variety of defenses that can be asserted under the bankruptcy code against any claim. Trade claims are subject to these defenses, the most common of which for trade claims relates to preference payments.

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(Preference payments are all payments made by the debtor during the 90 days prior to the filing. These payments are presumed to have benefited the receiving creditor at the expense of the other creditors. The receiving creditor may be required to return the payment unless it can show the payments were received in the ordinary course of business.) While none of these defenses can result in any additional liability of the purchaser of the trade claim, they can reduce or wipe out the entire purchased claim. This risk can be reduced by seeking representations and indemnification from the seller.

· Documentation/Indemnification Each trade claim purchased requires documentation that must be negotiated between the buyer and seller. This documentation is extremely important since it can protect the purchaser from losses such as those described above. Legal expenses in negotiating a purchase agreement can be fairly high. Additionally, it is important to note that the value of an indemnification depends on the seller’s credit.

· Volatile Pricing Due to Illiquid Market There are only a handful of brokers for trade claims, and the quoted price of these claims can be volatile. Generally, it is expected that trade claims would be considered illiquid investments.

· No Current Yield/Ultimate Recovery Trade claims are almost never entitled to earn interest. As a result, the return on such an investment is very sensitive to the length of the bankruptcy, which is uncertain. Although not unique to trade claims, it is worth noting that the ultimate recovery on the claim is uncertain and there is no way to calculate a conventional yield to maturity on this investment. Additionally, the exit for this investment is a plan of reorganization, which may include the distribution of new securities. The liquidity of these securities may be tied to the liquidity of the original trade claim investment.

· Tax Issue Although the issue is not free from doubt, it is likely that gains from trade claims would not be treated as gains from the sale of securities for federal income tax purposes. As a result, any gains would be considered “nonqualifying” under the Code. The funds may have up to 10% of their gross income (including capital gains) derived from nonqualifying sources.

Municipal Securities

Subject to the investment objectives and programs described in the prospectus and the additional investment restrictions described in this SAI, the funds’ portfolios may consist of any combination of the various types of municipal securities described below or other types of municipal securities that may be developed. The amount of the funds’ assets invested in any particular type of municipal security can be expected to vary.

The term “municipal securities” means obligations issued by or on behalf of states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities, as well as certain other persons and entities, the interest from which is generally exempt from federal income tax. In determining the tax-exempt status of a municipal security, the funds rely on the opinion of the issuer’s bond counsel at the time of the issuance of the security. However, it is possible this opinion could be overturned, and, as a result, the interest received by the funds from a municipal security assumed to be tax-exempt might not be exempt from federal income tax.

Municipal securities are normally classified by maturity as notes, bonds, or adjustable rate securities. Municipal securities include the following:

· Municipal Notes Municipal notes generally are used to provide short-term operating or capital needs and generally have maturities of one year or less.

· Tax Anticipation Notes Tax anticipation notes are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various seasonal tax revenue, such as income, property, use, and business taxes, and are payable from these specific future taxes.

· Revenue Anticipation Notes Revenue anticipation notes are issued in expectation of receipt of revenues, such as sales taxes, toll revenues, or water and sewer charges, that are used to pay off the notes.

· Bond Anticipation Notes Bond anticipation notes are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds then provide the money for the repayment of the notes.

· Tax-Exempt Commercial Paper Tax-exempt commercial paper is a short-term obligation with a stated maturity of 270 days or less. It is issued by state and local governments or their agencies to finance seasonal working capital needs or as short-term financing in anticipation of longer-term financing.

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Municipal bonds, which meet longer-term capital needs and generally have maturities of more than one year when issued, have two principal classifications: general obligation bonds and revenue bonds. Additional categories of potential purchases include municipal lease obligations, prerefunded/escrowed to maturity bonds, private activity bonds, industrial development bonds, and participation interests.

· General Obligation Bonds Issuers of general obligation bonds include states, counties, cities, towns, and special districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, public buildings, highways and roads, and general projects not supported by user fees or specifically identified revenues. The basic security behind general obligation bonds is the issuer’s pledge of its full faith and credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments. In many cases voter approval is required before an issuer may sell this type of bond.

· Revenue Bonds The principal security for a revenue bond is generally the net revenues derived from a particular facility or enterprise or, in some cases, the proceeds of a special charge or other pledged revenue source. Revenue bonds are issued to finance a wide variety of capital projects, including electric, gas, water, and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Revenue bonds are sometimes used to finance various privately operated facilities provided they meet certain tests established for tax-exempt status.

Although the principal security behind these bonds may vary, many provide additional security in the form of a mortgage or debt service reserve fund. Some authorities provide further security in the form of the state’s ability (without obligation) to make up deficiencies in the debt service reserve fund. Revenue bonds usually do not require prior voter approval before they may be issued.

· Municipal Lease Obligations Municipal borrowers may also finance capital improvements or purchases with tax-exempt leases. The security for a lease is generally the borrower’s pledge to make annual appropriations for lease payments. The lease payment is treated as an operating expense subject to appropriation risk and not a full faith and credit obligation of the issuer. Lease revenue bonds and other municipal lease obligations are generally considered less secure than a general obligation or revenue bond and often do not include a debt service reserve fund. To the extent such securities are determined to be illiquid, they will be subject to the funds’ limit on illiquid investments. There have also been certain legal challenges to the use of lease revenue bonds in various states.

A lease is not a full faith and credit obligation of the issuer and is usually backed only by the borrowing government’s unsecured pledge to make annual appropriations for lease payments. There have been challenges to the legality of lease financing in numerous states and, from time to time, certain municipalities have considered not appropriating money for lease payments. In deciding whether to purchase a lease obligation, an assessment is made of the financial condition of the borrower, the merits of the project, the level of public support for the project, and the legislative history of lease financing in the state. These securities may have lower overall liquidity than other municipal bonds.

· Prerefunded/Escrowed to Maturity Bonds Certain municipal bonds have been refunded with a later bond issue from the same issuer. The proceeds from the later issue are used to defease the original issue. In many cases the original issue cannot be redeemed or repaid until the first call date or original maturity date. In these cases, the refunding bond proceeds typically are used to buy U.S. Treasury securities that are held in an escrow account until the original call date or maturity date. The original bonds then become “prerefunded” or “escrowed to maturity” and are considered high-quality investments. While still tax-exempt, the security is the proceeds of the escrow account. To the extent permitted by the SEC and the IRS, a fund’s investment in such securities refunded with U.S. Treasury securities will, for purposes of diversification rules applicable to the funds, be considered an investment in U.S. Treasury securities.

· Private Activity Bonds Under current tax law, all municipal debt is divided broadly into two groups: governmental purpose bonds and private activity bonds. Governmental purpose bonds are issued to finance traditional public purpose projects such as public buildings and roads. Private activity bonds may be issued by a state or local government or public authority but principally benefit private users and are considered taxable unless a specific exemption is provided.

The Code currently provides exemptions for certain private activity bonds such as not-for-profit hospital bonds, small-issue industrial development revenue bonds, and mortgage subsidy bonds, which may still be issued as tax-exempt bonds. With some limited exceptions, interest on tax-exempt private activity bonds is generally subject to the alternative minimum tax (AMT).

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· Industrial Development Bonds Industrial development bonds are considered municipal bonds if the interest paid is exempt from federal income tax. They are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing, sports, and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, and parking. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility’s user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment.

· Participation Interests The funds may purchase participation interests from third parties in all or part of specific holdings of municipal securities. The purchase may take different forms: In the case of short-term securities, the participation may be backed by a liquidity facility that allows the interest to be sold back to the third party (such as a trust, broker, or bank) for a predetermined price of par at stated intervals. The seller may receive a fee from the funds in connection with the arrangement.

In the case of longer-term bonds, the funds may purchase interests in a pool of municipal bonds or a single municipal bond or lease without the right to sell the interest back to the third party.

The funds will not purchase participation interests unless a satisfactory opinion of counsel or ruling of the IRS has been issued that the interest earned from the municipal securities on which the funds hold participation interests is exempt from federal income tax to the funds. However, there is no guarantee the IRS would treat such interest income as tax-exempt.

·  Securities With Puts Some longer-term municipal bonds give the investor the right to “put,” or sell, the security at par (face value) within a specified number of days following the investor’s request. This feature enhances a security’s liquidity by shortening its effective maturity and may enable it to trade at a price equal to or very close to its principal amount. Termination of a put feature prior to its exercise could result in the forced holding of the longer-term security, which could experience substantially more price volatility and become illiquid.

· Variable and Floating Rate Certificates Variable and floating rate securities are debt instruments that provide for periodic adjustments in the interest rate paid on the security and may sometimes be created by dividing underlying tax-exempt fixed rate bonds into separate components. These securities have been developed in the secondary market to meet the demand for short-term, tax-exempt securities. Some variable or floating rate securities are structured with liquidity features such as put options or tender options, as well as auction rate features, remarketing provisions, or other maturity-shortening devices. The Internal Revenue Service has not issued a definitive ruling on the tax-exempt nature of certain floating rate certificates. However, the fund will only invest in securities with a structure that nationally recognized bond counsel has concluded allows for the pass-through of tax-exempt interest to investors.

Securities With Credit Enhancements Securities purchased by the fund can have the features described below. The fund may consider credit enhancement when determining the credit quality, liquidity, or maturity of an investment.

Letters of Credit Letters of credit are issued by a third party, usually a bank, to enhance liquidity and ensure repayment of principal and any accrued interest if the underlying municipal security should default.

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: (1) bonds carrying new issue insurance or (2) bonds carrying secondary insurance. New issue insurance is purchased by the issuer of a bond in an effort to improve the bond’s credit rating. By meeting the insurer’s standards and paying an insurance premium based on the bond’s principal and interest value, the issuer may be able to obtain a higher credit rating for the bond. The credit rating assigned to an insured municipal bond will usually reflect the financial strength of the issuer or insurer, whichever is higher. Once purchased, municipal bond insurance cannot be canceled, and the protection it affords continues as long as the bonds are outstanding and the insurer remains solvent.

The funds may also purchase bonds that carry secondary insurance purchased by an investor after a bond’s original issuance. Such policies insure a security for the remainder of its term. Generally, the funds expect that portfolio bonds carrying secondary insurance will have been insured by a prior investor. However, the funds may, on occasion, purchase secondary insurance on their own behalf.

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Each of the municipal bond insurance companies has established reserves to cover estimated losses. Both the method of establishing these reserves and the amount of the reserves vary from company to company. The risk that a municipal bond insurance company may experience a claim extends over the life of each insured bond. Municipal bond insurance companies are obligated to pay a bond’s interest and principal when due if the issuing entity defaults on the insured bond. Defaults on insured municipal bonds have been fairly low to date, but certain of these insurers’ ratings have been downgraded and they are no longer insuring newly issued bonds. It is possible that there could be additional insurer downgrades and that default rates on insured bonds could increase substantially, which could further deplete an insurer’s loss reserves and adversely affect the ability of a municipal bond insurer to pay claims to holders of insured bonds, such as the funds. The inability of an insurer to pay a particular claim, or a downgrade of the insurer’s rating, could adversely affect the values of all the bonds it insures despite the quality of the underlying issuer. The number of municipal bond insurers is relatively small and, therefore, a significant amount of a municipal bond fund’s assets may be insured by a single insurer.

Standby Purchase Agreements A standby purchase agreement is a liquidity facility provided to pay the purchase price of bonds that cannot be remarketed. The obligation of the liquidity provider (usually a bank) is only to advance funds to purchase tendered bonds that cannot be remarketed and does not cover principal or interest under any other circumstances. The liquidity provider’s obligations under the standby purchase agreement are usually subject to numerous conditions, including the continued creditworthiness of the underlying borrower.

When-Issued Securities

New issues of municipal securities are often offered on a when-issued basis; that is, delivery and payment for the securities normally takes place 15 to 45 days or more after the date of the commitment to purchase. The payment obligation and the interest rate that will be received on the securities are each fixed at the time the buyer enters into the commitment. The funds will only make a commitment to purchase such securities with the intention of actually acquiring the securities. However, the funds may sell these securities before the settlement date if it is deemed advisable as a matter of investment strategy. Each fund will maintain cash, high-grade marketable debt securities, or other suitable cover with its custodian bank equal in value to commitments for when-issued securities. Such securities either will mature or, if necessary, be sold on or before the settlement date. Securities purchased on a when-issued basis and the securities held in the funds’ portfolios are subject to changes in market value based upon the public perception of the creditworthiness of the issuer and changes in the level of interest rates (which will generally result in similar changes in value, i.e., both experiencing appreciation when interest rates decline and depreciation when interest rates rise). Therefore, to the extent the funds remain fully invested or almost fully invested at the same time that they have purchased securities on a when-issued basis, there will be greater fluctuations in their net asset value than if they solely set aside cash to pay for when-issued securities. In the case of the retail or government money market funds, this could increase the possibility that the market value of the funds’ assets could vary from $1.00 per share. In addition, there will be a greater potential for the realization of capital gains, which are not exempt from federal income tax. When the time comes to pay for when-issued securities, the funds will meet their obligations from then-available cash flow, sale of securities, or—although it would not normally expect to do so—from sale of the when-issued securities themselves (which may have a value greater or less than the payment obligation).

Forwards

In some cases, the funds may purchase bonds on a when-issued basis with longer-than-standard settlement dates, in some cases exceeding one to two years. In such cases, the funds must execute a receipt evidencing the obligation to purchase the bond on the specified issue date and must segregate cash internally to meet that forward commitment. Municipal “forwards” typically carry a substantial yield premium to compensate the buyer for the risks associated with a long when-issued period, including: shifts in market interest rates that could materially impact the principal value of the bond, deterioration in the credit quality of the issuer, loss of alternative investment options during the when-issued period, changes in tax law or issuer actions that would affect the exempt interest status of the bonds and prevent delivery, failure of the issuer to complete various steps required to issue the bonds, and limited liquidity for the buyer to sell the escrow receipts during the when-issued period.

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Residual Interest Bonds

Residual interest bonds are a type of high-risk derivative. The funds may purchase municipal bond issues that are structured as two-part, residual interest bond and variable rate security offerings. The issuer is obligated only to pay a fixed amount of tax-free income that is to be divided among the holders of the two securities. The interest rate for the holders of the short-term, variable rate securities will typically be determined by an index or auction process held approximately every seven to 35 days while the long-term bondholders will receive all interest paid by the issuer minus the amount given to the variable rate security holders and a nominal auction fee. Therefore, the coupon of the residual interest bonds, and thus the income received, will move inversely with respect to short-term, 7- to 35-day tax-exempt interest rates. There is no assurance that the auction will be successful and that the variable rate security will provide short-term liquidity. The issuer is not obligated to provide such liquidity. In general, these securities offer a significant yield advantage over standard municipal securities, due to the uncertainty of the shape of the yield curve (i.e., short-term versus long-term rates) and consequent income flows, but they tend to be more volatile than other municipal securities of similar maturity and credit quality.

Unlike many adjustable rate securities, residual interest bonds are not necessarily expected to trade at par and in fact present significant market risks. In certain market environments, residual interest bonds may carry substantial premiums, trade at deep discounts, or have limited liquidity. Residual interest bonds entail varying degrees of leverage, which could result in greater volatility and losses greater than investing directly in the underlying municipal bond.

The funds may invest in other types of derivative instruments as they become available.

For the purpose of the funds’ investment restrictions, the identification of the “issuer” of municipal securities that are not general obligation bonds is made by T. Rowe Price, on the basis of the characteristics of the obligation as described previously, the most significant of which is the source of funds for the payment of principal and interest on such securities.

There are, of course, other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Adjustable Rate Securities

Generally, the maturity of a security is deemed to be the period remaining until the date (noted on the face of the instrument) on which the principal amount must be paid or, in the case of an instrument called for redemption, the date on which the redemption payment must be made. However, certain securities may be issued with demand features or adjustable interest rates that are reset periodically by predetermined formulas or indexes in order to minimize movements in the principal value of the investment in accordance with Rule 2a-7 under the 1940 Act. Such securities may have long-term maturities but may be treated as a short-term investment under certain conditions. Generally, as interest rates decrease or increase, the potential for capital appreciation or depreciation on these securities is less than for fixed rate obligations. These securities may take a variety of forms, including variable rate, floating rate, and put option securities.

Many financial instruments use or may use a floating rate based on the LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. The fund may be exposed to financial instruments that are tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (EONIA), ceased to be published after December 31, 2021. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on Secured Overnight Financing Rate (SOFR) that will replace LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to LIBOR contracts governed by U.S. law, among other limitations.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The fund may have investments linked to other interbank offered rates that may also cease to be published in the future.

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Variable Rate Securities Variable rate instruments are those whose terms provide for the adjustment of their interest rates on set dates and which, upon such adjustment, can reasonably be expected to have a market value that approximates its par value. A variable rate instrument, the principal amount of which is scheduled to be paid in 397 days or less, is deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate. A variable rate instrument that is subject to a demand feature entitles the purchaser to receive the principal amount of the underlying security or securities.

Forward Commitment Contracts

The price of such securities, which may be expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment take place at a later date. Normally, the settlement date occurs within 90 days of the purchase for when-issued securities, but may be substantially longer for forwards. During the period between purchase and settlement, no payment is made by the funds to the issuer and no interest accrues to the funds. The purchase of these securities will result in a loss if their values decline prior to the settlement date. This could occur, for example, if interest rates increase prior to settlement. The longer the period between purchase and settlement, the greater the risks. At the time the funds make the commitment to purchase these securities, it will record the transaction and reflect the value of the security in determining its net asset value. The funds will cover these securities by maintaining cash, liquid, high-grade debt securities, or other suitable cover as permitted by the SEC, with its custodian bank equal in value to its commitments for the securities during the time between the purchase and the settlement. Therefore, the longer this period, the longer the period during which alternative investment options are not available to the funds (to the extent of the securities used for cover). Such securities either will mature or, if necessary, will be sold on or before the settlement date.

To the extent the funds remain fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time they purchase these securities, there will be greater fluctuations in the funds’ net asset value than if the funds did not purchase them.

Real Estate Investment Trusts (REITs)

Investments in REITs may experience many of the same risks involved with investing in real estate directly. These risks include: declines in real estate values; risks related to local or general economic conditions, particularly lack of demand; overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; heavy cash flow dependency; possible lack of availability of mortgage funds; obsolescence; losses due to natural disasters; condemnation of properties; regulatory limitations on rents and fluctuations in rental income; variations in market rental rates; and possible environmental liabilities. REITs may own real estate properties (Equity REITs) and be subject to these risks directly or may make or purchase mortgages (Mortgage REITs) and be subject to these risks indirectly through underlying construction, development, and long-term mortgage loans that may default or have payment problems.

Equity REITs can be affected by rising interest rates that may cause investors to demand a high annual yield from future distributions, which, in turn, could decrease the market prices for the REITs. In addition, rising interest rates also increase the costs of obtaining financing for real estate projects. Since many real estate projects are dependent upon receiving financing, this could cause the value of the Equity REITs in which the funds invest to decline.

Mortgage REITs may hold mortgages that the mortgagors elect to prepay during periods of declining interest rates, which may diminish the yield on such REITs. In addition, borrowers may not be able to repay mortgages when due, which could have a negative effect on the funds.

Some REITs have relatively small market capitalizations, which could increase their volatility. REITs tend to be dependent upon specialized management skills and have limited diversification, so they are subject to risks inherent in operating and financing a limited number of properties. In addition, when the funds invest in REITs, a shareholder will bear his or her proportionate share of fund expenses and indirectly bear similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders. Certain REITs may be able to pay up to 90% of their dividends in the form of stock instead of cash. Even if a fund receives all or part of a REIT distribution in stock, the fund will still be deemed to have received 100% of the distribution in cash and the entire distribution will be part of the fund’s taxable income. In addition, both Equity and Mortgage REITs are subject to the risks of failing to qualify for tax-free status of income under the Code or failing to maintain their exemptions from the 1940 Act.

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Partnerships

The funds may invest in securities issued by companies that are organized as publicly traded partnerships or master limited partnerships, as well as limited liability companies. These entities may be publicly traded on certain stock exchanges or markets, and are generally operated under the supervision of one or more managing partners or members. Limited partners, unitholders, or members (such as a fund that invests in a partnership) are not usually involved in the day-to-day management of the company, but are allocated income and capital gains associated with the partnership project in accordance with the terms of the partnership or limited liability company agreement.

Risks involved with investing in partnerships include, among other things, risks associated with the partnership structure itself and the specific industry or industries in which the partnership invests (e.g., real estate development, oil, or gas). State law governing partnerships is often less restrictive than state law governing corporations. As a result, there may be fewer legal protections afforded to investors in a partnership than to investors in a corporation. At times, partnerships may potentially offer relatively high yields compared with common stocks. Because partnerships are generally treated as “pass through” entities for tax purposes, they do not ordinarily pay income taxes but instead pass their earnings on to unitholders (except in the case of some publicly traded partnerships that may be taxed as corporations).

Restricted Securities

Certain restricted securities may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. Certain restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the 1933 Act. Where registration is required, the fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the time of the decision to sell and the time the fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities will be priced at fair value as determined in accordance with procedures prescribed by the funds’ Boards.

Notwithstanding the above, the funds may purchase securities that, while privately placed, are eligible for purchase and sale under Rule 144A under the 1933 Act. This rule permits certain qualified institutional buyers, such as the funds, to trade in privately placed securities even though such securities are not registered under the 1933 Act. The liquidity of these securities is monitored based on a variety of factors.

All Funds (Other Than the Money Market Funds)

Investments in Other Investment Companies

Investments in Unaffiliated Investment Companies The funds may invest in other investment companies that are not sponsored by T. Rowe Price, which include mutual funds, closed-end funds, exchange-traded funds, unit investment trusts, and investment companies that have elected to be treated as a business development company (commonly referred to as a BDC) under the 1940 Act.

The funds may purchase shares of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The funds might also purchase shares of another investment company to gain exposure to the securities in the investment company’s portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with a fund’s objective and investment program.

Investing in another investment company involves risks similar to those of investing directly in the investment company’s portfolio securities, including the risk that the values of the portfolio securities may fluctuate due to changes in the financial condition of the securities’ issuers and other market factors. An investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund’s performance. In addition, because closed-end funds trade on a stock exchange or in the OTC market and ETFs trade on a securities exchange, their shares may trade at a substantial premium or discount to the actual net asset value of its portfolio securities, and their potential lack of liquidity could result in greater volatility.

If a fund invests in a non-T. Rowe Price investment company, the fund must pay its proportionate share of that investment company’s fees and expenses, which are in addition to the management fee and other operational expenses incurred by the

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fund. The expenses associated with certain investment companies, such as business development companies, may be significant. The fund could also incur a sales charge or redemption fee in connection with purchasing or redeeming shares of an investment company.

A Price Fund’s investments in non-T. Rowe Price-registered investment companies are subject to the limits and conditions that apply to such investments under the 1940 Act.

Investments in Affiliated Investment Companies The funds may also invest in certain Price Funds as a means of gaining efficient and cost-effective exposure to specific asset classes, provided the investment is consistent with an investing fund’s investment program and policies. Such an investment could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in the asset class and will subject the fund to the risks associated with the particular asset class. Examples of asset classes in which other Price Funds invest include high yield bonds, floating rate loans, inflation-linked securities, international bonds, emerging market bonds, and emerging market stocks. A fund will invest in a Z Class of another Price Fund if such an investment is permitted. If a Z Class is not available or the fund is not eligible to invest in a Z Class, to ensure that the fund does not incur duplicate management fees as a result of its investment in another Price Fund, the management fee paid by the investing fund will be reduced in an amount sufficient to offset the fees paid by the underlying fund related to the investment.

Investments in Hedge Funds Investments in unregistered hedge funds may be used to gain exposure to certain asset classes. Hedge funds are not subject to the same regulatory requirements as the funds and other registered investment companies, and an investing fund may not be able to rely on the protections under the 1940 Act that are available to investors in registered investment companies.

There are often advance notice requirements and withdrawal windows that limit investors’ ability to readily redeem shares of a hedge fund. If a hedge fund were to engage in activity deemed inappropriate by a fund or pursue a different strategy than the fund was led to believe, the fund may not be able to withdraw its investment in a hedge fund promptly after a decision has been made to do so, causing the fund to incur a significant loss and adversely affect its total return.

Hedge funds are not required to provide periodic pricing or valuation information to investors, and such funds often engage in leveraging, short-selling, commodities investing, and other speculative investment practices that are not fully disclosed and may increase the risk of investment loss. Their underlying holdings and investment strategies are not as transparent to investors or typically as diversified as those of traditional open-end funds; therefore, an investing fund is unable to look through to the hedge fund’s underlying investments in determining compliance with its own investment restrictions.

For the various reasons cited above, investments in a hedge fund are generally considered illiquid by an investing fund. Valuations of illiquid investments involve various judgments and consideration of factors that may be subjective, and there is a risk that inaccurate valuations of hedge fund positions could adversely affect the stated value of the fund. Fund investors should be aware that situations involving uncertainties as to the valuation of portfolio positions could have an adverse effect on the fund’s net assets, which, in turn, would affect amounts paid on redemptions of fund shares if the judgments made regarding appropriate valuations should be proven incorrect. If the net asset value of a fund is not accurate, purchasing or redeeming shareholders may pay or receive too little or too much for their shares and the interests of remaining shareholders may become overvalued or diluted.

Money Market Funds

Determination of Maturity of Money Market Securities

The funds may only purchase securities that, at the time of investment, have remaining maturities of 397 calendar days or less or adjustable rate government securities that may have maturities longer than 397 calendar days but have interest rate resets within 397 calendar days. The other funds may also purchase money market securities. In determining the maturity of money market securities, funds will follow the provisions of Rule 2a-7 under the 1940 Act.

Eligible Money Market Securities Defined

Under Rule 2a-7, money market funds are required to invest only in eligible securities, as defined in Rule 2a-7. An eligible security is a security that (i) is issued by a registered investment company that is a money market fund, (ii) is a government security, and/or (iii) has a remaining maturity of 397 calendar days or less and has been determined by the fund’s Board (or its delegate) to present minimal credit risks to the fund. The credit risk determination must include an analysis of the

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capacity of the security’s issuer or guarantor (including the provider of a conditional demand feature, when applicable) to meet its financial obligations. In doing so, the analysis must include, to the extent appropriate, consideration of:

(a) the security’s issuer’s or guarantor’s financial condition;

(b) the security’s issuer’s or guarantor’s sources of liquidity;

(c) the security’s issuer’s or guarantor’s ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse situation; and

(d) the strength of the issuer’s or guarantor’s industry within the economy and relative to economic trends, and the issuer’s or guarantor’s competitive position within its industry.

The credit risk analysis may include additional factors that may be relevant in evaluating certain specific asset types, as described in Rule 2a-7.

DERIVATIVES

The funds may use derivatives whose characteristics are consistent with the funds’ investment programs. A derivative is a financial instrument that has a value based on—or “derived from”—the value of other assets (such as stocks), reference rates, or indexes. Specifically, derivatives and derivative transactions means: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option, any combination of the foregoing, or any similar instrument under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; and (3) reverse repurchase agreements and similar financing transactions, for those funds that choose to treat these transactions as derivatives transactions, as permitted by regulation. Options, futures, swaps, and currency forwards are discussed further below.

Exchange-traded derivatives are traded via specialized derivatives exchanges, securities exchanges, or both. The exchange acts as an intermediary to the transactions and the terms for each type of contract are generally standardized. Some derivatives are traded through a central clearing counterparty. Certain derivatives are entered into or traded on the OTC market. OTC derivatives are traded between two parties directly without going through a regulated exchange. The terms of the contract are subject to negotiation by the parties to the contract.

The funds may use derivatives for a variety of purposes and may use them to establish both long and short positions within the portfolio. Potential uses include, but are not limited to, the following: adjusting duration; managing or establishing exposure to interest rates, cash market securities, currency exchange rates, or credit quality; investing in broad segments of the market or certain asset classes with greater efficiency and at a lower cost than is possible through direct investment; enhancing income; improving risk-adjusted returns; expressing positive or negative views on a particular issuer, country, or currency; and managing cash flows into and out of a fund and maintaining liquidity while remaining invested in the market. The funds may use derivatives to take a short position in a currency, which allows a fund to sell a currency in excess of the value of its holdings denominated in that currency or to sell a currency even if it does not hold any assets denominated in the currency. The funds may also use derivatives to take short positions with respect to their exposure to a particular issuer, country, or market. For example, a fund could sell futures contracts on a particular index where the value of the futures contract exceeds the value of the bonds or stocks represented in the index that are held by the fund, or the fund could sell futures or enter into interest rate swaps with respect to a particular bond market without owning any bonds in that market.

Each fund may use derivatives for hedging and risk management purposes. Hedging is a strategy in which a derivative is used to offset or mitigate risks associated with other fund holdings. Losses on the other investment may be substantially reduced by gains on a derivative that reacts in an opposite manner to market movements.

From time to time, a single order to purchase or sell derivatives (e.g., a futures contract or option thereon) may be made on behalf of a fund and other Price Funds and allocated by the manager across the various funds. Such aggregated orders would be allocated among the fund and the other Price Funds in a manner that is consistent with the allocation policy for the funds, which seeks to make such allocations in a fair and nondiscriminatory manner over time.

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Risk Factors in Derivatives

Derivatives can be volatile, have lower overall liquidity, involve a higher risk of loss than other investment instruments, and involve significant risks, including:

· Correlation Risk Changes in the value of a derivative will not match the changes in the value of its reference asset or the portfolio holdings that are being hedged or of the particular market or security to which the fund seeks exposure.

· Counterparty Risks Certain OTC derivatives are subject to counterparty risk, whereas the risk of default for exchange-traded derivatives is assumed by the exchange’s clearinghouse and its member firms. Counterparty risk is the risk that a party to an OTC derivative contract may fail to perform or be legally unable to perform on its obligations. A loss may be sustained as a result of the insolvency or bankruptcy of the counterparty, the failure of the counterparty to make required payments or comply with the terms of the contract, and other reasons affecting the counterparty, such as changes in law and imposition of currency controls. In the event of insolvency of the counterparty, a fund may be unable to liquidate, settle, or transfer a derivatives position. Because derivatives traded in OTC markets are not guaranteed by an exchange or, in most cases, a clearing corporation and may not, in some cases, require the counterparty to post margin to the fund to secure its obligations (although margin will generally be required), to the extent that a fund has unrealized gains in such instruments or has deposited collateral with its counterparty, the fund is at risk that its counterparty will become bankrupt or otherwise fail to honor its obligations. The Price Funds attempt to minimize these risks by engaging in transactions in derivatives traded in OTC markets only with financial institutions that have substantial capital or that have provided the fund with a third-party guaranty or other credit enhancement or margin that is held at the custodian for the Price Funds (or at the futures commodity merchant for futures contracts).

· Credit Event Risks The counterparty in a derivative transaction may be unable to honor its financial obligation to a fund, or the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations.

· Currency Risks For certain types of currency-related derivatives, changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment and could cause losses on the investment.

· Hedging Risks A fund’s hedging techniques may not result in the anticipated results. When using derivatives for hedging and risk management purposes, losses on other investment may be substantially reduced by gains on a derivative that reacts in an opposite manner to market movements. While hedging can reduce losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the fund or if the cost of the derivative outweighs the benefit of the hedge. There is also a risk of loss by a fund of margin deposits or collateral posted by the fund to the counterparty in the event of bankruptcy of a counterparty with which the fund has an open position. There can be no assurance that a fund’s hedging strategies will be effective.

· Illiquidity Risk Derivative positions may be (or become) difficult or impossible to exit at the time that the fund would like or at a price that the fund believes the derivative is currently worth.

· Index Risk If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, a fund could receive lower interest payments or experience a reduction in the value of the derivative below the level that the fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

· Leverage Risks Certain types of investments or trading strategies (such as, for example, borrowing money to increase the amount of investments) involve the risk that relatively small market movements may result in large changes in the value of an investment. Certain derivatives and trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

· Management Risk There can be no assurance that the investment adviser’s use of an instrument, if employed, will be successful. There can also be no assurance that a fund’s hedging or speculation strategies will be effective. No fund is required to engage in hedging or speculative transactions. If the investment adviser incorrectly forecasts interest rates, market values or other economic factors in using a derivatives strategy, the fund might have been in a better position if it had not entered into the transaction at all.

· Regulatory Risk New regulation of derivatives may make them more costly, may limit their availability, or may otherwise affect their value or performance.

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The funds comply with Rule 18f-4 governing the use of derivatives by registered investment companies that, depending on the extent of its use of derivatives, include (as applicable) the adoption and implementation of policies and procedures designed to manage the fund’s derivatives risks, recordkeeping and reporting requirements, compliance with a limit on the amount of leverage-related risk that the fund may obtain based on value-at-risk and maintaining a derivatives risk management program and designating a derivatives risk manager.

Funds with derivatives exposure that is generally more than 10% of net assets have adopted and implemented a derivatives risk management program to manage the funds’ derivatives risks, limits on the amount of leverage-related risk that the funds may obtain based on value-at-risk, and board oversight, among other requirements. “Limited derivatives users” are funds with gross notional derivatives exposure (with certain exceptions) of 10% of its net assets or less. Limited derivatives users have adopted derivatives risk policies and procedures.

Under Rule 18f-4, when a fund trades reverse repurchase agreements or similar financing transactions, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness (e.g., borrowings, if applicable) when calculating the fund’s asset coverage ratio or treat all such transactions as derivatives transactions. In addition, under the rule, a fund may invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under Section 18(g) of the 1940 Act) under specified conditions. A fund may otherwise engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not meet the conditions so long as the fund treats any such transaction as a derivatives transaction for purposes of compliance with the rule. Furthermore, under the rule, a fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act under specified conditions. Unfunded commitments are contractual obligations pursuant to which a fund agrees to invest in a loan at a future date.

These requirements may limit the ability of the funds to use derivatives, short sales, reverse repurchase agreements and similar financing transactions, and the other relevant transactions as part of its investment strategies. These requirements also may increase the cost of the fund’s investments and cost of doing business, which could adversely affect investors.

· Valuation Risk Derivatives that are not traded on an exchange may not have a widely agreed-upon valuation. In addition, some derivatives may be customized for the fund and may include complex features; thus, without comparable instruments to compare for pricing purposes, they may be difficult to value.

Options

The funds may buy or sell listed (also known as exchange-traded) or OTC options on securities, futures, swaps, commodities, and other instruments.

Writing Call Options A call option gives the holder (buyer) the right to purchase, and the writer (seller) the obligation to sell a security or currency at a specified price (the exercise price) at expiration of the option (European style) or at any time prior to the expiration date (American style). Options may be settled physically, meaning that the writer or seller must deliver the referenced securities, currency, or commodities to the buyer in exchange for the exercise price, or options may be cash settled, which means that the writer or seller must deliver to the buyer cash equal to the difference between the referenced price level of the security, currency, or commodity and the exercise price. The funds are authorized to write covered call options on the securities or instruments in which they may invest. A covered call option is an option in which a fund, in return for a premium, gives another party a right to buy specified instruments owned by the fund at (or by) a specified future date and price set at the time of the contract. The principal reason for writing covered call options is the attempt to realize, through the receipt of premiums, a greater return than would be realized by only owning the underlying asset. By writing covered call options, a fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price. In addition, a fund’s ability to sell the underlying security will be limited while the option is in effect unless the fund enters into a closing purchase transaction or the option is cash settled. A closing purchase transaction cancels out a fund’s position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration of the option it has written. Unlike owning securities, currencies, or other commodities that are not subject to an option, the funds have no control over when they may be required to sell the underlying securities, currencies, or commodities, since they may be assigned an exercise notice at any time prior to the expiration of its obligation as a writer. If a call option a fund has written expires, the fund will realize a

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gain in the amount of the premium; however, such gain may be offset by a decline in the market value of the underlying security, currency, or commodity during the option period. If the call option is exercised, the fund will realize a gain or loss from the sale of the underlying security or currency. Covered call options also serve as a partial hedge to the extent of the premium received against the price of the underlying security declining.

A fund is also permitted to write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the fund provided the fund operates in compliance with Rule 18f-4 under the 1940 Act. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing exchanged-traded uncovered call options, a fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase a fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by a fund that can act as a partial hedge.

Uncovered calls have speculative characteristics and the potential for loss by the writer of the option is unlimited. When an uncovered call is exercised, a fund must purchase the underlying security or currency to meet its call obligation. There is also a risk, especially with respect to call options written on preferred and debt securities with lower overall liquidity, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, a fund will lose the difference.

Index options are option contracts in which the underlying value is based on the value of a particular securities index. As the seller of an index call option, the fund receives a premium from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the exercise price) by the expiration date of the option. If the purchaser does not exercise the option, the fund retains the premium. If the purchaser exercises the option, the fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price, and the value of the index determine the gain or loss realized by the fund as the seller of the index call option. The fund can also repurchase the call option prior to the expiration date, thereby ending its obligation. In this case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the fund.

The premium received represents the market value of an option. The premium the funds will receive from writing a call option will reflect, among other things, the current market price of the underlying security or currency, the relationship of the exercise price to such market price, the historical price volatility of the underlying security or currency, and the length of the option period. T. Rowe Price, in determining whether a particular call option should be written on a particular security or currency, will consider the reasonableness of the anticipated premium and the likelihood that a liquid secondary market will exist for those options. The premium received by the funds for writing covered call options will be recorded as a liability of the funds. This liability will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset values per share of the funds are computed (close of the New York Stock Exchange (NYSE), normally 4 p.m. ET) or, in the absence of such sale, the mean of closing bid and ask prices. The option will be terminated upon expiration of the option, the purchase of an identical option in a closing transaction, or delivery of the underlying security or currency upon the exercise of the option.

Closing transactions will be effected in order to realize a profit on an outstanding call option, to prevent an underlying security or currency from being called, or to permit the sale of the underlying security or currency. Furthermore, effecting a closing transaction will permit the funds to write another call option on the underlying security or currency with either a different exercise price, expiration date, or both. If the funds desire to sell a particular security or currency from their portfolios on which they have written a call option or purchased a put option, they will seek to effect a closing transaction prior to, or concurrently with, the sale of the security or currency. There is, of course, no assurance that the funds will be able to effect such closing transactions at favorable prices. If the funds cannot enter into such a transaction, they may be required to hold a security or currency that they might otherwise have sold. This could result in higher transaction costs. The funds will pay transaction costs in connection with the writing of options to close out previously written options. Such transaction costs are normally higher than those applicable to purchases and sales of portfolio securities.

The exercise price of the options may be below, equal to, or above the current market values of the underlying securities or currencies at the time the options are written. From time to time, the funds may purchase an underlying security or

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currency for delivery in accordance with an exercise notice of a call option assigned to it, rather than delivering such security or currency from their portfolios. In such cases, additional costs may be incurred.

The funds will realize a profit or loss from a closing purchase transaction if the cost of the transaction is less or more than the premium received from the writing of the option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying security or currency, any loss resulting from the repurchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security or currency owned by the funds.

Writing Put Options A put option gives the purchaser of the option the right to sell and the writer (seller) the obligation to buy the underlying security, currency, or index at the exercise price during the option period (American style) or at the expiration of the option (European style). As long as the obligation of the writer (i.e., the fund) continues, it may be assigned an exercise notice by the broker-dealer through which such option was sold, requiring the fund to make payment of the exercise price against delivery of the underlying security or currency. The operation of put options in other respects, including their related risks and rewards, is substantially identical to that of call options.

Each fund has authority to write put options on the types of securities or instruments that may be held by the fund. A fund will receive a premium for writing a put option, which increases the fund’s return.

A fund would generally write covered put options in circumstances where T. Rowe Price wishes to purchase the underlying security or currency for the fund’s portfolios at a price lower than the current market price of the security or currency. In such circumstances, the funds would write a put option at an exercise price that, reduced by the premium received on the option, reflects the lower price it is willing to pay. Since the fund would also receive interest on debt securities or currencies maintained to cover the exercise price of the option, this technique could be used to enhance current return during periods of market uncertainty. The risk in such a transaction would be that the market price of the underlying security or currency would decline below the exercise price, less the premiums received. Such a decline could be substantial and result in a significant loss to the fund. In addition, because the fund does not own the specific securities or currencies which it may be required to purchase in exercise of the put, it cannot benefit from appreciation, if any, with respect to such specific securities or currencies.

The funds are also authorized to write (i.e., sell) uncovered put options on instruments in which they may invest but the fund does not currently have a corresponding short position or has not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. A fund has the obligation to buy the securities or instruments at an agreed-upon price if the price of the securities or instruments decreases below the exercise price. If the price of the securities or instruments increases during the option period, the option will expire worthless and a fund will retain the premium and will not have to purchase the securities or instruments at the exercise price.

The premium received by the funds for writing put options will be recorded as a liability of the funds. This liability will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset value per share of the funds is computed or, in the absence of such sale, the mean of the closing bid and ask prices.

Purchasing Put Options The funds may purchase American or European style put options. As the holder of a put option, the funds have the right to sell the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). The funds may enter into closing sale transactions with respect to such options, exercise them, or permit them to expire.

The funds may purchase a put option on an underlying security or currency (a “protective put”) owned by the funds as a defensive technique in order to protect against an anticipated decline in the value of the security or currency. Such hedge protection is provided only during the life of the put option when the funds, as holder of the put option, are able to sell the underlying security or currency at the put exercise price regardless of any decline in the underlying security’s market price or currency’s exchange value. For example, a put option may be purchased in order to protect unrealized appreciation of a security or currency where T. Rowe Price deems it desirable to continue to hold the security or currency because of tax considerations. The premium paid for the put option and any transaction costs would reduce any capital gain otherwise available for distribution when the security or currency is eventually sold.

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The funds may also purchase put options at a time when they do not own the underlying security or currency. By purchasing put options on a security or currency they do not own, the funds seek to benefit from a decline in the market price of the underlying security or currency. If the put option is not sold when it has remaining value and if the market price of the underlying security or currency remains equal to or greater than the exercise price during the life of the put option, the funds will lose their entire investment in the put option. In order for the purchase of a put option to be profitable, the market price of the underlying security or currency must decline sufficiently below the exercise price to cover the premium and transaction costs, unless the put option is sold in a closing sale transaction.

Purchasing Call Options The funds may purchase American or European style call options. As the holder of a call option, the funds have the right to purchase the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). The funds may enter into closing sale transactions with respect to such options, exercise them, or permit them to expire.

Call options may be purchased by the funds for the purpose of acquiring the underlying securities or currencies for their portfolios. Utilized in this fashion, the purchase of call options enables the funds to acquire the securities or currencies at the exercise price of the call option plus the premium paid. At times, the net cost of acquiring securities or currencies in this manner may be less than the cost of acquiring the securities or currencies directly. This technique may also be useful to the funds when seeking to purchase a large block of securities or currencies that would be difficult to acquire by direct market purchases. As long as a fund holds such a call option, rather than the underlying security or currency itself, the fund is partially protected from any unexpected decline in the market price of the underlying security or currency and in such event could allow the call option to expire, incurring a loss only to the extent of the premium paid for the option.

The funds may also purchase call options on underlying securities or currencies they own in order to protect unrealized gains on call options previously written by them. A call option would be purchased for this purpose where tax considerations make it inadvisable to realize such gains through a closing purchase transaction. Call options may also be purchased at times to avoid realizing losses.

The funds may engage in transactions involving dealer (OTC) options. Certain risks, including credit risk and counterparty risk, are specific to dealer options. While the funds would look to a clearing corporation to exercise exchange-traded options, if the funds were to purchase a dealer option, they would rely primarily on the dealer from whom they purchased the option to perform if the option were exercised. Failure by the dealer to do so could result in the loss of the premium paid by the funds as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market, while dealer options could have less or no liquidity. Consequently, the funds will generally be able to realize the value of a dealer option they have purchased only by exercising it or reselling it to the dealer who issued it. Under certain conditions, the funds may also be able to resell or assign a purchased dealer option to another dealer on substantially the same terms. Similarly, when the funds write a dealer option, unless they can assign the option to another dealer, they generally will be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to which the funds originally wrote the option. While the funds will seek to enter into dealer options only with dealers who will agree to and are expected to be capable of entering into closing transactions with the funds, there can be no assurance that the dealers will consent to the closing transaction nor is it assured that the funds will realize a favorable price. Until a fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, they will not be able to liquidate securities (or other assets) or currencies used as cover until the option expires or is exercised. In the event of insolvency of the counterparty, the funds may be unable to liquidate a dealer option. With respect to options written by the funds, the inability to enter into a closing transaction may result in material losses to the funds.

Special Risks Associated With Options There are several risks associated with transactions in options on securities and indexes. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded OTC or on an exchange may be absent for reasons that include the following: There may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions, or other restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options),

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in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms. Options on futures, options on swaps, and options on other derivatives instruments involve some of the same considerations and risks as the reference derivative instrument.

Futures Contracts

The funds may enter into futures contracts involving indexes, interest rates, commodities, currencies, and other reference assets (“futures” or “futures contracts”). A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific instrument (e.g., units of a stock index) for a specified price, date, time, and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and margin deposits must be maintained during the term of the contract. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Futures may involve substantial leverage risk.

The funds will enter into futures contracts that are traded on national (or foreign) futures exchanges and are standardized as to maturity date and underlying financial instrument. Futures exchanges and trading in the United States are regulated under the Commodity Exchange Act by the Commodity Futures Trading Commission (CFTC). Although techniques other than the sale and purchase of futures contracts could be used as an alternative to futures contracts, futures contracts are effective and relatively low cost.

Unlike when the funds purchase or sell a security, no price would be paid or received by the funds upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the funds’ open positions in futures contracts, the funds would be required to deposit in a segregated account with the clearing broker for the futures contract an amount of cash or liquid assets known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

Futures are valued daily at closing settlement prices. If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the clearing broker will require a payment by the funds (variation margin) to restore the margin account to the amount of the initial margin.

Subsequent payments (mark-to-market payments) to and from the futures clearing broker are made on a daily basis as the price of the underlying assets fluctuates, making the long and short positions in the futures contract more or less valuable. If the value of the open futures position increases in the case of a sale or decreases in the case of a purchase, the funds will pay the amount of the daily change in value to the clearing broker. However, if the value of the open futures position decreases in the case of a sale or increases in the case of a purchase, the clearing broker will pay the amount of the daily change in value to the funds.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice, most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical securities and the same delivery date. If the offsetting purchase price is less than the original sale price, the fund realizes a gain; if it is more, the fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the fund realizes a gain; if it is less, the fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the funds will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the funds are not able to enter into an offsetting transaction, the funds will continue to be required to maintain the margin deposits on the futures contract.

As an example of an offsetting transaction in which the underlying instrument is not delivered, the contractual obligations arising from the sale of one contract of September Treasury bills on an exchange may be fulfilled at any time before delivery of the contract is required (i.e., on a specified date in September, the “delivery month”) by the purchase of one contract of September Treasury bills on the same exchange. In such instance, the difference between the price at which the futures contract was sold and the price paid for the offsetting purchase, after allowance for transaction costs, represents the profit or loss to the funds.

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The funds may invest in futures on indexes, such as stock and bond indexes. For example, a stock index assigns relative values to the common stocks included in the index and the index value fluctuates with the changes in the market value of those stocks. Stock index futures are contracts based on the future value of the basket of securities that comprise the underlying stock index. The contracts obligate the seller to deliver and the purchaser to take cash to settle the futures transaction or to enter into an obligation contract. No physical delivery of the securities underlying the index is required when settling the futures obligation and no monetary amount is paid or received by a fund on the purchase or sale of a stock index future. At any time prior to the expiration of the future, a fund may elect to close out its position by taking an opposite position, at which time a final determination of variation margin is made and additional cash is required to be paid by or released to the fund. Any gain or loss is then realized by the fund on the future for tax purposes. Although stock index futures by their terms call for settlement by the delivery of cash, in most cases the settlement obligation is fulfilled without such delivery by entering into an offsetting transaction.

It is possible that hedging activities of funds investing in municipal securities will occur through the use of U.S. Treasury bond futures.

Special Risks of Transactions in Futures The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and other economic factors; and (e) the risk of loss in the event of bankruptcy of its futures commission merchant.

In addition, the funds are subject to “fellow-customer risk,” which is the risk that one or more customers of a futures commission merchant will default on their obligations and that the resulting losses will be so great that the futures commission merchant will default on its obligations and that margin posted by one customer will be used to cover a loss caused by a different customer.

There are rules that generally prohibit the use of one customer’s funds to meet the obligations of another customer and that limit the ability to use customer margin posted by non-defaulting customers to satisfy losses caused by defaulting customers by requiring the futures commission merchant to use its own funds to meet a defaulting customer’s obligations. While a customer’s loss would likely need to be substantial before other customers would be exposed to fellow-customer risk, these rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud, or other causes. If the loss is so great that, notwithstanding the application of the futures commission merchant’s own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the futures commission merchant could default and be placed into bankruptcy. In these circumstances, the Bankruptcy Code provides that non-defaulting customers will share pro rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another futures commission merchant more difficult.

Foreign Futures and Options

Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade. Neither the National Futures Association nor any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery, and clearing of transactions, or has the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign law. This is true even if the exchange is formally linked to a domestic market so that a position taken on the market may be liquidated by a transaction on another market. Moreover, such laws or regulations will vary depending on the foreign country in which the foreign futures or foreign options transaction occurs. For these reasons, when the funds trade foreign futures or foreign options contracts, they may not be afforded certain of the protective measures provided by the Commodity Exchange Act, the CFTC’s regulations, and the rules of the National Futures Association and any domestic exchange, including the right to use reparations proceedings before the CFTC and arbitration proceedings provided by the National Futures Association or any domestic futures exchange. In particular, proceeds derived from foreign futures or foreign options transactions may not be provided the same protections as proceeds derived from transactions on U.S. futures exchanges. In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon, may be affected by any variance in the foreign exchange rate between the time the funds’ orders are placed and the time they are liquidated, offset, or exercised.

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Swap Agreements

The funds may enter into swap agreements with respect to securities, futures, currencies, indices, commodities, and other instruments.

Swap agreements are typically two-party contracts entered into primarily by institutional investors for a specified period of time. In a standard bilateral swap transaction, two parties agree on the terms to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined index, currency or other investment. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a notional amount, i.e., the dollar amount invested at a particular interest rate or inflation rate, in a particular foreign currency, or in a particular security or basket of securities representing a particular index.

The funds may enter into swap agreements on either a bilateral basis or a cleared basis. In bilateral swap transactions, all aspects of an agreed trade are dealt with directly between the transacting parties and set forth in the agreements between the parties. Each party takes on the risk, known as counterparty risk, that the other party may default at some time during the life of the contract. Collateral for bilateral agreements is exchanged but subject to negotiations between the counterparties. With centralized clearing, the original buyer and seller of a contract are no longer counterparties to each other. The central clearinghouse becomes the buyer to every seller and the seller to every buyer. These trades require daily settlements of margin to act as collateral to mitigate counterparty risk.

The funds may also enter into options on swap agreements (swaptions) on the types of swaps listed above as well as swap forwards. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement at some designated future time on specified terms. The funds may write (sell) and purchase put and call swaptions. A swap forward is an agreement to enter into a swap agreement at some point in the future, usually in three to six months.

Special Risks of Swaps The use of swap agreements by the funds entails certain risks. Whether a swap agreement will be successful will depend on the adviser’s ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Interest rate and currency swaps could result in losses if interest rate or currency changes are not correctly anticipated by the funds. Total return swaps could result in losses if the reference index, security, or other investments do not perform as anticipated by the funds. Credit default swaps could result in losses if the funds do not correctly evaluate the creditworthiness of the company on which the credit default swap is based.

A fund will generally incur a greater degree of risk when it writes a swaption than when it purchases a swaption. When the fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the fund writes a swaption, it will become obligated, upon exercise of the option, according to the terms of the underlying agreement.

Because swaps are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered illiquid. Moreover, the funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness. Swap agreements also bear the risk that a fund will not be able to meet it payment obligations to the counterparty. Restrictions imposed by the tax rules applicable to regulated investment companies may limit the fund’s abilities to use swap agreements. The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the funds’ ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Interest Rate Swaps, Caps, and Floors In order to hedge the value of a fund’s portfolio against interest rate fluctuations or to enhance a fund’s income, a fund may enter into various transactions, such as interest rate swaps and the purchase or sale of interest rate caps and floors. Interest rate swaps are OTC contracts in which each party agrees to make a periodic interest payment based on an index or the value of an asset in return for a periodic payment from the other party based on a different index or asset. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap.

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A fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio or to protect against any increase in the price of securities the fund anticipates purchasing at a later date. A fund generally will use these transactions primarily as a hedge and not as a speculative investment. However, a fund may also invest in interest rate swaps to enhance income or to increase the fund’s yield during periods of steep interest rate yield curves (i.e., wide differences between short-term and long-term interest rates). In an interest rate swap, a fund may exchange with another party their respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating rate payments). For example, if a fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week. This would enable a fund to offset a decline in the value of the mortgage-backed security due to rising interest rates but would also limit its ability to benefit from falling interest rates. Conversely, if a fund holds a mortgage-backed security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such a swap would protect the fund from a reduction in yield due to falling interest rates and may permit the fund to enhance its income through the positive differential between one-week and one-year interest rates, but would preclude it from taking full advantage of rising interest rates.

A fund usually will enter into interest rate swap transactions on a net basis (i.e., the two payment streams are netted against one another with the fund receiving or paying, as the case may be, only the net amount of the two payment streams).

Typically the parties with which a fund will enter into interest rate transactions will be broker-dealers and other financial institutions. Certain classes of interest rate swaps are required to be cleared by Derivatives Clearing Organizations registered with the CFTC.

If there is a default by the counterparty to such a transaction, a fund will have contractual remedies pursuant to the agreements related to the transaction. Caps and floors, however, have lower overall liquidity than swaps. Certain federal income tax requirements may limit a fund’s ability to engage in certain interest rate transactions. Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or, in certain circumstances, as long-term capital gains to shareholders.

Credit Default Swap Agreements and Similar Instruments Certain funds may enter into credit default swap agreements and similar agreements and may also buy other credit-linked derivatives. The credit default swap agreement or similar instrument may have as reference obligations one or more securities that are not currently held by a fund.

A fund may be either the buyer or seller in a credit default swap transaction. If a fund is a buyer and no credit event occurs, the fund recovers nothing if the swap is held through its termination date. However, if a credit event occurs, the fund may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. As a seller, a fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value.

Credit default swaps and similar instruments involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, they are subject to illiquidity risk, counterparty risk, and credit risk. A buyer also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. There may also be disputes between the buyer and seller of a credit default swap agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the up front or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the fund. When a fund acts as a seller of a credit default swap or a similar instrument, it is exposed to many of the same risks of leverage since, if a credit event occurs, the seller may be required to pay the buyer the full notional value of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations.

Total Return Swap Agreements Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements

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may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to the fund’s portfolio because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the swap.

Total return swap agreements are subject to the risk that a counterparty will default on its payment obligations to the fund thereunder. Swap agreements also bear the risk that the fund will not be able to meet its obligation to the counterparty. Generally, the fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted against one another with the fund receiving or paying, as the case may be, only the net amount of the two payments).

There are other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Currency Derivatives

The funds may use currency derivatives for a variety of purposes, such as, but not limited to, settling trades in a foreign currency, attempting to protect a fund’s holdings from unfavorable changes in currency exchange rates, enhance returns, and various currency hedging techniques (e.g., gaining exposure to a currency expected to appreciate in value versus other currencies). The currency derivatives may include currency futures, options, or swaps. Currency forwards are described in detail below.

Foreign Exchange Transactions A fund may engage in spot and forward foreign exchange transactions and currency swaps, purchase and sell options on currencies, and purchase and sell currency futures and related options thereon (collectively, “Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar or, with respect to certain funds, to seek to enhance returns. Such transactions could be effected with respect to hedges on foreign dollar-denominated securities owned by a fund, sold by a fund but not yet delivered, or committed or anticipated to be purchased by a fund. As an illustration, a fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated security. In such circumstances, for example, the fund may purchase a foreign currency put option enabling it to sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring such a put option, the fund may also sell a call option that, if exercised, requires it to sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By selling such a call option in this illustration, the fund gives up the opportunity to profit without limit from increases in the relative value of the yen to the dollar. Straddles of the type that may be used by a fund are considered to constitute hedging transactions.

Forward Foreign Exchange Transactions Forward foreign exchange transactions are OTC contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and future date set at the time of the contract. Spot foreign exchange transactions are similar but require current, rather than future, settlement. A fund will enter into foreign exchange transactions for purposes of hedging either a specific transaction or a portfolio position or, with respect to certain funds, to seek to enhance returns. A fund may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example, purchasing a currency needed to settle a security transaction or selling a currency in which the fund has received or anticipates receiving a dividend or distribution. A fund may enter into a foreign exchange transaction for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of the fund is denominated or by purchasing a currency in which the fund anticipates acquiring a portfolio position in the near future. A fund may also hedge portfolio positions through other types of currency derivatives. A fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the fund is exposed is difficult to hedge or to hedge against the dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of the fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to the fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that a fund is engaged in proxy hedging. A fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that are expected to decline in value relative to other currencies to which the fund has or to

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which the fund expects to have portfolio exposure. For example, a fund may hold both Canadian government bonds and Japanese government bonds, and T. Rowe Price may believe that Canadian dollars will deteriorate against Japanese yen. This strategy would be a hedge against a decline in the value of Canadian dollars, although it would expose the fund to declines in the value of the Japanese yen relative to the U.S. dollar. Forward foreign exchange transactions involve substantial currency risk and also involve credit and illiquidity risk. A fund may also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than the currency being hedged (a “cross-hedge”).

Some of the forward foreign currency contracts entered into by the funds are classified as non-deliverable forwards (NDFs). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking the difference between the agreed-upon exchange rate and the spot rate at the time of settlement, for an agreed-upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed-upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to two years and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally traded.

Limitations on Currency Transactions Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. While a fund’s use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the net asset value of the fund’s shares, the net asset value of the fund’s shares will fluctuate. Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be accurately predicted and that the fund’s hedging strategies will be ineffective. To the extent that a fund hedges against anticipated currency movements that do not occur, the fund may realize losses and decrease its total return as the result of its hedging transactions. Furthermore, a fund will only engage in hedging activities from time to time and may not be engaging in hedging activities when movements in currency exchange rates occur.

In connection with its trading in forward foreign currency contracts, a fund will contract with a foreign or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. There have been periods during which certain banks or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.

Governmental imposition of credit controls might limit any such forward contract trading. With respect to its trading of forward contracts, if any, a fund will be subject to the risk of bank or dealer failure and the inability of, or refusal by, a bank or dealer to perform with respect to such contracts. Any such default would deprive the fund of any profit potential or force the fund to cover its commitments for resale, if any, at the then-market price and could result in a loss to the fund.

It may not be possible for a fund to hedge against currency exchange rate movements, even if correctly anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the fund is not able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a market with respect to which Currency Instruments are not available and it is not possible to engage in effective foreign currency hedging. The cost to a fund of engaging in foreign currency transactions varies with such factors as the currencies involved, the length of the contract period, and the market conditions then prevailing. Since transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are involved.

Combined Positions

Certain funds may purchase and write options in combination with futures or forward contracts, to adjust the risk and return characteristics of the overall position. For example, a fund may purchase a put option and write a call option on the same underlying instrument, in order to construct a combined position whose risk and return characteristics are similar to selling a futures contract. Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower price, in order to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

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Regulation of and Limitations on Derivatives

The CFTC’s rules limit the ability of a fund to use commodity futures and options contracts, CFTC-regulated swaps and certain other derivatives (CFTC Derivatives) if its investment adviser does not register with the CFTC as a commodity pool operator (CPO) with respect to the fund. The Price Funds currently intend to normally execute their investment programs within the limits and exclusions prescribed by the CFTC’s rules by limiting their direct investments in CFTC Derivatives to the extent necessary for T. Rowe Price to claim exclusion from regulation as a CPO with respect to the Price Funds pursuant to CFTC Rule 4.5. To comply with the exclusion in accordance with Rule 4.5, each Price Fund will limit its trading activity in CFTC Derivatives (excluding activity for “bona fide hedging purposes,” as defined by the CFTC) such that it meets one of the following tests: (1) the aggregate initial margin deposits and premium required to establish positions in CFTC Derivatives do not exceed 5% of the liquidation value of such fund’s portfolio, after taking into account unrealized profits and unrealized losses on any such contracts that they have entered into, provided, however, that in the case of an option that is in-the-money at the time of purchase, the in-the-money amount may be excluded in calculating the 5% limitation; or (2) the aggregate net notional value of such fund’s positions in CFTC Derivatives does not exceed 100% of the liquidation value of such Price Fund’s portfolio, after taking into account unrealized profits and unrealized losses on such positions.

T. Rowe Price is currently registered with the CFTC as a CPO and a commodity trading advisor (CTA). While T. Rowe Price is registered as a CPO with respect to certain funds, it relies on Rule 4.12(c)(3) with respect to such funds, which provides “harmonization” relief with respect to certain CFTC recordkeeping, reporting, and disclosure requirements. Price International is also registered with the CFTC as a CTA. If the CFTC or other regulatory authorities adopt different (including less stringent) or additional restrictions, the funds would comply with such new restrictions. While T. Rowe Price continues to rely on the Rule 4.5 exclusion with respect to other funds in the Price Funds Complex, this may change in the future in the event one of the funds engages in transactions that make Rule 4.5 no longer available for such fund. Compliance with additional CFTC regulatory requirements may increase the applicable fund’s expenses.

Federal Tax Treatment of Certain Derivatives

The funds may enter into certain derivative contracts, such as options, futures, forward foreign exchange contracts, and swaps, including options and futures on currencies. Entering into such transactions can affect the timing and character of the income and gains realized by the funds and the timing and character of fund distributions.

Such contracts, if they qualify as Section 1256 contracts, will be considered to have been closed at the end of the funds’ taxable years and any gains or losses will be recognized for tax purposes at that time. Section 1256 contracts include regulated futures contracts and certain broad-based index options traded on a qualified board or exchange, but generally exclude swaps. Gains or losses from a Section 1256 contract (as well as gains or losses from the normal closing or settlement of such transactions) will be characterized as 60% long-term capital gain or loss and 40% short-term capital gain or loss regardless of the holding period of the instrument (ordinary income or loss for foreign exchange contracts). The funds will be required to distribute net gains on such transactions to shareholders even though the funds may not have closed the transaction and received cash to pay such distributions.

Certain derivatives which offset another security in the fund, including options, futures, and forward exchange contracts on currencies, which offset a foreign dollar-denominated bond or currency position, may be considered straddles for tax purposes. Generally, a loss on any position in a straddle will be subject to deferral to the extent of any unrealized gain in an offsetting position. For securities that were held for one year or less at inception of the straddle, the holding period may be deemed not to begin until the straddle is terminated. If securities comprising a straddle have been held for more than one year at inception of the straddle, losses on offsetting positions may be treated as entirely long-term capital losses even if the offsetting positions have been held for less than one year. However, a fund may choose to comply with certain identification requirements for offsetting positions that are components of a straddle. Losses with respect to identified positions are not deferred; rather, the basis of the identified position that offset the loss position is increased.

In order for the funds to continue to qualify for federal income tax treatment as regulated investment companies, at least 90% of their gross income for a taxable year must be derived from qualifying income, e.g., generally dividends, interest, income derived from loans of securities, and gains from the sale of securities or currencies. Tax regulations could be issued limiting the extent to which the net gain realized from options, futures, swaps, or forward foreign exchange contracts on currencies is qualifying income for purposes of the 90% requirement. The funds may also enter into swaps referencing

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commodities, commodity indices, or commodity exchange-traded funds. The income or gains from such commodity swaps may not be qualifying income for purposes of the 90% requirement.

Entering into certain derivatives may result in a “constructive sale” of offsetting stocks or debt securities of the funds. In such a case, the funds will be required to realize gain, but not loss, on the deemed sale of such positions as if the position were sold on that date. The funds may also enter into short sales of securities directly or through the use of options. Any gains or losses from short sales are typically treated as short-term capital gains or losses, as the case may be. As a result, a fund’s ordinary dividends subject to ordinary income tax rates may be increased or decreased by such gains or losses.

For certain derivatives the IRS has not issued comprehensive rules relating to the timing and character of income and gains realized on such contracts. It is possible that new tax legislations and new IRS regulations could result in changes to the amounts recorded by the funds, potentially resulting in tax consequences to the funds.

PORTFOLIO MANAGEMENT PRACTICES

Environmental, Social, and Governance Factors

T. Rowe Price integrates environmental, social, and governance (ESG) factors into its investment research processes for certain funds and investments, with a focus on the ESG factors considered most likely to have a material impact on the performance of the holdings in a fund’s portfolio. The funds’ analysts and portfolio managers have primary responsibility for integrating ESG considerations into investment decisions and are supported by a team of dedicated in-house ESG specialists. The ESG specialists have developed a proprietary research tool to establish a comprehensive process for evaluating ESG factors across investments, including a model that systematically and proactively screens and evaluates the responsible investing profile of companies and other issuers using multiple data sets from internal sources, company reports, and select third-party providers. The evaluation of ESG factors is unique for each asset class based on the relevant ESG characteristics and level of available data, and is highly dependent on the country, industry, company, and management of the investment being analyzed. For certain types of investments, including, but not limited to, cash, currency positions, and particular types of derivatives, an ESG analysis may not be relevant or possible due to a lack of data. We may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions for a fund. As a result, the particular factors considered with each investment in the research process will vary, but may include the following:

· Long-term environmental considerations, such as regulation and the availability and costs of raw materials, water, energy;

· A company’s incentive structure and how closely aligned it is with stated corporate strategy;

· Supply chain risks, work stoppages, and labor controversies;

· The quality and diversity of a company’s Board;

· The current and potential regulatory environment, particularly with respect to highly regulated industries or controversial situations; and

· The relative quality of a company’s disclosures, its degree of focus on investors’ interests, and its philosophy regarding stakeholder communications and engagement.

The ESG factors discussed herein may not be applied or analyzed with respect to each issuer or security invested in by the fund. A fund may underperform other similar funds that do not apply or analyze ESG factors in the investment process. A fund may invest in issuers or securities that do not reflect the views of any particular investor’s views of ESG. To the extent T. Rowe Price uses third-party vendor services and/or its own proprietary research platform, such resulting data may not be sufficiently available, complete, or accurate and thus could negatively affect the fund’s performance.

Lending of Portfolio Securities

Securities loans may be made by the funds to broker-dealers, institutional investors, or other persons pursuant to agreements requiring that the loans be continuously secured by collateral at least equal at all times to the value of the securities lent, marked to market on a daily basis. The collateral received will consist of cash, U.S. government securities,

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letters of credit, or such other collateral as may be permitted under the funds’ investment programs. The collateral, in turn, is invested in short-term securities, including shares of a T. Rowe Price internal money market fund or short-term bond fund. While the securities are being lent, the funds making the loan will continue to receive the equivalent of the reasonable interest and the dividends or other distributions paid by the issuer on the securities, as well as a portion of the interest on the investment of the collateral. Normally, the funds employ an agent to implement their securities lending program, and the agent receives a reasonable fee from the funds for its services. The funds have a right to call each loan and obtain the securities within such period of time that coincides with the normal settlement period for purchases and sales of such securities in the respective markets. The funds will not have the right to vote on securities while they are being lent, but they may call a loan in anticipation of any important vote, when practical. The risks in lending portfolio securities, as with other extensions of secured credit, consist of a possible default by the borrower, delay in receiving additional collateral or in the recovery of the securities, or possible loss of rights in the collateral, should the borrower fail financially. Loans will be made only if, in the judgment of T. Rowe Price, the consideration to be earned from such loans would justify the risk. Additionally, the funds bear the risk that the reinvestment of collateral will result in a principal loss. Finally, there is also the risk that the price of the securities will increase while they are on loan and the collateral will not adequately cover their value.

Borrowing and Lending

The Price Funds may rely upon an interfund lending exemptive order received from the SEC on December 8, 1998, amended on November 23, 1999, that permits them to borrow money from and/or lend money to other funds in the Price Complex to help the funds meet short-term redemptions and liquidity needs. All loans are set at an interest rate between the rates charged on overnight repurchase agreements and short-term bank loans. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The program is subject to the oversight and periodic review of the funds’ Board.

In addition, to help certain funds meet short-term redemptions and liquidity needs, the Floating Rate Fund, Floating Rate Multi-Sector Account Portfolio, Institutional Floating Rate Fund, Intermediate Tax-Free High Yield Fund, and Tax-Free High Yield Fund, together with other mutual funds and foreign investment funds managed by T. Rowe Price or an affiliate, entered into a 364 day, $1.3 billion committed line of credit facility with a group of lenders pursuant to which the U.S. funds may borrow up to $1.15 billion in order to provide them with temporary liquidity on a first-come, first-served basis. Interest is charged to a borrowing fund at a variable rate. The fund is charged its pro rata share of commitment fees on the aggregate commitment fees amount based on its net assets. Loans will generally be unsecured; however, the fund will be required to collateralize any borrowings under the facility on an equivalent basis if it has other collateralized borrowings.

Repurchase Agreements

The funds may enter into a repurchase agreement through which an investor (such as the funds) purchases securities (known as the “underlying security”) from well-established securities dealers or banks that are members of the Federal Reserve System. Any such dealer or bank will be on T. Rowe Price’s approved list. At that time, the bank or securities dealer agrees to repurchase the underlying security at the same price, plus specified interest. Repurchase agreements are generally for a short period of time, often less than a week. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid investments. The funds will enter into repurchase agreements only where (1) the underlying securities are of the type (excluding maturity limitations) that the funds’ investment guidelines would allow them to purchase directly; (2) the market value of the underlying security, including interest accrued, will be at all times equal to or exceed the value of the repurchase agreement; and (3) payment for the underlying security is made only upon physical delivery or evidence of book-entry transfer to the account of the custodian or a bank acting as agent. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the funds could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the funds seek to enforce their rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing their rights. To the extent required by the 1940 Act, the funds will only enter into repurchase agreements that are fully collateralized, as defined by the 1940 Act.

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Reverse Repurchase Agreements

Although the funds have no current intention of engaging in reverse repurchase agreements, they reserve the right to do so. Reverse repurchase agreements are ordinary repurchase agreements in which a fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of the securities because it avoids certain market risks and transaction costs. A reverse repurchase agreement may be viewed as a type of borrowing by the funds, subject to Investment Restriction (1). (See “Investment Restrictions.”)

Cash Reserves

The funds may invest their cash reserves primarily in one or more money market funds or short-term bond funds established for the exclusive use of the T. Rowe Price family of funds and other clients of T. Rowe Price. Currently, two such money market funds are in operation and used for cash reserves management: the T. Rowe Price Government Reserve Fund and the T. Rowe Price Treasury Reserve Fund. In addition, two such short-term bond funds may be used for cash reserves management: the T. Rowe Price Short-Term Government Fund and the T. Rowe Price Short-Term Fund. Each of the four funds is a series of the T. Rowe Price Reserve Investment Funds, Inc. These funds were created and operate under an exemptive order issued by the SEC. Additional money market funds or short-term bond funds may be created in the future.

The Government Reserve Fund and Treasury Reserve Fund comply with the requirements of Rule 2a-7 under the 1940 Act governing money market funds. The Short-Term Government Fund and Short-Term Fund are short-term bond funds and are not regulated under Rule 2a-7 and do not use amortized cost in an effort to maintain a stable $1.00 share price. The Treasury Reserve Fund and Government Reserve Fund operate as government money market funds in accordance with Rule 2a-7.

The Government Reserve Fund, Short-Term Fund, Short-Term Government Fund, and Treasury Reserve Fund (TRP Cash Reserve Funds) provide an efficient means of managing the cash reserves of the Price Funds and investing collateral received by a fund in connection with securities lending activities. While none of the TRP Cash Reserve Funds pay an advisory fee to T. Rowe Price, each will incur other expenses. However, the TRP Cash Reserve Funds are expected by T. Rowe Price to operate at very low expense ratios. The Price Funds will only invest in the TRP Cash Reserve Funds to the extent consistent with their investment objectives and programs.

None of the funds are insured or guaranteed by the FDIC or any other government agency. Although the Government Reserve Fund and Treasury Reserve Fund seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in them.

Short Sales

Credit Opportunities, Dynamic Credit, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, Multi-Strategy Total Return, and U.S. High Yield Funds

While most Price Funds are permitted to take short positions through various types of derivatives, these funds are also permitted to enter into short sales involving individual securities. Short sales are transactions in which the funds sell a security they do not already own, typically in anticipation of a decline in the market value of that security. Short sales are typically executed through a prime broker or in the absence of a primer broker relationship with the use of a repurchase agreement. In order to complete a short-sale transaction, the funds must borrow the security to make delivery to the buyer. The funds then are obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. Until the security is replaced, the funds are required to pay to the lender amounts equal to any dividends or interest which accrue during the period of the loan. To borrow the security, the funds also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A fund secures its obligation to replace borrowed securities by also depositing collateral with the broker, usually in cash, U.S. government securities, or other liquid securities similar to those borrowed.

Until the funds replace a borrowed security in connection with a short sale, the funds will: (a) maintain daily a segregated account, containing cash, U.S. government securities, or other liquid securities as permitted by the SEC, at such a level that

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the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; or (b) otherwise cover its short position.

The funds will incur a loss as a result of the short sale if the price of the security sold short increases between the date of the short sale and the date on which the funds replace the borrowed security. The funds will realize a gain if the security sold short declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends, or interest the funds may be required to pay in connection with a short sale. Any gain or loss on the security sold short would be separate from a gain or loss on the funds’ security being hedged by the short sale.

Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, and U.S. High Yield Funds

For these funds, no securities will be sold short if, after the effect is given to any such short sale, the total market value of all securities sold short would exceed 2% of the value of the funds’ net assets (any short positions established through derivatives are not subject to this limit).

Liquidity Risk Management Rule

Rule 22e-4 under the 1940 Act requires, among other things, certain open-end mutual funds (other than money market funds), such as the Price Funds, to adopt a liquidity risk management program that is reasonably designed to assess and manage liquidity risk. Such funds are also required to provide additional disclosures about a fund’s redemptions and liquidity risk. As required by the rule, the Price Funds implemented a liquidity risk management program (the “Liquidity Program”), pursuant to which each investment has been classified as “highly liquid,” “moderately liquid,” “less liquid,” or “illiquid” investment. The Board of each fund, including a majority of the independent directors, has appointed T. Rowe Price as the administrator of the Liquidity Program.

INVESTMENT RESTRICTIONS

Fundamental policies may not be changed without the approval of the lesser of (1) 67% of the funds’ shares present at a meeting of shareholders if the holders of more than 50% of the outstanding shares are present in person or by proxy or (2) more than 50% of the funds’ outstanding shares. Other restrictions in the form of operating policies are subject to change by the funds’ Boards without shareholder approval. Any investment restriction that involves a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition of securities or assets of, or borrowings by, the funds. With the exception of the diversification test required by the Code, calculation of the funds’ total assets for compliance with any of the following fundamental or operating policies or any other investment restrictions set forth in the funds’ prospectuses or this SAI will not include collateral held in connection with securities lending activities. For purposes of the tax diversification test, calculation of the funds’ total assets will include investments made with cash received by the funds as collateral for securities loaned.

Fundamental Policies

As a matter of fundamental policy, the funds may not:

(1) (a) Borrowing (All Funds Except Dynamic Credit, Multi-Strategy Total Return, and Spectrum Funds) Borrow money, except that the funds may (i) borrow for non-leveraging, temporary, or emergency purposes; and (ii) engage in reverse repurchase agreements and make other investments or engage in other transactions, which may involve a borrowing, in a manner consistent with the funds’ investment objectives and programs, provided that the combination of (i) and (ii) shall not exceed 33⅓% of the value of the funds’ total assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by law. Any borrowings that come to exceed this amount will be reduced in accordance with applicable law. The funds may borrow from banks, other Price Funds, or other persons to the extent permitted by applicable law. In addition, the Target Date Funds may not, in any manner, transfer as collateral for indebtedness any securities owned by the fund except in connection with permissible borrowings, which in no event will exceed 33⅓% of the fund’s total assets valued at market;

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 (b) Borrowing (Dynamic Credit and Multi-Strategy Total Return Funds) Borrow money, except that the funds may (i) borrow from other Price Funds for non-leveraging, temporary, or emergency purposes; and (ii) engage in reverse repurchase agreements and make other investments or engage in other transactions, which may involve a borrowing or the creation or increase of leverage, in a manner consistent with the funds’ investment objectives and programs, provided that the combination of (i) and (ii) shall not exceed 33⅓% of the value of the funds’ total assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by law. Any borrowings that come to exceed this amount will be reduced in accordance with applicable law. The funds may borrow from banks, other Price Funds, or other persons to the extent permitted by applicable law;

 (c) Borrowing (Spectrum Funds) Borrow money, except the funds may borrow from banks or other Price Funds as a temporary measure for extraordinary or emergency purposes, and then only in amounts not exceeding 30% of total assets valued at market. The funds will not borrow in order to increase income (leveraging), but only to facilitate redemption requests that might otherwise require untimely disposition of portfolio securities. Interest paid on any such borrowings will reduce net investment income. In addition, the funds may not, in any manner, transfer as collateral for indebtedness any securities owned by the fund except in connection with permissible borrowings, which in no event will exceed 30% of the fund’s total assets valued at market;

(2) (a) Commodities (All Funds Except Money Market Funds, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, Short-Term, and Short-Term Government Funds) Purchase or sell commodities, except to the extent permitted by applicable law;

 (b) Commodities (Institutional Mid-Cap Equity Growth and Institutional Small-Cap Stock Funds) Purchase or sell physical commodities, except that the funds may enter into futures and options contracts thereon;

 (c) Commodities (Money Market Funds, Short-Term, and Short-Term Government Funds) Purchase or sell commodities;

(3) (a) Industry Concentration (All Funds Except Cash Reserves, Emerging Europe, Equity Index 500, Extended Equity Market Index, Financial Services, Global Real Estate, Government Money, Health Sciences, International Equity Index, Mid-Cap Index, QM U.S. Bond Index, Real Estate, TRP Reserve Money, Small-Cap Index, Spectrum, Target Date, and Total Equity Market Index Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the funds’ net assets would be invested in the securities of issuers having their principal business activities in the same industry;

 (b) Industry Concentration (Emerging Europe, Financial Services, Global Real Estate, Health Sciences, and Real Estate Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the funds’ net assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that (i) the Emerging Europe Fund may purchase the securities of any issuer if, as a result, no more than 35% of the fund’s net assets would be invested in any industry that accounts for more than 20% of the emerging European market as a whole, as measured by an index determined by T. Rowe Price to be an appropriate measure of the emerging European market (as defined in the fund’s prospectus); (ii) the Health Sciences Fund will invest more than 25% of its net assets in the health sciences industry as defined in the fund’s prospectus; (iii) the Financial Services Fund will invest more than 25% of its net assets in the financial services industry as defined in the fund’s prospectus; and (iv) the Global Real Estate and Real Estate Funds will invest more than 25% of their net assets in the real estate industry as defined in the funds’ prospectuses;

 (c) Industry Concentration (Equity Index 500, Extended Equity Market Index, International Equity Index, Mid-Cap Index, QM U.S. Bond Index, Small-Cap Index, and Total Equity Market Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the fund’s net assets would be invested in the securities of issuers having their principal business activities in the same industry, except that the fund will invest more than 25% of the value of its net assets in issuers having their principal business activities in the same industry to the extent necessary to replicate the index that the fund uses as its benchmark as set forth in its prospectus;

 (d) Industry Concentration (Cash Reserves, Government Money, and TRP Cash Reserve Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the funds’ net assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that this limitation does not apply to securities of the banking industry including, but not limited to, certificates of deposit and banker’s acceptances;

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 (e) Industry Concentration (Spectrum Funds) Concentrate in any industry, except that the funds will concentrate (invest more than 25% of net assets) in the mutual fund industry;

 (f) Industry Concentration (Funds-of-Funds) Concentrate in any industry, except that the funds will concentrate (invest more than 25% of net assets) in the mutual fund industry;

(4) (a) Loans (All Funds Except Spectrum and Target Date Funds) Make loans, although the funds may (i) lend portfolio securities and participate in an interfund lending program with other Price Funds provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 33⅓% of the value of the funds’ total assets; (ii) purchase money market securities and enter into repurchase agreements; and (iii) acquire publicly distributed or privately placed debt securities and purchase debt;

 (b) Loans (Spectrum and Target Date Funds) Make loans, although the funds may purchase money market securities and enter into repurchase agreements;

(5) Margin (Spectrum Funds) Purchase securities on margin, except for use of short-term credit necessary for clearance of purchases of portfolio securities;

(6) Mortgaging (Spectrum Funds) Mortgage, pledge, hypothecate, or, in any manner, transfer any security owned by the funds as security for indebtedness, except as may be necessary in connection with permissible borrowings, in which event such mortgaging, pledging, or hypothecating may not exceed 30% of the funds’ total assets, valued at market;

(7) (a) Percent Limit on Assets Invested in Any One Issuer (All Funds Except Africa & Middle East, Asia Opportunities, Blue Chip Growth, Communications & Technology, Dynamic Global Bond, Emerging Europe, Emerging Markets Local Currency Bond, Emerging Markets Stock, Equity Index 500, Extended Equity Market Index, Georgia Tax-Free Bond, Global Consumer, Global Technology, Growth Stock, Institutional Emerging Markets Equity, Institutional Large-Cap Core Growth, International Bond, International Bond Fund (USD Hedged), International Equity Index, Large-Cap Growth, Latin America, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, Mid-Cap Index Fund, New Asia, New Jersey Tax-Free Bond, New York Tax-Free Bond, Real Estate, Science & Technology, Small-Cap Index, Total Equity Market Index, Transition, and Virginia Tax-Free Bond Funds; and Emerging Markets Local Multi-Sector Account Portfolio) Purchase a security if, as a result, with respect to 75% of the value of the funds’ total assets, more than 5% of the value of the funds’ total assets would be invested in the securities of a single issuer, except for cash; securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities; and securities of other investment companies;

 (b) Percent Limit on Assets Invested in Any One Issuer (Equity Index 500, Extended Equity Market Index, International Equity Index, Mid-Cap Index, Small-Cap Index and Total Equity Market Index Funds) Purchase a security if, as a result, with respect to 75% of the value of the funds’ total assets, more than 5% of the value of the funds’ total assets would be invested in the securities of a single issuer, except for cash; securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities; and securities of other investment companies. However, the funds will exceed these limits to the extent necessary to replicate the index that each fund uses as its benchmark as set forth in its prospectus;

 (c) Percent Limit on Share Ownership of Any One Issuer (All Funds Except Africa & Middle East, Asia Opportunities, Blue Chip Growth, Communications & Technology, Dynamic Global Bond, Emerging Europe, Emerging Markets Local Currency Bond, Emerging Markets Stock, Equity Index 500, Extended Equity Market Index, Georgia Tax-Free Bond, Global Consumer, Global Technology, Growth Stock, Institutional Emerging Markets Equity, Institutional Large-Cap Core Growth, International Bond, International Bond Fund (USD Hedged), International Equity Index, Large-Cap Growth, Latin America, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, Mid-Cap Index Fund, New Asia, New Jersey Tax-Free Bond, New York Tax-Free Bond, Real Estate, Science & Technology, Small-Cap Index, Total Equity Market Index, Transition, and Virginia Tax-Free Bond Funds; and Emerging Markets Local Multi-Sector Account Portfolio) Purchase a security if, as a result, with respect to 75% of the value of the funds’ total assets, more than 10% of the outstanding voting securities of any issuer would be held by the funds (other than cash; securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities; and securities of other investment companies);

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 (d) Percent Limit on Assets Invested in Any One Issuer (Equity Index 500, Extended Equity Market Index, International Equity Index, Mid-Cap Index, Small-Cap Index and Total Equity Market Index Funds) Purchase a security if, as a result, with respect to 75% of the value of the funds’ total assets, more than 10% of the outstanding voting securities of any issuer would be held by the funds (other than cash; securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities; and securities of other investment companies). However, the funds will exceed these limits to the extent necessary to replicate the index that each fund uses as its benchmark as set forth in its prospectus;

(8) (a) Real Estate (All Funds Except Spectrum and Target Date Funds) Purchase or sell real estate, including limited partnership interests therein, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the funds from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

 (b) Real Estate (Spectrum and Target Date Funds) Purchase or sell real estate, including limited partnership interests therein, unless acquired as a result of ownership of securities or other instruments (although the funds may purchase money market securities secured by real estate or interests therein or issued by companies or investment trusts which invest in real estate or interests therein);

(9) (a) Senior Securities (All Funds Except Spectrum Funds) Issue senior securities except in compliance with the 1940 Act;

 (b) Senior Securities (Spectrum Funds) Issue senior securities;

(10) Short Sales (Spectrum Funds) Effect short sales of securities;

(11) Taxable Securities (State Tax-Free and Tax-Free Funds) During periods of normal market conditions, purchase any security if, as a result, less than 80% of the funds’ income would be exempt from federal and, if applicable, any state, city, or local income tax. Normally, the funds will not purchase a security if, as a result, more than 20% of the funds’ income could be derived from securities subject to the AMT;

(12) Underwriting Underwrite securities issued by other persons, except to the extent that the funds may be deemed to be an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing their investment programs;

(13) U.S. Treasury Securities (U.S. Treasury Money and Short-Term Government Funds) Invest less than 80% of its net assets in U.S. Treasury securities and repurchase agreements thereon.

NOTES

 The following notes should be read in connection with the above-described fundamental policies. The notes are not fundamental policies.

 Money Market Funds With respect to investment restriction (1), the funds have no current intention of engaging in any borrowing transactions.

With respect to investment restriction (1)(b), when borrowing from other Price Funds, the Multi-Strategy Total Return Fund may only (i) engage in derivatives transactions that involve unwinding or closing out existing derivatives contracts or (ii) enter into new derivatives contracts that serve as a full or partial offset of one or more existing derivatives contracts.

 With respect to investment restriction (3)(d), each of the Government Money, Government Reserve, and Treasury Reserve Funds invests its assets in the manner necessary to qualify as a “government money market fund” under Rule 2a-7 under the 1940 Act. Accordingly, each of the Government Money, Government Reserve, and Treasury Reserve Funds will not invest more than 25% of its net assets in the securities of the banking industry, including, but not limited to, certificates of deposit and banker’s acceptances, for as long as each fund intends to qualify as a “government money market fund.”

 Multi-Strategy Total Return Fund With respect to investment restriction 3(a), to the extent the fund invests in other Price Funds, the fund will look-through to any underlying Price Fund’s investments for purposes of determining the fund’s concentration in any particular industry. To the extent the fund invests in investment companies that

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are not Price Funds, the fund will consider those funds’ investments for purposes of determining the fund’s concentration in any industry as follows: if an unaffiliated fund that has a name suggesting it focuses its investments in a particular industry and a disclosed policy to invest at least 80% of its assets in that industry, or if the fund has a disclosed fundamental policy to concentrate its investments in a particular industry, the Multi-Strategy Total Return Fund will deem its investment in that fund to be invested in that industry (provided this approach is deemed by the Multi-Strategy Total Return Fund to be consistent with guidance from the SEC or its staff).

 All Funds Except Money Market Funds, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, Short-Term, and Short-Term Government Funds With respect to investment restriction (2), the funds may not directly purchase or sell commodities that require physical storage unless acquired as a result of ownership of securities or other instruments, but the funds may invest in any derivatives and other financial instruments that involve commodities or represent interests in commodities to the extent permitted by the 1940 Act or other applicable law.

 Institutional Mid-Cap Equity Growth and Institutional Small-Cap Stock Funds With respect to investment restriction (2), the funds do not consider currency contracts to be commodities.

 All Funds Except Spectrum and Target Date Funds For purposes of investment restriction (3):

· U.S., state, or local governments, or related agencies or instrumentalities, are not considered an industry. With respect to the tax-free funds, each fund has adopted an operating policy requiring investments in industrial development bonds supported principally by the assets or revenues of non-governmental users related to the same industry (such as solid waste, nuclear utility, or airlines) to be limited to 25% of the fund’s net assets. Bonds that are refunded with escrowed U.S. government securities are not subject to the 25% limitation.

· With respect to the industry classifications, each fund will define industries according to any one or more widely recognized third-party providers and/or as defined by the investment adviser. The policy also will be interpreted to give broad authority to each fund as to how to classify issuers within or among industries.

 All Funds Except QM U.S. Bond Index and Summit Income Funds For purposes of investment restriction (5), the funds will consider the acquisition of a debt security to include the execution of a note or other evidence of an extension of credit with a term of more than nine months.

 All Funds For purposes of investment restriction (7), the funds will treat bonds that are refunded with escrowed U.S. government securities as U.S. government securities.

 Taxable Bond and Money Market Funds For purposes of investment restriction (7), the funds will consider a repurchase agreement fully collateralized with U.S. government securities to be U.S. government securities.

 With respect to investment restrictions (1) and (9), under the 1940 Act, open-end investment companies (such as the Price Funds) can borrow money from a bank provided that immediately after such borrowing there is asset coverage of at least 300% for all borrowings. If the asset coverage falls below 300%, the investment company must, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to satisfy the 300% requirement. Any borrowings by a Price Fund from a bank and transactions by a Price Fund that may be considered to result in the issuance of a senior security will comply with the requirements of the 1940 Act, including any interpretations of the 1940 Act by the SEC or the SEC staff. Any borrowings from other Price Funds will comply with the terms and conditions of the Price Funds’ interfund lending exemptive order.

 For purposes of investment restriction (11), the funds measure the amount of their income from taxable securities, including AMT securities, over the course of the funds’ taxable year.

Operating Policies

As a matter of operating policy, the funds may not:

(1) (a) Borrowing (All Funds Except Global Allocation Fund) Purchase additional securities when money borrowed exceeds 5% of its total assets.

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 (b) Borrowing (All Funds Except Global Allocation and Multi-Strategy Total Return Funds) Transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 33⅓% of its total assets.

(2) Control of Portfolio Companies Invest in companies for the purpose of exercising management or control.

(3) Forward Currency Contracts (RDFs and Spectrum Funds) Purchase forward currency contracts, although the funds reserve the right to do so in the future.

(4) Illiquid Investment Acquire an illiquid investment if, immediately after the acquisition, the fund would have invested more than 15% of its net assets (10% of its net assets for Spectrum Funds and 5% of its total assets for Money Market Funds) in such investments.

(5) (a) Investment Companies (All Funds Except Spectrum, Target Date, and TRP Cash Reserve Funds) Purchase securities of open-end or closed-end investment companies except (i) securities of the TRP Reserve Funds; (ii) securities of other Price Funds; (iii) in the case of the Money Market Funds, only securities of other money market funds; or (iv) otherwise consistent with the 1940 Act.

 (b) Investment Companies (TRP Cash Reserve Funds) Invest in, or purchase shares of, any registered open-end investment companies or registered unit investment trusts.

(6) Margin (All Funds Except Spectrum Funds) Purchase securities on margin, except (i) for use of short-term credit necessary for clearance of purchases of portfolio securities and (ii) they may make margin deposits in connection with futures contracts or other permissible investments.

(7) Mortgaging (All Funds Except Spectrum Funds) Mortgage, pledge, hypothecate, or, in any manner, transfer any security owned by the funds as security for indebtedness, except as may be necessary in connection with permissible borrowings or investments, and then such mortgaging, pledging, or hypothecating may not exceed 33⅓% of the funds’ total assets at the time of borrowing or investment.

(8) Oil and Gas Programs Purchase participations or other direct interests in or enter into leases with respect to oil, gas, or other mineral exploration or development programs if, as a result thereof, more than 5% of the value of the total assets of the funds would be invested in such programs.

(9) (a) Short Sales (All Funds Except Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, and U.S. High Yield Funds) Effect short sales of securities.

 (b) Short Sales (Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, and U.S. High Yield Funds) Effect short sales of securities, unless the total market value of all securities sold short do not exceed 2% of the fund’s net assets (any short positions established through derivatives are not subject to this limit).

(10) Warrants (All Funds Except Dynamic Credit and Multi-Strategy Total Return Funds) Invest in warrants if, as a result, more than 10% of the value of the fund’s net assets would be invested in warrants, provided that, the Money, State Tax-Free, Tax-Free, and Summit Municipal Funds will not invest in warrants.

(11) Commodities (Real Assets Fund) Purchase or sell physical commodities, although the fund reserves the right to do so in the future.

(12) (a) Asset- and Mortgage-Backed Securities (Investment-Grade Corporate Multi-Sector Account Portfolio) Invest in asset-backed securities (other than mortgage-backed securities) if, as a result, more than 5% of the fund’s total assets would be invested in asset-backed securities. The fund will not invest in mortgage-backed securities.

 (b) Asset- and Mortgage-Backed Securities (Multi-Strategy Total Return Fund) Invest in asset-backed securities (other than mortgage-backed securities) if, as a result, more than 20% of the fund’s total assets would be invested in such instruments. The fund’s investment in asset-backed and mortgage-backed securities rated below investments-grade are limited to 10% of its net assets.

 (c) Asset- and Mortgage-Backed Securities (Dynamic Global Bond, Global Multi-Sector Bond, and GNMA Funds) Invest in asset-backed securities (other than mortgage-backed securities) if, as a result, more than 20% of the fund’s total assets would be invested in such instruments.

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 (d) Asset- and Mortgage-Backed Securities (Capital Appreciation, Floating Rate, High Yield, Institutional Floating Rate, Institutional High Yield, Institutional Long Duration Credit, and U.S. High Yield Funds; and Floating Rate Multi-Sector Account Portfolio) Invest in securitized instruments, including mortgage- and asset- backed securities, if, as a result, more than 10% of the fund’s total assets would be invested in such instruments.

 (e) Commercial Mortgage-Backed Securities (Global Multi-Sector Bond Fund) Invest in commercial mortgage-backed securities if, as a result, more than 20% of its nets assets would be invested in commercial mortgage-backed securities.

 (f) Mortgage-Backed Securities (Balanced Fund) Invest in mortgage-backed securities if, as a result, more than 20% of its total assets would be investing in mortgage-backed securities, including up to 10% in stripped mortgage securities.

 (g) Mortgage-Backed Securities (Multi-Strategy Total Return and Dynamic Global Bond Funds) Invest in non-agency issued mortgage-backed securities if, as a result, more than 25% of the fund’s net assets would be invested in such instruments.

 (h) Mortgage-Backed Securities (Total Return Fund) Invest in privately issued mortgage-backed securities if, as a result, more than 25% of the fund’s total assets would be invested in such instruments.

 (i) Mortgage-Backed Securities (Global Multi-Sector Bond Fund) Invest in mortgage-backed securities (other than commercial mortgage-backed securities) if, as a result, more than 40% of its net assets would be invested in such instruments.

 (j) Stripped Mortgage Securities (Dynamic Global Bond, Global Allocation, Global Multi-Sector Bond, GNMA, Inflation Protected, New Income, Short-Term Bond, Spectrum Conservative Allocation, Spectrum Moderate Allocation, Spectrum Moderate Growth Allocation, Ultra Short-Term Bond, U.S. Treasury Intermediate Index, and U.S. Treasury Long-Term Index Funds; and Mortgage-Backed Securities Multi-Sector Account Portfolio) Invest in stripped mortgage securities if, as a result, more than 10% of its total assets would be invested in such instruments.

(13) (a) Loan Participation and Assignments (Dynamic Global Bond, Emerging Markets Bond, Emerging Markets Local Currency Bond, Institutional Emerging Markets Bond, and U.S. High Yield Funds; Emerging Markets Corporate Multi-Sector Account Portfolio) Invest in bank loans (including loan participations and assignments) if, as a result, more than 20% of the fund’s total assets would be invested in such instruments.

 (b) Loan Participations and Assignments (Balanced, Emerging Market Corporate Bond, Global Allocation, International Bond, and International Bond (USD Hedged) Funds, and Spectrum II Funds) Invest in bank loans (including loan participations and assignments) if, as a result, more than 10% of the fund’s total assets would be invested in such instruments.

(14) (a) Debt Instruments and Loans (Global Industrials Fund) Invest in debt instruments and loans if, as a result, more than 15% of the fund’s total assets would be invested in such instruments. The fund’s investments in convertible securities are not subject to this limit.

 (b) Debt Instruments and Loans (Global Consumer Fund) Invest in debt instruments and loans if, as a result, more than 10% of the fund’s total assets would be invested in such instruments. The fund’s investments in convertible securities are not subject to this limit.

 (c) Debt Instruments (Emerging Markets Bond, Institutional Emerging Markets Bond, International Bond, and International Bond (USD Hedged) Funds) Invest more than 5% of its assets in any individual corporate issuer, provided that (1) the fund places assets in bank deposits or other short-term bank instruments with a maturity of up to 30 days, provided that: (a) the bank has a short-term credit rating of A1+ (or, if unrated, an equivalent rating as determined by the adviser) and (b) the fund will not maintain more than 10% of its total assets with any single bank; and (2) the fund maintains more than 5% of its total assets, including cash and currencies, in custodial accounts or deposits of the fund’s custodian or sub-custodians.

 (d) Fixed Income Senior Securities (Balanced Fund) Invest less than 25% of its total assets in fixed income senior securities, which are securities that rank above equity securities of the same issuer in the event of the issuer’s bankruptcy or liquidation. Fixed income senior securities may include investments in money market securities and shares of other fixed income and money market mutual funds.

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(15) (a) Below Investment-Grade Instruments (Africa & Middle East, Balanced, Blue Chip Growth, Communications & Technology, Dividend Growth, Emerging Europe, Emerging Markets Discovery Stock, Emerging Markets Stock, Equity Income, Global Growth Stock, Global Real Estate, Global Stock, Global Technology, Global Value Equity, Institutional Emerging Markets Equity, Institutional International Disciplined Equity, Institutional Large-Cap Core Growth, Institutional Small-Cap Stock, International Disciplined Equity, International Discovery, Large-Cap Value, Latin America, Mid-Cap Value, New Asia, New Era, New Horizons, Real Assets, Real Estate, Small-Cap Stock, Small-Cap Value, Tax-Free Short-Intermediate, U.S. Equity Research, U.S. Large-Cap Core, and Value Funds) Invest in below-investment grade instruments if, as a result, more than 10% of the fund’s total assets would be invested in such instruments. The fund’s investments in convertible securities are not subject to this limit.

 (b) Below Investment-Grade Debt Instruments (Spectrum Conservative Allocation, Spectrum Moderate Allocation, and Spectrum Moderate Growth Allocation Funds) Invest in below investment-grade instruments if, as a result, more than 25% of the fund’s total assets would be invested in such instruments. Any investments in convertible securities are not subject to this limit.

(16) Defaulted Bonds (Intermediate Tax-Free High Yield and Tax-Free High Yield Funds) Invest in bonds in default if, as a result, more than 10% of the fund’s total assets would be invested in such instruments.

(17) (a) Equity Securities (Global Multi-Sector Bond, Inflation Protected Bond, International Bond, International Bond (USD Hedged), and Total Return Funds; and Floating Rate, Emerging Markets Corporate, Emerging Markets Local, and Investment-Grade Corporate Multi-Sector Account Portfolios) Under normal conditions, directly purchase common stocks; however, the funds may occasionally hold shares of common stock that were received through a reorganization, restructuring, exercise, exchange, conversion, or similar action. Any shares of common stock that are received through a reorganization, restructuring, exercise, exchange, conversion, or similar action will be sold within a reasonable timeframe taking into consideration market conditions and any legal restrictions.

 (b) Equity Securities (Emerging Markets Bond, Emerging Markets Local Currency Bond, and Institutional Emerging Markets Bond Funds) Invest in various types of equity securities and securities that are convertible into, or which carry warrants for, common stocks or other equity securities if, as a result, more than 10% of the fund’s total assets would be invested in such securities. However, the fund will not directly purchase common stock if it already holds more than 5% of its total assets in common stocks. Any shares of common stock that are received through a reorganization, restructuring, exercise, exchange, conversion, or similar action that cause the fund to hold more than 5% of its total assets in common stocks will be sold within a reasonable timeframe taking into consideration market conditions and any legal restrictions.

 (c) Equity Securities (Floating Rate, High Yield, Institutional High Yield, Institutional Floating Rate, and U.S. High Yield Funds) Invest in equity securities, including common and preferred stocks and securities that are convertible into, or which carry warrants for, common stocks or other equity securities if, as a result, more than 20% of the fund’s net assets would be invested in such securities.

 (d) Equity Securities (Dynamic Global Bond Fund) Invest in stocks, warrants, and other equity securities if, as a result, more than 10% of the fund’s total assets would be invested in such securities. Investments in convertible securities and contingent capital securities are not subject to this limit.

 (e) Equity Securities (Global High Income Fund) Invest in stocks, warrants, and other equity securities if, as a result, more than 5% of the fund’s total assets would be invested in such securities. Investments in convertible securities and contingent capital securities are not subject to this limit.

 (f) Equity Securities (Summit Municipal Income and Summit Municipal Intermediate Funds) Purchase shares of common stock issued by operating companies, although the fund may occasionally purchase equity securities or securities convertible into equity securities, including equity securities issued by investment companies consistent with the fund’s investment strategies.

 (g) Equity Securities (State Tax-Free and Tax-Free Funds) Purchase any equity security or security convertible into an equity security, provided that the funds (other than the Money Market Funds) may invest up to 10% of total assets in equity securities that pay tax-exempt dividends and that are otherwise consistent with the funds’ investment objectives and, further provided, that Money Market Funds may invest up to 10% of total assets in equity securities of other tax-free open-end money market funds.

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(18) (a) Convertible Securities and Warrants (Inflation Protected Bond and New Income Funds; and High Yield Multi-Sector Account Portfolio) Invest in preferred stocks and securities that are convertible into, or that carry warrants for, common stocks or other equity securities if, as a result, more than 20% of the fund’s total assets would be invested in such securities.

 (b) Convertible Securities and Warrants (Institutional Long Duration Credit, International Bond, International Bond (USD Hedged), and Total Return Funds; and Floating Rate and Investment-Grade Corporate Multi-Sector Account Portfolios) Invest in preferred stocks and securities that are convertible into, or that carry warrants for, common stocks or other equity securities if, as a result, more than 10% of the fund’s total assets would be invested in such securities.

(19) (a) Currency Derivatives (Floating Rate, High Yield, Inflation Protected Bond, Institutional Floating Rate, Institutional High Yield, Limited Duration Inflation Focused Bond, New Income, Total Return, and U.S. High Yield Funds; and Floating Rate and High Yield Multi-Sector Account Portfolios) Commit more than 20% of its total assets to any combination of currency derivatives.

 (b) Currency Derivatives (Credit Opportunities Fund) Commit more than 50% of its total assets to any combination of currency derivatives.

 (c) Currency Derivatives (Balanced, Corporate Income, Institutional Long Duration Credit, Spectrum II, and Short-Term Bond Funds; and Mortgage-Backed Securities Multi-Sector Account Portfolio) Commit more than 10% of its total assets to any combination of currency derivatives.

(20) Participation Notes (Asia Opportunities, China Evolution Equities, Emerging Europe, Emerging Markets Stock, Emerging Markets Discovery Stock, European Stock, Global Allocation, Global Growth Stock, Global Stock, Global Value Equity, Institutional International Disciplined Equity, Integrated Global Equity, International Disciplined Equity, International Discovery, Institutional Emerging Markets Equity, International Value Equity, International Stock, Japan, Latin America, New Asia, Overseas Stock, and Real Assets Funds) Invest in participation notes (P-Notes) if, as a result, more than 20% of the fund’s total assets would be invested in such instruments.

(21) Residual Interest Securities (California Tax-Free Bond, Georgia Tax-Free Bond, Intermediate Tax-Free High Yield, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, New Jersey Tax-Free Bond, New York Tax-Free Bond, Tax-Free High Yield, Tax-Free Income, Tax-Free Short-Intermediate, Summit Municipal Intermediate, and Virginia Tax-Free Bond Funds) Invest in residual securities if, as a result, more than 10% of the fund’s total assets would be invested in such instruments.

(22) Structured Notes (Real Assets Fund) Invest in structured notes if, as a result, more than 10% of the fund’s total assets would be invested in such instruments.

(23) Trade Claims (Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, and U.S. High Yield Funds) Invest in trade claims if, as a result, more than 10% of the fund’s total assets would be invested in such instruments.

(24) Single Issuer (Short-Term Government and Short-Term Funds) Invest more than 5% of its total assets in the securities of any single issuer (other than U.S. government securities or repurchase agreements collateralized by cash or U.S. government securities).

(25) Zero Coupon and Pay-in-Kind Bonds (Global Allocation and Spectrum II Funds) Invest more than 10% of its total assets in zero coupon and pay-in-kind bonds.

(26) (a) Non-U.S. Dollar Denominated Securities (Investment-Grade Corporate Multi-Sector Account Portfolio) Invest in non-U.S. dollar-denominated debt securities.

 (b) Non-U.S. Dollar Denominated Securities (Short-Term Bond Fund and Mortgage-Backed Securities Multi-Sector Account Portfolio) Invest in non-U.S. dollar-denominated foreign debt instruments if, as a result, more than 10% of the fund’s total assets (excluding reserves) would be invested in such instruments.

(27) (a) Foreign Securities (Blue Chip Growth, Diversified Mid-Cap Growth, Dividend Growth, Equity Income, Growth Stock, Institutional Large-Cap Core Growth, Institutional Mid-Cap Equity Growth, Large-Cap Value, Mid-Cap Growth,

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Mid-Cap Value, Real Estate, Tax-Efficient Equity, U.S. Equity Research, and Value Funds) Invest in foreign securities if, as a result, more than 25% of the fund’s total assets would be invested in such instruments.

 (b) Foreign Securities (Financial Services, Health Sciences and Science & Technology Funds) Invest in foreign securities if, as a result, more than 35% of the fund’s total assets would be invested in such instruments.

 (c) Foreign Securities (All-Cap Opportunities, Institutional Small-Cap Stock, Large-Cap Growth, New Horizons, Small-Cap Stock, Small-Cap Value, and U.S. Large-Cap Core Funds) Invest in foreign securities if, as a result, more than 15% of the fund’s total assets would be invested in such instruments.

 (d) Foreign Securities (Balanced, Spectrum Moderate Allocation, Spectrum Moderate Growth Allocation, and Spectrum Conservative Allocation Funds) Invest in foreign securities if, as a result, more than 40% of the fund’s total assets would be invested in such instruments, provided that the bond portion of the fund may be invested without limitation in U.S. dollar-denominated bonds issued by foreign companies.

 (e) Foreign Securities (Integrated U.S. Small-Cap Growth Equity Fund) Invest in foreign securities if, as a result, more than 10% of the fund’s total assets would be invest in such instruments.

(28) Non-U.S. Dollar-Denominated Currency Exposure (Short Duration Income Fund) Obtain exposure to non-U.S. dollar denominated currencies if, as a result, the fund’s overall net exposure to non-U.S. dollar denominated currencies is more than 10% of the fund’s net assets.

(29) Loans (All Funds) Make loans to T. Rowe Price and its affiliates.

NOTES

The following notes should be read in connection with the above-described operating policies. The notes are not operating policies.

For purposes of operating policy (4), an illiquid investment is an investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

For purposes of operating policy (6), margin purchases are not considered borrowings and effecting a short sale will be deemed to not constitute a margin purchase.

If a fund is subject to an 80% name test as set forth in its prospectus, the 80% investment policy will be based on the fund’s net assets plus any borrowings for investment purposes. For purposes of determining whether a fund invests at least 80% of its net assets in a particular country or geographic region, unless otherwise disclosed in a fund’s prospectus, the funds use the country assigned to an equity security by MSCI Inc. or another unaffiliated third-party data provider, and the funds use the country assigned to a fixed income security by Bloomberg or another unaffiliated third-party data provider. The funds generally follow this same process with respect to the remaining 20% of net assets but may occasionally make an exception after assessing various factors relating to a company. For example, T. Rowe Price may assign a different country to a holding than the classification made by a third-party data provider in situations where, among other things, the data provider’s classification does not accurately reflect the company’s country of risk, location of management or primary operations, or country with the most sales or revenues or the country classification is deemed to no longer be appropriate (such as significant changes to the company’s business or operations that were not yet taken into consideration by the data provider). If a particular holding is assigned a country by T. Rowe Price and no third-party data provider has assigned that same country, that holding will not be included toward a fund’s 80% investment policy. The data providers use various criteria to determine the country to which a security is economically tied. Examples include the following: (1) the country under which the issuer is organized, (2) the location of the issuer’s principal place of business or principal office, (3) where the issuer’s securities are listed or traded principally on an exchange or over-the-counter market, and (4) where the issuer conducts the predominant part of its business activities or derives a significant portion (e.g., at least 50%) of its revenues or profits. In addition, for purposes of determining whether a particular country is considered a developed market or an emerging market, the stock funds consider a country to be an emerging market if it is not included in an MSCI Inc. developed market index and the bond funds consider a country to be an emerging market if it is either included in a JPMorgan emerging market bond index, or not included in the International Monetary Fund’s list of advanced economies.

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Blue Chip Growth, Communications & Technology, Financial Services, Global Technology, Health Sciences, High Yield, Institutional High Yield, Integrated U.S. Small-Cap Growth Equity, Mid-Cap Value, QM U.S. Bond Index, Real Estate, Spectrum Funds II, Summit Income, Summit Municipal, U.S. Equity Research, and Value Funds

Notwithstanding anything in the previously listed fundamental restrictions and operating policies to the contrary, the funds listed above may invest all of their assets in a single investment company or a series thereof in connection with a “master-feeder” arrangement. Such an investment would be made where the funds (a “Feeder”), and one or more other funds with the same investment objective and program as the funds, sought to accomplish their investment objectives and programs by investing all of their assets in the shares of another investment company (the “Master”). The Master would, in turn, have the same investment objective and program as the funds. The funds would invest in this manner in an effort to achieve the economies of scale associated with having a Master fund make investments in portfolio companies on behalf of a number of Feeder funds.

Foreign Investments

In addition to the fundamental restrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment in the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the governments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such securities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.

Funds-of-Funds

There is no limit on the amount the Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.

CUSTODIAN AND FUND ACCOUNTING

State Street Bank and Trust Company is the custodian for the funds’ U.S. securities and cash, but it does not participate in the funds’ investment decisions. Portfolio securities purchased in the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the security depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition, funds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand notes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank’s main office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in the book entry system of the funds’ transfer agent, T. Rowe Price Services, Inc.

All funds that can invest in foreign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities that are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other custodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the 1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.

T. Rowe Price and BNY Mellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.

CODE OF ETHICS

The funds; their investment adviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Hong Kong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services) have adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with access to investment information (Access Persons) to obtain prior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days of their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after the end of

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the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading volumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in the security; the security has been purchased or sold by a client within seven calendar days; the security is being considered for purchase for a client; a change has occurred in T. Rowe Price’s rating of the security within seven calendar days prior to the date of the proposed transaction; or the security is subject to internal trading restrictions. In addition, Access Persons are prohibited from profiting from short-term trading (e.g., purchases and sales involving the same security within 60 days). Any person becoming an Access Person must file a statement of personal securities holdings within 10 days of the date of becoming an Access Person. All Access Persons are required to file an annual statement with respect to their personal securities holdings. Any material violation of the Code of Ethics is reported to the Boards of the funds. The Boards also review the administration of the Code of Ethics on an annual basis.

DISCLOSURE OF FUND PORTFOLIO INFORMATION

Each Price Fund’s complete portfolio holdings as of their fiscal year-ends are disclosed in their annual shareholder reports and their complete portfolio holdings as of their fiscal mid-point are disclosed in their semiannual shareholder reports. The annual and semiannual shareholder reports are transmitted to the funds’ shareholders within 60 days of the period covered. The shareholder reports are also filed with the SEC and publicly available immediately upon filing with the SEC. The Price Funds (other than the money market funds) also publicly disclose their complete portfolio holdings as of their first and third fiscal quarter-ends on Form N-PORT, along with other fund information. Form N-PORT is filed with the SEC each quarter, and the fund’s complete portfolio holdings as of its first and third fiscal quarter-ends are made publicly available 60 days after the end of each quarter. Form N-PORT is not sent to shareholders. Under certain conditions, the shareholder reports and Form N-PORT may include up to 5% of a fund’s holdings under the caption “Miscellaneous Securities” without identifying the specific security or issuer. Generally, a holding would not be individually identified if it is determined that its disclosure could be harmful to the fund or its shareholders. A holding will not be excluded for these purposes from a fund’s SEC filings for more than one year. The money market funds file detailed month end portfolio holdings information on Form N–MFP with the SEC each month. Form N–MFP is publicly available immediately upon filing with the SEC.

In addition, most Price Funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter-end. At the discretion of the investment adviser, these holdings reports may exclude the issuer name and other information relating to a holding in order to protect the fund’s interests and to prevent harm to the fund or its shareholders. Private placements and other restricted securities may not be individually identified in the calendar quarter-end holdings on troweprice.com, but would be disclosed in any SEC filings. Money market funds also disclose on troweprice.com their month-end complete portfolio holdings five business days after each month-end and historical information about the fund’s investments for the previous six months, as of the last business day of the preceding month. This information includes, among other things, the percentage of the fund’s investments in daily and weekly liquid assets, the fund’s weighted average maturity and weighted average life, the fund’s market-based net asset value, and the fund’s net inflows and outflows. The calendar quarter-end portfolio holdings will remain on the website for one year and the month end money market fund portfolio holdings will remain on the website for six months. In addition, most Price Funds disclose their 10 largest holdings, along with the percentage of the relevant fund’s total assets that each of the 10 holdings represents, on troweprice.com on the seventh business day after each month-end. These holdings are listed in numerical order based on such percentages of the fund’s assets. Each monthly top 10 list will remain on the website for six months.

The funds’ Boards have adopted policies and procedures with respect to the disclosure of the funds’ portfolio securities and the disclosure of portfolio commentary and statistical information about the funds’ portfolios and their securities. In addition, T. Rowe Price has adopted and implemented policies and procedures reasonably designed to ensure compliance with the policies governing the disclosure of portfolio holdings, including the requirement to first confirm that an appropriate nondisclosure agreement has been obtained from each recipient of nonpublic holdings. The policies relating to the general manner in which the funds’ portfolio securities are disclosed, including the frequency with which portfolio holdings are disclosed and the length of time required between the effective date of the holdings information and the date on which the information is disclosed, are set forth in each fund’s prospectus. In addition, portfolio holdings with respect to periods prior to the most recent quarter-end may be disclosed upon request, subject to the sole discretion of T. Rowe Price.

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This SAI sets forth details of the funds’ policy on portfolio holdings disclosure as well as the funds’ policy on disclosing information about the funds’ portfolios. In adopting the policies, the Boards of the funds took into account the views of the various steering committees of the funds’ investment advisers regarding what information may be disclosed and when and to whom it should be disclosed. The steering committees have oversight responsibilities for managing the Price Funds. Each steering committee comprises senior investment management personnel of T. Rowe Price, Price Investment Management, Price International, Price Hong Kong, Price Japan, and/or Price Singapore. Each committee as a whole determines the funds’ policy on the disclosure of portfolio holdings and related information. The funds’ Boards believe the policies they have adopted are in the best interests of the funds and that they strike an appropriate balance between the desire of some persons for information about the funds’ portfolios and the need to protect the funds from potentially harmful disclosures.

From time to time, officers of the funds, the funds’ investment adviser (and investment subadviser, if applicable) or the funds’ distributor (collectively, “TRP”) may express their views orally or in writing on one or more of the funds’ portfolio securities or may state that the funds have recently purchased or sold one or more securities. Such views and statements may be made to members of the press; shareholders in the funds, persons considering investing in the funds, or representatives of such shareholders or potential shareholders, such as fiduciaries of a 401(k) plan or a trust and their advisers; and rating and ranking organizations such as Lipper Inc. and Morningstar, Inc. The nature and content of the views and statements provided to each of these persons may differ. The securities subject to these views and statements may be ones that were purchased or sold since the funds’ most recent quarter-end and therefore may not be reflected on the list of the funds’ most recent quarter-end portfolio holdings disclosed on the website.

Additionally, TRP may provide oral or written information (portfolio commentary) about the funds, including, but not limited to, how the funds’ investments are divided among various sectors, industries, and countries; value and growth stocks; and small-, mid-, and large-cap stocks and among stocks, bonds, currencies, and cash; types of bonds; bond maturities; bond coupons; and bond credit quality ratings. This portfolio commentary may also include information on how these various weightings and factors contributed to fund performance. TRP may also provide oral or written information (statistical information) about various financial characteristics of the funds or their underlying portfolio securities, including, but not limited to, alpha, beta, R-squared, duration, maturity, information ratio, Sharpe ratio, earnings growth, payout ratio, price/book value, projected earnings growth, return on equity, standard deviation, tracking error, weighted average quality, market capitalization, percent debt to equity, price to cash flow, dividend yield or growth, default rate, portfolio turnover, and risk and style characteristics. This portfolio commentary and statistical information about the funds may be based on the funds’ most recent quarter-end portfolio or on some other interim period such as month-end. The portfolio commentary and statistical information may be provided to members of the press; shareholders in the funds; persons considering investing in the funds; or representatives of such shareholders or potential shareholders, such as fiduciaries of a 401(k) plan or a trust and their advisers; and rating and ranking organizations. The content and nature of the information provided to each of these persons may differ.

None of the persons described above will receive any of the information described above if, in the sole judgment of TRP, the information could be used in a manner that would be harmful to the funds. The T. Rowe Price Code of Ethics contains a provision to this effect.

TRP also discloses portfolio holdings in connection with the day-to-day operations and management of the funds. Complete portfolio holdings are disclosed to the funds’ custodians, accounting vendors, and auditors. Portfolio holdings are disclosed to the funds’ pricing service vendors and other persons who provide systems or software support in connection with fund operations, including accounting, compliance support, and pricing. Portfolio holdings may also be disclosed to persons assisting the funds in the voting of proxies. In connection with managing the funds, the funds’ investment advisers and investment subadvisers may use analytical systems provided by third parties who may have access to the funds’ portfolio holdings. Insurance companies that offer shares of the certain Price Funds through variable annuity or variable life insurance contracts receive complete portfolio holdings of applicable Price Funds in order for these companies to comply with certain SEC rules. In all of these situations, the funds or TRP have entered into an agreement with the outside party under which the party undertakes to maintain the funds’ portfolio holdings on a confidential basis and to refrain from trading on the basis of the information. TRP relies on these nondisclosure agreements in determining that such disclosures are not harmful to the funds. The names of these persons and the services they provide are set forth in the following table under “Fund Service Providers” with any additions to the list approved by specified employees of TRP.

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In certain limited situations, the funds may provide nonpublic portfolio holdings when T. Rowe Price believes that such disclosure will not be harmful to the fund. Examples include providing holdings to an institutional client (or its custodian or other agent) when the client is effecting a redemption in-kind from one of the Price Funds and in connection with trial agreements with risk analytics vendors, data providers, and other service providers in order to fully evaluate the value of their services. In these situations, T. Rowe Price makes it clear through nondisclosure agreements or other means that the recipient must ensure that the confidential information is used only as necessary to effect the redemption-in-kind or to allow T. Rowe Price to evaluate the services to be provided and that the recipient will not trade on the information and will maintain the information in a manner designed to protect against unauthorized access or misuse.

Additionally, when purchasing and selling its securities through broker-dealers, requesting bids on securities, obtaining price quotations on securities, as required by ratings and rankings organizations, as well as in connection with litigation involving the funds’ portfolio securities, the funds may disclose one or more of their securities.

Fund Service Providers

Service Provider	Service
Bank of New York Mellon	Fund Accounting, Middle Office, and Typesetting
Barclays	Fixed Income Analytics
Bloomberg	Pricing and Data Vendor
Bloomberg BVAL	Pricing Vendor
Bloomberg Port	Fixed Income Analytics
Broadridge	Printing and Mailing Vendor
Broadridge Systems	Systems Vendor
Cassini Systems, Inc.	Systems Vendor
Charles River	Systems Vendor
Donnelley Financial Solutions	Filing, Printing, and Mailing Vendor
DTCC Derivatives Repository Ltd.	Systems Vendor
Duco Technology Limited	Systems Vendor
Ernst & Young LLP	Systems Vendor and Data Services
eVestment Alliance	Systems Vendor
FactSet	Systems Vendor
FlexTrade Systems	Systems Vendor
Global Relay	Records Management Vendor
ICE Data Services	Pricing and Systems Vendor
IHS Markit	Pricing and Data Vendor
ISS	Proxy and Systems Vendor
Intercontinental Exchange, Inc.	Fixed Income Analytics
Investor Tools, Inc.	Fixed Income Analytics
JPMorgan	Custodian and Securities Lending Agent
KPMG	Audit and Tax Services
Linedata	Fund Accounting Oversight Platform Vendor
Lionbridge	Translation Vendor
MBI Solutions, LLC	Systems Vendor
MicroFocus	Systems Vendor
MSCI	Investment Risk and Liquidity Analytics Provider
Portware, LLC	Systems Vendor
PricewaterhouseCoopers LLP	Independent Registered Public Accounting Firm
RR Donnelley	Systems, Printing, and Mailing Vendor
Refinitiv	Pricing Vendor

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Service Provider	Service
SS&C Technologies Holdings	Systems Vendor
State Street Corporation	Custodian and Securities Lending Agent
Style Analytics	Systems Vendor
Thebigword	Translation Vendor
Toppan Merrill	Printing and Mailing Vendor
Trading Hub	Systems Vendor

PRICING OF SECURITIES

All Price Funds (Except Money Market Funds and Funds-of-Funds)

Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the OTC market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made, except for OTC Bulletin Board securities, which are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities and the last quoted sale or closing price for international securities.

Debt securities are generally traded in the OTC market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation. Listed options, and OTC options with a listed equivalent, are valued at the mean of the closing bid and asked prices. Exchange-traded options on futures contracts are valued at the closing settlement prices. Forward currency exchange contracts are valued using the prevailing forward exchange rate. Futures contracts are valued at closing settlement prices. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers.

Price Funds Investing in Foreign Securities

Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as provided by an outside pricing service. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective date of such transaction.

Trading in the portfolio securities of the funds may take place in various foreign markets on certain days (such as Saturday) when the funds are not open for business and do not calculate their NAV. As a result, NAVs may be significantly affected by trading on days when shareholders cannot make transactions. In addition, trading in the funds’ portfolio securities may not occur on days when the funds are open. The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE if the Valuation Designee (as defined below) determines that developments between the close of a foreign market and the close of the NYSE (normally 4 p.m. ET) will affect the value of some or all of a fund’s portfolio securities. Each business day, the Valuation Designee uses information from outside pricing services to evaluate the quoted prices of portfolio securities and, if appropriate, decides whether it is necessary to adjust the quoted prices to reflect fair value by reviewing a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The Valuation Designee uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The Valuation Designee cannot predict how often it will use quoted prices or how often it will determine it necessary to adjust those prices to reflect fair value.

Money Market Funds

In accordance with Rule 2a-7 under the 1940 Act, the fund values its securities at amortized cost, which approximates fair value. Securities for which amortized cost is deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Designee, in accordance with fair valuation policies and procedures.

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Price Funds Investing in Other Price Funds

Investments in the underlying Price Funds held by each fund are valued at their closing NAV per share on the day of valuation.

Price Funds Investing in Hedge Funds

The Valuation Designee relies primarily on the limited pricing and valuation information provided by the hedge fund managers in order to value its hedge fund investments. The Valuation Designee attempts, to the extent possible, to review the valuation methodology utilized by a hedge fund to gauge whether its principles of fair value are consistent with those used by the funds for valuing their own investments. The Valuation Designee will seek as much information as possible from the hedge fund in order to value its investment and determine the fair value of its interest in the hedge fund based on all relevant circumstances. This may include the most recent estimated NAV and estimated returns reported by the hedge fund, as well as accrued management fees and any other relevant information available at the time the fund values its assets.

All Price Funds

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith. The Board has designated T. Rowe Price as the fund’s valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions, and fair value prices determined could differ from those of other market participants and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. The Price Funds rely on various sources to calculate their NAVs. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by fund accounting providers, pricing sources, technological issues, or otherwise.

NET ASSET VALUE PER SHARE

The purchase and redemption price of the funds’ shares is equal to the funds’ NAV per share or share price. The funds determine their NAV per share by subtracting their liabilities (including accrued expenses and dividends payable) from their total assets (the market value of the securities the funds hold plus cash and other assets, including income accrued but not yet received) and dividing the result by the total number of shares outstanding. The NAV per share of the funds is calculated as of the close of regular trading on the NYSE, normally 4 p.m. ET, every day the NYSE is open for trading. However, the NAV may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC.

Determination of NAV (and the offering, sale, redemption, and purchase of shares) for the funds may be suspended at times (a) during which the NYSE is closed, other than customary weekend and holiday closings; (b) during which trading on the NYSE is restricted; (c) during which an emergency exists as a result of which disposal by the funds of securities owned by them is not reasonably practicable or it is not reasonably practicable for the funds fairly to determine the value of their net assets; or (d) during which a governmental body having jurisdiction over the funds may by order permit such a

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suspension for the protection of the funds’ shareholders, provided that applicable rules and regulations of the SEC (or any succeeding governmental authority) shall govern as to whether the conditions prescribed in (b), (c), or (d) exist. Under certain limited conditions, a money market fund may accept and process purchase and redemption orders during times that the NYSE is not open for trading.

Money Market Funds

Maintenance of Retail and Government Money Market Funds’ Net Asset Value per Share at $1.00

It is the current policy of all TRP money market funds to attempt to maintain a net asset value of $1.00 per share by using the amortized cost method of valuation permitted by Rule 2a-7 under the 1940 Act. Under this method, securities are valued by reference to the funds’ acquisition costs as adjusted for amortization of premium or accumulation of discount, rather than by reference to their market value. Under Rule 2a-7:

(a) The Boards must establish written procedures reasonably designed, taking into account current market conditions and the funds’ investment objectives, to stabilize the funds’ net asset value per share, as computed for the purpose of distribution, redemption, and repurchase, at a single value;

(b) The funds must (i) maintain a dollar-weighted average portfolio maturity appropriate to their objective of maintaining a stable price per share; (ii) not purchase any instrument with a remaining maturity greater than 397 calendar days, except for certain adjustable rate government securities or other instruments that meet the requirements of Rule 2a-7; (iii) maintain a dollar-weighted average portfolio maturity of 60 calendar days or less; (iv) maintain a dollar-weighted average life of 120 calendar days or less; (v) not acquire any security other than a “weekly liquid asset,” as defined in Rule 2a-7, unless they hold at least 30% of their total assets in weekly liquid assets; and (vi) for the taxable funds, not acquire any security other than a “daily liquid asset,” as defined in Rule 2a-7, unless they hold at least 10% of their total assets in daily liquid assets;

(c) The funds must limit their purchase of portfolio instruments, including repurchase agreements, to those U.S. dollar-denominated instruments that the funds’ Boards determine present minimal credit risks and that are eligible securities as defined by Rule 2a-7; and

(d) The Boards must determine that (i) it is in the best interest of the funds and the shareholders to maintain a stable net asset value per share under the amortized cost method, and (ii) the funds will continue to use the amortized cost method only as long as the Boards believe that it fairly reflects the market-based net asset value per share.

Although each fund believes that it will be able to maintain its net asset value at $1.00 per share under most conditions, there can be no absolute assurance that they will be able to do so on a continuous basis. If a retail or government fund’s net asset value per share declined, or was expected to decline, below $1.00 (rounded to the nearest one cent), the Board of the fund might temporarily reduce or suspend dividend payments in an effort to maintain the net asset value at $1.00 per share. As a result of such reduction or suspension of dividends, an investor would receive less income during a given period than if such a reduction or suspension had not taken place. Such action could result in an investor receiving no dividend during this period and receiving, upon redemption, a price per share lower than the price paid. On the other hand, if the funds’ net asset value per share were to increase, or were anticipated to increase, above $1.00 (rounded to the nearest one cent), the Boards of the funds might supplement dividends in an effort to maintain the net asset value at $1.00 per share.

DIVIDENDS AND DISTRIBUTIONS

Unless you elect otherwise, capital gain distributions, final quarterly dividends and annual dividends, if any, will be reinvested on the reinvestment date using the net asset values per share on that date. The reinvestment date normally precedes the payment date by one day, although the exact timing is subject to change and can be as great as 10 days.

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REDEMPTIONS IN-KIND AND PURCHASES

Redemptions In-Kind

Certain Price Funds have filed with the SEC a notice of election under Rule 18f-1 of the 1940 Act. This election permits a fund to effect a redemption in-kind if, in any 90-day period, a shareholder redeems: (i) more than $250,000 from the fund or (ii) redeems more than 1% of the fund’s net assets. If either of these conditions is met, the fund has the right to pay the difference between the redemption amount and the lesser of these two figures with securities from the fund’s portfolio rather than in cash.

In the unlikely event a shareholder receives a redemption in-kind of portfolio securities from a fund, it would be the responsibility of the shareholder to dispose of the securities. The shareholder would be subject to the risks that the value of the securities could decline prior to their sale, the securities could be difficult to sell, and brokerage fees could be incurred.

The Price Funds may also redeem securities in-kind to certain affiliates according to procedures adopted by the Price Funds’ Boards. The procedures generally require a pro-rata distribution of the fund’s securities subject to certain limited exceptions. Securities that may be excluded from an in-kind distribution include, among others: private placements and other holdings that cannot be transferred or have other legal restrictions, such as certain types of derivatives; de minimis positions; positions being eliminated by the distributing fund and that will not be held by the receiving shareholder; and positions used as collateral. Any securities that are excluded from an in-kind distribution are not selected by either the affiliated shareholder nor any other party with the ability and the pecuniary incentive to influence the redemption in-kind.

Purchases In-Kind

Transactions involving the issuance of fund shares for securities or assets other than cash will be limited to (1) bona fide reorganizations; (2) statutory mergers; or (3) other acquisitions of portfolio securities that: (a) meet the investment objectives and investment policies of the funds; (b) are generally acquired for investment and not for resale; (c) have a value that is readily ascertainable, which may include securities listed or traded in a recognized U.S. or international exchange or market; and (d) are not illiquid. The securities received in-kind must be deemed by the fund’s portfolio manager to be appropriate, in type and amount, for investment by the fund receiving the securities in light of its investment objectives, investment programs and policies, and its current holdings.

TAX STATUS

The tax discussion in the prospectus and this SAI provides only a brief summary of some of the tax consequences affecting the funds and the shareholders of the funds in general under the U.S. federal income tax law. You may also be subject to foreign, state, and local laws, which are not discussed here. No attempt has been made to discuss tax consequences specifically applicable to any particular shareholder. You should discuss with your tax adviser to determine tax consequences applicable to you and your investments.

Taxation of the Funds

The funds intend to qualify as “regulated investment companies” under Subchapter M of the Code. A number of factors could adversely affect the fund’s qualification as a regulated investment company, including the lack of clear tax guidance in applying certain tests under Subchapter M of the Code and sudden geopolitical and market events affecting the fund’s ability to adjust its portfolio. If, in any taxable year, a fund does not qualify as a regulated investment company under the Code: (1) the fund would be taxed at the normal corporate rates on the entire amount of its taxable income, if any, without a deduction for dividends or other distributions to shareholders; (2) the fund’s distributions, to the extent made out of the fund’s current or accumulated earnings and profits, would be taxable to shareholders as ordinary dividends regardless of whether they would otherwise have been considered capital gain dividends; (3) the fund’s distributions may qualify for taxation at a reduced rate for non corporate shareholders and for the deduction for dividends received by corporations; and (4) foreign tax credits and qualified REIT dividends, as explained in “Taxation of Fund Shareholders” below, would not “pass through” to shareholders. A fund may avoid losing its qualification as a regulated investment company under certain circumstances by using remedies provided in the Code, but such remedies may still result in a significant tax penalty to the fund.

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To be entitled to the special tax benefits applicable to regulated investment companies, the funds will be required to distribute the sum of 90% of their investment company taxable income and 90% of their net tax-exempt income, if any, each year. The investment company taxable income may include income required to be accrued before the fund receives cash associated with such income (e.g., an original issue discount or market discount associated with debt obligations) and income or gains allocated from an investment in a partnership. In order to avoid federal income tax, the funds must distribute all of their investment company taxable income, including any accrued income, and realized long-term capital gains for each fiscal year within 12 months after the end of the fiscal year. To avoid federal excise tax, the funds must declare dividends by December 31 of each year equal to at least 98% of ordinary income (as of December 31) and 98.2% of capital gains (as of October 31) and distribute such amounts prior to February 1 of the following calendar year. In some cases, a fund may have to make additional dividend distributions on subsequently determined undistributed income for a prior tax year. Shareholders are required to include such distributions in their income for federal income tax purposes whether dividends and capital gain distributions are paid in cash or in additional shares. If a fund is not able to meet the distribution requirements, the fund may have to pay tax on the undistributed income.

Taxation of Fund Shareholders

For individual shareholders, a portion of the funds’ ordinary dividends representing “qualified dividend income” may be subject to tax at the lower rate applicable to long-term capital gains, rather than ordinary income. “Qualified dividend income” is composed of certain dividends received from domestic and qualified foreign corporations. It excludes dividends representing payments in lieu of dividends related to loaned securities, dividends received on certain hedged positions, dividends on nonqualified foreign corporations, and dividends on stocks the funds have not held for more than 60 days during the 121-day period beginning 60 days before the stock became ex-dividend (90 and 181 days for certain preferred stock). Individual shareholders can only apply the lower rate to the qualified portion of the funds’ dividends if they have held the shares in the funds on which the dividends were paid for the holding period surrounding the ex-dividend date of the funds’ dividends. Little, if any, of the ordinary dividends paid by the bond, money market, Global Real Estate or Real Estate Funds, is expected to qualify for this lower rate.

For taxable years beginning after December 31, 2017 and before January 1, 2026, certain taxpayers, such as individuals, trusts and estates, may be eligible to claim, subject to limitations, a 20% federal income tax deduction for certain qualified business income, including “qualified REIT dividends” from real estate investment trusts and “qualified publicly traded partnership income” from publicly traded partnerships (PTPs). The IRS has issued final regulations allowing mutual funds to pass through qualified REIT dividends to their shareholders. A fund that decides to pass through the qualified REIT dividends will report such dividends to its shareholders in accordance with the IRS requirements. Due to the lack of IRS guidance on passing through qualified publicly traded partnership income, a fund that invests directly or indirectly in PTPs will not pass through any qualified publicly traded partnership income derived by the fund. As a result, investors that invest directly in PTPs may be entitled to this 20% deduction for qualified publicly traded partnership income while shareholders in a fund that invests directly or indirectly in PTPs will not be entitled to this 20% deduction for qualified publicly traded partnership income derived by the fund.

For corporate shareholders, a portion of the funds’ ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the funds’ income consists of dividends paid by U.S. corporations. This deduction does not include dividends representing payments in lieu of dividends related to loaned securities, dividends received on certain hedged positions, dividends received from certain foreign corporations, and dividends on stocks the funds have not held for more than 45 days during the 91-day period beginning 45 days before the stock became ex-dividend (90 and 181 days for certain preferred stock). Corporate shareholders can only apply the lower rate to the qualified portion of the funds’ dividends if they have held the shares in the funds on which the dividends were paid for the holding period surrounding the ex-dividend date of the funds’ dividends. Little, if any, of the ordinary dividends paid by the international equity funds (and the global funds that hold significant non-U.S. securities) or the bond and money market funds is expected to qualify for this deduction. Long-term capital gain distributions paid by the funds are not eligible for the dividends-received deduction.

A fund that earns interest income may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) interest dividends, which would allow the recipient to treat the designated portion of such dividends as interest income for purposes of determining interest expense deduction limitation under Section 163(j) of the Internal Revenue Code. Section 163(j) interest dividends, if so designated by a fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service. To be eligible to treat a Section 163(j) interest

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dividend as interest income, you must have held the fund share for more than 180 days during the 361-day period beginning on the date which is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. The holding period requirement does not apply to money market funds or funds that declare interest dividends on a daily basis in an amount equal to at least 90 percent of the fund’s excess section 163(j) interest income and distribute such dividends on a monthly basis.

Dividends and other distributions by a fund are generally treated under the Code as received by the shareholders at the time the dividend or distribution is made. However, any dividend declared by the fund in October, November, or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year and to have been paid by the fund not later than such December 31, provided such dividend is actually paid by the fund during January of the following calendar year.

Dividends of net investment income and distributions of net realized short-term capital gains are taxable to a U.S. shareholder as ordinary income, whether paid in cash or in shares. Distributions of net realized long-term capital gains, if any, that a fund reports as capital gains dividends are taxable as long-term capital gains, whether paid in cash or in shares and regardless of how long a shareholder has held shares of the fund. Such dividends will not be eligible for the dividends received deduction. Dividends and distributions paid by a fund attributable to dividends on stock of U.S. corporations received by the fund, with respect to which the fund meets certain holding period requirements, will be eligible for the deduction for dividends received by corporations. Special rules apply, however, to regular dividends paid to individuals. Such a dividend may be subject to tax at the rates generally applicable to long-term capital gains for individuals, provided that the individual receiving the dividend satisfies certain holding period and other requirements.

The funds may treat a portion of amounts paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in net asset value. This practice, commonly referred to as “equalization,” has no effect on redeeming shareholders or a fund’s total return and reduces the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. Because of uncertainties surrounding some of the technical issues relating to computing the amount of equalization, it is possible that the IRS could challenge the funds’ equalization methodology or calculations, and any such challenge could result in additional dividend income to shareholders and additional tax, interest, or penalties to be paid by the funds.

At the time of your purchase of shares (except in retail and government money market funds), the funds’ net asset value may reflect undistributed income, capital gains, or net unrealized appreciation of securities held by the funds. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable as either dividend or capital gain distributions. The funds may be able to reduce the amount of such distributions by utilizing their capital loss carryovers, if any. For federal income tax purposes, the funds are permitted to carry forward any net realized capital losses indefinitely and use such losses, subject to applicable limitations, to offset net capital gains up to the amount of such losses without being required to pay taxes on, or distribute, such gains.

However, the amount of capital losses that can be carried forward and used in any single year may be limited if a fund experiences an “ownership change” within the meaning of Section 382 of the Code. An ownership change generally results when the shareholders owning 5% or more of the fund increase their aggregate holdings by more than 50 percentage points over a three-year period. An increase in the amount of taxable gains distributed to a fund’s shareholders could result from an ownership change. The Price Funds undertake no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions. Moreover, because of circumstances beyond a fund’s control, there can be no assurance that a fund will not experience, or has not already experienced, an ownership change.

Upon the sale or exchange of your shares in a fund, you will realize a taxable gain or loss equal to the difference between the amount realized and your basis in the shares. A redemption of shares by a fund will be treated as a sale for this purpose. Such gain or loss will be treated as capital gain or loss if the shares are capital assets in your hands and will be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. Any loss realized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced, including replacement through the reinvesting of dividends and capital gains distributions in the fund, within a 61-day period beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. Any loss realized by a shareholder on the sale of a fund share held by the shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital

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loss to the extent of any distributions or deemed distributions of long-term capital gains received by the shareholder with respect to such share during such six-month period.

Net investment income, including interest, dividends, and capital gains, derived by U.S. individuals with income exceeding certain thresholds and certain estates and trusts may be subject to additional income taxes.

Taxation of Foreign Shareholders

Foreign shareholders may be subject to U.S. tax on the sale of shares in any fund, or on distributions of ordinary income and/or capital gains realized by a fund, depending on a number of factors, including the foreign shareholder’s country of tax residence, its other U.S. operations (if any), and the nature of the distribution received. Foreign shareholders should consult their own tax adviser to determine the precise U.S. and local tax consequences to an investment in any fund.

A 30% withholding tax is currently imposed on all or a portion of any dividends, but not on gross proceeds from a fund redemption (until further guidance to the contrary is issued by the U.S. government), paid to: (i) foreign financial institutions, including non-U.S. investment funds and trusts, unless they agree to collect and disclose to the IRS, or in certain cases to their country of residence, information regarding their direct and indirect U.S. account holders or are exempt from these requirements and certify as such and (ii) certain other foreign entities unless they certify certain information regarding their direct and indirect U.S. owners. To avoid withholding, nonexempt foreign financial institutions will need to enter into agreements with the IRS (unless resident in a country that provides for an alternative regime through an intergovernmental agreement with the U.S.) stipulating that they will provide the IRS with certain information (including name, address, and taxpayer identification number) for direct and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information with respect to U.S. accounts maintained, and agree to withhold tax on certain payments made to noncompliant foreign financial institutions or to account holders who fail to provide the required information. Other foreign entities will need to provide the name, address, and taxpayer identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply.

Certain properly reported distributions of qualifying interest income or short-term capital gain made by a fund to its foreign shareholders are exempt from U.S. withholding tax, provided such foreign shareholders furnish valid tax documentation certifying such foreign shareholders’ non-U.S. status. A fund is permitted, but is not required, to report any of its distributions as eligible for such relief, and some distributions (e.g., distributions of interest a fund receives from non-U.S. issuers) are not eligible for this relief. For some funds, T. Rowe Price may choose to report qualifying distributions and apply the withholding tax exemption to those distributions when made to foreign shareholders investing in a fund. If you are investing in these funds through an intermediary, you should check with your intermediary whether any withholding tax would be applied to such distributions. For other funds, T. Rowe Price may choose not to report qualifying distributions or apply the withholding tax exemption to qualifying fund distributions made to foreign shareholders. A foreign shareholder subject to withholding tax on the qualifying fund distributions may have to file a U.S. federal income tax return to reclaim such withholding tax directly from the IRS.

Under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), a non-U.S. shareholder is subject to U.S. tax in respect of a disposition of a U.S. real property interest (USRPI) and any gain from such disposition is subject to U.S. federal income tax as if such shareholder were a U.S. person. Such gain is sometimes referred to as “FIRPTA gain.” If a fund is a U.S. real property holding corporation (USRPHC) and is not domestically controlled, any gain realized on the sale or exchange of fund shares by a non-U.S. shareholder that owns at any time during the five-year period ending on the date of disposition more than 5% of a class of fund shares would be FIRPTA gain. The same rule applies to dispositions of fund shares by non-U.S. shareholders but without regard to whether the fund is domestically controlled. A fund will be a USRPHC if, in general, 50% or more of the fair market value of the fund’s assets consists of USRPIs, including stock of certain U.S. REITs.

The Code provides a look-through rule for distributions of FIRPTA gain when a regulated investment company is classified as a qualified investment entity. A regulated investment entity will be classified as a qualified investment entity if, in general, 50% or more of the regulated investment company’s assets consists of interests in U.S. REITs and other USPHCs. If a regulated investment company is a qualified investment entity and a non-U.S. shareholder owns more than 5% of a class of fund shares at any time during the one-year period ending on the date of the distribution, the distribution to such non-U.S. shareholder will be treated as gain from the disposition of a USRPI, causing the distribution to be subject to U.S. withholding tax at the applicable corporate tax rate (unless reduced by future regulations), and requiring the

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non-U.S. shareholder to file a nonresident U.S. income tax return. Also, such gain may be subject to a 30% branch profits tax in the hands of a non-U.S. shareholder that is a corporation. In addition, even if a non-U.S. shareholder does not own more than 5% of a class of fund shares, but the fund is a qualified investment entity, fund distributions of FIRPTA gain will be taxable as ordinary dividends (rather than as capital gain or short-term capital gain dividend) subject to withholding at a 30% or lower treaty rate.

Funds-of-Funds

Each Fund-of-Funds pursues its objective by investing in a diversified portfolio of underlying Price Funds that represent various asset classes and sectors. Dividends, interest, and capital gains earned by the underlying Price Funds with respect to non-U.S. positions may give rise to withholding and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the total assets of any given underlying Price Fund at the close of a year consists of non-U.S. stocks or securities (and 50% of the total assets of the fund at the close of the year consists of foreign securities, or, at the close of each quarter, shares of underlying Price Funds), the fund may “pass through” to you certain non-U.S. income taxes (including withholding taxes) paid by the fund or the underlying Price Fund. This means that you would be considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax.

Short-term capital gains earned by the underlying Price Funds will be ordinary income when distributed to the fund and will not be offset by the fund’s capital losses. Upon the sale or other disposition by the fund of shares of the underlying Price Fund, the fund will realize a capital gain or loss that will be long term or short term, generally depending on the fund’s holding period for the shares. Losses realized upon such redemptions may result in a substantial number of “wash sales” and deferral, perhaps indefinitely, of realized losses to the fund.

If you are neither a resident nor a citizen of the United States or if you are a non-U.S. entity, the fund’s ordinary income dividends (which include distributions of net short-term capital gains) will generally be subject to a 30% U.S. federal withholding tax, unless a lower treaty rate applies.

Distributions by the underlying Price Funds, redemptions of shares in the underlying Price Funds, and changes in asset allocations may result in taxable distributions of ordinary income or capital gains. In addition, the Funds-of-Funds will generally not be able to currently offset gains realized by one underlying Price Fund in which the Funds-of-Funds invest against losses realized by another underlying Price Fund. These factors could affect the amount, timing, and character of distributions to shareholders.

State Tax-Free and Tax-Free Funds

The funds anticipate that substantially all of the dividends to be paid by each fund will be exempt from federal income taxes. It is possible that a portion of the funds’ dividends is not exempt from federal income taxes, such as income from pre-refunding bonds and market discounts. You will receive a Form 1099-DIV, or other IRS forms, as required, reporting the taxability of all dividends. The funds will also advise you of the percentage of your dividends, if any, which should be included in the computation of the AMT. Social Security recipients who receive income dividends from tax-free funds may have to pay taxes on a portion of their Social Security benefits.

Because the income dividends of the funds are expected to be derived from tax-exempt interest on municipal securities, any interest on money you borrow that is directly or indirectly used to purchase fund shares is not deductible. Further, entities or persons that are “substantial users” (or persons related to “substantial users”) of facilities financed by industrial development bonds should consult their tax advisers before purchasing shares of these funds. The income from such bonds may not be tax-exempt for such substantial users.

Foreign Income Taxes

Income received by the funds from sources within various foreign countries may be subject to foreign income taxes. Under the Code, if more than 50% of the value of the funds’ total assets at the close of the taxable year comprises securities issued by foreign corporations or governments, the funds may file an election to “pass through” to the funds’ shareholders any eligible foreign income taxes paid by the funds. Certain funds of funds may also be able to pass through foreign taxes paid by other mutual funds in which they are invested if at least 50% of the value of the funds’ total assets at the end of each fiscal quarter comprises interests in such regulated investment companies. There can be no assurance that the funds will be able to do so. Pursuant to this election, shareholders will be required to: (1) include in gross income, even though not

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actually received, their pro-rata share of foreign income taxes paid by the funds; (2) treat their pro-rata share of foreign income taxes as paid by them; and (3) either deduct their pro-rata share of foreign income taxes in computing their taxable income or use it as a foreign tax credit against U.S. income taxes subject to certain limitations (but not both). A deduction for foreign income taxes may only be claimed by a shareholder who itemizes deductions.

In some cases, a fund may determine that it has the right to reclaim foreign taxes paid. If a fund decides to pursue a refund and is successful, the refund may occur in a year after the year of payment. Depending on how the foreign taxes paid were treated by the fund in the year of payment, the fund may be required to reverse any related deduction or credit taken in the year of payment, offset other foreign taxes paid in the year of refund, or remit the refund to the Internal Revenue Service. Therefore, a fund in a year in which it receives foreign tax refunds may have higher distributable income; and if the fund elects to pass through foreign income taxes to shareholders, the shareholders may experience a smaller amount of foreign taxes being passed through to them to the extent such tax refunds offset current year foreign taxes paid.

Foreign Currency Gains and Losses

Foreign currency gains and losses, including the portion of gain or loss on the sale of debt securities attributable to foreign exchange rate fluctuations, are taxable as ordinary income. If the net effect of these transactions is a gain, the ordinary income dividend paid by the funds will be increased. If the result is a loss, the ordinary income dividend paid by the funds will be decreased, or, to the extent such dividend has already been paid, it may be classified as a return of capital. Adjustments to reflect these gains and losses will be made at the end of the funds’ taxable year.

Passive Foreign Investment Companies

The funds may purchase, directly or indirectly, the securities of certain foreign investment funds or trusts, called “passive foreign investment companies” for U.S. tax purposes. Sometimes such investments are the only or primary way to invest in companies in certain countries. Some or all of the capital gains on the sale of such holdings may be considered ordinary income regardless of how long the funds held the investment. In addition, the funds may be subject to corporate income tax and/or an interest charge on certain dividends and capital gains earned from these investments, regardless of whether such income and gains are distributed to shareholders.

To avoid such tax and/or interest, the funds may treat these securities, when possible, as sold on the last day of each of their fiscal years and to recognize any gains for tax purposes at that time; deductions for losses may be allowable only to the extent of any gains resulting from these deemed sales in prior taxable years. Such gains and losses will be treated as ordinary income or losses. The funds will be required to distribute any resulting income, even though they have not sold the security and received cash to pay such distributions.

Investing in Mortgage Entities

Special tax rules may apply to the funds’ investments in entities that invest in or finance mortgage debt. Such investments include residual interests in real estate mortgage investment conduits and interests in a REIT that qualifies as a taxable mortgage pool under the Code or has a qualified REIT subsidiary that is a taxable mortgage pool under the Code. Although it is the practice of the funds not to make such investments, there is no guarantee that the funds will be able to sustain this practice or avoid an inadvertent investment.

Such investments may result in the funds receiving excess inclusion income (EII) in which case a portion of its distributions will be characterized as EII and shareholders receiving such distributions, including shares held through nominee accounts, will be deemed to have received EII. This can result in the funds being required to pay tax on the portion allocated to disqualified organizations: certain cooperatives, agencies, or instrumentalities of a government or international organization and tax-exempt organizations that are not subject to tax on unrelated business taxable income. In addition, such amounts will be treated as unrelated business taxable income to tax-exempt organizations that are not disqualified organizations and will be subject to a 30% withholding tax for shareholders who are not U.S. persons, notwithstanding any exemptions or rate reductions in any relevant tax treaties.

Investing in Partnerships

A fund may invest in partnerships, including private partnerships and publicly-traded partnerships. In the case of investing in a private partnership, a fund would typically invest through a wholly owned subsidiary. An investment in such partnerships may subject the fund or its wholly owned subsidiaries to tax filing and payment obligations in multiple jurisdictions and increase the fund’s tax compliance risk and burden. In some cases, the fund may have exposure to the

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partnership’s tax liabilities after its sale of the partnership interests. Such tax exposure could reduce the fund’s return to its shareholders.

Taxation of Certain Derivatives

For tax information on certain derivatives, such as options, futures, and forward foreign exchange contracts, please see the “Federal Tax Treatment of Certain Derivatives” section in this SAI.

CAPITAL STOCK

All of the funds are organized as Maryland corporations (Corporations) or series thereof. The funds’ charters authorize the Boards to classify and reclassify any and all shares that are then unissued, including unissued shares of capital stock into any number of classes or series, each class or series consisting of such number of shares and having such designations, such powers, preferences, rights, qualifications, limitations, and restrictions as shall be determined by the Boards subject to the 1940 Act and other applicable law. The shares of any such additional classes or series might therefore differ from the shares of the present class and series of capital stock and from each other as to preferences, conversions, or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption, subject to applicable law, and might thus be superior or inferior to the capital stock or to other classes or series in various characteristics. The Boards may increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the funds have authorized to issue without shareholder approval.

Except to the extent that the funds’ Boards might provide that holders of shares of a particular class are entitled to vote as a class on specified matters presented for a vote of the holders of all shares entitled to vote on such matters, there would be no right of class vote unless and to the extent that such a right might be construed to exist under Maryland law. The directors have provided that as to any matter with respect to which a separate vote of any class is required by the 1940 Act, such requirement as to a separate vote by that class shall apply in lieu of any voting requirements established by the Maryland General Corporation Law. Otherwise, holders of each class of capital stock are not entitled to vote as a class on any matter. Accordingly, the preferences, rights, and other characteristics attaching to any class of shares might be altered or eliminated, or the class might be combined with another class or classes, by action approved by the vote of the holders of a majority of all the shares of all classes entitled to be voted on the proposal, without any additional right to vote as a class by the holders of the capital stock or of another affected class or classes.

Shareholders are entitled to one vote for each full share held (and fractional votes for fractional shares held) and will vote in the election of or removal of directors (to the extent hereinafter provided) and on other matters submitted to the vote of shareholders. There will normally be no meetings of shareholders for the purpose of electing directors unless and until such time as less than a majority of the directors holding office have been elected by shareholders, at which time the directors then in office will call a shareholders’ meeting for the election of directors. Except as set forth above, the directors shall continue to hold office and may appoint successor directors. Voting rights are not cumulative, so that the holders of more than 50% of the shares voting in the election of directors can, if they choose to do so, elect all the directors of the funds, in which event the holders of the remaining shares will be unable to elect any person as a director. As set forth in the bylaws of the Corporations, a special meeting of shareholders of the Corporations shall be called by the secretary of the Corporations on the written request of shareholders entitled to cast (a) in the case of a meeting for the purpose of removing a director, at least 10% and (b) in the case of a meeting for any other purpose, at least 25%, in each case of all the votes entitled to be cast at such meeting, provided that any such request shall state the purpose or purposes of the meeting and the matters proposed to be acted on. Shareholders requesting such a meeting must pay to the Corporations the reasonably estimated costs of preparing and mailing the notice of the meeting. The Corporations, however, will otherwise assist the shareholders seeking to hold the special meeting in communicating to the other shareholders of the Corporations to the extent required by Section 16(c) of the 1940 Act.

The series (and classes) set forth in the following table have been established by the Boards under the articles of incorporation of the indicated Corporations. Each series represents a separate pool of assets of the Corporations’ shares and has different objectives and investment policies. Maryland law provides that the debts, liabilities, obligations, and expenses incurred with respect to a particular series or class are enforceable against the assets associated with that series or class only. The articles of incorporation also provide that the Boards may issue additional series of shares. Each share of each fund represents an equal proportionate share in that fund with each other share and is entitled to such dividends and

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distributions of income belonging to that fund as are declared by the directors. In the event of the liquidation of a fund, each share is entitled to a pro-rata share of the net assets of that fund. Classes represent separate shares in the funds but share the same portfolios as the indicated funds. Each fund is registered with the SEC under the 1940 Act as an open-end management investment company and is a mutual fund.

Corporations	Year of Inception
T. Rowe Price All-Cap Opportunities Fund, Inc. (corporation)(a)	1985
T. Rowe Price All-Cap Opportunities Fund (series)	1985
T. Rowe Price All-Cap Opportunities Fund (Investor Class)	1985
T. Rowe Price All-Cap Opportunities Fund—Advisor Class (class)	2005
T. Rowe Price All-Cap Opportunities Fund—I Class (class)	2015
T. Rowe Price Balanced Fund, Inc. (corporation)	1939
T. Rowe Price Balanced Fund (series)	1939
T. Rowe Price Balanced Fund (Investor Class)	1939
T. Rowe Price Balanced Fund—I Class (class)	2015
T. Rowe Price Blue Chip Growth Fund, Inc. (corporation)	1993
T. Rowe Price Blue Chip Growth Fund (series)	1993
T. Rowe Price Blue Chip Growth Fund (Investor Class)	1993
T. Rowe Price Blue Chip Growth Fund—Advisor Class (class)	2000
T. Rowe Price Blue Chip Growth Fund—I Class (class)	2015
T. Rowe Price Blue Chip Growth Fund—R Class (class)	2002
T. Rowe Price Blue Chip Growth Fund—Z Class (class)	2021
T. Rowe Price Capital Appreciation Fund, Inc. (corporation)(a)	1986
T. Rowe Price Capital Appreciation Fund (series)	1986
T. Rowe Price Capital Appreciation Fund (Investor Class)	1986
T. Rowe Price Capital Appreciation Fund—Advisor Class (class)	2004
T. Rowe Price Capital Appreciation Fund—I Class (class)	2015
T. Rowe Price Communications & Technology Fund, Inc. (corporation)	1993
T. Rowe Price Communications & Technology Fund (series)	1993
T. Rowe Price Communications & Technology Fund (Investor Class)	1993
T. Rowe Price Communications & Technology Fund—I Class (class)	2016
T. Rowe Price Corporate Income Fund, Inc. (corporation)	1995
T. Rowe Price Corporate Income Fund (series)	1995
T. Rowe Price Corporate Income Fund (Investor Class)	1995
T. Rowe Price Corporate Income Fund—I Class (class)	2015
T. Rowe Price Corporate Income Fund—Z Class (class)	2021
T. Rowe Price Credit Opportunities Fund, Inc. (corporation)	2014
T. Rowe Price Credit Opportunities Fund (series)	2014
T. Rowe Price Credit Opportunities Fund (Investor Class)	2014
T. Rowe Price Credit Opportunities Fund—Advisor Class (class)	2014
T. Rowe Price Credit Opportunities Fund—I Class (class)	2016
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. (corporation)	2003
T. Rowe Price Diversified Mid-Cap Growth Fund (series)	2003
T. Rowe Price Diversified Mid-Cap Growth Fund (Investor Class)	2003
T. Rowe Price Diversified Mid-Cap Growth Fund—I Class (class)	2017
T. Rowe Price Dividend Growth Fund, Inc. (corporation)	1992
T. Rowe Price Dividend Growth Fund (series)	1992
T. Rowe Price Dividend Growth Fund (Investor Class)	1992
T. Rowe Price Dividend Growth Fund—Advisor Class (class)	2005
T. Rowe Price Dividend Growth Fund—I Class (class)	2015
T. Rowe Price Dividend Growth Fund—Z Class (class)	2021
T. Rowe Price Equity Funds, Inc. (corporation)	1996
T. Rowe Price Institutional Large-Cap Core Growth Fund (series)	2003
T. Rowe Price Institutional Mid-Cap Equity Growth Fund (series)	1996
T. Rowe Price Institutional Small-Cap Stock Fund (series)	2000
T. Rowe Price Large-Cap Growth Fund (series)	2001
T. Rowe Price Large-Cap Value Fund (series)	2000

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Corporations	Year of Inception
T. Rowe Price Equity Income Fund, Inc. (corporation)(a)	1985
T. Rowe Price Equity Income Fund (series)	1985
T. Rowe Price Equity Income Fund (Investor Class)	1985
T. Rowe Price Equity Income Fund—Advisor Class (class)	2000
T. Rowe Price Equity Income Fund—I Class (class)	2015
T. Rowe Price Equity Income Fund—R Class (class)	2002
T. Rowe Price Equity Income Fund—Z Class (class)	2021
T. Rowe Price Financial Services Fund, Inc. (corporation)	1996
T. Rowe Price Financial Services Fund (series)	1996
T. Rowe Price Financial Services Fund (Investor Class)	1996
T. Rowe Price Financial Services Fund—I Class (class)	2016
T. Rowe Price Floating Rate Fund, Inc. (corporation)	2011
T. Rowe Price Floating Rate Fund (series)	2011
T. Rowe Price Floating Rate Fund (Investor Class)	2011
T. Rowe Price Floating Rate Fund—Advisor Class (class)	2011
T. Rowe Price Floating Rate Fund—I Class (class)	2016
T. Rowe Price Floating Rate Fund—Z Class (class)	2020
T. Rowe Price Global Allocation Fund, Inc. (corporation)	2013
T. Rowe Price Global Allocation Fund (series)	2013
T. Rowe Price Global Allocation Fund (Investor Class)	2013
T. Rowe Price Global Allocation Fund—Advisor Class (class)	2013
T. Rowe Price Global Allocation Fund—I Class (class)	2016
T. Rowe Price Global Funds, Inc. (corporation)	1989
T. Rowe Price Global Value Equity Fund (Investor Class)	2020
T. Rowe Price Global Value Equity Fund—I Class (class)	2012
T. Rowe Price Institutional Emerging Markets Bond Fund (series)	2006
T. Rowe Price Institutional Emerging Markets Equity Fund (series)	2002
T. Rowe Price Institutional International Disciplined Equity Fund (series)	2010
T. Rowe Price Global Multi-Sector Bond Fund, Inc. (corporation)	2008
T. Rowe Price Global Multi-Sector Bond Fund (series)	2008
T. Rowe Price Global Multi-Sector Bond Fund (Investor Class)	2008
T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class (class)	2008
T. Rowe Price Global Multi-Sector Bond Fund—I Class (class)	2016
T. Rowe Price Global Real Estate Fund, Inc. (corporation)	2008
T. Rowe Price Global Real Estate Fund (series)	2008
T. Rowe Price Global Real Estate Fund (Investor Class)	2008
T. Rowe Price Global Real Estate Fund—Advisor Class (class)	2008
T. Rowe Price Global Real Estate Fund—I Class (class)	2016
T. Rowe Price Global Technology Fund, Inc. (corporation)	2000
T. Rowe Price Global Technology Fund (series)	2000
T. Rowe Price Global Technology Fund (Investor Class)	2000
T. Rowe Price Global Technology Fund—I Class (class)	2016
T. Rowe Price GNMA Fund, Inc. (corporation)(a)	1985
T. Rowe Price GNMA Fund (series)	1985
T. Rowe Price GNMA Fund (Investor Class)	1985
T. Rowe Price GNMA Fund—I Class (class)	2017
T. Rowe Price GNMA Fund—Z Class (class)	2021
T. Rowe Price Government Money Fund, Inc. (corporation)	1976
T. Rowe Price Government Money Fund (series)	1976
T. Rowe Price Government Money Fund (Investor Class)	1976
T. Rowe Price Government Money Fund—I Class (class)	2017
T. Rowe Price Growth Stock Fund, Inc. (corporation)	1950
T. Rowe Price Growth Stock Fund (series)	1950
T. Rowe Price Growth Stock Fund (Investor Class)	1950
T. Rowe Price Growth Stock Fund—Advisor Class (class)	2001
T. Rowe Price Growth Stock Fund—I Class (class)	2015
T. Rowe Price Growth Stock Fund—R Class (class)	2002
T. Rowe Price Growth Stock Fund—Z Class (class)	2020
T. Rowe Price Health Sciences Fund, Inc. (corporation)	1995
T. Rowe Price Health Sciences Fund (series)	1995
T. Rowe Price Health Sciences Fund (Investor Class)	1995
T. Rowe Price Health Sciences Fund—I Class (class)	2016

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Corporations	Year of Inception
T. Rowe Price High Yield Fund, Inc. (corporation)	1984
T. Rowe Price High Yield Fund (series)	1984
T. Rowe Price High Yield Fund (Investor Class)	1984
T. Rowe Price High Yield Fund—Advisor Class (class)	2000
T. Rowe Price High Yield Fund—I Class (class)	2015
T. Rowe Price High Yield Fund—Z Class (class)	2020
T. Rowe Price U.S. High Yield Fund (series)	2017
T. Rowe Price U.S. High Yield Fund (Investor Class)	2017
T. Rowe Price U.S. High Yield Fund—Advisor Class (class)	2013(b)
T. Rowe Price U.S. High Yield Fund—I Class (class)	2013(b)
T. Rowe Price Index Trust, Inc. (corporation)	1989
T. Rowe Price Equity Index 500 Fund (series)	1990
T. Rowe Price Equity Index 500 Fund (Investor Class)	1990
T. Rowe Price Equity Index 500 Fund—I Class (class)	2015
T. Rowe Price Equity Index 500 Fund—Z Class (class)	2020
T. Rowe Price Extended Equity Market Index Fund (series)	1998
T. Rowe Price Extended Equity Market Index Fund (Investor Class)	1998
T. Rowe Price Mid-Cap Index Fund (series)	2015
T. Rowe Price Mid-Cap Index Fund (Investor Class)	2015
T. Rowe Price Mid-Cap Index Fund—I Class (class)	2015
T. Rowe Price Mid-Cap Index Fund—Z Class (class)	2020
T. Rowe Price Small-Cap Index Fund (series)	2015
T. Rowe Price Small-Cap Index Fund (Investor Class)	2015
T. Rowe Price Small-Cap Index Fund—I Class (class)	2015
T. Rowe Price Small-Cap Index Fund—Z Class (class)	2020
T. Rowe Price Total Equity Market Index Fund (series)	1998
T. Rowe Price Total Equity Market Index Fund (Investor Class)	1998
T. Rowe Price U.S. Limited Duration TIPS Index Fund (series)	2020
T. Rowe Price U.S. Limited Duration TIPS Index Fund (Investor Class)	2020
T. Rowe Price U.S. Limited Duration TIPS Index Fund—I Class (class)	2020
T. Rowe Price U.S. Limited Duration TIPS Index Fund—Z Class (class)	2020
T. Rowe Price Inflation Protected Bond Fund, Inc. (corporation)	2002
T. Rowe Price Inflation Protected Bond Fund (series)	2002
T. Rowe Price Inflation Protected Bond Fund (Investor Class)	2002
T. Rowe Price Inflation Protected Bond Fund—I Class (class)	2015
T. Rowe Price Inflation Protected Bond Fund—Z Class (class)	2021
T. Rowe Price Institutional Income Funds, Inc. (corporation)	2000
T. Rowe Price Institutional Floating Rate Fund (series)	2008
T. Rowe Price Institutional Floating Rate Fund—F Class (class)	2010
T. Rowe Price Institutional Floating Rate Fund—Z Class (class)	2020
T. Rowe Price Institutional High Yield Fund (series)	2002
T. Rowe Price Institutional High Yield Fund—Z Class (class)	2020
T. Rowe Price Institutional Long Duration Credit Fund (series)	2013

421

Corporations	Year of Inception
T. Rowe Price Integrated Equity Funds, Inc. (corporation)	1997
T. Rowe Price Integrated Global Equity Fund (series)	2016
T. Rowe Price Integrated Global Equity Fund (Investor Class)	2016
T. Rowe Price Integrated Global Equity Fund—Advisor Class (class)	2016
T. Rowe Price Integrated Global Equity Fund—I Class (class)	2016
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund (series)	2016
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund (Investor Class)	2016
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—Advisor Class (class)	2016
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—I Class (class)	2016
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund (series)	1997
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund (Investor Class)	1997
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class (class)	2016
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—I Class (class)	2016
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund (series)	2016
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund (Investor Class)	2016
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class (class)	2016
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund—I Class (class)	2016
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. (corporation)	2014
T. Rowe Price Intermediate Tax-Free High Yield Fund (series)	2014
T. Rowe Price Intermediate Tax-Free High Yield Fund (Investor Class)	2014
T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class (class)	2014
T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class (class)	2017
T. Rowe International Funds, Inc. (corporation)	1979
T. Rowe Price Africa & Middle East Fund (series)	2007
T. Rowe Price Africa & Middle East Fund (Investor Class)	2007
T. Rowe Price Africa & Middle East Fund—I Class (class)	2017
T. Rowe Price Africa & Middle East Fund—Z Class (class)	2021
T. Rowe Price Asia Opportunities Fund (series)	2014
T. Rowe Price Asia Opportunities Fund (Investor Class)	2014
T. Rowe Price Asia Opportunities Fund—Advisor Class (class)	2014
T. Rowe Price Asia Opportunities Fund—I Class (class)	2017
T. Rowe Price China Evolution Equity Fund (series)	2019
T. Rowe Price China Evolution Equity Fund (Investor Class)	2019
T. Rowe Price China Evolution Equity Fund—I Class (class)	2019
T. Rowe Price Dynamic Credit Fund (series)	2019
T. Rowe Price Dynamic Credit Fund (Investor Class)	2019
T. Rowe Price Dynamic Credit Fund—I Class (class)	2019
T. Rowe Price Dynamic Global Bond Fund (series)	2015
T. Rowe Price Dynamic Global Bond Fund (Investor Class)	2015
T. Rowe Price Dynamic Global Bond Fund—Advisor Class (class)	2015
T. Rowe Price Dynamic Global Bond Fund—I Class (class)	2015
T. Rowe Price Dynamic Global Bond Fund—Z Class (class)	2020
T. Rowe Price Emerging Europe Fund (series)	2000
T. Rowe Price Emerging Europe Fund (Investor Class)	2000
T. Rowe Price Emerging Europe Fund—I Class (class)	2017
T. Rowe Price Emerging Europe Fund—Z Class (class)	2021
T. Rowe Price Emerging Markets Bond Fund (series)	1994
T. Rowe Price Emerging Markets Bond Fund (Investor Class)	1994
T. Rowe Price Emerging Markets Bond Fund—Advisor Class (class)	2015
T. Rowe Price Emerging Markets Bond Fund—I Class (class)	2015
T. Rowe Price Emerging Markets Bond Fund—Z Class (class)	2020
T. Rowe Price Emerging Markets Corporate Bond Fund (series)	2012
T. Rowe Price Emerging Markets Corporate Bond Fund (Investor Class)	2012
T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class (class)	2012
T. Rowe Price Emerging Markets Corporate Bond Fund—I Class (class)	2015
T. Rowe Price Emerging Markets Discovery Stock Fund (series)	2015
T. Rowe Price Emerging Markets Discovery Stock Fund (Investor Class)	2015
T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class (class)	2015
T. Rowe Price Emerging Markets Discovery Stock Fund—I Class (class)	2017
T. Rowe Price Emerging Markets Discovery Stock Fund—Z Class (class)	2020

422

Corporations	Year of Inception
T. Rowe Price Emerging Markets Local Currency Bond Fund (series)	2011
T. Rowe Price Emerging Markets Local Currency Bond Fund (Investor Class)	2017
T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class (class)	2011
T. Rowe Price Emerging Markets Local Currency Bond Fund—I Class (class)	2015
T. Rowe Price Emerging Markets Local Currency Bond Fund—Z Class (class)	2020
T. Rowe Price Emerging Markets Stock Fund (series)	1995
T. Rowe Price Emerging Markets Stock Fund (Investor Class)	1995
T. Rowe Price Emerging Markets Stock Fund—I Class (class)	2015
T. Rowe Price Emerging Markets Stock Fund—Z Class (class)	2020
T. Rowe Price European Stock Fund (series)	1990
T. Rowe Price European Stock Fund (Investor Class)	1990
T. Rowe Price European Stock Fund—I Class (class)	2017
T. Rowe Price European Stock Fund—Z Class (class)	2021
T. Rowe Price Global Consumer Fund (series)	2016
T. Rowe Price Global Consumer Fund (Investor Class)	2016
T. Rowe Price Global Growth Stock Fund (series)	2008
T. Rowe Price Global Growth Stock Fund (Investor Class)	2008
T. Rowe Price Global Growth Stock Fund—Advisor Class (class)	2008
T. Rowe Price Global Growth Stock Fund—I Class (class)	2017
T. Rowe Price Global High Income Bond Fund (series)	2015
T. Rowe Price Global High Income Bond Fund (Investor Class)	2015
T. Rowe Price Global High Income Bond Fund—Advisor Class (class)	2015
T. Rowe Price Global High Income Bond Fund—I Class (class)	2015
T. Rowe Price Global Impact Equity Fund (series)	2021
T. Rowe Price Global Impact Equity Fund (Investor Class)	2021
T. Rowe Price Global Impact Equity Fund—I Class (class)	2021
T. Rowe Price Global Industrials Fund (Investor Class)	2013
T. Rowe Price Global Industrials Fund—I Class (class)	2017
T. Rowe Price Global Stock Fund (series)	1995
T. Rowe Price Global Stock Fund (Investor Class)	1995
T. Rowe Price Global Stock Fund—Advisor Class (class)	2006
T. Rowe Price Global Stock Fund—I Class (class)	2017
T. Rowe Price International Bond Fund (series)	1986
T. Rowe Price International Bond Fund (Investor Class)	1986
T. Rowe Price International Bond Fund—Advisor Class (class)	2000
T. Rowe Price International Bond Fund—I Class (class)	2015
T. Rowe Price International Bond Fund—Z Class (class)	2020
T. Rowe Price International Bond Fund (USD Hedged) (series)	2017
T. Rowe Price International Bond Fund (USD Hedged) (Investor Class)	2017
T. Rowe Price International Bond Fund (USD Hedged)—Advisor Class (class)	2017
T. Rowe Price International Bond Fund (USD Hedged)—I Class (class)	2017
T. Rowe Price International Bond Fund (USD Hedged)—Z Class (class)	2021
T. Rowe Price International Disciplined Equity Fund (series)	2014
T. Rowe Price International Disciplined Equity Fund (Investor Class)	2014
T. Rowe Price International Disciplined Equity Fund—Advisor Class (class)	2014
T. Rowe Price International Disciplined Equity Fund—I Class (class)	2017
T. Rowe Price International Discovery Fund (series)	1988
T. Rowe Price International Discovery Fund (Investor Class)	1988
T. Rowe Price International Discovery Fund—I Class (class)	2015
T. Rowe Price International Discovery Fund—Z Class (class)	2020
T. Rowe Price International Stock Fund (series)	1980
T. Rowe Price International Stock Fund (Investor Class)	1980
T. Rowe Price International Stock Fund—Advisor Class (class)	2000
T. Rowe Price International Stock Fund—I Class (class)	2015
T. Rowe Price International Stock Fund—R Class (class)	2002
T. Rowe Price International Stock Fund—Z Class (class)	2020
T. Rowe Price International Value Equity Fund (series)	1998
T. Rowe Price International Value Equity Fund (Investor Class)	1998
T. Rowe Price International Value Equity Fund—Advisor Class (class)	2002
T. Rowe Price International Value Equity Fund—I Class (class)	2015
T. Rowe Price International Value Equity Fund—R Class (class)	2002
T. Rowe Price International Value Equity Fund—Z Class (class)	2020

423

Corporations	Year of Inception
T. Rowe Price Japan Fund (series)	1991
T. Rowe Price Japan Fund (Investor Class)	1991
T. Rowe Price Japan Fund—I Class (class)	2017
T. Rowe Price Japan Fund—Z Class (class)	2021
T. Rowe Price Latin America Fund (series)	1993
T. Rowe Price Latin America Fund (Investor Class)	1993
T. Rowe Price Latin America Fund—I Class (class)	2017
T. Rowe Price Latin America Fund—Z Class (class)	2021
T. Rowe Price New Asia Fund (series)	1990
T. Rowe Price New Asia Fund (Investor Class)	1990
T. Rowe Price New Asia Fund—I Class (class)	2015
T. Rowe Price New Asia Fund—Z Class (class)	2021
T. Rowe Price Overseas Stock Fund (series)	2006
T. Rowe Price Overseas Stock Fund (Investor Class)	2006
T. Rowe Price Overseas Stock Fund—Advisor Class (class)	2015
T. Rowe Price Overseas Stock Fund—I Class (class)	2015
T. Rowe Price Overseas Stock Fund—Z Class (class)	2020
T. Rowe Price International Index Fund, Inc. (corporation)	2000
T. Rowe Price International Equity Index Fund (series)	2000
T. Rowe Price International Equity Index Fund (Investor Class)	2000
T. Rowe Price International Equity Index Fund—Z Class (class)	2020
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc. (corporation)	2006
T. Rowe Price Limited Duration Inflation Focused Bond Fund (series)	2006
T. Rowe Price Limited Duration Inflation Focused Bond Fund (Investor Class)	2006
T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class (class)	2015
T. Rowe Price Limited Duration Inflation Focused Bond Fund—Z Class (class)	2020
T. Rowe Price Mid-Cap Growth Fund, Inc. (corporation)	1992
T. Rowe Price Mid-Cap Growth Fund (series)	1992
T. Rowe Price Mid-Cap Growth Fund (Investor Class)	1992
T. Rowe Price Mid-Cap Growth Fund—Advisor Class (class)	2000
T. Rowe Price Mid-Cap Growth Fund—I Class (class)	2015
T. Rowe Price Mid-Cap Growth Fund—R Class (class)	2002
T. Rowe Price Mid-Cap Growth Fund—Z Class (class)	2020
T. Rowe Price Mid-Cap Value Fund, Inc. (corporation)	1996
T. Rowe Price Mid-Cap Value Fund (series)	1996
T. Rowe Price Mid-Cap Value Fund (Investor Class)	1996
T. Rowe Price Mid-Cap Value Fund—Advisor Class (class)	2002
T. Rowe Price Mid-Cap Value Fund—I Class (class)	2015
T. Rowe Price Mid-Cap Value Fund—R Class (class)	2002
T. Rowe Price Mid-Cap Value Fund—Z Class (class)	2020
T. Rowe Price Multi-Sector Account Portfolios, Inc. (corporation)	2011
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio (series)	2012
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio (series)	2012
T. Rowe Price Floating Rate Multi-Sector Account Portfolio (series)	2012
T. Rowe Price High Yield Multi-Sector Account Portfolio (series)	2012
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio (series)	2012
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio (series)	2012
T. Rowe Price Multi-Strategy Total Return Fund, Inc. (corporation)	2018
T. Rowe Price Multi-Strategy Total Return Fund (series)	2018
T. Rowe Price Multi-Strategy Total Return Fund (Investor Class)	2018
T. Rowe Price Multi-Strategy Total Return Fund—Advisor Class (class)	(c)
T. Rowe Price Multi-Strategy Total Return Fund—I Class (class)	2018
T. Rowe Price New Era Fund, Inc. (corporation)	1969
T. Rowe Price New Era Fund (series)	1969
T. Rowe Price New Era Fund (Investor Class)	1969
T. Rowe Price New Era Fund—I Class (class)	2015
T. Rowe Price New Horizons Fund, Inc. (corporation)	1960
T. Rowe Price New Horizons Fund (series)	1960
T. Rowe Price New Horizons Fund (Investor Class)	1960
T. Rowe Price New Horizons Fund—I Class (class)	2015
T. Rowe Price New Horizons Fund—Z Class (class)	2020

424

Corporations	Year of Inception
T. Rowe Price New Income Fund, Inc. (corporation)	1973
T. Rowe Price New Income Fund (series)	1973
T. Rowe Price New Income Fund (Investor Class)	1973
T. Rowe Price New Income Fund—Advisor Class (class)	2002
T. Rowe Price New Income Fund—I Class (class)	2015
T. Rowe Price New Income Fund—R Class (class)	2002
T. Rowe Price New Income Fund—Z Class (class)	2020
T. Rowe Price QM U.S. Bond Index Fund, Inc. (corporation)	2000
T. Rowe Price QM U.S. Bond Index Fund (series)	2000
T. Rowe Price QM U.S. Bond Index Fund (Investor Class)	2000
T. Rowe Price QM U.S. Bond Index Fund—I Class (class)	2020
T. Rowe Price QM U.S. Bond Index Fund—Z Class (class)	2020
T. Rowe Price Real Assets Fund, Inc. (corporation)	2010
T. Rowe Price Real Assets Fund (series)	2010
T. Rowe Price Real Assets Fund (Investor Class)	2010
T. Rowe Price Real Assets Fund—I Class (class)	2015
T. Rowe Price Real Assets Fund—Z Class (class)	2020
T. Rowe Price Real Estate Fund, Inc. (corporation)	1997
T. Rowe Price Real Estate Fund (series)	1997
T. Rowe Price Real Estate Fund (Investor Class)	1997
T. Rowe Price Real Estate Fund—Advisor Class (class)	2004
T. Rowe Price Real Estate Fund—I Class (class)	2015
T. Rowe Price Reserve Investment Funds, Inc. (corporation)	1997
T. Rowe Price Government Reserve Fund (series)	1997
T. Rowe Price Short-Term Fund (series)	2013
T. Rowe Price Short-Term Government Fund (series)	(c)
T. Rowe Price Transition Fund (series)	2020
T. Rowe Price Treasury Reserve Fund (series)	2013
T. Rowe Price Retirement Funds, Inc. (corporation)	2002
T. Rowe Price Retirement 2005 Fund (series)	2004
T. Rowe Price Retirement 2005 Fund (Investor Class)	2004
T. Rowe Price Retirement 2005 Fund—Advisor Class (class)	2007
T. Rowe Price Retirement 2005 Fund—R Class (class)	2007
T. Rowe Price Retirement 2010 Fund (series)	2002
T. Rowe Price Retirement 2010 Fund (Investor Class)	2002
T. Rowe Price Retirement 2010 Fund—Advisor Class (class)	2003
T. Rowe Price Retirement 2010 Fund—R Class (class)	2003
T. Rowe Price Retirement 2015 Fund (series)	2004
T. Rowe Price Retirement 2015 Fund (Investor Class)	2004
T. Rowe Price Retirement 2015 Fund—Advisor Class (class)	2007
T. Rowe Price Retirement 2015 Fund—R Class (class)	2007
T. Rowe Price Retirement 2020 Fund (series)	2002
T. Rowe Price Retirement 2020 Fund (Investor Class)	2002
T. Rowe Price Retirement 2020 Fund—Advisor Class (class)	2003
T. Rowe Price Retirement 2020 Fund—R Class (class)	2003
T. Rowe Price Retirement 2025 Fund (series)	2004
T. Rowe Price Retirement 2025 Fund (Investor Class)	2004
T. Rowe Price Retirement 2025 Fund—Advisor Class (class)	2007
T. Rowe Price Retirement 2025 Fund—R Class (class)	2007
T. Rowe Price Retirement 2030 Fund (series)	2002
T. Rowe Price Retirement 2030 Fund (Investor Class)	2002
T. Rowe Price Retirement 2030 Fund—Advisor Class (class)	2003
T. Rowe Price Retirement 2030 Fund—R Class (class)	2003
T. Rowe Price Retirement 2035 Fund (series)	2004
T. Rowe Price Retirement 2035 Fund (Investor Class)	2004
T. Rowe Price Retirement 2035 Fund—Advisor Class (class)	2007
T. Rowe Price Retirement 2035 Fund—R Class (class)	2007
T. Rowe Price Retirement 2040 Fund (series)	2002
T. Rowe Price Retirement 2040 Fund (Investor Class)	2002
T. Rowe Price Retirement 2040 Fund—Advisor Class (class)	2003
T. Rowe Price Retirement 2040 Fund—R Class (class)	2003

425

Corporations	Year of Inception
T. Rowe Price Retirement 2045 Fund (series)	2005
T. Rowe Price Retirement 2045 Fund (Investor Class)	2005
T. Rowe Price Retirement 2045 Fund—Advisor Class (class)	2007
T. Rowe Price Retirement 2045 Fund—R Class (class)	2007
T. Rowe Price Retirement 2050 Fund (series)	2006
T. Rowe Price Retirement 2050 Fund (Investor Class)	2006
T. Rowe Price Retirement 2050 Fund—Advisor Class (class)	2006
T. Rowe Price Retirement 2050 Fund—R Class (class)	2006
T. Rowe Price Retirement 2055 Fund (series)	2006
T. Rowe Price Retirement 2055 Fund (Investor Class)	2006
T. Rowe Price Retirement 2055 Fund—Advisor Class (class)	2007
T. Rowe Price Retirement 2055 Fund—R Class (class)	2007
T. Rowe Price Retirement 2060 Fund (series)	2014
T. Rowe Price Retirement 2060 Fund (Investor Class)	2014
T. Rowe Price Retirement 2060 Fund—Advisor Class (class)	2014
T. Rowe Price Retirement 2060 Fund—R Class (class)	2014
T. Rowe Price Retirement 2065 Fund (series)	2020
T. Rowe Price Retirement 2065 Fund (Investor Class)	2020
T. Rowe Price Retirement 2065 Fund—Advisor Class (class)	2020
T. Rowe Price Retirement 2065 Fund—R Class (class)	2020
T. Rowe Price Retirement Balanced Fund (series)	2002
T. Rowe Price Retirement Balanced Fund (Investor Class)	2002
T. Rowe Price Retirement Balanced Fund—Advisor Class (class)	2003
T. Rowe Price Retirement Balanced Fund—R Class (class)	2003
T. Rowe Price Retirement Blend 2005 Fund (series)	2021
T. Rowe Price Retirement Blend 2005 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2005 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2010 Fund (series)	2021
T. Rowe Price Retirement Blend 2010 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2010 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2015 Fund (series)	2021
T. Rowe Price Retirement Blend 2015 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2015 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2020 Fund (series)	2021
T. Rowe Price Retirement Blend 2020 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2020 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2025 Fund (series)	2021
T. Rowe Price Retirement Blend 2025 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2025 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2030 Fund (series)	2021
T. Rowe Price Retirement Blend 2030 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2030 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2035 Fund (series)	2021
T. Rowe Price Retirement Blend 2035 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2035 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2040 Fund (series)	2021
T. Rowe Price Retirement Blend 2040 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2040 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2045 Fund (series)	2021
T. Rowe Price Retirement Blend 2045 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2045 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2050 Fund (series)	2021
T. Rowe Price Retirement Blend 2050 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2050 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2055 Fund (series)	2021
T. Rowe Price Retirement Blend 2055 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2055 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2060 Fund (series)	2021
T. Rowe Price Retirement Blend 2060 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2060 Fund—I Class (class)	2021
T. Rowe Price Retirement Blend 2065 Fund (series)	2021
T. Rowe Price Retirement Blend 2065 Fund (Investor Class)	2021
T. Rowe Price Retirement Blend 2065 Fund—I Class (class)	2021

426

Corporations	Year of Inception
T. Rowe Price Retirement I 2005 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2010 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2015 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2020 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2025 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2030 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2035 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2040 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2045 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2050 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2055 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2060 Fund—I Class (series)	2015
T. Rowe Price Retirement I 2065 Fund—I Class (series)	2020
T. Rowe Price Retirement Balanced I Fund—I Class (series)	2015
T. Rowe Price Retirement Income 2020 Fund (series)	2017
T. Rowe Price Target 2005 Fund (series)	2013
T. Rowe Price Target 2005 Fund (Investor Class)	2013
T. Rowe Price Target 2005 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2005 Fund—I Class (class)	2016
T. Rowe Price Target 2010 Fund (series)	2013
T. Rowe Price Target 2010 Fund (Investor Class)	2013
T. Rowe Price Target 2010 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2010 Fund—I Class (class)	2016
T. Rowe Price Target 2015 Fund (series)	2013
T. Rowe Price Target 2015 Fund (Investor Class)	2013
T. Rowe Price Target 2015 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2015 Fund—I Class (class)	2016
T. Rowe Price Target 2020 Fund (series)	2013
T. Rowe Price Target 2020 Fund (Investor Class)	2013
T. Rowe Price Target 2020 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2020 Fund—I Class (class)	2016
T. Rowe Price Target 2025 Fund (series)	2013
T. Rowe Price Target 2025 Fund (Investor Class)	2013
T. Rowe Price Target 2025 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2025 Fund—I Class (class)	2016
T. Rowe Price Target 2030 Fund (series)	2013
T. Rowe Price Target 2030 Fund (Investor Class)	2013
T. Rowe Price Target 2030 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2030 Fund—I Class (class)	2016
T. Rowe Price Target 2035 Fund (series)	2013
T. Rowe Price Target 2035 Fund (Investor Class)	2013
T. Rowe Price Target 2035 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2035 Fund—I Class (class)	2016
T. Rowe Price Target 2040 Fund (series)	2013
T. Rowe Price Target 2040 Fund (Investor Class)	2013
T. Rowe Price Target 2040 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2040 Fund—I Class (class)	2016
T. Rowe Price Target 2045 Fund (series)	2013
T. Rowe Price Target 2045 Fund (Investor Class)	2013
T. Rowe Price Target 2045 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2045 Fund—I Class (class)	2016
T. Rowe Price Target 2050 Fund (series)	2013
T. Rowe Price Target 2050 Fund (Investor Class)	2013
T. Rowe Price Target 2050 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2050 Fund—I Class (class)	2016
T. Rowe Price Target 2055 Fund (series)	2013
T. Rowe Price Target 2055 Fund (Investor Class)	2013
T. Rowe Price Target 2055 Fund—Advisor Class (class)	2013
T. Rowe Price Target 2055 Fund—I Class (class)	2016
T. Rowe Price Target 2060 Fund (series)	2014
T. Rowe Price Target 2060 Fund (Investor Class)	2014
T. Rowe Price Target 2060 Fund—Advisor Class (class)	2014
T. Rowe Price Target 2060 Fund—I Class (class)	2016

427

Corporations	Year of Inception
T. Rowe Price Target 2065 Fund (series)	2020
T. Rowe Price Target 2065 Fund (Investor Class)	2020
T. Rowe Price Target 2065 Fund—Advisor Class (class)	2020
T. Rowe Price Target 2065 Fund—I Class (class)	2020
T. Rowe Price Science & Technology Fund, Inc. (corporation)	1987
T. Rowe Price Science & Technology Fund (series)	1987
T. Rowe Price Science & Technology Fund (Investor Class)	1987
T. Rowe Price Science & Technology Fund—Advisor Class (class)	2000
T. Rowe Price Science & Technology Fund—I Class (class)	2016
T. Rowe Price Short-Term Bond Fund, Inc. (corporation)	1984
T. Rowe Price Short Duration Income Fund (series)	2020
T. Rowe Price Short Duration Income Fund (Investor Class)	2020
T. Rowe Price Short Duration Income Fund—I Class (class)	2020
T. Rowe Price Short-Term Bond Fund (series)	1984
T. Rowe Price Short-Term Bond Fund (Investor Class)	1984
T. Rowe Price Short-Term Bond Fund—Advisor Class (class)	2004
T. Rowe Price Short-Term Bond Fund—I Class (class)	2015
T. Rowe Price Short-Term Bond Fund—Z Class (class)	2020
T. Rowe Price Ultra Short-Term Bond Fund (series)	2012
T. Rowe Price Ultra Short-Term Bond Fund (Investor Class)	2012
T. Rowe Price Ultra Short-Term Bond Fund—I Class (class)	2017
T. Rowe Price Ultra Short-Term Bond Fund—Z Class (class)	2021
T. Rowe Price Small-Cap Stock Fund, Inc. (corporation)	1956
T. Rowe Price Small-Cap Stock Fund (series)	1956
T. Rowe Price Small-Cap Stock Fund (Investor Class)	1956
T. Rowe Price Small-Cap Stock Fund—Advisor Class (class)	2000
T. Rowe Price Small-Cap Stock Fund—I Class (class)	2015
T. Rowe Price Small-Cap Stock Fund—Z Class (class)	2020
T. Rowe Price Small-Cap Value Fund, Inc. (corporation)	1988
T. Rowe Price Small-Cap Value Fund (series)	1988
T. Rowe Price Small-Cap Value Fund (Investor Class)	1988
T. Rowe Price Small-Cap Value Fund—Advisor Class (class)	2000
T. Rowe Price Small-Cap Value Fund—I Class (class)	2015
T. Rowe Price Small-Cap Value Fund—Z Class (class)	2020
T. Rowe Price Spectrum Fund, Inc. (corporation)	1987
Spectrum Diversified Equity Fund (series)	1990
Spectrum Diversified Equity Fund—I Class (class)	2021
Spectrum Income Fund (series)	1990
Spectrum Income Fund—I Class (class)	2021
Spectrum International Equity Fund (series)	1996
Spectrum International Equity Fund—I Class (class)	2021
T. Rowe Price Spectrum Funds II, Inc. (corporation)	1994
T. Rowe Price Spectrum Conservative Allocation Fund (series)	1994
T. Rowe Price Spectrum Conservative Allocation Fund (Investor Class)	1994
T. Rowe Price Spectrum Conservative Allocation Fund—I Class (class)	2016
T. Rowe Price Spectrum Moderate Allocation Fund (series)	1994
T. Rowe Price Spectrum Moderate Allocation Fund (Investor Class)	1994
T. Rowe Price Spectrum Moderate Allocation Fund—I Class (class)	2016
T. Rowe Price Spectrum Moderate Growth Allocation Fund (series)	1994
T. Rowe Price Spectrum Moderate Growth Allocation Fund (Investor Class)	1994
T. Rowe Price Spectrum Moderate Growth Allocation Fund—I Class (class)	2016
T. Rowe Price State Tax-Free Funds, Inc. (corporation)(a)	1986
T. Rowe Price California Tax-Free Bond Fund (series)	1986
T. Rowe Price California Tax-Free Bond Fund (Investor Class)	1986
T. Rowe Price California Tax-Free Bond Fund—I Class (class)	2017
T. Rowe Price Georgia Tax-Free Bond Fund (series)	1993
T. Rowe Price Georgia Tax-Free Bond Fund (Investor Class)	1993
T. Rowe Price Georgia Tax-Free Bond Fund—I Class (class)	2017
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (series)	1993
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (Investor Class)	1993
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund—I Class (class)	2017

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Corporations	Year of Inception
T. Rowe Price Maryland Tax-Free Bond Fund (series)	1987
T. Rowe Price Maryland Tax-Free Bond Fund (Investor Class)	1987
T. Rowe Price Maryland Tax-Free Bond Fund—I Class (class)	2017
T. Rowe Price Maryland Tax-Free Money Fund (series)	2001
T. Rowe Price Maryland Tax-Free Money Fund (Investor Class)	2001
T. Rowe Price Maryland Tax-Free Money Fund—I Class (class)	2017
T. Rowe Price New Jersey Tax-Free Bond Fund (series)	1991
T. Rowe Price New Jersey Tax-Free Bond Fund (Investor Class)	1991
T. Rowe Price New Jersey Tax-Free Bond Fund—I Class (class)	2017
T. Rowe Price New York Tax-Free Bond Fund (series)	1986
T. Rowe Price New York Tax-Free Bond Fund (Investor Class)	1986
T. Rowe Price New York Tax-Free Bond Fund—I Class (class)	2017
T. Rowe Price Virginia Tax-Free Bond Fund (series)	1991
T. Rowe Price Virginia Tax-Free Bond Fund (Investor Class)	1991
T. Rowe Price Virginia Tax-Free Bond Fund—I Class (class)	2017
T. Rowe Price Summit Funds, Inc. (corporation)	1993
T. Rowe Price Cash Reserves Fund (series)	1993
T. Rowe Price Cash Reserves Fund (Investor Class)	1993
T. Rowe Price Summit Municipal Funds, Inc. (corporation)	1993
T. Rowe Price Summit Municipal Intermediate Fund (series)	1993
T. Rowe Price Summit Municipal Intermediate Fund (Investor Class)	1993
T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class (class)	2012
T. Rowe Price Summit Municipal Intermediate Fund—I Class (class)	2019
T. Rowe Price Summit Municipal Income Fund (series)	1993
T. Rowe Price Summit Municipal Income Fund (Investor Class)	1993
T. Rowe Price Summit Municipal Income Fund—Advisor Class (class)	2012
T. Rowe Price Summit Municipal Income Fund—I Class (class)	2019
T. Rowe Price Tax-Efficient Funds, Inc. (corporation)	1997
T. Rowe Price Tax-Efficient Equity Fund (series)	2000
T. Rowe Price Tax-Efficient Equity Fund (Investor Class)	2000
T. Rowe Price Tax-Efficient Equity Fund—I Class (class)	2017
T. Rowe Price Tax-Exempt Money Fund, Inc. (corporation)	1981
T. Rowe Price Tax-Exempt Money Fund (series)	1981
T. Rowe Price Tax-Exempt Money Fund (Investor Class)	1981
T. Rowe Price Tax-Exempt Money Fund—I Class(class)	2017
T. Rowe Price Tax-Free High Yield Fund, Inc. (corporation)	1985
T. Rowe Price Tax-Free High Yield Fund (series)	1985
T. Rowe Price Tax-Free High Yield Fund (Investor Class)	1985
T. Rowe Price Tax-Free High Yield Fund—Advisor Class (class)	2012
T. Rowe Price Tax-Free High Yield Fund—I Class (class)	2016
T. Rowe Price Tax-Free Income Fund, Inc. (corporation)	1976
T. Rowe Price Tax-Free Income Fund (series)	1976
T. Rowe Price Tax-Free Income Fund (Investor Class)	1976
T. Rowe Price Tax-Free Income Fund—Advisor Class (class)	2002
T. Rowe Price Tax-Free Income Fund—I Class (class)	2017
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. (corporation)	1983
T. Rowe Price Tax-Free Short-Intermediate Fund (series)	1983
T. Rowe Price Tax-Free Short-Intermediate Fund (Investor Class)	1983
T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class (class)	2012
T. Rowe Price Tax-Free Short-Intermediate Fund—I Class (class)	2016
T. Rowe Price Total Return Fund, Inc. (corporation)	2016
T. Rowe Price Total Return Fund (series)	2016
T. Rowe Price Total Return Fund (Investor Class)	2016
T. Rowe Price Total Return Fund—Advisor Class (class)	2016
T. Rowe Price Total Return Fund—I Class (class)	2016
T. Rowe Price U.S. Equity Research Fund, Inc. (corporation)	1994
T. Rowe Price U.S. Equity Research Fund (series)	1994
T. Rowe Price U.S. Equity Research Fund (Investor Class)	1994
T. Rowe Price U.S. Equity Research Fund—Advisor Class (class)	2004
T. Rowe Price U.S. Equity Research Fund—I Class (class)	2016
T. Rowe Price U.S. Equity Research Fund—R Class (class)	2004
T. Rowe Price U.S. Equity Research Fund—Z Class (class)	2021

429

Corporations	Year of Inception
T. Rowe Price U.S. Large-Cap Core Fund, Inc. (corporation)	2009
T. Rowe Price U.S. Large-Cap Core Fund (series)	2009
T. Rowe Price U.S. Large-Cap Core Fund (Investor Class)	2009
T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class (class)	2009
T. Rowe Price U.S. Large-Cap Core Fund—I Class (class)	2016
T. Rowe Price U.S. Large-Cap Core Fund—Z Class (class)	2020
T. Rowe Price U.S. Treasury Funds, Inc. (corporation)	1989
T. Rowe Price U.S. Treasury Intermediate Index Fund (series)	1989
T. Rowe Price U.S. Treasury Intermediate Index Fund (Investor Class)	1989
T. Rowe Price U.S. Treasury Intermediate Index Fund—I Class (class)	2017
T. Rowe Price U.S. Treasury Intermediate Index Fund—Z Class (class)	2021
T. Rowe Price U.S. Treasury Long-Term Index Fund (series)	1989
T. Rowe Price U.S. Treasury Long-Term Index Fund (Investor Class)	1989
T. Rowe Price U.S. Treasury Long-Term Index Fund—I Class (class)	2017
T. Rowe Price U.S. Treasury Long-Term Index Fund—Z Class (class)	2020
T. Rowe Price U.S. Treasury Money Fund (series)	1982
T. Rowe Price U.S. Treasury Money Fund (Investor Class)	1982
T. Rowe Price U.S. Treasury Money Fund—I Class (class)	2017
T. Rowe Price U.S. Treasury Money Fund—Z Class (class)	2020
T. Rowe Price Value Fund, Inc. (corporation)	1994
T. Rowe Price Value Fund (series)	1994
T. Rowe Price Value Fund (Investor Class)	1994
T. Rowe Price Value Fund—Advisor Class (class)	2000
T. Rowe Price Value Fund—I Class (class)	2015
T. Rowe Price Value Fund—Z Class (class)	2020

(a) Reflects the inception date of the corporation’s predecessor, a Massachusetts business trust. The predecessor was reorganized and redomiciled into a Maryland corporation on October 30, 2017. Has not yet incepted.

(b) Reflects the inception date of the Henderson High Yield Opportunities Fund. The U.S. High Yield Fund’s Investor Class incepted in 2017.

(c) Has not yet incepted.

All-Cap Opportunities Fund

On October 30, 2017, the fund was reorganized and redomiciled into a corresponding, newly organized Maryland corporation. Prior to that time, the fund was organized as a Massachusetts business trust. Effective March 1, 2021, the fund’s name was changed from T. Rowe Price New America Growth Fund to T. Rowe Price All-Cap Opportunities Fund.

Balanced Fund

On August 31, 1992, the T. Rowe Price Balanced Fund acquired substantially all of the assets of the Axe-Houghton Fund B, a series of Axe-Houghton Funds, Inc. As a result of this acquisition, the SEC requires that the historical performance information of the Balanced Fund be based on the performance of Fund B. Therefore, all performance information of the Balanced Fund prior to September 1, 1992, reflects the performance of Fund B and investment managers other than T. Rowe Price. Performance information after August 31, 1992, reflects the combined assets of the Balanced Fund and Fund B.

California Tax-Free Bond, 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, and Virginia Tax-Free Bond Funds

On October 30, 2017, each fund was reorganized and redomiciled as series of a newly organized Maryland corporation, T. Rowe Price State Tax-Free Funds, Inc. Prior to that time, the California Tax-Free Bond Fund was organized as a sub-trust of T. Rowe Price California Tax-Free Income Trust, a Massachusetts business trust, and each of the Georgia Tax-Free Bond, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, Maryland Tax-Free Money, New Jersey Tax-Free Bond, New York Tax-Free Bond, and Virginia Tax-Free Bond Funds were each organized as a sub-trust of T. Rowe Price State Tax-Free Income Trust, a Massachusetts business trust.

Capital Appreciation, Equity Income, and GNMA Funds

On October 30, 2017, each fund was reorganized and redomiciled into corresponding, newly organized Maryland corporations. Prior to that time, each fund was organized as a Massachusetts business trust.

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Cash Reserves Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Summit Cash Reserves Fund to T. Rowe Price Cash Reserves Fund.

Communications & Technology Fund

Effective May 1, 2018, the fund’s name was changed from T. Rowe Price Media & Telecommunications Fund to T. Rowe Price Communications & Technology Fund.

On July 28, 1997, the fund converted its status from a closed-end fund to an open-end mutual fund. Prior to the conversion, the fund was known as New Age Media Fund.

Dynamic Global Bond Fund

Effective May 1, 2017, the fund’s name was changed from T. Rowe Price Global Unconstrained Bond Fund to T. Rowe Price Dynamic Global Bond Fund.

Emerging Europe Fund

Effective March 1, 2012, the fund’s name was changed from T. Rowe Price Emerging Europe & Mediterranean Fund to T. Rowe Price Emerging Europe Fund.

Emerging Markets Corporate Multi-Sector Account Portfolio

Effective July 1, 2013, the fund’s name was changed from T. Rowe Price Emerging Markets Bond Multi-Sector Account Portfolio to T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio.

Emerging Markets Discovery Stock Fund

Effective March 1, 2019, the fund’s name was changed from T. Rowe Price Emerging Markets Value Stock Fund to T. Rowe Price Emerging Markets Discovery Stock Fund.

Equity Index 500 Fund

Effective January 30, 1998, the fund’s name was changed from T. Rowe Price Equity Index Fund to T. Rowe Price Equity Index 500 Fund.

Global Growth Stock Fund and Global Growth Stock Fund—Advisor Class

Effective November 1, 2013, the funds’ names were changed from T. Rowe Price Global Large-Cap Stock Fund and T. Rowe Price Global Large-Cap Stock Fund—Advisor Class to T. Rowe Price Global Growth Stock Fund and T. Rowe Price Global Growth Stock Fund—Advisor Class, respectively.

Global Multi-Sector Bond Fund and Global Multi-Sector Bond Fund—Advisor Class

Effective July 1, 2015, the funds’ names were changed from T. Rowe Price Strategic Income Fund and T. Rowe Price Strategic Income Fund—Advisor Class to T. Rowe Price Global Multi-Sector Bond Fund and T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class, respectively.

Global Value Equity Fund—I Class

Effective March 1, 2020, the fund’s name was changed from T. Rowe Price Institutional Global Value Equity Fund to T. Rowe Price Global Value Equity Fund—I Class.

Government Money Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Prime Reserve Fund to T. Rowe Price Government Money Fund.

Government Reserve Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Reserve Investment Fund to T. Rowe Price Government Reserve Fund.

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Institutional International Disciplined Equity Fund

Effective March 1, 2019, the fund’s name was changed from T. Rowe Price Institutional International Concentrated Equity Fund to T. Rowe Price Institutional International Disciplined Equity Fund. Prior to November 1, 2014, the fund was named T. Rowe Price Institutional Concentrated International Equity Fund.

Integrated Global Equity Fund

Effective April 5, 2023, the fund’s name was changed from T. Rowe Price QM Global Equity Fund to T. Rowe Price Integrated Global Equity Fund.

Integrated U.S. Large-Cap Value Equity Fund

Effective April 5, 2023, the fund’s name was changed from T. Rowe Price QM U.S. Value Equity Fund to T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund.

Integrated U.S. Small-Cap Growth Equity Fund

Effective April 5, 2023, the fund’s name was changed from T. Rowe Price QM U.S. Small-Cap Growth Equity Fund to T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund. Prior to February 24, 2016, the fund name was T. Rowe Price Diversified Small-Cap Growth Fund.

Integrated U.S. Small-Mid Cap Core Equity Fund

Effective April 5, 2023, the fund’s name was changed from T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund to T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund.

International Disciplined Equity Fund

Effective March 1, 2019, the fund’s name was changed from T. Rowe Price International Concentrated Equity Fund to T. Rowe Price International Disciplined Equity Fund.

International Value Equity Fund

Effective January 1, 2017, the fund’s name was changed from T. Rowe Price International Growth & Income Fund to T. Rowe Price International Value Equity Fund.

Large-Cap Growth Fund—I Class

Effective May 1, 2020, the fund’s name was changed from T. Rowe Price Institutional Large-Cap Growth Fund to T. Rowe Price Large-Cap Growth Fund—I Class.

Large-Cap Value Fund—I Class

Effective May 1, 2020, the fund’s name was changed from T. Rowe Price Institutional Large-Cap Value Fund to T. Rowe Price Large-Cap Value Fund—I Class.

Limited Duration Inflation Focused Bond Fund

Effective September 29, 2015, the fund’s name was changed from T. Rowe Price Inflation Focused Bond Fund to T. Rowe Price Limited Duration Inflation Focused Bond Fund. Prior to July 7, 2010, the fund was named T. Rowe Price Short-Term Income Fund.

QM U.S. Bond Index Fund

Effective October 1, 2020, the fund’s name was changed from T. Rowe Price U.S. Bond Enhanced Index Fund to T. Rowe Price QM U.S. Bond Index Fund. Prior to May 6, 2011, the fund’s name was T. Rowe Price U.S. Bond Index Fund.

 

Retirement Balanced Fund, Retirement Balanced Fund—Advisor Class, and Retirement Balanced Fund—R Class

Effective December 29, 2014, the funds’ names were changed from T. Rowe Price Retirement Income Fund, T. Rowe Price Retirement Income Fund—Advisor Class, and T. Rowe Price Retirement Income Fund—R Class to T. Rowe Price Retirement Balanced Fund, T. Rowe Price Retirement Balanced Fund—Advisor Class, and T. Rowe Price Retirement Balanced Fund—R Class, respectively.

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Short-Term Fund

Effective October 1, 2016, the fund’s name was changed from T. Rowe Price Short-Term Reserve Fund to T. Rowe Price Short-Term Fund.

Short-Term Government Fund

Effective October 1, 2016, the fund’s name was changed from T. Rowe Price Short-Term Government Reserve Fund to T. Rowe Price Short-Term Government Fund.

Small-Cap Stock Fund

Effective May 1, 1997, the fund’s name was changed from T. Rowe Price OTC Fund to T. Rowe Price Small-Cap Stock Fund.

Spectrum Conservative Allocation Fund, Spectrum Moderate Allocation Fund, and Spectrum Moderate Growth Allocation Fund

Effective January 1, 2020, the funds’ names were changed from T. Rowe Price Personal Strategy Balanced Fund, T. Rowe Price Personal Strategy Growth Fund, and T. Rowe Price Personal Strategy Income Fund to T. Rowe Price Moderate Allocation Fund, T. Rowe Price Moderate Growth Allocation Fund, and T. Rowe Price Conservative Allocation Fund, respectively.

Spectrum Diversified Equity Fund and Spectrum International Equity Fund

Effective January 4, 2021, the funds’ names were changed from Spectrum Growth Fund and Spectrum International Fund to T. Rowe Price Spectrum Diversified Equity Fund and T. Rowe Price Spectrum International Equity Fund, respectively.

Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Target 2060 Fund, Target 2005 Fund—Advisor Class, Target 2010 Fund—Advisor Class, Target 2015 Fund—Advisor Class, Target 2020 Fund—Advisor Class, Target 2025 Fund—Advisor Class, Target 2030 Fund—Advisor Class, Target 2035 Fund—Advisor Class, Target 2040 Fund—Advisor Class, Target 2045 Fund—Advisor Class, Target 2050 Fund—Advisor Class, Target 2055 Fund—Advisor Class, and Target 2060 Fund—Advisor Class

Effective February 24, 2016, the fund’s names were changed from Target Retirement 2005 Fund, Target Retirement 2010 Fund, Target Retirement 2015 Fund, Target Retirement 2020 Fund, Target Retirement 2025 Fund, Target Retirement 2030 Fund, Target Retirement 2035 Fund, Target Retirement 2040 Fund, Target Retirement 2045 Fund, Target Retirement 2050 Fund, Target Retirement 2055 Fund, Target Retirement 2060 Fund, Target Retirement 2005 Fund—Advisor Class, Target Retirement 2010 Fund—Advisor Class, Target Retirement 2015 Fund—Advisor Class, Target Retirement 2020 Fund—Advisor Class, Target Retirement 2025 Fund—Advisor Class, Target Retirement 2030 Fund—Advisor Class, Target Retirement 2035 Fund—Advisor Class, Target Retirement 2040 Fund—Advisor Class, Target Retirement 2045 Fund—Advisor Class, Target Retirement 2050 Fund—Advisor Class, Target Retirement 2055 Fund—Advisor Class, and Target Retirement 2060 Fund—Advisor Class to Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Target 2060 Fund, Target 2005 Fund—Advisor Class, Target 2010 Fund—Advisor Class, Target 2015 Fund—Advisor Class, Target 2020 Fund—Advisor Class, Target 2025 Fund—Advisor Class, Target 2030 Fund—Advisor Class, Target 2035 Fund—Advisor Class, Target 2040 Fund—Advisor Class, Target 2045 Fund—Advisor Class, Target 2050 Fund—Advisor Class, Target 2055 Fund—Advisor Class, and Target 2060 Fund—Advisor Class, respectively.

Treasury Reserve Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Government Reserve Investment Fund to T. Rowe Price Treasury Reserve Fund.

U.S. Equity Research Fund

Effective July 1, 2019, the fund’s name was changed from T. Rowe Price Capital Opportunity Fund to T. Rowe Price U.S. Equity Research Fund.

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U.S. High Yield Fund

On May 22, 2017, all of the assets and liabilities of the Henderson High Yield Opportunities Fund were transferred to the U.S. High Yield Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization (the “Reorganization”). As a result of the Reorganization, the Henderson High Yield Opportunities Fund’s shareholders received shares of the U.S. High Yield Fund based on the value of their accounts on May 19, 2017. The U.S. High Yield Fund’s Advisor Class assumed the performance and accounting history of the Henderson High Yield Opportunities Fund’s Class A, and the U.S. High Yield Fund’s I Class assumed the performance and accounting history of the Henderson High Yield Opportunities Fund’s Class I. Shareholders who owned Class A or Class C shares of the Henderson High Yield Opportunities Fund received Advisor Class shares of the U.S. High Yield Fund, and shareholders who owned Class I or Class R6 shares of the Henderson High Yield Opportunities Fund received I Class shares of the U.S. High Yield Fund in the Reorganization.

U.S. Treasury Intermediate Index Fund and U.S. Treasury Long-Term Index Fund

Effective October 1, 2020, the funds’ names were changed from U.S. Treasury Intermediate Fund, U.S. Treasury Intermediate Fund—I Class, U.S. Treasury Long-Term Fund, U.S. Treasury Long-Term Fund—I Class and U.S. Treasury Long-Term Fund—Z Class to T. Rowe Price U.S. Treasury Intermediate Index Fund, T. Rowe Price U.S. Treasury Intermediate Index Fund—I Class, T. Rowe Price U.S. Treasury Long-Term Index Fund, T. Rowe Price U.S. Treasury Long-Term Index Fund—I Class Fund, and T. Rowe Price U.S. Treasury Long-Term Index Fund—Z Class, respectively.

PROXY VOTING POLICIES

T. ROWE PRICE ASSOCIATES, INC., AND CERTAIN OF ITS INVESTMENT ADVISER AFFILIATES

PROXY VOTING POLICIES AND PROCEDURES

RESPONSIBILITY TO VOTE PROXIES

T. Rowe Price Associates, Inc. and certain of its investment adviser affiliates (collectively, “T. Rowe Price”) have adopted these Proxy Voting Policies and Procedures (Policies and Procedures) for the purpose of establishing formal policies and procedures for performing and documenting their fiduciary duty with regard to the voting of client proxies. This document is reviewed at least annually and updated as necessary.

T. Rowe Price recognizes and adheres to the principle that one of the privileges of owning stock in a company is the right to vote in the election of the company’s directors and on matters affecting certain important aspects of the company’s structure and operations that are submitted to shareholder vote. The U.S.-registered investment companies which T. Rowe Price sponsors and serves as investment adviser (the “Price Funds”) as well as other investment advisory clients have delegated to T. Rowe Price certain proxy voting powers. As an investment adviser, T. Rowe Price has a fiduciary responsibility to such clients when exercising its voting authority with respect to securities held in their portfolios. T. Rowe Price reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

Fiduciary Considerations

It is the policy of T. Rowe Price that decisions with respect to proxy issues will be made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular advisory client or Price Fund. Proxies are voted solely in the interests of the client, Price Fund shareholders or, where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Our intent has always been to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities.

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company’s management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company’s board of directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management’s with respect to the company’s day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company’s management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate

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governance and disclosure. In addition to our proxy voting guidelines, we rely on a company’s public filings, its board recommendations, its track record, country-specific best practices codes, our research providers and – most importantly – our investment professionals’ views in making voting decisions. T. Rowe Price investment personnel do not coordinate with investment personnel of its affiliated investment adviser, Price Investment Management, with respect to proxy voting decisions.

T. Rowe Price seeks to vote all of its clients’ proxies. In certain circumstances, T. Rowe Price may determine that refraining from voting a proxy is in a client’s best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

ADMINISTRATION OF POLICIES AND PROCEDURES

Environmental, Social, and Governance Committee T. Rowe Price’s Environmental, Social and Governance Committee (TRPA ESG Committee) is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the TRPA ESG Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the TRPA ESG Committee sets voting guidelines and serves as a resource for T. Rowe Price portfolio management, it does not have proxy voting authority for any Price Fund or advisory client. Rather, voting authority and responsibility is held by the Chairperson of the Price Fund’s Investment Advisory Committee or the advisory client’s portfolio manager. The TRPA ESG Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

Proxy Voting Team The Proxy Voting team is responsible for administering the proxy voting process as set forth in the Policies and Procedures.

Governance Team Our Governance team is responsible for reviewing the proxy agendas for all upcoming meetings and making company-specific recommendations to our global industry analysts and portfolio managers with regard to the voting decisions in their portfolios.

Responsible Investment Team Our Responsible Investment team oversees the integration of environmental and social factors into our investment processes across asset classes. In formulating vote recommendations for matters of an environmental or social nature, the Governance team frequently consults with the appropriate sector analyst from the Responsible Investment team.

HOW PROXIES ARE REVIEWED, PROCESSED, AND VOTED

In order to facilitate the proxy voting process, T. Rowe Price has retained Institutional Shareholder Services (ISS) as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect T. Rowe Price’s issue-by-issue voting guidelines as approved each year by the TRPA ESG Committee, ISS maintains and implements custom voting policies for the Price Funds and other advisory client accounts.

Meeting Notification

T. Rowe Price utilizes ISS’ voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients’ holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to T. Rowe Price through ProxyExchange, an ISS application.

Vote Determination

Each day, ISS delivers into T. Rowe Price’s customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. The final authority and responsibility for proxy voting decisions remains with T. Rowe Price. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the perspective of our clients.

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Portfolio managers execute their responsibility to vote proxies in different ways. Some have decided to vote their proxies generally in line with the guidelines as set by the TRPA ESG Committee. Others review the customized vote recommendations and approve them before the votes are cast. Portfolio managers have access to current reports summarizing all proxy votes in their client accounts. Portfolio managers who vote their proxies inconsistent with T. Rowe Price guidelines are required to document the rationale for their votes. The Proxy Voting team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to our proxy voting guidelines.

T. Rowe Price Voting Policies

Specific proxy voting guidelines have been adopted by the TRPA ESG Committee for all regularly occurring categories of management and shareholder proposals. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, www. troweprice.com/esgpolicy.

Global Portfolio Companies

The TRPA ESG Committee has developed custom international proxy voting guidelines based on ISS’ general global policies, regional codes of corporate governance, and our own views as investors in these markets. ISS applies a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which span the corporate governance spectrum without regard to a company’s domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that application of a single set of policies is not appropriate for all markets.

Fixed Income and Passively Managed Strategies

Proxy voting for our fixed income and indexed portfolios is administered by the Proxy Voting team using T. Rowe Price’s guidelines as set by the TRPA ESG Committee. Indexed strategies generally vote in line with the T. Rowe Price guidelines. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

Shareblocking

Shareblocking is the practice in certain countries of “freezing” shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. T. Rowe Price’s policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the loss of liquidity in the blocked shares.

Securities on Loan

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. T. Rowe Price’s policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan and how they may affect proxy voting.

Monitoring and Resolving Conflicts of Interest

The TRPA ESG Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders and other investment advisory clients. While membership on the TRPA ESG Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price’s voting guidelines are predetermined by the TRPA ESG Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, consistent with the terms of the Policies and

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Procedures, which allow portfolio managers to vote proxies opposite our general voting guidelines, the TRPA ESG Committee regularly reviews all such proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager’s voting rationale appears reasonable. The TRPA ESG Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company’s securities) could have influenced an inconsistent vote on that company’s proxy. Issues raising potential conflicts of interest are referred to designated members of the TRPA ESG Committee for immediate resolution prior to the time T. Rowe Price casts its vote.

With respect to personal conflicts of interest, T. Rowe Price’s Code of Ethics and Conduct requires all employees to avoid placing themselves in a “compromising position” in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or TRPA ESG Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

Specific Conflict of Interest Situations

Voting of T. Rowe Price Group, Inc. common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price voting guidelines and votes inconsistent with the guidelines will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item. In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. In cases where the underlying fund of an investing Price Fund, including a fund-of-funds, holds a proxy vote, T. Rowe Price will mirror vote the fund shares held by the upper-tier fund in the same proportion as the votes cast by the shareholders of the underlying funds (other than the T. Rowe Price Reserve Investment Fund).

Limitations on Voting Proxies of Banks

T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the “FRB Relief”) which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a “Bank”), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients’ shares of a Bank in excess of 10% of the Bank’s total voting stock (Excess Shares). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as “mirror voting,” or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients’ shares are Excess Shares on a pro rata basis across all of its clients’ portfolios for which T. Rowe Price has the power to vote proxies.

REPORTING, RECORD RETENTION, AND OVERSIGHT

The TRPA ESG Committee, and certain personnel under the direction of the TRPA ESG Committee, perform the following oversight and assurance functions, among others, over T. Rowe Price’s proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with T. Rowe Price’s proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the Policies and Procedures to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm’s staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

T. Rowe Price will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

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T. Rowe Price retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company’s management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the T. Rowe Price proxy voting guidelines, TRPA ESG Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

T. ROWE PRICE INVESTMENT MANAGEMENT, INC.

PROXY VOTING POLICY AND PROCEDURES

RESPONSIBILITY TO VOTE PROXIES

T. Rowe Price Investment Management, Inc. (TRPIM) views proxy voting as integral to its investment management responsibilities. Certain investment advisory clients of TRPIM, including U.S.-registered investment companies which TRPIM serves as investment adviser have delegated to TRPIM certain proxy voting powers. TRPIM seeks to vote all proxies of the securities held in client accounts for which it has proxy voting authority in the best interest of those clients.

Fiduciary Responsibilities and Voting Considerations

TRPIM believes that it has a fiduciary obligation to vote proxies solely in the best interests of its clients. Our intent is to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities. One of the primary factors TRPIM considers when determining the desirability of investing in a particular company is the quality and depth of its management. As the management of a portfolio company is responsible for its day-to-day operations, as well as its long-term direction and strategic planning, TRPIM believes that management, subject to the oversight of the relevant board of directors, is typically best suited to make decisions that serve the interests of shareholders. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management’s with respect to the company’s day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company’s management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and disclosure.

Our portfolio managers are responsible for making proxy voting decision in their clients’ best interests based on the facts and circumstances applicable to each company and issue. In addition to our own internal research, our investment personnel take into account additional factors when making voting decisions, including: our proxy voting guidelines, the issuer’s public filings, its board recommendations, its track record, country-specific best practices codes and input from external research providers. TRPIM investment personnel do not coordinate with investment personnel of its affiliated investment advisers with respect to proxy voting decisions. TRPIM’s proxy voting decisions are independent.

TRPIM seeks to vote all of its clients’ proxies. In certain circumstances, TRPIM may determine that refraining from voting a proxy is in a client’s best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance. Additionally, TRPIM reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

ADMINISTRATION OF POLICY AND PROCEDURES

Environmental, Social and Governance Committee

The TRPIM Environmental, Social and Governance Committee (TRPIM ESG Committee) is responsible for establishing positions with respect to corporate governance and other proxy issues. While the TRPIM ESG Committee sets voting guidelines and serves as a resource for TRPIM portfolio management, it does not have proxy voting authority for any advisory client. Rather, voting authority and responsibility is held by the particular portfolio manager.

Responsible Investment and Governance Team

Our Responsible Investment and Governance team oversees the integration of environmental, social and governance factors into our investment processes across asset classes. This team is responsible for reviewing proxy agendas for all upcoming meetings and making company-specific recommendations, including for matters of an environmental or social nature.

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Proxy Voting Team

A team of individuals employed by an affiliated entity of TRPIM is responsible for the administrative and operational aspects of the proxy voting process, which is a ministerial process that does not involve the exercise of discretion. This team is subject to policies that prevent the sharing of voting decisions between TRPIM and its affiliated investment advisers.

HOW PROXIES ARE REVIEWED, PROCESSED, AND VOTED

In order to facilitate the proxy voting process, TRPIM has retained Institutional Shareholder Services (ISS) as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect TRPIM’s issue-by-issue voting guidelines as approved by the TRPIM ESG Committee, ISS maintains and implements custom voting policies for TRPIM’s advisory clients that have given it proxy voting authority.

TRPIM utilizes ISS’ voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients’ holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to TRPIM through ProxyExchange, an ISS application.

Each day, ISS delivers into TRPIM’s customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. The final authority and responsibility for proxy voting decisions remains with TRPIM.

MONITORING AND RESOLVING CONFLICTS OF INTEREST

The TRPIM ESG Committee is also responsible for monitoring and resolving potential material conflicts between the interests of TRPIM or its affiliates and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our investment advisory clients. Membership on the TRPIM ESG Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since our voting guidelines are predetermined by the TRPIM ESG Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, the TRPIM ESG Committee regularly reviews all proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager’s voting rationale appears reasonable. The TRPIM ESG Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company’s securities) could have influenced an inconsistent vote on that company’s proxy. Issues raising potential conflicts of interest are referred to designated members of the TRPIM ESG Committee for immediate resolution prior to the vote.

With respect to personal conflicts of interest, the firm’s Code of Ethics and Conduct requires all employees to avoid placing themselves in a “compromising position” in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or TRPIM ESG Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

Specific Conflict of Interest Situations

TRPIM has voting authority for proxies of the holdings of certain investment funds sponsored by an affiliate (the “Price Funds”) that invest in other Price Funds. In cases where the underlying fund of an investing Price Fund, including a fund-of-funds, holds a proxy vote, TRPIM will mirror vote the fund shares held by the upper-tier fund in the same proportion as the votes cast by the shareholders of the underlying funds (other than the T. Rowe Price Reserve Investment Fund).

TRPIM Voting Policies

Specific proxy voting guidelines have been adopted by the TRPIM ESG Committee for all regularly occurring categories of management and shareholder proposals. Many guidelines indicate a “case by case” analysis, reflecting that the facts and circumstances of each issue may vary.

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Fixed Income Strategies

Proxy voting for our fixed income portfolios is administered by the Proxy Voting team using TRPIM’s guidelines as set by the TRPIM ESG Committee. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

Shareblocking

Shareblocking is the practice in certain countries of “freezing” shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. Our policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the loss of liquidity in the blocked shares.

Securities on Loan

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. TRPIM’s policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan and how they may affect proxy voting.

Limitations on Voting Proxies of Banks

TRPIM’s parent holding company, T. Rowe Price Group, Inc. has obtained relief from the U.S. Federal Reserve Board (the “FRB Relief”) which permits, subject to a number of conditions, TRPIM and its affiliated investment advisers (collectively, “T. Rowe Price”) to acquire in the aggregate on behalf of their clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a “Bank”), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients’ shares of a Bank in excess of 10% of the Bank’s total voting stock (Excess Shares). The FRB Relief requires that T. Rowe Price (and thus also TRPIM) use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as “mirror voting,” or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients’ shares are Excess Shares on a pro rata basis across all of its clients’ portfolios for which T. Rowe Price has the power to vote proxies.

REPORTING, RECORD RETENTION, AND OVERSIGHT

The TRPIM ESG Committee and the Proxy Voting Team, perform the following oversight and assurance functions, among others, over TRPIM’s proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with TRPIM’s proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the our proxy voting policy and guidelines to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm’s staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

TRPIM will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

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TRPIM retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company’s management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the TRPIM proxy voting guidelines, TRPIM ESG Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

FEDERAL REGISTRATION OF SHARES

The funds’ shares (except for the TRP Reserve Funds) are registered for sale under the 1933 Act. Registration of the funds’ shares are not required under any state law, but the funds are required to make certain filings with and pay fees to the states in order to sell their shares in the states.

LEGAL COUNSEL

Willkie Farr & Gallagher LLP, whose address is 787 Seventh Avenue, New York, New York 10019, is legal counsel to the funds.

RATINGS OF COMMERCIAL PAPER

Moody’s P-1 superior capacity for repayment. P-2 strong capacity for repayment. P-3 acceptable capacity for repayment of short-term promissory obligations.

S&P A-1 highest category, degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics are denoted with a plus sign (+) designation. A-2 satisfactory capacity to pay principal and interest. A-3 adequate capacity for timely payment, but are more vulnerable to adverse effects of changes in circumstances than higher-rated issues. B and C speculative capacity to pay principal and interest.

Fitch F-1+ exceptionally strong credit quality, strongest degree of assurance for timely payment. F-1 very strong credit quality. F-2 good credit quality, having a satisfactory degree of assurance for timely payment. F-3 fair credit quality, assurance for timely payment is adequate, but adverse changes could cause the securities to be rated below investment grade.

Moody’s The rating of Prime-1 is the highest commercial paper rating assigned by Moody’s. Among the factors considered by Moody’s in assigning ratings are the following: valuation of the management of the issuer; economic evaluation of the issuer’s industry or industries and an appraisal of speculative-type risks that may be inherent in certain areas; evaluation of the issuer’s products in relation to competition and customer acceptance; liquidity; amount and quality of long-term debt; trend of earnings over a period of 10 years; financial strength of the parent company and the relationships that exist with the issuer; and recognition by the management of obligations that may be present or may arise as a result of public interest questions and preparations to meet such obligations. These factors are all considered in determining whether the commercial paper is rated P-1, P-2, or P-3.

S&P Commercial paper rated A (highest quality) by S&P has the following characteristics: liquidity ratios are adequate to meet cash requirements; long-term senior debt is rated A or better, although in some cases BBB credits may be allowed. The issuer has access to at least two additional channels of borrowing. Basic earnings and cash flow have an upward trend with allowance made for unusual circumstances. Typically, the issuer’s industry is well established and the issuer has a strong position within the industry. The reliability and quality of management are unquestioned. The relative strength or weakness of the above factors determines whether the issuer’s commercial paper is rated A-1, A-2, or A-3.

Fitch 1–Highest grade Commercial paper assigned this rating is regarded as having the strongest degree of assurance for timely payment. Fitch 2–Very good grade Issues assigned this rating reflect an assurance of timely payment only slightly less in degree than the strongest issues.

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RATINGS OF CORPORATE DEBT SECURITIES

Moody’s

Aaa–Bonds rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edged.”

Aa–Bonds rated Aa are judged to be of high quality by all standards. Together with the Aaa group, they compose what are generally known as high-grade bonds.

A–Bonds rated A possess many favorable investment attributes and are to be considered as upper-medium-grade obligations.

Baa–Bonds rated Baa are considered as medium-grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present, but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba–Bonds rated Ba are judged to have speculative elements: Their futures cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B–Bonds rated B generally lack the characteristics of a desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa–Bonds rated Caa are of poor standing. Such issues may be in default, or there may be present elements of danger with respect to repayment of principal or payment of interest.

Ca–Bonds rated Ca represent obligations that are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C–Bonds rated C represent the lowest rated and have extremely poor prospects of attaining investment standing.

NP–Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

S&P

AAA–This is the highest rating assigned by S&P’s to a debt obligation and indicates an extremely strong capacity to pay principal and interest.

AA–Bonds rated AA also qualify as high-quality debt obligations. Capacity to pay principal and interest is very strong.

A–Bonds rated A have a strong capacity to pay principal and interest, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions.

BBB–Bonds rated BBB are regarded as having an adequate capacity to pay principal and interest. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay principal and interest for bonds in this category than for bonds in the A category.

BB, B, CCC, CC, C–Bonds rated BB, B, CCC, CC, and C are regarded on balance as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. BB indicates the lowest degree of speculation and C the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D–In default.

Fitch

AAA–High-grade, broadly marketable, suitable for investment by trustees and fiduciary institutions, and liable to slight market fluctuation other than through changes in the money rate. The prime feature of an AAA bond is the showing of earnings several times or many times interest requirements for such stability of applicable interest that safety is beyond reasonable question whenever changes occur in conditions. Other features may enter, such as wide margin of protection

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through collateral, security, or direct lien on specific property. Sinking funds or voluntary reduction of debt by call or purchase are often factors, while guarantee or assumption by parties other than the original debtor may influence the rating.

AA–Of safety virtually beyond question and readily salable. Their merits are not greatly unlike those of AAA class, but a bond so rated may be junior, though of strong lien, or the margin of safety is less strikingly broad. The issue may be the obligation of a small company, strongly secured, but influenced as to rating by the lesser financial power of the enterprise and more local type of market.

A–Bonds rated A are considered to be investment grade and of high credit quality. The obligor’s ability to pay interest and repay principal is considered to be strong but may be more vulnerable to adverse changes in economic conditions and circumstances than bonds with higher ratings.

BBB–Bonds rated BBB are considered to be investment grade and of satisfactory credit quality. The obligor’s ability to pay interest and repay principal is considered to be adequate. Adverse changes in economic conditions and circumstances, however, are more likely to have adverse impact on these bonds and therefore impair timely payment. The likelihood that the ratings of these bonds will fall below investment grade is higher than for bonds with higher ratings.

BB, B, CCC, CC, and C–Bonds rated BB, B, CCC, CC, and C are regarded on balance as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation for bond issues not in default. BB indicates the lowest degree of speculation and C the highest degree of speculation. The rating takes into consideration special features of the issue, its relationship to other obligations of the issuer, and the current and prospective financial condition and operating performance of the issuer.

RATINGS OF MUNICIPAL NOTES AND VARIABLE RATE SECURITIES

Moody’s VMIG-1/MIG-1 the best quality. VMIG-2/MIG-2 high quality, with margins of protection ample, though not so large as in the preceding group. VMIG-3/MIG-3 favorable quality, with all security elements accounted for, but lacking the undeniable strength of the preceding grades. Market access for refinancing, in particular, is likely to be less well established. SG adequate quality, but there is specific risk.

S&P SP-1 very strong or strong capacity to pay principal and interest. Those issues determined to possess overwhelming safety characteristics will be given a plus (+) designation. SP-2 satisfactory capacity to pay interest and principal. SP-3 speculative capacity to pay principal and interest.

Fitch F-1+ exceptionally strong credit quality, strongest degree of assurance for timely payment. F-1 very strong credit quality. F-2 good credit quality, having a satisfactory degree of assurance for timely payment. F-3 fair credit quality, assurance for timely payment is adequate, but adverse changes could cause the securities to be rated below investment grade.

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PART C

OTHER INFORMATION

Item 28. Exhibits

(a)(1) Amended Articles of Incorporation of Registrant, dated July 24, 1987, as amended October 16, 1987 (filed with Amendment No. 11 dated April 14, 1994)

(a)(2) Articles of Amendment of Registrant, dated July 1, 1991 (filed with Amendment No. 11 dated April 14, 1994)

(a)(3) Articles Supplementary of Registrant, dated July 7, 1993 (filed with Amendment No. 11 dated April 14, 1994)

(a)(4) Articles Supplementary of Registrant, dated November 12, 1996 (electronically filed with Amendment No. 14 dated November 15, 1996)

(a)(5) Articles Supplementary of Registrant, dated February 10, 2010 (electronically filed with Amendment No. 29 dated April 29, 2010)

(a)(6) Articles of Amendment of Registrant on behalf of T. Rowe Price Spectrum Diversified Equity Fund, T. Rowe Price Spectrum Income Fund, and T. Rowe Price Spectrum International Equity Fund, dated December 7, 2020 (electronically filed with Amendment No. 50 dated February 16, 2021)

(a)(7) Articles Supplementary of Registrant on behalf of the T. Rowe Price Spectrum Diversified Equity Fund—I Class, T. Rowe Price Spectrum Income Fund—I Class, and T. Rowe Price Spectrum International Equity Fund—I Class, dated December 7, 2020 (electronically filed with Amendment No. 50 dated February 16, 2021)

(a)(8) Certification of Correction for the Articles Supplementary of Registrant, dated January 14, 2021 (electronically filed with Amendment No. 50 dated February 16, 2021)

(b) By-Laws of Registrant, as amended July 21, 1999, February 5, 2003, April 21, 2004, February 8, 2005, July 22, 2008, October 17, 2011, July 25, 2018, and July 25, 2022

(c) See Article FIFTH, Capital Stock, paragraphs (B)-(E) of the Amended Articles of Incorporation; Article II, Shareholders, in its entirety and Article VIII, Capital Stock, in its entirety, of the By-Laws (filed with Amendment No. 11)

(d)(1) Investment Management Agreement between the Registrant on behalf of the Spectrum Income Fund and T. Rowe Price Associates, Inc., dated July 1, 1991 (filed with Amendment No. 11 dated April 14, 1994)

(d)(2) Investment Management Agreement between the Registrant on behalf of the Spectrum Growth Fund and T. Rowe Price Associates, Inc., dated July 1, 1991 (filed with Amendment No. 11 dated April 14, 1994)

(d)(3) Investment Management Agreement between the Registrant on behalf of the Spectrum International Fund and Rowe Price-Fleming International, Inc., dated November 12, 1996 (electronically filed with Amendment No. 14 dated November 15, 1996)

(d)(4) Restated Investment Management Agreement between the Registrant on behalf of the Spectrum International Fund, dated December 31, 2010 (electronically filed with Amendment No. 48 dated April 28, 2020)

(d)(5) Investment Subadvisory Agreement between and among T. Rowe Price Associates, Inc., T. Rowe Price International Ltd and T. Rowe Price Hong Kong Limited with respect to Spectrum International Fund, dated December 31, 2010 (electronically filed with Amendment No. 34 dated April 26, 2013)

(d)(6) First Amendment to Investment Subadvisory Agreement between and among T. Rowe Price Associates, Inc., T. Rowe Price International Ltd and T. Rowe Price Hong Kong Limited with respect to Spectrum International Fund, dated April 24, 2012 (electronically filed with Amendment No. 34 dated April 26, 2013)

(d)(7) Amended and Restated Investment Management Agreement between the Registrant on behalf of the T. Rowe Price Spectrum Diversified Equity Fund, dated March 24, 2021 (electronically filed with Amendment No. 51 dated April 28, 2021)

(d)(8) Amended and Restated Investment Management Agreement between the Registrant on behalf of the T. Rowe Price Spectrum Income Fund, dated March 24, 2021 (electronically filed with Amendment No. 51 dated April 28, 2021)

(d)(9) Amended and Restated Investment Management Agreement between the Registrant on behalf of the T. Rowe Price Spectrum International Equity Fund, dated March 24, 2021 (electronically filed with Amendment No. 51 dated April 28, 2021)

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(e)(1) Underwriting Agreement between the Registrant and T. Rowe Price Investment Services, Inc., dated June 12, 1990 (filed with Amendment No. 11 dated April 14, 1994)

(e)(2) Amendment to Underwriting Agreements between Each of the T. Rowe Price Funds as set forth on Schedule A and T. Rowe Price Investment Services, Inc., dated February 6, 2017 (electronically filed with Amendment No. 44 dated April 26, 2018)

(f) Inapplicable

(g) Custody Agreements

(g)(1) Custodian Agreement between T. Rowe Price Funds and State Street Bank and Trust Company, dated January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, June 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2010, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, April 5, 2019, April 15, 2019, August 26, 2019, November 15, 2019, February 13, 2020, October 16, 2020, November 20, 2020, and February 4, 2021

(h) Other Agreements

(h)(1) Transfer Agency and Service Agreement between T. Rowe Price Services, Inc. and T. Rowe Price Funds, dated January 1, 2023

(h)(2) Agreement between T. Rowe Price Associates, Inc. and T. Rowe Price Funds for Fund Accounting Services, dated January 1, 2014, as amended February 4, 2014, April 29, 2014, November 1, 2014, December 29, 2014, January 20, 2015, July 1, 2015, and July 27, 2015 (electronically filed with Amendment No. 40 dated April 27, 2016)

(h)(3) Agreement between T. Rowe Price Associates, Inc. and the T. Rowe Price Funds for Fund Accounting and Related Administrative Services, dated August 1, 2015, as amended November 3, 2015, April 27, 2016, July 19, 2016, August 1, 2016, October 25, 2016, April 18, 2017, July 17, 2017, October 30, 2017, August 9, 2018, August 1, 2019, June 5, 2020, and October 5, 2020 (electronically filed with Amendment No. 52 dated April 28, 2022)

(h)(4) Agreement between T. Rowe Price Associates, Inc. and the T. Rowe Price Funds for Fund Accounting and Related Administrative Services, dated January 4, 2021 (electronically filed with Amendment No. 52 dated April 28, 2022)

(h)(5) Amended and Restated Agreement between T. Rowe Price Associates, Inc. and the T. Rowe Price Funds for Fund Accounting and Related Administrative Services, dated January 1, 2023

(h)(6) Fund Accounting Agreement between T. Rowe Price Funds, T. Rowe Price Associates, Inc. and The Bank of New York Mellon, dated August 1, 2015, as amended December 9, 2015, February 23, 2016, April 27, 2016, April 30, 2016, July 19, 2016, August 1, 2016, September 28, 2016, October 25, 2016, December 22, 2016, May 9, 2017, July 17, 2017, October 1, 2017, October 30, 2017, June 21, 2018, June 22, 2018, October 1, 2018, November 27, 2018, August 26, 2019, June 5, 2020, October 5, 2020, January 4, 2021, September 1, 2021, June 23, 2022, August 31, 2022, and November 16, 2022

(h)(7) Fund Accounting Agreement Side Letter between T. Rowe Price Associates, Inc. and the T. Rowe Price Funds in connection with the Fund Accounting Agreement between the T. Rowe Price Funds, T. Rowe Price Associates, Inc. and The Bank of New York Mellon dated February 28, 2017, as amended April 18, 2017, July 17, 2017, October 30, 2017, August 9, 2018, August 30, 2019, June 5, 2020, October 5, 2020, January 4, 2021, and September 1, 2021

(h)(8) Agreement between T. Rowe Price Retirement Plan Services, Inc. and the T. Rowe Price Funds, dated January 1, 2023

(h)(9) Special Servicing Agreement between T. Rowe Price Funds, T. Rowe Price Services, Inc., and Spectrum International Fund, dated January 1, 2002, as amended February 8, 2005, April 24, 2007, and May 1, 2008 (electronically filed with Amendment No. 27 dated April 25, 2008)

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(h)(10) Special Servicing Agreement between T. Rowe Price Funds, T. Rowe Price Services, Inc., and Spectrum Growth and Income Funds, dated January 1, 2002, as amended September 1, 2003, April 21, 2004, July 19, 2006, and August 15, 2008 (electronically filed with Amendment No. 28 dated April 28, 2009)

(h)(11) Special Servicing Agreement between T. Rowe Price Funds, T. Rowe Price Services, Inc., and Spectrum Growth and Income Funds, dated January 1, 2002, as amended September 1, 2003, April 21, 2004, July 19, 2006, August 15, 2008, and September 1, 2011 (electronically filed with Amendment No. 34 dated April 26, 2013)

(h)(12) Special Servicing Agreement between T. Rowe Price Funds, T. Rowe Price Services, Inc., and Spectrum Growth and Income Funds, dated January 1, 2002, as amended September 1, 2003, April 21, 2004, July 19, 2006, August 15, 2008, September 1, 2011, and September 1, 2014 (electronically filed with Amendment No. 38 dated April 27, 2015)

(h)(13) Special Servicing Agreement between T. Rowe Price Funds, T. Rowe Price Services, Inc., and Spectrum Growth and Income Funds, dated January 1, 2002, as amended September 1, 2003, April 21, 2004, July 19, 2006, August 15, 2008, September 1, 2011, September 1, 2014, and February 17, 2015 (electronically filed with Amendment No. 38 dated April 27, 2015)

(i) Inapplicable

(j) Other Opinions

(j)(1) Consent of Independent Registered Public Accounting Firm

(j)(2) Opinion of Counsel

(j)(3) Power of Attorney

(k) Inapplicable

(l) Inapplicable

(m) Inapplicable

(n)(1) Rule 18f-3 Plan for the T. Rowe Price Spectrum Diversified Equity Fund and T. Rowe Price Spectrum Diversified Equity Fund—I Class, dated May 1, 2021 (electroncially filed with Amendment No. 50 dated February 16, 2021)

(n)(2) Rule 18f-3 Plan for the T. Rowe Price Spectrum Income Fund and T. Rowe Price Spectrum Income Fund—I Class, dated May 1, 2021 (electroncially filed with Amendment No. 50 dated February 16, 2021)

(n)(3) Rule 18f-3 Plan for the T. Rowe Price Spectrum International Equity Fund and T. Rowe Price Spectrum International Equity Fund—I Class, dated May 1, 2021 (electroncially filed with Amendment No. 50 dated February 16, 2021)

(p) Code of Ethics and Conduct, dated February 1, 2023

Item 29. Persons Controlled by or Under Common Control With Registrant

None

Item 30. Indemnification

The Registrant maintains comprehensive Errors and Omissions and Officers and Directors insurance policies written by ICI Mutual. These policies provide coverage for T. Rowe Price Associates, Inc. (“Manager”), and its subsidiaries and affiliates as listed in Item 31 of this Registration Statement and all other investment companies in the T. Rowe Price family of mutual funds. In addition to the corporate insureds, the policies also cover the officers, directors, and employees of the Manager, its subsidiaries, and affiliates. The premium is allocated among the named corporate insureds in accordance with the provisions of Rule 17d-1(d)(7) under the Investment Company Act of 1940.

General. The Charter of the Corporation provides that to the fullest extent permitted by Maryland or federal law, no director or officer of the Corporation shall be personally liable to the Corporation or the holders of Shares for money damages and each director and officer shall be indemnified by the Corporation; provided, however, that nothing therein shall be deemed to protect any director or officer of the Corporation against any liability to the Corporation of the holders of Shares to which such director or officer would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

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Article X, Section 10.01 of the Registrant’s By-Laws provides as follows:

Section 10.01. Indemnification and Payment of Expenses in Advance: The Corporation shall indemnify any individual (“Indemnitee”) who is a present or former director, officer, employee, or agent of the Corporation, or who is or has been serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, who, by reason of his position was, is, or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (hereinafter collectively referred to as a “Proceeding”) against any judgments, penalties, fines, settlements, and reasonable expenses (including attorneys’ fees) incurred by such Indemnitee in connection with any Proceeding, to the fullest extent that such indemnification may be lawful under Maryland law. The Corporation shall pay any reasonable expenses so incurred by such Indemnitee in defending a Proceeding in advance of the final disposition thereof to the fullest extent that such advance payment may be lawful under Maryland law. Subject to any applicable limitations and requirements set forth in the Corporation’s Articles of Incorporation and in these By-Laws, any payment of indemnification or advance of expenses shall be made in accordance with the procedures set forth in Maryland law.

Notwithstanding the foregoing, nothing herein shall protect or purport to protect any Indemnitee against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office (“Disabling Conduct”).

Anything in this Article X to the contrary notwithstanding, no indemnification shall be made by the Corporation to any Indemnitee unless:

(a) there is a final decision on the merits by a court or other body before whom the Proceeding was brought that the Indemnitee was not liable by reason of Disabling Conduct; or

(b) in the absence of such a decision, there is a reasonable determination, based upon a review of the facts, that the Indemnitee was not liable by reason of Disabling Conduct, which determination shall be made by:

 (i) the vote of a majority of a quorum of directors who are neither “interested persons” of the Corporation as defined in Section 2(a)(19) of the Investment Company Act, nor parties to the Proceeding; or

 (ii) an independent legal counsel in a written opinion.

Anything in this Article X to the contrary notwithstanding, any advance of expenses by the Corporation to any Indemnitee shall be made only upon the undertaking by such Indemnitee to repay the advance unless it is ultimately determined that such Indemnitee is entitled to indemnification as above provided, and only if one of the following conditions is met:

(a) the Indemnitee provides a security for his undertaking; or

(b) the Corporation shall be insured against losses arising by reason of any lawful advances; or

(c) there is a determination, based on a review of readily available facts, that there is reason to believe that the Indemnitee will ultimately be found entitled to indemnification, which determination shall be made by:

 (i) a majority of a quorum of directors who are neither “interested persons” of the Corporation as defined in Section 2(a)(19) of the Investment Company Act, nor parties to the Proceeding; or

 (ii) an independent legal counsel in a written opinion.

Section 10.02. Insurance of Officers, Directors, Employees, and Agents. To the fullest extent permitted by applicable Maryland law and by Section 17(h) of the Investment Company Act of 1940, as from time to time amended, the Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the Corporation, or who is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against any liability asserted against him and incurred by him in or arising out of his position, whether or not the Corporation would have the power to indemnify him against such liability.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate

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jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of Investment Manager

T. Rowe Price Group, Inc. (T. Rowe Price Group), is a Maryland corporation formed in 2000 as a holding company for the T. Rowe Price affiliated companies. T. Rowe Price Group is an independent asset management firm that is committed to serving the needs of investors worldwide. T. Rowe Price Group owns 100% of the stock of T. Rowe Price Associates, Inc. and is the direct or indirect owner of multiple subsidiaries.

T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, was incorporated in Maryland in 1947. Price Associates serves as investment adviser to individual and institutional investors, including managing private counsel client accounts, serving as adviser and subadviser to U.S. and foreign registered investment companies, and providing investment advice to T. Rowe Price Trust Company as trustee of several Maryland-registered domestic common trust funds. Price Associates is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser under the Investment Advisers Act of 1940.

T. Rowe Price International Ltd (Price International), a wholly owned subsidiary of Price Associates, was originally organized in 2000 as a United Kingdom limited company. Price International sponsors and serves as adviser and distributor to foreign collective investment schemes and is responsible for marketing and client servicing for Europe and the Middle East (EMEA) (ex-European Union (EU) and European Economic Area (EEA)) clients. Price International serves as adviser to T. Rowe Price Trust Company, as trustee, of several Maryland- registered domestic common trust funds, and provides investment management services to registered investment companies and other institutional investors. Price International may delegate investment management responsibilities to Price Associates, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and/or T. Rowe Price Japan, Inc. (each, including Price International, shall hereinafter referred to as a “Price Investment Adviser”), and a Price Investment Adviser may delegate investment management responsibilities to Price International. Price International is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940 and is also authorized and regulated by the United Kingdom Financial Conduct Authority and licensed by other global regulators.

T. Rowe Price Hong Kong Limited (Price Hong Kong), a wholly owned subsidiary of Price International, was organized as a Hong Kong limited company in 2010. Price Hong Kong is responsible for marketing and client servicing of clients based in Hong Kong and certain Asian countries. Price Hong Kong serves as adviser to T. Rowe Price Trust Company, as trustee, of several Maryland- registered domestic common trust funds, and serves as an adviser and subadviser to registered investment companies, institutional clients, and certain commingled products. Price Hong Kong also serves as a sub-distributor of collective investment schemes domiciled in Luxembourg. Price Hong Kong may delegate investment management responsibilities to a Price Investment Adviser, and a Price Investment Adviser may delegate investment management responsibilities to Price Hong Kong. Price Hong Kong is licensed with the Securities and Futures Commission and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.

T. Rowe Price Singapore Private Ltd. (Price Singapore), a wholly owned subsidiary of Price International, was organized as a Singapore limited private company in 2010. Price Singapore is responsible for marketing and client servicing of clients based in Singapore and certain other Asian countries. Price Singapore serves as adviser to T. Rowe Price Trust Company, as trustee, of several Maryland-registered domestic common trust funds, and serves as an adviser and subadviser to registered investment companies, institutional clients, and certain commingled products. Price Singapore also serves as a sub-distributor of collective investment schemes domiciled in Luxembourg. Price Singapore may delegate investment management responsibilities to a Price Investment Adviser, and a Price Investment Adviser may delegate investment management responsibilities to Price Singapore. Price Singapore holds a Capital Markets Service License in Fund Management with the Monetary Authority of Singapore and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.

T. Rowe Price Japan, Inc. (Price Japan), a wholly owned subsidiary of Price International, was organized as a Japanese private company in 2017. Price Japan is responsible for marketing and client servicing of clients based in Japan. Price Japan serves as adviser to T. Rowe Price Trust Company, as trustee, of several Maryland-registered domestic common trust funds and serves as an adviser and subadviser to registered investment companies, institutional clients, and certain commingled products. Price Japan may delegate investment management responsibilities to a Price Investment Adviser, and a Price Investment Adviser may delegate investment management responsibilities to Price Japan. Price Japan is registered with the Japan Financial Services Agency as a Financial Instruments Business Operator with permission to conduct investment management and advisory businesses, and with the SEC as an investment adviser under the Investment Advisers Act of 1940.

T. Rowe Price Investment Management, Inc. (Price Investment Management), a wholly owned subsidiary of Price Associates, was incorporated in Maryland in 2020. Price Investment Management serves as adviser to T. Rowe Price Trust Company, as trustee, of

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several Maryland- registered domestic common trust funds, and provides investment management services to registered investment companies and other institutional investors. A Price Investment Adviser may delegate investment management responsibilities to Price Investment Management. Price Investment Management is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.

Directors of T. Rowe Price Group

Listed below are the directors and executive officers of T. Rowe Price Group who have other substantial businesses, professions, vocations, or employment aside from their association with Price Associates. The business address for each is 100 East Pratt Street, Baltimore, MD 21202

Glenn R. August, Director of T. Rowe Price Group. Mr. August has been a director of Price Group, a vice president, and an employee since 2021. He is the founder and chief executive officer of Oak Hill Advisors, L.P. (OHA), an alternative investment firm specializing in performing and distressed credit investments, which was acquired by, and operates as a standalone business within, T. Rowe Price Group. Mr. August is a member of the Management Committee. Prior to founding OHA, and cofounding its predecessor investment firm in 1987, Mr. August worked at Morgan Stanley in New York and London. Mr. August earned a B.S. in industrial and labor relations from Cornell University and an M.B.A. from Harvard Business School, where he was a Baker Scholar. Mr. August is a member of the board of directors of Lucid Group, Inc., where he serves on the audit, nominating/corporate governance, and pricing committees, as well as a member of the board of directors for MultiPlan, Inc., where he serves on the nominating/corporate governance committee. He is a member of the board of trustees of Horace Mann School, where he co-chairs the investment committee and serves on the executive committee. He is a member of the board of trustees of The Mount Sinai Medical Center, where he serves on the finance, human capital management, and IT committees. He is a member of the board of directors of Partnership for New York City and the 92nd Street Y, where he co-chairs the governance committee. Mr. August offers the T. Rowe Price Group Board insight into the alternative investment area of our business based on his role at OHA and his decades long success in growing the OHA platform.

Mark S. Bartlett, Director of T. Rowe Price Group. Mr. Bartlett has been an independent director of Price Group since 2013 and serves as chair of the Audit Committee and as a member on the Executive Compensation and Management Development Committee. He was a partner at Ernst & Young, serving as managing partner of the firm’s Baltimore office and senior client service partner for the mid-Atlantic region. Mr. Bartlett began his career at Ernst & Young in 1972 until 2012 and has extensive experience in financial services, as well as other industries. Mr. Bartlett earned a B.S. in accounting from West Virginia University and attended the Executive Program at the Kellogg School of Business at Northwestern University. He also earned the designation of certified public accountant. Mr. Bartlett is a member of the board of directors, chair of the audit committee, and a member of the compensation committee of WillScot Mobile Mini Holdings Corp. He is also a member of the board of directors and the audit committees of FTI Consulting, Inc., and Zurn Water Solutions Corp., and also serves as Zurn Water Solutions Corp.’s lead independent director. Mr. Bartlett offers the T. Rowe Price Group Board additional perspective on mergers and acquisitions, significant accounting and financial reporting experience as well as expertise in the accounting-related rules and regulations of the SEC from his experience as a partner of a multinational audit firm. He has extensive finance knowledge, with a broad range of experience in financing alternatives, including the sale of securities, debt offerings, and syndications

Mary K. Bush, Director of T. Rowe Price Group. Ms. Bush has been an independent director of Price Group since 2012 and serves as a member on the Executive Compensation and Management Development Committee and the Nominating and Corporate Governance Committee. She has been chair of Bush International, LLC, an advisor to U.S. corporations and foreign governments on international capital markets and strategic business matters, since 1991. Ms. Bush managed global banking and corporate finance relationships from 1971 to 1991 at New York money center banks, including Citibank, Banker’s Trust, and Chase. Ms. Bush earned a B.A. in economics and political science from Fisk University and an M.B.A. from the University of Chicago. Ms. Bush is a member of the board of directors, risk oversight committee, and the chair of the nominating and corporate governance committee of Discover Financial Services. She is also a member of the board of directors and chair of the audit committee for Bloom Energy. Ms. Bush also was a director of the Pioneer Family of Mutual Funds from 1997 to 2012, UAL Corporation from 2006 to 2010, and Marriott International, Inc from 2008 to 2020. Ms. Bush brings to the T. Rowe Price Group Board extensive financial, international and governmental affairs experience, her knowledge of corporate governance and financial oversight gained from her membership on the boards of other public companies, knowledge of public policy matters, and her significant experience in banking and in providing strategic advisory services in the financial and international arenas.

Dina Dublon, Director of T. Rowe Price Group. Ms. Dublon has been an independent director of Price Group since 2019 and serves as a member on the Audit Committee and the Executive Compensation and Management Development Committee. She was the executive vice president and chief financial officer of JPMorgan Chase & Co., a financial services company, from 1998 to 2004.

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Ms. Dublon previously held numerous positions at JPMorgan Chase & Co. and its predecessor companies, including corporate treasurer, managing director of the financial institutions’ division, and head of asset liability management. Ms. Dublon earned a B.A. in economics and mathematics from Hebrew University of Jerusalem and an M.S. from Carnegie Mellon University. Ms. Dublon has been a member of the board of directors of PepsiCo, Inc., since 2005, where she serves as a member of the sustainability, diversity, and public policy and compensation committees. She previously served as chair of the audit committee. She serves as a member of the board of directors of Motive Capital Corp. II, where she serves as chair of the audit committee and as a member of the compensation and nominations and governance committees. She also serves as a member of the independent audit quality committee of Ernst & Young USA, since 2020, and is chair of the board of advisors of Columbia University’s Mailman School of Public Health. From 2002 to 2017, Ms. Dublon served as a director of Accenture PLC; from 2013 to 2018, as a director of Deutsche Bank AG; from 2005 to 2014, as a director of Microsoft Corporation; and from 1999 to 2002, as a director of Hartford Financial Services Group, Inc. She previously served on the faculty of Harvard Business School and on the boards of several non-profit organizations, including the Women’s Refugee Commission and Global Fund for Women. Ms. Dublon brings to the T. Rowe Price Group Board significant governance experience from serving on the boards of global companies, accounting and financial reporting experiences, as well as substantial expertise with respect to the financials sector, mergers and acquisitions, global markets, public policy, and corporate finance gained throughout her career in the financial services industry, particularly her role as executive vice president and chief financial officer of a major financial institution.

Freeman A. Hrabowski, III, Director of T. Rowe Price Group. Dr. Hrabowski has been an independent director of Price Group since 2013 and serves as chair of the Nominating and Corporate Governance Committee and as a member on the Executive Compensation and Management Development Committee. He is the former president of the University of Maryland, Baltimore County, a position he held since 1992. His research and publications focus on science and math education, with special emphasis on minority participation and performance. Dr. Hrabowski is also a leading advocate for greater diversity in higher education. He serves as a consultant to the National Science Foundation, the National Institutes of Health, the National Academies, and universities and school systems nationally. Dr. Hrabowski earned a B.A. in mathematics from Hampton University and an M.A. in mathematics and a Ph.D. in higher education administration and statistics from the University of Illinois at Urbana-Champaign. Dr. Hrabowski is a member of the board of directors and a member of the corporate and governance committee of McCormick & Company, Inc. He also served on the board of Constellation Energy Group, Inc., until 2012. Dr. Hrabowski brings to the T. Rowe Price Group Board valuable strategic and management leadership experience from his role as president of UMBC, as well as his extensive knowledge and dedication to greater education and workforce development. He also contributes corporate governance oversight from his experience serving as a director on other public company boards.

Robert F. MacLellan, Director of T. Rowe Price Group. Mr. MacLellan has been an independent director of Price Group since 2010 and serves as chair of the Executive Compensation and Management Development Committee and as a member on the Audit Committee and Executive Committee. He is the nonexecutive chair of Northleaf Capital Partners, an independent global private markets fund manager and advisor. Mr. MacLellan served as chief investment officer of TD Bank Financial Group (TDBFG) from 2003 to 2009, where he was responsible for overseeing the management of investments for its Employee Pension Fund, The Toronto-Dominion Bank, TD Mutual Funds, and TD Capital Group. Earlier in his career, he was managing director of Lancaster Financial Holdings, a merchant banking group acquired by TDBFG in March 1995. Prior to that, Mr. MacLellan was vice president and director at McLeod Young Weir Limited (Scotia McLeod) and a member of the corporate finance department responsible for many corporate underwritings and financial advisory assignments. Mr. MacLellan earned a B.Com. from Carleton University and an M.B.A. from Harvard Business School. He also earned the designation of certified public accountant. Mr. MacLellan is the non-executive chair of the board of directors and a member of the technology committee of Magna International, Inc., a public company based in Aurora, Ontario. From 2012 to 2018, he was the chair of the board of Yellow Media, Inc., a public company based in Montreal. Mr. MacLellan brings substantial experience and perspective to the T. Rowe Price Group Board with respect to the financial services industry, particularly his expertise with respect to investment-related matters, including those relating to the mutual fund industry and the institutional management of investment funds, based on his tenure as chief investment officer of a major financial institution. He also brings an international perspective to the T. Rowe Price Group Board as well as significant accounting and financial reporting experience.

Eileen P. Rominger, Director of T. Rowe Price Group. Ms. Rominger has been an independent director of Price Group since 2021 and serves as a member on the Audit Committee and the Executive Compensation and Management Development Committee. She was a senior advisor to CamberView Partners, LLC, a provider of investor-led advice for management and boards of public companies on shareholder engagement and corporate governance, from 2013 to 2018. Ms. Rominger also was the director of the Division of Investment Management at the U.S. Securities and Exchange Commission from 2011 to 2012 and was the global chief investment officer from 2008 to 2011 and a partner from 2004 to 2011 at Goldman Sachs Asset Management. She began her career in 1981 at Oppenheimer Capital, where she worked for 18 years as a securities analyst and then as an equity portfolio manager, serving as a

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managing director and a member of the executive committee. Ms. Rominger earned a B.A. in English from Fairfield University and an M.B.A. in finance from University of Pennsylvania, The Wharton School. Ms. Rominger served as a member of the board of directors of Swiss Re from 2018 to 2020, and served as a director on several of its subsidiaries until 2022. She previously served on the boards of directors of Permal Asset Management, Inc., a private company, from 2012 to 2013 and Oppenheimer Capital LLC from 1981 to 1999. Ms. Rominger is also a member of the board of trustees, and chair of the finance committee of Jacob’s Pillow Dance Foundation. Ms. Rominger brings a broad range of valuable leadership and investment management experience to the T. Rowe Price Group Board. She also has extensive experience with complex issues relevant to the Company’s business, including budget and fiscal responsibility, economic, regulatory policy, and women’s issues.

Robert W. Sharps, Director of T. Rowe Price Group. Mr. Sharps has been a director of Price Group since 2022. He is the chief executive officer and president of Price Group, and chair of the company’s Executive, Management, and Management Compensation and Development Committees. Mr. Sharps has been with T. Rowe Price since 1997, beginning as an analyst specializing in financial services stocks, including banks, asset managers, and securities brokers, in the U.S. Equity Division. He was the lead portfolio manager of the Institutional Large-Cap Growth Equity Strategy from 2001 to 2016. In 2016, Mr. Sharps stepped down from portfolio management to assume an investment leadership position as co-head of Global Equity, at which time he joined the Management Committee. He was head of Investments and group chief investment officer from 2017 to 2021. In February 2021, Mr. Sharps became president of Price Group and then chief executive officer in 2022. Prior to T. Rowe Price, he completed an internship as an equity research analyst at Wellington Management. Mr. Sharps also was employed by KPMG Peat Marwick as a senior management consultant, where he focused on corporate transactions, before leaving to pursue his M.B.A. in 1995. Rob earned a B.S., summa cum laude, in accounting from Towson University and an M.B.A. in finance from the University of Pennsylvania, The Wharton School. He also has earned the Chartered Financial Analyst^® designation. Mr. Sharps currently serves on the Board of the Baltimore Curriculum Project. He previously served on the St. Paul’s School Board of Trustees and was chair of the Investment Committee from July 2015 to June 2020. He also spent six years on Towson University’s College of Business and Economics Alumni Advisory Board. Mr. Sharps brings to the T. Rowe Price Group Board insight into the critical investment component of T. Rowe Price Group’s business based on the leadership roles he has held in the Equity Division of Price Associates and his 20-year career with the Company.

Robert J. Stevens, Director of T. Rowe Price Group. Mr. Stevens has been an independent director of Price Group since 2019 and serves as a member on the Executive Compensation and Management Development Committee and the Nominating and Corporate Governance Committee. He was the chair, president, and chief executive officer of Lockheed Martin Corporation, an American aerospace, defense, arms, security, and advanced technologies company, from 2005 to 2012, and served as executive chair in 2013. He also served as Lockheed Martin’s chief executive officer from August 2004 through 2012. Previously, Mr. Stevens held a variety of increasingly responsible executive positions with Lockheed Martin, including president and chief operating officer, chief financial officer, and head of strategic planning. Mr. Stevens earned a B.A. in psychology from Slippery Rock University of Pennsylvania, an M.S. in industrial engineering and management from the New York University Tandon School of Engineering, and an M.S. in business from Columbia University. Mr. Stevens serves on the advisory board of the Marine Corps Scholarship Foundation and is a member of the Council on Foreign Relations. From 2002 to 2018, he was the lead independent director of Monsanto Corporation, where he also served as the chair of the nominating and corporate governance committee and a member of the audit committee. Mr. Stevens served as a director of United States Steel Corporation from 2015 to 2018, where he was on the corporate governance and public policy committee and the compensation and organization committee. Mr. Stevens brings to the T. Rowe Price Group Board significant executive management experience. He also adds additional perspective to the T. Rowe Price Group Board regarding financial matters, mergers and acquisitions, strategic leadership, and international operational experience based on his tenure as chief executive officer of a publicly traded, multinational corporation.

William Stromberg, Director of T. Rowe Price Group. Mr. Stromberg has been a director of Price Group since 2016 and currently serves as the non-executive chair of the Board and as a member of the Executive Committee. He served as the chief executive officer of Price Group from 2016 to 2021 and was its president from 2016 to February 2021. Prior to that, Mr. Stromberg was the Head of Equity from 2009 to 2015 and the head of U.S. Equity from 2006 to 2009. He also served as a director of Equity Research (1996 to 2006), as a portfolio manager of the Capital Opportunity Fund (2000 to 2007) and the Dividend Growth Fund (1992 to 2000), and as an equity investment analyst (1987 to 1992). Prior to joining the firm in 1987, he was employed by Westinghouse Defense as a systems engineer. Mr. Stromberg earned a B.A. in engineering from Johns Hopkins University and an M.B.A. from the Tuck School of Business at Dartmouth. Mr. Stromberg also has earned the Chartered Financial Analyst Designation. Mr. Stromberg is a member of the board of directors, chair of the talent, culture and compensation committee, and a member of the audit committee of GE HealthCare Technologies, Inc. He also serves on the Johns Hopkins University board of trustees and is the chair of the investment committee, and chair of the Hopkins Whiting School of Engineering advisory council. Mr. Stromberg serves as a member of the board of the Greater Baltimore Committee (2018 to present) and the Greater Washington Partnership (2017 to Present). Mr. Stromberg previously served nine years on the Catholic Charities board of trustees, with two years as board president. Mr. Stromberg bring to the T. Rowe Price

Page 9

Group Board insight into the critical investment component of Price Group’s business based on the leadership roles he has held in the equity division of Price Group and his 30-year career with the Company.

Sandra S. Wijnberg, Director of T. Rowe Price Group, Inc. Ms. Wijnberg has been an independent director of Price Group since 2016 and serves as a member on the Audit Committee and the Executive Compensation and Management Development Committee. She was an executive advisor of Aquiline Holdings LLC, a registered investment advisory firm from 2015 to early 2019, where she previously served as a partner and chief administrative officer from 2007 to 2014. Previously, Ms. Wijnberg served as the senior vice president and chief financial officer of Marsh & McLennan Companies, Inc., and was treasurer and interim chief financial officer of YUM! Brands, Inc. Prior to that, she held financial positions with PepsiCo, Inc., and worked in investment banking at Morgan Stanley. In addition, from 2014 through 2015, Ms. Wijnberg was deputy head of mission for the Office of the Quartet, a development project under the auspices of the United Nations. Ms. Wijnberg earned a B.A. in English literature from the University of California, Los Angeles, and an M.B.A. from the University of Southern California’s Marshall School of Business, for which she is a member of the board of leaders. Ms. Wijnberg is a member of the board of directors, chair of the audit committee, and a member of the nominating and corporate governance committee of Automatic Data Processing, Inc. She is a member of the board of directors, chair of the audit committee, and a member of the finance committee of Cognizant Technology Solutions Corp. She is a member of the board of directors, the lead director, the chair of the audit committee, and a member of the nominating and corporate governance committee of Hippo Holdings Inc. From 2003 to 2016, Ms. Wijnberg served on the board of directors of Tyco International, PLC, and from 2007 to 2009, she served on the board of directors of TE Connectivity, Ltd. She is also a director of Seeds of Peace and is a trustee of the John Simon Guggenheim Memorial Foundation. Ms. Wijnberg brings to the T. Rowe Price Group Board a global perspective along with substantial financials sector, corporate finance, and management experience, based on her roles at Aquiline Capital Partners, Marsh & McLellan, and YUM! Brands, Inc.

Alan D. Wilson, Director of T. Rowe Price Group. Mr. Wilson has been an independent director of Price Group since 2015 and serves as a member of the Executive Committee, the Executive Compensation and Management Development Committee, and the Nominating and Corporate Governance Committee and is also the lead independent director of the Board. He was executive chair of McCormick & Company, Inc., a global leader in flavor, seasonings and spices, and held many executive management roles, including chair, president, and chief executive officer from 2008 to 2016. Mr. Wilson earned a B.S. in communications from the University of Tennessee. He attended school on a R.O.T.C. scholarship and, following college, served as a U.S. Army captain, with tours in the United States, United Kingdom, and Germany. Mr. Wilson is the non-executive chair and a member of the board of directors of Westrock Company and is the chair of the executive committee and a member of the finance and nominating and corporate governance committees. He also chairs the board of visitors of University of Maryland, Baltimore County, and currently serves on the University of Tennessee’s board of trustees and the University of Tennessee’s Business School advisory board. Mr. Wilson brings to the T. Rowe Price Group Board significant executive management experience, having led a publicly traded, multinational company. He also adds additional perspective regarding matters relating to general management, strategic leadership, and financial matters.

The following are directors or executive officers of T. Rowe Price Group and/or the investment advisers to the Price Funds:

Name	Company Name	Position Held With Company
Philippe Ayral	T. Rowe Price Group	Vice President
	Price Japan	Director
		Vice President
Emma Beal	T. Rowe Price Group	Vice President
	Price Hong Kong	Vice President
	Price International	Director
		Vice President
		Assistant Secretary
	Price Singapore	Vice President
Armando (Dino) Capasso	T. Rowe Price Group	Vice President
	Price Associates	Chief Compliance Officer
		Vice President
	Price Investment Management	Chief Compliance Officer
		Vice President
Elsie Oi Sze Chan	T. Rowe Price Group	Vice President
	Price Hong Kong	Director
		Vice President
		Responsible Officer
	Price International	Vice President
	Price Japan	Director
	Price Singapore	Director

Page 10

Name	Company Name	Position Held With Company
Riki Chao	T. Rowe Price Group	Vice President
	Price Hong Kong	Chief Compliance Officer
		Vice President
	Price Japan	Chief Compliance Officer
		Vice President
	Price Singapore	Chief Compliance Officer
Archibald Ciganer Albeniz	T. Rowe Price Group	Vice President
	Price Japan	Director
		Vice President
Jennifer B. Dardis	T. Rowe Price Group	Chief Financial Officer
		Treasurer
		Vice President
	Price Associates	Director
		Vice President
	Price Investment Management	Director
		Treasurer
Kuniaki Doi	T. Rowe Price Group	Vice President
	Price Japan	Director
		Vice President
Anthony Gallo	T. Rowe Price Group	Chief Risk Officer
		Vice President
	Price Associates	Vice President
Gavin Anton Hayes	T. Rowe Price Group	Vice President
	Price Singapore	Director
		Vice President
Robert Charles Trant Higginbotham	T. Rowe Price Group	Vice President
	Price International	Chair of the Board
		Chief Executive Officer
		Director
		President
Naoyuki Honda	T. Rowe Price Group	Vice President
	Price Japan	Director
		Company’s Representative
		Vice President
Stephon Jackson	T. Rowe Price Group	Vice President
	Price Investment Management	Director
		President
Kimberly Johnson	T. Rowe Price Group	Chief Operating Officer
		Vice President
	Price Associates	Vice President
Louise Johnson	T. Rowe Price Group	Vice President
	Price Hong Kong	Vice President
	Price International	Chief Compliance Officer
		Vice President
	Price Singapore	Vice President
Glen Tien Soon Lee	T. Rowe Price Group	Vice President
	Price Singapore	Chief Executive Officer
		Vice President
Yasuo Miyajima	T. Rowe Price Group	Vice President
	Price Japan	Director
		Vice President
Sridhar Nishtala	T. Rowe Price Group	Vice President
	Price Singapore	Director
		Vice President

Page 11

Name	Company Name	Position Held With Company
David Oestreicher	T. Rowe Price Group	General Counsel
		Vice President
		Secretary
	Price Associates	Director
		Vice President
		Secretary
	Price Hong Kong	Vice President
	Price International	Vice President
		Secretary
	Price Investment Management	Director
		Secretary
	Price Japan	Vice President
	Price Singapore	Vice President
Robert W. Sharps	T. Rowe Price Group	Director
		Chief Executive Officer
		President
	Price Associates	Director
		Chair of the Board
		President
	Price Investment Management	Director
		Chair of the Board
Wenting Shen	T. Rowe Price Group	Vice President
	Price Singapore	Director
		Vice President
Kiyoko Takagi	T. Rowe Price Group	Vice President
	Price Japan	Director
		Vice President
Justin Thomson	T. Rowe Price Group	Vice President
	Price Hong Kong	Director
	Price International	Director
		Vice President
Christine Po Kwan To	T. Rowe Price Group	Vice President
	Price Hong Kong	Director
		Vice President
		Responsible Officer
Eric L. Veiel	T. Rowe Price Group	Vice President
	Price Associates	Director
		Vice President
Hiroshi Watanabe	T. Rowe Price Group	Vice President
	Price Japan	Director
		Vice President
Ernest C. Yeung	T. Rowe Price Group	Vice President
	Price Hong Kong	Director
		Vice President
		Responsible Officer

Certain directors and officers of T. Rowe Price Group and Price Associates are also officers and/or directors of one or more of the Price Funds and/or one or more of the affiliated entities listed herein.

See also “Management of the Funds,” in Registrant’s Statement of Additional Information.

Item 32. Principal Underwriters

(a) The principal underwriter for the Registrant is Investment Services. Investment Services acts as the principal underwriter for the funds sponsored and managed by T. Rowe Price Associates, Inc., including the following investment companies:

T. Rowe Price All-Cap Opportunities Fund, Inc.

T. Rowe Price Balanced Fund, Inc.

T. Rowe Price Blue Chip Growth Fund, Inc.

T. Rowe Price Capital Appreciation Fund, Inc.

T. Rowe Price Communications & Technology Fund, Inc.

Page 12

T. Rowe Price Corporate Income Fund, Inc.

T. Rowe Price Credit Opportunities Fund, Inc.

T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.

T. Rowe Price Dividend Growth Fund, Inc.

T. Rowe Price Equity Funds, Inc.

T. Rowe Price Equity Income Fund, Inc.

T. Rowe Price Equity Series, Inc.

T. Rowe Price Exchange-Traded Funds, Inc.

T. Rowe Price Financial Services Fund, Inc.

T. Rowe Price Fixed Income Series, Inc.

T. Rowe Price Floating Rate Fund, Inc.

T. Rowe Price Global Allocation Fund, Inc.

T. Rowe Price Global Funds, Inc.

T. Rowe Price Global Multi-Sector Bond Fund, Inc.

T. Rowe Price Global Real Estate Fund, Inc.

T. Rowe Price Global Technology Fund, Inc.

T. Rowe Price GNMA Fund, Inc.

T. Rowe Price Government Money Fund, Inc.

T. Rowe Price Growth Stock Fund, Inc.

T. Rowe Price Health Sciences Fund, Inc.

T. Rowe Price High Yield Fund, Inc.

T. Rowe Price Index Trust, Inc.

T. Rowe Price Inflation Protected Bond Fund, Inc.

T. Rowe Price Institutional Income Funds, Inc.

T. Rowe Price Integrated Equity Funds, Inc.

T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.

T. Rowe Price International Funds, Inc.

T. Rowe Price International Index Fund, Inc.

T. Rowe Price International Series, Inc.

T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.

T. Rowe Price Mid-Cap Growth Fund, Inc.

T. Rowe Price Mid-Cap Value Fund, Inc.

T. Rowe Price Multi-Sector Account Portfolios, Inc.

T. Rowe Price Multi-Strategy Total Return Fund, Inc.

T. Rowe Price New Era Fund, Inc.

T. Rowe Price New Horizons Fund, Inc.

T. Rowe Price New Income Fund, Inc.

T. Rowe Price QM U.S. Bond Index Fund, Inc.

T. Rowe Price Real Assets Fund, Inc.

T. Rowe Price Real Estate Fund, Inc.

T. Rowe Price Reserve Investment Funds, Inc.

T. Rowe Price Retirement Funds, Inc.

T. Rowe Price Science & Technology Fund, Inc.

T. Rowe Price Short-Term Bond Fund, Inc.

Page 13

T. Rowe Price Small-Cap Stock Fund, Inc.

T. Rowe Price Small-Cap Value Fund, Inc.

T. Rowe Price Spectrum Fund, Inc.

T. Rowe Price Spectrum Funds II, Inc.

T. Rowe Price State Tax-Free Funds, Inc.

T. Rowe Price Summit Funds, Inc.

T. Rowe Price Summit Municipal Funds, Inc.

T. Rowe Price Tax-Efficient Funds, Inc.

T. Rowe Price Tax-Exempt Money Fund, Inc.

T. Rowe Price Tax-Free High Yield Fund, Inc.

T. Rowe Price Tax-Free Income Fund, Inc.

T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.

T. Rowe Price Total Return Fund, Inc.

T. Rowe Price U.S. Equity Research Fund, Inc.

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

T. Rowe Price U.S. Treasury Funds, Inc.

T. Rowe Price Value Fund, Inc.

Investment Services is a wholly owned subsidiary of T. Rowe Price Associates, Inc., is registered as a broker-dealer under the Securities Exchange Act of 1934, and is a member of the Financial Industry Regulatory Authority, Inc. Investment Services has been formed for the limited purpose of distributing the shares of the Price Funds and will not engage in the general securities business. Investment Services will not receive any commissions or other compensation for acting as principal underwriter.

(b) The address of each of the directors and officers of Investment Services listed below is 100 East Pratt Street, Baltimore, Maryland 21202.

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Cheri M. Belski	Director and Vice President	None
Anne Whitescarver Brown	Director and Vice President	None
Kevin L. Collins	Director	None
Philip Korenman	Director and Vice President	None
Stephanie P. Mumford	Chief Compliance Officer and Vice President	None
Christopher C. Newman	Director and Vice President	None
Britton Nyce	Treasurer and Vice President	None
David Oestreicher	Director, Vice President, and Secretary	Director, Principal Executive Officer, Executive Vice President
Dorothy C. Sawyer	Chairman of the Board, Director, and President	None
Opeoluwa Afe	Vice President	None
Brandon Akers	Vice President	None
Christine B. Akins	Vice President	None
Martin D. Allenbaugh Jr.	Vice President	None
Brent A. Andersen	Vice President	None
Lorraine J. Andrews	Vice President	None
Brendan C. Asaff	Vice President	None
Benjamin Ashby	Vice President	None
Christopher P. Augelli	Vice President	None

Page 14

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Andrew L. Baird	Vice President	None
Kelsey E. Ballard	Vice President	None
Jason Lee Bandel	Vice President	None
Michelle Baran	Vice President	None
Thomas E. Bauer	Vice President	None
Brian T. Beckwith	Vice President	None
Sara Elizabeth Beggs	Vice President	None
Javier Bermudez	Vice President	None
Sukhvinder K. Bhogal	Vice President	None
Amanda Bianca	Vice President	None
Bryan Keith Blackmon	Vice President	None
Matthew William Boren	Vice President	None
Kathy Brady	Vice President	None
Jaime M. Branstetter	Vice President	None
Martin P. Brown	Vice President	None
Christopher D. Browne	Vice President	None
Stacy M. Bryant	Vice President	None
Heather C. Buchanan	Vice President	None
Barbara J. Burdett	Vice President	None
Jeffrey A. Burns	Vice President	None
Jason N. Butler	Vice President	None
Adam Byard	Vice President	None
Jessica Calder	Vice President	None
Tegan Call	Vice President	None
Sheila P. Callahan	Vice President	None
Christopher E. Carpenter	Vice President	None
Cameron H. Carty	Vice President	None
Laura H. Chasney	Vice President	None
Jay Cherian	Vice President	None
Kevin S. Clapper	Vice President	None
Basil Clarke	Vice President	None
Adam Cohen	Vice President	None
Morgan Cook	Vice President	None
Paul Cooney	Vice President	None
Serina Copanas	Vice President	None
Roberta V. Cordova	Vice President	None
Anne M. Coveney	Vice President	None
Jonathan Joseph Crooks	Vice President	None
Brandon Cuellar	Vice President	None
Peter Currie	Vice President	None
Martha Brock Daniel	Vice President	None
Michael Davis	Vice President	None

Page 15

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Terrence L. Davis	Vice President	None
Benjamin P. DeFelice	Vice President	None
Jared DeJong	Vice President	None
Patrick M. Delaney	Vice President	None
Peter A. DeLibro	Vice President	None
Noel Doiron	Vice President	None
Mary Helen Donovan	Vice President	None
Michael Doshier	Vice President	None
Scott Dutcher	Vice President	None
Heather C. Dzielak	Vice President	None
Joseph Edmonds	Vice President	None
John Eiler	Vice President	None
Dennis J. Elliott	Vice President	None
Chioma V. Eluma	Vice President	None
Rebecca Ann English	Vice President	None
John H. Escario	Vice President	None
Wayne C. Ewan	Vice President	None
Rick Falcione	Vice President	None
Christopher Ferrara	Vice President	None
Lauren Brooke Ferrara	Vice President	None
David Jonathan Fineman	Vice President	None
Brooks J. Fisher	Vice President	None
Derek W. Fisher	Vice President	None
Jeremy R. Flagg	Vice President	None
Adam Fletcher	Vice President	None
Mary Louise Fletcher	Vice President	None
Jordan Ford	Vice President	None
Michael K. Fowler	Vice President	None
Michael Scott Frank	Vice President	None
Daniel J. Funk	Vice President	None
Christopher M. Gaeng	Vice President	None
Shirlye Gaskin	Vice President	None
Michele J. Giangrande	Vice President	None
Patrick Gilbert	Vice President	None
Jason L. Gounaris	Vice President	None
Douglas M. Greenstein	Vice President	None
Gail Griffin	Vice President	None
Kris Guidroz	Vice President	None
Noel Hainsselin	Vice President	None
Jessica Leigh Hamamoto	Vice President	None
Jason E. Hammond	Vice President	None
Alex Hatfield	Vice President	None

Page 16

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Philip E. Hauser	Vice President	None
James C. Hebert	Vice President	None
Jeffrey J. Hill	Vice President	None
Todd Hiller	Vice President	None
Theodor Hogdahl	Vice President	None
Jason P. Horenci	Vice President	None
Jerome Hunter	Vice President	None
Robert C. Ihle	Vice President	None
Sara Hodges Ismart	Vice President	None
Katrina Jacobs	Vice President	None
Melanie Jacobs	Vice President	None
Maria Jakobowski	Vice President	None
Lloyd Brendan James	Vice President	None
Jeffrey Jennes	Vice President	None
Charles E. Johnson	Vice President	None
Heidi C. Kaney	Vice President	None
John Keenan	Vice President	None
Diana M. Kendall	Vice President	None
Valerie A. Kohlenstein	Vice President	None
Emily A. Kookogey	Vice President	None
Jeffrey A. Krawczak	Vice President	None
Michael K. Krawczyk	Vice President	None
Michael J. Kubik	Vice President	None
Jennifer Kulp	Vice President	None
Brian Lamar	Vice President	None
Thomas Landhauser	Vice President	None
Steven A. Larson	Vice President	None
Christy H. Lausch	Vice President	None
Jonathan N. Lepore	Vice President	None
Ryan M. Liberatore	Vice President	None
Daniel Little	Vice President	None
Benjamin M. Livingston	Vice President	None
Cathryn A. Locke-O’Hara	Vice President	None
Christi Loftus	Vice President	None
William J. Luecking	Vice President	None
Sean M. Lynch	Vice President	None
Benjamin W. Lythgoe	Vice President	None
Sean Mackley	Vice President	None
Christopher Bryce Macon	Vice President	None
Edward M. Martin	Vice President	None
Vinnett M. Mason	Vice President	None
Taylor L.B. Mayo	Vice President	None

Page 17

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Karan McClimans	Vice President	None
Joseph McElwee	Vice President	None
Michael A. McKenna	Vice President	None
Carey J. McKenzie	Vice President	None
Ashley McLeish	Vice President	None
Hector Mendez	Vice President	None
Eric Milano	Vice President	None
Sebastian J. Mitchell	Vice President	None
Thomas R. Morelli	Vice President	None
Dana P. Morgan	Vice President	None
Lauren Moser	Vice President	None
James Mugno	Vice President	None
Susan L. Nakai	Vice President	None
C.J. Nesher	Vice President	None
William Nicholas Nolan	Vice President	None
David V. Norris	Vice President	None
Michael J. Norton	Vice President	None
Kevin M. O’Brien	Vice President	None
Olutokunbo A. Ojo-Ade	Vice President	None
Laurette C. O’Malley	Vice President	None
Lance Oman	Vice President	None
Michael D. Oroszi	Vice President	None
Mary O’Rourke	Vice President	None
Baris A. Ozuunlu	Vice President	None
Michael J. Park	Vice President	None
Adrian M. Pawluk	Vice President	None
Anjanette Tanedo Pena	Vice President	None
Giovanni Petronelli	Vice President	None
Paul J. Pfeiffer	Vice President	None
John E. Pflieger	Vice President	None
Gregory L. Phillips	Vice President	None
Samantha J. Pilon	Vice President	None
Cheryl Marie Pipia	Vice President	None
Matthew Pisanelli	Vice President	None
Victor M. Pita	Vice President	None
Andrew Pizza	Vice President	None
Anthony D. Polichemi	Vice President	None
Fran M. Pollack-Matz	Vice President	Vice President and Secretary
Karen Pollock	Vice President	None
Brian R. Poole	Vice President	None
Matthew Turner Pope	Vice President	None
William Presley	Vice President	None

Page 18

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Jennifer J. Pyne	Vice President	None
Katherine Keene Quillen	Vice President	None
Alexander Rabiychuk	Vice President	None
John K. Ramirez	Vice President	None
Meara R. Ranadive	Vice President	None
Seamus A. Ray	Vice President	None
Margaret H. Raymond	Vice President	None
Shawn D. Reagan	Vice President	None
Jennifer L. Richardson	Vice President	None
Stuart L. Ritter	Vice President	None
Erik C. Ronne	Vice President	None
Mary Heather Roosevelt Long	Vice President	None
Dawn Rorai	Vice President	None
Brett Round	Vice President	None
Megan Keyser Rumney	Vice President	None
Kevin C. Savage	Vice President	None
Michael R. Saylor	Vice President	None
Mark A. Scarborough	Vice President	None
Kyle Schaffer	Vice President	None
Jennifer Lisa Schmidt	Vice President	None
Richard Schultz	Vice President	None
Heather Lynn Harrison Seaback	Vice President	None
Eric Arnold Seale	Vice President	None
Robert A. Seidel	Vice President	None
Rania B. Selfani	Vice President	None
Amelia Seman	Vice President	None
Courtney M. Sembly	Vice President	None
Brandon Shea	Vice President	None
Erin C. Sheehan	Vice President	None
Karen M. Sheehan	Vice President	None
Nicholas A. Sheppard	Vice President	None
John E. Shetterly	Vice President	None
Jae M. Shin	Vice President	None
Adam Sidebottom	Vice President	None
Garrett S. Siperko	Vice President	None
Kristin M. Slade	Vice President	None
Danielle N. Smith	Vice President	None
Lauren Smith	Vice President	None
Phil Soto	Vice President	None
Craig J. St. Thomas	Vice President	None
Michael Stein	Vice President	None
Victoria E. Swinburne	Vice President	None

Page 19

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Jill M. Talbott	Vice President	None
Daniel Tambellini	Vice President	None
Nathan G. Tawes	Vice President	None
Christopher J. Theall	Vice President	None
Joy A. Thomas	Vice President	None
Christopher N. Thuku	Vice President	None
Michael Ryan Trujillo	Vice President	None
Alan P. Valenca	Vice President	None
Adam J. Varga	Vice President	None
Stephen Bradford Vaughan	Vice President	None
Bryan W. Venable	Vice President	None
Tyler Venditti	Vice President	None
Benjamin Vidmar	Vice President	None
Susanne Piccirillo Voelker	Vice President	None
Eric P. Wagner	Vice President	None
David Weeks	Vice President	None
Paula A. Wendt	Vice President	None
Mark P. Whiskeyman	Vice President	None
Timothy M. White	Vice President	None
Mary Ellen Whiteman	Vice President	None
Jennifer Whitman	Vice President	None
Jonathan Wilkinson	Vice President	None
Mary G. Williams	Vice President	None
Andrew M. Winn	Vice President	None
Barrett Wragg	Vice President	None
Lea B. Wray	Vice President	None
John Mitchell (Mitch) Wurzer	Vice President	None
Kimberly L. Young	Vice President	None
Kelly L. Zimmerman	Vice President	None
Kimberly Zook	Vice President	None
James Zurad	Vice President	None
Jason Abosch	Assistant Vice President	None
Kimberly S. Abramshe	Assistant Vice President	None
Tracy Aguilar	Assistant Vice President	None
Matt Baarts	Assistant Vice President	None
Chad L. Baker	Assistant Vice President	None
Daniel F. Beadell	Assistant Vice President	None
Joshua Michael Beaudette	Assistant Vice President	None
Chad Berman	Assistant Vice President	None
Shane R. Bernard	Assistant Vice President	None
Paul Bishop	Assistant Vice President	None
Andrew Bossi	Assistant Vice President	None

Page 20

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Cheryl Brenza	Assistant Vice President	None
Ben Brown	Assistant Vice President	None
Lewis James Brown	Assistant Vice President	None
Michael P. Bruno	Assistant Vice President	None
Jason Bruns	Assistant Vice President	None
Danica Campbell	Assistant Vice President	None
Brandon Carroll	Assistant Vice President	None
Casey S. Cartun	Assistant Vice President	None
Adrianna Caulder	Assistant Vice President	None
David Chatterton	Assistant Vice President	None
Kyle Cheadle	Assistant Vice President	None
John Claffey	Assistant Vice President	None
John (Jack) Cleary	Assistant Vice President	None
Shane Conceicao	Assistant Vice President	None
Steven Cook	Assistant Vice President	None
Neil Cooper	Assistant Vice President	None
Kathryn Corcoran	Assistant Vice President	None
Alex Davis	Assistant Vice President	None
Paul DeNicola	Assistant Vice President	None
Liz Deppe	Assistant Vice President	None
Zeyn Desai	Assistant Vice President	None
Kristin N. Dodson	Assistant Vice President	None
Curtis Donald	Assistant Vice President	None
Lorraine S. Eakin	Assistant Vice President	None
Adam Elliott	Assistant Vice President	None
Craig Elliott	Assistant Vice President	None
Dan Everett	Assistant Vice President	None
Robin Feil	Assistant Vice President	None
Sean Flaherty	Assistant Vice President	None
Alana Gaither	Assistant Vice President	None
Omar A. Gerrero	Assistant Vice President	None
David M. Gilliam	Assistant Vice President	None
Joshua Habeck	Assistant Vice President	None
Kerre Heath	Assistant Vice President	None
Sylvia Lynn Helfrich	Assistant Vice President	None
Joel Helzer	Assistant Vice President	None
Robert Hill	Assistant Vice President	None
Wayne Gwa Ho	Assistant Vice President	None
Rob Koeder Hoffman	Assistant Vice President	None
Erin Marie Hogan	Assistant Vice President	None
Keith Holmes	Assistant Vice President	None
Scott Honea	Assistant Vice President	None

Page 21

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Jackson Houbolt	Assistant Vice President	None
Jennifer Hunziker	Assistant Vice President	None
Conny Ihearahu	Assistant Vice President	None
Tai Jackson	Assistant Vice President	None
Shane Jaeger	Assistant Vice President	None
Evelyn Johnson	Assistant Vice President	None
Terrence Jones	Assistant Vice President	None
Tya M. Kelly	Assistant Vice President	None
Sean P. Kilcoyne	Assistant Vice President	None
Joe Killion	Assistant Vice President	None
Robert Krauk	Assistant Vice President	None
Danielle Lacey	Assistant Vice President	None
Luke Land	Assistant Vice President	None
Trish Langley	Assistant Vice President	None
Joshua Levine	Assistant Vice President	None
Paul M. Lichtinger	Assistant Vice President	None
Nathaniel K. Lohrmann	Assistant Vice President	None
Michael Lucas	Assistant Vice President	None
MariaCarla Lurz	Assistant Vice President	None
Alyson Luszcz	Assistant Vice President	None
Matthew Macha	Assistant Vice President	None
Ty Mackall	Assistant Vice President	None
Danielle K. Malanczuk	Assistant Vice President	None
Melinda L. Manning Robinson	Assistant Vice President	None
Michael Robert Manning	Assistant Vice President	None
Steven Marcano	Assistant Vice President	None
Bridgette Marie Mathias	Assistant Vice President	None
Jordan McLain	Assistant Vice President	None
Matthew McMenamin	Assistant Vice President	None
Kristina Ruth Meisner	Assistant Vice President	None
Steve Mezzei	Assistant Vice President	None
Brian Mitchum	Assistant Vice President	None
Daniel James Nelson	Assistant Vice President	None
Peter Nguyen	Assistant Vice President	None
Drew O’Cain	Assistant Vice President	None
Michael S. Olshefski	Assistant Vice President	None
Mikki Oxford	Assistant Vice President	None
Stephanie Pack	Assistant Vice President	None
Jessica Palou	Assistant Vice President	None
Kira Pancotti	Assistant Vice President	None
Josh Pape	Assistant Vice President	None
Chris Pesota	Assistant Vice President	None

Page 22

Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Nathan Pfeiffer	Assistant Vice President	None
Kaemyn Pizarro	Assistant Vice President	None
Melvin Powell	Assistant Vice President	None
Cynthia Ramirez	Assistant Vice President	None
Tejasvini Rao	Assistant Vice President	None
Ryan S. Reese	Assistant Vice President	None
Caitlin Reilly	Assistant Vice President	None
Billy Kenneth Repp-Maxwell	Assistant Vice President	None
Vikas Rishi	Assistant Vice President	None
Dorothy A. Rostkowski	Assistant Vice President	None
Sergio Ruiz	Assistant Vice President	None
Laura Lee Russell	Assistant Vice President	None
Shawn A. Sacchetti	Assistant Vice President	None
Jake Santore	Assistant Vice President	None
Aaron Sauro	Assistant Vice President	None
Katherine Gilbert Shaffer	Assistant Vice President	None
Robert Arnold Skaare II	Assistant Vice President	None
Francisco R. Solis	Assistant Vice President	None
Gabriel Bramesco Stull	Assistant Vice President	None
Danie Suess	Assistant Vice President	None
Jennifer Lauren Suess	Assistant Vice President	None
Daniel Tafoya	Assistant Vice President	None
Ryan Taylor	Assistant Vice President	None
Lindsay Frank Theodore	Assistant Vice President	None
Bryan Thomas	Assistant Vice President	None
Andrew I. Thompson	Assistant Vice President	None
Molly Tjaden	Assistant Vice President	None
Sergio Valente	Assistant Vice President	None
Jim Walsh	Assistant Vice President	None
Dan Williams	Assistant Vice President	None
Kathleen Yocham	Assistant Vice President	None
Eric Young	Assistant Vice President	None
Jacob Ryan Ziegler	Assistant Vice President	None
David Zincon	Assistant Vice President	None
Mike Zinn	Assistant Vice President	None
Cheryl L. Emory	Assistant Secretary	None
Kathryn Louise Reilly	Assistant Secretary	None

(c) Not applicable. Investment Services will not receive any compensation with respect to its activities as underwriter for the Price Funds.

Page 23

Item 33. Location of Accounts and Records

All accounts, books, and other documents required to be maintained by the Registrant under Section 31(a) of the Investment Company Act of 1940 and the rules thereunder will be maintained by the Registrant at its offices at 100 East Pratt Street, Baltimore, Maryland 21202, 1735 Market Street, Philadelphia, Pennsylvania 19103, and 103 Bellevue Parkway, Wilmington, Delaware 19809. Transfer, dividend disbursing, and shareholder service activities are performed by T. Rowe Price Services, Inc., at 4515 Painters Mill Road, Owings Mills, Maryland 21117. Custodian activities for the Registrant are performed at State Street Bank and Trust Company’s Service Center (State Street South), One Lincoln Street, Boston, Massachusetts 02111.

Custody of Registrant’s portfolio securities which are purchased outside the United States is maintained by JPMorgan Chase Bank, London, in its foreign branches, with other banks or foreign depositories. JPMorgan Chase Bank, London, is located at Woolgate House, Coleman Street, London EC2P 2HD England.

Item 34. Management Services

Registrant is not a party to any management-related service contract, other than as set forth in the Prospectus or Statement of Additional Information.

Item 35. Undertakings

(a) Not applicable

Page 24

Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this April 27, 2023.

 T. Rowe Price Spectrum Fund, Inc.

 /s/David Oestreicher

By: David Oestreicher

 Director and Executive Vice President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

Signature	Title	Date
/s/David Oestreicher	Director (Principal Executive Officer)	April 27, 2023
David Oestreicher	and Executive Vice President
/s/Alan S. Dupski	Treasurer and Vice President	April 27, 2023
Alan S. Dupski	(Principal Financial Officer
	and Principal Accounting Officer)
*
Teresa Bryce Bazemore	Director	April 27, 2023
*
Bruce W. Duncan	Director	April 27, 2023
*
Robert J. Gerrard, Jr.	Chairman of the Board	April 27, 2023
	and Director
*
Paul F. McBride	Director	April 27, 2023
/s/Eric L. Veiel	Director	April 27, 2023
Eric L. Veiel
*	Director	April 27, 2023
Kellye L. Walker
*/s/David Oestreicher	Attorney-In-Fact	April 27, 2023
David Oestreicher

EX-99.B BYLAWS

BY-LAWS

OF

T. ROWE PRICE SPECTRUM FUND, INC.

AS AMENDED:

JULY 1, 1991

JULY 21, 1999

FEBRUARY 5, 2003

APRIL 21, 2004

FEBRUARY 8, 2005

JULY 22, 2008

OCTOBER 17, 2011

JULY 25, 2018

JULY 25, 2022

TABLE OF CONTENTS

		Page
ARTICLE I.	NAME OF CORPORATION, LOCATION OF OFFICES AND SEAL	1
	1.01.Name	1
	1.02.Principal Office	1
	1.03.Seal	1
ARTICLE II.	SHAREHOLDERS	1
	2.01.Annual Meetings	1
	2.02.Special Meetings	2
	2.03.Place of Meeting	2
	2.04.Notice of Meetings	2
	2.05.Voting - In General	3
	2.06.Shareholders Entitled to Vote	3
	2.07.Voting - Proxies	3
	2.08.Quorum	4
	2.09.Absence of Quorum	4
	2.10.Stock Ledger and List of Shareholders	4
	2.11.Informal Action by Shareholders	4
ARTICLE III.	BOARD OF DIRECTORS	5
	3.01.Number and Term of Office	5
	3.02.Qualification of Directors	5
	3.03.Election of Directors	5
	3.04.Removal of Directors	5
	3.05.Vacancies and Newly Created Directorships	5
	3.06.General Powers	6
	3.07.Power to Issue and Sell Stock	6
	3.08.Power to Declare Dividends	6
	3.09.Annual and Regular Meetings	7
	3.10.Special Meetings	7
	3.11.Notice	7
	3.12.Waiver of Notice	7
	3.13.Quorum and Voting	7
	3.14.Conference Telephone	8
	3.15.Compensation	8
	3.16.Action Without a Meeting	8
	3.17.Director Emeritus	8

ARTICLE IV.	EXECUTIVE COMMITTEE AND OTHER COMMITTEES	8
	4.01.How Constituted	8
	4.02.Powers of the Executive Committee	9
	4.03.Other Committees of the Board of Directors	9
	4.04.Proceedings, Quorum and Manner of Acting	9
	4.05.Other Committees	9
ARTICLE V.	OFFICERS	10
	5.01.General	10
	5.02.Election, Term of Office and Qualifications	10
	5.03.Resignation	10
	5.04.Removal	10
	5.05.Vacancies and Newly Created Offices	10
	5.06.Chair of the Board	10
	5.07.President	11
	5.08.Vice President	11
	5.09.Treasurer and Assistant Treasurers	11
	5.10.Secretary and Assistant Secretaries	12
	5.11.Subordinate Officers	12
	5.12.Remuneration	12
ARTICLE VI.	CUSTODY OF SECURITIES AND CASH	12
	6.01.Employment of a Custodian	12
	6.02.Central Certificate Service	13
	6.03.Cash Assets	13
	6.04.Free Cash Accounts	13
	6.05.Action Upon Termination of Custodian Agreement	13
ARTICLE VII.	EXECUTION OF INSTRUMENTS, VOTING OF SECURITIES	14
	7.01.Execution of Instruments	14
	7.02.Voting of Securities	14
ARTICLE VIII.	CAPITAL STOCK	14
	8.01.Certificate of Stock	14
	8.02.Transfer of Capital Stock	15
	8.03.Transfer Agents and Registrars	15
	8.04.Transfer Regulations	15
	8.05.Fixing of Record Date	15
	8.06.Lost, Stolen or Destroyed Certificates	15

ARTICLE IX.	FISCAL YEAR, ACCOUNTANT	16
	9.01.Fiscal Year	16
	9.02.Accountant	16
ARTICLE X.	INDEMNIFICATION AND INSURANCE	17
	10.01.Indemnification and Payment of Expenses in Advance	17
	10.02.Insurance of Officers, Directors, Employees and Agents	18
ARTICLE XI.	AMENDMENTS	19
	11.01.General	19
	11.02.By Shareholders Only	19
ARTICLE XII.	MISCELLANEOUS	20
	12.01Use of the Term “Annual Meeting”	20

T. ROWE PRICE SPECTRUM FUND, INC.

(A Maryland Corporation)

BY-LAWS

ARTICLE I

NAME OF CORPORATION,

LOCATION OF OFFICES AND SEAL

Section 1.01.Name: The name of the Corporation is T. ROWE PRICE SPECTRUM FUND, INC.

Section 1.02.Principal Office: The principal office of the Corporation in the State of Maryland shall be located in the City of Baltimore. The Corporation may, in addition, establish and maintain such other offices and places of business, within or outside the State of Maryland, as the Board of Directors may from time to time determine. [ MGCL, Sections 2-103(4), 2-108(a)(1) ]

Section 1.03.Seal: The corporate seal of the Corporation shall be circular in form, and shall bear the name of the Corporation, the year of its incorporation, and the words “Corporate Seal, Maryland.” The form of the seal shall be subject to alteration by the Board of Directors and the seal may be used by causing it or a facsimile to be impressed or affixed or printed or otherwise reproduced. In lieu of affixing the corporate seal to any document it shall be sufficient to meet the requirements of any law, rule, or regulation relating to a corporate seal to affix the word “(Seal)” adjacent to the signature of the authorized officer of the Corporation. Any officer or Director of the Corporation shall have authority to affix the corporate seal of the Corporation to any document requiring the same. [ MGCL, Sections 1-304(b), 2-103(3) ]

ARTICLE II

SHAREHOLDERS

Section 2.01.Annual Meetings: The Corporation shall not be required to hold an annual meeting of its shareholders in any year unless the Investment Company Act of 1940 requires an election of directors by shareholders. In the event that the Corporation shall be so required to hold an annual meeting, such meeting shall be held at a date and time set by the Board of Directors, which date shall be no later than 120 days after the occurrence of the event requiring the meeting. Any shareholders’ meeting held in accordance with the preceding sentence shall for all purposes constitute the annual meeting of shareholders for the fiscal year of the Corporation in which the meeting is held. At any such meeting, the shareholders shall elect

directors to hold the offices of any directors who have held office for more than one year or who have been elected by the Board of Directors to fill vacancies which result from any cause. Except as the Articles of Incorporation or statute provides otherwise, Directors may transact any business within the powers of the Corporation as may properly come before the meeting. Any business of the Corporation may be transacted at the annual meeting without being specially designated in the notice, except such business as is specifically required by statute to be stated in the notice. [ MGCL, Section 2-501 ]

Section 2.02.Special Meetings: Special meetings of the shareholders may be called at any time by the Chair of the Board, the President, any Vice President, or by the Board of Directors. Special meetings of the shareholders shall be called by the Secretary on the written request of shareholders entitled to cast (a) in the case of a meeting for the purpose of removing a director, at least ten (10) percent and (b) in the case of a meeting for any other purpose, at least 25 percent, in each case of all the votes entitled to be cast at such meeting, provided that any such request shall state the purpose or purposes of the meeting and the matters proposed to be acted on, and the shareholders requesting the meeting shall have paid to the Corporation the reasonably estimated cost of preparing and mailing the notice thereof, which the Secretary shall determine and specify to such shareholders. Unless requested by shareholders entitled to cast a majority of all the votes entitled to be cast at the meeting, a special meeting need not be called to consider any matter which is substantially the same as a matter voted upon at any special meeting of the shareholders held during the preceding twelve (12) months. [ MGCL, Section 2-502 ]

(Section 2.02. Special Meetings, as amended February 5, 2003)

Section 2.03.Place of Meetings: All shareholders’ meetings shall be held at such place within the United States as may be fixed from time to time by the Board of Directors. [ MGCL, Section 2-503 ]

Section 2.04.Notice of Meetings: Not less than ten (10) days, nor more than ninety (90) days before each shareholders’ meeting, the Secretary or an Assistant Secretary of the Corporation shall give to each shareholder entitled to vote at the meeting, and each other shareholder entitled to notice of the meeting, written notice stating (1) the time and place of the meeting, and (2) the purpose or purposes of the meeting if the meeting is a special meeting or if notice of the purpose is required by statute to be given. Such notice shall be personally delivered to the shareholder, or left at the shareholder’s residence or usual place of business, or mailed to the shareholder at this address or transmitted to the shareholder by electronic mail to any electronic mail address of the shareholder or by any other electronic means in all cases as such address appears on the records of the Corporation. No notice of a shareholders’ meeting need be given to any shareholder who shall sign a written waiver of such notice, whether before or after the meeting, which is filed with the records of shareholders’ meetings, or to any shareholder who is present at the meeting in person or by proxy. Notice of adjournment of a shareholders’ meeting to another time or place need not be given if such time and place are announced at the meeting, unless the adjournment is for more than one hundred twenty (120) days after the original record date. [ MGCL, Sections 2-504, 2-511(d) ]

(Section 2.04. Notice of Meetings, as amended July 21, 1999)

Section 2.05.Voting - In General: Except as otherwise specifically provided in the Articles of Incorporation or these By-Laws, or as required by provisions of the Investment Company Act with respect to the vote of a series, if any, of the Corporation, at every shareholders’ meeting, each shareholder shall be entitled to one vote for each share of stock of the Corporation validly issued and outstanding and held by such shareholder, except that no shares held by the Corporation shall be entitled to a vote. Fractional shares shall be entitled to fractional votes. Except as otherwise specifically provided in the Articles of Incorporation, or these By-Laws, or as required by provisions of the Investment Company Act, a majority of all the votes cast at a meeting at which a quorum is present is sufficient to approve any matter which properly comes before the meeting. The vote upon any question shall be by ballot whenever requested by any person entitled to vote, but, unless such a request is made, voting may be conducted in any way approved by the meeting. [ MGCL, Sections 2-214(a)(i), 2-506(a)(2), 2-507(a), 2-509(b) ]

Section 2.06.Shareholders Entitled to Vote: If, pursuant to Section 8.05 hereof, a record date has been fixed for the determination of shareholders entitled to notice of or to vote at any shareholders’ meeting, each shareholder of the Corporation shall be entitled to vote in person or by proxy, each share or fraction of a share of stock outstanding in the Shareholder’s name on the books of the Corporation on such record date. If no record date has been fixed for the determination of shareholders, the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which notice of the meeting is mailed or the 30th day before the meeting, whichever is the closer date to the meeting, or, if notice is waived by all shareholders, at the close of business on the tenth (10th) day next preceding the date of the meeting. [ MGCL, Sections 2-507, 2-511 ]

Section 2.07.Voting - Proxies: A shareholder may authorize another person to act as proxy for the shareholder by: (i) signing a writing authorizing another person to act as proxy, (ii) the shareholder’s authorized agent signing the writing or causing the shareholder’s signature to be affixed to the writing by any reasonable means, including facsimile signature, or (iii) transmitting, or authorizing the transmission of, an authorization for the person to act as proxy to the person authorized to act as proxy or any other person authorized to receive the proxy authorization on behalf of the person authorized to act as the proxy, including a proxy solicitation firm or proxy support service organization. The authorization may be transmitted by a telegram, cablegram, datagram, electronic mail, or any other electronic or telephonic means. A copy, facsimile telecommunication, or other reliable reproduction of the writing or transmission may be substituted for the original writing or transmission for any purpose for which the original writing or transmission could be used. No proxy shall be valid more than eleven (11) months after its date unless it provides for a longer period. [ MGCL, Section 2-507(b) and (c) ]

(Section 2.07. Voting - Proxies, as amended July 21, 1999)

Section 2.08.Quorum: The presence at any shareholders’ meeting, in person or by proxy, of shareholders entitled to cast one-third of the votes entitled to be cast at the meeting shall constitute a quorum. [ MGCL, Section 2-506(a) ]

(Section 2.08. Quorum, as amended July 22, 2008)

Section 2.09.Absence of Quorum: In the absence of a quorum, the holders of a majority of shares entitled to vote at the meeting and present thereat in person or by proxy, or, if no shareholder entitled to vote is present in person or by proxy, any officer present who is entitled to preside at or act as Secretary of such meeting, may adjourn the meeting sinedie or from time to time. Any business that might have been transacted at the meeting originally called may be transacted at any such adjourned meeting at which a quorum is present.

Section 2.10.Stock Ledger and List of Shareholders: It shall be the duty of the Secretary or Assistant Secretary of the Corporation to cause an original or duplicate stock ledger to be maintained at the office of the Corporation’s transfer agent, containing the names and addresses of all shareholders and the number of shares of each class held by each shareholder. Such stock ledger may be in written form, or any other form capable of being converted into written form within a reasonable time for visual inspection. Any one or more persons, who together are and for at least six (6) months have been shareholders of record of at least five percent (5%) of the outstanding capital stock of the Corporation, may submit (unless the Corporation at the time of the request maintains a duplicate stock ledger at its principal office) a written request to any officer of the Corporation or its resident agent in Maryland for a list of the shareholders of the Corporation. Within twenty (20) days after such a request, there shall be prepared and filed at the Corporation’s principal office a list, verified under oath by an officer of the Corporation or by its stock transfer agent or registrar, which sets forth the name and address of each shareholder and the number of shares of each class which the shareholder holds. [ MGCL, Sections 2-209, 2-513 ]

Section 2.11.Informal Action By Shareholders: Any action required or permitted to be taken at a meeting of shareholders may be taken without a meeting if the following are filed with the records of shareholders’ meetings:

(a)A unanimous written consent which sets forth the action and is signed by each shareholder entitled to vote on the matter; and

(b)A written waiver of any right to dissent signed by each shareholder entitled to notice of the meeting, but not entitled to vote at it. [ MGCL, Section 2-505 ]

ARTICLE III

BOARD OF DIRECTORS

Section 3.01.Number and Term of Office: The Board of Directors shall consist of one (1) Director, which number may be increased by a resolution of a majority of the entire Board of Directors, provided that the number of Directors shall not be more than fifteen (15) nor less than the lesser of (i) three (3) or (ii) the number of shareholders of the Corporation. Each

Director (whenever elected) shall hold office until the next annual meeting of shareholders and until each Director’s successor is elected and qualified or until a Director’s earlier death, resignation, or removal. [ MGCL, Sections 2-402, 2-404, 2-405 ]

Section 3.02.Qualification of Directors: No member of the Board of Directors need be a shareholder of the Corporation, but at least one member of the Board of Directors shall be a person who is not an interested person (as such term is defined in the Investment Company Act) of the investment adviser of the Corporation, nor an officer or employee of the Corporation. [ MGCL, Section 2-403; Investment Company Act, Section 10(d) ]

Section 3.03.Election of Directors: Until the first annual meeting of shareholders, or until successors are duly elected and qualified, the Board of Directors shall consist of the persons named as such in the Articles of Incorporation. Thereafter, except as otherwise provided in Sections 3.04 and 3.05 hereof, at each annual meeting, the shareholders shall elect Directors to hold office until the next annual meeting and/or until their successors are elected and qualify. In the event that Directors are not elected at an annual shareholders’ meeting, then Directors may be elected at a special shareholders’ meeting. Directors shall be elected by vote of the holders of a plurality of the shares present in person or by proxy and entitled to vote. [ MGCL, Section 2-404 ]

Section 3.04.Removal of Directors: At any meeting of shareholders, duly called and at which a quorum is present, the shareholders may, by the affirmative vote of the holders of a majority of the votes entitled to be cast thereon, remove any Director or Directors from office, either with or without cause, and may elect a successor or successors to fill any resulting vacancies for the unexpired terms of removed Directors. [ MGCL, Sections 2-406, 2-407 ]

Section 3.05.Vacancies and Newly Created Directorships: If any vacancies occur in the Board of Directors by reason of resignation, removal or otherwise, or if the authorized number of Directors is increased, the Directors then in office shall continue to act, and such vacancies (if not previously filled by the shareholders) may be filled by a majority of the Directors then in office, whether or not sufficient to constitute a quorum, provided that, immediately after filling such vacancy, at least two-thirds of the Directors then holding office shall have been elected to such office by the shareholders of the Corporation. In the event that at any time, other than the time preceding the first meeting of shareholders, less than a majority of the Directors of the Corporation holding office at that time were so elected by the shareholders, a meeting of the shareholders shall be held promptly and in any event within sixty (60) days for the purpose of electing Directors to fill any existing vacancies in the Board of Directors unless the Securities and Exchange Commission shall by order extend such period. Except as provided in Section 3.04 hereof, a Director elected by the Board of Directors to fill a vacancy shall be elected to hold office until the next annual meeting of shareholders or until a Director’s successor is elected and qualified. [ MGCL, Section 2-407; Investment Company Act, Section 16(a) ]

Section 3.06.General Powers:

(a)The property, business, and affairs of the Corporation shall be managed

under the direction of the Board of Directors which may exercise all the powers of the Corporation except such as are by law, by the Articles of Incorporation, or by these By-Laws conferred upon or reserved to the shareholders of the Corporation. [ MGCL, Section 2-401 ]

(b)All acts done by any meeting of the Directors or by any person acting as a Director, so long as a Director’s successor shall not have been duly elected or appointed, shall, notwithstanding that it be afterwards discovered that there was some defect in the election of the Directors or such person acting as a Director or that they or any of them were disqualified, be as valid as if the Directors or such person, as the case may be, had been duly elected and were or was qualified to be Directors or a Director of the Corporation.

Section 3.07.Power to Issue and Sell Stock: The Board of Directors may from time to time authorize by resolution the issuance and sale of any of the Corporation’s authorized shares to such persons as the Board of Directors shall deem advisable and such resolution shall set the minimum price or value of consideration for the stock or a formula for its determination, and shall include a fair description of any consideration other than money and a statement of the actual value of such consideration as determined by the Board of Directors or a statement that the Board of Directors has determined that the actual value is or will be not less than a certain sum. [ MGCL, Section 2-203 ]

Section 3.08.Power to Declare Dividends:

(a)The Board of Directors, from time to time as it may deem advisable, may declare and the Corporation pay dividends, in cash, property, or shares of the Corporation available for dividends out of any source available for dividends, to the shareholders according to their respective rights and interests. [ MGCL, Section 2-309 ]

(b)The Board of Directors shall cause to be accompanied by a written statement any dividend payment wholly or partly from any source other than the Corporation’s accumulated undistributed net income (determined in accordance with good accounting practice and the rules and regulations of the Securities and Exchange Commission then in effect) not including profits or losses realized upon the sale of securities or other properties. Such statement shall adequately disclose the source or sources of such payment and the basis of calculation and shall be otherwise in such form as the Securities and Exchange Commission may prescribe.

[ Investment Company Act, Section 19; SEC Rule 19a-1; MGCL, Section 2-309(c) ]

(c)Notwithstanding the above provisions of this Section 3.08, the Board of Directors may at any time declare and distribute pro rata among the shareholders a stock dividend out of the Corporation’s authorized but unissued shares of stock, including any shares previously purchased by the Corporation, provided that such dividend shall not be distributed in shares of any class with respect to any shares of a different class. The shares so distributed shall be issued at the par value thereof, and there shall be transferred to stated capital, at the time such dividend is paid, an amount of surplus equal to the aggregate par value of the shares issued as a dividend and there may be transferred from earned surplus to capital surplus such additional amount as the Board of Directors may determine. [ MGCL, Section 2-309 ]

Section 3.09.Annual and Regular Meetings: The annual meeting of the Board of Directors for choosing officers and transacting other proper business shall be held immediately after the annual shareholders’ meeting at such place as may be specified in the notice of such meeting of the Board of Directors or, in the absence of such annual shareholders’ meeting, at such time and place as the Board of Directors may provide. The Board of Directors from time to time may provide by resolution for the holding of regular meetings and fix their time and place (within or outside the State of Maryland). [ MGCL, Section 2-409(a) ]

Section 3.10.Special Meetings: Special meetings of the Board of Directors shall be held whenever called by the Chair of the Board, the President (or, in the absence or disability of the President, by any Vice President), the Treasurer, or two or more Directors, at the time and place (within or outside the State of Maryland) specified in the respective notices or waivers of notice of such meetings.

Section 3.11.Notice: Notice of annual, regular, and special meetings shall be in writing, stating the time and place, and shall be mailed to each Director at each Director’s residence or regular place of business or caused to be delivered to each Director personally or to be transmitted to each Director by telegraph, cable, or wireless at least two (2) days before the day on which the meeting is to be held. Except as otherwise required by the By-Laws or the Investment Company Act, such notice need not include a statement of the business to be transacted at, or the purpose of, the meeting. [ MGCL, Section 2- 409(b) ]

Section 3.12.Waiver of Notice: No notice of any meeting need be given to any Director who is present at the meeting or to any Director who signs a waiver of the notice of the meeting (which waiver shall be filed with the records of the meeting), whether before or after the meeting. [ MGCL, Section 2-409(c) ]

Section 3.13.Quorum and Voting: At all meetings of the Board of Directors the presence of one-third of the total number of Directors authorized, but not less than two (2) Directors if there are at least two directors, shall constitute a quorum. In the absence of a quorum, a majority of the Directors present may adjourn the meeting, from time to time, until a quorum shall be present. The action of a majority of the Directors present at a meeting at which a quorum is present shall be the action of the Board of Directors unless the concurrence of a greater proportion is required for such action by law, by the Articles of Incorporation or by these By-Laws. [ MGCL, Section 2-408 ]

Section 3.14.Conference Telephone: Members of the Board of Directors or of any committee designated by the Board, may participate in a meeting of the Board or of such committee by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time, and participation by such means shall constitute presence in person at such meeting. [ MGCL, Section 2-409(d) ]

Section 3.15.Compensation: Each Director may receive such remuneration for each Director’s services as shall be fixed from time to time by resolution of the Board of Directors.

Section 3.16.Action Without a Meeting: Any action required or permitted to be

taken at any meeting of the Board of Directors or any committee thereof may be taken without a meeting if a unanimous written consent which sets forth the action is given in writing or by electronic transmission by each member of the Board or committee and is filed in paper or electronic form with the minutes of the proceedings of the Board or committee. [ MGCL, Section 2-408(c) ]

(Section 3.16. Action Without a Meeting, as amended February 8, 2005)

Section 3.17.Director Emeritus: Upon the retirement of a Director of the Corporation, the Board of Directors may designate such retired Director as a Director Emeritus. The position of Director Emeritus shall be honorary only and shall not confer upon such Director Emeritus any responsibility, or voting authority, whatsoever with respect to the Corporation. A Director Emeritus may, but shall not be required to, attend the meetings of the Board of Directors and receive materials normally provided Directors relating to the Corporation. The Board of Directors may establish such compensation as it may deem appropriate under the circumstances to be paid by the Corporation to a Director Emeritus.

ARTICLE IV

EXECUTIVE COMMITTEE AND OTHER COMMITTEES

Section 4.01.How Constituted: By resolution adopted by the Board of Directors, the Board may appoint from among its members one or more committees, including an Executive Committee, each consisting of one or more Directors. Each member of a committee shall hold office during the pleasure of the Board. [ MGCL, Section 2-411 ]

(Section 4.01. How Constituted, as amended April 21, 2004)

Section 4.02.Powers of the Executive Committee: Unless otherwise provided by resolution of the Board of Directors, the Executive Committee, in the intervals between meetings of the Board of Directors, shall have and may exercise all of the powers of the Board of Directors to manage the business and affairs of the Corporation except the power to:

(a)Declare dividends or distributions on stock;

(b)Issue stock other than as provided in Section 2-411(b) of Corporations and Associations Article of the Annotated Code of Maryland;

(c)Recommend to the shareholders any action which requires shareholder approval;

(d)Amend the By-Laws; or

(e)Approve any merger or share exchange which does not require shareholder approval.

[ MGCL, Section 2-411(a) ]

Section 4.03.Other Committees of the Board of Directors: To the extent provided by resolution of the Board, other committees shall have and may exercise any of the powers that may lawfully be granted to the Executive Committee. [ MGCL, Section 2-411(a) ]

Section 4.04.Proceedings, Quorum, and Manner of Acting: In the absence of appropriate resolution of the Board of Directors, each committee may adopt such rules and regulations governing its proceedings, quorum and manner of acting as it shall deem proper and desirable, provided that the quorum shall not be less than two (2) Directors. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint a member of the Board of Directors to act in the place of such absent member. [ MGCL, Section 2-411(c) ]

Section 4.05.Other Committees: The Board of Directors may appoint other committees, each consisting of one or more persons who need not be Directors. Each such committee shall have such powers and perform such duties as may be assigned to it from time to time by the Board of Directors, but shall not exercise any power which may lawfully be exercised only by the Board of Directors or a committee thereof.

ARTICLE V

OFFICERS

Section 5.01.General: The officers of the Corporation shall be a President, one or more Vice Presidents (one or more of whom may be designated Executive Vice President), a Secretary, and a Treasurer, and may include one or more Assistant Vice Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 5.11 hereof. The Board of Directors may elect, but shall not be required to elect, a Chair of the Board. [ MGCL, Section 2-412 ]

Section 5.02.Election, Term of Office and Qualifications: The officers of the Corporation (except those appointed pursuant to Section 5.11 hereof) shall be elected by the Board of Directors at its first meeting and thereafter at each annual meeting of the Board. If any officer or officers are not elected at any such meeting, such officer or officers may be elected at any subsequent regular or special meeting of the Board. Except as provided in Sections 5.03, 5.04, and 5.05 hereof, each officer elected by the Board of Directors shall hold office until the next annual meeting of the Board of Directors and until the officer’s successor shall have been chosen and qualified. Any person may hold two or more offices of the Corporation, except that neither the Chair of the Board, nor the President, may hold the office of Vice President, but no

person shall execute, acknowledge, or verify any instrument in more than one capacity if such instrument is required by law, the Articles of Incorporation, or these By-Laws to be executed, acknowledged, or verified by two or more officers. The Chair of the Board shall be selected from among the Directors of the Corporation and may hold such office only so long as the Chair continues to be a Director. No other officer need be a Director. [ MGCL, Sections 2-412, 2-413 and 2-415 ]

Section 5.03.Resignation: Any officer may resign from office at any time by delivering a written resignation to the Board of Directors, the President, the Secretary, or any Assistant Secretary. Unless otherwise specified therein, such resignation shall take effect upon delivery.

Section 5.04.Removal: Any officer may be removed from office by the Board of Directors whenever in the judgment of the Board of Directors the best interests of the Corporation will be served thereby. [ MGCL, Section 2-413(c) ]

Section 5.05.Vacancies and Newly Created Offices: If any vacancy shall occur in any office by reason of death, resignation, removal, disqualification or other cause, or if any new office shall be created, such vacancies or newly created offices may be filled by the Board of Directors at any meeting or, in the case of any office created pursuant to Section 5.11 hereof, by any officer upon whom such power shall have been conferred by the Board of Directors. [ MGCL, Section 2- 413(d) ]

Section 5.06.Chair of the Board: Unless otherwise provided by resolution of the Board of Directors, the Chair of the Board shall be selected from among the Directors who are not “interested persons” of the Corporation, as such term is defined in the Investment Company Act, and shall not be an officer of the Corporation. The Chair shall preside at all shareholders’ meetings and at all meetings of the Board of Directors. The Chair shall be exofficio a member of all standing committees of the Board of Directors, except for the Executive Committee. The Chair shall have such powers and perform such duties as may be assigned to the Chair from time to time by the Board of Directors, as consistent with the Chair’s position as non-executive Chair.

(Section 5.06. Chair of the Board, as amended July 25, 2018)

Section 5.07.President: Unless otherwise provided by resolution of the Board of Directors, the President shall have general charge of the business, affairs, property, and operation of the Corporation and its officers, employees, and agents. The President may sign certificates representing stock of the Corporation authorized for issuance by the Board of Directors. Except as the Board of Directors may otherwise order, the President may sign in the name and on behalf of the Corporation all deeds, bonds, contracts, or agreements. The President shall exercise such other powers and perform such other duties as from time to time may be assigned to the President by the Board of Directors. Without limiting the generality of the foregoing, the President shall not be the Principal Executive Officer (“PEO”) of the Corporation (and each of its separate funds, if applicable) for the purpose of performing specific obligations and accountabilities of the PEO as required under the Sarbanes-Oxley Act of 2002 and rules promulgated thereunder if another officer is appointed by resolution of the Board as the PEO for

such purpose.

(Section 5.07. President, as amended July 25, 2018)

Section 5.08.Vice President: The Board of Directors shall, from time to time, designate and elect one or more Vice Presidents (one or more of whom may be designated Executive Vice President) who shall have such powers and perform such duties as from time to time may be assigned to them by the Board of Directors or the President. At the request or in the absence or disability of the President, the Vice President (or, if there are two or more Vice Presidents, the Vice President in order of seniority of tenure in such office or in such other order as the Board of Directors may determine) may perform all the duties of the President and, when so acting, shall have all the powers of and be subject to all the restrictions upon the President. Any Vice President may sign (unless the Chair, the President, or another Vice President shall have signed) certificates representing stock of the Corporation authorized for issuance by the Board of Directors.

Section 5.09.Treasurer and Assistant Treasurers: The Treasurer shall be the principal financial and accounting officer of the Corporation and shall have general charge of the finances and books of account of the Corporation. Except as otherwise provided by the Board of Directors, the Treasurer shall have general supervision of the funds and property of the Corporation and of the performance by the custodian of its duties with respect thereto. The Treasurer may countersign (unless an Assistant Treasurer or Secretary or Assistant Secretary shall have countersigned) certificates representing stock of the Corporation authorized for issuance by the Board of Directors. The Treasurer shall render to the Board of Directors, whenever directed by the Board, an account of the financial condition of the Corporation and of all of the Treasurer’s transactions as Treasurer; and as soon as possible after the close of each fiscal year the Treasurer shall make and submit to the Board of Directors a like report for such fiscal year. The Treasurer shall cause to be prepared annually a full and correct statement of the affairs of the Corporation, including a balance sheet and a financial statement of operations for the preceding fiscal year, which shall be submitted at the annual meeting of shareholders and filed within twenty (20) days thereafter at the principal office of the Corporation. The Treasurer shall perform all the acts incidental to the office of the Treasurer, subject to the control of the Board of Directors. Any Assistant Treasurer may perform such duties of the Treasurer as the Treasurer or the Board of Directors may assign, and, in the absence of the Treasurer, an Assistant Treasurer may perform all the duties of the Treasurer.

Section 5.10.Secretary and Assistant Secretaries: The Secretary shall attend to the giving and serving of all notices of the Corporation and shall record all proceedings of the meetings of the shareholders and Directors in one or more books to be kept for that purpose. The Secretary shall keep in safe custody the seal of the Corporation and shall have charge of the records of the Corporation, including the stock books and such other books and papers as the Board of Directors may direct and such books, reports, certificates and other documents required by law to be kept, all of which shall at all reasonable times be open to inspection by any Director. The Secretary shall countersign (unless the Treasurer, an Assistant Treasurer or an Assistant Secretary shall have countersigned) certificates representing stock of the Corporation authorized for issuance by the Board of Directors. The Secretary shall perform such other duties

as appertain to the Secretary’s office or as may be required by the Board of Directors. Any Assistant Secretary may perform such duties of the Secretary as the Secretary or the Board of Directors may assign, and, in the absence of the Secretary, an Assistant Secretary may perform all the duties of the Secretary.

Section 5.11.Subordinate Officers: The Board of Directors from time to time may appoint such other officers or agents as it may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Board of Directors may determine. The Board of Directors from time to time may delegate to one or more officers or agents the power to appoint any such subordinate officers or agents and to prescribe their respective rights, terms of office, authorities, and duties. [ MGCL, Section 2-412(b) ]

Section 5.12.Remuneration: The salaries or other compensation of the officers of the Corporation shall be fixed from time to time by resolution of the Board of Directors, except that the Board of Directors may by resolution delegate to any person or group of persons the power to fix the salaries or other compensation of any subordinate officers or agents appointed in accordance with the provisions of Section 5.11 hereof.

ARTICLE VI

CUSTODY OF SECURITIES AND CASH

Section 6.01.Employment of a Custodian: The Corporation shall place and at all times maintain in the custody of a Custodian (including any sub-custodian for the Custodian) all funds, securities, and similar investments owned by the Corporation. The Custodian shall be a bank having an aggregate capital, surplus, and undivided profits of not less than $10,000,000. Subject to such rules, regulations, and orders as the Securities and Exchange Commission may adopt as necessary or appropriate for the protection of investors, the Corporation’s Custodian may deposit all or a part of the securities owned by the Corporation in a sub-custodian or sub-custodians situated within or without the United States. The Custodian shall be appointed and its remuneration fixed by the Board of Directors. [ Investment Company Act, Section 17(f) ]

Section 6.02.Central Certificate Service: Subject to such rules, regulations, and orders as the Securities and Exchange Commission may adopt as necessary or appropriate for the protection of investors, the Corporation’s Custodian may deposit all or any part of the securities owned by the Corporation in a system for the central handling of securities established by a national securities exchange or national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other person as may be permitted by the Commission, pursuant to which system all securities of any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities. [ Investment Company Act, Section 17(f) ]

Section 6.03.Cash Assets: The cash proceeds from the sale of securities and similar

investments and other cash assets of the Corporation shall be kept in the custody of a bank or banks appointed pursuant to Section 6.01 hereof, or in accordance with such rules and regulations or orders as the Securities and Exchange Commission may from time to time prescribe for the protection of investors, except that the Corporation may maintain a checking account or accounts in a bank or banks, each having an aggregate capital, surplus, and undivided profits of not less than $10,000,000, provided that the balance of such account or the aggregate balances of such accounts shall at no time exceed the amount of the fidelity bond, maintained pursuant to the requirements of the Investment Company Act and rules and regulations thereunder, covering the officers or employees authorized to draw on such account or accounts. [ Investment Company Act, Section 17(f) ]

Section 6.04.Free Cash Accounts: The Corporation may, upon resolution of its Board of Directors, maintain a petty cash account free of the foregoing requirements of this Article VI in an amount not to exceed $500, provided that such account is operated under the imprest system and is maintained subject to adequate controls approved by the Board of Directors over disbursements and reimbursements including, but not limited to, fidelity bond coverage for persons having access to such funds. [ Investment Company Act, Rule 17f-3 ]

Section 6.05.Action Upon Termination of Custodian Agreement: Upon resignation of a custodian of the Corporation or inability of a custodian to continue to serve, the Board of Directors shall promptly appoint a successor custodian, but in the event that no successor custodian can be found who has the required qualifications and is willing to serve, the Board of Directors shall call as promptly as possible a special meeting of the shareholders to determine whether the Corporation shall function without a custodian or shall be liquidated. If so directed by vote of the holders of a majority of the outstanding shares of stock of the Corporation, the custodian shall deliver and pay over all property of the Corporation held by it as specified in such vote.

ARTICLE VII

EXECUTION OF INSTRUMENTS, VOTING OF SECURITIES

Section 7.01.Execution of Instruments: All deeds, documents, transfers, contracts, agreements, requisitions or orders, promissory notes, assignments, endorsements, checks and drafts for the payment of money by the Corporation, and other instruments requiring execution by the Corporation shall be signed by the Chair, the President, a Vice President, or the Treasurer, or as the Board of Directors may otherwise, from time to time, authorize. Any such authorization may be general or confined to specific instances.

Section 7.02.Voting of Securities: Unless otherwise ordered by the Board of Directors, the Chair, the President, or any Vice President shall have full power and authority on behalf of the Corporation to attend and to act and to vote, or in the name of the Corporation to execute proxies to vote, at any meeting of shareholders of any company in which the Corporation

may hold stock. At any such meeting such officer shall possess and may exercise (in person or by proxy) any and all rights, powers, and privileges incident to the ownership of such stock. The Board of Directors may by resolution from time to time confer like powers upon any other person or persons. [ MGCL, Section 2-509 ]

ARTICLE VIII

CAPITAL STOCK

Section 8.01.Certificate of Stock:

(a)Certificates certifying the ownership of shares will not be issued for shares purchased or otherwise acquired after July 1, 1991. The ownership of shares, full or fractional, shall be recorded on the books of the Corporation or its agent. The record books of the Corporation as kept by the Corporation or its agent, as the case may be, shall be conclusive as to the number of shares held from time to time by each shareholder. The Corporation reserves the right to require the surrender of outstanding certificates if the Board of Directors so determines. [ MGCL, Section 2-210(c) ]

(b)Every certificate exchanged, surrendered for redemption or otherwise returned to the Corporation shall be marked “Cancelled” with the date of cancellation.

(Section 8.01. Certificate of Stock, as amended July 1, 1991)

Section 8.02.Transfer of Capital Stock:

(a)Shares of stock of the Corporation shall be transferable only upon the books of the Corporation kept for such purpose and, if one or more certificates representing such shares have been issued, upon surrender to the Corporation or its transfer agent or agents of such certificate or certificates duly endorsed, or accompanied by appropriate evidence of assignment, transfer, succession, or authority to transfer.

(b)The Corporation shall be entitled to treat the holder of record of any share of stock as the absolute owner thereof for all purposes, and accordingly shall not be bound to recognize any legal, equitable, or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by the statutes of the State of Maryland.

Section 8.03.Transfer Agents and Registrars: The Board of Directors may, from time to time, appoint or remove transfer agents and registrars of transfers of shares of stock of the Corporation, and it may appoint the same person as both transfer agent and registrar.

(Section 8.03. Transfer Agents and Registrars, as amended July 1, 1991)

Section 8.04.Transfer Regulations: The shares of stock of the Corporation may be freely transferred, and the Board of Directors may, from time to time, adopt lawful rules and regulations with reference to the method of transfer of the shares of stock of the Corporation.

Section 8.05.Fixing of Record Date: The Board of Directors may fix in advance a date as a record date for the determination of the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or to receive payment of any dividend or other distribution or allotment of any rights, or to exercise any rights in respect of any change, conversion, or exchange of stock, or for any other proper purpose, provided that such record date shall be a date not more than ninety (90) days nor, in the case of a meeting of shareholders, less than ten (10) days prior to the date on which the particular action, requiring such determination of shareholders, is to be taken. In such case, only such shareholders as shall be shareholders of record on the record date so fixed shall be entitled to such notice of, and to vote at, such meeting or adjournment, or to give such consent, or to receive payment of such dividend or other distribution, or to receive such allotment of rights, or to exercise such rights, or to take other action, as the case may be, notwithstanding any transfer of any shares on the books of the Corporation after any such record date. A meeting of shareholders convened on the date for which it was called may be adjourned from time to time without notice to a date not more than one hundred twenty (120) days after the original record date. [ MGCL, Section 2-511 ]

(Section 8.05. Fixing of Record Date, as amended October 17, 2011)

Section 8.06.Lost, Stolen or Destroyed Certificates: If a certificate for stock of the Corporation is alleged to have been lost, stolen or destroyed, no new certificate will be issued. Instead, ownership of the shares formerly represented by the lost, stolen or destroyed certificate shall be recorded on the books of the Corporation or its agent, in accordance with the provisions of Section 8.01 of the By-Laws. Before recording ownership of such shares, the Board of Directors, or any officer authorized by the Board, may, in its discretion, require the owner of the lost, stolen, or destroyed certificate (or the owner’s legal representative) to give the Corporation a bond or other indemnity, in such form and in such amount as the Board or any such officer may direct and with such surety or sureties as may be satisfactory to the Board of any such officer, sufficient to indemnify the Corporation against any claim that may be made against it on account of the alleged loss, theft, or destruction of any such certificate. [ MGCL, Section 2-213 ]

(Section 8.06. Lost, Stolen or Destroyed Certificates, as amended July 1, 1991)

ARTICLE IX

FISCAL YEAR, ACCOUNTANT

Section 9.01.Fiscal Year: The fiscal year of the Corporation and any series thereunder, as applicable, shall be any such period of twelve (12) calendar months as the Board

of Directors may by resolution prescribe.

(Section 9.01. Fiscal Year, as amended July 25, 2022)

Section 9.02.Accountant:

(a)The Corporation shall employ an independent public accountant or firm of independent public accountants for each series of the Corporation to examine the accounts of the Corporation with respect to such series and to sign and certify financial statements filed by the Corporation with respect to such series. The certificates and reports of the accountant(s) shall be addressed both to the Board of Directors and to the shareholders. The Corporation may employ a different accountant with respect to each series.

(b)A majority of the members of the Board of Directors who are not interested persons (as such term is defined in the Investment Company Act) of the Corporation shall select the accountant for each series, by vote cast in person, at any meeting held before the first annual shareholder’s meeting, and thereafter shall select the accountant for such series annually, by vote cast in person, at a meeting held within thirty (30) days before or after the beginning of the fiscal year of the Corporation, within thirty (30) days before the annual shareholders’ meeting for such series in that year, or within such other period of time as may be allowed under the Investment Company Act of 1940. Such selection shall be submitted for ratification or rejection at the next succeeding annual shareholders’ meeting for such series. If such meeting shall reject such selection, the accountant for such series shall be selected by a majority vote of the outstanding voting securities of such series of the Corporation, either at the meeting at which the rejection occurred or at a subsequent meeting of shareholders for such series called for the purpose.

(c)Any vacancy occurring between annual meetings, due to the resignation or termination of the accountant of a series, may be filled by the vote of a majority of those members of the Board of Directors who are not interested persons (as so defined) of the Corporation, cast in person at a meeting called for the purpose of voting on such action.

(d)The employment of the accountant of a series shall be conditioned upon the right of such series of the Corporation by a vote of a majority of the outstanding voting securities of such series at any meeting called for the purpose to terminate such employment forthwith without any penalty. [ Investment Company Act, Section 32(a) ]

ARTICLE X

INDEMNIFICATION AND INSURANCE

Section 10.01.Indemnification and Payment of Expenses in Advance: The Corporation shall indemnify any individual (“Indemnitee”) who is a present or former director, officer, employee, or agent of the Corporation, or who is or has been serving at the request of the

Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, who, by reason of the Indemnitee’s position was, is, or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (hereinafter collectively referred to as a “Proceeding”) against any judgments, penalties, fines, settlements, and reasonable expenses (including attorneys’ fees) incurred by such Indemnitee in connection with any Proceeding, to the fullest extent that such indemnification may be lawful under Maryland law. The Corporation shall pay any reasonable expenses so incurred by such Indemnitee in defending a Proceeding in advance of the final disposition thereof to the fullest extent that such advance payment may be lawful under Maryland law. Subject to any applicable limitations and requirements set forth in the Corporation’s Articles of Incorporation and in these By-Laws, any payment of indemnification or advance of expenses shall be made in accordance with the procedures set forth in Maryland law.

Notwithstanding the foregoing, nothing herein shall protect or purport to protect any Indemnitee against any liability to which the Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the Indemnitee’s office (“Disabling Conduct”).

Anything in this Article X to the contrary notwithstanding, no indemnification shall be made by the Corporation to any Indemnitee unless:

(a)there is a final decision on the merits by a court or other body before whom the Proceeding was brought that the Indemnitee was not liable by reason of Disabling Conduct; or

(b)in the absence of such a decision, there is a reasonable determination, based upon a review of the facts, that the Indemnitee was not liable by reason of Disabling Conduct, which determination shall be made by:

(i)the vote of a majority of a quorum of directors who are neither “interested persons” of the Corporation as defined in Section 2(a)(19) of the Investment Company Act, nor parties to the Proceeding; or

(ii) an independent legal counsel in a written opinion.

Anything in this Article X to the contrary notwithstanding, any advance of expenses by the Corporation to any Indemnitee shall be made only upon the undertaking by such Indemnitee to repay the advance unless it is ultimately determined that such Indemnitee is entitled to indemnification as above provided, and only if one of the following conditions is met:

(a)the Indemnitee provides a security for the Indemnitee’s undertaking; or

(b)the Corporation shall be insured against losses arising by reason of any lawful advances; or

(c)there is a determination, based on a review of readily available facts, that there is reason to believe that the Indemnitee will ultimately be found entitled to indemnification, which determination shall be made by:

(i)a majority of a quorum of directors who are neither “interested persons” of the Corporation as defined in Section 2(a)(19) of the Investment Company Act, nor parties to the Proceeding; or

(ii)an independent legal counsel in a written opinion.

Section 10.02.Insurance of Officers, Directors, Employees and Agents: To the fullest extent permitted by applicable Maryland law and by Section 17(h) of the Investment Company Act, as from time to time amended, the Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the Corporation, or who is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against any liability asserted against such person and incurred by such person in or arising out of such person’s position, whether or not the Corporation would have the power to indemnify such person against such liability. [ MGCL, Section 2- 418(k) ]

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

ARTICLE XI

AMENDMENTS

Section 11.01.General: Except as provided in Section 11.02 hereof, all By-Laws of the Corporation, whether adopted by the Board of Directors or the shareholders, shall be subject to amendment, alteration, or repeal, and new By-Laws may be made, by the affirmative vote of a majority of either:

(a)the holders of record of the outstanding shares of stock of the Corporation entitled to vote, at any annual or special meeting the notice or waiver of notice of which shall

have specified or summarized the proposed amendment, alteration, repeal, or new By-Law; or

(b)the Directors present at any regular or special meeting at which a quorum is present if the notice or waiver of notice thereof or material sent to the Directors in connection therewith on or prior to the last date for the giving of such notice under these By-Laws shall have specified or summarized the proposed amendment, alteration, repeal, or new By-Law.

Section 11.02.By Shareholders Only:

(a)No amendment of any section of these By-Laws shall be made except by the shareholders of the Corporation if the shareholders shall have provided in the By-Laws that such section may not be amended, altered, or repealed except by the shareholders.

(b)From and after the issue of any shares of the Capital Stock of the Corporation, no amendment of this Article XI shall be made except by the shareholders of the Corporation.

ARTICLE XII

MISCELLANEOUS

Section 12.01.Use of the Term “Annual Meeting:” The use of the term “annual meeting” in these By-Laws shall not be construed as implying a requirement that a shareholder meeting be held annually.

CAPS\Documents\Agreements\SPC Bylaws.doc

EX-99.G CUST AGREEMT

Custodian Agreement

This Agreement is made as of January 28, 1998 by and between each entity set forth on Appendix A hereto (as such Appendix A may be amended from time to time) which executes a copy of this Agreement (each referred to herein as the “Fund”), and State Street Bank and Trust Company, a Massachusetts trust company with its principal place of business at 225 Franklin Street, Boston, Massachusetts 02110 (the “Custodian”).

Witnesseth:

Whereas, each Fund desires to retain the Custodian to act as custodian of certain of the assets of the Fund, and the Custodian is willing to provide such to each Fund, upon the terms and conditions hereinafter set forth; and

Whereas, except as otherwise set forth herein, this Agreement is intended to supersede that certain custodian contract among the parties hereto dated September 28, 1987, as amended; and

Whereas, the Funds have retained Chase Manhattan Bank, N.A. to act as the Funds’ custodian with respect to the assets of each such Fund to be held outside of the United States of America (except as otherwise set forth in this Agreement) pursuant to a written custodian agreement (the “Foreign Custodian Agreement”),

Now, Therefore, in consideration of the mutual covenants and agreements hereinafter contained, each of the parties hereto agrees as follows:

Section 1.Employment of Custodian and Property to be Held by It.

Each Fund hereby employs the Custodian as the custodian of certain of its assets, including those securities it desires to be held within the United States of America (“domestic securities”) and those securities it desires to be held outside the United States of America (the “United States”) which are (i) not held on the Funds’ behalf by Chase Manhattan Bank, N.A. pursuant to the Foreign Custodian Agreement and (ii) described with greater particularity in Section 3 hereof (such securities shall be referred to herein as “foreign securities”). Each Fund agrees to deliver to the Custodian all domestic securities, foreign securities and cash owned by it from time to time, and all payments of income, payments of principal or capital distributions received by it with respect to securities held by it hereunder, and the cash consideration received by it for such new or treasury shares of capital stock of each Fund as may be issued or sold from time to time (“Shares”). The Custodian shall not be responsible for any property of any Fund held or received by such Fund (i) not delivered to the Custodian, or (ii) held in the custody of Chase Manhattan Bank N.A.

The Custodian is authorized to employ one or more sub-custodians located within the United States, provided that the Custodian shall have obtained the written acknowledgment of the Fund with respect to such employment. The Custodian is authorized to employ sub-custodians located outside the United States as noted on Schedule A attached hereto (as such Schedule A may be amended from time to time). The Custodian shall have no more or less responsibility or liability to any Fund on account of any actions or omissions of any sub-custodian so employed than any such sub- custodian has to the Custodian and shall not

release any sub-custodian from any responsibility or liability unless so agreed in writing by the Custodian and the applicable Fund. With the exception of State Street Bank and Trust Company (London branch), the Custodian shall not be liable for losses arising from the bankruptcy, insolvency or receivership of any sub-custodian located outside the United States.

Section 2.Duties of the Custodian with Respect to Property of the Funds Held By the Custodian in the United States.

Section 2.1Holding Securities. The Custodian shall hold and physically segregate for the account of each Fund all non-cash property to be held by it in the United States, including all domestic securities owned by the Fund other than (a) securities which are maintained pursuant to Section 2.9 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the United States Department of the Treasury and certain federal agencies (each, a “U.S. Securities System”) and (b) commercial paper of an issuer for which the Custodian acts as issuing and paying agent (“Direct Paper”) which is deposited and/or maintained in the Direct Paper system of the Custodian (the “Direct Paper System”) pursuant to Section 2.10.

Section 2.2Delivery of Investments. The Custodian shall release and deliver domestic investments owned by a Fund held by the Custodian or in a U.S. Securities System account of the Custodian or in the Custodian’s Direct Paper System account ("Direct Paper System Account") only upon receipt of Proper Instructions, which may be continuing instructions when agreed to by the parties, and only in the following cases:

1)Upon sale of such investments for the account of the Fund and receipt of payment therefor;

2)Upon the receipt of payment in connection with any repurchase agreement related to such investments entered into by the Fund;

3)In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.9 hereof;

4)To the depository agent in connection with tender or other similar offers for portfolio investments of the Fund;

5)To the issuer thereof or its agent when such investments are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

6)To the issuer thereof, or its agent, for transfer into the name of the Fund or into the name of any nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section 2.8 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian;

7)Upon the sale of such investments for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with usual "street delivery" custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such investments prior to receiving payment for such investments except as may arise from the Custodian’s own negligence or willful misconduct;

8)For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the investments of the issuer of such investments, or pursuant to provisions for conversion contained in such investments, or pursuant to any deposit agreement; provided that, in any such case, the new investments and cash, if any, are to be delivered to the Custodian;

9)In the case of warrants, rights or similar investments, the surrender thereof in the exercise of such warrants, rights or similar investments or the surrender of interim receipts or temporary investments for definitive investments; provided that, in any such case, the new investments and cash, if any, are to be delivered to the Custodian or against a receipt;

10)For delivery in connection with any loans of investments made on behalf of the Fund, but only against receipt of adequate collateral as agreed upon from time to time by the Fund or its duly-appointed agent (which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities, or such other property as the Fund may agree), except that in connection with any loans for which collateral is to be credited to the Custodian’s account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of investments owned by the Fund prior to the receipt of such collateral in the absence of the Custodian’s negligence or willful misconduct;

11)For delivery as security in connection with any borrowing by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed, except where additional collateral is required to secure a borrowing already made, subject to Proper Instructions, further securities may be released and delivered for that purpose;

12)For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker- dealer registered under the Securities Exchange Act of 1934 (the “Exchange Act”) and a member of The National Association of Securities Dealers, Inc. (“NASD”), relating to compliance with the rules of The Options Clearing Corporation, the rules of any registered national securities exchange or of any similar organization or organizations, or under the Investment Company Act of 1940, as amended from time to time (the “1940 Act”), regarding escrow or other arrangements in connection with transactions by the Fund;

13)For delivery in accordance with the provisions of any agreement among the Fund, the Custodian, and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, or under the 1940 Act, regarding account deposits in connection with transactions by the Fund;

14)Upon receipt of instructions from the transfer agent for the Fund (the “Transfer Agent”), for delivery to such Transfer Agent or to the holders of shares in connection with distributions in kind, as may be described from time to time in the Fund’s currently effective prospectus, statement of additional information or other offering documents (all, as amended, supplemented or revised from time to time, the “Prospectus”), in satisfaction of requests by holders of Shares for repurchase or redemption; and

15)For any other purpose, but only upon receipt of Proper Instructions specifying (a) the investments to be delivered, (b) setting forth the purpose for which such delivery is to be made, and (c) naming the person or persons to whom delivery of such investments shall be made.

Section 2.3Registration of Investments. Domestic investments held by the Custodian (other than bearer securities) shall be registered in the name of the Fund or in the name of any nominee of the Fund or of any nominee of the Custodian which nominee shall be assigned exclusively to the Fund, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered investment companies having the same investment adviser as the Fund, or in the name or nominee name of any agent appointed pursuant to Section 2.8 or in the name or nominee name of any sub- custodian appointed pursuant to Section 1. All securities accepted by the Custodian on behalf of the Fund under the terms of this Agreement shall be in good deliverable form. If, however, the Fund directs the Custodian to maintain securities in “street name”, the Custodian shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

Section 2.4Bank Accounts. The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of the Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Fund, other than cash maintained by the Fund in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Monies held by the Custodian for the Fund may be deposited by the Custodian to its credit as custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable in the performance of its duties hereunder; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act, and that each such bank or trust company and the funds to be deposited with each such bank or trust company shall be approved by vote of a majority of the board of directors or the board of trustees of the applicable Fund (as appropriate and in

each case, the “Board”). Such funds shall be deposited by the Custodian in its capacity as custodian and shall be withdrawable by the Custodian only in that capacity.

Section 2.5Collection of Income. Subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to United States registered investments held hereunder to which the Fund shall be entitled either by law or pursuant to custom in the investments business, and shall collect on a timely basis all income and other payments with respect to United States bearer investments if, on the date of payment by the issuer, such investments are held by the Custodian or its agent thereof and shall credit such income, as collected, to the Fund’s custodian account. Without limiting the generality of the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring presentation as and when they become due, collect interest when due on investments held hereunder, and receive and collect all stock dividends, rights and other items of like nature as and when they become due and payable. With respect to income due the Fund on United States investments of the Fund loaned (pursuant to the provisions of Section 2.2 (10)) in accordance with a separate agreement between the Fund and the Custodian in its capacity as lending agent, collection thereof shall be in accordance with the terms of such agreement. Except as otherwise set forth in the immediately preceding sentence, income due the Fund on United States investments of the Fund loaned pursuant to the provisions of Section 2.2 (10) shall be the responsibility of the Fund; the Custodian will have no duty or responsibility in connection therewith other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Fund is properly entitled.

Section 2.6Payment of Fund Monies. Upon receipt of Proper Instructions, which may be continuing instructions when agreed to by the parties, the Custodian shall, from monies of the Fund held by the Custodian, pay out such monies in the following cases only:

1)Upon the purchase of domestic investments, options, futures contracts or options on futures contracts for the account of the Fund but only (a) against the delivery of such investments, or evidence of title to such options, futures contracts or options on futures contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose in accordance with Section 2.8) registered in the name of the Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.10 hereof; or (d) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign, such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions;

2)In connection with conversion, exchange or surrender of investments owned by the Fund as set forth in Section 2.2 hereof;

3)For the redemption or repurchase of Shares as set forth in Section 4 hereof;

4)For the payment of any expense or liability incurred by the Fund, including but not limited to the following payments for the account of the Fund: interest, taxes, management fees, accounting fees, transfer agent fees, legal fees, and operating expenses of the Fund (whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses);

5)For the payment of any dividends declared by the Board;

6)For payment of the amount of dividends received in respect of investments sold short;

7)For repayment of a loan upon redelivery of pledged securities and upon surrender of the note(s), if any, evidencing the loan; or

8)In connection with any repurchase agreement entered into by the Fund with respect to which the collateral is held by the Custodian, the Custodian shall act as the Fund’s "securities intermediary"(as that term is defined in Part 5 of Article 8 of the Massachusetts Uniform Commercial Code, as amended), and, as securities intermediary, the Custodian shall take the following steps on behalf of the Fund: (a) provide the Fund with notification of the receipt of the purchased securities, and (b), by book-entry identify on the books of the Custodian as belonging to the Fund uncertificated securities registered in the name of the Fund and held in the Custodian’s account at the Federal Reserve Bank. In connection with any repurchase agreement entered into by the Fund with respect to which the collateral is not held by the Custodian, the Custodian shall (a) provide the Fund with such notification as it may receive with respect to such collateral, and (b), by book-entry or otherwise, identify as belonging to the Fund securities as shown in the Custodian’s account on the books of the entity appointed by the Fund to hold such collateral.

9)For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment, (b) setting forth the purpose for which such payment is to be made, and (c) naming the person or persons to whom such payment is to be made.

Section 2.7Liability for Payment in Advance of Receipt of Securities Purchased. In any and every case where payment for purchase of domestic securities for the account of the Fund is made by the Custodian in advance of receipt of thesecurities purchased in the absence of specific written instructions from the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian.

Section 2.8Appointment of Agents. The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other bank or trust company, which is itself qualified under the 1940 Act to act as a custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any such agent shall not relieve the Custodian of its responsibilities or liabilities hereunder.

Section 2.9Deposit of Investments in U.S. Securities Systems. The Custodian may deposit and/or maintain domestic investments owned by the Fund in a U.S. Securities System in accordance with applicable Federal Reserve Board and United States Securities and Exchange Commission (“SEC”) rules and regulations, if any, subject to the following provisions:

1)The Custodian may keep domestic investments of the Fund in a U.S. Securities System provided that such investments are represented in an account of the Custodian in the U.S. Securities System (“Account”) which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;

2)The records of the Custodian with respect to domestic investments of the Fund which are maintained in a U.S. Securities System shall identify by book-entry those investments belonging to the Fund;

3)The Custodian shall pay for domestic investments purchased for the account of the Fund upon (i) receipt of advice from the U.S. Securities System that such investments have been transferred to the Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. The Custodian shall transfer domestic investments sold for the account of the Fund upon (i) receipt of advice from the U.S. Securities System that payment for such investments has been transferred to the Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund. Copies of all advices from the U.S. Securities System of transfers of domestic investments for the account of the Fund shall identify the Fund, be maintained for the Fund by the Custodian and be provided to the Fund at its request. Upon request, the Custodian shall furnish the Fund confirmation of each transfer to or from the account of the Fund in the form of a written advice or notice and shall furnish to the Fund copies of daily transaction sheets reflecting each day’s transactions in the U.S. Securities System for the account of the Fund;

4)The Custodian shall provide the Fund with any report obtained by the Custodian on the U.S. Securities System’s accounting system, internal accounting control and procedures for safeguarding domestic investments deposited in the U.S. Securities System;

5)The Custodian shall have received from the Fund the initial or annual certificate, as the case may be, described in Section 10 hereof; and

6)Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from use of the U.S. Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees, or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the U.S. Securities System. At the election of the Fund, the Fund shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against the U.S. Securities System or any other person which the Custodian may have as a consequence of any such loss, expense or damage if and to the extent that the Fund has not been made whole for any such loss, expense or damage.

Section 2.10Fund Assets Held in the Direct Paper System. The Custodian may deposit and/or maintain investments owned by the Fund in the Direct Paper System subject to the following provisions:

1)No transaction relating to investments in the Direct Paper System will be effected in the absence of Proper Instructions;

2)The Custodian may keep investments of the Fund in the Direct Paper System only if such investments are represented in the Direct Paper System Account, which account shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;

3)The records of the Custodian with respect to investments of the Fund which are maintained in the Direct Paper System shall identify by book-entry those investments belonging to the Fund;

4)The Custodian shall pay for investments purchased for the account of the Fund upon the making of an entry on the records of the Custodian to reflect such payment and transfer of investments to the account of the Fund. The Custodian shall transfer investments sold for the account of the Fund upon the making of an entry on the records of the Custodian to reflect such transfer and receipt of payment for the account of the Fund;

5)The Custodian shall furnish the Fund confirmation of each transfer to or from the account of the Fund, in the form of a written advice or notice, of Direct Paper on the next business day following such transfer and shall furnish to the Fund copies of daily transaction sheets reflecting each day’s transaction in the Direct Paper System for the account of the Fund; and

6)The Custodian shall provide the Fund with any report on its system of internal accounting control as the Fund may reasonably request from time to time.

Section 2.11Segregated Account. The Custodian shall, upon receipt of Proper Instructions, establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or investments, including

investments maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund, (ii) for purposes of segregating cash or government investments in connection with options purchased, sold or written by the Fund or commodity futures contracts or options thereon purchased or sold by the Fund, (iii) for the purposes of compliance by the Fund with the procedures required by 1940 Act Release No. 10666, or any other procedures subsequently required under the 1940 Act relating to the maintenance of segregated accounts by registered investment companies, and (iv) for other purposes, but only, in the case of clause (iv) upon receipt of Proper Instructions specifying (a) the investments to be delivered, (b) setting forth the purpose for which such delivery is to be made, and (c) naming the person or persons to whom delivery of such investments shall be made.

Section 2.12Ownership Certificates for Tax Purposes. The Custodian shall execute ownership and other certificates and affidavits for all United States federal and state tax purposes in connection with receipt of income or other payments with respect to domestic investments of the Fund held by it hereunder and in connection with transfers of such investments.

Section 2.13Proxies. The Custodian shall, with respect to the domestic investments held hereunder, cause to be promptly executed by the registered holder of such investments, if the investments are registered otherwise than in the name of the Fund or a nominee of the Fund, all proxies without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials received by the Custodian and all notices received relating to such investments.

Section 2.14Communications Relating to Fund Investments. Subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the Fund all written information (including, without limitation, pendency of calls and maturities of domestic investments and expirations of rights in connection therewith and notices of exercise of call and put options written by the Fund and the maturity of futures contracts purchased or sold by the Fund) received by the Custodian in connection with the domestic investments being held for the Fund pursuant to this Agreement. With respect to tender or exchange offers, the Custodian shall transmit to the Fund all written information received by the Custodian, any agent appointed pursuant to Section 2.8 hereof, or any sub-custodian appointed pursuant to Section 1 hereof, from issuers of the domestic investments whose tender or exchange is sought and from the party (or his agents) making the tender or exchange offer. If the Fund desires to take action with respect to any tender offer, exchange offer or any other similar transaction, the Fund shall notify the Custodian at least two (2) New York Stock Exchange business days prior to the time such action must be taken under the terms of the tender, exchange offer or other similar transaction, and it will be the responsibility of the Custodian to timely transmit to the appropriate person(s) such notice. Where the Fund provides the Custodian with less than two (2) New York Stock Exchange business days notice of its desired action, the Custodian shall use its best efforts to timely transmit the Fund’s notice to

the appropriate person. It is expressly noted that the parties may agree to alternative procedures with respect to such two (2) New York Stock Exchange business days notice period on a selective and individual basis.

Section 2.15Reports to Fund by Independent Public Accountants. The Custodian shall provide the Fund, at such times as the Fund may reasonably require, with reports by independent public accountants on the accounting system, internal accounting control and procedures for safeguarding investments, futures contracts and options on futures contracts, including domestic investments deposited and/or maintained in a U.S. Securities System, relating to the services provided by the Custodian under this Agreement. Such reports shall be of sufficient scope and detail, as may reasonably be required by the Fund, to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and if there are no such inadequacies the reports shall so state.

Section 3.Duties of the Custodian with Respect to Certain Property of the Funds Held Outside of the United States

Section3.1Definitions. The following capitalized terms shall have the respective following meanings:

“Foreign Securities System” means a clearing agency or a securities depository listed on Schedule A hereto.

“Foreign Sub-Custodian” means a foreign banking institution set forth on Schedule A hereto.

Section3.2Holding Securities. The Custodian shall identify on its books as belonging to the Funds the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for all of its customers, including the Funds, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Funds which are maintained in such account shall identify those securities as belonging to the Funds and (ii) the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

Section 3.3Foreign Securities Systems. Foreign securities shall be maintained in a Foreign Securities System in a designated country only through arrangements implemented by the Foreign Sub-Custodian in such country pursuant to the terms of this Agreement.

Section3.4Transactions in Foreign Custody Account.

3.4.1.Delivery of Foreign Securities.The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Funds held by such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

(i)upon the sale of such foreign securities for the Funds in accordance with reasonable market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System in accordance with the rules governing the operation of the Foreign Securities System;

(ii)in connection with any repurchase agreement related to foreign securities;

(iii)to the depository agent in connection with tender or other similar offers for foreign securities of the Funds;

(iv)to the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable;

(v)to the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units;

(vi)to brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Foreign Sub- Custodian’s own negligence or willful misconduct;

(vii)for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement;

(viii)in the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;

(ix)or delivery as security in connection with any borrowing by the Funds requiring a pledge of assets by the Funds;

(x)in connection with trading in options and futures contracts, including delivery as original margin and variation margin;

(xi)in connection with the lending of foreign securities; and

(xii)for any other proper purpose, but only upon receipt of Proper Instructions specifying the foreign securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a

proper Fund purpose, and naming the person or persons to whom delivery of such securities shall be made.

3.4.2.Payment of Fund Monies.Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of a Fund in the following cases only:

(i)upon the purchase of foreign securities for the Fund, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System;

(ii)in connection with the conversion, exchange or surrender of foreign securities of the Fund;

(iii)for the payment of any expense or liability of the Fund, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, accounting fees, and other operating expenses;

(iv)for the purchase or sale of foreign exchange or foreign exchange contracts for the Fund, including transactions executed with or through the Custodian or its Foreign Sub-Custodians;

(v)in connection with trading in options and futures contracts, including delivery as original margin and variation margin;

(vii)in connection with the borrowing or lending of foreign securities; and

(viii)for any other proper Fund purpose, but only upon receipt of Proper Instructions specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper Fund purpose, and naming the person or persons to whom such payment is to be made.

3.4.3.Market Conditions. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for foreign securities received for the account of the Funds and delivery of foreign securities maintained for the account of the Funds may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering foreign securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such foreign securities from such purchaser or dealer.

Section3.5 Registration of Foreign Securities. The foreign securities maintained in the custody of a Foreign Custodian (other than bearer securities) shall be registered in the name of the applicable Fund or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities. The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of a Fund under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.

Section3.6Bank Accounts.A bank account or bank accounts opened and maintained outside the United States on behalf of a Fund with a Foreign Sub-Custodian shall be subject only to draft or order by the Custodian or such Foreign Sub-Custodian, acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Fund.

Section3.7Collection of Income. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the foreign securities held hereunder to which the Funds shall be entitled and shall credit such income, as collected, to the applicable Fund. In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.

Section3.8Proxies. With respect to the foreign securities held under this Section 3, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder proxy rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

Section3.9Communications Relating to Foreign Securities. The Custodian shall transmit promptly to the Fund written information (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith) received by the Custodian in connection with the foreign securities being held for the account of the Fund. With respect to tender or exchange offers, the Custodian shall transmit promptly to the Fund written information so received by the Custodian in connection with the foreign securities whose tender or exchange is sought or from the party (or its agents) making the tender or exchange offer.

Section 3.10Liability of Foreign Sub-Custodians and Foreign Securities Systems. Each agreement pursuant to which the Custodian employs as a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties and, to the extent possible, to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian’s performance of such obligations. At the Fund’s election, the Funds shall be entitled to be subrogatedto the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent

that the Funds have not been made whole for any such loss, damage, cost, expense, liability or claim.

Section3.11Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Fund or the Custodian as custodian of the Funds by the tax law of the United States or of any state or political subdivision thereof. It shall be the responsibility of the Fund to notify the Custodian of the obligations imposed on the Fund or the Custodian as custodian of the Funds by the tax law of countries set forth on Schedule A hereto, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which the Fund has provided such information.

Section 4.Payments for Repurchases or Redemptions and Sales of Shares.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares which have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of, and in accordance with, instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by the Fund to the holder of Shares, when presented to the Custodian in accordance with such written procedures and controls as may be mutually agreed upon from time to time between the Fund and the Custodian.

The Custodian shall receive from the distributor for the Shares or from the Transfer Agent and deposit to the account of the Fund such payments as are received by the distributor or the Transfer Agent, as the case may be, for Shares issued or sold from time to time. The Custodian will notify the Fund and the Transfer Agent of any payments for Shares received by it from time to time.

Section 5.Duties of Custodian with Respect to the Books of Account and Calculation of Net Asset Value and Net Income.

The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Board to keep the books of account of the Fund and/or compute the net asset value per Share of the outstanding Shares or, if directed in writing to do so by the Fund, shall itself keep such books of account and/ or compute such net asset value per Share. If so directed, the Custodian shall also (i) calculate daily the net income of the Fund as described in the Prospectus and shall advise the Fund and the Transfer Agent daily of the total amounts of such net income, and/ or (ii) advise the Transfer Agent periodically of the division of such net income among its various components. The calculations of the net asset value per share and the daily income of the Fund shall be made at the time or times described from time to time in the Prospectus.

Section 6.Proper Instructions.

“Proper Instructions,” as such term is used throughout this Agreement, means either (i) a writing, including a facsimile transmission, signed by one or more persons as set forth on, and in accordance with, an “Authorized Persons List,” as such term is defined herein (each such instruction a "Written Proper Instruction"), (ii) a “Client Originated Electronic Financial Instruction,” as such term is defined in the Data Access Services Addendum hereto, given in accordance with the terms of such Addendum, or (iii) instructions received by the Custodian from a third party in accordance with any three-party agreement which requires a segregated asset account in accordance with Section 2.11.

Each Written Proper Instruction shall set forth a brief description of the type of transaction involved (choosing from among the types of transactions set forth on the Authorized Persons List), including a specific statement of the purpose for which such action is requested, and any modification to a Written Proper Instruction must itself be a Written Proper Instruction and subject to all the provisions herein relating to Written Proper Instructions. The Fund will provide the Custodian with an "Authorized Persons List," which list shall set forth (a) the names of the individuals (each an “Authorized Person’) who are authorized by the Board to give Written Proper Instructions with respect to the transactions described therein, and (b) the number of Authorized Persons whose signature or approval, as the case may be, is necessary for the Custodian to be able to act in accordance with such Written Proper Instructions with respect to a particular type of transaction. The Custodian may accept oral instructions or instructions delivered via electronic mail as Proper Instructions if the Custodian reasonably believes such instructions to have been given by an Authorized Person or Persons (as appropriate to the type of transaction); provided, however, that in no event will instructions delivered orally or via electronic mail be considered Proper Instructions with respect to transactions involving the movement of cash, securities or other assets of a Fund. The Custodian shall be entitled to rely upon instructions given in accordance with an Authorized Persons List until it actually receives written notice from the Board of the applicable Fund to the contrary.

Section 7.Evidence of Authority.

Subject to Section 9 hereof, the Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonably and in good faith believed by it to be genuine and to have been properly executed by or on behalf of the Fund. The Custodian may receive and accept a copy of a vote of the Board, certified by the secretary or an assistant secretary of the applicable Fund, as conclusive evidence (a) of the authority of any person to act in accordance with such vote or (b) of any determination or of any action by the Board described in such vote, and such vote may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary.

Section 8.Actions Permitted without Express Authority.

The Custodian may in its discretion and without express authority from the Fund:

1)make payments to itself or others for minor expenses of handling investments or other similar items relating to its duties under this Agreement, provided that all such payments shall be accounted for to the Fund;

2)surrender investments in temporary form for investments in definitive form;

3)endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments; and

4)in general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the investments and property of the Fund except as otherwise directed by the Board.

Section 9.Responsibility of Custodian.

The Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement. Notwithstanding anything to the contrary herein, the Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, and it shall be kept indemnified by and shall be without liability to the Fund for any action taken or omitted by it in good faith without negligence. In order for the indemnification provision contained in this Section to apply, it is understood that if in any case the Fund may be asked by the Custodian to indemnify or hold the Custodian harmless, the Fund shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the Custodian will use reasonable care to identify, and notify the Fund promptly concerning, any situation which presents or appears likely to present the probability of such a claim for indemnification. The Fund shall have the option to defend the Custodian against any claim which may be the subject of a claim for indemnification hereunder, and in the event that the Fund so elects, it will notify the Custodian thereof and, thereupon, (i) the Fund shall take over complete defense of the claim and (ii) the Custodian shall initiate no further legal or other expenses with respect to such claim. The Custodian shall in no case confess any claim or make any compromise with respect to any claim for which it will seek indemnity from the Fund except with the Fund's prior written consent. Nothing herein shall be construed to limit any right or cause of action on the part of the Custodian under this Agreement which is independent of any right or cause of action on the part of the Fund. The Custodian shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Fund or other such counsel as agreed to by the parties) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall be entitled to rely upon, and shall have no duty of inquiry with respect to, the accuracy of any representation or warranty given to it by the Fund or any duly-authorized employee or agent thereof, and shall be without liability for any action reasonably taken or omitted by it in reliance thereon. Regardless of whether assets held pursuant to this Agreement are maintained in the custody of a foreign banking institution, a foreign securities depository, or a branch or affiliate of a U.S. bank, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim resulting from, or caused by, the direction of or authorization by the Fund to maintain custody of any securities or cash or other property of the Fund in a foreign country including, but not limited to, losses resulting from the nationalization or expropriation of assets, the imposition

of currency controls or restrictions, acts of war or terrorism or civil unrest, riots, revolutions, work stoppages, natural disasters or other similar events or acts.

Except as may arise from the Custodian’s own negligence or willful misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to the Fund for any loss, liability, claim or expense resulting from or caused by: (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions; (ii) errors by the Fund or its duly- appointed investment advisor in their instructions to the Custodian provided such instructions have been given in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian’s sub- custodian or agent securities purchased or in the remittance or payment made in connection with securities sold; (v) any delay or failure of any company, corporation or other body in charge of registering or transferring securities in the name of the Custodian, the Fund, the Custodian’s sub-custodians, nominees or agents, or any consequential losses arising out of such delay or failure to transfer such securities, including non-receipt of bonus, dividends and rights and other accretions or benefits; (vi) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; and (vii) changes to any provision of any present or future law or regulation or order of the United States, or any state thereof, or of any other country or political subdivision thereof, or any order of any court of competent jurisdiction.

The Custodian shall be liable for the acts or omissions of a foreign banking institution acting as a sub-custodian hereunder to the same extent as set forth with respect to sub-custodians generally in this Agreement.

If the Fund requires the Custodian to take any action with respect to investments, which action involves the payment of money or which action may, in the reasonable opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund being liable for the payment of money or incurring liability of some other form, the Fund, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

If the Custodian, or any of its affiliates, subsidiaries or agents, advances cash or investments to the Fund for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee’s own negligent action, negligent failure to act or willful misconduct, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail to repay the Custodian promptly the Custodian shall be entitled to utilize available cash and to dispose of the Fund assets to the extent necessary to obtain reimbursement, provided that the Custodian gives the Fund reasonable notice to repay such cash or securities advanced, and provided further that such notice requirement shall not preclude the Custodian’s right to assert and execute on such lien.

Except as may arise from the Custodian’s own negligence or willful misconduct, or the negligence or willful misconduct of a subcustodian or agent appointed by the Custodian, the Fund agrees to indemnify and hold the Custodian harmless from and against any and all costs, expenses, losses, damages, charges, reasonable counsel fees, payments and liabilities which may be asserted against the Custodian (i) acting in accordance with any Proper Instruction, or (ii) for any acts or omissions of Chase Manhattan Bank N.A.

Notwithstanding any provision herein to the contrary, to the extent the Custodian is found to be liable hereunder for any loss, liability, claim, expense or damage, the Custodian shall be liable only for such loss, liability, claim, expense or damage which was reasonably foreseeable.

Section 10.Effective Period, Termination and Amendment.

This Agreement shall become effective as of the date of its execution, shall continue in full force and effect until terminated as hereinafter provided, may be amended at any time by mutual agreement of the parties hereto, and may be terminated by either party by an instrument in writing delivered or mailed, postage prepaid to the other party, such termination to take effect not sooner than thirty (30) days after the date of such delivery or mailing in the case of a termination by the Fund, and not sooner than one hundred eighty (180) days after the date of such delivery or mailing in the case of termination by the Custodian; provided, however that the Custodian shall not act under Section 2.9 hereof in the absence of receipt of an initial certificate of a Fund’s secretary, or an assistant secretary thereof, that the Board has approved the initial use of a particular U.S. Securities System, as required by the 1940 Act or any applicable Rule thereunder, and that the Custodian shall not act under Section 2.10 hereof in the absence of receipt of an initial certificate of a Fund’s secretary, or an assistant secretary thereof, that the Board has approved the initial use of the Direct Paper System; provided further, however, that the Fund shall not amend or terminate this Agreement in contravention of any applicable federal or state regulations, or any provision of the Fund’s articles of incorporation, agreement of trust, by-laws and/or registration statement (as applicable, the "Governing Documents"); and further provided that the Fund may at any time by action of its Board (i) substitute another bank or trust company for the Custodian by giving notice as described above to the Custodian, or (ii) immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by the United States Comptroller of the Currency or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

Upon termination of the Agreement, the Fund shall pay to the Custodian such compensation as may be due as of the date of such termination and shall likewise reimburse the Custodian for its reasonable costs, expenses and disbursements, provided that the Custodian shall not incur any costs, expenses or disbursements specifically in connection with such termination unless it has received prior approval from the Fund, such approval not to be unreasonably withheld.

Section 11.Successor Custodian.

If a successor custodian shall be appointed by the Board, the Custodian shall, upon termination, deliver to such successor custodian at the offices of the Custodian, duly endorsed and in the form for transfer, all investments and other properties then held by it hereunder, and shall transfer to an account of the successor custodian all of the Fund’s investments held in a Securities System. If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of a copy of a vote of the Board, certified by the secretary or an assistant secretary of the applicable Fund, deliver at the offices of the Custodian and transfer such investments, funds and other properties in accordance with such vote. In the event that no written order designating a successor custodian or certified copy of a vote of the Board shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection and having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $100,000,000, all property held by the Custodian under this Agreement and to transfer to an account of such successor custodian all of the Fund’s investments held in any Securities System; thereafter, such bank or trust company shall be the successor of the Custodian under this Agreement.

In the event that any property held pursuant to this Agreement remains in the possession of the Custodian after the date of termination hereof owing to failure of the Fund to procure the certified copy of the vote referred to or of the Board to appoint a successor custodian, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such property, and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect.

Section 12.General.

Section 12.1Compensation of Custodian. The Custodian shall be entitled to compensation for its services and reimbursement of its expenses as Custodian as agreed upon from time to time between the Fund and the Custodian.

Section 12.2Massachusetts Law to Apply. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

Section 12.3Records. The Custodian shall create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of the Fund under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Fund and employees and agents of the SEC. The Custodian shall, at the Fund’s request, supply the Fund with a tabulation of investments owned by the Fund and held by the Custodian hereunder, and shall, when requested to do so by an officer of the Fund, and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations.

Section 12.4Opinion of Fund’s Independent Accountant. The Custodian shall take all reasonable action as the Fund may from time to time request to obtain from year to year favorable opinions from the Fund’s independent accountants with respect to its activities hereunder in connection with the preparation of the Fund’s Form N-1A, the preparation of the Fund’s Form N-SAR, the preparation of any other annual reports to the SEC with respect to the Fund, and with respect to any other requirements of the SEC.

Section 12.5Interpretive and Additional Provisions. In connection with the operation of this Agreement, the Custodian and the Fund may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by both parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of the Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

Section 12.6Bond. The Custodian shall at all times maintain a bond in such form and amount as is acceptable to the Fund, whichshall be issued by a reputable fidelity insurance company authorized to do business in the place where such bond is issued, against larceny and embezzlement, covering each officer and employee of the Custodian who may, singly or jointly with others, have access to securities or funds of the Fund, either directly or through authority to receive and carry out any certificate instruction, order request, note or other instrument required or permitted by this Agreement. The Custodian agrees that it shall not cancel, terminate or modify such bond insofar as it adversely affects the Fund except after written notice given to the Fund not less than 10 days prior to the effective date of such cancellation, termination or modification. The Custodian shall, upon request, furnish to the Fund a copy of each such bond and each amendment thereto.

Section 12.7Confidentiality. The Custodian agrees to treat all records and other information relative to the Fund and its prior, present or future shareholders as confidential, and the Custodian, on behalf of itself and its employees, agrees to keep confidential all such information except, after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities, or when so requested by the Fund.

Section 12.8Exemption from Lien. Except as set forth in Section 9 hereof, the securities and other assets held by the Custodian hereunder shall not be subject to lien or charge of any kind in favor of the Custodian or any person claiming through the Custodian. Nothing herein shall be deemed to deprive the Custodian of its right to invoke any and all remedies available at law or equity to collect amounts due it under this Agreement.

Section 12.9Assignment. This Agreement may not be assigned by either party without the written consent of the other, except that either party may assign its rights and obligations hereunder to a party controlling, controlled by, or under common control with such party.

Section 12.10 Prior Agreements. Without derogating the rights established thereunder prior to the date of this Agreement, this Agreement supersedes and terminates, as of the date hereof, all prior agreements between the Fund and the Custodian relating to the custody of Fund assets.

Section 12.11 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute but one and the same Agreement.

Section 12.12 Notices. Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To any Fund: c/o T. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore, Maryland 21202 Attention: Carmen Deyesu Telephone: 410-345-6658 Telecopy: 410-685-8827/8830

To the Custodian: State Street Bank and Trust Company 1776 Heritage Drive North Quincy, Massachusetts 02171, U.S.A. Attention: Carol C. Ayotte Telephone: 617-985-6894 Telecopy: 617-537-6321

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of cable twenty-four hours after dispatch and, in the case of telex, immediately on dispatch and if delivered outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable, telex or telecopy on the business day after the receipt thereof. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

Section 12.13 Entire Agreement. This Agreement (including all schedules, appendices, exhibits and attachments hereto) constitutes the entire Agreement between the parties with respect to the subject matter hereof.

Section 12.14 Headings Not Controlling. Headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement.

Section 12.15 Survival. All provisions regarding indemnification, confidentiality, warranty, liability and limits thereon shall survive following the expiration or termination of this Agreement.

Section 12.16 Severability. In the event any provision of this Agreement is held illegal, void or unenforceable, the balance shall remain in effect.

Section 12.17 The Parties. All references herein to the "Fund" are to each of the funds listed on Appendix A hereto individually, as if this Agreement were between such individual Fund and the Custodian. In the case of a series fund or trust, all references to the "Fund" are to the individual series or portfolio of such fund or trust, or to such fund or trust on behalf of the individual series or portfolio, as appropriate. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains. Each Fund hereby represents and warranties that (i) it has the requisite power and authority under applicable laws and its Governing Documents to enter into and perform this Agreement, (ii) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement, and (iii) its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

Section 12.18 Directors and Trustees. It is understood and is expressly stipulated that neither the holders of Shares nor any member of the Board be personally liable hereunder. Whenever reference is made herein to an action required to be taken by the Board, such action may also be taken by the Board’s executive committee.

Section 12.19 Massachusetts Business Trust. With respect to any Fund which is a party to this Agreement and which is organized as a Massachusetts business trust, the term “Fund” means and refers to the trustees from time to time serving under the applicable trust agreement of such trust, as the same may be amended from time to time (the ‘Declaration of Trust”). It is expressly agreed that the obligations of any such Fund hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the Fund personally, but bind only the trust property of the Fund as set forth in the applicable Declaration of Trust. In the case of each Fund which is a Massachusetts business trust (in each case, a “Trust”), the execution and delivery of this Agreement on behalf of the Trust has been authorized by the trustees, and signed by an authorized officer, of the Trust, in each case acting in such capacity and not individually, and neither such authorization by the trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually, but shall bind only the trust property of the Trust as provided in its Declaration of Trust.

Section 12.20 Reproduction of Documents. This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 12.21 Shareholder Communications Election. SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs the Fund to indicate whether it authorizes the Custodian to provide the Fund’s name, address, and share position to requesting companies whose securities the Fund owns. If the Fund tells the Custodian

“no”, the Custodian will not provide this information to requesting companies. If the Fund tells the Custodian “yes” or does not check either “yes” or “no” below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For the Fund’s protection, the Rule prohibits the requesting company from using the Fund’s name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES [ ]The Custodian is authorized to release the Fund’s name, address, and share positions.

NO [X]The Custodian is not authorized to release the Fund’s name, address, and share positions.

DATA ACCESS SERVICES ADDENDUM TO CUSTODIAN AGREEMENT

Addendum to the Custodian Agreement (as defined below) between each fund listed on Appendix A to the Custodian Agreement, as such Appendix A is amended from time to time (each such fund listed on Appendix A shall be individually referred to herein as the “Fund”), and State Street Bank and Trust Company (“State Street”).

PREAMBLE

WHEREAS, State Street has been appointed as custodian of certain assets of the Fund pursuant to a certain Custodian Agreement (the “Custodian Agreement”) dated as of January 28, 1998, and amended thereafter from time to time;

WHEREAS, State Street has developed and utilizes proprietary accounting and other systems, including State Street’s proprietary Multicurrency HORIZON^R Accounting System, in its role as custodian of the Fund, and maintains certain Fund-related data (“Fund Data”) in databases under the control and ownership of State Street (the “Data Access Services”); and

WHEREAS, State Street makes available to the Fund (and certain of the Fund’s agents as set forth herein)certain Data Access Services solely for the benefit of the Fund, and intends to provide additional services, consistent with the terms and conditions of this Addendum.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the parties agree as follows:

1.SYSTEM AND DATA ACCESS SERVICES

a.System. Subject to the terms and conditions of this Addendum and solely for the purpose of providing access to Fund Data as set forth herein, State Street hereby agrees to provide the Fund, or certain third parties approved by State Street that serve as the Fund’s investment advisors, investment managers or fund accountants (the “Fund Accountants”) or as the Fund’s independent auditors (the “Auditor”), with access to State Street’s Multicurrency HORIZON^R Accounting System and the other information systems described in Attachment A (collectively, the “System”) on a remote basis solely on the computer hardware, system software and telecommunication links described in Attachment B (the “Designated Configuration”) or on any designated substitute or back-up equipment configuration consented to in writing by State Street, such consent not to be unreasonably withheld.

b.Data Access Services. State Street agrees to make available to the Fund the Data Access Services subject to the terms and conditions of this Addendum and such data access operating standards and procedures as may be issued by State Street from time to time. The Fund shall be able to access the System to (i) originate electronic instructions to State Street in order to (a) effect the transfer or movement of cash or securities held under custody by State Street or (b) transmit accounting or other information (the transactions described in (i)(a) and (i)(b) above are referred to herein as “Client Originated Electronic Financial Instructions”), and (ii) access data for the purpose of reporting and analysis, which shall all be deemed to be Data Access Services for purposes of this Addendum.

c.Additional Services. State Street may from time to time agree to make available to the Fund additional Systems that are not described in the attachments to this Addendum. In the absence of any other written agreement concerning such additional systems, the term “System” shall include, and this Addendum shall govern, the Fund’s access to and use of any additional System made available by State Street and/or accessed by the Fund.

2.NO USE OF THIRD PARTY SYSTEMS-LEVEL SOFTWARE

State Street and the Fund acknowledge that in connection with the Data Access Services provided under this Addendum, the Fund will have access, through the Data Access Services, to Fund Data and to functions of State Street’s proprietary systems; provided, however that in no event will the Fund have direct access to any third party systems-level software that retrieves data for, stores data from, or otherwise supports the System.

3.LIMITATION ON SCOPE OF USE

a.Designated Equipment; Designated Locations. The System and the Data Access Services shall be used and accessed solely on and through the Designated Configuration at the offices of the Fund or the Fund Accountants in Baltimore, Maryland or Owings Mills, Maryland (“Designated Locations”).

b.Designated Configuration; Trained Personnel. State Street and the Fund shall be responsible for supplying, installing and maintaining the Designated Configuration at the Designated Locations. State Street and the Fund agree that each will engage or retain the services of trained personnel to enable both parties to perform their respective obligations under this Addendum. State Street agrees to use commercially reasonable efforts to maintain the System so that it remains serviceable, provided, however, that State Street does not guarantee or assure uninterrupted remote access use of the System.

c.Scope of Use. The Fund will use the System and the Data Access Services only for the processing of securities transactions, the keeping of books of account for the Fund and accessing data for purposes of reporting and analysis. The Fund shall not, and shall cause its employees and agents not to (i) permit any unauthorized third party to use the System or the Data Access Services, (ii) sell, rent, license or otherwise use the System or the Data Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Data Access Services for any fund, trust or other investment vehicle), other than as set forth herein, without the prior written consent of State Street, (iv) allow access to the System or the Data Access Services through terminals or any other computer or telecommunications facilities located outside the Designated Locations, (v) allow or cause any information (other than portfolio holdings, valuations of portfolio holdings, and other information reasonably necessary for the management or distribution of the assets of the Fund) transmitted from State Street’s databases, including data from third party sources, available through use of the System or the Data Access Services to be redistributed or retransmitted to another computer, terminal or other device for other than use for or on behalf of the Fund or (vi) modify the System in any way, including without limitation developing any software for or attaching any devices or computer programs to any equipment, system, software or database which forms a part of or is resident on the Designated Configuration.

d.Other Locations. Except in the event of an emergency or of a planned System shutdown, the Fund’s access to services performed by the System or to Data Access Services at the Designated Locations may be transferred to a different location only upon the prior written consent of State Street. In the event of an emergency or System shutdown, the Fund may use any back-up site included in the Designated Configuration or any other back-up site agreed to by State Street, which agreement will not be unreasonably withheld. The Fund may secure from State Street the right to access the System or the Data Access Services through computer and telecommunications facilities or devices complying with the Designated Configuration at additional locations only upon the prior written consent of State Street and on terms to be mutually agreed upon by the parties.

e.Title. Title and all ownership and proprietary rights to the System, including any enhancements or modifications thereto, whether or not made by State Street, are and shall remain with State Street.

f.No Modification. Without the prior written consent of State Street, the Fund shall not modify, enhance or otherwise create derivative works based upon the System, nor shall the Fund reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

g.Security Procedures. The Fund shall comply with data access operating standards and procedures and with user identification or other password control requirements and other security procedures as may be issued from time to time by State Street for use of the System on a remote basis and to access the Data Access Services. The Fund shall have access only to the Fund Data and authorized transactions agreed upon from time to time by State Street and, upon notice from State Street, the Fund shall discontinue remote use of the System and access to Data Access Services for any security reasons cited by State Street; provided, that, in such event, State Street shall, for a period not less than 180 days (or such other shorter period specified by the Fund) after such discontinuance, assume responsibility to provide accounting services under the terms of the Custodian Agreement.

h. Inspections. State Street shall have the right to inspect the use of the System and the Data Access Services by the Fund, the Fund Accountants and the Auditor to ensure compliance with this Addendum. The on-site inspections shall be upon prior written notice to Fund, the Fund Accountants and the Auditor and at reasonably convenient times and frequencies so as not to result in an unreasonable disruption of the Fund’s or the Fund Accountants’ or the Auditor respective businesses.

4.PROPRIETARY INFORMATION

a.Proprietary Information. The Fund acknowledges and State Street represents that the System and the databases, computer programs, screen formats, report formats, interactive design techniques, documentation and other information made available to the Fund by State Street as part of the Data Access Services and through the use of the System constitute copyrighted, trade secret, or other proprietary information of substantial value to State Street. Any and all such information provided by State Street to the Fund shall be deemed proprietary and confidential information of State Street (hereinafter “Proprietary Information”). The Fund agrees that it will hold such Proprietary Information in the strictest confidence and secure and protect it in a manner consistent with its own procedures for the protection of its own confidential information and to take appropriate action by instruction or agreement with its employees or agents who are permitted access to the Proprietary Information to satisfy its obligations hereunder. The Fund further acknowledges that State Street shall not be required to provide the Fund Accountants or the Auditor with access to the System unless it has first received from the Fund Accountants and the Auditor an undertaking with respect to State Street’s Proprietary Information in the form of Attachment C and/or Attachment C-1 to this Addendum. The Fund shall use all commercially reasonable efforts to assist State Street in identifying and preventing any unauthorized use, copying or disclosure of the Proprietary Information or any portions thereof or any of the logic, formats or designs contained therein.

b.Cooperation. Without limitation of the foregoing, the Fund shall advise State Street immediately in the event the Fund learns or has reason to believe that any person to whom the Fund has given access to the Proprietary Information, or any portion thereof, has violated or intends to violate the terms of this Addendum, and the Fund will, at its reasonableexpense, cooperate with State Street in seeking injunctive or other equitable relief in the name of the Fund or State Street against any such person.

c.Injunctive Relief. The Fund acknowledges that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street inadequately compensable in damages at law. In addition, State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

d.Survival. The provisions of this Section 4 shall survive the termination of this Addendum.

5.LIMITATION ON LIABILITY

a.Standard of Care and Limitation on Amount and Time for Bringing Action. State Street shall be held to a standard of reasonable care with respect to all of its duties and obligations under this Addendum. The Fund agrees that any liability of State Street to the Fund or any third party arising with respect to the System or State Street’s provision of Data Access Services under this Data Access Services Addendum shall be limited to the amount paid by the Fund for the preceding 24 months for such services. The foregoing limitation shall relate solely to State Street’s provision of the Data Access Services pursuant to this Addendum and is not intended to limit State Street’s responsibility to perform in accordance

with the Custodian Agreement, including its duty to act in accordance with Proper Instructions. In no event shall State Street be liable to the Fund or any other party pursuant to this Addendum for any special, indirect, punitive or consequential damages even if advised of the possibility of such damages. No action, regardless of form, arising out of the terms of this Addendum may be brought by the Fund more than two years after the Fund has knowledge that the cause of action has arisen.

b.Limited Warranties. NO OTHER WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, ARE MADE BY STATE STREET.

c.Third-Party Data. Organizations from which State Street may obtain certain data included in the System or the Data Access Services are solely responsible for the contents of such data, and State Street shall have no liability for claims arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof.

d.Regulatory Requirements. As between State Street and the Fund, the Fund shall be solely responsible for the accuracy of any accounting statements or reports produced using the Data Access Services and the System and the conformity thereof with any requirements of law.

e.Force Majeure. Neither party shall be liable for any costs or damages due to delay or nonperformance under this Data Access Services Addendum arising out of any cause or event beyond such party’s control, including, without limitation, cessation of services hereunder or any damages resulting therefrom to the other party as a result of work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action, or communication disruption.

6.INDEMNIFICATION

The Fund agrees to indemnify and hold State Street harmless from any loss, damage or expense including reasonable attorney’s fees, (a “loss”) suffered by State Street arising from (i) the negligence or willful misconduct in the use by the Fund of the Data Access Services or the System, including any loss incurred by State Street resulting from a security breach at the Designated Locations or committed by the Fund’s employees or agents or the Fund Accountants or the and Auditor, and (ii) any loss resulting from incorrect Client Originated Electronic Financial Instructions. State Street shall be entitled to rely on the validity and authenticity of Client Originated Electronic Financial Instructions without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by State Street from time to time.

7.FEES

Fees and charges for the use of the System and the Data Access Services and related payment terms shall be as set forth in the custody fee schedule in effect from time to time between the parties (the “Fee Schedule”). Any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and

personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street) shall be borne by the Fund. Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

8.TRAINING, IMPLEMENTATION AND CONVERSION

a.Training. State Street agrees to provide training, at a designated State Street training facility or at the Designated Locations, to the Fund’s personnel in connection with the use of the System on the Designated Configuration. The Fund agrees that it will set aside, during regular business hours or at other times agreed upon by both parties, sufficient time to enable all operators of the System and the Data Access Services, designated by the Fund, to receive the training offered by State Street pursuant to this Addendum.

b.Installation and Conversion. State Street and the Fundshall be responsible for the technical installation and conversion (“Installation and Conversion”) of the Designated Configuration. The Fund shall have the following responsibilities in connection with Installation and Conversion of the System:

(i)The Fund shall be solely responsible for the timely acquisition and maintenance of the hardware and software that attach to the Designated Configuration in order to use the Data Access Services at the Designated Locations, and

(ii)State Street and the Fund each agree that they will assign qualified personnel to actively participate during the Installation and Conversion phase of the System implementation to enable both parties to perform their respective obligations under this Addendum.

9.SUPPORT

During the term of this Addendum, State Street agrees to provide the support services set out in Attachment D to this Addendum.

10.TERM

a.Term. This Addendum shall become effective on the date of its execution by State Street and shall remain in full force and effect until terminated as herein provided.

b.Termination. Either party may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days’ prior written notice in the case of notice of termination by State Street to the Fund or thirty (30) days’ notice in the case of notice from the Fund to State Street of termination; or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. In the event the Fund shall cease doing business, shall become subject to proceedings under the bankruptcy laws (other than a petition for reorganization or similar proceeding) or shall be adjudicated bankrupt, this Addendum and the rights granted hereunder shall, at the option of State Street, immediately terminate with

notice to the Fund. This Addendum shall in any event terminate as to any Fund within ninety (90) days after the termination of the Custodian Agreement.

c.Termination of the Right to Use. Upon termination of this Addendum for any reason, any right to use the System and access to the Data Access Services shall terminate and the Fund shall immediately cease use of the System and the Data Access Services. Immediately upon termination of this Addendum for any reason, the Fund shall return to State Street all copies of documentation and other Proprietary Information in its possession; provided, however, that in the event that either party terminates this Addendum or the Custodian Agreement for any reason other than the Fund’s breach, State Street shall provide the Data Access Services for a period of time and at a price to be agreed upon in writing by the parties.

11.MISCELLANEOUS

a.Year 2000. State Street will take all steps necessary to ensure that its products (and those of its third-party suppliers) reflect the available state of the art technology to offer products that are Year 2000 compliant, including, but not limited to, century recognition of dates, calculations that correctly compute same century and multi-century formulas and date values, and interface values that reflect the date issues arising between now and the next one-hundred years. If any changes are required, State Street will make the changes to its products at no cost to the Fund and in a commercially reasonable time frame and will require third- party suppliers to do likewise.

b.Assignment; Successors. This Addendum and the rights and obligations of the Fund and State Street hereunder shall not be assigned by either party without the prior written consent of the other party, except that State Street may assign this Addendum to a successor of all or a substantial portion of its business, or to a party controlling, controlled by, or under common control with State Street.

c.Survival. All provisions regarding indemnification, warranty, liability and limits thereon, and confidentiality and/or protection of proprietary rights and trade secrets shall survive the termination of this Addendum.

d.Entire Agreement. This Addendum and the attachments hereto constitute the entire understanding of the parties hereto with respect to the Data Access Services and the use of the System and supersedes any and all prior or contemporaneous representations or agreements, whether oral or written, between the parties as such may relate to the Data Access Services or the System, and cannot be modified or altered except in a writing duly executed by the parties. This Addendum is not intended to supersede or modify the duties and liabilities of the parties hereto under the Custodian Agreement or any other agreement between the parties hereto except to the extent that any such agreement specifically refers to the Data Access Services or the System. No single waiver or any right hereunder shall be deemed to be a continuing waiver.

e.Severability. If any provision or provisions of this Addendum shall be held to be invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

f.Governing Law. This Addendum shall be interpreted and construed in accordance with the internal laws of The Commonwealth of Massachusetts without regard to the conflict of laws provisions thereof.

ATTACHMENT A

Multicurrency HORIZON^®Accounting System

System Product Description

I.The Multicurrency HORIZON^R Accounting System is designed to provide lot level portfolio and general ledger accounting for SEC and ERISA type requirements and includes the following services: 1) recording of general ledger entries; 2) calculation of daily income and expense; 3) reconciliation of daily activity with the trial balance, and 4) appropriate automated feeding mechanisms to (i) domestic and international settlement systems, (ii) daily, weekly and monthly evaluation services, (iii) portfolio performance and analytic services, (iv) customer’s internal computing systems and (v) various State Street provided information services products.

II.GlobalQuest^R GlobalQuest^R is designed to provide customer access to the following information maintained on The Multicurrency HORIZON^R Accounting System: 1) cash transactions and balances; 2) purchases and sales; 3) income receivables; 4) tax refund; 5) daily priced positions; 6) open trades; 7) settlement status; 8) foreign exchange transactions; 9) trade history; and 10) daily, weekly and monthly evaluation services.

III.HORIZON^R Gateway. HORIZON^R Gateway provides customers with the ability to (i) generate reports using information maintained on the Multicurrency HORIZON^R Accounting System which may be viewed or printed at the customer’s location; (ii) extract and download data from the Multicurrency HORIZONR Accounting System; and (iii) access previous day and historical data. The following information which may be accessed for these purposes: 1) holdings; 2) holdings pricing; 3) transactions, 4) open trades; 5) income; 6) general ledger and 7) cash.

IV.State Street Interchange. State Street Interchange is an open information delivery architecture wherein proprietary communication products, data formats and workstation tools are replaced by industry standards and is designed to enable the connection of State Street’s network to customer networks, thereby facilitating the sharing of information.

ATTACHMENT C

Undertaking

(Fund Accountants)

The undersigned understands that in the course of its employment as Fund Accountant to each fund listed on Appendix A (as amended from time to time) to that certain Custodian Agreement dated as of January 28, 1998 (the “Fund”), it will have access to State Street Bank and Trust Company’s Multicurrency HORIZON Accounting System and other information systems (collectively, the “System”).

The undersigned acknowledges that the System and the databases, computer programs, screen formats, report formats, interactive design techniques, documentation, and other information made available to the Undersigned by State Street Bank and Trust Company (“State Street”) as part of the Data Access Services provided to the Fund and through the use of the System constitute copyrighted, trade secret, or other proprietary information of substantial value to State Street. Any and all such information provided by State Street to the Undersigned shall be deemed proprietary and confidential information of State Street (hereinafter “Proprietary Information”). The undersigned agrees that it will hold such Proprietary Information in confidence and secure and protect it in a manner consistent with its own procedures for the protection of its own confidential information and to take appropriate action by instruction or agreement with its employees who are permitted access to the Proprietary Information to satisfy its obligations hereunder.

The undersigned will not attempt to intercept data, gain access to data in transmission, or attempt entry into any system or files for which it is not authorized. It will not intentionally adversely affect the integrity of the System through the introduction of unauthorized code or data, or through unauthorized deletion.

Upon notice by State Street for any reason, any right to use the System and access to the Data Access Services shall terminate and the Undersigned shall immediately cease use of the System and the Data Access Services. Immediately upon notice by State Street for any reason, the undersigned shall return to State Street all copies of documentation and other Proprietary Information in its possession.

	[The Fund Accountants]
By:	______________________________
Title:	______________________________
Date:	______________________________

ATTACHMENT C-1

Undertaking

(Auditor)

The undersigned understands that in the course of its employment as Auditor to each fund listed on Appendix A (as amended from time to time) to that certain Custodian Agreement dated as of January 28, 1998 (the “Fund”) it will have access to State Street Bank and Trust Company’s Multicurrency HORIZON Accounting System and other information systems (collectively, the “System”).

The undersigned acknowledges that the System and the databases, computer programs, screen formats, report formats, interactive design techniques, documentation, and other information made available to the Undersigned by State Street Bank and Trust Company (“State Street”) as part of the Data Access Services provided to the Fund and through the use of the System constitute copyrighted, trade secret, or other proprietary information of substantial value to State Street. Any and all such information provided by State Street to the Undersigned shall be deemed proprietary and confidential information of State Street (hereinafter “Proprietary Information”). The undersigned agrees that it will hold such Proprietary Information in confidence and secure and protect it in a manner consistent with its own procedures for the protection of its own confidential information and to take appropriate action by instruction or agreement with its employees who are permitted access to the Proprietary Information to satisfy its obligations hereunder.

The undersigned will not attempt to intercept data, gain access to data in transmission, or attempt entry into any system or files for which it is not authorized. It will not intentionally adversely affect the integrity of the System through the introduction of unauthorized code or data, or through unauthorized deletion.

Upon notice by State Street for any reason, any right to use the System and access to the Data Access Services shall terminate and the Undersigned shall immediately cease use of the System and the Data Access Services. Immediately upon notice by State Street for any reason, the undersigned shall return to State Street all copies of documentation and other Proprietary Information in its possession.

	[The Auditor]
By:	______________________________
Title:	______________________________
Date:	______________________________

ATTACHMENT D

Support

During the term of this Addendum, State Street agrees to provide the following on-going support services:

a.Telephone Support. The Fund Designated Persons may contact State Street’s HORIZON^R Help Desk and Fund Assistance Center between the hours of 8 a.m. and 6 p.m. (Eastern time) on all business days for the purpose of obtaining answers to questions about the use of the System, or to report apparent problems with the System. From time to time, the Fund shall provide to State Street a list of persons who shall be permitted to contact State Street for assistance (such persons being referred to as the “Fund Designated Persons”).

b.Technical Support. State Street will provide technical support to assist the Fund in using the System and the Data Access Services. The total amount of technical support provided by State Street shall not exceed 10 resource days per year. State Street shall provide such additional technical support as is expressly set forth in the fee schedule in effect from time to time between the parties (the “Fee Schedule”). Technical support, including during installation and testing, is subject to the fees and other terms set forth in the Fee Schedule.

c. Maintenance Support. State Street shall use commercially reasonable efforts to correct system functions that do not work according to the System Product Description as set forth on Attachment A in priority order in the next scheduled delivery release or otherwise as soon as is practicable.

d.System Enhancements. State Street will provide to the Fund any enhancements to the System developed by State Street and made a part of the System; provided that State Street offer the Fund reasonable training on the enhancement. Charges for system enhancements shall be as provided in the Fee Schedule. State Street retains the right to charge for related systems or products that may be developed and separately made available for use other than through the System.

e.Custom Modifications. In the event the Fund desires custom modifications in connection with its use of the System, the Fund shall make a written request to State Street providing specifications for the desired modification. Any custom modifications may be undertaken by State Street in its sole discretion in accordance with the Fee Schedule.

f.Limitation on Support. State Street shall have no obligation to support the Fund’s use of the System: (1) for use on any computer equipment or telecommunication facilities which does not conform to the Designated Configuration or (ii) in the event the Fund has modified the System in breach of this Addendum.

In Witness Whereof, each of the parties has caused this instrument to be executed in its name and on its behalf by its duly authorized representativeas of the date and year first written above.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Stock Fund
T. Rowe Price International Discovery Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Government Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund

T. ROWE PRICE GROWTH & INCOME FUND, INC.

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

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

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

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

T. ROWE PRICE HIGH YIELD FUND, INC.

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE GNMA FUND

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
New Jersey Tax-Free Bond Fund
Georgia Tax-Free Bond Fund
Florida Insured Intermediate Tax-Free Fund

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

T. ROWE PRICE TAX-FREE INSURED INTERMEDIATE
BOND FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Equity Income Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced
Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE VALUE FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

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

INSTITUTIONAL EQUITY FUNDS, INC.
Mid-Cap Equity Growth Fund

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

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE SMALL CAP STOCK FUND, INC.
T. Rowe Price Small Cap Stock Fund

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE TAX EFFICIENT BALANCED FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Government Reserve Investment Fund
Reserve Investment Fund

Signature attested to:	Executed on Behalf of each Fund:
/s/Suzanne E. Fraunhoffer	/s/Carmen Deyesu
By:__________________________________ Name: Suzanne E. Fraunhoffer Title: Legal Assistant	By:__________________________________ Name: Carmen Deyesu Title: Treasurer for each of the foregoing

Signature attested to:	State Street Bank and Trust Company
/s/Glenn Ciotti	/s/Ronald E. Logue
By:__________________________________ Name: Glenn Ciotti Title: VP & Assoc. Counsel	By:__________________________________ Name: Ronald E. Logue Title: Executive Vice President

Schedule A

Country	Subcustodian	Central Depository
United Kingdom	State Street Bank and Trust Company	None; The Bank of England The Central Gilts Office (CGO); The Central Moneymarkets Office (CMO)

Euroclear (The Euroclear System)/State Street London Limited

Appendix A

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Stock Fund
T. Rowe Price International Discovery Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Government Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund

T. ROWE PRICE GROWTH & INCOME FUND, INC.

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

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

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

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

T. ROWE PRICE HIGH YIELD FUND, INC.

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE GNMA FUND

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
New Jersey Tax-Free Bond Fund
Georgia Tax-Free Bond Fund
Florida Insured Intermediate Tax-Free Fund

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

T. ROWE PRICE TAX-FREE INSURED INTERMEDIATE BOND
FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Equity Income Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced
Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE VALUE FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

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

INSTITUTIONAL EQUITY FUNDS, INC.
Mid-Cap Equity Growth Fund

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

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE SMALL CAP STOCK FUND, INC.
T. Rowe Price Small Cap Stock Fund

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE TAX EFFICIENT BALANCED FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Government Reserve Investment Fund
Reserve Investment Fund

AMENDMENT NO. 1
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of November 4, 1998, by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price International Growth & Income Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Equity Income Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Mid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Reserve Investment Fund
Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT BALANCED FUND, INC.

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Stephen F. Brown

By:_____________________________________

Stephen F. Brown, Vice President

AMENDMENT NO. 2
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 21, 1999, by adding thereto T. Rowe Price Tax-Efficient Funds, Inc., on behalf of T. Rowe Price Tax-Efficient Balanced Fund and T. Rowe Price Tax-Efficient Growth Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Equity Income Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Mid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Reserve Investment Fund
Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Ronald E. Logue

By:_____________________________________

Ronald E. Logue, Vice President

AMENDMENT NO. 3
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998 and April 21, 1999 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 9, 2000, by adding thereto Institutional Equity Funds, Inc., on behalf of Institutional Large- Cap Value Fund and Institutional Small-Cap Stock Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Equity Income Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Institutional Large-Cap Value Fund
Institutional Small-Cap Stock Fund
Mid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Reserve Investment Fund
Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Ronald E. Logue

By:_____________________________________

Ronald E. Logue, Vice President

AMENDMENT NO. 4
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, and February 9, 2000 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 19, 2000, by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Emerging Europe & Mediterranean Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Equity Income Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Institutional Large-Cap Value Fund
Institutional Small-Cap Stock Fund
Institutional Mid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Reserve Investment Fund
Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Ronald E. Logue

By:_____________________________________

Ronald E. Logue, Vice President

AMENDMENT NO. 5
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, and April 19, 2000 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 18, 2000, by adding thereto T. Rowe Price Developing Technologies Fund, Inc., T. Rowe Price Global Technology Fund, Inc., and T. Rowe Price U.S. Bond Index Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Equity Income Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Institutional Large-Cap Value Fund
Institutional Small-Cap Stock Fund
Institutional Mid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Reserve Investment Fund
Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Ronald E. Logue

By:_____________________________________

Ronald E. Logue, Vice President

AMENDMENT NO. 6
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000 and July 18, 2000 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 25, 2000, by adding thereto T. Rowe Price International Index Fund, Inc., on behalf of T. Rowe Price International Equity Index Fund; T. Rowe Price Tax-Efficient Funds, Inc., on behalf of T. Rowe Price Tax-Efficient Multi-Cap Growth Fund; and T. Rowe Price Equity Series, Inc., on behalf of T. Rowe Price Blue Chip Growth Portfolio, T. Rowe Price Equity Index 500 Portfolio, and T. Rowe Price Health Sciences Portfolio.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Institutional Large-Cap Value Fund
Institutional Small-Cap Stock Fund
Institutional Mid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Reserve Investment Fund
Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund

T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Ronald E. Logue

By:_____________________________________

Ronald E. Logue, Vice President

AMENDMENT NO. 7
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, and October 25, 2000 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 7, 2001, by adding thereto T. Rowe Price State Tax-Free Income Trust, on behalf of Maryland Tax-Free Money Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Institutional Large-Cap Value Fund
Institutional Small-Cap Stock Fund
Institutional Mid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC.
Reserve Investment Fund
Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Virginia Short-Term Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit Limited-Term Bond Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Ronald E. Logue

By:_____________________________________

Ronald E. Logue, Vice President

AMENDMENT NO. 8
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, and February 7, 2001 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 24, 2001, by adding thereto Institutional Equity Funds, Inc., on behalf of Institutional Large-Cap Growth Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

INSTITUTIONAL EQUITY FUNDS, INC.
Institutional Large-Cap Value Fund
Institutional Small-Cap Stock Fund
Institutional Mid-Cap Equity Growth Fund
Institutional Large-Cap Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 9
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, and July 24, 2001 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 24, 2002, by adding thereto T. Rowe Price Institutional Income Funds, Inc., on behalf of T. Rowe Price Institutional High Yield Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund

T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Ronald E. Logue

By:_____________________________________

Ronald E. Logue, Vice Chairman

AMENDMENT NO. 10
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, and April 24, 2002 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 24, 2002, by adding thereto T. Rowe Price Inflation Protected Bond Fund, Inc.; T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Emerging Markets Equity Fund; T. Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement 2010 Fund, T. Rowe Price Retirement 2020 Fund, T. Rowe Price Retirement 2030 Fund, and T. Rowe Price Retirement 2040 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2040 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 11
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, and July 24, 2002 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of September 4, 2002, by adding thereto T. Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement Income Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund

New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 12
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, and September 4, 2002 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 23, 2003, by adding thereto T. Rowe Price Institutional Equity Funds, Inc., on behalf of T. Rowe Price Institutional Large-Cap Core Growth Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund

Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 13
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, and July 23, 2003 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 22, 2003, by adding thereto T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 14
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, and October22, 2003 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 4, 2004, by adding thereto T. Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement 2005 Fund, T. Rowe Price Retirement 2015 Fund, T. Rowe Price Retirement 2025 Fund, and T. Rowe Price Retirement 2035 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 15
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, and February 4, 2004 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of September 20, 2004 by adding thereto T. Rowe Price Institutional Income Funds, Inc., on behalf of T. Rowe Price Institutional Core Plus Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 16
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, and September 20, 2004 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of March 2, 2005 by adding thereto T. Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement 2045 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 17
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, and March 2, 2005 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 19, 2006 by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Global Equity Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 18
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, and April 19, 2006 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 19, 2006 by adding thereto T. Rowe Price Short- Term Income Fund, Inc. and T. Rowe Price Institutional Equity Funds, Inc., on behalf of T. Rowe Price Institutional Concentrated Large- Cap Value Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund

T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 19
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, and July 19, 2006 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 18, 2006 by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Emerging Markets Bond Fund, T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Overseas Stock Fund and T. Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement 2050 Fund and T. Rowe Price Retirement 2055 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund

T. Rowe Price Institutional Emerging Markets Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price New Asia Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Reserve Investment Fund
T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Maryland Tax-Free Money Fund
Maryland Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
Virginia Tax-Free Bond Fund
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Money Market Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 20
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, and October 18, 2006 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 24, 2007 by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional International Bond Fund; and by removing Florida Intermediate Tax-Free Fund and T. Rowe Price Tax-Free Intermediate Bond, Inc. which were merged into the T. Rowe Price Summit Municipal Intermediate Fund on November 13, 2006.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund

T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 21
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, and April 24, 2007 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of June 12, 2007, by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Africa & Middle East Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund

T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 22
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, and June 12, 2007 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 24, 2007, by adding thereto T. Rowe Price Institutional Equity Funds, Inc., on behalf of T. Rowe Price Institutional U.S. Structured Research Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 23
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, and July 24, 2007 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 23, 2007, by adding thereto T. Rowe Price Institutional Income Funds, Inc., on behalf of T. Rowe Price Institutional Floating Rate Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund

T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 24
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, and October 23, 2007 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 6, 2008, by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Africa & Middle East Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund

T. Rowe Price Global Bond Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Henry H. Hopkins

By:_____________________________________

Henry H. Hopkins, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph L. Hooley

By:_____________________________________

Joseph L. Hooley, Executive Vice President

AMENDMENT NO. 25
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, and February 6, 2008 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 22, 2008, by adding thereto T. Rowe Price Global Real Estate Fund, Inc., T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Global Large-Cap Equity Fund, and T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Global Large-Cap Stock Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 26
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, and July 22, 2008 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 21, 2008, by adding thereto T. Rowe Price Strategic Income Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Concentrated Large-Cap Value

Fund
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 27
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, and October 21, 2008 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 22, 2009, by adding thereto T. Rowe Price U.S. Large-Cap Core Fund, Inc., by removing T. Rowe Price Developing Technologies Fund, Inc. which merged into the T. Rowe Price Science & Technology Fund on November 17, 2008, and by removing T. Rowe Price Institutional Concentrated Large-Cap Value Fund which was liquidated on March 19, 2009.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund

T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 28
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, and April 22, 2009 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 20, 2009, by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Global Infrastructure Fund, by removing T. Rowe Price Tax-Efficient Balanced Fund which was merged into the T. Rowe Price Balanced Fund, Inc., on August 28, 2009; by removing T. Rowe Price Tax-Efficient Growth Fund which merged into the T. Rowe Price Tax-Efficient Multi-Cap Growth Fund on August 28, 2009, and by changing the name of the T. Rowe Price Tax-Efficient Multi-Cap Growth Fund to the T. Rowe Price Tax-Efficient Equity Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund

T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 29
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, and October 20, 2009 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 10, 2010, by adding thereto T. Rowe Price Real Assets Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund

T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 30
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, and February 10, 2009 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 29, 2010, by changing the name of the T. Rowe Price Institutional Foreign Equity Fund to the T. Rowe Price Institutional International Growth Equity Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 31
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, and April 29, 2010 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 6, 2010, by changing the name of the T. Rowe Price Short-Term Income Fund, Inc. to the T. Rowe Price Inflation Focused Bond Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund

T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 32
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, and July 6, 2010 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 21, 2010, by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Concentrated International Equity Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International
Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Joseph C. Antonellis

By:_____________________________________

Joseph C. Antonellis, Vice Chairman

AMENDMENT NO. 33
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, and July 21, 2010 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 21, 2010, by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional International Core Equity Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International
Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 34
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, and October 21, 2010 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 15, 2011, by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Emerging Markets Local Currency Bond Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International
Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 35
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, and April 15, 2011 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 20, 2011, by adding thereto T. Rowe Price Floating Rate Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International
Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund

T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund

T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 36
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, and April 20, 2011 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 17, 2011, by adding thereto T. Rowe Price Multi-Sector Account Portfolios, Inc., on behalf of 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, and T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio; and by changing the name of the T. Rowe Price U.S. Bond Index Fund, Inc. to the T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International
Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 37
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, and October 17, 2011 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 9, 2012, by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Emerging Markets Corporate Bond Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Bond Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 38
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, and February 9, 2012 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 24, 2012, by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Global Value Equity Fund and by removing T. Rowe Price Global Bond Fund which merged into the T. Rowe Price International Bond Fund on October 31, 2000.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 39
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, and April 24, 2012 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of September 9, 2012, by adding thereto T. Rowe Price Short-Term Bond Fund, Inc. on behalf of T. Rowe Price Ultra Short-Term Bond Fund and T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. on behalf of T. Rowe Price Tax-Free Ultra Short-Term Bond Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 40
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, and September 9, 2012 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of November 7, 2012, by adding thereto T. Rowe Price Reserve Investment Funds, Inc. on behalf of the T. Rowe Price Short-Term Reserve Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 41
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, and November 7, 2012 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of March 14, 2013, by adding thereto T. Rowe Price Reserve Investment Funds, Inc. on behalf of the T. Rowe Price Short-Term Government Reserve Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 42
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, and March 14, 2013 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 4, 2013, by adding thereto T. Rowe Price Global Allocation Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 43
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, and April 4, 2013 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 22, 2013, by adding thereto T. Rowe Price Institutional Income Funds, Inc. on behalf of the T. Rowe Price Institutional Long Duration Credit Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 44
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, and April 22, 2013 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 1, 2013, by changing the name of the T. Rowe Price Emerging Markets Bond Multi-Sector Account Portfolio to the T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio, on behalf of the T. Rowe Price Multi-Sector Account Portfolios, Inc.; and by adding thereto T. Rowe Price Retirement Funds, Inc. on behalf of the T. Rowe Price Target Retirement 2005 Fund, T. Rowe Price Target Retirement 2010 Fund, T. Rowe Price Target Retirement 2015 Fund, T. Rowe Price Target Retirement 2020 Fund, T. Rowe Price Target Retirement 2025 Fund, T. Rowe Price Target Retirement 2030 Fund, T. Rowe Price Target Retirement 2035 Fund, T. Rowe Price Target Retirement 2040 Fund, T. Rowe Price Target Retirement 2045 Fund, T. Rowe Price Target Retirement 2050 Fund, and T. Rowe Price Target Retirement 2055 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Equity Fund
T. Rowe Price Institutional Global Large-Cap Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Large-Cap Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 45
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, and July 1, 2013 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 24, 2013, by adding thereto T. Rowe Price Institutional Income Funds, Inc. on behalf of the T. Rowe Price Institutional Global Multi-Sector Bond Fund and T. Rowe Price International Funds, Inc. on behalf of the T. Rowe Price Global Industrials Fund; by changing the names of the T. Rowe Price Institutional Global Equity Fund to the T. Rowe Price Institutional Global Focused Growth Equity Fund and T. Rowe Price Institutional Global Large-Cap Equity Fund to the T. Rowe Price Institutional Global Growth Equity Fund, on behalf of the T. Rowe Price Institutional International Funds, Inc.; by changing the name of the T. Rowe Price Global Large-Cap Stock Fund to the T. Rowe Price Global Growth Stock Fund, on behalf of the T. Rowe Price International Funds, Inc.; and effective March 1, 2012 by changing the name of the T. Rowe Price Emerging Europe & Mediterranean Fund to the T. Rowe Price Emerging Europe Fund, on behalf of the T. Rowe Price International Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 46
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, and July 24, 2013 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 4, 2014, by adding thereto T. Rowe Price New Horizons Fund, Inc. on behalf of WF NHF I, LLC.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 47
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, and February 4, 2014 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of March 19, 2014, by adding thereto T. Rowe Price Credit Opportunities Fund, Inc., T. Rowe Price Institutional Income Funds, Inc. on behalf of the T. Rowe Price Institutional Credit Opportunities Fund, and T. Rowe Price International Funds, Inc. on behalf of the T. Rowe Price Asia Opportunities Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 48
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, and March 19, 2014 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of, May 14, 2014 by adding thereto T. Rowe Price Retirement Funds, Inc. on behalf of the T. Rowe Price Retirement 2060 Fund and T. Rowe Price Target Retirement 2060 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 49
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, and May 14, 2014 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of, June 5, 2014 by adding thereto T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc., T. Rowe Price Institutional International Funds, Inc. on behalf of the T. Rowe Price Institutional Frontier Markets Equity Fund, and T. Rowe Price International Funds, Inc. on behalf of the T. Rowe Price International Concentrated Equity Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund

T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 50
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, and June 5, 2014 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of, August 5, 2014 by adding thereto T. Rowe Price New Horizons Fund, Inc. on behalf of CHEWY NHF, LLC and T. Rowe Price Small-Cap Value Fund, Inc. on behalf of CHEWY SCVF, LLC.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Concentrated International Equity Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Infrastructure Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
CHEWY NHF, LLC

WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund

T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 51
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of, November 21, 2014 by adding thereto T. Rowe Price Global High Income Bond Fund and T. Rowe Price Global Unconstrained Bond Fund, and by removing the T. Rowe Price Global Infrastructure Fund on behalf of T. Rowe Price International Funds, Inc.; and by changing the name of the T. Rowe Price Institutional Concentrated International Equity Fund to the T. Rowe Price Institutional International Concentrated Equity Fund on behalf of the T. Rowe Price Institutional International Funds, Inc.; by changing the name of the T. Rowe Price Retirement Income Fund to the T. Rowe Price Retirement Balanced Fund on behalf of the T. Rowe Price Retirement Funds, Inc.; and by removing T. Rowe Price Summit GNMA Fund on behalf of T. Rowe Price Summit Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
CHEWY NHF, LLC

WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund

T. Rowe Price Retirement Balanced Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Michael F. Rogers

By:_____________________________________

Michael F. Rogers, Executive Vice President

AMENDMENT NO. 52
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, and November 21, 2014 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of June 8, 2015 by adding thereto T. Rowe Price New Horizons Fund, Inc. on behalf of Encapsys NHF, LLC.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
CHEWY NHF, LLC
Encapsys NHF, LLC
WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund

T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 53
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, and June 8, 2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 16, 2015 by adding thereto Alclear NHF LLC, and by removing WF NHF I LLC on behalf of T. Rowe Price New Horizons Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund

T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
Alclear NHF LLC
CHEWY NHF LLC
Encapsys NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/ David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/ Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 54
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, and July 16, 2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 30, 2015 by adding thereto Wheels Up NHF LLC on behalf of T. Rowe Price New Horizons Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
Alclear NHF LLC
CHEWY NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund

T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT TO CUSTODIAN CONTRACT

This Amendment to Custodian Agreement (“Amendment”) is made as of July 31, 2015, by and between each entity set forth on Appendix A hereto (each, a “Fund”) and State Street Bank and Trust Company (the “Custodian”).

WHEREAS, reference is made to that certain Custodian Agreement dated January 28, 1998 by and between each Fund and the Custodian (as amended, modified and supplemented from time to time, the “Agreement”); and

WHEREAS, the Funds and the Custodian desire to amend the Agreement as set forth herein.

NOW THEREFORE, in consideration of the foregoing, the Fund and the Custodian hereby agree to amend the Agreement, pursuant to the terms thereof, as follows.

1.Section 10 of the Agreement (Effective Period, Termination and Amendment) is hereby deleted in its entirety and replaced with the following Section 10:

“SECTION 10. EFFECTIVE PERIOD, TERMINATION AND AMENDMENT.

This Agreement shall remain in full force and effect for an initial term ending three (3) years after the Final Completion Date (as such term may be separately defined by the parties) (the “Initial Term”). After the expiration of the Initial Term, this Agreement shall automatically renew for successive two-year terms (each, a “Renewal Term”) unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party’s material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days’ written notice of such breach, such termination to take effect no sooner than thirty days (30) days after the date of such failure to cure or failure to establish a remedial plan or (ii) immediately in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to a Fund, the Fund shall pay Custodian its compensation due as of the date of such termination and shall reimburse Custodian for its reasonable costs, expenses and disbursements, provided that the Custodian shall not incur any costs, expenses or disbursements specifically in connection with such termination unless it has received prior approval from the Fund, such approval not to be unreasonably withheld.

During the Initial Term, in the event of: (i) a Fund's termination of this Agreement for any reason other than as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to the Fund (or its respective successor), the Fund shall pay the Custodian its compensation due through the end of the Initial Term (based upon the average monthly compensation previously earned by

Custodian with respect to the Fund) and shall reimburse the Custodian for its reasonable costs, expenses and disbursements, provided that the Custodian shall not incur any costs, expenses or disbursements specifically in connection with such termination unless it has received prior approval from the Fund, such approval not to be unreasonably withheld. Upon receipt of such payment and reimbursement, the Custodian will deliver the Fund’s securities and cash as set forth hereinbelow. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph by a Fund in the event of any transaction such as (a) the liquidation or dissolution of the Fund and distribution of the Fund’s assets as a result of the Board’s determination in its reasonable business judgment that the Fund is no longer viable (b) a merger of the Fund into, or the consolidation of the Fund with, another entity, or (c) the sale by the Fund of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Custodian is retained to continue providing services to the Fund (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Fund shall in no way affect the rights and duties under this Agreement with respect to any other Fund. The provisions of Section 10 of this Agreement shall survive termination of this Agreement for any reason.

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.”

2.Except as expressly amended by this Amendment, the provisions of the Agreement shall remain in full force and effect.

3.This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

[Signature page follows.]

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed in its name and behalf by its duly authorized representative as of the date first written above.

EACH ENTITY SET FORTH ON APPENDIX A HERETO

/s/David Oestreicher

By:_____________________________________

Name: David Oestreicher

Title: Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Name: Gunjan Kedia

Title: Executive Vice President

Appendix A to Custodian Agreement

List of Funds

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
CHEWY NHF, LLC
Encapsys NHF, LLC
WF NHF I, LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
CHEWY SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

AMENDMENT NO. 55
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, and July 30, 2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of August 3, 2015 by adding thereto T. Rowe Price Emerging Markets Value Stock Fund on behalf of T. Rowe Price International Funds, Inc. and by changing the name of the T. Rowe Price Strategic Income Fund, Inc. to the T. Rowe Price Global Multi-Sector Bond Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
Alclear NHF LLC
CHEWY NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Target Retirement 2005 Fund

T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 56
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, and August 3, 2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of September 16, 2015 by adding thereto T. Rowe Price Retirement I 2005 Fund—I Class, T. Rowe Price Retirement I 2010 Fund—I Class, T. Rowe Price Retirement I 2015 Fund—I Class, T. Rowe Price Retirement I 2020 Fund—I Class, T. Rowe Price Retirement I 2025 Fund—I Class, T. Rowe Price Retirement I 2030 Fund—I Class, T. Rowe Price Retirement I 2035 Fund—I Class, T. Rowe Price Retirement I 2040 Fund—I Class, T. Rowe Price Retirement I 2045 Fund—I Class, T. Rowe Price Retirement I 2050 Fund—I Class, T. Rowe Price Retirement I 2055 Fund—I Class, T. Rowe Price Retirement I 2060 Fund—I Class, and T. Rowe Price Retirement Balanced I Fund—I Class on behalf of T. Rowe Price Retirement Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio

T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
Alclear NHF LLC
CHEWY NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class

T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 57
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, August 3, 2015, and September 16, 2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of September 18, 2015 by adding thereto T. Rowe Price Mid-Cap Index Fund and T. Rowe Price Small-Cap Index Fund on behalf of T. Rowe Price Index Trust, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
Alclear NHF LLC
CHEWY NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class

T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 58
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, August 3, 2015, September 16, 2015, and September 18, 2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 27, 2015 by changing the name of the T. Rowe Price Inflation Focused Bond Fund, Inc. to the T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio

T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
Alclear NHF LLC
CHEWY NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class

T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target Retirement 2005 Fund
T. Rowe Price Target Retirement 2010 Fund
T. Rowe Price Target Retirement 2015 Fund
T. Rowe Price Target Retirement 2020 Fund
T. Rowe Price Target Retirement 2025 Fund
T. Rowe Price Target Retirement 2030 Fund
T. Rowe Price Target Retirement 2035 Fund
T. Rowe Price Target Retirement 2040 Fund
T. Rowe Price Target Retirement 2045 Fund
T. Rowe Price Target Retirement 2050 Fund
T. Rowe Price Target Retirement 2055 Fund
T. Rowe Price Target Retirement 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 59
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, August 3, 2015, September 16, 2015, September 18, 2015, and October 27, 2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of February 23, 2016 by changing the name of the T. Rowe Price Diversified Small-Cap Growth Fund, Inc. to the T. Rowe Price Quantitative Management Funds, Inc. and by adding thereto T. Rowe Price Quantitative Management Funds, Inc. on behalf of the T. Rowe Price QM Global Equity Fund, T. Rowe Price QM U.S. Small-Cap Growth Equity Fund, T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund, and T. Rowe Price QM U.S. Value Equity Fund; and by changing the names of the T. Rowe Price Target Retirement 2005 Fund to the T. Rowe Price Target 2005 Fund; T. Rowe Price Target Retirement 2010 Fund to the T. Rowe Price Target 2010 Fund; T. Rowe Price Target Retirement 2015 Fund to the T. Rowe Price Target 2015 Fund; T. Rowe Price Target Retirement 2020 Fund to the T. Rowe Price Target 2020 Fund; T. Rowe Price Target Retirement 2025 Fund to the T. Rowe Price Target 2025 Fund; T. Rowe Price Target Retirement 2030 Fund to the T. Rowe Price Target 2030 Fund; T. Rowe Price Target Retirement 2035 Fund to the T. Rowe Price Target 2035 Fund; T. Rowe Price Target Retirement 2040 Fund to the T. Rowe Price Target 2040 Fund; T. Rowe Price Target Retirement 2045 Fund to the T. Rowe Price Target 2045 Fund; T. Rowe Price Target Retirement 2050 Fund to the T. Rowe Price Target 2050 Fund; T. Rowe Price Target Retirement 2055 Fund to the T. Rowe Price Target 2055 Fund; and T. Rowe Price Target Retirement 2060 Fund to the T. Rowe Price Target 2060 Fund, on behalf of the T. Rowe Price Retirement Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.
Alclear NHF LLC
CHEWY NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

CHEWY SCVF LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 60
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, and February 23, 2016 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 8, 2016 by removing CHEWY NHF LLC on behalf of the T. Rowe Price New Horizons Fund, Inc. and by removing CHEWY SCVF LLC on behalf of the T. Rowe Price Small-Cap Value Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio

T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class

T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 61
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, and April 8, 2016 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of May 2, 2016 by adding thereto T. Rowe Price Global Consumer Fund on behalf of the T. Rowe Price International Funds, Inc. and by changing the name of the T. Rowe Price Prime Reserve Portfolio to the T. Rowe Price Government Money Portfolio on behalf of the T. Rowe Price Fixed Income Series, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund

New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Gunjan Kedia

By:_____________________________________

Gunjan Kedia, Executive Vice President

AMENDMENT NO. 62
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, and May 2, 2016 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 12, 2016 by adding thereto T. Rowe Price Institutional Cash Reserves Fund on behalf of the T. Rowe Price Institutional Income Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund

T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Investment Fund
T. Rowe Price Reserve Investment Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class

T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 63
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, and July 12, 2016 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of August 1, 2016 by changing the name of the T. Rowe Price Prime Reserve Fund, Inc. to the T. Rowe Price Government Money Fund, Inc.; by changing the name of the T. Rowe Price Summit Cash Reserves Fund to the T. Rowe Price Cash Reserves Fund on behalf of the T. Rowe Price Summit Funds, Inc.; and by changing the names of the T. Rowe Price Reserve Investment Fund to the T. Rowe Price Government Reserve Fund and T. Rowe Price Government Reserve Investment Fund to the T. Rowe Price Treasury Reserve Fund on behalf of the T. Rowe Price Reserve Investment Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio

T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund

T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 64
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, and August 1, 2016 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of October 3, 2016 by adding thereto T. Rowe Price Total Return Fund, Inc. and by changing the names of the T. Rowe Price Short-Term Government Reserve Fund to the T. Rowe Price Short-Term Government Fund and T. Rowe Price Short-Term Reserve Fund to the T. Rowe Price Short-Term Fund on behalf of the T. Rowe Price Reserve Investment Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio

T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Unconstrained Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund

T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 65
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, and October 3, 2016 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 25, 2017 by adding thereto T. Rowe Price Retirement Income 2020 Fund on behalf of T. Rowe Price Retirement Funds, Inc.; by adding thereto T. Rowe Price U.S. High Yield Fund on behalf of T. Rowe Price High Yield Fund, Inc.; by changing the name of T. Rowe Price International Growth & Income Fund to T. Rowe Price International Value Equity Fund and by changing the name of T. Rowe Price Global Unconstrained Bond Fund to T. Rowe Price Dynamic Global Bond Fund on behalf of T. Rowe Price International Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio

T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund

New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 66
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, and April 25, 2017 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of June 28, 2017 by adding thereto T. Rowe Price Multi-Strategy Total Return Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 67
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, and June 28, 2017 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 24, 2017 by adding thereto T. Rowe Price Capital Appreciation & Income Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL APPRECIATION & INCOME FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio

T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund

New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 68
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of August 10, 2017 by adding thereto T. Rowe Price International Bond Fund (USD Hedged) on behalf of the T. Rowe Price International Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL APPRECIATION & INCOME FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio

T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price International Value Equity Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund

New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 69
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, and August 10, 2017, between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of September 15, 2017 by adding thereto BABYCO NHF, LLC on behalf of the T. Rowe Price New Horizon Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL APPRECIATION & INCOME FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio

T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)
T. Rowe Price International Concentrated Equity Fund
T. Rowe Price International Discovery Fund
T. Rowe Price International Stock Fund
T. Rowe Price International Value Equity Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC

BABYCO NHF, LLC
Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund
Maryland Short-Term Tax-Free Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund

New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/David Oestreicher

By:_____________________________________

David Oestreicher, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 70
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, and September 15, 2017, between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of October 30, 2017 by removing T. Rowe Price California Tax-Free Income Trust and its series, California Tax-Free Bond Fund and California Tax-Free Money Fund; by removing T. Rowe Price Capital Appreciation Fund; by removing T. Rowe Price Equity Income Fund; by removing T. Rowe Price GNMA Fund; by removing T. Rowe Price New America Growth Fund; by removing T. Rowe Price State Tax-Free Income Trust and each of its series, Georgia Tax-Free Bond Fund, Maryland Short-Term Tax-Free Bond Fund, Maryland Tax-Free Bond Fund, Maryland Tax-Free Money Fund, New Jersey Tax-Free Bond Fund, New York Tax-Free Bond Fund, New York Tax-Free Money Fund, and Virginia Tax-Free Bond Fund; by adding T. Rowe Price Capital Appreciation Fund, Inc.; by adding T. Rowe Price Equity Income Fund, Inc.; by adding T. Rowe Price GNMA Fund, Inc.; by adding T. Rowe Price New America Growth Fund, Inc.; by adding T. Rowe Price State Tax-Free Funds, Inc. and each of its series, T. Rowe Price California Tax-Free Bond Fund, T. Rowe Price California Tax-Free Money Fund, T. Rowe Price Georgia Tax-Free Bond Fund, T. Rowe Price Maryland Short-Term Tax-Free Bond Fund, T. Rowe Price Maryland Tax-Free Bond Fund, T. Rowe Price Maryland Tax-Free Money Fund, T. Rowe Price New Jersey Tax-Free Bond Fund, T. Rowe Price New York Tax-Free Bond Fund, T. Rowe Price New York Tax-Free Money Fund, and T. Rowe Price Virginia Tax-Free Bond Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION & INCOME FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund

T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Concentrated Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund
T. Rowe Price Personal Strategy Growth Fund
T. Rowe Price Personal Strategy Income Fund

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class

T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 71
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, and October 30, 2017, between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of February 5, 2018 by adding thereto ALCLEAR SCSF, LLC on behalf of T. Rowe Price Small-Cap Stock Fund, Inc.; ALCLEAR SCI, LLC on behalf of T. Rowe Price Institutional Small-Cap Stock Fund, a separate series of T. Rowe Price Institutional Equity Funds, Inc.; ALCLEAR PSIF, LLC on behalf of T. Rowe Price Personal Strategy Income Fund, a separate series of T. Rowe Price Personal Strategy Funds, Inc.; ALCLEAR PSBF, LLC on behalf of T. Rowe Price Personal Strategy Balanced Fund, a separate series of T. Rowe Price Personal Strategy Funds, Inc.; ALCLEAR PSGF, LLC on behalf of T. Rowe Price Personal Strategy Growth Fund, a separate series of T. Rowe Price Personal Strategy Funds, Inc.; and ALCLEAR PSBP, LLC, a separate series of T. Rowe Price Equity Series, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION & INCOME FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

ALCLEAR PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Credit Opportunities Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional Global Multi-Sector Bond Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund
T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Concentrated Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund

ALCLEAR PSBF, LLC
T. Rowe Price Personal Strategy Growth Fund

ALCLEAR PSGF, LLC
T. Rowe Price Personal Strategy Income Fund

ALCLEAR PSIF, LLC

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 72
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, and February 5, 2018 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of August 9, 2018 by adding thereto T. Rowe Price Dynamic Credit Fund on behalf of T. Rowe Price International Funds, Inc.; by changing the name of T. Rowe Price Media & Telecommunications Fund, Inc. to T. Rowe Price Communications & Technology Fund, Inc.; and by removing T. Rowe Price Institutional Credit Opportunities Fund and T. Rowe Price Institutional Global Multi-Sector Bond Fund on behalf of T. Rowe Price Institutional Income Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION & INCOME FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio

T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Personal Strategy Balanced Portfolio

ALCLEAR PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund

T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Bond Fund
T. Rowe Price Institutional International Concentrated Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Emerging Markets Value Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Concentrated Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Encapsys NHF LLC
Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund

ALCLEAR PSBF, LLC
T. Rowe Price Personal Strategy Growth Fund

ALCLEAR PSGF, LLC
T. Rowe Price Personal Strategy Income Fund

ALCLEAR PSIF, LLC

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund

T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 73
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, and August 9, 2018 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of April 5, 2019 by adding thereto ALCLEAR SCVF, LLC on behalf of T. Rowe Price Small-Cap Value Fund, Inc.; by removing Encapsys NHF, LLC, on behalf of T. Rowe Price New Horizons Fund, Inc.; by removing T. Rowe Price Capital Appreciation & Income Fund, Inc.; by removing T. Rowe Price Institutional International Bond Fund on behalf of T. Rowe Price Institutional International Funds, Inc.; by changing the name of T. Rowe Price Personal Strategy Balanced Portfolio to T. Rowe Price Moderate Allocation Portfolio on behalf of T. Rowe Price Equity Series, Inc.; by changing the name of T. Rowe Price Institutional International Concentrated Equity Fund to T. Rowe Price Institutional International Disciplined Equity Fund on behalf of T. Rowe Price Institutional International Funds, Inc.; by changing the name of T. Rowe Price International Concentrated Equity Fund to T. Rowe Price International Disciplined Equity Fund on behalf of T. Rowe Price International Funds, Inc.; and by changing the name of T. Rowe Price Emerging Markets Value Stock Fund to T. Rowe Price Emerging Markets Discovery Stock Fund on behalf of T. Rowe Price International Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund

T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund

ALCLEAR PSBF, LLC
T. Rowe Price Personal Strategy Growth Fund

ALCLEAR PSGF, LLC
T. Rowe Price Personal Strategy Income Fund

ALCLEAR PSIF, LLC

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund

T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 74
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, and April 5, 2019 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of April 15, 2019 by adding thereto RESERVOIR NEF, LLC, on behalf of T. Rowe Price New Era Fund, Inc.; by adding thereto RESERVOIR RAF, LLC, on behalf of T. Rowe Price Real Assets Fund, Inc.; and by adding thereto RESERVOIR SCVF, LLC, on behalf of T. Rowe Price Small-Cap Value Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio

T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

RESERVOIR NEF, LLC

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund

ALCLEAR PSBF, LLC
T. Rowe Price Personal Strategy Growth Fund

ALCLEAR PSGF, LLC
T. Rowe Price Personal Strategy Income Fund

ALCLEAR PSIF, LLC

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

RESERVOIR RAF, LLC

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

RESERVOIR SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 75
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, April 5, 2019, and April 15, 2019 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of August 26, 2019 by adding thereto STONE SCSF, LLC, on behalf of T. Rowe Price Small-Cap Stock Fund, Inc.; by adding thereto STONE SCI, LLC, on behalf of T. Rowe Price Institutional Small-Cap Stock Fund, a separate series of T. Rowe Price Institutional Equity Funds, Inc.; by adding thereto STONE PSIF, LLC, on behalf of T. Rowe Price Personal Strategy Income Fund, a separate series of T. Rowe Price Personal Strategy Funds, Inc.; by adding thereto STONE PSBF, LLC, on behalf of T. Rowe Price Personal Strategy Balanced Fund, a separate series of T. Rowe Price Personal Strategy Funds, Inc.; by adding thereto STONE PSGF, LLC, on behalf of T. Rowe Price Personal Strategy Growth Fund, a separate series of T. Rowe Price Personal Strategy Funds, Inc.; by adding thereto STONE PSBP, LLC, on behalf of T. Rowe Price Moderate Allocation Portfolio, a separate series of T. Rowe Price Equity Series, Inc.; and by adding thereto STONE SCVF, LLC, on behalf of T. Rowe Price Small-Cap Value Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

STONE PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund

T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC

STONE SCI, LLC
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

RESERVOIR NEF, LLC

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund

ALCLEAR PSBF, LLC

STONE PSBF, LLC
T. Rowe Price Personal Strategy Growth Fund

ALCLEAR PSGF, LLC

STONE PSGF, LLC
T. Rowe Price Personal Strategy Income Fund

ALCLEAR PSIF, LLC

STONE PSIF, LLC

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

RESERVOIR RAF, LLC

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class

T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

STONE SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

RESERVOIR SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 76
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, April 5, 2019, April 15, 2019, and August 26, 2019 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of November 15, 2019 by adding thereto T. Rowe Price China Evolution Equity Fund, on behalf of T. Rowe Price International Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

STONE PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC

STONE SCI, LLC
T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Focused Growth Equity Fund
T. Rowe Price Institutional Global Growth Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price China Evolution Equity Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund
T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund
T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

RESERVOIR NEF, LLC

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. Rowe Price Personal Strategy Balanced Fund

ALCLEAR PSBF, LLC

STONE PSBF, LLC
T. Rowe Price Personal Strategy Growth Fund

ALCLEAR PSGF, LLC

STONE PSGF, LLC
T. Rowe Price Personal Strategy Income Fund

ALCLEAR PSIF, LLC

STONE PSIF, LLC

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

RESERVOIR RAF, LLC

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

STONE SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

RESERVOIR SCVF, LLC

STONE SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 77
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, April 5, 2019, April 15, 2019, August 26, 2019, and November 15, 2019 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of February 13, 2020, by adding thereto OAKTREE SCSF, LLC, on behalf of T. Rowe Price Small-Cap Stock Fund, Inc.; by adding thereto OAKTREE SCI, LLC, on behalf of T. Rowe Price Institutional Small-Cap Stock Fund, a separate series of T. Rowe Price Institutional Equity Funds, Inc.; by removing T. Rowe Price Institutional U.S. Structured Research Fund, a separate series of T. Rowe Price Institutional Equity Funds, Inc.; by removing T. Rowe Price Institutional Global Focused Growth Equity Fund, a separate series of T. Rowe Price Institutional International Funds, Inc.; by removing T. Rowe Price Institutional Global Growth Equity Fund, a separate series of T. Rowe Price Institutional International Funds, Inc.; and by changing the name of T. Rowe Price Personal Strategy Funds, Inc. to T. Rowe Price Spectrum Funds II, Inc., and changing the names of its separate series from T. Rowe Price Personal Strategy Balanced Fund to T. Rowe Price Spectrum Moderate Allocation Fund, from T. Rowe Price Personal Strategy Growth Fund to T. Rowe Price Spectrum Moderate Growth Allocation Fund, and from T. Rowe Price Personal Strategy Income Fund to T. Rowe Price Spectrum Conservative Allocation Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

STONE PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund

T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC

OAKTREE SCI, LLC

STONE SCI, LLC

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Bond Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund
T. Rowe Price Institutional Global Value Equity Fund
T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price China Evolution Equity Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

RESERVOIR NEF, LLC

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

RESERVOIR RAF, LLC

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund
T. Rowe Price Retirement Balanced Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

OAKTREE SCSF, LLC

STONE SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

RESERVOIR SCVF, LLC

STONE SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. Rowe Price Spectrum Conservative Allocation Fund

ALCLEAR PSIF, LLC

STONE PSIF, LLC

T. Rowe Price Spectrum Moderate Allocation Fund

ALCLEAR PSBF, LLC

STONE PSBF, LLC
T. Rowe Price Spectrum Moderate Growth Allocation Fund

ALCLEAR PSGF, LLC

STONE PSGF, LLC

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Darrell N. Braman

By:_____________________________________

Darrell N. Braman, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Andrew Erickson

By:_____________________________________

Andrew Erickson, Executive Vice President

AMENDMENT NO. 78
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, April 5, 2019, April 15, 2019, August 26, 2019, November 15, 2019, and February 13, 2020 between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of October 16, 2020, by adding thereto T. Rowe Price U.S. Limited Duration TIPS Index Fund, on behalf of T. Rowe Price Index Trust, Inc.; by changing the name of T. Rowe Price Institutional Equity Funds, Inc. to T. Rowe Price Equity Funds, Inc., and changing the names of its separate series from T. Rowe Price Institutional Large-Cap Growth Fund to T. Rowe Price Large-Cap Growth Fund, and from T. Rowe Price Institutional Large-Cap Value Fund to T. Rowe Price Large-Cap Value Fund; by changing the name of T. Rowe Price Institutional International Funds, Inc. to T. Rowe Price Global Funds, Inc., and changing the names of its separate series from T. Rowe Price Institutional Global Value Equity Fund to T. Rowe Price Global Value Equity Fund; by adding thereto T. Rowe Price Retirement 2065 Fund, T. Rowe Price Retirement Blend 2005 Fund, T. Rowe Price Retirement Blend 2010 Fund, T. Rowe Price Retirement Blend 2015 Fund, T. Rowe Price Retirement Blend 2020 Fund, T. Rowe Price Retirement Blend 2025 Fund, T. Rowe Price Retirement Blend 2030 Fund, T. Rowe Price Retirement Blend 2035 Fund, T. Rowe Price Retirement Blend 2040 Fund, T. Rowe Price Retirement Blend 2045 Fund, T. Rowe Price Retirement Blend 2050 Fund, T. Rowe Price Retirement Blend 2055 Fund, T. Rowe Price Retirement Blend 2060 Fund, T. Rowe Price Retirement Blend 2065 Fund, T. Rowe Price Retirement I 2065 Fund—I Class, and T. Rowe Price Target 2065 Fund, on behalf of T. Rowe Price Retirement Funds, Inc.; and by adding thereto T. Rowe Price Short Duration Income Fund, on behalf of T. Rowe Price Short-Term Bond Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC

OAKTREE SCI, LLC

STONE SCI, LLC

T. Rowe Price Large-Cap Growth Fund
T. Rowe Price Large-Cap Value Fund

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

STONE PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL FUNDS, INC.
T. Rowe Price Global Value Equity Fund

T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. Rowe Price U.S. Limited Duration TIPS Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price China Evolution Equity Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund

T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund

T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

RESERVOIR NEF, LLC

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

RESERVOIR RAF, LLC

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund

T. Rowe Price Retirement 2065 Fund
T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Blend 2005 Fund

T. Rowe Price Retirement Blend 2010 Fund

T. Rowe Price Retirement Blend 2015 Fund

T. Rowe Price Retirement Blend 2020 Fund

T. Rowe Price Retirement Blend 2025 Fund

T. Rowe Price Retirement Blend 2030 Fund

T. Rowe Price Retirement Blend 2035 Fund

T. Rowe Price Retirement Blend 2040 Fund

T. Rowe Price Retirement Blend 2045 Fund

T. Rowe Price Retirement Blend 2050 Fund

T. Rowe Price Retirement Blend 2055 Fund

T. Rowe Price Retirement Blend 2060 Fund

T. Rowe Price Retirement Blend 2065 Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class

T. Rowe Price Retirement I 2065 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund

T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. Rowe Price Target 2065 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short Duration Income Fund

T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

OAKTREE SCSF, LLC

STONE SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

RESERVOIR SCVF, LLC

STONE SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. Rowe Price Spectrum Conservative Allocation Fund

ALCLEAR PSIF, LLC

STONE PSIF, LLC

T. Rowe Price Spectrum Moderate Allocation Fund

ALCLEAR PSBF, LLC

STONE PSBF, LLC
T. Rowe Price Spectrum Moderate Growth Allocation Fund

ALCLEAR PSGF, LLC

STONE PSGF, LLC

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
U.S. Treasury Intermediate Fund
U.S. Treasury Long-Term Fund
U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Fran Pollack-Matz

By:_____________________________________

Fran Pollack-Matz, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Nancy M. Stokes

By:_____________________________________

AMENDMENT NO. 79
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, April 5, 2019, April 15, 2019, August 26, 2019, November 15, 2019, February 13, 2020, and October 16, 2020, between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of November 20, 2020, by adding thereto T. Rowe Price Transition Fund, on behalf of T. Rowe Price Reserve Investment Funds, Inc.; by changing the name of T. Rowe Price U.S. Bond Enhanced Index Fund, Inc. to T. Rowe Price QM U.S. Bond Index Fund, Inc.; and by changing the names of U.S. Treasury Intermediate Fund, U.S. Treasury Long-Term Fund, and U.S. Treasury Money Fund to T. Rowe Price U.S. Treasury Intermediate Index Fund, T. Rowe Price U.S. Treasury Long-Term Index Fund, and T. Rowe Price U.S. Treasury Money Fund, respectively, on behalf of T. Rowe Price U.S. Treasury Funds, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC

OAKTREE SCI, LLC

STONE SCI, LLC

T. Rowe Price Large-Cap Growth Fund
T. Rowe Price Large-Cap Value Fund

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

STONE PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL FUNDS, INC.
T. Rowe Price Global Value Equity Fund

T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. Rowe Price U.S. Limited Duration TIPS Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price China Evolution Equity Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund

T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund

T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

RESERVOIR NEF, LLC

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

RESERVOIR RAF, LLC

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund

T. Rowe Price Transition Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund

T. Rowe Price Retirement 2065 Fund
T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Blend 2005 Fund

T. Rowe Price Retirement Blend 2010 Fund

T. Rowe Price Retirement Blend 2015 Fund

T. Rowe Price Retirement Blend 2020 Fund

T. Rowe Price Retirement Blend 2025 Fund

T. Rowe Price Retirement Blend 2030 Fund

T. Rowe Price Retirement Blend 2035 Fund

T. Rowe Price Retirement Blend 2040 Fund

T. Rowe Price Retirement Blend 2045 Fund

T. Rowe Price Retirement Blend 2050 Fund

T. Rowe Price Retirement Blend 2055 Fund

T. Rowe Price Retirement Blend 2060 Fund

T. Rowe Price Retirement Blend 2065 Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class

T. Rowe Price Retirement I 2065 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. Rowe Price Target 2065 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short Duration Income Fund

T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

OAKTREE SCSF, LLC

STONE SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

RESERVOIR SCVF, LLC

STONE SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. Rowe Price Spectrum Conservative Allocation Fund

ALCLEAR PSIF, LLC

STONE PSIF, LLC

T. Rowe Price Spectrum Moderate Allocation Fund

ALCLEAR PSBF, LLC

STONE PSBF, LLC
T. Rowe Price Spectrum Moderate Growth Allocation Fund

ALCLEAR PSGF, LLC

STONE PSGF, LLC

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
T. Rowe Price U.S. Treasury Intermediate Index Fund
T. Rowe Price U.S. Treasury Long-Term Index Fund
T. Rowe Price U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Fran Pollack-Matz

By:_____________________________________

Fran Pollack-Matz, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Nancy M. Stokes

By:_____________________________________

Nancy M. Stokes

AMENDMENT NO. 80
TO CUSTODIAN CONTRACT BETWEEN
STATE STREET BANK AND TRUST COMPANY AND
THE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14, 2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015, July 30, 2015, July 31, 2015, August 3, 2015, September 16, 2015, September 18, 2015, October 27, 2015, February 23, 2016, April 8, 2016, May 2, 2016, July 12, 2016, August 1, 2016, October 3, 2016, April 25, 2017, June 28, 2017, July 24, 2017, August 10, 2017, September 15, 2017, October 30, 2017, February 5, 2018, August 9, 2018, April 5, 2019, April 15, 2019, August 26, 2019, November 15, 2019, February 13, 2020, October 16, 2020, and November 20, 2020, between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto, is hereby further amended, as of February 4, 2021, by adding thereto T. Rowe Price Global Impact Equity Fund, on behalf of T. Rowe Price International Funds, Inc.; by removing T. Rowe Price Institutional Core Plus Fund on behalf of T. Rowe Price International Income Funds, Inc.; by changing the name of Spectrum Growth Fund, Spectrum Income Fund, and Spectrum International Fund, each a series of T. Rowe Price Spectrum Fund, Inc., to T. Rowe Price Spectrum Diversified Equity Fund, T. Rowe Price Spectrum Income Fund, and T. Rowe Price Spectrum International Equity Fund, respectively; and by removing T. Rowe Price Summit Municipal Money Market Fund on behalf of T. Rowe Price Summit Municipal Funds, Inc..

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

ALCLEAR SCI, LLC

OAKTREE SCI, LLC

STONE SCI, LLC

T. Rowe Price Large-Cap Growth Fund
T. Rowe Price Large-Cap Value Fund

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.
T. Rowe Price Blue Chip Growth Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Equity Index 500 Portfolio
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price New America Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio

ALCLEAR PSBP, LLC

STONE PSBP, LLC

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Government Money Portfolio
T. Rowe Price Limited-Term Bond Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL FUNDS, INC.
T. Rowe Price Global Value Equity Fund

T. Rowe Price Institutional Africa & Middle East Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price Institutional International Core Equity Fund
T. Rowe Price Institutional International Disciplined Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price U.S. High Yield Fund

T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Total Equity Market Index Fund

T. Rowe Price U.S. Limited Duration TIPS Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund
T. Rowe Price Institutional Floating Rate Fund
T. Rowe Price Institutional High Yield Fund
T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund
T. Rowe Price Asia Opportunities Fund

T. Rowe Price China Evolution Equity Fund

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Emerging Europe Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Corporate Bond Fund
T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund

T. Rowe Price Global Consumer Fund
T. Rowe Price Global Growth Stock Fund
T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global Impact Equity Fund

T. Rowe Price Global Industrials Fund
T. Rowe Price Global Stock Fund

T. Rowe Price International Bond Fund

T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price International Value Equity Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

RESERVOIR NEF, LLC

T. ROWE PRICE NEW HORIZONS FUND, INC.
Alclear NHF LLC
BABYCO NHF, LLC

Wheels Up NHF LLC

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
T. Rowe Price QM U.S. Value Equity Fund

T. ROWE PRICE REAL ASSETS FUND, INC.

RESERVOIR RAF, LLC

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. Rowe Price Government Reserve Fund
T. Rowe Price Short-Term Fund
T. Rowe Price Short-Term Government Fund

T. Rowe Price Transition Fund
T. Rowe Price Treasury Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2015 Fund
T. Rowe Price Retirement 2020 Fund
T. Rowe Price Retirement 2025 Fund
T. Rowe Price Retirement 2030 Fund
T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement 2060 Fund

T. Rowe Price Retirement 2065 Fund
T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Blend 2005 Fund

T. Rowe Price Retirement Blend 2010 Fund

T. Rowe Price Retirement Blend 2015 Fund

T. Rowe Price Retirement Blend 2020 Fund

T. Rowe Price Retirement Blend 2025 Fund

T. Rowe Price Retirement Blend 2030 Fund

T. Rowe Price Retirement Blend 2035 Fund

T. Rowe Price Retirement Blend 2040 Fund

T. Rowe Price Retirement Blend 2045 Fund

T. Rowe Price Retirement Blend 2050 Fund

T. Rowe Price Retirement Blend 2055 Fund

T. Rowe Price Retirement Blend 2060 Fund

T. Rowe Price Retirement Blend 2065 Fund
T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Retirement I 2005 Fund—I Class
T. Rowe Price Retirement I 2010 Fund—I Class
T. Rowe Price Retirement I 2015 Fund—I Class
T. Rowe Price Retirement I 2020 Fund—I Class
T. Rowe Price Retirement I 2025 Fund—I Class
T. Rowe Price Retirement I 2030 Fund—I Class
T. Rowe Price Retirement I 2035 Fund—I Class
T. Rowe Price Retirement I 2040 Fund—I Class
T. Rowe Price Retirement I 2045 Fund—I Class
T. Rowe Price Retirement I 2050 Fund—I Class
T. Rowe Price Retirement I 2055 Fund—I Class
T. Rowe Price Retirement I 2060 Fund—I Class

T. Rowe Price Retirement I 2065 Fund—I Class
T. Rowe Price Retirement Balanced I Fund—I Class
T. Rowe Price Target 2005 Fund
T. Rowe Price Target 2010 Fund
T. Rowe Price Target 2015 Fund
T. Rowe Price Target 2020 Fund
T. Rowe Price Target 2025 Fund
T. Rowe Price Target 2030 Fund
T. Rowe Price Target 2035 Fund
T. Rowe Price Target 2040 Fund
T. Rowe Price Target 2045 Fund
T. Rowe Price Target 2050 Fund
T. Rowe Price Target 2055 Fund
T. Rowe Price Target 2060 Fund

T. Rowe Price Target 2065 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short Duration Income Fund

T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

ALCLEAR SCSF, LLC

OAKTREE SCSF, LLC

STONE SCSF, LLC

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

ALCLEAR SCVF, LLC

RESERVOIR SCVF, LLC

STONE SCVF, LLC

T. ROWE PRICE SPECTRUM FUND, INC.
T. Rowe Price Spectrum Diversified Fund
T. Rowe Price Spectrum Income Fund
T. Rowe Price Spectrum International Equity Fund

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. Rowe Price Spectrum Conservative Allocation Fund

ALCLEAR PSIF, LLC

STONE PSIF, LLC

T. Rowe Price Spectrum Moderate Allocation Fund

ALCLEAR PSBF, LLC

STONE PSBF, LLC
T. Rowe Price Spectrum Moderate Growth Allocation Fund

ALCLEAR PSGF, LLC

STONE PSGF, LLC

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund
T. Rowe Price California Tax-Free Money Fund

T. Rowe Price Georgia Tax-Free Bond Fund
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Bond Fund
T. Rowe Price Maryland Tax-Free Money Fund
T. Rowe Price New Jersey Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Bond Fund
T. Rowe Price New York Tax-Free Money Fund
T. Rowe Price Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.
T. Rowe Price U.S. Treasury Intermediate Index Fund
T. Rowe Price U.S. Treasury Long-Term Index Fund
T. Rowe Price U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

/s/Fran Pollack-Matz

By:_____________________________________

Fran Pollack-Matz, Vice President

STATE STREET BANK AND TRUST COMPANY

/s/Nancy M. Stokes

By:_____________________________________

Nancy M. Stokes

Senior Vice President

EX-99.H OTH MAT CONT

TRANSFER AGENCY AND SERVICE AGREEMENT

between

T. ROWE PRICE SERVICES, INC.

and

THE T. ROWE PRICE FUNDS

TABLE OF CONTENTS

Page

Article ATerms of Appointment2

Article BDuties of Price Services2

Article CFees and Expenses5

Article DRepresentations and Warranties of the Price Services5

Article ERepresentations and Warranties of the Fund5

Article FStandard of Care/Indemnification7

Article GDual Interests7

Article HDocumentation8

Article IRecordkeeping/Confidentiality9

Article JCompliance with Governmental Rules and Regulations9

Article KOwnership of Software and Related Material10

Article LQuality Service Standards10

Article MAs of Transactions10

Article NTerm and Termination of Agreement13

Article ONotice13

Article PAssignment13

Article QAmendment/Interpretive Provisions14

Article RFurther Assurances14

Article S Maryland Law to Apply14

Article TMerger of Agreement14

Article UCounterparts14

Article VThe Parties14

2

Article WCaptions15

SCHEDULE 1

APPENDIX A

3

TRANSFER AGENCY AND SERVICE AGREEMENT

AGREEMENT made as of January 1, 2023, by and between T. ROWE PRICE SERVICES, INC., a Maryland corporation having its principal office and place of business at 100 East Pratt Street, Baltimore, Maryland 21202 (“Price Services”), and EACH FUND WHICH IS LISTED ON APPENDIX A (as such Appendix may be amended from time to time) and which evidences its agreement to be bound hereby by executing a copy of this Agreement (each such Fund individually hereinafter referred to as “the Fund,” whose definition may be found in Article V);

WHEREAS, the Fund desires to appoint Price Services as its transfer agent, dividend disbursing agent and agent in connection with certain other activities and Price Services desires to accept such appointment;

WHEREAS, Price Services represents that it is registered with the Securities and Exchange Commission as a Transfer Agent under Section 17A of the Securities Exchange Act of 1934 (“’34 Act”) and will notify each Fund promptly if such registration is revoked or if any proceeding is commenced before the Securities and Exchange Commission which may lead to such revocation;

WHEREAS, Price Services has the capability of providing transfer agent and shareholder services on behalf of the Funds;

WHEREAS, Shareholders and third-party intermediaries such as banks, broker-dealers, registered investment advisers or other financial institutions (“Intermediary”) may maintain accounts directly on the books of the Funds (“Direct Accounts”) or through an account held and serviced through an Intermediary (“Indirect Accounts”);

WHEREAS, certain of the Funds are underlying investment options of portfolios of College Savings Programs (“529 Plans”) and Price Services has the capability of providing services, on behalf of the Funds, for the accounts of individuals participating in these 529 Plans; and

WHEREAS, certain of the Funds are named investment options under various retirement plans including, but not limited to, individual retirement accounts, SEP-IRAs, SIMPLE IRAs, 403(b) plans, and certain other retirement plans (collectively referred to as “Retirement Plans”) and Price Services has the capability of providing services, on behalf of the Funds, for the accounts of these Retirement Plans and participants participating in these Retirement Plans (“Plan Participants”) (collectively “Retirement Accounts”).

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

A.Terms of Appointment

Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs and appoints Price Services to act, and Price Services agrees to act, as the Fund’s transfer agent, dividend disbursing agent and agent in connection with the Fund’s authorized and issued shares of its common stock or shares of beneficial interest (all such stock and shares to be referred to as “Shares”) and provide services to shareholders of the Fund, account owners of 529 Plans, Retirement Plans and Plan Participants and Intermediaries maintaining Direct Accounts (collectively “Shareholders”).

The parties to the Agreement hereby acknowledge that from time to time, Price Services and its affiliates may enter into contracts with Retirement Plans and/or their sponsors and the

2

sponsors of 529 Plans for the provision of certain services to account owners of 529 Plans and accounts of Retirement Plans and their Plan Participants.

In rendering the services required under this Agreement, Price Services may, consistent with applicable law, from time to time employ, delegate, or appoint an affiliated or unaffiliated party or person to carry out some or all of the services or obligations under this Agreement. Price Services shall remain liable to the Funds, and the Fund shall remain liable to Price Services, for the performance of such services and obligations, in the same manner and to the extent as if Price Services were itself providing the services or obligations, to the extent specified in this Agreement.

B. Duties of Price Services

1.Services. Price Services agrees that it will perform services set forth herein and on Schedule 1 of this Agreement, on behalf of the Fund, for Direct Accounts in accordance with all applicable rules and regulations, the Fund’s then-current prospectus and policies and procedures adopted by Price Services and the Funds (“Services”). Price Services will implement and maintain the personnel, facilities, systems, data storage and reporting necessary to perform such Services.

2.Agreements with Intermediaries. The Fund authorizes Price Services to enter into agreements with Intermediaries, which maintain and service Indirect Accounts, to carry out the following:

·Orders. Process the purchase, sale, exchange and transfer of Fund shares by shareholders (including Retirement Accounts) and transmit and settle such orders to Price Services in accordance with procedures established by such agreement. Receipt of orders by the Intermediary in good order by the close of the New York

3

Stock Exchange (“NYSE”) on a day when the NYSE is open (or such other time as determined by the Fund) shall be deemed receipt by the Fund for that day’s net asset value to the extent permitted by Rule 22c-1 of the Investment Company Act of 1940 (“’40 Act”) and the agreement between Price Services and the Intermediary.

·To comply with Rule 22c-2 of the ’40 Act. Enter into agreements, on behalf of the Fund, with Intermediaries who hold shares in omnibus accounts for purposes of compliance with Rule 22c-2 of the ’40 Act (“Shareholder Information Agreements”) unless such intermediary enforces the Funds’ excessive trading policy or an acceptable alternative policy or has accounts that are otherwise exempt from the policy. Price Services, or its agent, shall monitor the omnibus accounts for certain trading activity in accordance with the Fund’s excessive trading procedures and when certain activity is identified, pursuant to the Shareholder Information Agreement, Price Services, or its agent, shall request from the Intermediary Indirect Account personal and transaction data. Alternatively, Price Services, or its agent, will request and receive regular periodic reporting from Intermediaries of Indirect Account identifying information and transaction data. Once received, Price Services, or its agent, will review the data to determine if the Fund’s excessive trading policy has been violated. Pursuant to the terms of the Shareholder Information Agreement, if Price Services, or its agent, determines that the Fund’s policy has been violated, Price Services, or its agents, shall instruct the Intermediary to restrict or prohibit future purchases of Fund shares by Indirect Account holders (or warn these Indirect

4

Account holders when appropriate) identified by Price Services or its agent as having violated the policy.

·Fee Payments. The Funds have instituted a program whereby they may, in their discretion, pay an Intermediary or a Plan a fee to compensate the third party providing certain services to Indirect Accounts in accordance with the Funds’ Administrative Fee Payment (“AFP”) Program or 12b-1 Plan (collectively “Fee Payments”). Each Fund authorizes Price Services or its affiliate to enter into, on its behalf, agreements with such Intermediaries for payment of AFP in consideration of such Intermediary’s performance of services to the Indirect Accounts pursuant to the Fund’s AFP Program. Any payments owed under Fee Payment agreements shall be the obligation of the applicable Fund, not Price Services or its affiliates. Price Services or its agent shall also act as paying agent for such Fee Payments.

3.Anti-Money Laundering Program. The Funds authorize Price Services to perform, on behalf of the Funds, Services to comply with the Bank Secrecy Act, USA PATRIOT Act, and other applicable Anti-Money Laundering (“AML”) laws and regulations in accordance with the AML program adopted by the Funds, including the Fund’s Customer Identification Program, as applicable. Price Services shall maintain policies and procedures, and related internal controls, which are consistent with such AML program. Price Services will also maintain policies and procedures to comply with economic sanction programs administered by the U.S. Treasury Department’s Office of Foreign Asset Control (“OFAC”), including checking Shareholder names against the OFAC list of sanctioned persons. Price Services is authorized to take, on behalf

5

of the Funds, any action permitted by law and in accordance with the Fund’s AML program in carrying out its responsibilities under the Fund’s AML program or OFAC policy, including rejecting purchases, freezing Shareholder accounts, restricting certain services, or closing Shareholder accounts if (a) suspicious activity is detected, (b) it is unable to verify the identity of a Shareholder, or (c) a Shareholder matches a government list of known or suspected suspicious persons.

4. Bank Accounts. The Funds authorize Price Services to establish one or more bank accounts in its name or in the name of the Funds for the purpose of providing Services under this Agreement and the Funds acknowledge that monies held for the benefit of a Fund may be held in an account with monies held for another Fund, provided, however, that in all cases Price Services shall keep records in the ordinary course of business as to the individual amounts held for the benefit of each Fund individually, as applicable.

C. Fees and Expenses

For the Services performed as described hereunder and on Schedule 1 of this Agreement, the Funds shall pay such fees and expenses as mutually agreed upon by the parties as set forth in a Fee Schedule between the parties.

D.Representations and Warranties of Price Services

Price Services represents and warrants to the Fund that:

1.It is a corporation duly organized and existing and in good standing under the laws of Maryland;

2.It is empowered under applicable laws and by its charter and by-laws to enter into and perform this Agreement;

6

3.All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

4.It is registered with the Securities and Exchange Commission as a Transfer Agent pursuant to Section 17A of the ‘34 Act; and

5.It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

E.Representations and Warranties of the Fund

The Fund represents and warrants to Price Services that:

1.It is a corporation duly organized and existing and in good standing under the laws of Maryland;

2.It is empowered under applicable laws and by its Articles of Incorporation and By-Laws to enter into and perform this Agreement;

3.All proceedings required by said Articles of Incorporation and By-Laws have been taken to authorize it to enter into and perform this Agreement;

4.It is an investment company registered under the ’40 Act; and

5.A registration statement under the Securities Act of 1933 (“the ‘33 Act”) is currently effective and will remain effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Fund being offered for sale.

F.Standard of Care/Indemnification

Notwithstanding anything to the contrary in this Agreement:

1.Price Services shall not be liable to any Fund for any act or failure to act by it or its affiliates or service providers on behalf of the Fund in carrying or attempting to carry

7

out the terms and provisions of this Agreement provided Price Services, its affiliates and service providers have acted in good faith and without negligence or willful misconduct.

2.The Fund shall indemnify and hold Price Services, and its affiliates, harmless from and against all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legal counsel, incurred by Price Services resulting from: (i) any action or omission by Price Services or its affiliates or service providers in the performance of their duties hereunder; (ii) Price Services acting upon instructions believed by it to have been executed by a duly authorized officer of the Fund; or (iii) Price Services acting upon information provided by the Fund under policies agreed to by Price Services and the Fund. Price Services shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or willful misconduct of Price Services, its affiliates or service providers.

3.Except as provided in Article M of this Agreement, Price Services shall indemnify and hold harmless the Fund from all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legal counsel, incurred by the Fund resulting from the negligence or willful misconduct of Price Services, its affiliates or service providers. The Fund shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or willful misconduct of such Fund or its agents or subcontractors; unless such negligence or misconduct is attributable to Price Services, its affiliates or service providers.

4.In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes or other causes reasonably beyond its

8

control, such party shall not be liable to the other party for any loss, cost, damage, claim, action or expense resulting from such failure to perform or otherwise from such causes.

5.In order that the indemnification provisions contained in this Article F shall apply, upon the assertion of a claim for which either party may be required to indemnify the other, the party seeking indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification in the defense of such claim, or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the other party’s prior written consent.

6.Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement.

G.Dual Interests

It is understood that some person or persons may be directors, officers, or shareholders of both the Funds and Price Services (including Price Services’ affiliates), and that the existence of any such dual interest shall not affect the validity of this Agreement or of any transactions hereunder except as otherwise provided by a specific provision of applicable law.

H.Documentation

As requested by Price Services, the Fund shall promptly furnish to Price Services the following:

9

·A certified copy of the resolution of the Board of Directors of the Fund (“Board”) authorizing the appointment of Price Services and the execution and delivery of this Agreement;

·A copy of the Articles of Incorporation and By-Laws of the Fund and all amendments thereto;

·Information with respect to the validity of the stock, the number of Shares authorized, the status of redeemed Shares, and the number of Shares with respect to which a Registration Statement has been filed and is in effect, each resolution of the Board authorizing the original issue of its Shares;

·A copy of the Fund’s current prospectus and shareholder reports issued by the Fund;

·Each Registration Statement filed with the Securities and Exchange Commission and amendments and orders thereto in effect with respect to the sale of Shares with respect to the Fund;

·Certified copies of each vote of the Board authorizing officers to give instructions to the Transfer Agent; and

·Such other documents or opinions which Price Services, in its discretion, may reasonably deem necessary or appropriate in the proper performance of its duties;

The delivery of any such document to either party hereto for the purpose of any other agreement to which the Fund and Price Services are or were parties shall be deemed to be delivery for the purposes of this Agreement.

Price Services hereby agrees to establish and maintain facilities and procedures reasonably acceptable to the Fund for safekeeping of check forms and signature imprinting

10

devices, if any; and for the preparation or use, and for keeping account of, such forms and devices.

I.Recordkeeping/Confidentiality

1.Price Services shall keep records relating to the Services to be performed hereunder, in the form and manner as it may deem advisable, provided that Price Services shall keep all records in such form and in such manner as required by applicable law.

2.Price Services and the Fund agree that all books, records, information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any other person, except: (a) after prior notification to and approval in writing by the other party hereto, which approval shall not be unreasonably withheld and may not be withheld where Price Services or the Fund may be exposed to civil or criminal contempt proceedings for failure to comply; (b) when requested to divulge such information by duly constituted governmental authorities; or (c) after so requested by the other party hereto.

Without limiting the foregoing, Price Services has implemented, and will maintain during the term of this Agreement, reasonable measures designed to (i) ensure the security and confidentiality of identifying information concerning Shareholders, (ii) use such information to provide the Services hereunder, (iii) protect against any anticipated threats or hazards to the security or integrity of such information, (iv) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to the subject of such information, and (v) ensure appropriate

11

disposal of such information, to the extent such information is being disposed of by Price Services.

J.Compliance with Governmental Rules and Regulations

Except as otherwise provided in the Agreement and except for the accuracy of information furnished to the Fund by Price Services, each Fund assumes full responsibility for the preparation, contents and distribution of its prospectuses and compliance with all applicable requirements of the ’40 Act, the ‘34 Act, the ‘33 Act, and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund. Price Services shall be responsible for complying with all laws, rules and regulations of governmental authorities having jurisdiction over transfer agents and their activities, as applicable, and cooperating with respect to examinations and requests from such governmental authorities.

K.Ownership of Software and Related Material

All hardware, software, data stores, written procedures, intellectual capital, and similar items used by Price Services in performance of the Agreement shall, as between the Fund and Price Services, be the property of Price Services and will not become the property of the Fund.

L.Quality Service Standards

Price Services and the Fund may from time to time agree to certain quality service standards, as well as incentives and penalties with respect to Price Services’ Services hereunder.

M.As Of Transactions

For purposes of this Article M, the term “As Of Transaction” shall mean any single or “related transaction” (as defined below) involving the purchase or redemption of Shares (including exchanges) that is processed at a time other than the time of the computation of the

12

Fund’s net asset value per share next computed after receipt of any such transaction order by Price Services due to an act or omission of Price Services. “As Of Processing” refers to the processing of these As Of Transactions. All As Of Processing may only be performed in accordance with the requirements of Rule 22c-1 of the ’40 Act. Price Services is responsible for monitoring As Of Transactions procedures that set forth the circumstances under which As Of Transactions are permitted. If more than one As Of Transaction (“Related Transaction”) in the Fund is caused by or occurs as a result of the same act or omission, such transactions shall be aggregated with other transactions in the Fund and be considered as one As Of Transaction.

·Reporting

Price Services shall:

1.Have procedures in place to identify all As Of Transactions, and shall compute the net effect of such As Of Transactions upon the Fund on a daily, monthly and rolling 365-day basis. The monthly and rolling 365-day periods are hereafter referred to as “Cumulative.”

2.Supply to the Fund, from time to time as mutually agreed upon, a report summarizing the As Of Transactions and the daily and Cumulative net effects of such As Of Transactions both in terms of the aggregate dilution or loss (“Loss”) or gain (“Gain”) experienced by the Fund, and the impact such Gain or Loss has had upon the Fund’s net asset value per share.

3.With respect to any As Of Transaction which causes a Loss to the Fund of $100,000 or more (unless Price Services fully compensates the Fund for such Loss), Price Services shall provide the Fund: (i) a report identifying the As Of Transaction and the Loss resulting therefrom, (ii) the reason such As Of

13

Transaction was processed and (iii) the action Price Services has or intends to take to prevent the reoccurrence of such As Of Processing.

·Liability

1.It will be the normal practice of the Funds not to hold Price Services liable with respect to any As Of Transaction that causes a Loss to any single Fund of less than $25,000. Price Services will, however, closely monitor for each Fund the daily and Cumulative Gain/Loss that is caused by As Of Transactions of less than $25,000. When the Cumulative Loss to any Fund exceeds 3/10 of 1% net asset value per share, Price Services, in consultation with counsel to the Fund, will make appropriate inquiry to determine whether it should take any remedial action. Price Services will report to the Board, as appropriate, any such remedial action it has taken.

2.Where an As Of Transaction causes a Loss to a Fund equal to or greater than $25,000 (“Significant As Of Transaction”) but less than $100,000, if Price Services does not reimburse the Fund for the Loss, Price Services will review with Counsel to the Fund the circumstances surrounding the Significant As Of Transaction to determine whether the Significant As Of Transaction was caused by or occurred as a result of a negligent act or omission by Price Services. If it is determined that the Loss is not the result of a negligent action or omission by Price Services, Price Services and outside counsel for the Fund will negotiate settlement. Significant As Of Transactions causing a Loss to the Fund that are not reimbursed by Price Services will be reported to the Audit Committee of the Board at least annually. Any Significant As Of Transaction, however, causing a

14

Loss in excess of the lesser of $100,000 or a penny per share that is not reimbursed by Price Services will be reported to the Board as soon as reasonably practicable. Settlement for Significant As Of Transactions causing a Loss of $100,000 or more will not be entered into until approved by the Board. For Related Transactions involving Funds with more than one class, the amount of Gain or Loss resulting from an As Of Transaction shall be determined for each class; provided, however, that for purposes of determining Price Services’ liability for reimbursement of a Loss to any class, Gains in one class may be used to offset Losses in another class of the same Fund. Any net Gains remaining after offsetting a loss in one or more classes, as well as aggregate Gains from a Significant As Of Transaction causing a Gain of a penny or more per share in a class, will be allocated ratably to all of the classes in the affected Fund.

The factors to consider in making any determination regarding the settlement of a Significant As Of Transaction would include but not be limited to:

·Procedures and controls adopted by Price Services to prevent As Of Transactions;

·Whether such procedures and controls were being followed at the time of the Significant As Of Transaction;

·The volume of all transactions processed by Price Services on the day of the Significant As Of Transaction;

·The number of As Of Transactions processed by Price Services during prior relevant periods, and the net Gain/Loss as a result of all such As Of Transactions to the Fund and to all other Funds; and

15

·The prior response of Price Services to recommendations made by the Funds regarding improvement to Price Services’ As Of Transaction procedures.

. 3. As Of Transactions - Intermediaries

If an As Of Transaction is performed by an Intermediary designated by the Fund to receive orders for Fund Shares, Price Services shall cause such Intermediary to promptly reimburse the Fund for any Loss caused by such As Of Transaction; provided, however, Price Services shall not be obligated to seek reimbursement from such Intermediary if the Loss to the Fund is less than an amount agreed upon between Price Services and the Funds. The Fund shall keep any Gains caused by such As Of Transactions.

N.Term and Termination of Agreement

·This Agreement shall run for a period of one (1) year from the date first written above and will be renewed from year to year thereafter unless terminated by either party as provided hereunder.

·This Agreement may be terminated by the Fund upon one hundred twenty (120) days’ written notice to Price Services; and by Price Services, upon three hundred sixty-five (365) days’ written notice to the Fund.

·Upon termination hereof, the Fund shall pay to Price Services such compensation as may be due as of the date of such termination, and shall likewise reimburse for out-of-pocket expenses related to its Services hereunder.

O.Notice

Any notice as required by this Agreement shall be sufficiently given (i) when sent to an authorized person of the other party in writing, which may be electronic,; or (ii) as otherwise agreed upon by appropriate officers of the parties hereto.

16

P.Assignment

Neither this Agreement nor any rights or obligations hereunder may be assigned either voluntarily or involuntarily, by operation of law or otherwise, by either party without the prior written consent of the other party, provided this shall not preclude Price Services from employing such agents and subcontractors as it deems appropriate to carry out its obligations set forth hereunder.

Q.Amendment/Interpretive Provisions

The parties by mutual written agreement may amend this Agreement at any time. In addition, in connection with the operation of this Agreement, Price Services and the Fund may agree from time to time on such provisions interpretive of or in addition to the provisions of this Agreement as may, in their joint opinion, be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions are to be signed by all parties and annexed hereto, but no such provision shall contravene any applicable federal or state law or regulation and no such interpretive or additional provision shall be deemed to be an amendment of this Agreement.

R.Further Assurances

Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

S.Maryland Law to Apply

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Maryland.

T.Merger of Agreement

17

This Agreement, including the attached Appendices and Schedules, supersedes any prior agreement with respect to the subject hereof, whether oral or written.

U.Counterparts

This Agreement may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instruments. The parties agree that the executed signature page may be delivered using PDF format or similar file type transmitted via email, e-signature technology or other similar means, all having the same legal effect as delivery of an original signed copy of this Agreement.

V.The Parties

All references herein to “the Fund” are to each of the Funds listed on Appendix A individually, as if this Agreement were between such individual Fund and Price Services. In the case of a series Fund or a separate class of shares, all references to “the Fund” are to the individual series, portfolio or class of such Fund on behalf of the individual series, portfolio or class as appropriate. The “Fund” also includes any T. Rowe Price Funds that may be established after the execution of this Agreement. Any reference in this Agreement to “the parties” shall mean Price Services and such other individual Fund as to which the matter pertains.

W.Captions

The captions in the Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf under their seals by and through their duly authorized officers.

18

T. ROWE PRICE SERVICES, INC.T. ROWE PRICE FUNDS

By: /s/Laura ChasneyBy: /s/Fran Pollack-Matz

Name: Laura ChasneyName:Fran Pollack-Matz

Title: Vice PresidentTitle: Vice President

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SCHEDULE 1

Price Services agrees that it will perform Services on behalf of the Funds for Direct Accounts in accordance with procedures developed and maintained by Price Services, all applicable laws and the Fund’s then-current prospectus. Such Services include, but are not limited to, the following:

-Establishing Shareholder and Intermediary Accounts

-Processing Purchase, Redemption and Exchange Orders

-Receiving and Disbursing Settlement Proceeds

-Processing Checkwriting Redemptions

-Processing Fund Mergers and Reorganizations

-Processing Transfer of Ownership Orders

-Processing Maintenance Requests on Shareholder Accounts

-Processing transactions unique to retail and small business retirement accounts (e.g., RMDs, etc).

-Processing Adjustments in Shareholder Accounts and Monitoring and Reporting Gains and Losses Resulting from such Adjustments.

-Processing electronic or digital debits or payments

-Handling Returned Checks, ACH Debits and Uncollected Funds

-Processing Dividends, Distributions and Other Fund Corporate Actions for Shareholder Accounts

-Preparing and transmitting Shareholder Tax Information and Government Reporting

-Performing Federal and State tax Withholding and Remittance and Associated Reporting

-Monitoring and Enforcing the Fund’s Excessive Trading Policy

-Performing Lost Shareholder Identification and Searches

-Performing Unresponsive Check Payee notifications

-Reviewing, Reporting and Remitting Abandoned Property to the states

-Responding to Shareholder Correspondence

-Reporting Lost or Stolen Securities

-Maintaining Telephone, VRU and Electronic Access to Service Shareholder Accounts

-Performing Shareholder Services for High Net Worth Shareholders

-Collecting and Remitting Shareholder/Participant Fees

-Calculating and Paying Administrative Fees and 12b-1 Fee Payments

-Preparing and Delivering Confirmations, Statements and Tax Forms to Shareholders and Participants

-Delivering Prospectuses, Shareholder Reports and Other Required Mailings to Shareholders

-Maintaining Books and Records for the Fund

-Recording Authorized Issued and Outstanding Shares

-Performing Bank Reconciliation Process

-Coordinating with Independent Public Accountants for Reviews and Audits

-Maintaining and Providing Information Necessary for the Completion of Form NSAR & N-CSR

-Reporting Blue Sky Information to the Fund

-Furnishing Other Information to the Fund

-Developing, implementing and maintaining systems, policies and procedures designed to prevent unauthorized access to Shareholder Accounts.

-Performing Functions for Compliance with the Fund’s Anti-Money Laundering, OFAC and Red Flag Identity Theft Program

-Maintaining and testing of Business Continuity Plan and Disaster Recovery Sites

-Developing, implementing and maintaining policies and procedures to comply with new and existing regulations, as applicable

-Performing Such Other Services as Mutually Agreed Upon by Both Parties

2

APPENDIX A

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.

T. Rowe Price All-Cap Opportunities Fund - Advisor Class

T. Rowe Price All-Cap Opportunities Fund - I Class

T. ROWE PRICE BALANCED FUND, INC.

T. Rowe Price Balanced Fund-I Class

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. Rowe Price Blue Chip Growth Fund - Advisor Class

T. Rowe Price Blue Chip Growth Fund - R Class

T. Rowe Price Blue Chip Growth Fund - I Class

T. Rowe Price Blue Chip Growth Fund - Z Class

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. Rowe Price Capital Appreciation Fund - Advisor Class

T. Rowe Price Capital Appreciation Fund - I Class

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. Rowe Price Communications & Technology Fund - I Class

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. Rowe Price Corporate Income Fund - I Class

T. Rowe Price Corporate Income Fund - Z Class

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. Rowe Price Credit Opportunities Fund - Advisor Class

T. Rowe Price Credit Opportunities Fund - I Class

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. Rowe Price Diversified Mid-Cap Growth Fund – I Class

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. Rowe Price Dividend Growth Fund - Advisor Class

T. Rowe Price Dividend Growth Fund - I Class

T. Rowe Price Dividend Growth Fund - Z Class

T. ROWE PRICE EQUITY FUNDS, INC.

T. Rowe Price Institutional Large-Cap Core Growth Fund

T. Rowe Price Large Cap Growth Fund

T. Rowe Price Large Cap Growth Fund—I Class

T. Rowe Price Large Cap Value Fund

T. Rowe Price Large Cap Value Fund—I Class

T. Rowe Price Institutional Mid Cap Equity Growth Fund

T. Rowe Price Institutional Small Cap Stock Fund

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. Rowe Price Equity Income Fund - Advisor Class

T. Rowe Price Equity Income Fund - I Class

T. Rowe Price Equity Income Fund - R Class

T. Rowe Price Equity Income Fund - Z Class

T. ROWE PRICE EQUITY SERIES, INC.

T. Rowe Price All-Cap Opportunities Portfolio

T. Rowe Price Blue Chip Growth Portfolio

T. Rowe Price Blue Chip Growth Portfolio-II

T. Rowe Price Equity Income Portfolio

T. Rowe Price Equity Income Portfolio-II

T. Rowe Price Equity Index 500 Portfolio

T. Rowe Price Health Sciences Portfolio

T. Rowe Price Health Sciences Portfolio-II

T. Rowe Price Mid-Cap Growth Portfolio

T. Rowe Price Mid-Cap Growth Portfolio-II

T. Rowe Price Moderate Allocation Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. Rowe Price Financial Services Fund-I Class

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. Rowe Price Limited-Term Bond Portfolio

T. Rowe Price Limited-Term Bond Portfolio-II

T. Rowe Price Government Money Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. Rowe Price Floating Rate Fund - Advisor Class

T. Rowe Price Floating Rate Fund - I Class

T. Rowe Price Floating Rate Fund - Z Class

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. Rowe Price Global Allocation Fund - Advisor Class

T. Rowe Price Global Allocation Fund - I Class

T. ROWE PRICE GLOBAL FUNDS, INC.

T. Rowe Price Institutional Emerging Markets Bond Fund

T. Rowe Price Institutional Emerging Markets Equity Fund

T. Rowe Price Global Value Equity Fund

T. Rowe Price Global Value Equity Fund—I Class

T. Rowe Price Institutional International Disciplined Equity Fund

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. Rowe Price Global Multi-Sector Bond Fund-Advisor Class

2

T. Rowe Price Global Multi-Sector Bond Fund - I Class

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. Rowe Price Global Real Estate Fund - Advisor Class

T. Rowe Price Global Real Estate Fund-I Class

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. Rowe Price Global Technology Fund-I Class

T. ROWE PRICE GNMA FUND, INC.

T. Rowe Price GNMA Fund – I Class

T. Rowe Price GNMA Fund – Z Class

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. Rowe Price Government Money Fund – I Class

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. Rowe Price Growth Stock Fund - Advisor Class

T. Rowe Price Growth Stock Fund - R Class

T. Rowe Price Growth Stock Fund - I Class

T. Rowe Price Growth Stock Fund - Z Class

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. Rowe Price Health Sciences Fund-I Class

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price High Yield Fund - Advisor Class

T. Rowe Price High Yield Fund - I Class

T. Rowe Price High Yield Fund - Z Class

T. Rowe Price U.S. High Yield Fund

T. Rowe Price U.S. High Yield Fund – Advisor Class

T. Rowe Price U.S. High Yield Fund – I Class

T. ROWE PRICE INDEX TRUST, INC.

T. Rowe Price Equity Index 500 Fund

T. Rowe Price Equity Index 500 Fund - I Class

T. Rowe Price Equity Index 500 Fund - Z Class

T. Rowe Price Extended Equity Market Index Fund

T. Rowe Price Mid-Cap Index Fund

T. Rowe Price Mid-Cap Index Fund - I Class

T. Rowe Price Mid-Cap Index Fund - Z Class

T. Rowe Price Small-Cap Index Fund

T. Rowe Price Small-Cap Index Fund - I Class

T. Rowe Price Small-Cap Index Fund - Z Class

T. Rowe Price Total Equity Market Index Fund

T. Rowe Price U.S. Limited Duration TIPS Index Fund

3

T. Rowe Price U.S. Limited Duration TIPS Index Fund - I Class

T. Rowe Price U.S. Limited Duration TIPS Index Fund - Z Class

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. Rowe Price Inflation Protected Bond Fund-I Class

T. Rowe Price Inflation Protected Bond Fund-Z Class

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional Floating Rate Fund - F Class

T. Rowe Price Institutional Floating Rate Fund - Z Class

T. Rowe Price Institutional High Yield Fund

T. Rowe Price Institutional High Yield Fund - Z Class

T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. Rowe Price Intermediate Tax-Free High Yield Fund-Advisor Class

T. Rowe Price Intermediate Tax-Free High Yield Fund – I Class

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. Rowe Price Africa & Middle East Fund

T. Rowe Price Africa & Middle East Fund—I Class

T. Rowe Price Africa & Middle East Fund—Z Class

T. Rowe Price Asia Opportunities Fund

T. Rowe Price Asia Opportunities Fund - Advisor Class

T. Rowe Price Asia Opportunities Fund—I Class

T. Rowe Price China Evolution Equity Fund

T. Rowe Price China Evolution Equity Fund – I Class

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Credit Fund - I Class

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Dynamic Global Bond Fund - Advisor Class

T. Rowe Price Dynamic Global Bond Fund - I Class

T. Rowe Price Dynamic Global Bond Fund – Z Class

T. Rowe Price Emerging Europe Fund

T. Rowe Price Emerging Europe Fund - I Class

T. Rowe Price Emerging Europe Fund - Z Class

T. Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging Markets Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Bond Fund - I Class

T. Rowe Price Emerging Markets Bond Fund - Z Class

T. Rowe Price Emerging Markets Corporate Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Corporate Bond Fund - I Class

4

T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Discovery Stock Fund - Advisor Class

T. Rowe Price Emerging Markets Discovery Stock Fund - I Class

T. Rowe Price Emerging Markets Discovery Stock Fund - Z Class

T. Rowe Price Emerging Markets Local Currency Bond Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class

T. Rowe Price Emerging Markets Local Currency Bond Fund - Z Class

T. Rowe Price Emerging Markets Stock Fund

T. Rowe Price Emerging Markets Stock Fund - I Class

T. Rowe Price Emerging Markets Stock Fund - Z Class

T. Rowe Price European Stock Fund

T. Rowe Price European Stock Fund - I Class

T. Rowe Price European Stock Fund - Z Class

T. Rowe Price Global Consumer Fund

T. Rowe Price Global Growth Stock Fund

T. Rowe Price Global Growth Stock Fund - Advisor Class

T. Rowe Price Global Growth Stock Fund - I Class

T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global High Income Bond Fund - Advisor Class

T. Rowe Price Global High Income Bond Fund - I Class

T. Rowe Price Global Impact Equity Fund

T. Rowe Price Global Impact Equity Fund - I Class

T. Rowe Price Global Industrials Fund

T. Rowe Price Global Industrials Fund - I Class

T. Rowe Price Global Stock Fund

T. Rowe Price Global Stock Fund - Advisor Class

T. Rowe Price Global Stock Fund - I Class

T. Rowe Price International Bond Fund

T. Rowe Price International Bond Fund - Advisor Class

T. Rowe Price International Bond Fund - I Class

T. Rowe Price International Bond Fund - Z Class

T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Bond Fund (USD Hedged) - Advisor Class

T. Rowe Price International Bond Fund (USD Hedged) - I Class

T. Rowe Price International Bond Fund (USD Hedged) - Z Class

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Disciplined Equity Fund - Advisor Class

T. Rowe Price International Disciplined Equity Fund - I Class

T. Rowe Price International Discovery Fund

T. Rowe Price International Discovery Fund - I Class

T. Rowe Price International Discovery Fund - Z Class

T. Rowe Price International Stock Fund

T. Rowe Price International Stock Fund - Advisor Class

T. Rowe Price International Stock Fund - I Class

T. Rowe Price International Stock Fund - R Class

5

T. Rowe Price International Stock Fund - Z Class

T. Rowe Price International Value Equity Fund

T. Rowe Price International Value Equity Fund - Advisor Class

T. Rowe Price International Value Equity Fund - I Class

T. Rowe Price International Value Equity Fund - R Class

T. Rowe Price International Value Equity Fund - Z Class

T. Rowe Price Japan Fund

T. Rowe Price Japan Fund - I Class

T. Rowe Price Japan Fund - Z Class

T. Rowe Price Latin America Fund

T. Rowe Price Latin America Fund - I Class

T. Rowe Price Latin America Fund - Z Class

T. Rowe Price New Asia Fund

T. Rowe Price New Asia Fund - I Class

T. Rowe Price New Asia Fund - Z Class

T. Rowe Price Overseas Stock Fund

T. Rowe Price Overseas Stock Fund - Advisor Class

T. Rowe Price Overseas Stock Fund - I Class

T. Rowe Price Overseas Stock Fund - Z Class

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. Rowe Price International Equity Index Fund

T. Rowe Price International Equity Index Fund—Z Class

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. Rowe Price Limited Duration Inflation Focused Bond Fund - I Class

T. Rowe Price Limited Duration Inflation Focused Bond Fund - Z Class

T. ROWE PRICE MID CAP GROWTH FUND, INC.

T. Rowe Price Mid-Cap Growth Fund - Advisor Class

T. Rowe Price Mid-Cap Growth Fund - R Class

T. Rowe Price Mid-Cap Growth Fund - I Class

T. Rowe Price Mid-Cap Growth Fund - Z Class

T. ROWE PRICE MID CAP VALUE FUND, INC.

T. Rowe Price Mid-Cap Value Fund - Advisor Class

T. Rowe Price Mid-Cap Value Fund - R Class

T. Rowe Price Mid-Cap Value Fund - I Class

T. Rowe Price Mid-Cap Value Fund - Z Class

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio

T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

6

T. Rowe Price Floating Rate Multi-Sector Account Portfolio

T. Rowe Price High Yield Multi-Sector Account Portfolio

T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio

T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. Rowe Price Multi-Strategy Total Return Fund - Advisor Class

T. Rowe Price Multi-Strategy Total Return Fund - I Class

T. ROWE PRICE NEW ERA FUND, INC.

T. Rowe Price New Era Fund - I Class

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. Rowe Price New Horizons Fund - I Class

T. Rowe Price New Horizons Fund - Z Class

T. ROWE PRICE NEW INCOME FUND, INC.

T. Rowe Price New Income Fund - Advisor Class

T. Rowe Price New Income Fund - R Class

T. Rowe Price New Income Fund - I Class

T. Rowe Price New Income Fund - Z Class

T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.

T. Rowe Price QM U.S. Bond Index Fund - I Class

T. Rowe Price QM U.S. Bond Index Fund - Z Class

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund

T. Rowe Price QM Global Equity Fund - Advisor Class

T. Rowe Price QM Global Equity Fund - I Class

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - Advisor Class

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - I Class

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund - Advisor Class

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund - I Class

T. Rowe Price QM U.S. Value Equity Fund

T. Rowe Price QM U.S. Value Equity Fund - Advisor Class

T. Rowe Price QM U.S. Value Equity Fund - I Class

T. ROWE PRICE REAL ASSETS FUND, INC.

T. Rowe Price Real Assets Fund - I Class

T. Rowe Price Real Assets Fund - Z Class

T. ROWE PRICE REAL ESTATE FUND, INC.

T. Rowe Price Real Estate Fund - Advisor Class

7

T. Rowe Price Real Estate Fund - I Class

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. Rowe Price Government Reserve Fund

T. Rowe Price Short-Term Government Fund

T. Rowe Price Short-Term Fund

T. Rowe Price Transition Fund

T. Rowe Price Treasury Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. Rowe Price Retirement 2005 Fund

T. Rowe Price Retirement 2005 Fund - Advisor Class

T. Rowe Price Retirement 2005 Fund - R Class

T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2010 Fund - Advisor Class

T. Rowe Price Retirement 2010 Fund - R Class

T. Rowe Price Retirement 2015 Fund

T. Rowe Price Retirement 2015 Fund - Advisor Class

T. Rowe Price Retirement 2015 Fund - R Class

T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2020 Fund - Advisor Class

T. Rowe Price Retirement 2020 Fund - R Class

T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2025 Fund - Advisor Class

T. Rowe Price Retirement 2025 Fund - R Class

T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2030 Fund - Advisor Class

T. Rowe Price Retirement 2030 Fund - R Class

T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2035 Fund - Advisor Class

T. Rowe Price Retirement 2035 Fund - R Class

T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2040 Fund - Advisor Class

T. Rowe Price Retirement 2040 Fund - R Class

T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2045 Fund - Advisor Class

T. Rowe Price Retirement 2045 Fund - R Class

T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2050 Fund - Advisor Class

T. Rowe Price Retirement 2050 Fund - R Class

T. Rowe Price Retirement 2055 Fund

T. Rowe Price Retirement 2055 Fund - Advisor Class

T. Rowe Price Retirement 2055 Fund - R Class

T. Rowe Price Retirement 2060 Fund

T. Rowe Price Retirement 2060 Fund - Advisor Class

T. Rowe Price Retirement 2060 Fund - R Class

8

T. Rowe Price Retirement 2065 Fund

T. Rowe Price Retirement 2065 Fund - Advisor Class

T. Rowe Price Retirement 2065 Fund - R Class

T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Balanced Fund-Advisor Class

T. Rowe Price Retirement Balanced Fund-R Class

T. Rowe Price Retirement Blend 2005 Fund

T. Rowe Price Retirement Blend 2005 Fund - I Class

T. Rowe Price Retirement Blend 2010 Fund

T. Rowe Price Retirement Blend 2010 Fund - I Class

T. Rowe Price Retirement Blend 2015 Fund

T. Rowe Price Retirement Blend 2015 Fund - I Class

T. Rowe Price Retirement Blend 2020 Fund

T. Rowe Price Retirement Blend 2020 Fund - I Class

T. Rowe Price Retirement Blend 2025 Fund

T. Rowe Price Retirement Blend 2025 Fund - I Class

T. Rowe Price Retirement Blend 2030 Fund

T. Rowe Price Retirement Blend 2030 Fund - I Class

T. Rowe Price Retirement Blend 2035 Fund

T. Rowe Price Retirement Blend 2035 Fund - I Class

T. Rowe Price Retirement Blend 2040 Fund

T. Rowe Price Retirement Blend 2040 Fund - I Class

T. Rowe Price Retirement Blend 2045 Fund

T. Rowe Price Retirement Blend 2045 Fund - I Class

T. Rowe Price Retirement Blend 2050 Fund

T. Rowe Price Retirement Blend 2050 Fund - I Class

T. Rowe Price Retirement Blend 2055 Fund

T. Rowe Price Retirement Blend 2055 Fund - I Class

T. Rowe Price Retirement Blend 2060 Fund

T. Rowe Price Retirement Blend 2060 Fund - I Class

T. Rowe Price Retirement Blend 2065 Fund

T. Rowe Price Retirement Blend 2065 Fund - I Class

T. Rowe Price Retirement I 2005 Fund - I Class

T. Rowe Price Retirement I 2010 Fund - I Class

T. Rowe Price Retirement I 2015 Fund - I Class

T. Rowe Price Retirement I 2020 Fund - I Class

T. Rowe Price Retirement I 2025 Fund - I Class

T. Rowe Price Retirement I 2030 Fund - I Class

T. Rowe Price Retirement I 2035 Fund - I Class

T. Rowe Price Retirement I 2040 Fund - I Class

T. Rowe Price Retirement I 2045 Fund - I Class

T. Rowe Price Retirement I 2050 Fund - I Class

T. Rowe Price Retirement I 2055 Fund - I Class

T. Rowe Price Retirement I 2060 Fund - I Class

T. Rowe Price Retirement I 2065 Fund - I Class

T. Rowe Price Retirement Balanced I Fund - I Class

9

T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Target 2005 Fund

T. Rowe Price Target 2005 Fund - Advisor Class

T. Rowe Price Target 2005 Fund - I Class

T. Rowe Price Target 2010 Fund

T. Rowe Price Target 2010 Fund - Advisor Class

T. Rowe Price Target 2010 Fund - I Class

T. Rowe Price Target 2015 Fund

T. Rowe Price Target 2015 Fund - Advisor Class

T. Rowe Price Target 2015 Fund - I Class

T. Rowe Price Target 2020 Fund

T. Rowe Price Target 2020 Fund - Advisor Class

T. Rowe Price Target 2020 Fund - I Class

T. Rowe Price Target 2025 Fund

T. Rowe Price Target 2025 Fund - Advisor Class

T. Rowe Price Target 2025 Fund - I Class

T. Rowe Price Target 2030 Fund

T. Rowe Price Target 2030 Fund - Advisor Class

T. Rowe Price Target 2030 Fund - I Class

T. Rowe Price Target 2035 Fund

T. Rowe Price Target 2035 Fund - Advisor Class

T. Rowe Price Target 2035 Fund-I Class

T. Rowe Price Target 2040 Fund

T. Rowe Price Target 2040 Fund - Advisor Class

T. Rowe Price Target 2040 Fund - I Class

T. Rowe Price Target 2045 Fund

T. Rowe Price Target 2045 Fund - Advisor Class

T. Rowe Price Target 2045 Fund - I Class

T. Rowe Price Target 2050 Fund

T. Rowe Price Target 2050 Fund - Advisor Class

T. Rowe Price Target 2050 Fund - I Class

T. Rowe Price Target 2055 Fund

T. Rowe Price Target 2055 Fund - Advisor Class

T. Rowe Price Target 2055 Fund - I Class

T. Rowe Price Target 2060 Fund

T. Rowe Price Target 2060 Fund - Advisor Class

T. Rowe Price Target 2060 Fund - I Class

T. Rowe Price Target 2065 Fund

T. Rowe Price Target 2065 Fund - Advisor Class

T. Rowe Price Target 2065 Fund - I Class

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. Rowe Price Science & Technology Fund - Advisor Class

T. Rowe Price Science & Technology Fund - I Class

T. ROWE PRICE SHORT TERM BOND FUND, INC.

10

T. Rowe Price Short Duration Income Fund

T. Rowe Price Short Duration Income Fund - I Class

T. Rowe Price Short-Term Bond Fund - Advisor Class

T. Rowe Price Short-Term Bond Fund - I Class

T. Rowe Price Short-Term Bond Fund - Z Class

T. Rowe Price Ultra Short-Term Bond Fund

T. Rowe Price Ultra Short-Term Bond Fund - I Class

T. Rowe Price Ultra Short-Term Bond Fund - Z Class

T. ROWE PRICE SMALL CAP STOCK FUND, INC.

T. Rowe Price Small Cap Stock Fund - Advisor Class

T. Rowe Price Small-Cap Stock Fund - I Class

T. Rowe Price Small-Cap Stock Fund - Z Class

T. ROWE PRICE SMALL CAP VALUE FUND, INC.

T. Rowe Price Small Cap Value Fund - Advisor Class

T. Rowe Price Small-Cap Value Fund - I Class

T. Rowe Price Small-Cap Value Fund - Z Class

T. ROWE PRICE SPECTRUM FUND, INC.

T. Rowe Price Spectrum Diversified Equity Fund

T. Rowe Price Spectrum Diversified Equity Fund - I Class

T. Rowe Price Spectrum Income Fund

T. Rowe Price Spectrum Income Fund - I Class

T. Rowe Price Spectrum International Equity Fund

T. Rowe Price Spectrum International Equity Fund - I Class

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. Rowe Price Spectrum Conservative Allocation Fund

T. Rowe Price Spectrum Conservative Allocation Fund - I Class

T. Rowe Price Spectrum Moderate Allocation Fund

T. Rowe Price Spectrum Moderate Allocation Fund - I Class

T. Rowe Price Spectrum Moderate Growth Allocation Fund

T. Rowe Price Spectrum Moderate Growth Allocation Fund - I Class

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.

T. Rowe Price California Tax-Free Bond Fund

T. Rowe Price California Tax-Free Bond Fund - I Class

T. Rowe Price Georgia Tax-Free Bond Fund

T. Rowe Price Georgia Tax-Free Bond Fund - I Class

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund - I Class

T. Rowe Price Maryland Tax-Free Bond Fund

T. Rowe Price Maryland Tax-Free Bond Fund - I Class

T. Rowe Price Maryland Tax-Free Money Fund

T. Rowe Price Maryland Tax-Free Money Fund - I Class

11

T. Rowe Price New Jersey Tax-Free Bond Fund

T. Rowe Price New Jersey Tax-Free Bond Fund - I Class

T. Rowe Price New York Tax-Free Bond Fund

T. Rowe Price New York Tax-Free Bond Fund - I Class

T. Rowe Price Virginia Tax-Free Bond Fund

T. Rowe Price Virginia Tax-Free Bond Fund - I Class

T. ROWE PRICE SUMMIT FUNDS, INC.

T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. Rowe Price Summit Municipal Income Fund

T. Rowe Price Summit Municipal Income Fund - Advisor Class

T. Rowe Price Summit Municipal Income Fund - I Class

T. Rowe Price Summit Municipal Intermediate Fund

T. Rowe Price Summit Municipal Intermediate Fund - Advisor Class

T. Rowe Price Summit Municipal Intermediate Fund - I Class

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. Rowe Price Tax-Efficient Equity Fund

T. Rowe Price Tax-Efficient Equity Fund - I Class

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. Rowe Price Tax-Exempt Money Fund - I Class

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. Rowe Price Tax-Free High Yield Fund - Advisor Class

T. Rowe Price Tax-Free High Yield Fund - I Class

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. Rowe Price Tax-Free Income Fund - Advisor Class

T. Rowe Price Tax Free Income Fund - I Class

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. Rowe Price Tax-Free Short-Intermediate Fund - Advisor Class

T. Rowe Price Tax-Free Short-Intermediate Fund - I Class

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. Rowe Price Total Return Fund - Advisor Class

T. Rowe Price Total Return Fund - I Class

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. Rowe Price U.S. Equity Research Fund - Advisor Class

T. Rowe Price U.S. Equity Research Fund - I Class

T. Rowe Price U.S. Equity Research Fund - R Class

12

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. Rowe Price U.S. Large-Cap Core Fund - Advisor Class

T. Rowe Price U.S. Large-Cap Core Fund - I Class

T. Rowe Price U.S. Large-Cap Core Fund - Z Class

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

T. Rowe Price U.S. Treasury Intermediate Index Fund

T. Rowe Price U.S. Treasury Intermediate Index Fund - I Class

T. Rowe Price U.S. Treasury Intermediate Index Fund - Z Class

T. Rowe Price U.S. Treasury Long-Term Index Fund

T. Rowe Price U.S. Treasury Long-Term Index Fund - I Class

T. Rowe Price U.S. Treasury Long-Term Index Fund - Z Class

T. Rowe Price U.S. Treasury Money Fund

T. Rowe Price U.S. Treasury Money Fund - I Class

T. Rowe Price U.S. Treasury Money Fund - Z Class

T. ROWE PRICE VALUE FUND, INC.

T. Rowe Price Value Fund - Advisor Class

T. Rowe Price Value Fund - I Class

T. Rowe Price Value Fund - Z Class

13

EX-99.H OTH MAT CONT

AMENDED AND RESTATED

AGREEMENT

between

T. ROWE PRICE ASSOCIATES, INC.

and

THE T. ROWE PRICE FUNDS

for

FUND ACCOUNTING and RELATED ADMINISTRATIVE SERVICES

TABLE OF CONTENTS

Page

Article

A.	Terms of Appointment/Duties of Price Associates3
B.	Fees and Expenses3
C.	Representations and Warrantees of Price Associates3
D.	Representations and Warranties of the Fund4
E.	Ownership of Software and Related Material5
F.	Quality Service Standards/NAV Errors5
G.	Standard of Care/Indemnification5
6.	Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement; provided that the parties acknowledge that any and all liabilities incurred by the indemnified party arising out of third-party claims with respect to which the indemnified party is entitled to indemnification pursuant to this Agreement are not and shall not be deemed to be consequential damages7
H.	Dual Interests7
I.	Documentation and Representations7
J.	Recordkeeping/Confidentiality7
K.	Compliance with Governmental Rules and Regulations8
L.	Term and Termination of Agreement8
M.	Notice9
N.	Assignment9
O.	Amendment/Interpretive Provisions10
P.	Further Assurances10
Q.	Maryland Law to Apply10
R.	Entire Agreement10
S.	Counterparts10
T.	The Parties11
U.	Directors and Shareholders11
V.	Captions11
Exhibit A1	12
Exhibit A2	25

This AMENDED AND RESTATED AGREEMENT (“Agreement”) is entered into as of January 1, 2023, by and between T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office and place of business at 100 East Pratt Street, Baltimore, Maryland 21202 (“Price Associates”), and each Fund which is listed on Exhibit A1 and Exhibit A2 (as such Exhibits may be amended from time to time) and which evidences its agreement to

2

be bound hereby by executing a copy of this Agreement (each such Fund individually hereinafter referred to as “the Fund,” whose definition may be found in Article T).

RECITALS

WHEREAS, Price Associates and each Fund listed on Exhibit A1 entered into an agreement dated August 1, 2015, amended January 1, 2021 (“Original Agreement”) and amended and restated such Original Agreement in its entirety, together with any amendments, on June 15, 2021 and January 1, 2022;

WHEREAS, each Fund listed on Exhibit A1 appointed The Bank of New York Mellon (“BNY Mellon”), to provide certain fund accounting, financial reporting and administrative services “BNY Mellon Services”) pursuant to a Fund Accounting Agreement dated August 1, 2015, together with any amendments;

WHEREAS, certain accounting, administrative and tax support services that are required by the Fund will not be provided by a third-party service provider and Price Associates has the capability of providing the Fund with such accounting, administrative and tax support services that are not BNY Mellon Services as well as oversight of third-party service providers of accounting, administrative and tax support services, including BNY Mellon and Delegates (as defined herein);

WHEREAS, each Fund desires to appoint Price Associates to provide accounting, administrative and tax support services that are required by the Fund and that are not provided by a third-party service provider and Price Associates desires to accept such appointment; and

WHEREAS, Price Associates may seek to delegate certain of the accounting, administrative, or tax support services to qualified service providers from time to time;

2

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the Parties hereto agree as follows:

A.Terms of Appointment/Duties of Price Associates

1.Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs and appoints Price Associates to provide, and Price Associates agrees to provide, the services set forth in Exhibits B1 and B2 which include, among other things, services that do not constitute BNY Mellon Services as well as oversight of BNY Mellon, Delegates (defined herein), and other service providers that may be appointed by the Fund from time to time (“Services”).

2.In rendering the Services required under this Agreement, Price Associates may, consistent with applicable law from time to time, employ, sub-contract, delegate, or associate with itself such affiliated or unaffiliated person or persons as it believes reasonably necessary to assist it in carrying out its obligations under this Agreement (“Delegates”) without the consent or approval of the Fund. Price Associates shall remain liable to the Fund, and the Fund shall be liable to Price Associates, for the performance of such obligations hereunder, to the extent specified in this Agreement.

B.Fees and Expenses

For the Services performed hereunder, the Fund shall pay the fees and expenses as mutually agreed upon by both parties and estimated in the Service Agreement Fee Schedule as amended from time to time (“Fee Schedule”).

C.Representations and Warrantees of Price Associates

Price Associates represents and warrants to the Fund that:

3

1.It is a corporation duly organized and existing in good standing under the laws of Maryland.

2.It is duly qualified to carry on its business in Maryland.

3.It is empowered under applicable laws and by its charter and By-Laws to enter into and perform this Agreement.

4.All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

5.It has, and will continue to have, access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

6.The Services provided under this Agreement are different from, and not duplicative of, the BNY Mellon Services. The Services provided under this Agreement are in addition to and not duplicative of the services required to be performed by Price Associates under the Investment Management Agreement between Price Associates and the Fund (the “Investment Management Agreement”).

D.Representations and Warranties of the Fund

The Fund represents and warrants to Price Associates that:

1.It is a corporation, duly organized and existing and in good standing under the laws of Maryland.

2.It is empowered under applicable laws and by its Articles of Incorporation and By-Laws and all required proceedings have been taken to authorize it to enter into and perform this Agreement.

4

E.Ownership of Software and Related Material

All computer programs, magnetic tapes, written procedures, and similar items purchased and/or developed and used by Price Associates in performance of this Agreement shall be the property of Price Associates and will not become the property of the Fund.

F.Quality Service Standards/NAV Errors

Price Associates and the Fund may, from time to time, agree to certain quality service standards, with respect to the Services hereunder. In the event Price Associates is the party responsible for causing an error in the computation of the net asset value for a Fund or share class of a Fund (“NAV Error”), the actions that are required to be taken as to such NAV Error shall be made in accordance with the Fund’s Net Asset Value Error Correction Policy and Procedures (“NAV Error Policy”).

G.Standard of Care/Indemnification

Notwithstanding anything to the contrary in this Agreement:

1.Price Associates shall exercise reasonable care in rendering the Services described in this Agreement. Price Associates shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund and any of its officers, directors, employees, successors and permitted assigns in connection with the matters to which this Agreement relates, except a loss resulting from Price Associates’ willful misfeasance, bad faith or negligence on its part in the performance of its duties hereunder or from reckless disregard by it of its obligations and duties under this Agreement or except as expressly stated otherwise in the NAV Error Policy.

2.The Fund shall indemnify and hold Price Associates harmless from and against all losses, costs, damages, claims, actions, and expenses, including reasonable expenses for legal counsel, incurred by Price Associates resulting from: (i) any action or omission by Price Associates or its agents or Delegates in the performance of their duties hereunder; (ii) Price

5

Associates acting upon instructions believed by it to have been executed by a duly authorized officer of the Fund; or (iii) Price Associates acting upon information provided by the Fund in form and under policies agreed to by Price Associates and the Fund. Price Associates shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or willful misconduct of Price Associates or its agents or Delegates, or where Price Associates has not exercised reasonable care in selecting or monitoring the performance of its agents or Delegates.

3. Price Associates shall indemnify and hold harmless the Fund from all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legal counsel, incurred by the Fund resulting from the negligence or willful misconduct of Price Associates or which result from Price Associates’ failure to exercise reasonable care in selecting or monitoring the performance of its agents or Delegates. The Fund shall not be entitled to such indemnification with respect to actions or omissions constituting negligence or willful misconduct of such Fund; unless such negligence or misconduct is attributable to Price Associates or its agents or Delegates.

4.In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes or other causes reasonably beyond its control, such party shall not be liable to the other party for any loss, cost, damage, claim, action or expense resulting from such failure to perform or otherwise from such causes.

5.Upon the assertion of a claim for which either party may be required to indemnify the other, the party seeking indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim provided, however, that any failure by the indemnified party to provide such notice shall not relieve the indemnifying party of its obligations to indemnify under this Agreement except to the extent that the indemnifying party can demonstrate actual prejudice as a result of such failure. The party who may be required to indemnify shall have the option to participate

6

with the party seeking indemnification in the defense of such claim, or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the other party’s prior written consent.

6.Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement; provided that the parties acknowledge that any and all liabilities incurred by the indemnified party arising out of third-party claims with respect to which the indemnified party is entitled to indemnification pursuant to this Agreement are not and shall not be deemed to be consequential damages

H.Dual Interests

It is understood that some person or persons may be directors, officers, or shareholders of both the Fund and Price Associates (including Price Associates’ affiliates), and that the existence of any such dual interest shall not affect the validity of this Agreement or of any transactions hereunder except as otherwise provided by a specific provision of applicable law.

I.Documentation and Representations

As requested by Price Associates or Delegates, the Fund shall promptly furnish to Price Associates such documents and representations as it may reasonably request and as are necessary for Price Associates to carry out its responsibilities hereunder.

J.Recordkeeping/Confidentiality

1.Price Associates, or its Delegates, shall keep records relating to the Services to be performed hereunder, in the form and manner as it may deem advisable, provided that Price Associates shall keep all records in such form and in such manner as required by applicable law, including the Investment Company Act of 1940 (“the ‘40 Act”) and the Securities Exchange Act of 1934 (“the ‘34 Act”). To the extent that the records prepared and maintained hereunder by Price Associates are records of the Fund required to be maintained and preserved pursuant to the

7

’40 Act and the rules thereunder, Price Associates agrees that such records are the property of the Fund and will be surrendered promptly upon request.

2.Price Associates and the Fund agree that all books, records, information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any other person, except: (a) after prior notification to and approval in writing by the other party hereto, which approval shall not be unreasonably withheld and may not be withheld where Price Associates or Fund may be exposed to civil or criminal contempt proceedings for failure to comply; (b) when requested to divulge such information by duly constituted governmental authorities; (c) after so requested by the other party hereto; or (d) as necessary for Delegates to carry out the Services.

K.Compliance with Governmental Rules and Regulations

Except as otherwise provided in the Agreement and except for the accuracy and timeliness of information furnished to the Funds by Price Associates or its Delegates, each Fund assumes full responsibility for the preparation, contents and distribution of its prospectuses, and for complying with all applicable requirements of the ’40 Act, the ‘34 Act, the Securities Act of 1933 (“the ‘33 Act”), the Internal Revenue Code (“IRC”), and any laws, rules and regulations of governmental authorities having jurisdiction over the Fund.

L.Term and Termination of Agreement

1.This Agreement shall run for a period of one (1) year from the date first written above and will be renewed from year to year thereafter unless terminated by either party as provided hereunder.

2.This Agreement may be terminated by the Fund upon sixty (60) days’ written notice to Price Associates; and by Price Associates, upon three hundred sixty-five (365) days’

8

written notice to the Fund unless a shorter termination period is mutually agreed upon by the parties.

3.Upon termination hereof, the Fund shall pay to Price Associates such compensation as may be due as of the date of such termination, and shall likewise reimburse Price Associates for its reasonable out-of-pocket expenses related to its provision of the Services, and Price Associates shall reimburse the Fund for its reasonable costs and out-of-pocket expenses incurred by such Fund in connection with converting such Fund to a successor service provider, including without limitation the delivery to such successor service provider, such Fund and/or other of the Fund’s service providers any of such Fund’s property, records, data, instruments and documents. Upon termination of any Delegate by instruction from the Fund, the Fund shall pay to Price Associates such compensation as may be due as of the date of such termination, including but not limited to any termination charges and/or termination assistance charges imposed by such Delegates.

M.Notice

Any notice as required by this Agreement shall be sufficiently given (i) when sent to an authorized person of the other party at the address of such party set forth above or at such other address as such party may from time to time specify in writing to the other party; or (ii) as otherwise agreed upon by appropriate officers of the parties hereto.

N.Assignment

Neither this Agreement nor any rights or obligations hereunder may be assigned either voluntarily or involuntarily, by operation of law or otherwise, by either party without the prior written consent of the other party, provided this shall not preclude Price Associates from employing Delegates as it deems appropriate to carry out its obligations set forth hereunder.

9

O.Amendment/Interpretive Provisions

The parties by mutual written agreement may amend this Agreement at any time. In addition, in connection with the operation of this Agreement, Price Associates and the Fund may agree from time to time on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions are to be signed by all parties and annexed hereto, but no such provision shall contravene any applicable Federal or state law or regulation and no such interpretive or additional provision shall be deemed to be an amendment of this Agreement.

P.Further Assurances

Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

Q.Maryland Law to Apply

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of Maryland.

R.Entire Agreement

This Agreement, including the attached Exhibits and Fee Schedule (both as amended from time to time) embodies the entire agreement supersedes all prior agreements and arrangements with respect to the subject hereof, whether oral or written.

S.Counterparts

This Agreement may be executed in any number of counterparts, including facsimile copies thereof or electronic scan copies thereof delivered by electronic mail, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

10

T.The Parties

All references herein to the Fund are to each of the Funds listed on Exhibits A1 and A2, as the case may be, individually or any class thereof, as if this Agreement were between such individual Fund and Price Associates. In the case of a series Fund or a separate class of shares, all references to “the Fund” are to the individual series, portfolio or class of such Fund, or to such Fund on behalf of the individual series, portfolio or class, as appropriate. The “Fund” also includes any T. Rowe Price Funds that may be established after the execution of this Agreement and that are added to either Exhibit A1 or Exhibit A2 as set forth in the preamble to this Agreement. Any reference in this Agreement to “Parties” shall mean Price Associates and such individual Fund as to which the matter pertains.

U.Directors and Shareholders

It is understood and is expressly stipulated that neither the holders of shares in the Fund nor any Directors of the Fund shall be personally liable hereunder.

V.Captions

The captions in the Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf under their seals by and through their duly authorized officers.

T. ROWE PRICE FUNDS	T. ROWE PRICE ASSOCIATES, INC.
By: /s/Alan Dupski __________________________________ Name: Alan Dupski Title: Treasurer	By: /s/Fran Pollack-Matz __________________________________ Name: Fran Pollack-Matz Title: Vice President

11

Exhibit A1

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.

T. Rowe Price All-Cap Opportunities Fund - Advisor Class

T. Rowe Price All-Cap Opportunities Fund - I Class

T. ROWE PRICE BALANCED FUND, INC.

T. Rowe Price Balanced Fund-I Class

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. Rowe Price Blue Chip Growth Fund - Advisor Class

T. Rowe Price Blue Chip Growth Fund - R Class

T. Rowe Price Blue Chip Growth Fund - I Class

T. Rowe Price Blue Chip Growth Fund - Z Class

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. Rowe Price Capital Appreciation Fund - Advisor Class

T. Rowe Price Capital Appreciation Fund - I Class

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. Rowe Price Communications & Technology Fund - I Class

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. Rowe Price Corporate Income Fund - I Class

T. Rowe Price Corporate Income Fund - Z Class

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. Rowe Price Credit Opportunities Fund - Advisor Class

T. Rowe Price Credit Opportunities Fund - I Class

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. Rowe Price Diversified Mid-Cap Growth Fund – I Class

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. Rowe Price Dividend Growth Fund - Advisor Class

T. Rowe Price Dividend Growth Fund - I Class

T. Rowe Price Dividend Growth Fund - Z Class

T. ROWE PRICE EQUITY FUNDS, INC.

T. Rowe Price Institutional Large-Cap Core Growth Fund

T. Rowe Price Large Cap Growth Fund

T. Rowe Price Large Cap Growth Fund—I Class

T. Rowe Price Large Cap Value Fund

T. Rowe Price Large Cap Value Fund—I Class

T. Rowe Price Institutional Mid Cap Equity Growth Fund

T. Rowe Price Institutional Small Cap Stock Fund

12

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. Rowe Price Equity Income Fund - Advisor Class

T. Rowe Price Equity Income Fund - I Class

T. Rowe Price Equity Income Fund - R Class

T. Rowe Price Equity Income Fund - Z Class

T. ROWE PRICE EQUITY SERIES, INC.

T. Rowe Price All-Cap Opportunities Portfolio

T. Rowe Price Blue Chip Growth Portfolio

T. Rowe Price Blue Chip Growth Portfolio-II

T. Rowe Price Equity Income Portfolio

T. Rowe Price Equity Income Portfolio-II

T. Rowe Price Equity Index 500 Portfolio

T. Rowe Price Health Sciences Portfolio

T. Rowe Price Health Sciences Portfolio-II

T. Rowe Price Mid-Cap Growth Portfolio

T. Rowe Price Mid-Cap Growth Portfolio-II

T. Rowe Price Moderate Allocation Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. Rowe Price Financial Services Fund-I Class

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. Rowe Price Limited-Term Bond Portfolio

T. Rowe Price Limited-Term Bond Portfolio-II

T. Rowe Price Government Money Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. Rowe Price Floating Rate Fund - Advisor Class

T. Rowe Price Floating Rate Fund - I Class

T. Rowe Price Floating Rate Fund - Z Class

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. Rowe Price Global Allocation Fund - Advisor Class

T. Rowe Price Global Allocation Fund - I Class

T. ROWE PRICE GLOBAL FUNDS, INC.

T. Rowe Price Institutional Emerging Markets Bond Fund

T. Rowe Price Institutional Emerging Markets Equity Fund

T. Rowe Price Global Value Equity Fund

T. Rowe Price Global Value Equity Fund—I Class

T. Rowe Price Institutional International Disciplined Equity Fund

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

13

T. Rowe Price Global Multi-Sector Bond Fund-Advisor Class

T. Rowe Price Global Multi-Sector Bond Fund - I Class

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. Rowe Price Global Real Estate Fund - Advisor Class

T. Rowe Price Global Real Estate Fund-I Class

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. Rowe Price Global Technology Fund-I Class

T. ROWE PRICE GNMA FUND, INC.

T. Rowe Price GNMA Fund – I Class

T. Rowe Price GNMA Fund – Z Class

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. Rowe Price Government Money Fund – I Class

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. Rowe Price Growth Stock Fund - Advisor Class

T. Rowe Price Growth Stock Fund - R Class

T. Rowe Price Growth Stock Fund - I Class

T. Rowe Price Growth Stock Fund - Z Class

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. Rowe Price Health Sciences Fund-I Class

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price High Yield Fund - Advisor Class

T. Rowe Price High Yield Fund - I Class

T. Rowe Price High Yield Fund - Z Class

T. Rowe Price U.S. High Yield Fund

T. Rowe Price U.S. High Yield Fund – Advisor Class

T. Rowe Price U.S. High Yield Fund – I Class

T. ROWE PRICE INDEX TRUST, INC.

T. Rowe Price Equity Index 500 Fund

T. Rowe Price Equity Index 500 Fund - I Class

T. Rowe Price Equity Index 500 Fund - Z Class

T. Rowe Price Extended Equity Market Index Fund

T. Rowe Price Mid-Cap Index Fund

T. Rowe Price Mid-Cap Index Fund - I Class

T. Rowe Price Mid-Cap Index Fund - Z Class

T. Rowe Price Small-Cap Index Fund

T. Rowe Price Small-Cap Index Fund - I Class

T. Rowe Price Small-Cap Index Fund - Z Class

T. Rowe Price Total Equity Market Index Fund

14

T. Rowe Price U.S. Limited Duration TIPS Index Fund

T. Rowe Price U.S. Limited Duration TIPS Index Fund - I Class

T. Rowe Price U.S. Limited Duration TIPS Index Fund - Z Class

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. Rowe Price Inflation Protected Bond Fund-I Class

T. Rowe Price Inflation Protected Bond Fund-Z Class

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional Floating Rate Fund - F Class

T. Rowe Price Institutional Floating Rate Fund - Z Class

T. Rowe Price Institutional High Yield Fund

T. Rowe Price Institutional High Yield Fund - Z Class

T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. Rowe Price Intermediate Tax-Free High Yield Fund-Advisor Class

T. Rowe Price Intermediate Tax-Free High Yield Fund – I Class

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. Rowe Price Africa & Middle East Fund

T. Rowe Price Africa & Middle East Fund—I Class

T. Rowe Price Africa & Middle East Fund—Z Class

T. Rowe Price Asia Opportunities Fund

T. Rowe Price Asia Opportunities Fund - Advisor Class

T. Rowe Price Asia Opportunities Fund—I Class

T. Rowe Price China Evolution Equity Fund

T. Rowe Price China Evolution Equity Fund – I Class

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Credit Fund - I Class

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Dynamic Global Bond Fund - Advisor Class

T. Rowe Price Dynamic Global Bond Fund - I Class

T. Rowe Price Dynamic Global Bond Fund – Z Class

T. Rowe Price Emerging Europe Fund

T. Rowe Price Emerging Europe Fund - I Class

T. Rowe Price Emerging Europe Fund - Z Class

T. Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging Markets Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Bond Fund - I Class

T. Rowe Price Emerging Markets Bond Fund - Z Class

T. Rowe Price Emerging Markets Corporate Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Corporate Bond Fund - I Class

T. Rowe Price Emerging Markets Discovery Stock Fund

15

T. Rowe Price Emerging Markets Discovery Stock Fund - Advisor Class

T. Rowe Price Emerging Markets Discovery Stock Fund - I Class

T. Rowe Price Emerging Markets Discovery Stock Fund - Z Class

T. Rowe Price Emerging Markets Local Currency Bond Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class

T. Rowe Price Emerging Markets Local Currency Bond Fund - Z Class

T. Rowe Price Emerging Markets Stock Fund

T. Rowe Price Emerging Markets Stock Fund - I Class

T. Rowe Price Emerging Markets Stock Fund - Z Class

T. Rowe Price European Stock Fund

T. Rowe Price European Stock Fund - I Class

T. Rowe Price European Stock Fund - Z Class

T. Rowe Price Global Consumer Fund

T. Rowe Price Global Growth Stock Fund

T. Rowe Price Global Growth Stock Fund - Advisor Class

T. Rowe Price Global Growth Stock Fund - I Class

T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global High Income Bond Fund - Advisor Class

T. Rowe Price Global High Income Bond Fund - I Class

T. Rowe Price Global Impact Equity Fund

T. Rowe Price Global Impact Equity Fund - I Class

T. Rowe Price Global Industrials Fund

T. Rowe Price Global Industrials Fund - I Class

T. Rowe Price Global Stock Fund

T. Rowe Price Global Stock Fund - Advisor Class

T. Rowe Price Global Stock Fund - I Class

T. Rowe Price International Bond Fund

T. Rowe Price International Bond Fund - Advisor Class

T. Rowe Price International Bond Fund - I Class

T. Rowe Price International Bond Fund - Z Class

T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Bond Fund (USD Hedged) - Advisor Class

T. Rowe Price International Bond Fund (USD Hedged) - I Class

T. Rowe Price International Bond Fund (USD Hedged) - Z Class

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Disciplined Equity Fund - Advisor Class

T. Rowe Price International Disciplined Equity Fund - I Class

T. Rowe Price International Discovery Fund

T. Rowe Price International Discovery Fund - I Class

T. Rowe Price International Discovery Fund - Z Class

T. Rowe Price International Stock Fund

T. Rowe Price International Stock Fund - Advisor Class

T. Rowe Price International Stock Fund - I Class

T. Rowe Price International Stock Fund - R Class

T. Rowe Price International Stock Fund - Z Class

16

T. Rowe Price International Value Equity Fund

T. Rowe Price International Value Equity Fund - Advisor Class

T. Rowe Price International Value Equity Fund - I Class

T. Rowe Price International Value Equity Fund - R Class

T. Rowe Price International Value Equity Fund - Z Class

T. Rowe Price Japan Fund

T. Rowe Price Japan Fund - I Class

T. Rowe Price Japan Fund - Z Class

T. Rowe Price Latin America Fund

T. Rowe Price Latin America Fund - I Class

T. Rowe Price Latin America Fund - Z Class

T. Rowe Price New Asia Fund

T. Rowe Price New Asia Fund - I Class

T. Rowe Price New Asia Fund - Z Class

T. Rowe Price Overseas Stock Fund

T. Rowe Price Overseas Stock Fund - Advisor Class

T. Rowe Price Overseas Stock Fund - I Class

T. Rowe Price Overseas Stock Fund - Z Class

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. Rowe Price International Equity Index Fund

T. Rowe Price International Equity Index Fund—Z Class

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. Rowe Price International Stock Portfolio

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. Rowe Price Limited Duration Inflation Focused Bond Fund - I Class

T. Rowe Price Limited Duration Inflation Focused Bond Fund - Z Class

T. ROWE PRICE MID CAP GROWTH FUND, INC.

T. Rowe Price Mid-Cap Growth Fund - Advisor Class

T. Rowe Price Mid-Cap Growth Fund - R Class

T. Rowe Price Mid-Cap Growth Fund - I Class

T. Rowe Price Mid-Cap Growth Fund - Z Class

T. ROWE PRICE MID CAP VALUE FUND, INC.

T. Rowe Price Mid-Cap Value Fund - Advisor Class

T. Rowe Price Mid-Cap Value Fund - R Class

T. Rowe Price Mid-Cap Value Fund - I Class

T. Rowe Price Mid-Cap Value Fund - Z Class

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio

T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

T. Rowe Price Floating Rate Multi-Sector Account Portfolio

17

T. Rowe Price High Yield Multi-Sector Account Portfolio

T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio

T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. Rowe Price Multi-Strategy Total Return Fund - Advisor Class

T. Rowe Price Multi-Strategy Total Return Fund - I Class

T. ROWE PRICE NEW ERA FUND, INC.

T. Rowe Price New Era Fund - I Class

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. Rowe Price New Horizons Fund - I Class

T. Rowe Price New Horizons Fund - Z Class

T. ROWE PRICE NEW INCOME FUND, INC.

T. Rowe Price New Income Fund - Advisor Class

T. Rowe Price New Income Fund - R Class

T. Rowe Price New Income Fund - I Class

T. Rowe Price New Income Fund - Z Class

T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.

T. Rowe Price QM U.S. Bond Index Fund - I Class

T. Rowe Price QM U.S. Bond Index Fund - Z Class

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund

T. Rowe Price QM Global Equity Fund - Advisor Class

T. Rowe Price QM Global Equity Fund - I Class

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - Advisor Class

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - I Class

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund - Advisor Class

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund - I Class

T. Rowe Price QM U.S. Value Equity Fund

T. Rowe Price QM U.S. Value Equity Fund - Advisor Class

T. Rowe Price QM U.S. Value Equity Fund - I Class

T. ROWE PRICE REAL ASSETS FUND, INC.

T. Rowe Price Real Assets Fund - I Class

T. Rowe Price Real Assets Fund - Z Class

T. ROWE PRICE REAL ESTATE FUND, INC.

T. Rowe Price Real Estate Fund - Advisor Class

T. Rowe Price Real Estate Fund - I Class

18

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. Rowe Price Government Reserve Fund

T. Rowe Price Short-Term Government Fund

T. Rowe Price Short-Term Fund

T. Rowe Price Transition Fund

T. Rowe Price Treasury Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. Rowe Price Retirement 2005 Fund

T. Rowe Price Retirement 2005 Fund - Advisor Class

T. Rowe Price Retirement 2005 Fund - R Class

T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2010 Fund - Advisor Class

T. Rowe Price Retirement 2010 Fund - R Class

T. Rowe Price Retirement 2015 Fund

T. Rowe Price Retirement 2015 Fund - Advisor Class

T. Rowe Price Retirement 2015 Fund - R Class

T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2020 Fund - Advisor Class

T. Rowe Price Retirement 2020 Fund - R Class

T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2025 Fund - Advisor Class

T. Rowe Price Retirement 2025 Fund - R Class

T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2030 Fund - Advisor Class

T. Rowe Price Retirement 2030 Fund - R Class

T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2035 Fund - Advisor Class

T. Rowe Price Retirement 2035 Fund - R Class

T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2040 Fund - Advisor Class

T. Rowe Price Retirement 2040 Fund - R Class

T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2045 Fund - Advisor Class

T. Rowe Price Retirement 2045 Fund - R Class

T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2050 Fund - Advisor Class

T. Rowe Price Retirement 2050 Fund - R Class

T. Rowe Price Retirement 2055 Fund

T. Rowe Price Retirement 2055 Fund - Advisor Class

T. Rowe Price Retirement 2055 Fund - R Class

T. Rowe Price Retirement 2060 Fund

T. Rowe Price Retirement 2060 Fund - Advisor Class

T. Rowe Price Retirement 2060 Fund - R Class

T. Rowe Price Retirement 2065 Fund

19

T. Rowe Price Retirement 2065 Fund - Advisor Class

T. Rowe Price Retirement 2065 Fund - R Class

T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Balanced Fund-Advisor Class

T. Rowe Price Retirement Balanced Fund-R Class

T. Rowe Price Retirement Blend 2005 Fund

T. Rowe Price Retirement Blend 2005 Fund - I Class

T. Rowe Price Retirement Blend 2010 Fund

T. Rowe Price Retirement Blend 2010 Fund - I Class

T. Rowe Price Retirement Blend 2015 Fund

T. Rowe Price Retirement Blend 2015 Fund - I Class

T. Rowe Price Retirement Blend 2020 Fund

T. Rowe Price Retirement Blend 2020 Fund - I Class

T. Rowe Price Retirement Blend 2025 Fund

T. Rowe Price Retirement Blend 2025 Fund - I Class

T. Rowe Price Retirement Blend 2030 Fund

T. Rowe Price Retirement Blend 2030 Fund - I Class

T. Rowe Price Retirement Blend 2035 Fund

T. Rowe Price Retirement Blend 2035 Fund - I Class

T. Rowe Price Retirement Blend 2040 Fund

T. Rowe Price Retirement Blend 2040 Fund - I Class

T. Rowe Price Retirement Blend 2045 Fund

T. Rowe Price Retirement Blend 2045 Fund - I Class

T. Rowe Price Retirement Blend 2050 Fund

T. Rowe Price Retirement Blend 2050 Fund - I Class

T. Rowe Price Retirement Blend 2055 Fund

T. Rowe Price Retirement Blend 2055 Fund - I Class

T. Rowe Price Retirement Blend 2060 Fund

T. Rowe Price Retirement Blend 2060 Fund - I Class

T. Rowe Price Retirement Blend 2065 Fund

T. Rowe Price Retirement Blend 2065 Fund - I Class

T. Rowe Price Retirement I 2005 Fund - I Class

T. Rowe Price Retirement I 2010 Fund - I Class

T. Rowe Price Retirement I 2015 Fund - I Class

T. Rowe Price Retirement I 2020 Fund - I Class

T. Rowe Price Retirement I 2025 Fund - I Class

T. Rowe Price Retirement I 2030 Fund - I Class

T. Rowe Price Retirement I 2035 Fund - I Class

T. Rowe Price Retirement I 2040 Fund - I Class

T. Rowe Price Retirement I 2045 Fund - I Class

T. Rowe Price Retirement I 2050 Fund - I Class

T. Rowe Price Retirement I 2055 Fund - I Class

T. Rowe Price Retirement I 2060 Fund - I Class

T. Rowe Price Retirement I 2065 Fund - I Class

T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Balanced I Fund - I Class

20

T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Target 2005 Fund

T. Rowe Price Target 2005 Fund - Advisor Class

T. Rowe Price Target 2005 Fund - I Class

T. Rowe Price Target 2010 Fund

T. Rowe Price Target 2010 Fund - Advisor Class

T. Rowe Price Target 2010 Fund - I Class

T. Rowe Price Target 2015 Fund

T. Rowe Price Target 2015 Fund - Advisor Class

T. Rowe Price Target 2015 Fund - I Class

T. Rowe Price Target 2020 Fund

T. Rowe Price Target 2020 Fund - Advisor Class

T. Rowe Price Target 2020 Fund - I Class

T. Rowe Price Target 2025 Fund

T. Rowe Price Target 2025 Fund - Advisor Class

T. Rowe Price Target 2025 Fund - I Class

T. Rowe Price Target 2030 Fund

T. Rowe Price Target 2030 Fund - Advisor Class

T. Rowe Price Target 2030 Fund - I Class

T. Rowe Price Target 2035 Fund

T. Rowe Price Target 2035 Fund - Advisor Class

T. Rowe Price Target 2035 Fund-I Class

T. Rowe Price Target 2040 Fund

T. Rowe Price Target 2040 Fund - Advisor Class

T. Rowe Price Target 2040 Fund - I Class

T. Rowe Price Target 2045 Fund

T. Rowe Price Target 2045 Fund - Advisor Class

T. Rowe Price Target 2045 Fund - I Class

T. Rowe Price Target 2050 Fund

T. Rowe Price Target 2050 Fund - Advisor Class

T. Rowe Price Target 2050 Fund - I Class

T. Rowe Price Target 2055 Fund

T. Rowe Price Target 2055 Fund - Advisor Class

T. Rowe Price Target 2055 Fund - I Class

T. Rowe Price Target 2060 Fund

T. Rowe Price Target 2060 Fund - Advisor Class

T. Rowe Price Target 2060 Fund - I Class

T. Rowe Price Target 2065 Fund

T. Rowe Price Target 2065 Fund - Advisor Class

T. Rowe Price Target 2065 Fund - I Class

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. Rowe Price Science & Technology Fund - Advisor Class

T. Rowe Price Science & Technology Fund - I Class

T. ROWE PRICE SHORT TERM BOND FUND, INC.

21

T. Rowe Price Short Duration Income Fund

T. Rowe Price Short Duration Income Fund - I Class

T. Rowe Price Short-Term Bond Fund - Advisor Class

T. Rowe Price Short-Term Bond Fund - I Class

T. Rowe Price Short-Term Bond Fund - Z Class

T. Rowe Price Ultra Short-Term Bond Fund

T. Rowe Price Ultra Short-Term Bond Fund - I Class

T. Rowe Price Ultra Short-Term Bond Fund - Z Class

T. ROWE PRICE SMALL CAP STOCK FUND, INC.

T. Rowe Price Small Cap Stock Fund - Advisor Class

T. Rowe Price Small-Cap Stock Fund - I Class

T. Rowe Price Small-Cap Stock Fund - Z Class

T. ROWE PRICE SMALL CAP VALUE FUND, INC.

T. Rowe Price Small Cap Value Fund - Advisor Class

T. Rowe Price Small-Cap Value Fund - I Class

T. Rowe Price Small-Cap Value Fund - Z Class

T. ROWE PRICE SPECTRUM FUND, INC.

T. Rowe Price Spectrum Diversified Equity Fund

T. Rowe Price Spectrum Diversified Equity Fund - I Class

T. Rowe Price Spectrum Income Fund

T. Rowe Price Spectrum Income Fund - I Class

T. Rowe Price Spectrum International Equity Fund

T. Rowe Price Spectrum International Equity Fund - I Class

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. Rowe Price Spectrum Conservative Allocation Fund

T. Rowe Price Spectrum Conservative Allocation Fund - I Class

T. Rowe Price Spectrum Moderate Allocation Fund

T. Rowe Price Spectrum Moderate Allocation Fund - I Class

T. Rowe Price Spectrum Moderate Growth Allocation Fund

T. Rowe Price Spectrum Moderate Growth Allocation Fund - I Class

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.

T. Rowe Price California Tax-Free Bond Fund

T. Rowe Price California Tax-Free Bond Fund - I Class

T. Rowe Price Georgia Tax-Free Bond Fund

T. Rowe Price Georgia Tax-Free Bond Fund - I Class

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund - I Class

T. Rowe Price Maryland Tax-Free Bond Fund

T. Rowe Price Maryland Tax-Free Bond Fund - I Class

T. Rowe Price Maryland Tax-Free Money Fund

T. Rowe Price Maryland Tax-Free Money Fund - I Class

22

T. Rowe Price New Jersey Tax-Free Bond Fund

T. Rowe Price New Jersey Tax-Free Bond Fund - I Class

T. Rowe Price New York Tax-Free Bond Fund

T. Rowe Price New York Tax-Free Bond Fund - I Class

T. Rowe Price Virginia Tax-Free Bond Fund

T. Rowe Price Virginia Tax-Free Bond Fund - I Class

T. ROWE PRICE SUMMIT FUNDS, INC.

T. Rowe Price Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. Rowe Price Summit Municipal Income Fund

T. Rowe Price Summit Municipal Income Fund - Advisor Class

T. Rowe Price Summit Municipal Income Fund - I Class

T. Rowe Price Summit Municipal Intermediate Fund

T. Rowe Price Summit Municipal Intermediate Fund - Advisor Class

T. Rowe Price Summit Municipal Intermediate Fund - I Class

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. Rowe Price Tax-Efficient Equity Fund

T. Rowe Price Tax-Efficient Equity Fund - I Class

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. Rowe Price Tax-Exempt Money Fund - I Class

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. Rowe Price Tax-Free High Yield Fund - Advisor Class

T. Rowe Price Tax-Free High Yield Fund - I Class

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. Rowe Price Tax-Free Income Fund - Advisor Class

T. Rowe Price Tax Free Income Fund - I Class

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. Rowe Price Tax-Free Short-Intermediate Fund - Advisor Class

T. Rowe Price Tax-Free Short-Intermediate Fund - I Class

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. Rowe Price Total Return Fund - Advisor Class

T. Rowe Price Total Return Fund - I Class

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. Rowe Price U.S. Equity Research Fund - Advisor Class

T. Rowe Price U.S. Equity Research Fund - I Class

T. Rowe Price U.S. Equity Research Fund - R Class

T. Rowe Price U.S. Equity Research Fund - Z Class

23

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. Rowe Price U.S. Large-Cap Core Fund - Advisor Class

T. Rowe Price U.S. Large-Cap Core Fund - I Class

T. Rowe Price U.S. Large-Cap Core Fund - Z Class

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

T. Rowe Price U.S. Treasury Intermediate Index Fund

T. Rowe Price U.S. Treasury Intermediate Index Fund - I Class

T. Rowe Price U.S. Treasury Intermediate Index Fund - Z Class

T. Rowe Price U.S. Treasury Long-Term Index Fund

T. Rowe Price U.S. Treasury Long-Term Index Fund - I Class

T. Rowe Price U.S. Treasury Long-Term Index Fund - Z Class

T. Rowe Price U.S. Treasury Money Fund

T. Rowe Price U.S. Treasury Money Fund - I Class

T. Rowe Price U.S. Treasury Money Fund - Z Class

T. ROWE PRICE VALUE FUND, INC.

T. Rowe Price Value Fund - Advisor Class

T. Rowe Price Value Fund - I Class

T. Rowe Price Value Fund - Z Class

24

Exhibit A2

T. ROWE PRICE EXCHANGE-TRADED FUNDS, INC.

T. Rowe Price Blue Chip Growth ETF

T. Rowe Price Capital Appreciation Equity ETF

T. Rowe Price Dividend Growth ETF

T. Rowe Price Equity Income ETF

T. Rowe Price Floating Rate ETF

T. Rowe Price Growth ETF

T. Rowe Price Growth Stock ETF

T. Rowe Price International Equity ETF

T. Rowe Price QM U.S. Bond ETF

T. Rowe Price Small-Mid Cap ETF

T. Rowe Price Total Return ETF

T. Rowe Price Ultra Short-Term Bond ETF

T. Rowe Price U.S. Equity Research ETF

T. Rowe Price U.S. High Yield ETF

T. Rowe Price Value ETF

25

Exhibit B1

For funds listed on Exhibit A1 (mutual funds)

Price Associates provides all accounting, administrative, tax and oversight services to the Funds listed on Exhibit A1, other than BNY Mellon Services, including the below. Fees and expenses for providing Services include travel and related expenses.

ACCOUNTING SERVICES

Accounting Services provided by Price Associates shall include, among other things:

·oversight of quality control, including processing results related to fund accounting services provided by BNY Mellon, Delegates or other third party service providers relating to pricing. Such oversight includes, but is not limited to, review of (a) NAV calculations and fund valuations, (b) securities pricing and resolution of pricing exceptions, and (c) calculation and preparation of any financial information or schedules;

·facilitating on behalf of the Fund resolution and remediation of fund accounting issues escalated by BNY Mellon, Delegates and/or other service providers;

·calculating and authorizing expense accruals and payments;

·reviewing and approving annual expense budgets, including authorizing any adjustments, as needed, in accordance with Fund management specifications;

·determining accounting and valuation policies, instructing BNY Mellon, Delegates and/or other service providers, and/or providing it with such advice that may be reasonably necessary, to properly account for all financial transactions and to maintain the Fund’s accounting procedures and records so as to ensure compliance with generally accepted accounting principles and tax practices and rules; and

·such other accounting services as agreed to by the parties, not otherwise performed by BNY Mellon.

ADMINISTRATIVE SERVICES

Administrative Services provided by Price Associates shall include, among other things:

·ensuring maintenance for the Fund of all records that may be reasonably required in connection with the audit performed by the Fund’s independent registered public accountants, or by the Securities and Exchange Commission (“SEC”), the Internal Revenue Service (“IRS”) or such other Federal or state regulatory agencies;

·cooperating with the Fund’s independent registered public accountants and taking all reasonable action in the performance of its obligations under the Agreement to assure that the necessary information is made available to such accountants for the expression of their opinion without any qualification as to the scope of their examination including, but not limited to, their opinion included in the Fund’s annual report on Form N-CSR and annual amendment to Form N-1A;

·implementing and maintaining the systems, data storage and reporting necessary to perform services outlined herein;

·administering the Fund’s inter-fund lending program and line of credit arrangements;

·facilitating the reporting of daily cash flow activity (shareholder activity) to investment staff;

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·facilitating requests for data and resolution of any capital stock related accounting discrepancies;

·preparing and filing Forms N-PORT (except preparation of Exhibit F) and N-CEN (“RR Services”);

·determining financial reporting policies, maintaining adequate controls over financial reporting to provide complete and accurate financial information and disclosures that are certified by officers of the Funds. Providing sub-certifications, as requested by officers of the Funds, for the adequacy of such controls and the completeness and accuracy of information included in Form N-CSR or any other form that may require certification;

·and

·such other administrative services as agreed to by the parties, not otherwise performed by BNY Mellon or by Price Associates under the Investment Management Agreement.

TAX SUPPORT SERVICES

Tax Support Services provided by Price Associates shall include, among other things:

·Preparation of federal, state and other applicable tax returns;

·Preparation of tax provisions and financial statement disclosures, inclusive of supporting documentation;

·Preparation of excise tax provision, inclusive of supporting documentation;

·Preparation of monthly taxable income and net taxable gains

·Preparation of shareholder tax reporting calculations and ICI layouts;

·Preparation of certain tax returns, including FINCEN Form 114*;

·Foreign tax jurisdiction registration and treaty relief documentation*;

·Preparation of fund qualification compliance*;

·Tax management and oversight functions including: (A) tax policies and decisions,  including tax return positions, (B) maintaining adequate documentation as required by applicable laws and as is necessary to support the regulatory reports filed, (C) making arrangements, and coordinating with third parties as necessary, for filing all tax returns with the relevant tax authority and for all payments, where due, of all tax liabilities associated with the tax returns to the relevant tax authority, (D) the coordination of dividend resolutions and reporting of dividends to shareholders, (E) the application of GAAP with respect to tax accounting calculations and disclosures, and (F) maintaining appropriate internal controls.*; and

·Such other tax support services agreed to by the parties, not otherwise performed by BNY Mellon*.

(these Tax Support Services, except for those asterisked items, together with RR Services, “Sub-Contracted Services”).

OVERSIGHT SERVICES

Oversight services for the Fund provided by Price Associates shall include all oversight of BNY Mellon, Delegates and service providers that provide accounting, administrative, and tax support services and not specifically provided for under each Fund’s Investment Management Agreement.

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Exhibit B2

For Funds listed on Exhibit A2 (ETFs)

Price Associates provides all accounting, administrative, tax and oversight services to the Funds listed on Exhibit A2, including the below.

ACCOUNTING SERVICES

Accounting Services provided by Price Associates shall include, among other things:

·oversight of quality control, including processing results related to fund accounting services provided by Delegates or other third party service providers relating to pricing. Such oversight includes, but is not limited to, review of (a) NAV calculations and fund valuations, (b) securities pricing and resolution of pricing exceptions, and (c) calculation and preparation of any financial information or schedules;

·end-of-day INAV oversight for ETFs that provide INAV

·determining accounting and valuation policies, instructing Delegates and/or other service providers, and/or providing it with such advice that may be reasonably necessary, to properly account for all financial transactions and to maintain the Fund’s accounting procedures and records so as to ensure compliance with generally accepted accounting principles and tax practices and rules; and

·calculating and authorizing expense accruals and payments; annual fund expense budgets; accrual analysis; rollforward calculations; payment of expenses; fees for payment to service providers;

·facilitating on behalf of the Fund resolution and remediation of fund accounting issues escalated by Delegates and/or other service providers;

·preparing daily NAV calculations, including all necessary component services such as valuation and particularly private company investment valuation, corporate actions processing, trade processing, and performing month-end and fiscal-period-end close processes;

·recordkeeping as required; and

·such other accounting services as agreed to by the parties not otherwise performed by Price Associates under the Investment Management Agreement.

ADMINISTRATIVE SERVICES

Administrative Services provided by Price Associates shall include, among other things:

·ensuring maintenance for the Fund of all records that may be reasonably required in connection with the audit performed by the Fund’s independent registered public accountants, or by the Securities and Exchange Commission (“SEC”), the Internal Revenue Service (“IRS”) or such other Federal or state regulatory agencies;

·cooperating with the Fund’s independent registered public accountants and taking all reasonable action in the performance of its obligations under the Agreement to assure that the necessary information is made available to such accountants for the expression of their opinion without any qualification as to the scope of their examination including, but not limited to, their opinion included in the Fund’s annual report on Form N-CSR and annual amendment to Form N-1A;

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·implementing and maintaining the systems, data storage and reporting necessary to perform services outlined herein;

·all efforts concerning financial reporting services, including shareholder reports and financial information in regulatory filings; N-PORT and N-CEN; and other financial reporting services as necessary;

·determining financial reporting policies, maintaining adequate controls over financial reporting to provide complete and accurate financial information and disclosures that are certified by officers of the Funds. Providing sub-certifications, as requested by officers of the Funds, for the adequacy of such controls and the completeness and accuracy of information included in Form N-CSR or any other form that may require certification;

·periodic testing of Internal Revenue Code qualification requirements;

·prepare and furnish fund performance information;

·prepare and disseminate vendor survey information;

·prepare and file Rule 24f-2 notices and payment; and

·such other administrative services as agreed to by the parties, not otherwise performed by Price Associates under the Investment Management Agreement.

TAX SUPPORT SERVICES

Tax Support Services provided by Price Associates shall include, among other things:

·Preparation of federal, state and other applicable tax returns;

·Preparation of tax provisions and financial statement disclosures, inclusive of supporting documentation;

·Preparation of excise tax provision, inclusive of supporting documentation;

·Preparation of monthly taxable income and net taxable gains

·Preparation of shareholder tax reporting calculations and ICI layouts;

·Preparation of certain tax returns, including FINCEN Form 114;

·Foreign tax jurisdiction registration and treaty relief documentation;

·Preparation of fund qualification compliance;

·Tax management and oversight functions including: (A) tax policies and decisions, including tax return positions, (B) maintaining adequate documentation as required by applicable laws and as is necessary to support the regulatory reports filed, (C) making arrangements, and coordinating with third parties as necessary, for filing all tax returns with the relevant tax authority and for all payments, where due, of all tax liabilities associated with the tax returns to the relevant tax authority, (D) the coordination of dividend resolutions and reporting of dividends to shareholders, (E) the application of GAAP with respect to tax accounting calculations and disclosures, and (F) maintaining appropriate internal controls.; and

·such other tax support services as agreed to by the parties, not otherwise specifically provided for under the Fund’s Investment Management Agreement.

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OVERSIGHT SERVICES

Oversight services for the Fund provided by Price Associates shall include all oversight of Delegates and service providers that provide accounting, administrative, and tax support services and not specifically provided for under the Fund’s Investment Management Agreement.

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EX-99.H OTH MAT CONT

FUND ACCOUNTING AGREEMENT

THIS FUND ACCOUNTING AGREEMENT (this “Agreement”) is effective as of August 1, 2015 (the “Effective Date”), by and between each investment company listed on Exhibit A attached hereto (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined below), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”), T. Rowe Price Associates, Inc., solely with respect to Section 3(c) (“TRP”), and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

WITNESSETH :

WHEREAS, each Company is an investment company registered under the Investment Company Act of 1940, as amended; and

WHEREAS, each Company, where noted in Exhibit A, desires to retain BNY Mellon to provide for the portfolios identified on Exhibit A hereto (each, a “Series”) the services described in this Agreement, in Schedule I and in any Service Level Descriptions (“SLDs”) attached hereto, and BNY Mellon is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties, intending to be legally bound, hereby agree as follows:

1.Definitions.

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below. All other defined terms have the meanings ascribed to them in other provisions of this Agreement.

“1933 Act” means the Securities Act of 1933, as amended from time to time (together with its corresponding rules, regulations and any applicable guidance and/or interpretations of the SEC (as defined below) or its staff promulgated thereunder).

“1934 Act” means the Securities Exchange Act of 1934, as amended from time to

time (together with its corresponding rules, regulations and any applicable guidance and/or interpretations of the SEC (as defined below) or its staff promulgated thereunder).

“1940 Act” means the Investment Company Act of 1940, as amended from time to time (together with its corresponding rules, regulations and any applicable guidance and/or interpretations of the SEC (as defined below) or its staff promulgated thereunder).

“Authorized Person” means each employee of the Investment Adviser, whether or not an officer or an employee of a Fund, who is duly authorized by the Board to execute this Agreement and to give Instructions on behalf of such Fund as set forth in Exhibit B hereto, as may be updated from time to time, at the direction of the Fund or the Investment Adviser and each Authorized Person’s scope of authority may be limited by setting forth such limitation in a written document signed by BNY Mellon and the applicable Fund. From time to time each Fund may deliver a new Exhibit B to add or delete any person and BNY Mellon shall be entitled to rely on the last Exhibit B actually received by BNY Mellon.

“BNY Mellon Affiliate” means any office, branch or subsidiary of The Bank of New York Mellon Corporation.

“Board” means a Fund’s board of directors or board of trustees.

“Contract Year” means each period of twelve (12) consecutive months during the Initial Term of this Agreement, with the first Contract Year commencing on the Effective Date, and with each subsequent Contract Year commencing on the anniversary of the Effective Date.

“Documents” means such documents, including but not limited to, Board resolutions, including resolutions of the Fund’s Board authorizing the execution, delivery and performance of this Agreement by the Fund, as BNY Mellon may reasonably request from time to time, in connection with its provision of services under this Agreement.

“Fund Affiliate” shall include any person or entity that would be defined as an affiliated person under the 1940 Act.

“Instructions” means Oral Instructions or written communications actually received by BNY Mellon by S.W.I.F.T., tested telex, letter, facsimile transmission, electronic transmission (“email”) or other method or system specified in Schedule I or the SLDs

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attached hereto or otherwise mutually agreed to in writing by BNY Mellon and the Fund as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith and without involving BNY Mellon Misconduct (as defined herein) to be an Authorized Person. If BNY Mellon receives written Instructions that appear to have been transmitted by an Authorized Person (e.g., they appear to have been sent from the Authorized Person’s work email/domain name) via (i) email or other electronic method that is not secure, or (ii) secure electronic transmission containing applicable authorization codes, passwords or authentication keys, the Fund understands and agrees that BNY Mellon shall be entitled to presume that such written Instructions have been sent by such Authorized Person. The Fund agrees that if Oral Instructions are received by BNY Mellon and contrary written Instructions are subsequently received by BNY Mellon, BNY Mellon shall promptly notify an Authorized Person to resolve the discrepancy between the written Instructions and the Oral Instructions; provided, however, if BNY Mellon takes any actions or commences any transactions based on the Oral Instructions prior to the receipt of contrary written Instructions, such receipt of contrary written Instructions shall in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by BNY Mellon in accordance with such Oral Instructions.

“Investment Adviser” means the entity identified by a Fund to BNY Mellon as the entity that has been retained by the Fund to provide investment advisory service to the Fund on a discretionary basis.

“Middle Office Services Agreement” means the agreement between BNY Mellon and TRP covering middle offices services and obligations during the transition period and end-state operations, as may be amended from time-to-time.

“NAV Error” means an error in the computation of the net asset value for a Fund or class as more fully described in the NAV Error Policy.

“NAV Error Policy” means the TRP Net Asset Value Error Policy as attached hereto as Schedule II.

“Net Asset Value” means the per share value of a Fund, or in the case of a Fund with multiple classes of shares, the per share value of a class, calculated in the manner described in the Funds’ Offering Materials.

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“Offering Materials” means a Fund’s currently effective prospectus and most recently filed registration statement with the SEC relating to shares of the Fund.

“Oral Instructions” means oral instructions received by BNY Mellon from an Authorized Person.

“Organizational Documents” means certified copies of a Fund’s articles of incorporation, certificate of incorporation, Offering Materials, all SEC exemptive orders issued to a Fund or upon which a Fund relies, or similar documents, as applicable, delivered on behalf of a Fund by an Authorized Person to and received by BNY Mellon.

“SEC” means the United States Securities and Exchange Commission.

“Securities Laws” means the 1933 Act, the 1934 Act and the 1940 Act.

“Shares” means the shares of beneficial interest or of common stock of any series or class of a Fund.

“Specified Cause Event” shall have the meaning set forth in the SLDs.

“Specified Convenience Event” shall have the meaning set forth in the SLDs.

2.Appointment.

Each Company hereby appoints BNY Mellon as its agent for the term of this Agreement to perform (i) the services described in this Agreement and in Schedule I attached hereto and in any SLDs, and (ii) the services that are an inherent part of or required for the proper performance and provision of the services described in this Agreement and in Schedule I, including any SLDs attached hereto. BNY Mellon hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

3.Representations and Warranties.

(a) Each Fund hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be continuing, that:

(i) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

(ii) This Agreement has been duly authorized, executed and delivered by

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such Company, on behalf of itself or its Series, as applicable in accordance with all requisite action of the Board and constitutes a valid and legally binding obligation of such Company or Series, as applicable, enforceable in accordance with its terms;

(iii) It is conducting its business in material compliance with all applicable laws, regulations, rules, decrees, orders and codes, whether global, state and federal, provincial or local (collectively, “Laws”) has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

(iv) The method of valuation of securities and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Fund or as otherwise provided by the Investment Adviser. To the extent the performance of any services related to the computation of the Net Asset Value as described in Schedule I attached hereto by BNY Mellon in accordance with the then effective Offering Materials for the Fund would violate any applicable laws or regulations, the Fund shall immediately so notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the appropriate values of securities, Net Asset Value or other computation, as the case may be, or instruct BNY Mellon either in writing or orally to value securities and/or compute Net Asset Value or other computations in a manner the Fund specifies either in writing or orally (provided that in each case the Fund will provide written confirmation of such Oral Instructions within twenty-four (24) hours or as promptly as practical under the circumstances), and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Fund that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY Mellon as to its capacity to act in accordance with the foregoing;

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(v) Each person named on Exhibit B hereto, as may be amended from time to time at the discretion of the Fund or the Investment Adviser, is duly authorized by such Fund to be an Authorized Person hereunder;

(vi) The Fund shall treat as confidential the fee schedule, rate card and all compensation details contemplated by and in any way related to this Agreement and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors and counsel, (ii) to any other person when required by applicable law, court order or legal process, (iii) as agreed in writing by BNY Mellon or (iv) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Fund shall instruct its employees, regulators, examiners, internal and external accountants, auditors and counsel who may be afforded access to such information of the Fund’s obligations of confidentiality hereunder;

(vii) The Fund shall promptly notify BNY Mellon in writing of any and all legal proceedings filed against the Fund, the Board, or to its knowledge, the Investment Adviser to the extent such legal proceedings, if resolved in a manner adverse to the Fund, the Investment Adviser or the Board, as applicable, would be reasonably expected to materially impair the ability to satisfy obligations or receive services as contemplated by this Agreement; and

(viii) The Fund acknowledges that certain information provided by BNY Mellon on BNY Mellon’s websites may be protected by copyrights, trademarks, service marks and/or other intellectual property rights, and as such, agrees that all such information provided is for the sole and exclusive use of the Fund and its authorized users of such websites. Certain information provided by BNY Mellon is supplied to BNY Mellon pursuant to third party licensing agreements which restrict the use of such information and protect the proprietary rights of the appropriate licensor (“Licensor”) with respect to such information. Therefore, the Fund further agrees (a) not to disclose, disseminate, reproduce, redistribute or republish information provided by BNY Mellon on its websites in any way without the express written permission of BNY Mellon and the Licensor (Licensor permission to be obtained by BNY Mellon prior to BNY Mellon providing its permission), and (b) to

6

comply with the terms, conditions and restrictions disclosed on BNY Mellon’s websites and as set forth in Appendix I, provided that the Fund may disclose, reproduce or redistribute such information to (1) affiliates of the Fund for their internal use in connection with the services provided under this Agreement; (2) its regulators, examiners, internal or external accountants, auditors and counsel; (3) to any other person when required by applicable law, court order or legal process; and/or (4) whenever advised by its counsel that it would be liable for failure to make such disclosure. See Appendix I for electronic access terms and conditions.

(b) BNY Mellon hereby represents and warrants to each Fund, which representations and warranties shall be deemed to be continuing, that:

(i) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

(ii) This Agreement has been duly authorized, executed and delivered in accordance with all requisite action and constitutes a valid and legally binding obligation of BNY Mellon, enforceable in accordance with its terms, and BNY Mellon has all necessary registrations and/or licenses necessary to perform the services under this Agreement;

(iii) BNY Mellon’s entrance into this Agreement shall not cause a breach or be in conflict with any other agreement or obligation of BNY Mellon or any law or regulation applicable to BNY Mellon;

(iv) No legal or administrative actions have been instituted which would materially impair BNY Mellon’s ability to perform its obligations under this Agreement;

(v) BNY Mellon has completed, obtained and performed all registrations, filings, approvals, and authorizations, consents or examinations required by any government or governmental authority to which BNY Mellon is subject, to perform the services contemplated by this Agreement and will maintain the same in effect for so long as this Agreement remains in effect.

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(vi) BNY Mellon shall provide the services under this Agreement to the Funds in accordance with the terms and conditions of Schedule I attached hereto and this Agreement, including for the avoidance of doubt, in accordance with the NAV Error Policy;

(vii) To the best of BNY Mellon’s knowledge, all the information relating to BNY Mellon that BNY Mellon or its authorized agents have given to a Fund in connection with the due diligence performed during the request for proposal process and with the transactions contemplated by this Agreement, and to the Board of Directors of the Fund in connection with its due diligence process, is full, complete and accurate and the Fund may reasonably rely on such information until it receives written notice from BNY Mellon of any changes which would materially impair BNY Mellon’s ability to perform its obligations under this Agreement;

(viii) BNY Mellon shall comply with all Laws applicable to the performance of its services, and its standard of performance of such services shall be in accord with such standards as may be imposed by such laws and the requirements of all applicable regulatory authorities having jurisdiction over BNY Mellon. BNY Mellon has compliance policies and procedures reasonably designed to prevent violations of the federal securities laws, and it will cooperate with, make personnel available to, and provide such information as may reasonably be requested to the Fund or the Fund’s Chief Compliance Officer (“CCO”) in order for the CCO to perform his or her duties under Rule 38a-1 under the 1940 Act. In addition, as reasonably requested by the CCO, BNY Mellon will provide summary procedures and updates, as applicable, to the CCO and the Fund concerning its compliance with applicable laws and regulations;

(ix)As of the Effective Date and thereafter during the term of this Agreement, that (i) in connection with the services provided under this Agreement, neither BNY Mellon nor any BNY Mellon Affiliate, nor any officer or employee of BNY Mellon, has taken or shall take any action or make any payment in violation of, or which may cause BNY Mellon, any BNY Mellon Affiliate, any Fund, or any Fund Affiliate to be in violation of any applicable anti-corruption laws in any jurisdictions where it conducts business, including without limitation the

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provisions of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and of the U.K. Bribery Act (collectively, “FCPA”); (ii) no part of any monies or consideration paid hereunder shall accrue for the benefit of any official of the government of any country or any agency thereof; (iii) BNY Mellon’s global compliance program for FCPA includes a written global policy supplemented by companywide and business specific internal guidance and procedures, a designated anti-corruption compliance officer, anti-corruption risk assessments and internal controls, as well as internal training and a regular auditing/monitoring program; (iv) BNY Mellon’s global FCPA policy and related gifts and entertainment policies require that no employee or anyone else acting on behalf of BNY Mellon offers, promises, gives, solicits or accepts any payment or other thing of value, directly or indirectly, to or from any government official, or any other party in a commercial transaction, with the purpose of obtaining or retaining business, to receive any business advantage or to direct business to any person; and (v) the compliance program BNY Mellon has in place adequately addresses the FCPA risks in its global operations. BNY Mellon shall make available for review by the Fund, or its designee, upon the Fund’s reasonable request at any time during the term of this Agreement, books, records, and other documentation relevant to its compliance with the FCPA in connection with the services provided under this Agreement. At the Fund’s request, not more than once annually, BNY Mellon shall certify in writing that, to the best of its knowledge, it has complied in all material respects with this Section 3(b)(ix). BNY Mellon does not undertake any responsibility or liability with respect to FCPA compliance measures that the Fund may be required to undertake under applicable Law;

(x) BNY Mellon has implemented and maintains reasonable procedures and systems (including reasonable disaster recovery and business continuity plans and procedures consistent with legal, regulatory and business needs applicable to BNY Mellon’s delivery of the services hereunder) to safeguard each Fund’s records and data and BNY Mellon’s records, data, equipment facilities and other property that it uses in the performance of its obligations under this Agreement from loss or damage attributable to fire, theft, or any other cause, and BNY Mellon will make such changes to the procedures and systems from time to time as are reasonably

9

required for the secure performance of its obligations under this Agreement, provided, however, BNY Mellon shall not make any modification to its disaster recovery and business continuity plans that would materially and adversely affect their application to the Fund;

(xi) BNY Mellon will maintain a fidelity bond and an insurance policy with respect to errors and omissions coverage in form and amount that are commercially reasonable in light of BNY Mellon’s duties and responsibilities under this Agreement;

(xii) BNY Mellon has (and will ensure that BNY Mellon Affiliates have) implemented, and will continue to maintain and update during the term of this Agreement, an information security program with written policies and procedures designed to protect the confidentiality and integrity of the Fund’s Confidential Information that will comply with industry practice for the services provided under this Agreement, the confidentiality provisions of this Agreement, and that are no less rigorous than those maintained by BNY Mellon for its own information of a similar nature or for information of a similar nature that BNY Mellon receives from other BNY Mellon existing clients for the services provided under this Agreement. The information security program will contain administrative technical and physical safeguards, appropriate to the type of information concerned, designed to: (a) protect the security and confidentiality of such information; (b) protect against anticipated threats or hazards to the security or integrity of such information; (c) protect against unauthorized access to or use or alteration of such information, and (d) protect against the destruction or loss of such information and (e) provide for appropriate disposal of such information. BNY Mellon shall provide for (i) computer and technology security systems, including firewalls and encryption where appropriate, (ii) physical security procedures, including security guards and regular monitoring of work areas within data centers, (iii) security assessments of third party vendors and other third party subcontractors, (iv) ongoing monitoring of system activities and personnel providing services, (v) password complexity rules, expiration parameters and security systems, and (vi) a current real-time intrusion detection system and intrusion detection operational procedures. Without limiting any of the other provisions of this Agreement governing the

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treatment of Confidential Information, BNY Mellon shall only transfer (including internal BNY Mellon transfers that occur beyond the internal firewalls of BNY Mellon) the Fund’s Confidential Information in accordance with the requirements of commercially reasonable standards; and

(xiii) BNY Mellon shall comply (and shall cause the BNY Mellon Affiliates and subcontractors to comply to the extent applicable for the purpose of this Agreement) with their respective obligations set forth in any applicable data protection or privacy Laws of any jurisdiction.

(c) TRP hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be continuing, that:

(i) The Fund’s Investment Adviser is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification;

(ii) The terms of this Agreement, the fees and expenses associated with this Agreement and any benefits accruing to BNY Mellon in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, upfront payments, signing payments or periodic payments made or to be made by BNY Mellon to such Investment Adviser or sponsor or any affiliate of the Fund relating to this Agreement have been fully disclosed to the Board of the Fund and that, if required by applicable law, such Board has approved the terms of this Agreement and acknowledged any such fees and expenses and any such benefits; and

(iii) TRP acknowledges that certain information provided by BNY Mellon on BNY Mellon’s websites may be protected by copyrights, trademarks, service marks and/or other intellectual property rights, and as such, agrees that all such information provided is for the sole and exclusive use of the Fund and its authorized users of such websites. Certain information provided by BNY Mellon is supplied to BNY Mellon pursuant to third party licensing agreements which restrict the use of such information and protect the proprietary rights of the appropriate Licensor with respect to such information. Therefore, TRP further agrees (a) not to disclose, disseminate, reproduce, redistribute or republish information provided by

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BNY Mellon on its websites in any way without the express written permission of BNY Mellon and the Licensor (Licensor permission to be obtained by BNY Mellon prior to BNY Mellon providing its permission), and (b) to comply with the terms, conditions and restrictions disclosed on BNY Mellon’s websites and as set forth in Appendix I, provided that TRP may disclose, reproduce or redistribute such information to (1) affiliates of TRP for their internal use in connection with the services provided to the Funds under this Agreement; (2) its regulators, examiners, internal or external accountants, auditors and counsel in connection with the services provided to the Funds under this Agreement; (3) to any other person when required by applicable law, court order or legal process in connection with the services provided to the Funds under this Agreement; and/or (4) whenever advised by its counsel that it would be liable for failure to make such disclosure.

4.Delivery of Documents.

Each Fund shall promptly provide or cause to be delivered to BNY Mellon, or provide access to BNY Mellon to, the Fund’s Organizational Documents and Documents and shall promptly provide notice of and provide or cause to be delivered to BNY Mellon, or provide access to BNY Mellon to, all updates and amendments thereto as may be necessary for BNY Mellon to perform its duties hereunder. BNY Mellon shall not be deemed to have notice of any information (other than information supplied to BNY Mellon or to which BNY Mellon is provided with access) contained in such Organizational Documents, Documents or other materials until they are actually received by BNY Mellon or BNY Mellon is provided with such access, as applicable. Notwithstanding the foregoing, the Funds will be deemed to have furnished and delivered such Organizational Documents and Documents to the BNY Mellon to the extent such Fund has filed such documents with the SEC via the EDGAR filing system (or any successor thereto), such documents are publicly available, and notice of the filing is furnished to BNY Mellon.

5.Matters Regarding BNY Mellon.

(a)Subject to the direction and control of each Fund’s Board and oversight by TRP, and the provisions of this Agreement, BNY Mellon shall provide to each

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Fund the services listed on Schedule I and any SLDs attached hereto.

(b)In performing hereunder, BNY Mellon shall provide, at its expense (except as otherwise agreed upon in accordance with Section 8 related to BNY Mellon’s compensation hereunder), office space, facilities, equipment, personnel and any other necessary resources. BNY Mellon intends to perform the services under this Agreement from (a) the facilities that TRP has dedicated for use by BNY Mellon to perform the services and (b) various of the locations listed or described in Schedule III (the “Service Locations”). If BNY Mellon intends to provide the services from a location that is in a country in which a Service Location is not then currently located, BNY Mellon will provide reasonable prior notice of such other location to the Fund, and upon delivery of such notice, Schedule III shall be deemed to have been updated without the need for any further action by the parties; provided, however, that in the event that such location is within a country that would cause the Fund or a Fund Affiliate to be in violation of applicable laws, the Fund shall provide notice thereof to BNY Mellon and the Fund and BNY Mellon shall in good faith discuss an appropriate work-around.

(c)BNY Mellon shall not provide any services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of shares of any Fund or other services normally performed by the Funds’ respective counsel or independent auditors and the services provided by BNY Mellon do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person, and each Fund acknowledges that BNY Mellon does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. In the event that a Fund desires to receive a new service from BNY Mellon related to the services provided under this Agreement, such Fund shall provide such request to BNY Mellon in writing with such detail as BNY Mellon shall reasonably request. Within a reasonable period of time after any such request relating to any new service, BNY Mellon will provide a proposal to the Fund in writing setting forth the terms under which BNY Mellon is willing to provide such new service. BNY Mellon and the Fund shall negotiate in good faith with respect to each proposal for new services, provided that the Fund shall not be required to accept such proposal. Similarly, with respect to the money market fund reforms announced by the SEC in 2014, the parties hereto agree to review

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such reforms and negotiate in good faith any related new services or increases in the scope of services provided under this Agreement as may be mutually agreed upon by the parties. Additionally, BNY Mellon shall use commercially reasonable efforts to develop modifications to the method of delivery of services provided hereunder and to the systems utilized in connection therewith to keep pace with prevailing industry practices for its fund accounting clients generally. In the event that a new or revised regulatory requirement becomes applicable to a Fund that requires a change to the services provided under this Agreement or an increase in the scope of the services provided hereunder or BNY Mellon is otherwise proposing a change to or an increase in the scope of the services provided to its fund accounting clients generally, including a change to keep pace with prevailing market practices, BNY Mellon shall provide a commercially reasonable proposal to the Fund in writing setting forth the terms applicable to such change or increase in scope and BNY Mellon and the Fund shall negotiate in good faith with respect to each such change or increase. BNY Mellon shall not be obligated to provide any new service or increase in the scope of services hereunder unless and until the parties have agreed to the terms applicable to such new service or increase in scope.

(d)Each Fund shall, and shall use commercially reasonable efforts to cause its officers, advisors, independent auditors and accountants, transfer agent and any other service providers hired by the Fund to, cooperate with BNY Mellon and to provide BNY Mellon, upon reasonable request, with such information, documents and advice relating to such Fund as is within the possession or knowledge of such persons, and which BNY Mellon has informed the Fund in writing that it reasonably believes is necessary in order to enable BNY Mellon to perform its duties hereunder. In connection with its duties hereunder, BNY Mellon shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy, validity or propriety of any information, documents or advice provided to BNY Mellon by any of the aforementioned persons, as long as BNY Mellon utilized the data as contemplated by this Agreement or as otherwise instructed by an Authorized Person. BNY Mellon shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party service providers engaged by a Fund, or by any affiliate of such Fund or by any other third party service provider to such Fund. In the event that any services performed by BNY Mellon hereunder rely, in whole or in part, upon information obtained from a third party service utilized or

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subscribed to by BNY Mellon which BNY Mellon in its reasonable judgment deems reliable, so long as the selection of the applicable third party service provider was made in good faith and did not involve any BNY Mellon Misconduct, BNY Mellon shall not have any responsibility or liability for, be under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy or completeness of such information.

(e)Nothing in this Agreement shall limit or restrict BNY Mellon, any BNY Mellon Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder, provided, however, BNY Mellon shall not use Confidential Information (as defined at Section 18) of the Fund in providing such services.

(f)Each Fund shall furnish BNY Mellon with any and all Instructions, explanations, information, specifications, Documents and documentation deemed necessary by BNY Mellon in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Fund liabilities and expenses (including fee waivers and rebates, expense repayments and reimbursement amounts), and the value of any securities lending related collateral investment account(s) (with the exception of Funds held within such cash collateral investment account(s) and receiving services hereunder), the amounts receivable and the amounts payable on the sale or purchase of securities, and the amounts receivable or the amounts payable for the sale or redemption of Fund Shares effected by or on behalf of a Fund, and BNY Mellon shall be entitled to rely fully on and shall have no duty or obligation for the accuracy, validity or propriety thereof. BNY Mellon shall not be required to include as Fund liabilities and expenses, nor as a reduction of Net Asset Value, any accrual for any federal, state or foreign income taxes except as expressly required pursuant to the SLDs or unless the Fund shall have specified to BNY Mellon in Instructions the amount of or formula to compute the same to be included in liabilities and expenses or used to reduce Net Asset Value. In the event BNY Mellon’s computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a security pricing or similar service utilized, or subscribed to, by BNY Mellon and which BNY Mellon in its judgment deems reliable at the time such information is required for calculations hereunder or which the Fund directs BNY Mellon to utilize, BNY Mellon shall

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not be responsible for, under any duty to inquire into (except as expressly required pursuant to the SLDs), or deemed to make any assurances with respect to, the accuracy or completeness of such information as long as BNY Mellon utilized the data as contemplated by this Agreement or as otherwise instructed by an Authorized Person. Without limiting the generality of the foregoing, BNY Mellon shall not be required to inquire into any valuation of securities or other assets by a Fund or any third party described in this sub-section (f) even though BNY Mellon in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the same issuers. BNY Mellon will notify the Fund when bid, offer or market values for a security are not available to BNY Mellon and such Fund shall then furnish BNY Mellon with bid, offer or market values for such security as applicable. At any time and from time to time, the Fund also may furnish BNY Mellon with bid, offer or market values of securities and instruct BNY Mellon in Instructions to use such information in its calculations hereunder. In connection therewith, BNY Mellon shall at no time be required or obligated to commence or maintain any subscriptions to any securities pricing or similar service but may be required to utilize a pricing or similar service if required by TRP or the Fund’s Board pursuant to an agreement between the Fund or TRP and the securities pricing service vendor. In no event shall BNY Mellon be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the applicable Fund and such Fund’s Valuation Committee. Notwithstanding the foregoing, BNY Mellon shall use commercially reasonable efforts to notify the Fund of events, announcements, issuer information, or other market news of which it becomes aware for consideration by the Fund’s Valuation Committee.

(g)The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more

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affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) each Fund consents to the disclosure of and authorizes BNY Mellon to disclose information regarding the Fund (“Customer-Related Data”) to the BNY Mellon Group and to its third-party service providers who are subject to written confidentiality, security and data protection obligations with respect to such information at least as restrictive as those set forth in this Agreement and (ii) BNY Mellon may store the names and business contact information of each Fund’s employees and representatives on the systems or in the records of the BNY Mellon Group or its service providers. Notwithstanding the foregoing, the BNY Mellon Group may use data regarding the Fund collected and/or calculated by the BNY Mellon Group in the course of providing the services under this Agreement and may use such data for the purpose of measuring and monitoring its performance of services to its customers, including the Fund, and for the further purpose of seeking to improve the quality and/or reduce the cost of providing such services. The BNY Mellon Group may also aggregate data regarding the Fund collected and/or calculated by the BNY Mellon Group in the course of providing the services under this Agreement with other similar data regarding other customers and may use such aggregated data in regulatory reports and/or in materials prepared for BNY Mellon shareholders, other clients or potential clients (i.e., aggregate assets under administration, total number of funds, total number of NAVs calculated or transactions processed and similar types of information); provided, however, that all such aggregated data shall be anonymized in connection with such aggregation, and provided further, however, that BNY Mellon shall not aggregate or use (other than in connection with performing the services pursuant to this Agreement or as specifically permitted in the preceding parenthetical) non-public securities trading information, information regarding individual securities transactions or positions or information regarding the valuation of individual securities without the Fund’s prior written consent. BNY Mellon will own all such aggregated data. In the event that the BNY Mellon Group desires to aggregate the Fund’s data for the purpose of products offered to the BNY Mellon Group’s clients, BNY Mellon will provide a proposal to the Fund in writing setting forth the data that the BNY Mellon Group desires to aggregate and the proposed use of the aggregated data, and the BNY Mellon Group will not aggregate and/or use such aggregated data in such manner without the Fund’s prior written consent.

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(h)BNY Mellon may consult with counsel to the appropriate Fund, at such Fund’s expense, and shall be fully protected with respect to anything done or omitted by it in good faith and without BNY Mellon Misconduct in accordance with the advice or opinion of such Fund counsel.

(i)BNY Mellon shall be responsible for determining in accordance with U.S. tax laws and regulations: (i) the taxable nature of any distribution or amount received or deemed received by, or payable to, a Fund and (ii) the taxable nature or effect on a Fund or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events (each, a “BNYM Tax Determination”) and agrees to process such securities or events in accordance with the BNYM Tax Determination unless instructed otherwise by TRP through the Escalation Process described immediately below. BNY Mellon and TRP shall put in place mutually agreed upon procedures as part of the SLD that outline the circumstances under which BNY Mellon is required to alert TRP regarding a BNYM Tax Determination. TRP shall have the right in those circumstances to instruct BNY Mellon to process a security or an event differently than the BNYM Tax Determination for a Fund or Funds (the “Escalation Process”). BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. In addition and for the avoidance of doubt, BNY Mellon shall not be responsible for determining the taxable nature or taxable amount of any Fund level distribution or dividend, or the effect under any federal, state or foreign income tax laws of a Fund making or not making any Fund level distribution or dividend payment, or any election with respect thereto.

(j)Subject to the terms of Section 2, BNY Mellon shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I including SLDs attached hereto. Subject to the terms of Section 3(b)(viii), no covenant or obligation shall be implied against BNY Mellon in connection with this Agreement.

(k)BNY Mellon, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to a Fund is or will be actually paid, but will accrue such interest until otherwise instructed by such Fund.

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(l)BNY Mellon shall enter into and shall maintain in effect with appropriate parties one or more agreements making reasonable provisions for emergency use of electronic data processing equipment to the extent appropriate equipment is available. In the event of equipment failures, BNY Mellon shall, at no additional expense to the applicable Fund, take reasonable steps to minimize service interruptions. BNY Mellon shall have no liability with respect to the loss of data or service interruptions caused by equipment failure, provided such loss or interruption is not caused by BNY Mellon Misconduct.

(m)BNY Mellon agrees to provide an annual report (Service Organization Control Report SOC 1^SM1) (“SOC 1^SM Report”) issued under the Statement on Standards for Attestation Engagements No. 16 (“SSAE 16”) or International Standard on Assurance Engagements 3402 (“ISAE 3402”) or other similar standard in place from time to time covering the preceding 12-month period (with the first such period commencing October 1, 2015 and ending September 30, 2016), by a globally recognized firm qualified to perform such audits, and will use reasonable efforts to provide such within sixty (60) calendar days of the applicable period end date. The SOC 1^SM Report shall be a multi-client SOC 1^SM type 2 which shall cover services, systems, infrastructure and the ongoing maintenance of control documentation for all common processes controlled and performed by BNY Mellon for which such audits are then currently performed. Such SOC 1^SM Report will not cover services, systems, infrastructure or the ongoing maintenance of control documentation for common processes for which TRP is responsible. With respect to any period of less than twelve (12) months prior to September 30, 2015 during which BNY Mellon is providing services hereunder, such period shall be covered by TRP’s annual Service Organization Control Report SOC 1^SM, and the Fund shall obtain such report from TRP. Each SOC 1^SM Report provided by BNY Mellon shall contain a certification from BNY Mellon’s auditor that specifically addresses (i) review of BNY

¹SOC 1 is a service mark of the American Institute of Certified Public Accountants (AICPA), which reserves all rights.

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Mellon’s internal controls as they relate to a user organization’s financial statement assertions and (ii) the processing locations used in providing the services as they relate to a user organization’s financial statement assertions. Upon the Fund’s reasonable request, BNY Mellon shall deliver to the Fund a bridge letter from an appropriate officer or representative of BNY Mellon stating that, to the best of such persons’ knowledge, there have been no changes to BNY Mellon’s internal controls, as described in the preceding SOC 1^SM Report and as reviewed by BNY Mellon’s Independent Auditors in conjunction with their Independent Service Auditor’s Report, which would materially or adversely affect the internal control environment; provided, however that if any such changes have occurred, BNY Mellon and the Fund shall promptly meet with BNY Mellon’s auditors to discuss such change. The Fund may provide a copy of such SOC 1^SM Report to its external auditors, provided that such auditors are required to maintain the confidentiality of such SOC 1^SM Report and any related information. The requirements of BNY Mellon in this Section 5(m) shall apply to any standards that supersede or supplement SSAE 16 or ISAE 3402.

(n)In the event that (i) the conversion of all of the services from TRP’s systems to BNY Mellon’s systems is not substantially completed by the date that is two (2) years from the Effective Date and the Fund does not exercise its right to terminate this Agreement pursuant to Section 10(c)(v), or (ii) TRP ceases to provide in all material respects, prior to the date that is two (2) years from the Effective Date, the support and/or resources under the Middle Office Services Agreement reasonably necessary for BNY Mellon to perform such conversion and/or provide the services under this Agreement; upon the request of BNY Mellon, the Fund and BNY Mellon shall negotiate in good faith to assign or terminate this Agreement to effectuate the provision of services in an alternate manner from an alternative service provider (a “Service Alternative”); provided, that BNY Mellon shall continue to provide the services pursuant to this Agreement until an agreement with respect to a Service Alternative is reached and BNY Mellon shall then provide reasonable assistance to the Fund in connection with the transition to the Service Alternative.

6.Allocation of Expenses.

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Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the appropriate Fund.

7.Standard of Care; Limitations of Liability; Indemnification.

(a)BNYMellonshallbeliable to the Fund forany and allcosts,expenses,damages,liabilitiesandclaims(including, without limitation, all costs and expenses of investigation and enforcement and the costs, expenses and fees ofattorneysandaccountants)(“Liabilities”)sustained or incurred by the Fund and any Fund Affiliate, its officers, directors, employees, successors and permitted assignsand amounts paid in settlement in accordance with this Section 7 only to the extent such Liabilities ariseoutof thenegligence,badfaith,willfulmisconduct, fraud or recklessness of BNY Mellon or any BNY Mellon Affiliate in the performance or omission of any of its duties or obligations under this Agreement (collectively,“BNYMellonMisconduct”).Thepartiesacknowledgethattheremaybe instances where such LiabilitiesariseoutofBNYMellon’sperformanceofitsdutiesorobligationsunderthisAgreementbutitisunclearastowhethersuchLiabilitieswerecausedbyBNYMellonMisconduct(“PotentialLiabilities”)andinsuchcasesthepartiesshallusegoodfaitheffortstodetermineappropriatemeansforaddressingsuchPotentialLiabilities,includingtheextent,ifany,towhichitisappropriateforBNYMellontoassumealloraportionofsuchPotentialLiabilities in light of relevant facts andcircumstances.

(b)BNY Mellon shall not be responsible for Liabilities (including without limitation damages caused by delays, failure, errors, interruption or loss of data) or for failure to perform (or delay in performing) its obligations which occur by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, an event of natural disaster, casualty, elements of nature, acts of God, riots, terrorism, war, or such other event of similar nature that is beyond the reasonable control of BNY Mellon (excluding labor disputes or strikes directed at BNY Mellon), non-performance by a third party not hired or otherwise selected by BNY Mellon to provide services in connection with this Agreement, failure of the mails, communications or computer (hardware or software) services or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above (a “Force Majeure Event”). BNY Mellon shall not be responsible for delays or failures to

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supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any person(s) other than BNY Mellon or a person retained by BNY Mellon to provide services under this Agreement. In any such event, BNY Mellon will use commercially reasonable efforts including, upon declaration of a disaster, those described in their disaster recovery and business continuity plans referenced in Section 3(b)(x), to continue to perform, to recommence performance whenever and to whatever extent reasonably possible without delay, and to mitigate the impact of its non-performance notwithstanding the occurrence of such event; provided that, if a Force Majeure Event substantially prevents, hinders or delays performance of the services contemplated by this Agreement by more than ninety (90) days and has a material adverse impact on the continuing operations of the Fund, then the Fund may, by giving BNY Mellon at least five (5) days prior written notice, terminate this Agreement (a “Force Majeure Termination”). In addition, in the event that the Fund reasonably believes that a Force Majeure Event will substantially prevent, hinder or delay performance of the services contemplated by this Agreement for more than five (5) consecutive calendar days, the Fund may take commercially reasonable actions to mitigate the impact of such services not being provided, including, but not limited to, contracting with another service provider to provide such services during such period and/or engaging TRP to perform such services in-house during such period; provided, that the Fund shall consult with BNY Mellon in good faith in connection with any such mitigation and BNY Mellon shall provide the Fund reasonable assistance in good faith in connection therewith; provided, further, that BNY Mellon shall resume providing, and the Fund shall pay for, such services when BNY Mellon resumes providing, unless the Fund has terminated this Agreement pursuant to the immediately preceding sentence. Notwithstanding anything set forth in this Section 7(b), (i) in no event shall the Funds be obligated to pay any fees under this Agreement to BNY Mellon with respect to any services not actually provided during any such Force Majeure Event and (ii) the Funds shall have no responsibility to pay BNY Mellon for services temporarily performed by the Investment Adviser or a third party.

(c)TheFundshallindemnifyandholdharmlessBNYMellonfromandagainstanyandall third party LiabilitieswhicharesustainedorincurredbyBNYMellonorany BNYMellonAffiliate or any of their officers, directors, employees, successors and assigns only to the extent that such Liabilities arise out of (i) the

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performanceofBNY Mellon’sdutiesand/orobligations,underthisAgreement (including any action taken or omitted to be taken by BNY Mellon in good faith in accordance with the advice or opinion of counsel for the Fund) except to the extent that such Liabilities arise out of (x) any material breach of this Agreement by BNY Mellon or (y) BNY Mellon Misconduct; (ii) errors existing in the Fund’s records prior to the Effective Date; (iii) action or inaction taken or omitted to be taken by BNY Mellon pursuant to and in compliance with the terms of any Instructions; and (iv) theFund’sownnegligence,badfaith, willful misconduct or fraud, including anyimproperusebytheFundofanyvaluationsorcomputationssuppliedbyBNYMellonpursuant to this Agreement. With respect to clause (iii) of the preceding sentence, the Fund acknowledges and agrees that BNY Mellon may apply to an Authorized Person of the Fund for Instructions with respect to any matter arising in connection with BNY Mellon’s performance hereunder for such Fund. Such application for Instructions may, at the option of BNY Mellon, set forth in writing any action proposed to be taken or omitted to be taken by BNY Mellon with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. Without limiting the foregoing and unless there is BNY Mellon Misconduct, BNY Mellon shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY Mellon has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

(d)BNYMellonshallindemnifyandholdharmlesstheFundfromandagainstanyandall third party LiabilitieswhicharesustainedorincurredbytheFund or any Fund Affiliate or their respective officers, directors, employees, successors and permitted assigns (which, for purposes of this Section 7(d) shall be deemed to include any other Funds that invest in the indemnified Fund), only to the extent that such Liabilities arise out of any material breach of this Agreement by BNY Mellon or any BNY Mellon Affiliate or by any BNY Mellon Misconduct.

(e)(i) In the event of a claim against a party (“Claim”) related to Liabilities for which such party is entitled to indemnification under this Agreement (the “Indemnified Party”), the Indemnified Party shall give notice to the party obligated to indemnify such claim (the “Indemnifying Party”) as promptly as practicable; provided,

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however, that any failure by the Indemnified Party to provide such notice shall not relieve the Indemnifying Party of its obligations to indemnify under this Agreement except to the extent that the Indemnifying Party can demonstrate actual prejudice as a result of such failure. The Indemnified Party shall provide the Indemnifying Party all reasonably available information requested by the Indemnifying Party with respect to such claim.

(ii)Within thirty (30) calendar days after receiving the Indemnified Party’s notice of a Claim, but (to the extent reasonably practicable under the circumstances) no later than ten (10) days before the date on which any formal response to the Claim is due, the Indemnifying Party shall notify the Indemnified Party in writing as to whether the Indemnifying Party acknowledges its indemnification obligation and elects to assume control of the defense of the claim with respect to the Indemnified Party and its affiliates and their respective officers, directors, employees, successors and permitted assigns (a “Notice of Election”).

(iii)If the Indemnifying Party timely delivers a Notice of Election to the Indemnified Party, the Indemnifying Party shall, at the Indemnifying Party’s sole cost and expense, conduct the defense of the Claim and, consistent with the rights of Indemnified Party under this Agreement, all negotiations for settlement of the Claim, subject to the following:

(1)The Indemnified Party shall cooperate, at the cost of the Indemnifying Party, in all reasonable respects with the Indemnifying Party and its attorneys in the investigation, trial and defense of such Claim and any appeal arising therefrom.

(2)The Indemnified Party may participate in said defense and/or negotiations to protect its interests at the Indemnified Party’s cost and expense.

(3)Neither any settlement of a Claim that involves a remedy other than the payment of money by the Indemnifying Party, nor any admission regarding the Indemnified Party’s interests, shall be entered into by the Indemnifying Party, except with the prior written consent of the Indemnified Party.

(iv)If the Indemnifying Party does not timely deliver a Notice of Election, the Indemnified Party may defend and/or settle the Claim in such manner as it may deem appropriate; provided, however, that no settlement of a Claim that involves the

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payment of money by the Indemnifying Party or any admission regarding the Indemnifying Party’s interests shall be entered into by the Indemnified Party without the prior written consent of the Indemnifying Party.

(v)If the Indemnified Party brings an action against the Indemnifying Party to enforce the Indemnified Party’s rights under this Section 7, and the Indemnified Party prevails in such action, the Indemnifying Party shall reimburse the Indemnified Party for the reasonable costs and expenses incurred in connection with the enforcement of this Section 7.

(f)Subject to the other provisions of this Section 7 (except as expressly stated otherwise in the NAV Error Policy), BNY Mellon agrees to be liable to the Fund in accordance with the terms of Schedule II (NAV Error Policy). The parties understand that there may be investors and beneficial owners who hold shares of the Fund through an intermediary, including but not limited to banks, broker-dealers, other Funds and defined contribution plan recordkeepers (collectively referred to as “Intermediaries”). Such Intermediaries will maintain one or more accounts directly with the Fund on behalf of investors or beneficial owners (e.g., defined contribution plan participants). If there is either a delay in delivery of a Fund’s NAV or a Material NAV Error arising out of BNY Mellon Misconduct, it is acknowledged there may be Liabilities sustained by such Intermediaries, which, if they had been sustained or incurred by the Fund, would be the type of Liabilities for which BNY Mellon would have been liable under this Agreement (“Covered Liabilities”). In the event an Intermediary claims the Fund or TRP must reimburse it for such Covered Liabilities, BNY Mellon shall be liable to the Fund, TRP or the Intermediary directly for such Covered Liabilities, provided that the Fund or TRP has taken all commercially reasonable efforts to mitigate such Covered Liabilities.

(g) Notwithstanding anything else contained in this Agreement, no party to this Agreement shall be liable to the other party for any indirect, special, incidental, or consequential damages sustained or incurred by such other party arising out of, concerning or relating to the performance of such party’s duties and/or obligations under this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action, except to the extent arising out of such party’s own gross negligence, bad faith, willful misconduct, fraud or recklessness. For purposes of this

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Section 7(g), the parties acknowledge that any and all Liabilities incurred by the Indemnified Party arising out of Claims with respect to which the Indemnified Party is entitled to indemnification pursuant to this Section 7 are not and shall not be deemed to be indirect, special, incidental or consequential damages.

8.

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Compensation.

For the services provided hereunder, each Fund agrees to pay BNY Mellon such compensation and out of pocket expenses as are set forth in Schedule IV attached hereto or otherwise mutually agreed to in writing by such Fund and BNY Mellon from time to time. Except for those amounts (a) expressly approved by the Funds in writing to BNY Mellon or (b) set forth in Schedule IV attached hereto, the Funds shall not be obligated to pay any other fees or expenses in connection with BNY Mellon performing the services under this Agreement. Except as hereinafter set forth or as otherwise set forth in Schedule IV attached hereto, compensation shall be calculated and accrued daily and paid monthly. Each Fund may authorize BNY Mellon to debit such Fund’s custody account for all amounts due and payable hereunder, provided that any such authorization shall be provided in the Fund’s sole discretion in writing and shall only be valid for the time period and to the extent expressly set forth therein. In the event that the Fund authorizes any such debiting, BNY Mellon shall deliver to each Fund invoices for services rendered after debiting such Fund’s custody account with an indication that payment has been made. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY Mellon, each Fund’s Net Asset Value shall be computed at the times and in the manner specified in the Fund’s Offering Materials.

9.Records; Visits.

(a)The Books and Records (as defined below) pertaining to each Fund and such Fund’s Series which are in the possession or under the control of BNY Mellon shall be the property of the Fund. The Fund and Authorized Persons shall have access to such Books and Records at all times during BNY Mellon’s normal business hours. Upon the reasonable request of the Fund, copies of any such Books and Records shall be provided by BNY Mellon to the Fund or to an Authorized Person, with the expense associated therewith to be borne as mutually agreed upon between the parties hereto.

(b)BNY Mellon shall keep all books and records related to the services provided to the Fund hereunder, including with respect to each Fund’s books of account,

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records of each Fund’s securities transactions, that BNY Mellon is required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with the services provided hereunder (“Books and Records”) for the period required by applicable Securities Laws. If a Fund desires to retain any such Books and Records longer than the period set forth in this Section 9, then upon written notice of the Fund’s desire to retain such Books and Records, BNY Mellon shall cooperate with the Fund by providing any such requested Books and Records to the Fund.

10.Term of Agreement.

(a)This Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until 11:59 PM (Eastern time) on the date which is the tenth (10^th) anniversary of such date (the “Initial Term”), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

(b)This Agreement shall automatically renew for successive terms of one (1) year each (each, a “Renewal Term”), unless the Fund or BNY Mellon gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate with respect to the Fund at 11:59 PM (Eastern time) on the last day of the Initial Term or Renewal Term, as applicable.

(c)Termination for Convenience.

The Fund may terminate this Agreement for any reason whatsoever in its sole and absolute discretion by delivering a termination notice to BNY Mellon at least ninety (90) calendar days prior to the effective date of termination, provided that the Fund shall pay BNY Mellon, as BNY Mellon’s sole and exclusive remedy for such a termination for convenience, the applicable termination fee calculated pursuant to Schedule V; furtherprovided, however, there shall be no payment of a penalty or termination fee for the following:

(i) where such termination for convenience is required by a governmental authority, and in such case, the notice period shall be reduced as necessary to meet the requirements of such governmental authority;

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(ii) if the Fund is liquidated, effective as of the liquidation date;

(iii) effective upon the effective date of any merger or reorganization of the Fund with or into another fund advised by TRP (other than in connection with an acquisition or merger of TRP into, with or by another entity that results in the termination of this Agreement by the Fund and the replacement of BNY Mellon by another third party service provider in the provision of services similar to those provided in this Agreement);

(iv) termination by the Fund if the Board reasonably determines, in good faith, that an event that has occurred with respect to BNY Mellon that the Board reasonably believes would cause a material adverse effect on BNY Mellon's ability to perform its duties and/or obligations under this Agreement and that the failure to terminate this Agreement would cause the Board to be in breach of its fiduciary obligations under applicable law; provided that the Board has provided written notice to BNY Mellon of its intent to terminate the agreement pursuant to this provision, which notice shall specify the basis for such determination, and provided that the events giving rise to such termination notice have not been cured within sixty (60) calendar days following such notice to BNY Mellon; and furtherprovided that no such determination to terminate shall be based in whole or in part on the compensation paid to BNY Mellon pursuant to this Agreement;

(v) in the event that the conversion of all of the services from TRP’s systems to BNY Mellon’s systems is not substantially completed by the date that is two (2) years from the Effective Date, upon at least one hundred twenty (120) days’ prior notice to BNY Mellon; provided, that to the extent the failure to substantially complete the conversion is caused by BNY Mellon such termination shall be treated as a termination for cause and the Fund shall be entitled to recover damages (including the recovery of platform fees previously charged to the Funds pursuant to this Agreement) and be reimbursed for Costs and Expenses (as defined below) only to the extent such failure was caused by BNY Mellon;

(vi) if BNY Mellon is subject to a Regulatory Event; “Regulatory Event” is defined with respect to BNY Mellon as any governmental or regulatory action that limits, suspends, or terminates the rights, privileges or operation of BNY Mellon in a manner that would result in a material adverse effect on the ability of BNY Mellon to perform its duties and/or obligations under this Agreement or any governmental or regulatory investigation

29

determined against BNY Mellon that would result in a material adverse effect on the ability of BNY Mellon to perform its duties and/or obligations under this Agreement;

(vii) a Force Majeure Termination; or

(viii) upon the occurrence of a Specified Convenience Event.

(d)The Fund’s Termination for Cause.

Unless otherwise expressly agreed to by the Fund and BNY Mellon in writing, the Fund in its sole and absolute discretion may, by delivering a termination notice to BNY Mellon at least thirty (30) calendar days prior to the effective date of termination, terminate this Agreement for cause (and without the payment by the Fund of a termination fee or penalty) if BNY Mellon:

(i) commits a material breach of this Agreement and fails to cure such breach within thirty (30) calendar days after the date of any termination notice from the Fund;

(ii) commits a material breach of this Agreement which is not capable of being cured within a ninety (90) calendar day period;

(iii) commits numerous or repeated breaches of its duties and/or obligations under this Agreement, which, regardless of whether they have been or could be cured, collectively constitute a material breach of this Agreement;

(iv) commits a Specified Cause Event; or

(v) is subject to an Act of Insolvency; “Act of Insolvency” is defined as: (i) the commencement by BNY Mellon as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, or BNY Mellon seeking the appointment of a receiver, trustee, custodian or similar official for BNY Mellon or substantial part of its property; (ii) the appointment of a receiver, conservator, or manager for BNY Mellon by any government agency or authority having the jurisdiction to do so; (iii) the commencement of any such case or proceeding against BNY Mellon, which (a) is consented to or not timely contested by BNY Mellon, (b) results in the entry of an order for relief, such an appointment, the issuance of such a protective decree or the entry of an order having a similar effect, or (c) is not dismissed within 60 days; (iv) the making or offering by BNY Mellon of a composition with its creditors or a general assignment for the benefit of creditors; (v) the admission by BNY Mellon of its inability to

30

pay its debts or discharge its obligations as they become due or mature; or (vi) any governmental authority or agency or any person, agency or entity acting under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of BNY Mellon.

(e) BNY Mellon’s Termination for Cause

Unless otherwise expressly agreed to by the Fund(s) and BNY Mellon in writing, BNY Mellon in its sole and absolute discretion may, by delivering a termination notice to the applicable Fund(s) at least ninety (90) calendar days prior to the effective date of termination, terminate this Agreement for cause (and without the payment of a termination fee or penalty by BNY Mellon) with respect to a Fund or Funds only if such Fund(s):

(i) fails to make payments due hereunder when due, which failure remains uncured for thirty (30) calendar days after the date of any notice from BNY Mellon of such failure unless being contested in good faith, or

(ii) is subject to an Act of Insolvency; “Act of Insolvency” is defined as: (i) the commencement by such Fund(s) as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, or such Fund(s) seeking the appointment of a receiver, trustee, custodian or similar official for such Fund(s) or substantial part of its property; (ii) the appointment of a receiver, conservator, or manager for such Fund(s) by any government agency or authority having the jurisdiction to do so; (iii) the commencement of any such case or proceeding against such Fund(s), which (a) is consented to or not timely contested by such Fund(s), (b) results in the entry of an order for relief, such an appointment, the issuance of such a protective decree or the entry of an order having a similar effect, or (c) is not dismissed within 60 days; (iv) the making or offering by such Fund(s) of a composition with its creditors or a general assignment for the benefit of creditors; (v) the admission by such Fund(s) of its inability to pay its debts or discharge its obligations as they become due or mature; or (vi) any governmental authority or agency or any person, agency or entity acting under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of such Fund(s).

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For the avoidance of doubt, terminating this Agreement for cause by BNY Mellon with respect to one Fund shall not have any effect on the obligations of BNY Mellon to any other Fund under this Agreement.

(f)Costs and Expenses of Termination

If a Fund terminates this Agreement with respect to such Fund at any time pursuant to Section 10(c)(v), 10(c)(vi) or 10(d) above, then BNY Mellon shall reimburse such Fund for any Costs and Expenses incurred by such Fund in connection with converting such Fund to a successor service provider (including TRP, if applicable), including without limitation the delivery to such successor service provider, such Fund and/or other of the Fund’s service providers any of such Fund’s property, records, data, instruments and documents; provided, that, with respect to a termination pursuant to Section 10(c)(v), BNY Mellon shall be required to reimburse the Fund for such Costs and Expenses only to the extent that the failure to substantially complete the conversion of all of the services from TRP’s systems to BNY Mellon’s systems is caused by BNY Mellon. For purposes of this Section 10(f), “Costs and Expenses” shall mean any actual, provable, reasonable, customary and direct out-of-pocket costs and expenses incurred by such Fund. Costs and Expenses shall not include, and in no event shall BNY Mellon be liable under this Agreement for, any lift-out expenses or platform development costs for the successor service provider or any wind-down costs of the Fund or any Fund Affiliate, including, without limitation, non-cancelable payments or termination charges regarding hosting and/or any other subcontracted services. The Fund must provide BNY Mellon with written evidence of the Costs and Expenses before BNY Mellon is obligated to pay them. The Fund also has a duty to mitigate, and must exercise its duty to mitigate, such Costs and Expenses.

11.Amendment.

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY Mellon and the Fund to be bound thereby, and authorized or approved by such Fund’s Board.

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12.Assignment; Subcontracting.

(a)Except as expressly provided in Section 12(b) below, this Agreement shall not be assignable or delegable, whether by merger, operation of law or otherwise, by any Fund without the written consent of BNY Mellon, or by BNY Mellon without the written consent of the affected Fund, in each case which consent may not be unreasonably withheld. This Agreement shall extend to and shall be binding upon the Parties hereto, and their permitted successors and assigns.

(b)Notwithstanding the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY Mellon gives the relevant Funds ninety (90) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees in writing to be bound by all terms of this Agreement in place of BNY Mellon; (ii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to any BNY Mellon Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY Mellon of any of its liabilities or obligations hereunder and BNY Mellon shall remain responsible for all activities, including all acts and omissions, of such BNY Mellon Affiliates to the same extent as if such activities were performed by BNY Mellon; (iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to an unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written consent of the relevant Funds and (B) not relieve BNY Mellon of any of its liabilities hereunder; and (iv) BNY Mellon, in the course of providing certain additional services requested by a Fund (“Vendor Eligible Services”) as further described in Schedule I attached hereto, may in its sole discretion, enter into an agreement or agreements with a financial printer or electronic services provider (“Vendor”) to provide BNY Mellon with the ability to generate certain reports or provide certain functionality; provided, however, that BNY Mellon shall ensure prior to any assignment, transfer, subcontracting, hiring, engaging or other outsourcing, as applicable, under subsections (i) through (iv) that the

33

applicable BNY Mellon Affiliate, unaffiliated third party or Vendor is subject to written confidentiality, security and data protection obligations at least as restrictive as those set forth in this Agreement. BNY Mellon shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY Mellon and the Vendor for the provision of such services is then-currently in effect. Upon request, BNY Mellon will disclose the identity of the Vendor and the status of the contractual relationship, and a Fund is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

(c)As compensation for the Vendor Eligible Services rendered by BNY Mellon pursuant to this Agreement, the applicable Fund will pay to BNY Mellon such fees as may be agreed to in writing by the Fund and BNY Mellon. In turn, BNY Mellon will be responsible for paying the Vendor’s fees. For the avoidance of doubt, BNY Mellon anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY Mellon will retain the difference between the amount paid to BNY Mellon hereunder and the fees BNY Mellon pays to the Vendor as compensation for the additional services provided by BNY Mellon in the course of making the Vendor Eligible Services available to the Fund.

13.Governing Law; Consent to Jurisdiction.

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. Each party hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction any party may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, such party irrevocably agrees not to claim, and it hereby waives, such immunity.

14.Severability; No Third Party Beneficiaries.

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless

34

remain applicable to all other persons and circumstances. A person who is not a party to this Agreement shall have no rights to enforce any provision of this Agreement, and no Fund shall have a right to enforce any provision of this Agreement as it relates to another Fund. BNY Mellon shall not be responsible for any costs or fees charged to a Fund or an affiliate of a Fund by consultants, counsel, auditors, public accountants or other service providers retained by the Fund or any such affiliate.

15.No Waiver.

Each and every right granted to a party to this Agreement hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of a party to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by the party of any right preclude any other or future exercise thereof or the exercise of any other right.

16.Notices.

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

if to a Fund, at

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Attention: David Oestreicher

with a copy to:

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

Attention: Margery K. Neale and Laura L. Delanoy

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if to BNY Mellon, at

BNY Mellon
103 Bellevue Parkway
Wilmington, Delaware 19809
Attention: Head of U.S. Fund Accounting

with a copy to:

The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

17.Several Obligations.

The parties acknowledge that the rights and obligations of the Funds hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only.

18.Confidentiality.

(a)Each party shall keep confidential any information relating to the other party’s business (“Confidential Information”), except as otherwise permitted hereunder or as expressly agreed in writing by the protected party. Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, portfolio holdings and transaction information and internal performance results relating to the past, present or future business activities of a such party and its subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula or improvement that is commercially valuable and secret in the sense that its confidentiality affords such party a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how and trade secrets, whether or not patentable or copyrightable; (d) any information or data with respect to the

36

shareholders of a Fund, including information that can be used to identify an individual (e.g., a social security number); (e) information from third party vendors; and (f) anything designated as confidential. Notwithstanding the foregoing, as between BNY Mellon and a particular Fund information shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party and is not subject to a duty of confidentiality at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party’s knowledge, is not under a duty of confidentiality; (d) is released with the protected party’s prior written consent; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory authority request or law, provided the receiving party provides the protected party with reasonable assistance and notice, when legally and practically possible to do so, for the protected party to attempt to obtain a protective order or other confidential treatment at the protected party’s expense (it being understood that no prior notice shall be required in connection with the disclosure of information by the receiving party in response to a request from its regulators) and the receiving party discloses only that portion of the Confidential Information which is legally required to be disclosed; or (f) has been or is independently developed or obtained by the receiving party. Provisions authorizing the disclosure of information shall survive any termination of this Agreement. The obligations set forth in this Section 18 shall survive any termination of this Agreement for a period of two (2) years after such termination.

(b)Notwithstanding the foregoing,

(i)BNY Mellon may disclose relevant aspects of the Fund’s Confidential Information to its and BNY Mellon Affiliates’ officers, directors, professional advisors, counsel, personnel, subcontractors and third party vendors (each, a “BNY Mellon Representative” and collectively, the “BNY Mellon Representatives”), to the extent that such disclosure is reasonably necessary for the performance of its duties and obligations under this Agreement. BNY Mellon shall take all reasonable measures to ensure that the Fund’s Confidential Information is not disclosed or duplicated in contravention of the provisions of this Agreement by such BNY Mellon Representatives and all such BNY Mellon Representatives shall be (A) informed by BNY Mellon of the confidential nature of such Confidential Information and of the confidentiality undertakings of BNY Mellon contained

37

herein and (B) bound by either one or both of (I) written confidentiality obligations or (II) confidentiality obligations under the applicable BNY Mellon code of conduct or similar binding policy, in each case that are at least as restrictive as those by which BNY Mellon is bound as contained herein. BNY Mellon may also disclose relevant aspects of the Fund’s Confidential Information to TRP to the extent that such disclosure is reasonably necessary for the performance of the services contemplated hereunder. BNY Mellon shall be responsible for any breach of this Agreement by BNY Mellon Representatives.

(ii)The Fund may disclose relevant aspects of BNY Mellon’s Confidential Information to Fund Affiliates or TRP and their respective officers, directors, professional advisors, counsel, personnel, subcontractors and third party vendors (each, a “TRP Representative” and collectively, the “TRP Representatives”), to the extent that such disclosure is reasonably necessary for the receipt and use of the services under this Agreement. The Fund shall take all reasonable measures to ensure that BNY Mellon’s Confidential Information is not disclosed or duplicated in contravention of the provisions of this Agreement by such TRP Representatives and all such TRP Representatives shall be (A) informed by the Fund of the confidential nature of such Confidential Information and of the confidentiality undertakings of the Fund contained herein and (B) bound by either one or both of (I) written confidentiality obligations or (II) confidentiality obligations under the applicable TRP code of conduct or similar binding policy, in each case that are at least as restrictive as those by which the Fund is bound as contained herein. The Fund shall be responsible for any breach of this Agreement by TRP Representatives.

(c)Notwithstanding anything contained in this Section 18, BNY Mellon will not engage in proprietary trading based on non-public portfolio holdings or transaction information of the Fund.

19.Counterparts.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute only one instrument.

20.

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No Publicity.

A party to this Agreement shall not use the name or marks of, refer to, or identify the other party (or any related entity) in any publicity releases, interviews, promotional or marketing materials, public announcements, testimonials or advertising without the prior written approval of authorized representatives of the other party (which approval a party may withhold in its sole discretion), except no such written approval is required to the extent any such disclosure is required by law. BNY Mellon may identify the Fund(s) as a client in client lists, provided that the Fund(s) name is no more prominent than any other client on such list(s). A party may withdraw such consent at any time.

21.Parties’ Relationship.

The parties to the Agreement are independent parties. BNY Mellon, in furnishing the Services, is acting as an independent contractor. BNY Mellon has the sole right and obligation to supervise, manage, contract, direct, procure, perform or cause to be performed, all work to be performed by BNY Mellon and its employees, agents, independent contractors and other representatives under the Agreement. At no time shall any such individuals represent himself or herself as an employee of a Fund or be considered an employee of a Fund. BNY Mellon is not a joint venturer with, nor an employee, agent or partner of the Funds and has no authority to represent or bind the Funds as to any matters.

22.Covenant of Good Faith.

Each party to this Agreement acknowledges and agrees, in its dealings with the other party under or in connection with this Agreement, including the performance of all obligations and the exercise of all rights under this Agreement, it shall comply with the fundamental principle of good faith and fair dealing.

23.Invalidity.

If any of the provisions of this Agreement becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired.

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24.The Parties.

All references herein to “the Fund” are to each of the Funds listed on Exhibit A individually or any class thereof, as if this Agreement were between such individual Fund and BNY Mellon. In the case of a series Fund or trust or a separate class of shares, all references to “the Fund” are to the individual series, portfolio or class of such Fund or trust, or to such Fund or trust on behalf of the individual series, portfolio or class, as appropriate. The “Fund” also includes any T. Rowe Price Funds that may be established after the execution of this Agreement; provided, however, upon notice to BNY Mellon of any such T. Rowe Price Funds established after the execution of this Agreement, BNY Mellon and the applicable fund shall cooperate in good faith to promptly execute a written addendum to this Agreement adding such fund, and BNY Mellon shall not be obligated to commence to provide services hereunder to such fund until such addendum has been executed by BNY Mellon and the applicable fund. Any reference in this Agreement to a “party” or “Party” shall mean BNY Mellon or such other individual Fund as to which the matter pertains individually, and to the “parties” or “Parties” shall mean BNY Mellon and such other individual Fund as to which the matter pertains collectively.

25.Directors, Trustees and Shareholders and Massachusetts Business Trust.

It is understood and is expressly stipulated that neither the holders of shares in the Fund nor any Directors or Trustees of the Fund shall be personally liable hereunder.

With respect to any Fund which is a party to this Agreement and which is organized as a Massachusetts business trust (“Trust”), the term “Fund” means and refers to the trust established by its applicable trust agreement (Declaration of Trust) as the same may be amended from time to time. It is expressly agreed that the obligations of any such Trust hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the Trust, personally, but bind only the trust property of the Trust, as provided in the Declaration of Trust of the Trust. The execution and delivery of this Agreement has been authorized by the trustees and signed by an authorized officer of the Trust, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them, but shall bind only the trust property of the Trust as provided in its Declaration of Trust.

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26.Rules of Construction.

(a)Language. This Agreement is in the English language only, which language shall be controlling in all respects, and all versions of this Agreement in any other language shall be for accommodation only and shall not be binding upon the parties. All communication, notices, or other documents to be made, given, or approved pursuant to this Agreement shall be made in the English language.

(b)Use of Certain Words. Unless the context requires otherwise:

(i.)“including” (and any of its derivative forms) means including but not limited to;

(ii.)“may” means has the right, but not the obligation to do something and “may not” means does not have the right to do something;

(iii.)“shall” and “will” are expressions of command, not merely expressions of future intent or expectation;

(iv.)“written” or “in writing” is used for emphasis in certain circumstances, but that shall not derogate from the general application of the notice requirements set forth in Section 16 in those and other circumstances; and

(v.)use of the singular imports the plural and vice versa.

(c)Interpretation. The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement shall not be construed in favor of or against any Party by reason of the extent to which any Party or its professional advisors participated in the preparation or drafting of this Agreement.

(d)Headings and Article, Section and Exhibit References. The Article and Section headings are for reference and convenience only and shall not be considered in the interpretation of this Agreement. Unless otherwise indicated, Article or Section references are to Articles or Sections of the document in which the reference is contained. References to numbered Articles or Sections of this Agreement also refer to and include all subsections of the referenced Article or Section. References to Appendices, Exhibits or Schedules of

41

this Agreement also refer to and include all attachments of the referenced Appendix, Exhibit or Schedule.

(e)Order of Precedence. If a conflict occurs between this Agreement and any Appendix, Exhibit or Schedule, unless otherwise specifically stated in the Appendices, Exhibits or Schedules, the order of precedence shall be:

(i) First, this Agreement;

(ii) Second, Schedule I and the Appendices thereto; and

(iii) Third, any other Appendix, Exhibit or Schedule.

provided, however, that this Agreement shall control if a conflict occurs between this Agreement and any Appendix, Exhibit or Schedule and the NAV Error Policy, except as expressly set forth in the NAV Error Policy.

(f)Covenant of Further Assurances. The Funds and BNY Mellon covenant and agree that, subsequent to the execution and delivery of this Agreement and, without any additional consideration, each of the Funds and BNY Mellon shall execute and deliver any further legal instruments and perform any acts that may be reasonably required to confirm and effectuate the validity and enforceability of this Agreement.

(g)Survival. Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept, or performed after the expiration or termination of this Agreement shall survive the expiration or any termination of this Agreement and remain binding upon and for the parties’ benefit.

[Signature Page Follows.]

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IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the day and year first above written.

By: /s/David Oestreicher

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: /s/David Oestreicher

Title: Vice President

T. ROWE PRICE ASSOCIATES, INC.

solely with respect to the representations and warranties provided at Section 3(c)

By: /s/William Strickland

Name: /s/William Strickland

Title: Vice President

THE BANK OF NEW YORK MELLON

By: /s/Samir Pandiri

Name: /s/Samir Pandiri

Title: CEO Asset Servicing

Date: 7/30/15

[Signature Page to Fund Accounting Agreement]

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EXHIBIT A

List of Funds/Portfolios

Mutual Fund Entity Name		Reference ID	Entity Type
'40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Diversified Small-Cap Growth Fund, Inc.		DSG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
	T. Rowe Price Prime Reserve Portfolio	PRP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund – Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund – Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Focused Bond Fund, Inc.		STI	Mutual Fund
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series

46

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund – Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series

47

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund – Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund – Parent

48

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund – Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Prime Reserve Fund, Inc.		PRF	Mutual Fund
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund – Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund – Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund – Parent
	T. Rowe Price Government Reserve Investment Fund	GRS	Mutual Fund - Series
	T. Rowe Price Reserve Investment Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Reserve Fund	GRI	Mutual Fund – Series
	T. Rowe Price Short-Term Reserve Fund	REI	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund – Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series

49

Mutual Fund Entity Name		Reference ID	Entity Type
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Summit Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series

50

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target Retirement 2005 Fund	TRA	Mutual Fund - Series

51

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target Retirement 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target Retirement 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target Retirement 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target Retirement 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target Retirement 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target Retirement 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target Retirement 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target Retirement 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target Retirement 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target Retirement 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target Retirement 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

52

SCHEDULE I

Schedule of Services

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Fund officers, Fund counsel and accountants of each Fund, as may be applicable. The services included on this Schedule of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as “BNY Mellon”. Additionally, the services provided shall comply with generally accepted accounting principles, regulatory requirements and/or such TRP policies and Instructions as applicable.

VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES

BNY Mellon shall provide the following valuation support and computation accounting services for each Fund:

Journalize investment, capital share and income and expense activities;

Maintain individual ledgers for investment securities;

Maintain historical tax lots for each security;

Corporate action processing as more fully set forth in the SLDs;

Reconcile cash and investment balances of each Fund with the Fund’s custodian or other counterparties as applicable;

Provide a Fund’s investment adviser, as applicable, with the cash balance available for investment purposes at start-of-day and upon request, as agreed by the parties;

Calculate capital gains and losses;

Calculate daily distribution rate per share;

Determine net income;

Obtain security market quotes and currency exchange rates from pricing services approved by a Fund’s investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund’s investment adviser, and in either case, calculate the market value of each Fund’s investments in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments (with the exception of the services provided hereunder to Funds utilized for such cash collateral investments), itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY Mellon have any liability relating to

inaccuracies or otherwise with respect to such information or valuations; notwithstanding the foregoing, BNY Mellon shall follow the established procedures and controls to identify exceptions, tolerance breaches, etc. and to research and resolve or escalate any pricing inaccuracies;

Application of the established automated price validation rules against prices received from third party vendors and review of exceptions as identified;

Calculate Net Asset Value in the manner specified in the Fund’s Offering Materials (which, for the service described herein, shall include the Fund’s Net Asset Value error policy);

Calculate Accumulated Unit Values (“AUV”) for select funds as mutually agreed upon between the parties;

Transmit or make available a copy of the daily portfolio valuation to a Fund’s investment adviser;

Calculate yields, portfolio dollar-weighted average maturity and dollar-weighted average life as applicable; and

Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.

For money market funds, obtain security market quotes and calculate the market-value Net Asset Value  in accordance with the Fund’s valuation policies and guidelines at such times and frequencies as required by regulation and/or instruction from TRP.

FINANCIAL REPORTING; MONEY MARKET FUND SERVICES

BNY Mellon shall provide the following financial reporting services for each Fund:

Financial Statement Preparation & Review

·Prepare the Fund’s annual and semi-annual shareholder reports2 for shareholder delivery and for inclusion in Form N-CSR;

·Prepare the Fund’s fiscal quarterly schedule of portfolio holdings for inclusion in Form N-Q;

²Requires “Typesetting Services” as described herein.

·Prepare, circulate and maintain the Fund’s financial reporting production calendar and track status of reporting cycles;

·Coordinate N-SAR surveys; prepare and file (or coordinate the filing of) the Fund’s Form N-SAR; and

·Prepare and coordinate the filing of the Fund’s monthly website files and Form N-MFP, as applicable to money market funds.

2

Typesetting Services

·Create financial compositions for the applicable financial report and related EDGAR files;

·Maintain country codes, industry class codes, security class codes and state codes;

·Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports;

·Create components that will specify the proper grouping and sorting for display of portfolio information;

·Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter);

·Process, convert and load security and general ledger data;

·Include data in financial reports provided from external parties to BNY Mellon which includes, but is not limited to: shareholder letters, “Management Discussion and Analysis” commentary, notes on performance, form of notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums;

·Generate financial reports using the Vendor’s capabilities which include the following:

otable of contents;

oschedules of investments;

ostatement of net assets;

ostatements of assets and liabilities;

ostatements of operation;

ostatements of changes;

ostatements of cash flows;

ofinancial highlights;

onotes to financial statements;

oreport of independent registered public accounting firm;

otax information; and

oadditional Fund information as mutually agreed in writing between BNY Mellon and a Fund.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting services, BNY Mellon will use the same layout and format for every successive reporting period for the typeset reports. At the request of a

3

Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, change the format or layout of reports from time to time.

Money Market Fund Services

·Prepare, on a monthly basis, Form N-MFP, subject to BNY Mellon’s timely receipt of all necessary information related thereto;

·Prepare, on a monthly basis, an electronic file of the portfolio holdings information required by Rule 2a-7(c)(12) promulgated under the 1940 Act for public website disclosure, subject to BNY Mellon’s timely receipt of all necessary information related thereto;

·File Form N-MFP with the SEC; and

·Provide the electronic file of the portfolio holdings information to the Fund or, at the Fund’s written direction, to an identified third party.

·Neither BNY Mellon nor the Vendor, in connection with a particular Money Market Fund Services report, will: (i) access, post reports to or perform any service on a Fund’s website; or (ii) prepare, provide or generate any reports, forms or files not specifically agreed to by BNY Mellon in advance.

·The applicable Fund acknowledges that it shall be responsible for the retention of any Money Market Fund Services reports in accordance with Rule 2a-7 promulgated under the 1940 Act or any other applicable rule or regulation.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting of the money market fund services, BNY Mellon will use the same layout and format for every successive reporting period for the Money Market Fund Services reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, customize Money Market Fund Services reports from time to time.

·Assist with the preparation and filing with the SEC of Form N-CR as requested by the Fund or Adviser.

4

TAX SUPPORT SERVICES

BNY Mellon shall provide the following tax support services for each Fund:

Provide various data and reports as agreed upon in the SLDs to support TRP’s tax reporting and tax filing obligations, including:

·Wash sales reporting;

·QDI reporting;

·DRD reporting;

·PFIC analysis;

·Straddle analysis;

·Paydown adjustments;

·Equalization debit adjustments

·Tax compliance under §851, §817(h);

·Foreign bond sale analysis (§988);

·Troubled debt analysis;

·Estimation of income for excise tax purposes;

·Swap analysis;

·Inflation adjustments;

·§1256 adjustments;

·Market discount analysis;

·OID adjustments;

·CPDI analysis;

·Shareholder tax reporting information (e.g. FTC, UGG income, foreign source income by country, exempt income by state);

Provide data, and reports based on such data, maintained by BNY Mellon on its fund accounting platform as reasonably requested by TRP to support TRP’s obligations to comply with requests from tax authorities and TRP’s tax reporting and tax filing obligations.

Assist with other tax-related data needs as mutually agreed upon in writing from time-to-time.

FUND ADMINISTRATION SERVICES

BNY Mellon shall provide the following fund administration services for each Fund, Series and class:

5

Calculate Fund approved income and per share amounts required for periodic distributions to be made by the applicable Fund, Series or class;

Coordinate a Fund’s annual audit and respond timely and completely to related requests;

Cooperate with each Fund’s independent auditors;

Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis; and

If the chief executive officer or chief financial officer of a Fund is required to provide a certification as part of the Fund’s Form N-Q or Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002, provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification is to be in such form and relating to such matters as reasonably agreed to by BNY Mellon in advance. BNY Mellon shall be required to provide the sub-certification only during the term of this Agreement with respect to the applicable Fund or Series and only if it receives such cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.

REGULATORY ADMINISTRATION SERVICES

BNY Mellon shall provide the following regulatory administration services for each Fund and Series:

Assist the Fund in responding to SEC examination requests by providing requested documents in the possession of BNY Mellon that are on the SEC examination request list and by making employees responsible for providing services available to regulatory authorities having jurisdiction over the performance of such services as may be required or reasonably requested by such regulatory authorities;

Assist with and/or coordinate such other filings, notices and regulatory matters and other due diligence requests or requests for proposal on such terms and conditions as BNY Mellon and the applicable Fund on behalf of itself and its Series may mutually agree upon in writing from time to time; and

38a-1 Compliance Support Services:

6

·Provide compliance policies and procedures related to services provided by BNY Mellon and, if mutually agreed, certain of the BNY Mellon Affiliates; summary procedures thereof; and periodic certification letters.

·Such Compliance Support Services are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person, and such services are subject to review and approval by the applicable Fund and by the Fund’s legal counsel.

·Provide access to Fund records so as to permit the Fund or TRP to test the performance of BNY Mellon in providing the services under this Agreement.

·Such Compliance Support Services performed by BNY Mellon under this Agreement shall be at the request and direction of the Fund and/or its chief compliance officer (the “Fund’s CCO”), as applicable. BNY Mellon disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund’s CCO and the adequacy and effectiveness of the Fund’s compliance program.

7

AMENDMENT NO. 1
TO
Fund Accounting Agreement

This Amendment No. 1 (this “Amendment”) is made and entered into effective as of December 9, 2015 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

8

2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by replacing Exhibit A, in its entirety, with the amended Exhibit A, attached hereto as Attachment A, by adding T. Rowe Price Mid-Cap Index Fund and T. Rowe Price Small-Cap Index Fund on behalf of T. Rowe Price Index Trust, Inc.; by changing the name of T. Rowe Price Inflation Focused Bond Fund, Inc. to T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.; and by changing the Entity Type from Mutual Fund to Mutual Fund—Parent for the T. Rowe Price Balanced Fund, Inc., T. Rowe Price Corporate Income Fund, Inc., T. Rowe Price Inflation Protected Bond Fund, Inc., T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc. and T. Rowe Price New Era Fund, Inc.

3.AMENDED ADDRESS FOR BNY MELLON

All references to BNY Mellon’s address at One Wall Street, New York, New York 10286 are hereby replaced with 255 Liberty Street, New York, New York 10286.

4.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

5.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

9

6.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

10

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

T. ROWE PRICE ASSOCIATES, INC.	THE BANK OF NEW YORK MELLON
By: /s/ David Oestreicher	By: /s/ James E. Cecere
Name: David Oestreicher	Name: James E. Cecere
Title: Vice President	Title: Managing Director
Date: 12/17/2015	Date: 1/8/2016
On behalf of each Fund listed in Amended Exhibit A By: /s/ Darrell N. Braman
Name: Darrell N. Braman
Title: Vice President
Date: 12/17/2015

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Diversified Small-Cap Growth Fund, Inc.		DSG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series

2

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
	T. Rowe Price Prime Reserve Portfolio	PRP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series

3

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

4

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

5

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Prime Reserve Fund, Inc.		PRF	Mutual Fund

6

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Investment Fund	GRS	Mutual Fund - Series
	T. Rowe Price Reserve Investment Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Reserve Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Reserve Fund	REI	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Summit Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series

7

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series

8

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target Retirement 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target Retirement 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target Retirement 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target Retirement 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target Retirement 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target Retirement 2030 Fund	TRG	Mutual Fund - Series

9

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target Retirement 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target Retirement 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target Retirement 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target Retirement 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target Retirement 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target Retirement 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

10

AMENDMENT NO. 2
TO
Fund Accounting Agreement

This Amendment No. 2 (this “Amendment”) is made and entered into effective as of February 23, 2016 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

11

2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by replacing Exhibit A, in its entirety, with the amended Exhibit A, attached hereto as Attachment A, by changing the name of the T. Rowe Price Diversified Small-Cap Growth Fund, Inc. corporation to T. Rowe Price Quantitative Management Funds, Inc.; by changing the Entity Type of T. Rowe Price Quantitative Management Funds, Inc. to Mutual Fund - Parent; by changing the name of the T. Rowe Price Diversified Small-Cap Growth Fund series to T. Rowe Price QM U.S. Small-Cap Growth Equity Fund; by adding T. Rowe Price QM Global Equity Fund, T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund, and T. Rowe Price QM U.S. Value Equity Fund as Mutual Fund – Series of the T. Rowe Price Quantitative Management Funds, Inc.; by changing the Entity Type of the T. Rowe Price Health Sciences Fund, Inc. to Mutual Fund – Parent; by changing the Entity Type of the T. Rowe Price Media & Telecommunications Fund, Inc. to Mutual Fund – Parent; and by removing “Retirement” from the names of the T. Rowe Price Target Retirement Funds series.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

12

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

13

THE BANK OF NEW YORK MELLON

By: /s/Don Brophy

Name: Don Brophy

Title: Vice President

Date: 2/26/16

14

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 1/19/16

15

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 1/22/16

16

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series

17

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
	T. Rowe Price Prime Reserve Portfolio	PRP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series

18

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

19

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

20

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Prime Reserve Fund, Inc.		PRF	Mutual Fund

21

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Investment Fund	GRS	Mutual Fund - Series
	T. Rowe Price Reserve Investment Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Reserve Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Reserve Fund	REI	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series

22

Mutual Fund Entity Name		Reference ID	Entity Type
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Summit Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series

23

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series

24

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

25

AMENDMENT NO. 3
TO
Fund Accounting Agreement

This Amendment No. 3 (this “Amendment”) is made and entered into effective as of April 27, 2016 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

26

2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by adding T. Rowe Price Global Consumer Fund as a Mutual Fund – Series of the T. Rowe Price International Funds, Inc. and by changing the name of T. Rowe Price Prime Reserve Portfolio to T. Rowe Price Government Money Portfolio.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly

27

authorized representative.

28

THE BANK OF NEW YORK MELLON

By: /s/Michael T. Falvey

Name: Michael T. Falvey

Title: Director

Date: 4/12/16

29

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: April 7, 2016

30

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: April 8, 2016

31

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund

32

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series

33

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

34

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

35

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Prime Reserve Fund, Inc.		PRF	Mutual Fund

36

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Investment Fund	GRS	Mutual Fund - Series
	T. Rowe Price Reserve Investment Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Reserve Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Reserve Fund	REI	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series

37

Mutual Fund Entity Name		Reference ID	Entity Type
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Summit Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series

38

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series

39

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

40

AMENDMENT NO. 4
TO
Fund Accounting Agreement

This Amendment No. 4 (this “Amendment”) is made and entered into effective as of April 30, 2016 (“Amendment Effective Date”) by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2.AMENDED SCHEDULE I

The Fund Accounting Agreement is hereby amended by replacing Schedule I, in its entirety, with the amended Schedule I, attached hereto as Attachment A, by restating the services described under the heading “Money Market Fund Services”.

41

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

42

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: 7/20/16

43

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 7/1/16

44

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 7/1/16

45

ATTACHMENT A

AMENDED SCHEDULE I

Schedule of Services

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Fund officers, Fund counsel and accountants of each Fund, as may be applicable. The services included on this Schedule of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as “BNY Mellon”. Additionally, the services provided shall comply with generally accepted accounting principles, regulatory requirements and/or such TRP policies and Instructions as applicable.

VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES

BNY Mellon shall provide the following valuation support and computation accounting services for each Fund:

Journalize investment, capital share and income and expense activities;

Maintain individual ledgers for investment securities;

Maintain historical tax lots for each security;

Corporate action processing as more fully set forth in the SLDs;

Reconcile cash and investment balances of each Fund with the Fund’s custodian or other counterparties as applicable;

Provide a Fund’s investment adviser, as applicable, with the cash balance available for investment purposes at start-of-day and upon request, as agreed by the parties;

Calculate capital gains and losses;

Calculate daily distribution rate per share;

Determine net income;

Obtain security market quotes and currency exchange rates from pricing services approved by a Fund’s investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund’s investment adviser, and in either case, calculate the market value of each Fund’s investments in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments (with the exception of the services provided hereunder to Funds utilized for such cash collateral investments), itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY Mellon have any liability relating to inaccuracies or otherwise with respect to such information or valuations; notwithstanding the foregoing, BNY Mellon shall follow the established procedures and controls to identify exceptions, tolerance breaches, etc. and to research and resolve or escalate any pricing inaccuracies;

Application of the established automated price validation rules against prices received from third party vendors and review of exceptions as identified;

Calculate Net Asset Value in the manner specified in the Fund’s Offering Materials (which, for the service described herein, shall include the Fund’s Net Asset Value error policy);

Calculate Accumulated Unit Values (“AUV”) for select funds as mutually agreed upon between the parties;

46

Transmit or make available a copy of the daily portfolio valuation to a Fund’s investment adviser;

Calculate yields, portfolio dollar-weighted average maturity and dollar-weighted average life as applicable; and

Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.

For money market funds, obtain security market quotes and calculate the market-value Net Asset Value  in accordance with the Fund’s valuation policies and guidelines at such times and frequencies as required by regulation and/or instruction from TRP.

FINANCIAL REPORTING; MONEY MARKET FUND SERVICES

BNY Mellon shall provide the following financial reporting services for each Fund:

Financial Statement Preparation & Review

·Prepare the Fund’s annual and semi-annual shareholder reports2 for shareholder delivery and for inclusion in Form N-CSR;

·Prepare the Fund’s fiscal quarterly schedule of portfolio holdings2 for inclusion in Form N-Q;

·Prepare, circulate and maintain the Fund’s financial reporting production calendar and track status of reporting cycles;

·Coordinate N-SAR surveys; prepare and file (or coordinate the filing of) the Fund’s Form N-SAR; and

·Prepare and coordinate the filing of the Fund’s monthly website files and Form N-MFP, as applicable to money market funds.

Typesetting Services

·Create financial compositions for the applicable financial report and related EDGAR files;

·Maintain country codes, industry class codes, security class codes and state codes;

·Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports;

·Create components that will specify the proper grouping and sorting for display of portfolio information;

·Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter);

·Process, convert and load security and general ledger data;

·Include data in financial reports provided from external parties to BNY Mellon which includes, but is not limited to: shareholder letters, “Management Discussion and Analysis” commentary, notes on performance, form of notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums;

²Requires “Typesetting Services” as described herein.

47

·Generate financial reports using the Vendor’s capabilities which include the following:

otable of contents;

oschedules of investments;

ostatement of net assets;

ostatements of assets and liabilities;

ostatements of operation;

ostatements of changes;

ostatements of cash flows;

ofinancial highlights;

onotes to financial statements;

oreport of independent registered public accounting firm;

otax information; and

oadditional Fund information as mutually agreed in writing between BNY Mellon and a Fund.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting services, BNY Mellon will use the same layout and format for every successive reporting period for the typeset reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, change the format or layout of reports from time to time.

Money Market Fund Services

·BNY Mellon shall provide the following information in a mutually agreed upon electronic format to support the website disclosure requirements of the Funds, subject to BNY Mellon’s timely receipt of all necessary information related thereto that is not maintained on the BNY Mellon systems. The Funds acknowledge that BNY Mellon is not responsible for the Funds’ website, for any servicing on the Funds’ website, or for uploading, downloading or maintaining any information on or required to be on the Funds’ website.

oDate.

oFund identifier.

oShare class.

oMarket NAV (rounded to four (4) decimal places).

oDaily liquid assets.

oWeekly liquid assets.

oShareholder inflows and outflows.

·Assist with the preparation and filing with the SEC of Form N-CR as requested by the Fund or Adviser.

·BNY Mellon shall, or shall cause the Vendor, to: (i) prepare, on a monthly basis, Form N-MFP, subject to BNY Mellon’s timely receipt of all necessary information related thereto that is not maintained on the BNY Mellon systems; and (ii) file Form N-MFP with the SEC, on a monthly basis; and

·Prepare and provide an electronic file of the portfolio holdings information required by Rule 2a-7(h)(10) to the Fund or, at the Fund’s written direction, to an identified third party (the deliverables for the above money market fund services collectively referred to as, the “Money Market Fund Services Reports”).

48

·Neither BNY Mellon nor the Vendor, in connection with a particular Money Market Fund Services Report, will prepare, provide or generate any reports, forms or files not specifically agreed to by BNY Mellon in advance.

·The applicable Fund acknowledges that it shall be responsible for the retention of any Money Market Fund Services Reports in accordance with Rule 2a-7 promulgated under the 1940 Act or any other applicable rule or regulation.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting of the Money Market Fund Services Reports, BNY Mellon will use the same layout and format for every successive reporting period for the Money Market Fund Services Reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, customize Money Market Fund Services Reports from time to time.

TAX SUPPORT SERVICES

BNY Mellon shall provide the following tax support services for each Fund:

Provide various data and reports as agreed upon in the SLDs to support TRP’s tax reporting and tax filing obligations, including:

·Wash sales reporting;

·QDI reporting;

·DRD reporting;

·PFIC analysis;

·Straddle analysis;

·Paydown adjustments;

·Equalization debit adjustments

·Tax compliance under §851, §817(h);

·Foreign bond sale analysis (§988);

·Troubled debt analysis;

·Estimation of income for excise tax purposes;

·Swap analysis;

·Inflation adjustments;

·§1256 adjustments;

·Market discount analysis;

·OID adjustments;

·CPDI analysis;

·Shareholder tax reporting information (e.g. FTC, UGG income, foreign source income by country, exempt income by state);

Provide data, and reports based on such data, maintained by BNY Mellon on its fund accounting platform as reasonably requested by TRP to support TRP’s obligations to comply with requests from tax authorities and TRP’s tax reporting and tax filing obligations.

Assist with other tax-related data needs as mutually agreed upon in writing from time-to-time.

49

FUND ADMINISTRATION SERVICES

BNY Mellon shall provide the following fund administration services for each Fund, Series and class:

Calculate Fund approved income and per share amounts required for periodic distributions to be made by the applicable Fund, Series or class;

Coordinate a Fund’s annual audit and respond timely and completely to related requests;

Cooperate with each Fund’s independent auditors;

Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis; and

If the chief executive officer or chief financial officer of a Fund is required to provide a certification as part of the Fund’s Form N-Q or Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002, provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification is to be in such form and relating to such matters as reasonably agreed to by BNY Mellon in advance. BNY Mellon shall be required to provide the sub-certification only during the term of this Agreement with respect to the applicable Fund or Series and only if it receives such cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.

REGULATORY ADMINISTRATION SERVICES

BNY Mellon shall provide the following regulatory administration services for each Fund and Series:

Assist the Fund in responding to SEC examination requests by providing requested documents in the possession of BNY Mellon that are on the SEC examination request list and by making employees responsible for providing services available to regulatory authorities having jurisdiction over the performance of such services as may be required or reasonably requested by such regulatory authorities;

Assist with and/or coordinate such other filings, notices and regulatory matters and other due diligence requests or requests for proposal on such terms and conditions as BNY Mellon and the applicable Fund on behalf of itself and its Series may mutually agree upon in writing from time to time; and

38a-1 Compliance Support Services:

·Provide compliance policies and procedures related to services provided by BNY Mellon and, if mutually agreed, certain of the BNY Mellon Affiliates; summary procedures thereof; and periodic certification letters.

·Such Compliance Support Services are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other

50

person, and such services are subject to review and approval by the applicable Fund and by the Fund’s legal counsel.

·Provide access to Fund records so as to permit the Fund or TRP to test the performance of BNY Mellon in providing the services under this Agreement.

·Such Compliance Support Services performed by BNY Mellon under this Agreement shall be at the request and direction of the Fund and/or its chief compliance officer (the “Fund’s CCO”), as applicable. BNY Mellon disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund’s CCO and the adequacy and effectiveness of the Fund’s compliance program.

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AMENDMENT NO. 5
TO
Fund Accounting Agreement

This Amendment No. 5 (this “Amendment”) is made and entered into effective as of July 19, 2016 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

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2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by adding T. Rowe Price Institutional Cash Reserves Fund as a Mutual Fund – Series of the T. Rowe Price Institutional Income Funds, Inc.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

53

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: 9/2/16

54

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 8/5/16

55

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 8/3/16

56

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund

57

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series

58

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

59

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Prime Reserve Fund, Inc.		PRF	Mutual Fund

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Investment Fund	GRS	Mutual Fund - Series
	T. Rowe Price Reserve Investment Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Reserve Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Reserve Fund	REI	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series

62

Mutual Fund Entity Name		Reference ID	Entity Type
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Summit Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

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AMENDMENT NO. 6
TO
Fund Accounting Agreement

This Amendment No. 6 (this “Amendment”) is made and entered into effective as of August 1, 2016 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

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2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by changing the name of the T. Rowe Price Prime Reserve Fund, Inc. to T. Rowe Price Government Money Fund, Inc.; by changing the name of the T. Rowe Price Reserve Investment Fund to the T. Rowe Price Government Reserve Fund and by the changing the name of the T. Rowe Price Government Reserve Investment Fund to the T. Rowe Price Treasury Reserve Fund, both Mutual Fund - Series of T. Rowe Price Reserve Investment Funds, Inc.; and by changing the name of the T. Rowe Price Summit Cash Reserves Fund to the T. Rowe Price Cash Reserves Fund, a Mutual Fund - Series of T. Rowe Price Summit Funds, Inc.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This

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Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

68

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: 8/18/16

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T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 8/5/16

70

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 8/3/16

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ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Reserve Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Reserve Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

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AMENDMENT NO. 7
TO
Fund Accounting Agreement

This Amendment No. 7 (this “Amendment”) dated September 28, 2016 and effective as of September 6, 2016 (“Amendment Effective Date”) by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

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2.AMENDED SCHEDULE I

The Fund Accounting Agreement is hereby amended by replacing Schedule I, in its entirety, with the amended Schedule I, attached hereto as Attachment A, by restating the services described under the heading “Money Market Fund Services”.

3.AMENDED SCHEDULE II

The Fund Accounting Agreement is hereby amended by replacing Schedule II, in its entirety, with the amended Schedule II, attached hereto as Attachment B, by restating NAV Error under the heading “Definitions”.

4.AMENDED SCHEDULE IV

The Fund Accounting Agreement is hereby amended by replacing Schedule IV, in its entirety, with the amended Schedule IV, attached hereto as Attachment C, by adding the fees described under the heading “Money Market Fund Services Fee”.

5.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

6.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

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7.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: 10/6/16

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 10/4/16

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 9/30/2016

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ATTACHMENT A

AMENDED SCHEDULE I

Schedule of Services

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Fund officers, Fund counsel and accountants of each Fund, as may be applicable. The services included on this Schedule of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as “BNY Mellon”. Additionally, the services provided shall comply with generally accepted accounting principles, regulatory requirements and/or such TRP policies and Instructions as applicable.

VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES

BNY Mellon shall provide the following valuation support and computation accounting services for each Fund:

Journalize investment, capital share and income and expense activities;

Maintain individual ledgers for investment securities;

Maintain historical tax lots for each security;

Corporate action processing as more fully set forth in the SLDs;

Reconcile cash and investment balances of each Fund with the Fund’s custodian or other counterparties as applicable;

Provide a Fund’s investment adviser, as applicable, with the cash balance available for investment purposes at start-of-day and upon request, as agreed by the parties;

Calculate capital gains and losses;

Calculate daily distribution rate per share;

Determine net income;

Obtain security market quotes and currency exchange rates from pricing services approved by a Fund’s investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund’s investment adviser, and in either case, calculate the market value of each Fund’s investments in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments (with the exception of the services provided hereunder to Funds utilized for such cash collateral investments), itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY Mellon have any liability relating to inaccuracies or otherwise with respect to such information or valuations; notwithstanding the foregoing, BNY Mellon shall follow the established procedures and controls to identify exceptions, tolerance breaches, etc. and to research and resolve or escalate any pricing inaccuracies;

Application of the established automated price validation rules against prices received from third party vendors and review of exceptions as identified;

Calculate Net Asset Value in the manner specified in the Fund’s Offering Materials (which, for the service described herein, shall include the Fund’s Net Asset Value error policy);

Calculate Accumulated Unit Values (“AUV”) for select funds as mutually agreed upon between the parties;

84

Transmit or make available a copy of the daily portfolio valuation to a Fund’s investment adviser;

Calculate yields, portfolio dollar-weighted average maturity and dollar-weighted average life as applicable; and

Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.

For money market funds, obtain security market quotes and calculate the market-value Net Asset Value  in accordance with the Fund’s valuation policies and guidelines at such times and frequencies as required by regulation and/or instruction from TRP.

FINANCIAL REPORTING; MONEY MARKET FUND SERVICES

BNY Mellon shall provide the following financial reporting services for each Fund:

Financial Statement Preparation & Review

·Prepare the Fund’s annual and semi-annual shareholder reports3 for shareholder delivery and for inclusion in Form N-CSR;

·Prepare the Fund’s fiscal quarterly schedule of portfolio holdings3 for inclusion in Form N-Q;

·Prepare, circulate and maintain the Fund’s financial reporting production calendar and track status of reporting cycles;

·Coordinate N-SAR surveys; prepare and file (or coordinate the filing of) the Fund’s Form N-SAR; and

·Prepare and coordinate the filing of the Fund’s monthly website files and Form N-MFP, as applicable to money market funds.

Typesetting Services

·Create financial compositions for the applicable financial report and related EDGAR files;

·Maintain country codes, industry class codes, security class codes and state codes;

·Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports;

·Create components that will specify the proper grouping and sorting for display of portfolio information;

·Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter);

·Process, convert and load security and general ledger data;

·Include data in financial reports provided from external parties to BNY Mellon which includes, but is not limited to: shareholder letters, “Management Discussion and Analysis” commentary, notes on performance, form of notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums;

³Requires “Typesetting Services” as described herein.

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·Generate financial reports using the Vendor’s capabilities which include the following:

otable of contents;

oschedules of investments;

ostatement of net assets;

ostatements of assets and liabilities;

ostatements of operation;

ostatements of changes;

ostatements of cash flows;

ofinancial highlights;

onotes to financial statements;

oreport of independent registered public accounting firm;

otax information; and

oadditional Fund information as mutually agreed in writing between BNY Mellon and a Fund.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting services, BNY Mellon will use the same layout and format for every successive reporting period for the typeset reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, change the format or layout of reports from time to time.

Money Market Fund Services

·For each Fund requiring an intraday “floating” Net Asset Value, BNY Mellon shall calculate Net Asset Value in the manner specified in the Fund’s Offering Materials at the following two (2) times during a day the Fund is open for subscription and redemption activity; (i) 12:00 PM EST; and (ii) 4:00 PM ESTinclusive of the daily distribution factor per share. During the applicable period of the calendar year, daylight savings times will be substituted for the above times as appropriate. The parties acknowledge the calculation of the intraday “floating” Net Asset Values are subject to the Fund’s policies on as of transactions, NAV error correction, and such other policies that may impact the calculation of a Fund’s Net Asset Value.

·BNY Mellon shall provide the following information in a mutually agreed upon electronic format to support the website disclosure requirements of the Funds, subject to BNY Mellon’s timely receipt of all necessary information related thereto that is not maintained on the BNY Mellon systems. The Funds acknowledge that BNY Mellon is not responsible for the Funds’ website, for any servicing on the Funds’ website, or for uploading, downloading or maintaining any information on or required to be on the Funds’ website.

oDate.

oFund identifier.

oShare class.

oMarket NAV (rounded to four (4) decimal places).

oDaily liquid assets.

oWeekly liquid assets.

o

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Shareholder inflows and outflows.

·Assist with the preparation and filing with the SEC of Form N-CR as requested by the Fund or Adviser.

·BNY Mellon shall, or shall cause the Vendor, to: (i) prepare, on a monthly basis, Form N-MFP, subject to BNY Mellon’s timely receipt of all necessary information related thereto that is not maintained on the BNY Mellon systems; and (ii) file Form N-MFP with the SEC, on a monthly basis; and

·Prepare and provide an electronic file of the portfolio holdings information required by Rule 2a-7(h)(10) to the Fund or, at the Fund’s written direction, to an identified third party (the deliverables for the above money market fund services collectively referred to as, the “Money Market Fund Services Reports”).

·Neither BNY Mellon nor the Vendor, in connection with a particular Money Market Fund Services Report, will prepare, provide or generate any reports, forms or files not specifically agreed to by BNY Mellon in advance.

·The applicable Fund acknowledges that it shall be responsible for the retention of any Money Market Fund Services Reports in accordance with Rule 2a-7 promulgated under the 1940 Act or any other applicable rule or regulation.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting of the Money Market Fund Services Reports, BNY Mellon will use the same layout and format for every successive reporting period for the Money Market Fund Services Reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, customize Money Market Fund Services Reports from time to time.

TAX SUPPORT SERVICES

BNY Mellon shall provide the following tax support services for each Fund:

Provide various data and reports as agreed upon in the SLDs to support TRP’s tax reporting and tax filing obligations, including:

·Wash sales reporting;

·QDI reporting;

·DRD reporting;

·PFIC analysis;

·Straddle analysis;

·Paydown adjustments;

·Equalization debit adjustments

·Tax compliance under §851, §817(h);

·Foreign bond sale analysis (§988);

·Troubled debt analysis;

·Estimation of income for excise tax purposes;

·Swap analysis;

·Inflation adjustments;

·§1256 adjustments;

·Market discount analysis;

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OID adjustments;

·CPDI analysis;

·Shareholder tax reporting information (e.g. FTC, UGG income, foreign source income by country, exempt income by state);

Provide data, and reports based on such data, maintained by BNY Mellon on its fund accounting platform as reasonably requested by TRP to support TRP’s obligations to comply with requests from tax authorities and TRP’s tax reporting and tax filing obligations.

Assist with other tax-related data needs as mutually agreed upon in writing from time-to-time.

FUND ADMINISTRATION SERVICES

BNY Mellon shall provide the following fund administration services for each Fund, Series and class:

Calculate Fund approved income and per share amounts required for periodic distributions to be made by the applicable Fund, Series or class;

Coordinate a Fund’s annual audit and respond timely and completely to related requests;

Cooperate with each Fund’s independent auditors;

Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis; and

If the chief executive officer or chief financial officer of a Fund is required to provide a certification as part of the Fund’s Form N-Q or Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002, provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification is to be in such form and relating to such matters as reasonably agreed to by BNY Mellon in advance. BNY Mellon shall be required to provide the sub-certification only during the term of this Agreement with respect to the applicable Fund or Series and only if it receives such cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.

REGULATORY ADMINISTRATION SERVICES

BNY Mellon shall provide the following regulatory administration services for each Fund and Series:

Assist the Fund in responding to SEC examination requests by providing requested documents in the possession of BNY Mellon that are on the SEC examination request list and by making employees responsible for providing services available to regulatory authorities having jurisdiction over the performance of such services as may be required or reasonably requested by such regulatory authorities;

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Assist with and/or coordinate such other filings, notices and regulatory matters and other due diligence requests or requests for proposal on such terms and conditions as BNY Mellon and the applicable Fund on behalf of itself and its Series may mutually agree upon in writing from time to time; and

38a-1 Compliance Support Services:

·Provide compliance policies and procedures related to services provided by BNY Mellon and, if mutually agreed, certain of the BNY Mellon Affiliates; summary procedures thereof; and periodic certification letters.

·Such Compliance Support Services are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person, and such services are subject to review and approval by the applicable Fund and by the Fund’s legal counsel.

·Provide access to Fund records so as to permit the Fund or TRP to test the performance of BNY Mellon in providing the services under this Agreement.

·Such Compliance Support Services performed by BNY Mellon under this Agreement shall be at the request and direction of the Fund and/or its chief compliance officer (the “Fund’s CCO”), as applicable. BNY Mellon disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund’s CCO and the adequacy and effectiveness of the Fund’s compliance program.

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ATTACHMENT B

AMENDED SCHEDULE II

NAV Error Policy

Definitions

NAV Error.

·For a fund that prices its shares to the nearest penny (e.g., $10.00) for transaction purposes, an NAV Error is any misstatement of the NAV that is a difference of at least one full penny per share (without rounding) between the originally computed NAV and the correct NAV.

·For a fund that prices its shares to the fourth decimal place (e.g., $1.0000) for transaction purposes, an NAV Error is any misstatement of the NAV that is a difference of at least 1/100^th of a penny per share (without rounding) between the originally computed NAV and the correct NAV.

An NAV Error can result from an error (something done wrong), omission (something not done), or reliance on incorrect data.

Material NAV Error. A Material NAV Error is an NAV Error that is equal to or greater than ½ of 1% of the correct NAV.

Loss. A Loss (also referred to as dilution) results when a fund or, in the case of a multi-class fund, a class either (1) has paid excess redemption proceeds as a result of an overstated NAV or (2) has received insufficient subscription monies as a result of an understated NAV (in either case, transacting shareholders benefit from transacting at the misstated NAV, to the detriment of the fund or class).

Benefit. A Benefit (also referred to as accretion) results when a fund or, in the case of a multi-class fund, a class either (1) has paid insufficient redemption proceeds as a result of an understated NAV or (2) has received excess subscription monies as a result of an overstated NAV (in either case, transacting shareholders incur a loss from transacting at the misstated NAV, to the benefit of the fund or class).

Net Loss. A Net Loss for a particular fund or, in the case of a multi-class fund, a class results when aggregate Losses exceed aggregate Benefits (i.e., net redemptions on a day the fund’s or class’s NAV is overstated or net subscriptions on a day the fund’s or class’s NAV is understated) during the Error Period.

Net Benefit. A Net Benefit for a particular fund or, in the case of a multi-class fund, a class results when aggregate Benefits exceed aggregate Losses (i.e., net redemptions on a day the fund’s or class’s NAV is understated or net subscriptions on a day the fund’s or class’s NAV is overstated) during the Error Period.

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Error Period. An Error Period comprises those days during which the circumstances causing an NAV Error exist prior to correction.

Error Incident. An Error Incident is a single or series of NAV Errors that results from the same act, omission, or use of incorrect data.

Correction

NAV Errors will be corrected as follows:

·If an NAV Error is less than ½ of 1% of NAV and results in a Net Benefit, the fund will retain the benefit.

·If an NAV Error is less than ½ of 1% of NAV and results in a Net Loss, the Net Loss will be paid to the fund by the party responsible for causing the NAV Error.

·In the case of a Material NAV Error, shareholder transactions/accounts will be corrected/ reprocessed at the corrected (restated) NAV, subject to a $10 per-account correction minimum threshold; any residual Net Benefit after correction of shareholder accounts will be retained by the fund and any residual Net Loss (resulting from uncorrected accounts below the $10 minimum threshold) will be paid to the fund by the party responsible for causing the error. If an NAV error is not caused by either the fund accounting agent or TRP, both TRP and the fund accounting agent will provide all reasonable assistance to the fund in its attempt to recover all costs from the responsible third party.

·Notwithstanding any contractual provisions to the contrary, to the extent a NAV Error was caused by the actions or omissions of the fund’s accounting agent, any Net Loss or residual Net Loss equal to $5,000 or less that results from the same Error Incident will be paid by the accounting agent.

TRP will be responsible for summarizing and reporting to the funds’ Audit Committee or Trust Company’s Board (or designated committee), as applicable, all NAV Errors related to the funds/trusts in conjunction with other relevant error statistics on a quarterly basis. The report will include corrected NAV Errors as well as the aggregate effect of any uncorrected NAV Errors. The report will also include information about shareholder accounts that were corrected in the discretion of TRP in the case of an NAV Error that is not a Material NAV Error. The funds’ Audit Committee and the Trust Company’s Board shall have the authority to adjust these procedures with respect to the funds and trusts, respectively, to the extent necessary or desirable to address NAV Errors by providing notice thereof to TRP and the fund’s accounting agent.

Correction of Shareholder Accounts

In the case of a Material NAV Error, corrections are made by correcting or “reprocessing” shareholder transactions/accounts at the correct NAV. When the NAV is understated, investors purchasing shares receive too many shares, and redeeming shareholders are paid less redemption proceeds than that to which they are entitled. When the NAV is overstated, investors purchasing shares receive too few shares for the amount paid and redeeming shareholders are paid excess redemption proceeds. Thus, correction or reprocessing of shareholder accounts results in adjusting the number of shares purchased or sold to the number that should have been acquired or sold, based on the correct NAV and the amount paid. In the case of a full redemption at an

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understated NAV, the redeeming shareholder would be reimbursed directly for the additional amount they would have received in the absence of the NAV Error (subject to the $10 per-account correction minimum). In the case of a full redemption at an overstated NAV, TRP would determine whether to pursue reclamation of the overpayment from the shareholder (for accounts above the $10 per-account correction minimum). If TRP elects not to pursue reclamation from the shareholder, the amount of the overpayment will be paid in to the fund by TRP. Additionally, any reasonable losses and out-of-pocket expenses incurred for correcting shareholder accounts will be paid by the party responsible for causing the error.

When a fund corrects shareholder accounts (and restates its NAV), investors or beneficial owners who hold shares through an intermediary (such as banks, broker-dealers, and defined contribution plan recordkeepers) will be corrected in the same manner (i.e., shareholders invested through an intermediary’s omnibus account should be transacted at the fund’s restated/official NAV). Further, there may also be losses or benefits to shareholders if the shareholders exchanged all shares of a fund with a Material NAV Error into another fund (“New Fund”) during an Error Period. Should this occur, the amount of New Fund shares may also need to be corrected to reflect the correct share amount (e.g., if a shareholder exchanges all shares of a fund with an understated NAV into a New Fund, the shareholder will receive less proceeds and therefore less shares of the New Fund and the New Fund account also would be corrected).

In certain circumstances, such as, for example, where the costs of determining and administering the adjustment to shareholder accounts are excessive in relation to the adjustment, TRP may determine to implement alternative corrective action subject to approval by the fund’s Audit Committee or Trust Company’s Board. In such cases, the incremental cost of any such alternative corrective action (in excess of the cost of correction otherwise in accordance with this policy) will be borne solely by TRP.

To the extent an NAV Error is corrected by adjusting shareholder accounts/transactions at the correct NAV (i.e., the NAV is restated), the restated NAV becomes the official NAV and is used for all purposes, including shareholder account/transaction correction, performance computations, “as of” transactions, and financial reporting. The restated NAV is presented on shareholder statements, web postings, and in financial reporting. If an NAV Error does not result in an NAV restatement, the original NAV remains the official NAV used for shareholder transactions and performance computations.

Other Error Correction Principles

For the avoidance of doubt, a gain in one fund may not be used to offset dilution in another fund resulting from the same (or unrelated) Error Incident.

In the case of an Error Period that spans multiple days, (i) shareholder accounts require correction only on days with a Material NAV Error; and (ii) the Net Loss and the Net Benefit for each day during the Error Period (and the residual Net Loss and/or residual Net Benefit if there are Material NAV Errors on certain days) will be aggregated for purposes of determining the Net Benefit or Net Loss for the Error Period. The Net Benefit or Net Loss for the Error Period will

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be subject to correction as noted above (i.e., Net Benefit for the Error Period retained by the fund and Net Loss for the Error Period paid to the fund by the party responsible for causing the error).

An NAV Error is evaluated for each NAV calculation during an Error Period. Accordingly, a multi-class fund could have an NAV Error in one class but not another on the same day (e.g., in the case of an improper class expense accrual). Further, it is possible that the same Error Incident causes an NAV Error, or a Material NAV Error, on one or several days but not all consecutive days during the Error Period (e.g., an unrecorded corporate action results in an improper share position that causes the NAV impact to fluctuate above/below a full cent (or above/below ½ of 1%) on different days prior to discovery and correction).

In the situation when there is an NAV Error for a fund in which a fund-of-funds invests (an underlying fund), the impact to the fund-of-funds’ NAV should only be considered if the underlying fund restates its NAV. So, if an underlying fund has an NAV error < ½ of 1% and does not restate its NAV, its original NAV remains its official NAV, and the fund-of-funds would not have an NAV error.

In the case of any Material NAV Error, TRP may elect to allow benefited shareholders to retain an undue gain (i.e., subscribing shareholders who receive too many shares as a result of an understated NAV or redeeming shareholders who receive excess proceeds due to an overstated NAV) so long as TRP makes the fund whole for the resultant Net Loss. TRP may decide on this course of action, for example, to minimize the number of shareholders affected by correction and, thereby, minimize reputational risk, re-processing efforts, etc. Additionally, TRP may elect to correct shareholder accounts for errors with less than ½ of 1% NAV impact, for example to minimize the amount that must be paid in to make a fund whole, subject to TRP’s reporting such corrections to the fund’s Audit Committee and following procedures designed to ensure that all affected shareholders are treated fairly.

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AMENDMENT NO. 8
TO
Fund Accounting Agreement

This Amendment No. 8 (this “Amendment”) is made and entered into effective as of October 25, 2016 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

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2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by changing the name of the T. Rowe Price Short-Term Reserve Fund to T. Rowe Price Short-Term Fund; by changing the name of the T. Rowe Price Short-Term Government Reserve Fund to the T. Rowe Price Short-Term Government Fund; by changing the Entity Type of the T. Rowe Price Financial Services Fund, Inc. to Mutual Fund – Parent; by changing the Entity Type of the T. Rowe Price Global Technology Fund, Inc. to Mutual Fund – Parent; by changing the Entity Type of the T. Rowe Price Growth & Income Fund, Inc. to Mutual Fund – Parent; and by adding the T. Rowe Price Total Return Fund, Inc. as a Mutual Fund – Parent.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This

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Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: 11-3-16

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T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 10/16/16

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On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 10/14/16

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ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series

103

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series

104

Mutual Fund Entity Name		Reference ID	Entity Type
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series

105

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series

106

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

107

AMENDMENT NO. 9

TO

FUNDACCOUNTINGAGREEMENT

ThisAmendmentNo.9(this“Amendment”)ismadeandenteredintoeffectiveasofDecember 22,2016(“AmendmentEffectiveDate”)by andbetweeneachFundlistedonExhibitA(eacha“Fund”orcollectivelythe“Funds”)totheFundAccountingAgreement(asdefinedbelow),T.ROWEPRICEASSOCIATES,INC.,aMarylandcorporationhavingitsprincipalofficelocatedat100E.PrattStreet,Baltimore,Maryland21202(“TRP”)andTHEBANKOFNEWYORKMELLON,abankorganizedundertheLawsoftheStateofNewYork,havingitsprincipalofficelocatedat255LibertyStreet,NewYork,NewYork10286(“BNYMellon”).TheFunds,TRPandBNYMellonarecollectivelyreferredtoasthe“Parties”andindividuallyasa“Party.”

WHEREAS,eachFund,TRPandBNYMellonhaveenteredintoaFundAccountingAgreement,datedasofAugust1,2015,asamended,modifiedorotherwisesupplemented(the“FundAccountingAgreement”);and

WHEREAS,eachFund,TRPandBNYMellondesiretoamendtheFundAccountingAgreementtoreflectcertainchangesassetforthinthisAmendment.

NOW,THEREFORE,inconsiderationforthemutualpromisescontainedhereinandothergoodandvaluableconsideration,intendingtobelegallybound,eachFund,TRPandBNYMellonherebyagreeasfollows:

1.DEFINITIONS

CapitalizedtermsusedinthisAmendmentandnototherwisedefinedhereinshallhavethemeaningsascribedtheretointheFundAccountingAgreement.

2.AMENDMENT

(a)Section5(n)oftheFundAccountingAgreementisherebyamendedbydeletingthewords“two(2)years”frombothclause(i)and(ii)andinsertinginlieuthereofthe words “three (3) years”.

(b)Section10(c)(v)oftheFundAccountingAgreementisherebyamendedbydeletingthewords“two(2)years”andinsertinginlieuthereofthewords“three

(3) years”.

(c)Section10oftheFundAccountingAgreementisherebyamendedbyaddingthefollowingasanewSection10(g):“Fortheavoidanceofdoubt,

108

followingthedeliveryofanynoticeofterminationpursuanttothisSection10,BNYMellonshallcontinuetoprovidetheservicespursuanttothisAgreementuntiltheeffectivedateofsuchterminationasspecifiedinsuchnotice.Inaddition,duringsuchperiod,totheextentreasonablyrequestedbytheFund,BNYMellonshallprovidereasonabledisengagement-relatedassistance,ontermstobemutuallyagreed upon in advance by the partiescooperating in good faith.”

(d)ScheduleIVoftheFundAccountingAgreementisherebyamendedbydeletinginitsentiretythesectionentitledPLATFORMFEEandreplacingitwiththelanguage set forth on Schedule I to this Amendment.

3.EFFECTONFUNDACCOUNTINGAGREEMENT

IntheeventofanyinconsistencybetweenthetermsofthisAmendmentandtheFundAccountingAgreement,thetermsofthisAmendmentshallbecontrolling.ExceptasspecificallyandonlytotheextentmodifiedbythisAmendment,allofthetermsandprovisionsoftheFundAccountingAgreementshallcontinuetoremaininfullforceandeffect.

4.GOVERNINGLAW

ThelawsoftheStateofNewYorkandthefederallawsoftheUnitedStatesapplicablethereinshallgovern,construe,andenforcealloftherights,duties,andobligationsarisingoutoforrelatedinanymannerto,thesubjectmatterofthisAmendment,notwithstandinganyconflictoflawsprinciples.

5.COUNTERPARTS/FACSIMILE

ThisAmendmentmaybeexecutedinanynumberofcounterparts,eachofwhichshallbedeemedanoriginal,butallofwhichtakentogethershallconstituteonesingleagreementbetweentheParties.ThisAmendmentmayalsobeexecutedanddeliveredbyfacsimileoremailwithconfirmationofdeliveryand/orreceipt.

INWITNESSWHEREOF,eachFund,TRPandBNYMellonhaveexecutedorcausedthisAmendmenttobeexecutedasoftheAmendmentEffectiveDatebyitsdulyauthorizedrepresentative.

109

T. ROWE PRICE ASSOCIATES, INC.	THE BANK OF NEW YORK MELLON
By: /s/ David Oestreicher	By: /s/ Donald Brophy
Name: David Oestreicher	Name: Donald Brophy
Title: Vice President	Title: Vice President

ON BEHALF OF EACH FUND LISTED IN EXHIBIT A TO THE FUND ACCOUNTING AGREEMENT

By: /s/ Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

110

AMENDMENT NO. 10
TO
Fund Accounting Agreement

This Amendment No. 10 (this “Amendment”) is made and entered into effective as of May 9, 2017 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

111

2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by changing the Entity Type of T. Rowe Price Diversified Mid-Cap Growth Fund, Inc., T. Rowe Price GNMA Fund, T. Rowe Price Government Money Fund, Inc., and T. Rowe Price Tax-Exempt Money Fund, Inc. to Mutual Fund – Parent; by adding T. Rowe Price Retirement Income 2020 Fund as a Mutual Fund – Series on behalf of T. Rowe Price Retirement Funds, Inc.; by changing the name of T. Rowe Price Global Unconstrained Bond Fund to T. Rowe Price Dynamic Global Bond Fund on behalf of T. Rowe Price International Funds, Inc.; by changing the name of T. Rowe Price International Growth & Income Fund to T. Rowe Price International Value Equity Fund on behalf of T. Rowe Price International Funds, Inc.; and by adding T. Rowe Price U.S. High Yield Fund on behalf of T. Rowe Price High Yield Fund, Inc.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

112

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Douglas Merrill

Name: Douglas Merrill

Title: Managing Director

Date: 5/5/2017

113

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 5/4/17

114

On behalf of each Fund listed in Amended Exhibit A

By: /s/ Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 5/4/17

115

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent

116

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series

117

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

118

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

119

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent

120

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series

121

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series

122

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series

123

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

124

AMENDMENT NO. 11
TO
Fund Accounting Agreement

This Amendment No. 11 (this “Amendment”) is made and entered into effective as of July 17, 2017 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

125

2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended adding T. Rowe Price Multi-Strategy Total Return Fund, Inc. as a Mutual Fund – Parent; by adding T. Rowe Price Capital Appreciation Fund, Inc. as a Mutual Fund – Parent; by changing the T. Rowe Price International Bond Fund (USD Hedged) as a Mutual Fund – Series on behalf of T. Rowe Price International Funds, Inc.; and by removing T. Rowe Price Tax-Free Ultra Short-Term Bond Fund on behalf of T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

126

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: 8-10-17

127

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date:

128

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date:

129

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Appreciation & Income Fund, Inc.		CAN	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series

130

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series

131

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series

132

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series

133

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent

134

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series

135

Mutual Fund Entity Name		Reference ID	Entity Type
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent

136

Mutual Fund Entity Name		Reference ID	Entity Type
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series

137

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

138

AMENDMENT NO. 12
TO
Fund Accounting Agreement

This Amendment No. 12 (this “Amendment”) is made and entered into effective as of October 1, 2017 (“Amendment Effective Date”) by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”). The Funds, TRP and BNY Mellon are collectively referred to as the “Parties” and individually as a “Party.”

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015, as amended, modified or otherwise supplemented (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

139

2.AMENDED SCHEDULE IV

The Fund Accounting Agreement is hereby amended by replacing Schedule IV, in its entirety, with the amended Schedule IV attached hereto.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

140

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date:

141

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date:

142

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date:

143

AMENDMENT NO. 13
TO
Fund Accounting Agreement

This Amendment No. 13 (this “Amendment”) is made and entered into effective as of October 30, 2017 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

144

2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by changing the name of T. Rowe Price Capital Appreciation Fund to T. Rowe Price Capital Appreciation Fund, Inc.; by changing the name of T. Rowe Price Equity Income Fund to T. Rowe Price Equity Income Fund, Inc.; by changing the name of T. Rowe Price GNMA Fund to T. Rowe Price GNMA Fund, Inc.; by changing the name of T. Rowe Price New America Growth Fund to T. Rowe Price New America Growth Fund, Inc.; by changing the name of T. Rowe Price State Tax-Free Income Trust to T. Rowe Price State Tax-Free Funds, Inc.; by changing the names of Georgia Tax-Free Bond Fund, Maryland Short-Term Tax-Free Bond Fund, Maryland Tax-Free Bond Fund, Maryland Tax-Free Money Fund, New Jersey Tax-Free Bond Fund, New York Tax-Free Bond Fund, New York Tax-Free Money Fund, and Virginia Tax-Free Bond Fund to T. Rowe Price Georgia Tax-Free Bond Fund, T. Rowe Price Maryland Short-Term Tax-Free Bond Fund, T. Rowe Price Maryland Tax-Free Bond Fund, T. Rowe Price Maryland Tax-Free Money Fund, T. Rowe Price New Jersey Tax-Free Bond Fund, T. Rowe Price New York Tax-Free Bond Fund, T. Rowe Price New York Tax-Free Money Fund, and T. Rowe Price Virginia Tax-Free Bond Fund, respectively, on behalf of T. Rowe Price State Tax-Free Funds, Inc.; by removing T. Rowe Price California Tax-Free Income Trust as a Mutual Fund – Parent; and by changing the names of California Tax-Free Bond Fund and California Tax-Free Money Fund to T. Rowe Price California Tax-Free Bond Fund and T. Rowe Price California Tax-Free Money Fund, respectively, and moving them under T. Rowe Price State Tax-Free Funds, Inc. as Mutual Fund – Series.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by

145

this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: 11-28-17

146

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: 10-30-17

147

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: 10-30-17

148

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Capital Appreciation & Income Fund, Inc.		CAN	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series

149

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series

150

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series

151

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent

152

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent

153

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series

154

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent

155

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series

156

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

157

AMENDMENT NO. 14
TO
Fund Accounting Agreement

This Amendment No. 14 (this “Amendment”) is made and entered into effective as of June 21, 2018 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A to the Agreement (each a “Fund” or collectively the “Funds”), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. SERVICE LEVEL DESCRIPTION

The Fund Accounting Agreement is hereby amended by deleting the Service Level Description attached thereto and replacing it in its entirety with the Service Level Description attached hereto.

158

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date:

159

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date:

160

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date:

161

AMENDMENT NO. 15
TO
Fund Accounting Agreement

This Amendment No. 15 (this “Amendment”) dated June 22, 2018 by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. AMENDED SCHEDULE I

The Fund Accounting Agreement is hereby amended by replacing Schedule I, in its entirety, with the amended Schedule I, attached hereto as Attachment A.

162

3. AMENDED SCHEDULE IV

The Fund Accounting Agreement is hereby amended by replacing Schedule IV, in its entirety, with the amended Schedule IV, attached hereto as Attachment B.

4. SERVICE LEVEL DESCRIPTION

The Fund Accounting Agreement is hereby amended by deleting the Service Level Description attached thereto and replacing it in its entirety with the Service Level Description attached hereto.

5. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

6. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

7. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

163

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date:

164

T. ROWE PRICE ASSOCIATES, INC.

By: /s/Catherine D. Mathews

Name: Catherine D. Mathews

Title: Vice President

Date:

165

On behalf of each Fund listed in Amended Exhibit A

By: /s/Catherine D. Mathews

Name: Catherine D. Mathews

Title: Treasurer

Date:

166

ATTACHMENT A

AMENDED SCHEDULE I

Schedule of Services

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Fund officers, Fund counsel and accountants of each Fund, as may be applicable. The services included on this Schedule of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as “BNY Mellon”. Additionally, the services provided shall comply with generally accepted accounting principles, regulatory requirements and/or such TRP policies and Instructions as applicable.

VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES

BNY Mellon shall provide the following valuation support and computation accounting services for each Fund:

Journalize investment, capital share and income and expense activities;

Maintain individual ledgers for investment securities;

Maintain historical tax lots for each security;

Corporate action processing as more fully set forth in the SLDs;

Reconcile cash and investment balances of each Fund with the Fund’s custodian or other counterparties as applicable;

Provide a Fund’s investment adviser, as applicable, with the cash balance available for investment purposes at start-of-day and upon request, as agreed by the parties;

Calculate capital gains and losses;

Calculate daily distribution rate per share;

Determine net income;

Obtain security market quotes and currency exchange rates from pricing services approved by a Fund’s investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund’s investment adviser, and in either case, calculate the market value of each Fund’s investments in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments (with the exception of the services provided hereunder to Funds utilized for such cash collateral investments), itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY Mellon have any liability relating to inaccuracies or otherwise with respect to such information or valuations; notwithstanding the foregoing, BNY Mellon shall follow the established procedures and controls to identify exceptions, tolerance breaches, etc. and to research and resolve or escalate any pricing inaccuracies;

Application of the established automated price validation rules against prices received from third party vendors and review of exceptions as identified;

Calculate Net Asset Value in the manner specified in the Fund’s Offering Materials (which, for the service described herein, shall include the Fund’s Net Asset Value error policy);

Calculate Accumulated Unit Values (“AUV”) for select funds as mutually agreed upon between the parties;

167

Transmit or make available a copy of the daily portfolio valuation to a Fund’s investment adviser;

Calculate yields, portfolio dollar-weighted average maturity and dollar-weighted average life as applicable; and

Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.

For money market funds, obtain security market quotes and calculate the market-value Net Asset Value  in accordance with the Fund’s valuation policies and guidelines at such times and frequencies as required by regulation and/or instruction from TRP.

FINANCIAL REPORTING; MONEY MARKET FUND SERVICES

BNY Mellon shall provide the following financial reporting services for each Fund:

Financial Statement Preparation & Review

·Prepare the Fund’s annual and semi-annual shareholder reports4 for shareholder delivery and for inclusion in Form N-CSR;

·Prepare the Fund’s fiscal quarterly schedule of portfolio holdings4 for inclusion in Form N-Q;

·Prepare, circulate and maintain the Fund’s financial reporting production calendar and track status of reporting cycles;

and

·Prepare and coordinate the filing of the Fund’s monthly website files and Form N-MFP, as applicable to money market funds.

Reporting Modernization Services

·The services set forth in this Reporting Modernization Services section shall terminate on June 30, 2020 (for clarity, the report(s) required to be filed on June 30, 2020 will be filed in accordance with the terms of this Reporting Modernization Service section); provided that unless one party provides written notice to the other party that this Reporting Modernization Services section is not to be renewed, and such notice is received by the non-terminating party no later than 180 days before the June 30 on which this Reporting Modernization Services section is scheduled to terminate, this Reporting Modernization Services section shall automatically renew to the June 30 following the June 30 on which this Reporting Modernization Services section was scheduled to terminate (for clarity, the report(s) required to be filed on the June 30 on which this Reporting Modernization Services section is scheduled to terminate will be filed in accordance with the terms of this Reporting Modernization Services section); provided further that this Reporting Modernization Service section shall not extend beyond the termination date of the Agreement.

⁴Requires “Typesetting Services” as described herein.

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·As selected by the Fund, BNY Mellon shall provide services following a full service operating model. This operating model requires BNY Mellon

·to include the actual filing of the reports as part of the services noted below.

·FORM N-PORT. BNY Mellon, subject to the limitations described herein and its timely receipt of all necessary information related thereto, will, or will cause a Vendor, as further described in the SLDs, to: (i) collect, aggregate and normalize all data required for the preparation of Form N-PORT; (ii) prepare, on a monthly basis, Form N-PORT; and (iii) timely file Form N-PORT with the United States Securities and Exchange Commission (“SEC”) in accordance with SEC form and filing requirements.

oThe timely receipt of necessary information referred to above will be determined by mutual agreement of BNY Mellon and the Fund in advance of the preparation of the initial Form N-PORT pursuant to this Amendment. If BNY Mellon does not timely receive necessary information, it will nonetheless use reasonable efforts to timely complete and file the affected Form N-PORT by the regulatory due date once the necessary information is received, provided that BNY Mellon will have no liability with respect to a matter related to the fact that necessary information was not timely received.

oUnless mutually agreed in writing between BNY Mellon and the Fund, BNY Mellon will use the same layout and format for every successive reporting period for Form N-PORT except to the extent a change in the layout or format is required by Form N-PORT.

·FORM N-CEN. BNY Mellon, subject to the limitations described herein and its timely receipt of all necessary information related thereto, will, or will cause a Vendor, as further described in the SLDs, to: (i) collect, aggregate and normalize all data required for the preparation of Form N-CEN; (ii) prepare, on an annual basis, Form N-CEN; and (iii) timely file Form N-CEN with the SEC in accordance with SEC form and filing requirements.

oThe timely receipt of necessary information referred to above will be determined by mutual agreement of BNY Mellon and the Fund in advance of the preparation of the initial Form N-CEN pursuant to this Amendment. If BNY Mellon does not timely receive necessary information, it will nonetheless use reasonable efforts to timely complete and file the affected Form N-CEN by the regulatory due date once the necessary

169

information is received, provided that BNY Mellon will have no liability with respect to a matter related to the fact that necessary information was not timely received.

oUnless mutually agreed in writing between BNY Mellon and the Fund, BNY Mellon will use the same source for obtaining the information and method for performing the required calculations for every successive reporting period for Form N-CEN except to the extent a change in the method for performing the calculations is required by Form N-CEN.

·Each Fund, in a timely manner, shall review and comment on, and, as the Fund deems necessary, cause its counsel and/or accountants to review and comment on, each report described herein. The Fund shall provide timely sign-off of, and authorization and direction to file, each such report. Absent such timely sign-off, authorization and direction by the Fund, BNY Mellon shall be excused from its obligations to file the affected report with the timeframe required by Form N-PORT or Form N-CEN, as the case may be. BNY Mellon is providing the services related to the filing of such reports based on the acknowledgement of the Fund that such services, together with the activities of the Fund in accordance with its internal policies, procedures and controls, shall together satisfy the requirements of the applicable rules and regulations for each such report.

Typesetting Services

·Create financial compositions for the applicable financial report and related EDGAR files;

·Maintain country codes, industry class codes, security class codes and state codes;

·Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports;

·Create components that will specify the proper grouping and sorting for display of portfolio information;

·Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter);

·Process, convert and load security and general ledger data;

·Include data in financial reports provided from external parties to BNY Mellon which includes, but is not limited to: shareholder letters, “Management Discussion and Analysis” commentary, notes on performance, form of notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums;

·Generate financial reports using the Vendor’s capabilities which include the following:

otable of contents;

oschedules of investments;

170

ostatement of net assets;

ostatements of assets and liabilities;

ostatements of operation;

ostatements of changes;

ostatements of cash flows;

ofinancial highlights;

onotes to financial statements;

oreport of independent registered public accounting firm;

otax information; and

oadditional Fund information as mutually agreed in writing between BNY Mellon and a Fund.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting services, BNY Mellon will use the same layout and format for every successive reporting period for the typeset reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, change the format or layout of reports from time to time.

Money Market Fund Services

·For each Fund requiring an intraday “floating” Net Asset Value, BNY Mellon shall calculate Net Asset Value in the manner specified in the Fund’s Offering Materials at the following two (2) times during a day the Fund is open for subscription and redemption activity; (i) 12:00 PM EST; and (ii) 4:00 PM ESTinclusive of the daily distribution factor per share. During the applicable period of the calendar year, daylight savings times will be substituted for the above times as appropriate. The parties acknowledge the calculation of the intraday “floating” Net Asset Values are subject to the Fund’s policies on as of transactions, NAV error correction, and such other policies that may impact the calculation of a Fund’s Net Asset Value.

·BNY Mellon shall provide the following information in a mutually agreed upon electronic format to support the website disclosure requirements of the Funds, subject to BNY Mellon’s timely receipt of all necessary information related thereto that is not maintained on the BNY Mellon systems. The Funds acknowledge that BNY Mellon is not responsible for the Funds’ website, for any servicing on the Funds’ website, or for uploading, downloading or maintaining any information on or required to be on the Funds’ website.

oDate.

oFund identifier.

oShare class.

oMarket NAV (rounded to four (4) decimal places).

oDaily liquid assets.

oWeekly liquid assets.

oShareholder inflows and outflows.

·Assist with the preparation and filing with the SEC of Form N-CR as requested by the Fund or Adviser.

·BNY Mellon shall, or shall cause the Vendor, to: (i) prepare, on a monthly basis, Form N-MFP, subject to BNY Mellon’s timely receipt of all necessary information related thereto that is not maintained on the

171

BNY Mellon systems; and (ii) file Form N-MFP with the SEC, on a monthly basis; and

·Prepare and provide an electronic file of the portfolio holdings information required by Rule 2a-7(h)(10) to the Fund or, at the Fund’s written direction, to an identified third party (the deliverables for the above money market fund services collectively referred to as, the “Money Market Fund Services Reports”).

·Neither BNY Mellon nor the Vendor, in connection with a particular Money Market Fund Services Report, will prepare, provide or generate any reports, forms or files not specifically agreed to by BNY Mellon in advance.

·The applicable Fund acknowledges that it shall be responsible for the retention of any Money Market Fund Services Reports in accordance with Rule 2a-7 promulgated under the 1940 Act or any other applicable rule or regulation.

·Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting of the Money Market Fund Services Reports, BNY Mellon will use the same layout and format for every successive reporting period for the Money Market Fund Services Reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, customize Money Market Fund Services Reports from time to time.

TAX SUPPORT SERVICES

BNY Mellon shall provide the following tax support services for each Fund:

Provide various data and reports as agreed upon in the SLDs to support TRP’s tax reporting and tax filing obligations, including:

·Wash sales reporting;

·QDI reporting;

·DRD reporting;

·PFIC analysis;

·Straddle analysis;

·Paydown adjustments;

·Equalization debit adjustments

·Tax compliance under §851, §817(h);

·Foreign bond sale analysis (§988);

·Troubled debt analysis;

·Estimation of income for excise tax purposes;

·Swap analysis;

·Inflation adjustments;

·§1256 adjustments;

·Market discount analysis;

·OID adjustments;

·CPDI analysis;

·Shareholder tax reporting information (e.g. FTC, UGG income, foreign source income by country, exempt income by state);

172

Provide data, and reports based on such data, maintained by BNY Mellon on its fund accounting platform as reasonably requested by TRP to support TRP’s obligations to comply with requests from tax authorities and TRP’s tax reporting and tax filing obligations.

Assist with other tax-related data needs as mutually agreed upon in writing from time-to-time.

FUND ADMINISTRATION SERVICES

BNY Mellon shall provide the following fund administration services for each Fund, Series and class:

Calculate Fund approved income and per share amounts required for periodic distributions to be made by the applicable Fund, Series or class;

Coordinate a Fund’s annual audit and respond timely and completely to related requests;

Cooperate with each Fund’s independent auditors;

Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis; and

If the chief executive officer or chief financial officer of a Fund is required to provide a certification as part of the Fund’s Form N-Q or Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002, provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification is to be in such form and relating to such matters as reasonably agreed to by BNY Mellon in advance. BNY Mellon shall be required to provide the sub-certification only during the term of this Agreement with respect to the applicable Fund or Series and only if it receives such cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.

REGULATORY ADMINISTRATION SERVICES

BNY Mellon shall provide the following regulatory administration services for each Fund and Series:

Assist the Fund in responding to SEC examination requests by providing requested documents in the possession of BNY Mellon that are on the SEC examination request list and by making employees responsible for providing services available to regulatory authorities having jurisdiction over the performance of such services as may be required or reasonably requested by such regulatory authorities;

Assist with and/or coordinate such other filings, notices and regulatory matters and other due diligence requests or requests for proposal on such terms and conditions as BNY Mellon and the applicable Fund on behalf of itself and its Series may mutually agree upon in writing from time to time; and

173

38a-1 Compliance Support Services:

·Provide compliance policies and procedures related to services provided by BNY Mellon and, if mutually agreed, certain of the BNY Mellon Affiliates; summary procedures thereof; and periodic certification letters.

·Such Compliance Support Services are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person, and such services are subject to review and approval by the applicable Fund and by the Fund’s legal counsel.

·Provide access to Fund records so as to permit the Fund or TRP to test the performance of BNY Mellon in providing the services under this Agreement.

·Such Compliance Support Services performed by BNY Mellon under this Agreement shall be at the request and direction of the Fund and/or its chief compliance officer (the “Fund’s CCO”), as applicable. BNY Mellon disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund’s CCO and the adequacy and effectiveness of the Fund’s compliance program.

174

AMENDMENT NO. 16
TO
Fund Accounting Agreement

This Amendment No. 16 (this “Amendment”) is made and entered into effective as of October 1, 2018 (“Amendment Effective Date”) by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1.DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

175

2.AMENDED EXHIBIT A

The Fund Accounting Agreement is hereby amended by adding T. Rowe Price Dynamic Credit Fund as a Mutual Fund – series on behalf of T. Rowe Price International Funds, Inc.; by changing the name of T. Rowe Price Media & Telecommunications Fund, Inc. to T. Rowe Price Communications & Technology Fund, Inc.; and by removing T. Rowe Price Institutional Credit Opportunities Fund and T. Rowe Price Institutional Global Multi-Sector Bond Fund on behalf of T. Rowe Price Institutional Income Funds, Inc.

3.EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4.GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5.COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

176

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the Amendment Effective Date by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Donald Brophy

Name: Donald Brophy

Title: Vice President

Date: October 4, 2018

177

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: October 1, 2018

178

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: October 1, 2018

179

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Capital Appreciation & Income Fund, Inc.		CAN	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent

180

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series

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Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series

182

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent

183

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent

184

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series

185

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds

186

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series

187

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

188

AMENDMENT NO. 17
TO
Fund Accounting Agreement

This Amendment No. 17 (this “Amendment”) dated November 27, 2018 by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 255 Liberty Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. AMENDED SCHEDULE IV

The Fund Accounting Agreement is hereby amended by replacing Schedule IV, in its entirety, with the amended Schedule IV, attached hereto as Attachment A.

189

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

190

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Armando Fernandez

Name: Armando Fernandez

Title: Vice President

Date: November 30, 2018

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date:

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date:

191

AMENDMENT NO. 18
TO
Fund Accounting Agreement

This Amendment No. 18 (this “Amendment”) is made and entered into effective as of August 26, 2019 by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. AMENDED EXHIBIT A

Exhibit A to the Fund Accounting Agreement is hereby amended by removing T. Rowe Price Capital Appreciation & Income Fund, Inc.; by changing the name of T. Rowe Price Capital Opportunity Fund, Inc. to T. Rowe Price U.S. Equity Research Fund, Inc.; by changing the name of T. Rowe Price Personal Strategy Balanced Portfolio, on behalf of T. Rowe Price Equity Series, Inc.,

192

to T. Rowe Price Moderate Allocation Portfolio; by removing T. Rowe Price Institutional International Bond Fund on behalf of T. Rowe Price Institutional International Funds, Inc.; by changing the name of T. Rowe Price Institutional International Concentrated Equity Fund, on behalf of T. Rowe Price Institutional International Funds, Inc., to T. Rowe Price Institutional International Disciplined Equity Fund; by adding T. Rowe Price China Evolution Equity Fund as a Mutual Fund − Series on behalf of T. Rowe Price International Funds, Inc.; by changing the name of T. Rowe Price Emerging Markets Value Stock Fund, on behalf of T. Rowe Price International Funds, Inc., to T. Rowe Price Emerging Markets Discovery Fund; and by changing the name of T. Rowe Price International Concentrated Equity Fund, on behalf of T. Rowe Price International Funds, Inc., to T. Rowe Price International Disciplined Equity Fund.

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may

193

also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

194

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Armando Fernandez

Name: Armando Fernandez

Title: Vice President

Date:

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: August 26, 2019

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: August 26, 2019

195

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series

196

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series

197

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series

198

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent

199

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series

200

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series

201

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent

202

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series

203

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

204

AMENDMENT NO. 19
TO
Fund Accounting Agreement

This Amendment No. 19 (this “Amendment”) dated December 18, 2019 by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. SERVICE LEVEL DESCRIPTION

The Fund Accounting Agreement is hereby amended by deleting the Service Level Description attached thereto and replacing it in its entirety with the Service Level Description attached hereto.

205

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

206

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Scott Russell

Name: Scott Russell

Title: Vice President

Date: April 20, 2020

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date:

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date:

207

AMENDMENT NO. 20
TO
Fund Accounting Agreement

This Amendment No. 20 (this “Amendment”) is made and entered into effective as of June 5, 2020 by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. AMENDED EXHIBIT A

Exhibit A to the Fund Accounting Agreement is hereby amended by changing the name of T. Rowe Price Institutional Equity Funds, Inc. to T. Rowe Price Equity Funds, Inc. and on behalf of its separate series, by changing the name of T. Rowe Price Institutional Large-Cap Growth Fund to T. Rowe Price Large-Cap Growth Fund and T. Rowe Price Institutional Large-Cap Value

208

Fund to T. Rowe Price Large-Cap Value Fund; by changing the name of T. Rowe Price Institutional International Funds, Inc. to T. Rowe Price Global Funds, Inc. and on behalf of its separate series, by changing the name of T. Rowe Price Institutional Global Value Equity Fund to T. Rowe Price Global Value Equity Fund and by removing T. Rowe Price Institutional Africa & Middle East Fund, T. Rowe Price Institutional Frontier Markets Equity Fund, T. Rowe Price Global Focused Growth Equity Fund, and T. Rowe Price Institutional Global Growth Equity Fund; by changing the name of T. Rowe Price Personal Strategy Funds, Inc. to T. Rowe Price Spectrum Funds II, Inc. and on behalf of its separate series, by changing the name of T. Rowe Price Personal Strategy Balanced Fund to T. Rowe Price Spectrum Moderate Allocation Fund, T. Rowe Price Personal Strategy Growth Fund to T. Rowe Price Spectrum Moderate Growth Allocation Fund, and T. Rowe Price Personal Strategy Income Fund to T. Rowe Price Spectrum Conservative Allocation Fund; by adding T. Rowe Price Short Duration Income Fund as a Mutual Fund − Series on behalf of T. Rowe Price Short-Term Bond, Inc.; and by adding each of T. Rowe Price Retirement 2065 Fund, T. Rowe Price Retirement I 2065 Fund—I Class, and T. Rowe Price Target 2065 Fund as a Mutual Fund − Series on behalf of T. Rowe Price Retirement Funds, Inc.

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties,

209

and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

210

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Scott Russell

Name: Scott Russell

Title: Vice President

Date:

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: June 5, 2020

On behalf of each Fund listed in Amended Exhibit A

By: /s/Darrell N. Braman

Name: Darrell N. Braman

Title: Vice President

Date: June 5, 2020

211

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series

212

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series

213

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series

214

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent

215

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent

216

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	Mutual Fund - Series
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series

217

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series

218

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series

219

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
	T. Rowe Price Target 2065 Fund	TRQ	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

220

AMENDMENT NO. 21
TO
Fund Accounting Agreement

This Amendment No. 21 (this “Amendment”) is made and entered into effective as of October 5, 2020 by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. AMENDED EXHIBIT A

Exhibit A to the Fund Accounting Agreement is hereby amended by changing the name of T. Rowe Price U.S. Bond Enhanced Index Fund, Inc. to T. Rowe Price QM U.S. Bond Index Fund, Inc.; by changing the name of U.S. Treasury Intermediate Fund, U.S. Treasury Long-Term Fund, and U.S. Treasury Money Fund, each a Mutual Fund – Series of T. Rowe Price U.S. Treasury Funds,

221

Inc., to T. Rowe Price U.S. Treasury Intermediate Index Fund, T. Rowe Price U.S. Treasury Long-Term Index Fund, and T. Rowe Price U.S. Treasury Money Fund, respectively; by removing T. Rowe Price Institutional International Core Equity Fund and T. Rowe Price Institutional International Growth Equity Fund, each as a Mutual Fund – Series on behalf of T. Rowe Price Global Funds, Inc; by adding T. Rowe Price U.S. Limited Duration TIPS Index Fund as a Mutual Fund – Series of the T. Rowe Price Index Trust, Inc.; by adding T. Rowe Price Retirement Blend 2005 Fund, T. Rowe Price Retirement Blend 2010 Fund, T. Rowe Price Retirement Blend 2015 Fund, T. Rowe Price Retirement Blend 2020 Fund, T. Rowe Price Retirement Blend 2025 Fund, T. Rowe Price Retirement Blend 2030 Fund, T. Rowe Price Retirement Blend 2035 Fund, T. Rowe Price Retirement Blend 2040 Fund, T. Rowe Price Retirement Blend 2045 Fund, T. Rowe Price Retirement Blend 2050 Fund, T. Rowe Price Retirement Blend 2055 Fund, T. Rowe Price Retirement Blend 2060 Fund, and T. Rowe Price Retirement 2065 Fund, each a Mutual Fund – Series of T. Rowe Price Retirement Funds, Inc.; and by adding T. Rowe Price Transition Fund as a Mutual Fund – Series of the T. Rowe Price Reserve Investment Funds, Inc.

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

222

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

223

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Scott Russell

Name: Scott Russell

Title: Vice President

Date:

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: October 5, 2020

On behalf of each Fund listed in Amended Exhibit A

By: /s/Fran Pollack-Matz

Name: Fran Pollack-Matz

Title: Vice President

Date: October 5, 2020

224

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series

225

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series

226

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price U.S. Limited Duration TIPS Index Fund	LDX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series

227

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent

228

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Transition Fund	TNF	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series

229

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	Mutual Fund - Series
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series

230

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price QM U.S. Bond Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	T. Rowe Price U.S. Treasury Intermediate Index Fund	USI	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Long-Term Index Fund	USL	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series

231

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2005 Fund	RBA	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2010 Fund	RBB	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2015 Fund	RBC	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2020 Fund	RBD	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2025 Fund	RBE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2030 Fund	RBG	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2035 Fund	RBH	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2040 Fund	RBJ	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2045 Fund	RBK	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2050 Fund	RBL	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2055 Fund	RBM	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2060 Fund	RBN	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2065 Fund	RBO	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series

232

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series

233

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2065 Fund	TRQ	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

234

AMENDMENT NO. 22
TO
Fund Accounting Agreement

This Amendment No. 22 (this “Amendment”) is made and entered into effective as of January 4, 2021 by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. AMENDED EXHIBIT A

Exhibit A to the Fund Accounting Agreement is hereby amended by removing T. Rowe Price Institutional Core Plus Fund as a Mutual Fund – Series of the T. Rowe Price Institutional Income Funds, Inc.; by adding T. Rowe Price Global Impact Equity Fund as a Mutual Fund – Series of the T. Rowe Price International Funds, Inc.; by removing T. Rowe Price Summit Municipal

235

Money Market Fund as a Mutual Fund – Series of T. Rowe Price Summit Municipal Funds, Inc.; and by changing the name of Spectrum Growth Fund, Spectrum Income Fund, and Spectrum International Fund, each a Mutual Fund – Series of T. Rowe Price Spectrum Fund, Inc., to T. Rowe Price Spectrum Diversified Equity Fund, T. Rowe Price Spectrum Income Fund, and T. Rowe Price Spectrum International Equity Fund, respectively.

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

236

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Scott Russell

Name: Scott Russell

Title: Vice President

Date: January 4, 2021

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: January 4, 2021

On behalf of each Fund listed in Amended Exhibit A

By: /s/Fran Pollack-Matz

Name: Fran Pollack-Matz

Title: Vice President

Date: January 4, 2021

237

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series

238

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series

239

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price U.S. Limited Duration TIPS Index Fund	LDX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series

240

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Impact Equity Fund	GPF	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent

241

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price QM U.S. Bond Index Fund, Inc.		UBX	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Transition Fund	TNF	Mutual Fund - Series

242

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	Mutual Fund - Series
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent

243

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	T. Rowe Price U.S. Treasury Intermediate Index Fund	USI	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Long-Term Index Fund	USL	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series

244

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2005 Fund	RBA	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2010 Fund	RBB	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2015 Fund	RBC	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2020 Fund	RBD	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2025 Fund	RBE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2030 Fund	RBG	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2035 Fund	RBH	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2040 Fund	RBJ	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2045 Fund	RBK	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2050 Fund	RBL	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2055 Fund	RBM	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2060 Fund	RBN	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2065 Fund	RBO	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series

245

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
	T. Rowe Price Target 2065 Fund	TRQ	Mutual Fund - Series

246

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	T. Rowe Price Spectrum Diversified Equity Fund	SPG	Mutual Fund - Series
	T. Rowe Price Spectrum Income Fund	SPI	Mutual Fund - Series
	T. Rowe Price Spectrum International Equity Fund	SPF	Mutual Fund - Series

247

AMENDMENT NO. 23
TO
Fund Accounting Agreement

This Amendment No. 23 (this “Amendment”) is made and entered into effective as of September 1, 2021 by and between each Fund listed on amended Exhibit A (each a “Fund” or collectively the “Funds”), attached hereto as attachment A, T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. AMENDED EXHIBIT A

Exhibit A to the Fund Accounting Agreement is hereby amended by removing T. Rowe Price Growth & Income Fund, Inc.; by removing T. Rowe Price Institutional Cash Reserves Fund as a Mutual Fund – Series of the T. Rowe Price Institutional Income Funds, Inc.; by removing T. Rowe Price Short-Term Government Fund as a Mutual Fund – Series of the T. Rowe Price

248

Reserve Investment Funds, Inc.; by removing T. Rowe Price California Tax-Free Money Fund and T. Rowe Price New York Tax-Free Money Fund, each as a Mutual Fund – Series of the T. Rowe Price State Tax-Free Funds, Inc.; by changing the name of T. Rowe Price New America Growth Portfolio, a Mutual Fund – Series of the T. Rowe Price Equity Series, Inc. to T. Rowe Price All-Cap Opportunities Portfolio; and by changing the name of T. Rowe Price New America Growth Fund, Inc., to T. Rowe Price All-Cap Opportunities Fund, Inc.

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

249

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Scott Russell

Name: Scott Russell

Title: Vice President

Date: September 8, 2021

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: September 1, 2021

On behalf of each Fund listed in Amended Exhibit A

By: /s/Fran Pollack-Matz

Name: Fran Pollack-Matz

Title: Vice President

Date: September 1, 2021

250

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
‘40 Act Registered Funds
T. Rowe Price All-Cap Opportunities Fund, Inc.		NAG	7018	Mutual Fund - Parent
T. Rowe Price Balanced Fund, Inc.		BAL	7047	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	70A6	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	7025	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	70A9	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	70E6	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	70E9	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	70Q7	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	7081	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	70N7	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	70K2	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	70H6	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	70F5	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	70H5	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	7019	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.				Mutual Fund - Parent
	T. Rowe Price All-Cap Opportunities Portfolio	NAP	70D2	Mutual Fund - Series
	T. Rowe Price Blue Chip Growth Portfolio	BCP	70J6	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	70D1	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	70J7	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	70J5	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	70F9	Mutual Fund - Series
	T. Rowe Price Moderate Allocation Portfolio	PSP	70E0	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	70F7	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.				Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	70F8	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	70D4	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	70BE	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	70DX	Mutual Fund - Parent

251

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
T. Rowe Price Global Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	70V0	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	70N6	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	70DF	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	70AQ	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	70AF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	70AD	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	70I2	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	7020	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	7005	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	7004	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	70F1	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	7016	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	70KA	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.				Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	7041	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	70G8	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	70HE	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	70HF	Mutual Fund - Series
	T. Rowe Price U.S. Limited Duration TIPS Index Fund	LDX	70NZ	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	70G9	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	70N5	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Institutional Floating Rate Fund	IFR	70W0	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	70J2	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	70DW	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	70FM	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	70V6	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	70FB	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	70LY	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	70LD	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	70GB	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	70I1	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	70E3	Mutual Fund - Series

252

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	70DB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	70FY	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	70BA	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	70E4	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	7040	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	70HQ	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	70AE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	70GD	Mutual Fund - Series
	T. Rowe Price Global Impact Equity Fund	GPF	70PR	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	70E7	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	70F2	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	7022	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	70JB	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	70FN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	7033	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	7007	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	70H1	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	7000	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	70C5	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	7045	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	70V1	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.				Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	70J3	Mutual Fund - Series
T. Rowe Price International Series, Inc.				Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	70C9	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	70U8	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	7057	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	70F3	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.				Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	70AX	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	70AW	Mutual Fund - Series

253

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	70AV	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	70AY	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	70AU	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	70DA	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	70JD	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	7002	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	7001	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	7003	Mutual Fund - Parent
T. Rowe Price QM U.S. Bond Index Fund, Inc.		UBX	70J1	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	70HM	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	70G4	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	70HL	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	70HJ	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	70AP	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	70G7	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	70G5	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	70CW	Mutual Fund - Series
	T. Rowe Price Transition Fund	TNF	70PQ	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	70G6	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	7030	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	7013	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	70NP	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	70DH	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	7031	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	7032	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.				Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	70D6	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	70D7	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	70D8	Mutual Fund - Series

254

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
T. Rowe Price State Tax-Free Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	7026	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	7093	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	7079	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	7029	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	70K0	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	7048	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	7023	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	7049	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	70B5	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	70B9	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	70B8	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	70J4	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	7008	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	7017	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	7006	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	7012	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	70HU	Mutual Fund - Parent
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	70E1	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	70AH	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price U.S. Treasury Intermediate Index Fund	USI	7036	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Long-Term Index Fund	USL	7037	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Money Fund	UST	7009	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	70D9	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	70Q8	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	70K4	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	70Q9	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	70K5	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	70R0	Mutual Fund - Series

255

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Retirement 2030 Fund	RPC	70K6	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	70R1	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	70K7	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	70R9	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	70V2	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	70V3	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	70FH	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	70NR	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	70K9	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2005 Fund	RFA	70PA	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2010 Fund	RFB	70PB	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2015 Fund	RFC	70PD	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2020 Fund	RFD	70PE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2025 Fund	RFE	70PF	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2030 Fund	RFF	70PG	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2035 Fund	RFG	70PH	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2040 Fund	RFH	70PI	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2045 Fund	RFJ	70PJ	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2050 Fund	RFK	70PL	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2055 Fund	RFM	70PM	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2060 Fund	RFN	70PN	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2065 Fund	RFO	70PO	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	70HZ	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	70GM	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	70GN	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	70GO	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	70GP	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	70GQ	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	70GR	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	70GS	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	70GU	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	70GV	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	70GW	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	70GX	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	70GY	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	70NS	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	70GZ	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	70EA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	70EB	Mutual Fund - Series

256

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Target 2015 Fund	TRC	70ED	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	70EF	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	70EG	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	70EH	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	70EI	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	70EJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	70EL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	70EM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	70EN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	70FI	Mutual Fund - Series
	T. Rowe Price Target 2065 Fund	TRQ	70NU	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.				Mutual Fund - Parent
	T. Rowe Price Spectrum Diversified Equity Fund	SPG	7043	Mutual Fund - Series
	T. Rowe Price Spectrum Income Fund	SPI	7044	Mutual Fund - Series
	T. Rowe Price Spectrum International Equity Fund	SPF	70G1	Mutual Fund - Series

257

AMENDMENT NO. 24
TO
Fund Accounting Agreement

This Amendment No. 24 (this “Amendment”) dated June 23, 2022 by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

2. SERVICE LEVEL DESCRIPTION

The Fund Accounting Agreement is hereby amended by deleting the Service Level Description attached thereto and replacing it in its entirety with the new Service Level Description attached hereto as Attachment A.

258

3. NAV ERROR POLICY

The Fund Accounting Agreement is hereby amended by deleting Schedule II (NAV Error Policy) attached thereto and replacing it in its entirety with the new Schedule II (NAV Error Policy) attached hereto as Attachment B.

4. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

5. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

6. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

259

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Scott Russell

Name: Scott Russell

Title: Vice President

Date: June 30, 2022

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: June 30, 2022

On behalf of each Fund listed in Amended Exhibit A

By: /s/Fran Pollack-Matz

Name: Fran Pollack-Matz

Title: Vice President

Date: June 30, 2022

260

AMENDMENT NO. 25
TO
Fund Accounting Agreement

This corrected Amendment No. 25 (this “Amendment”) dated August 31, 2022 by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”). This Amendment corrects, supersedes and replaces, ab initio, that certain other Amendment No. 25 to the Fund Accounting Agreement which other Amendment No. 25 is dated, and was executed on, August 31, 2022.

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

261

2. SCHEDULE OF SERVICES

The Fund Accounting Agreement is hereby amended by deleting Schedule I (Schedule of Services) attached thereto and replacing it in its entirety with the new Schedule I (Schedule of Services) attached hereto as Attachment A.

3. COMPENSATION

The Fund Accounting Agreement is hereby amended by deleting Schedule IV (Compensation) attached thereto and replacing it in its entirety with the new Schedule IV (Compensation) attached hereto as Attachment B.

4. SERVICE LEVEL DESCRIPTION

The Fund Accounting Agreement is hereby amended by deleting the Service Level Description attached thereto and replacing it in its entirety with the new Service Level Description attached hereto as Attachment C.

5. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

6. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

262

7. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

263

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Michael Green

Name: Michael Green

Title: Global Relationship Manager

Date: November 29, 2022

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: November 28, 2022

On behalf of each Fund listed in Amended Exhibit A

By: /s/Fran Pollack-Matz

Name: Fran Pollack-Matz

Title: Vice President

Date: November 28, 2022

264

AMENDMENT NO. 26
TO
Fund Accounting Agreement

This Amendment No. 26 (this “Amendment”) dated November 16, 2022 by and between each Fund listed on Exhibit A (each a “Fund” or collectively the “Funds”) to the Fund Accounting Agreement (as defined below), T. ROWE PRICE ASSOCIATES, INC., a Maryland corporation having its principal office located at 100 E. Pratt Street, Baltimore, Maryland 21202 (“TRP”) and THE BANK OF NEW YORK MELLON, a bank organized under the Laws of the State of New York, having its principal office located at 240 Greenwich Street, New York, New York 10286 (“BNY Mellon”).

WHEREAS, each Fund, TRP, and BNY Mellon have entered into a Fund Accounting Agreement, dated as of August 1, 2015 (the “Fund Accounting Agreement”); and

WHEREAS, each Fund, TRP, and BNY Mellon desire to amend the Fund Accounting Agreement to reflect certain changes as set forth in this Amendment.

NOW, THEREFORE, in consideration for the mutual promises contained herein and other good and valuable consideration, intending to be legally bound, each Fund, TRP, and BNY Mellon hereby agree as follows:

1. DEFINITIONS

Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed thereto in the Fund Accounting Agreement.

265

2. COMPENSATION

The Fund Accounting Agreement is hereby amended by deleting Schedule IV (Compensation) attached thereto and replacing it in its entirety with the new Schedule IV (Compensation) attached hereto as Attachment A.

3. EFFECT ON FUND ACCOUNTING AGREEMENT

In the event of any inconsistency between the terms of this Amendment and the Fund Accounting Agreement, the terms of this Amendment shall be controlling. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Fund Accounting Agreement shall continue to remain in full force and effect.

4. GOVERNING LAW

The laws of the State of New York and the federal laws of the United States applicable therein shall govern, construe, and enforce all of the rights, duties, and obligations arising out of or related in any manner to, the subject matter of this Amendment, notwithstanding any conflict of laws principles.

5. COUNTERPARTS/FACSIMILE

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. This Amendment may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

[Signature page follows.]

266

IN WITNESS WHEREOF, each Fund, TRP, and BNY Mellon have executed or caused this Amendment to be executed as of the date and year first above written by its duly authorized representative.

THE BANK OF NEW YORK MELLON

By: /s/Michael Green

Name: Michael Green

Title: Global Relationship Manager

Date: November 29, 2022

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

Date: November 28, 2022

On behalf of each Fund listed in Amended Exhibit A

By: /s/Fran Pollack-Matz

Name: Fran Pollack-Matz

Title: Vice President

Date: November 28, 2022

267

EX-99.H OTH MAT CONT

T. ROWE PRICE ASSOCIATES, INC.

February 28, 2017

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Ladies and Gentlemen:

In connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of August 1, 2015 (the “Effective Date”), by and between each investment company listed on Exhibit A attached hereto (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”), T. Rowe Price Associates, Inc., solely with respect to Section 3(c) thereof (“TRP”), and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”), TRP and the Funds desire to enter into this letter agreement (this “Agreement”). This Agreement supersedes the letter agreement dated August 1, 2015, as amended November 3, 2015, April 18, 2016, July 19, 2016, August 1, 2016 and October 25, 2016, between TRP and the Funds. Defined terms used and not otherwise defined in this Agreement shall have the meanings ascribed to them in the BNY Agreement.

TRP and the Funds hereby agree that in the event that the BNY Agreement is terminated pursuant to Section 10(c)(v) thereof because the conversion of all of the services from TRP’s systems to BNY Mellon’s systems is not substantially completed by the date that is three (3) years from the Effective Date, then, to the extent the failure to substantially complete the conversion is caused by TRP, the Funds shall be entitled to recover damages from TRP (including the recovery of platform fees previously charged to the Funds pursuant to the BNY Agreement) and be reimbursed for Costs and Expenses from TRP to the extent such failure was caused by TRP.

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. Each party hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder.

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by TRP and the Fund to be bound thereby, and authorized or approved by such Fund’s Board.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute only one instrument.

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/Darrell Braman

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Darrell Braman

Title: Secretary of the Funds

EXHIBIT A

List of Funds/Portfolios

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund		GMA	Mutual Fund
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price Global Unconstrained Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Growth & Income Fund	GIF	Mutual Fund - Parent
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Growth & Income Fund	IGI	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

April 18, 2017

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 1 to the Agreement dated April 18, 2017

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017 by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/Darrell Braman

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Darrell Braman

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
	T. Rowe Price Tax-Free Ultra Short-Term Bond Fund	TUS	Mutual Fund - Series
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

July 17, 2017

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 2 to the Agreement dated July 17, 2017

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017 and July 17, 2017 by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Darrell Braman

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Darrell Braman

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price California Tax-Free Income Trust		CAT	Mutual Fund - Parent
	California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	California Tax-Free Money Fund	CAM	Mutual Fund - Series
T. Rowe Price Capital Appreciation Fund		CAF	Mutual Fund - Parent
T. Rowe Price Capital Appreciation & Income Fund, Inc.		CAN	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Income Trust		STT	Mutual Fund - Parent
	Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

October 30, 2017

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 3 to the Agreement dated October 30, 2017

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017, July 17, 2017, and October 30, 2017, by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Darrell Braman

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Darrell Braman

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Capital Appreciation & Income Fund, Inc.		CAN	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Credit Opportunities Fund	ICO	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional Global Multi-Sector Bond Fund	IGM	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Media & Telecommunications Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

August 9, 2018

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 4 to the Agreement dated August 9, 2018

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017, July 17, 2017, October 30, 2017, and August 9, 2018 by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Darrell Braman

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Darrell Braman

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Capital Appreciation & Income Fund, Inc.		CAN	Mutual Fund - Parent
T. Rowe Price Capital Opportunity Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
	T. Rowe Price Personal Strategy Balanced Portfolio	PSP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Bond Fund	IIB	Mutual Fund - Series
	T. Rowe Price Institutional International Concentrated Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Value Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Concentrated Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

August 30, 2019

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 5 to the Agreement

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017, July 17, 2017, October 30, 2017, August 9, 2018, and August 30, 2019 by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Darrell Braman

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Darrell Braman

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Institutional Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Institutional U.S. Structured Research Fund	IRF	Mutual Fund - Series
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Institutional International Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Africa & Middle East Fund	IAM	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Institutional Frontier Markets Equity Fund	IFM	Mutual Fund - Series
	T. Rowe Price Institutional Global Focused Growth Equity Fund	IGE	Mutual Fund - Series
	T. Rowe Price Institutional Global Growth Equity Fund	IGL	Mutual Fund - Series
	T. Rowe Price Institutional Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Personal Strategy Funds, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Personal Strategy Balanced Fund	PSB	Mutual Fund - Series
	T. Rowe Price Personal Strategy Growth Fund	PSG	Mutual Fund - Series
	T. Rowe Price Personal Strategy Income Fund	PSI	Mutual Fund - Series
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

June 5, 2020

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 6 to the Agreement

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017, July 17, 2017, October 30, 2017, August 9, 2018, August 30, 2019, and June 5, 2020, by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Darrell Braman

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Darrell Braman

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Core Equity Fund	IIC	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
	T. Rowe Price Institutional International Growth Equity Fund	FEF	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	Mutual Fund - Series
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	U.S. Treasury Intermediate Fund	USI	Mutual Fund - Series
	U.S. Treasury Long-Term Fund	USL	Mutual Fund - Series
	U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
	T. Rowe Price Target 2065 Fund	TRQ	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

October 5, 2020

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 7 to the Agreement

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017, July 17, 2017, October 30, 2017, August 9, 2018, August 30, 2019, June 5, 2020, and October 5, 2020, by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Fran Pollack-Matz

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Fran Pollack-Matz

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price U.S. Limited Duration TIPS Index Fund	LDX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Core Plus Fund	ICP	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Transition Fund	TNF	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	Mutual Fund - Series
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
	T. Rowe Price Summit Municipal Money Market Fund	SMM	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price QM U.S. Bond Index Fund, Inc.		UBX	Mutual Fund
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	T. Rowe Price U.S. Treasury Intermediate Index Fund	USI	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Long-Term Index Fund	USL	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2005 Fund	RBA	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2010 Fund	RBB	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2015 Fund	RBC	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2020 Fund	RBD	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2025 Fund	RBE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2030 Fund	RBG	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2035 Fund	RBH	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2040 Fund	RBJ	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2045 Fund	RBK	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2050 Fund	RBL	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2055 Fund	RBM	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2060 Fund	RBN	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2065 Fund	RBO	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Target 2065 Fund	TRQ	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	Spectrum Growth Fund	SPG	Mutual Fund - Series
	Spectrum Income Fund	SPI	Mutual Fund - Series
	Spectrum International Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

January 4, 2021

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 8 to the Agreement

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017, July 17, 2017, October 30, 2017, August 9, 2018, August 30, 2019, June 5, 2020, October 5, 2020, and January 4, 2021, by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Fran Pollack-Matz

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Fran Pollack-Matz

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Entity Type
‘40 Act Registered Funds
T. Rowe Price Balanced Fund, Inc.		BAL	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.		IEF	Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.		EQS	Mutual Fund - Parent
	T. Rowe Price Blue Chip Growth Portfolio	BCP	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Moderate Allocation Portfolio	PSP	Mutual Fund - Series
	T. Rowe Price New America Growth Portfolio	NAP	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.		FIS	Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	Mutual Fund - Parent
T. Rowe Price Global Funds, Inc.		IIF	Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	Mutual Fund - Parent
T. Rowe Price Growth & Income Fund, Inc.		GIF	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.		INDX	Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Extended Equity Market Index Fund	XMX	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	Mutual Fund - Series
	T. Rowe Price U.S. Limited Duration TIPS Index Fund	LDX	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.		IINCF	Mutual Fund - Parent
	T. Rowe Price Institutional Cash Reserves Fund	ICM	Mutual Fund - Series
	T. Rowe Price Institutional Floating Rate Fund	IFR	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.		PIF	Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Global Consumer Fund	GCF	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	Mutual Fund - Series
	T. Rowe Price Global Impact Equity Fund	GPF	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.		IIXF	Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	Mutual Fund - Series
T. Rowe Price International Series, Inc.		INS	Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.		MAPS	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	Mutual Fund - Series
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	Mutual Fund - Parent
T. Rowe Price New America Growth Fund, Inc.		NAG	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	Mutual Fund - Parent
T. Rowe Price QM U.S. Bond Index Fund, Inc.		UBX	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.		QUANT	Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.		RESFDS	Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	Mutual Fund - Series
	T. Rowe Price Short-Term Government Fund	GRI	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	Mutual Fund - Series
	T. Rowe Price Transition Fund	TNF	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Treasury Reserve Fund	GRS	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.		PER	Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	Mutual Fund - Series
T. Rowe Price State Tax-Free Funds, Inc.		STT	Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	Mutual Fund - Series
	T. Rowe Price California Tax-Free Money Fund	CAM	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Money Fund	NYM	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.		SIF	Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.		SMF	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Summit Municipal Income Fund	SMI	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.		TEF	Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	Mutual Fund - Parent
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.		USTF	Mutual Fund - Parent
	T. Rowe Price U.S. Treasury Intermediate Index Fund	USI	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Long-Term Index Fund	USL	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Money Fund	UST	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.		RDF	Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement 2030 Fund	RPC	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2005 Fund	RBA	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2010 Fund	RBB	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2015 Fund	RBC	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2020 Fund	RBD	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2025 Fund	RBE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2030 Fund	RBG	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2035 Fund	RBH	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2040 Fund	RBJ	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2045 Fund	RBK	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2050 Fund	RBL	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2055 Fund	RBM	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2060 Fund	RBN	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2065 Fund	RBO	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	Mutual Fund - Series
	T. Rowe Price Target 2015 Fund	TRC	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	Mutual Fund - Series
	T. Rowe Price Target 2065 Fund	TRQ	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Entity Type
T. Rowe Price Spectrum Fund, Inc.		SPC	Mutual Fund - Parent
	T. Rowe Price Spectrum Diversified Equity Fund	SPG	Mutual Fund - Series
	T. Rowe Price Spectrum Income Fund	SPI	Mutual Fund - Series
	T. Rowe Price Spectrum International Equity Fund	SPF	Mutual Fund - Series

T. ROWE PRICE ASSOCIATES, INC.

September 1, 2021

The T. Rowe Price Funds

100 East Pratt Street

Baltimore, Maryland 21202

Subject:Amendment No. 9 to the Agreement

Ladies and Gentlemen:

Reference is made to the letter agreement dated February 28, 2017 (“Agreement”) by and between each investment company listed on Exhibit A attached to the Agreement (each, a “Company”), on behalf of itself or, where noted on Exhibit A, on behalf of its Series (as defined therein), severally and not jointly (each Company and/or Series a “Fund”, and collectively the “Funds”) and T. Rowe Price Associates, Inc. (“TRP”). The Agreement was made in connection with the Fund Accounting Agreement (the “BNY Agreement”), effective as of February 28, 2017 (the “Effective Date”), as amended April 18, 2017, July 17, 2017, October 30, 2017, August 9, 2018, August 30, 2019, June 5, 2020, October 5, 2020, January 4, 2021, and September 1, 2021, by and between each Fund listed on Exhibit A attached to the Agreement, severally and not jointly, TRP, solely with respect to Section 3(c) thereof, and The Bank of New York Mellon, a New York banking organization (“BNY Mellon”).

TRP and the Funds hereby amend the Agreement by replacing Exhibit A, in its entirety, with amended Exhibit A, attached hereto as Attachment A. TRP and the Funds further amend the agreement such that all references to the “Fund” or the “Funds” also includes any T. Rowe Price Funds that may be established after the execution of the Agreement.

If there is any inconsistency between the terms of this Amendment and the Agreement, the terms of this Amendment will govern. Defined terms used and not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. Except as specifically and only to the extent modified by this Amendment, all of the terms and provisions of the Agreement and the Fund Accounting Agreement shall continue to remain in full force and effect.

[Remainder of page intentionally left blank.]

If you are in agreement with the terms set forth above, please sign in the space provided below and return an executed copy to us.

Very truly yours,

T. ROWE PRICE ASSOCIATES, INC.

By: /s/ David Oestreicher

Name: David Oestreicher

Title: Vice President

AGREED AND ACCEPTED:

By: /s/ Fran Pollack-Matz

on behalf of each Fund

identified on Exhibit A

attached hereto

Name: Fran Pollack-Matz

Title: Secretary of the Funds

ATTACHMENT A

Amended Exhibit A

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
‘40 Act Registered Funds
T. Rowe Price All-Cap Opportunities Fund, Inc.		NAG	7018	Mutual Fund - Parent
T. Rowe Price Balanced Fund, Inc.		BAL	7047	Mutual Fund - Parent
T. Rowe Price Blue Chip Growth Fund, Inc.		BCG	70A6	Mutual Fund - Parent
T. Rowe Price Capital Appreciation Fund, Inc.		CAF	7025	Mutual Fund - Parent
T. Rowe Price Communications & Technology Fund, Inc.		MTF	70A9	Mutual Fund - Parent
T. Rowe Price Corporate Income Fund, Inc.		CIF	70E6	Mutual Fund - Parent
T. Rowe Price Credit Opportunities Fund, Inc.		CRO	70E9	Mutual Fund - Parent
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.		DMG	70Q7	Mutual Fund - Parent
T. Rowe Price Dividend Growth Fund, Inc.		DGF	7081	Mutual Fund - Parent
T. Rowe Price Equity Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Institutional Large-Cap Core Growth Fund	LCC	70N7	Mutual Fund - Series
	T. Rowe Price Large-Cap Growth Fund	LCG	70K2	Mutual Fund - Series
	T. Rowe Price Large-Cap Value Fund	LCV	70H6	Mutual Fund - Series
	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	MCE	70F5	Mutual Fund - Series
	T. Rowe Price Institutional Small-Cap Stock Fund	SCI	70H5	Mutual Fund - Series
T. Rowe Price Equity Income Fund, Inc.		EIF	7019	Mutual Fund - Parent
T. Rowe Price Equity Series, Inc.				Mutual Fund - Parent
	T. Rowe Price All-Cap Opportunities Portfolio	NAP	70D2	Mutual Fund - Series
	T. Rowe Price Blue Chip Growth Portfolio	BCP	70J6	Mutual Fund - Series
	T. Rowe Price Equity Income Portfolio	EIP	70D1	Mutual Fund - Series
	T. Rowe Price Equity Index 500 Portfolio	EXP	70J7	Mutual Fund - Series
	T. Rowe Price Health Sciences Portfolio	HSP	70J5	Mutual Fund - Series
	T. Rowe Price Mid-Cap Growth Portfolio	MGP	70F9	Mutual Fund - Series
	T. Rowe Price Moderate Allocation Portfolio	PSP	70E0	Mutual Fund - Series
T. Rowe Price Financial Services Fund, Inc.		FSF	70F7	Mutual Fund - Parent
T. Rowe Price Fixed Income Series, Inc.				Mutual Fund - Parent
	T. Rowe Price Government Money Portfolio	PRP	70F8	Mutual Fund - Series
	T. Rowe Price Limited-Term Bond Portfolio	LTP	70D4	Mutual Fund - Series
T. Rowe Price Floating Rate Fund, Inc.		FRI	70BE	Mutual Fund - Parent
T. Rowe Price Global Allocation Fund, Inc.		GAF	70DX	Mutual Fund - Parent

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
T. Rowe Price Global Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Institutional Emerging Markets Bond Fund	IEB	70V0	Mutual Fund - Series
	T. Rowe Price Institutional Emerging Markets Equity Fund	IEM	70N6	Mutual Fund - Series
	T. Rowe Price Global Value Equity Fund	IGV	70DF	Mutual Fund - Series
	T. Rowe Price Institutional International Disciplined Equity Fund	ICE	70AQ	Mutual Fund - Series
T. Rowe Price Global Multi-Sector Bond Fund, Inc.		SNF	70AF	Mutual Fund - Parent
T. Rowe Price Global Real Estate Fund, Inc.		GRE	70AD	Mutual Fund - Parent
T. Rowe Price Global Technology Fund, Inc.		GTF	70I2	Mutual Fund - Parent
T. Rowe Price GNMA Fund, Inc.		GMA	7020	Mutual Fund - Parent
T. Rowe Price Government Money Fund, Inc.		PRF	7005	Mutual Fund - Parent
T. Rowe Price Growth Stock Fund, Inc.		GSF	7004	Mutual Fund - Parent
T. Rowe Price Health Sciences Fund, Inc.		HSF	70F1	Mutual Fund - Parent
T. Rowe Price High Yield Fund, Inc.		HYF	7016	Mutual Fund - Parent
	T. Rowe Price U.S. High Yield Fund	UHY	70KA	Mutual Fund - Series
T. Rowe Price Index Trust, Inc.				Mutual Fund - Parent
	T. Rowe Price Equity Index 500 Fund	EXF	7041	Mutual Fund - Series
	T. Rowe Price Extended Equity Market Index Fund	XMX	70G8	Mutual Fund - Series
	T. Rowe Price Mid-Cap Index Fund	MCX	70HE	Mutual Fund - Series
	T. Rowe Price Small-Cap Index Fund	SCX	70HF	Mutual Fund - Series
	T. Rowe Price U.S. Limited Duration TIPS Index Fund	LDX	70NZ	Mutual Fund - Series
	T. Rowe Price Total Equity Market Index Fund	TMX	70G9	Mutual Fund - Series
T. Rowe Price Inflation Protected Bond Fund, Inc.		IPB	70N5	Mutual Fund - Parent
T. Rowe Price Institutional Income Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Institutional Floating Rate Fund	IFR	70W0	Mutual Fund - Series
	T. Rowe Price Institutional High Yield Fund	HYI	70J2	Mutual Fund - Series
	T. Rowe Price Institutional Long Duration Credit Fund	LDC	70DW	Mutual Fund - Series
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.		ITF	70FM	Mutual Fund - Parent
T. Rowe Price International Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Africa & Middle East Fund	AME	70V6	Mutual Fund - Series
	T. Rowe Price Asia Opportunities Fund	AOF	70FB	Mutual Fund - Series
	T. Rowe Price China Evolution Equity Fund	CEE	70LY	Mutual Fund - Series
	T. Rowe Price Dynamic Credit Fund	DCF	70LD	Mutual Fund - Series
	T. Rowe Price Dynamic Global Bond Fund	GUN	70GB	Mutual Fund - Series
	T. Rowe Price Emerging Europe Fund	EEM	70I1	Mutual Fund - Series
	T. Rowe Price Emerging Markets Bond Fund	EMB	70E3	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Emerging Markets Corporate Bond Fund	EMC	70DB	Mutual Fund - Series
	T. Rowe Price Emerging Markets Discovery Stock Fund	EMV	70FY	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Currency Bond Fund	EML	70BA	Mutual Fund - Series
	T. Rowe Price Emerging Markets Stock Fund	EMS	70E4	Mutual Fund - Series
	T. Rowe Price European Stock Fund	ESF	7040	Mutual Fund - Series
	T. Rowe Price Global Consumer Fund	GCF	70HQ	Mutual Fund - Series
	T. Rowe Price Global Growth Stock Fund	GLE	70AE	Mutual Fund - Series
	T. Rowe Price Global High Income Bond Fund	GHI	70GD	Mutual Fund - Series
	T. Rowe Price Global Impact Equity Fund	GPF	70PR	Mutual Fund - Series
	T. Rowe Price Global Industrials Fund	IND	70E7	Mutual Fund - Series
	T. Rowe Price Global Stock Fund	GLS	70F2	Mutual Fund - Series
	T. Rowe Price International Bond Fund	IBF	7022	Mutual Fund - Series
	T. Rowe Price International Bond Fund (USD Hedged)	IBH	70JB	Mutual Fund - Series
	T. Rowe Price International Disciplined Equity Fund	ICN	70FN	Mutual Fund - Series
	T. Rowe Price International Discovery Fund	IDF	7033	Mutual Fund - Series
	T. Rowe Price International Stock Fund	ISF	7007	Mutual Fund - Series
	T. Rowe Price International Value Equity Fund	IGI	70H1	Mutual Fund - Series
	T. Rowe Price Japan Fund	JAF	7000	Mutual Fund - Series
	T. Rowe Price Latin America Fund	LAM	70C5	Mutual Fund - Series
	T. Rowe Price New Asia Fund	NAS	7045	Mutual Fund - Series
	T. Rowe Price Overseas Stock Fund	OSF	70V1	Mutual Fund - Series
T. Rowe Price International Index Fund, Inc.				Mutual Fund - Parent
	T. Rowe Price International Equity Index Fund	IXF	70J3	Mutual Fund - Series
T. Rowe Price International Series, Inc.				Mutual Fund - Parent
	T. Rowe Price International Stock Portfolio	ISP	70C9	Mutual Fund - Series
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.		STI	70U8	Mutual Fund - Parent
T. Rowe Price Mid-Cap Growth Fund, Inc.		MCG	7057	Mutual Fund - Parent
T. Rowe Price Mid-Cap Value Fund, Inc.		MCV	70F3	Mutual Fund - Parent
T. Rowe Price Multi-Sector Account Portfolios, Inc.				Mutual Fund - Parent
	T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio	EBS	70AX	Mutual Fund - Series
	T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio	ELS	70AW	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Floating Rate Multi-Sector Account Portfolio	FRS	70AV	Mutual Fund - Series
	T. Rowe Price High Yield Multi-Sector Account Portfolio	HYS	70AY	Mutual Fund - Series
	T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio	IGS	70AU	Mutual Fund - Series
	T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio	MBS	70DA	Mutual Fund - Series
T. Rowe Price Multi-Strategy Total Return Fund, Inc.		MSR	70JD	Mutual Fund - Parent
T. Rowe Price New Era Fund, Inc.		NEF	7002	Mutual Fund - Parent
T. Rowe Price New Horizons Fund, Inc.		NHF	7001	Mutual Fund - Parent
T. Rowe Price New Income Fund, Inc.		NIF	7003	Mutual Fund - Parent
T. Rowe Price QM U.S. Bond Index Fund, Inc.		UBX	70J1	Mutual Fund - Parent
T. Rowe Price Quantitative Management Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price QM Global Equity Fund	QGE	70HM	Mutual Fund - Series
	T. Rowe Price QM U.S. Small-Cap Growth Equity Fund	DSG	70G4	Mutual Fund - Series
	T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	QSM	70HL	Mutual Fund - Series
	T. Rowe Price QM U.S. Value Equity Fund	QMV	70HJ	Mutual Fund - Series
T. Rowe Price Real Assets Fund, Inc.		RAF	70AP	Mutual Fund - Parent
T. Rowe Price Real Estate Fund, Inc.		REF	70G7	Mutual Fund - Parent
T. Rowe Price Reserve Investment Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Government Reserve Fund	RES	70G5	Mutual Fund - Series
	T. Rowe Price Short-Term Fund	REI	70CW	Mutual Fund - Series
	T. Rowe Price Transition Fund	TNF	70PQ	Mutual Fund - Series
	T. Rowe Price Treasury Reserve Fund	GRS	70G6	Mutual Fund - Series
T. Rowe Price Science & Technology Fund, Inc.		STF	7030	Mutual Fund - Parent
T. Rowe Price Short-Term Bond Fund, Inc.		STB	7013	Mutual Fund - Parent
	T. Rowe Price Short Duration Income Fund	SDI	70NP	Mutual Fund - Series
	T. Rowe Price Ultra Short-Term Bond Fund	SBF	70DH	Mutual Fund - Series
T. Rowe Price Small-Cap Stock Fund, Inc.		SCS	7031	Mutual Fund - Parent
T. Rowe Price Small-Cap Value Fund, Inc.		SCV	7032	Mutual Fund - Parent
T. Rowe Price Spectrum Funds II, Inc.				Mutual Fund - Parent
	T. Rowe Price Spectrum Conservative Allocation Fund	PSI	70D6	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Allocation Fund	PSB	70D7	Mutual Fund - Series
	T. Rowe Price Spectrum Moderate Growth Allocation Fund	PSG	70D8	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
T. Rowe Price State Tax-Free Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price California Tax-Free Bond Fund	CAB	7026	Mutual Fund - Series
	T. Rowe Price Georgia Tax-Free Bond Fund	GAB	7093	Mutual Fund - Series
	T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	MDS	7079	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Bond Fund	MDB	7029	Mutual Fund - Series
	T. Rowe Price Maryland Tax-Free Money Fund	MDM	70K0	Mutual Fund - Series
	T. Rowe Price New Jersey Tax-Free Bond Fund	NJB	7048	Mutual Fund - Series
	T. Rowe Price New York Tax-Free Bond Fund	NYB	7023	Mutual Fund - Series
	T. Rowe Price Virginia Tax-Free Bond Fund	VAB	7049	Mutual Fund - Series
T. Rowe Price Summit Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Cash Reserves Fund	SCR	70B5	Mutual Fund - Series
T. Rowe Price Summit Municipal Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Summit Municipal Income Fund	SMI	70B9	Mutual Fund - Series
	T. Rowe Price Summit Municipal Intermediate Fund	SMT	70B8	Mutual Fund - Series
T. Rowe Price Tax-Efficient Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Tax-Efficient Equity Fund	TMC	70J4	Mutual Fund - Series
T. Rowe Price Tax-Exempt Money Fund, Inc.		TEM	7008	Mutual Fund - Parent
T. Rowe Price Tax-Free High Yield Fund, Inc.		TFH	7017	Mutual Fund - Parent
T. Rowe Price Tax-Free Income Fund, Inc.		TFI	7006	Mutual Fund - Parent
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.		TFS	7012	Mutual Fund - Parent
T. Rowe Price Total Return Fund, Inc.		TTF	70HU	Mutual Fund - Parent
T. Rowe Price U.S. Equity Research Fund, Inc.		COF	70E1	Mutual Fund - Parent
T. Rowe Price U.S. Large-Cap Core Fund, Inc.		LCF	70AH	Mutual Fund - Parent
T. Rowe Price U.S. Treasury Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price U.S. Treasury Intermediate Index Fund	USI	7036	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Long-Term Index Fund	USL	7037	Mutual Fund - Series
	T. Rowe Price U.S. Treasury Money Fund	UST	7009	Mutual Fund - Series
T. Rowe Price Value Fund, Inc.		VAL	70D9	Mutual Fund - Parent
'40 Act Registered Fund of Funds
T. Rowe Price Retirement Funds, Inc.				Mutual Fund - Parent
	T. Rowe Price Retirement 2005 Fund	RPJ	70Q8	Mutual Fund - Series
	T. Rowe Price Retirement 2010 Fund	RPA	70K4	Mutual Fund - Series
	T. Rowe Price Retirement 2015 Fund	RPG	70Q9	Mutual Fund - Series
	T. Rowe Price Retirement 2020 Fund	RPB	70K5	Mutual Fund - Series
	T. Rowe Price Retirement 2025 Fund	RPH	70R0	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Retirement 2030 Fund	RPC	70K6	Mutual Fund - Series
	T. Rowe Price Retirement 2035 Fund	RPI	70R1	Mutual Fund - Series
	T. Rowe Price Retirement 2040 Fund	RPD	70K7	Mutual Fund - Series
	T. Rowe Price Retirement 2045 Fund	RPK	70R9	Mutual Fund - Series
	T. Rowe Price Retirement 2050 Fund	RPL	70V2	Mutual Fund - Series
	T. Rowe Price Retirement 2055 Fund	RPM	70V3	Mutual Fund - Series
	T. Rowe Price Retirement 2060 Fund	RPN	70FH	Mutual Fund - Series
	T. Rowe Price Retirement 2065 Fund	RPO	70NR	Mutual Fund - Series
	T. Rowe Price Retirement Balanced Fund	RPE	70K9	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2005 Fund	RFA	70PA	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2010 Fund	RFB	70PB	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2015 Fund	RFC	70PD	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2020 Fund	RFD	70PE	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2025 Fund	RFE	70PF	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2030 Fund	RFF	70PG	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2035 Fund	RFG	70PH	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2040 Fund	RFH	70PI	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2045 Fund	RFJ	70PJ	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2050 Fund	RFK	70PL	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2055 Fund	RFM	70PM	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2060 Fund	RFN	70PN	Mutual Fund - Series
	T. Rowe Price Retirement Blend 2065 Fund	RFO	70PO	Mutual Fund - Series
	T. Rowe Price Retirement Income 2020 Fund	RIB	70HZ	Mutual Fund - Series
	T. Rowe Price Retirement I 2005 Fund—I Class	RBI	70GM	Mutual Fund - Series
	T. Rowe Price Retirement I 2010 Fund—I Class	RCI	70GN	Mutual Fund - Series
	T. Rowe Price Retirement I 2015 Fund—I Class	RDI	70GO	Mutual Fund - Series
	T. Rowe Price Retirement I 2020 Fund—I Class	RFI	70GP	Mutual Fund - Series
	T. Rowe Price Retirement I 2025 Fund—I Class	RGI	70GQ	Mutual Fund - Series
	T. Rowe Price Retirement I 2030 Fund—I Class	RHI	70GR	Mutual Fund - Series
	T. Rowe Price Retirement I 2035 Fund—I Class	RII	70GS	Mutual Fund - Series
	T. Rowe Price Retirement I 2040 Fund—I Class	RJI	70GU	Mutual Fund - Series
	T. Rowe Price Retirement I 2045 Fund—I Class	RKI	70GV	Mutual Fund - Series
	T. Rowe Price Retirement I 2050 Fund—I Class	RMI	70GW	Mutual Fund - Series
	T. Rowe Price Retirement I 2055 Fund—I Class	RNI	70GX	Mutual Fund - Series
	T. Rowe Price Retirement I 2060 Fund—I Class	ROI	70GY	Mutual Fund - Series
	T. Rowe Price Retirement I 2065 Fund—I Class	RRI	70NS	Mutual Fund - Series
	T. Rowe Price Retirement Balanced I Fund—I Class	RQI	70GZ	Mutual Fund - Series
	T. Rowe Price Target 2005 Fund	TRA	70EA	Mutual Fund - Series
	T. Rowe Price Target 2010 Fund	TRB	70EB	Mutual Fund - Series

Mutual Fund Entity Name		Reference ID	Eagle Fund Code	Entity Type
	T. Rowe Price Target 2015 Fund	TRC	70ED	Mutual Fund - Series
	T. Rowe Price Target 2020 Fund	TRD	70EF	Mutual Fund - Series
	T. Rowe Price Target 2025 Fund	TRE	70EG	Mutual Fund - Series
	T. Rowe Price Target 2030 Fund	TRG	70EH	Mutual Fund - Series
	T. Rowe Price Target 2035 Fund	TRH	70EI	Mutual Fund - Series
	T. Rowe Price Target 2040 Fund	TRJ	70EJ	Mutual Fund - Series
	T. Rowe Price Target 2045 Fund	TRL	70EL	Mutual Fund - Series
	T. Rowe Price Target 2050 Fund	TRM	70EM	Mutual Fund - Series
	T. Rowe Price Target 2055 Fund	TRN	70EN	Mutual Fund - Series
	T. Rowe Price Target 2060 Fund	TRO	70FI	Mutual Fund - Series
	T. Rowe Price Target 2065 Fund	TRQ	70NU	Mutual Fund - Series
T. Rowe Price Spectrum Fund, Inc.				Mutual Fund - Parent
	T. Rowe Price Spectrum Diversified Equity Fund	SPG	7043	Mutual Fund - Series
	T. Rowe Price Spectrum Income Fund	SPI	7044	Mutual Fund - Series
	T. Rowe Price Spectrum International Equity Fund	SPF	70G1	Mutual Fund - Series

EX-99.H OTH MAT CONT

AGREEMENT

between

T. ROWE PRICE RETIREMENT PLAN SERVICES, INC.

and

T. ROWE PRICE FUNDS

TABLE OF CONTENTS

Article ATerms of Appointment1

Article BDuties of RPS2

Article CFees and Expenses2

Article DRepresentations and Warranties of RPS2

Article ERepresentations and Warranties of the Fund3

Article FStandard of Care/Indemnification3

Article GDual Interests5

Article HDocumentation5

Article IRecordkeeping/Confidentiality6

Article JCompliance with Governmental Rules and Regulations ……………………..7

Article KOwnership of Software and Related Material8

Article LQuality Service Standards8

Article MAs of Transactions 8

Article NTerm and Termination of Agreement 11

Article ONotice12

Article PAssignment12

Article QAmendment/Interpretive Provisions12

Article RFurther Assurances13

Article SMaryland Law to Apply13

Article TMerger of Agreement13

Article UCounterparts13

Article VThe Parties13

Article WCaptions13

SCHEDULE 1

APPENDIX A

2

AGREEMENT, made as of the first day of January, 2023, by and between T. ROWE PRICE RETIREMENT PLAN SERVICES, INC., a Maryland corporation having its principal office and place of business at 100 East Pratt Street, Baltimore, Maryland 21202 (“RPS”), and EACH FUND WHICH IS LISTED ON APPENDIX A (as such Appendix may be amended from time to time) and which evidences its agreement to be bound hereby by executing a copy of this Agreement (each Fund hereinafter referred to as “the Fund”) whose definition may be found in Article V;

WHEREAS, the Funds are held as investments under various defined contribution tax-sheltered plans serviced by RPS, including, but not limited to, deferred compensation plans, 403(b) plans, 401(k) plans, 457 plans and non-qualified plans (collectively referred to as “Retirement Plans”);

WHEREAS, RPS has the capability of providing services, on behalf of the Fund, for such Retirement Plans and the accounts of such Retirement Plans and individuals (“Participants”) benefitting under these Retirement Plans as participants or beneficiaries (collectively “Retirement Accounts”); and

WHEREAS, the Fund desires to contract with RPS to provide the functions and services described herein in connection with the Retirement Plans and Retirement Accounts.

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

A.Terms of Appointment

Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs and appoints RPS to perform the services and functions described herein in connection with certain Retirement Plans and Retirement Accounts as agreed upon by the parties. In rendering

the services required under this Agreement, RPS may, consistent with applicable law, from time to time employ, delegate, or appoint an affiliated or unaffiliated party or person to carry out some or all of the services or obligations under this Agreement. RPS shall remain liable to the Funds and the Funds will remain liable to RPS, for the performance of such services and obligations, in the same manner and to the extent as if RPS were itself providing the services or obligations, to the extent specified in this Agreement.

B.Duties of RPS

RPS agrees that it will perform the Services set forth herein and on Schedule 1 of this Agreement in accordance with all applicable rules and regulations, the Fund’s then-current prospectus and policies and procedures adopted by RPS (“Services”). RPS will implement and maintain the systems, data storage and reporting necessary to perform such Services.

C.Fees and Expenses

For the Services performed as described herein and on Schedule 1 of this Agreement, the Fund shall pay the fees and expenses as mutually agreed upon by both parties.

D.Representations and Warranties of RPS

RPS represents and warrants to the Fund that:

1.It is a corporation duly organized and existing and in good standing under the laws of Maryland.

2.It is empowered under applicable laws and by its charter and by-laws to enter into and perform this Agreement.

3.All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

2

4.It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

5.It is registered with the Securities and Exchange Commission as a Transfer Agent pursuant to Section 17A of the Securities and Exchange Act of 1934.

E.Representations and Warranties of the Fund

The Fund represents and warrants to RPS that:

1.It is a corporation duly organized and existing and in good standing under the laws of Maryland.

2.It is empowered under applicable laws and by its Articles of Incorporation and By-Laws to enter into and perform this Agreement.

3.All proceedings required by said Articles of Incorporation and By-Laws have been taken to authorize it to enter into and perform this Agreement.

4.It is an investment company registered under the Investment Company Act of 1940 (the “’40 Act”).

5.A registration statement under the Securities Act of 1933 (the “’33 Act”) is currently effective and will remain effective, and appropriate state securities law filing have been made and will continue to be made, with respect to all shares of the Fund being offered for sale.

F.Standard of Care/Indemnification

Notwithstanding anything to the contrary in this Agreement:

1. RPS shall not be liable to the Fund for any act or failure to act by it or its affiliates, or service providers in carrying or attempting to carry out the terms and provisions of this

3

Agreement provided RPS, its affiliates and service providers have acted in good faith and without negligence or willful misconduct.

2. The Fund shall indemnify and hold RPS, and its affiliates, harmless from and against all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legal counsel, incurred by RPS resulting from: (i) any action or omission by RPS or its affiliates or service providers in the performance of their duties hereunder; (ii) RPS acting upon instructions reasonably believed by it to have been executed by a duly authorized officer of the Fund; or (iii) RPS acting upon information provided by the Fund in form and under policies agreed to by RPS and the Fund. RPS shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or willful misconduct of RPS, its affiliates or service providers.

3.Except as provided in Article M of this Agreement, RPS shall indemnify and hold harmless the Fund from all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legal counsel, incurred by the Fund resulting from negligence or willful misconduct of RPS, its affiliates or service providers. The Fund shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or willful misconduct of such Fund or its agents or subcontractors; unless such negligence or misconduct is attributable to RPS, its affiliates or service providers.

4.In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes or other causes reasonably beyond its control, such party shall not be liable to the other party for any loss, cost, damage, claims, actions or expense resulting from such failure to perform or otherwise from such causes.

4

5.In order that the indemnification provisions contained in this Article F shall apply, upon the assertion of a claim for which either party may be required to indemnify the other, the party seeking indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification in the defense of such claim, or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the other party’s prior written consent.

6.Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement.

G.Dual Interests

It is understood that some person or persons may be directors, officers, or shareholders of both RPS and the Fund and that the existence of any such dual interest shall not affect the validity of this Agreement or of any transactions hereunder except as otherwise provided by a specific provision of applicable law.

H.Documentation

1.As requested by RPS, the Fund shall promptly furnish to RPS the following:

a.A copy of the resolution of the Board of Directors of the Fund (“Board”) authorizing the appointment of RPS and the execution and delivery of this Agreement;

5

b.A copy of the Articles of Incorporation and By-Laws of the Fund and all amendments thereto;

c.Information regarding the validity of the stock, the number of Shares authorized, the status of redeemed Shares, the number of Shares with respect to which a Registration Statement has been filed and is in effect and each resolution of the Board authorizing the original issue of its shares; and

d.A copy of the Fund’s current and new prospectuses and shareholder reports issued by the Fund.

e.Each Registration Statement filed with the Securities and Exchange Commission and amendments and orders thereto in effect with respect to the sale of shares with respect to the Fund;

f.Certified copies of each vote of the Board authorizing officers to give instructions to the Fund; and

g.Such other documents or opinions which RPS, in its discretion, may reasonably deem necessary or appropriate in the proper performance of its duties under this Agreement.

The delivery of any such document to either party hereto for the purpose of any other agreement to which the Fund and RPS are or were parties shall be deemed to be delivery for the purposes of this Agreement.

2. RPS hereby agrees to establish and maintain facilities and procedures reasonably acceptable to the Fund for safekeeping of check forms and signature imprinting devices, if any, and for the preparation or use, and for keeping account of, such checks and devices.

6

I.Recordkeeping/Confidentiality

1.RPS shall keep records relating to the Services to be performed hereunder, in the form and manner as it may deem advisable, provided that RPS shall keep all records in such form and in such manner as required by applicable law.

2.RPS and the Fund agree that all books, records, information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any other person, except: (a) after prior notification to and approval in writing by the other party hereto (or the plan, if required), which approval shall not be unreasonably withheld and may not be withheld where RPS or the Fund may be exposed to civil or criminal contempt proceedings for failure to comply; (b) when requested to divulge such information by duly constituted governmental authorities; or (c) after so requested by the other party hereto. Notwithstanding the foregoing, nothing shall prohibit RPS from providing information concerning Fund shares, transactions or fees or Services performed under this agreement to a Plan or Participant without such notification or approval.

Without limiting the foregoing, RPS has implemented, and will maintain during the term of this Agreement, reasonable measures designed to (i) ensure the security and confidentiality of identifying information concerning Plans and Plan Participants, (ii) use such information to provide the Services hereunder or as authorized by the Plans or Plan Participants, (iii) protect against any anticipated threats or hazards to the security or integrity of such information, (iv) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to the subject of such information, and (v) ensure appropriate disposal of such information, to the extent such information is being disposed of by RPS.

7

J.Compliance with Governmental Rules and Regulations

Except as otherwise provided in the Agreement and except for the accuracy of information furnished to the Fund by RPS, each Fund assumes full responsibility for the preparation, contents and distribution of its prospectuses and compliance with all applicable requirements of the ’40 Act, the ‘34 Act, the ‘33 Act, and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund. RPS shall be responsible for complying with all laws, rules and regulations of governmental authorities having jurisdiction over transfer agents and their activities, as applicable, and cooperating with respect to examinations and requests from such governmental authorities.

K.Ownership of Material Used by RPS

All hardware, software, data stores, written procedures, intellectual capital and similar items used by RPS in performance of the Agreement shall, as between the Fund and RPS, be the property of RPS and will not become the property of the Fund.

L. Quality Service Standards

RPS and the Fund may from time to time agree to certain quality service standards, as well as incentives and penalties with respect to RPS’s Services hereunder.

M.As Of Transactions

For purposes of this Article M, the term “As Of Transaction” shall mean any single or “related transaction” (as defined below) involving the purchase or redemption of shares (including exchanges) processed at a time other than the time of the computation of the Fund’s net asset value per share next computed after receipt of any such transaction order by RPS due to

8

an act or omission of RPS. “As Of Processing” refers to the processing of these Transactions. All As Of Processing may only be performed in accordance with the requirements of Rule 22c-1 of the ’40 Act. RPS is responsible for monitoring As Of Transactions procedures that set forth the circumstances under which As Of Transactions are permitted. If more than one As Of Transaction (“Related As Of Transaction”) in the Fund is caused by or occurs as a result of the same act or omission, such transactions shall be aggregated with other transactions in the Fund and be considered as one As Of Transaction.

1.Reporting

RPS shall:

a.Have procedures in place to identify all As Of Transactions, and compute the net effect of such As Of Transactions upon the Fund on a daily, monthly and rolling 365 day basis. The monthly and rolling 365 day periods are hereinafter referred to as “Cumulative.”

b.Supply to the Fund, from time to time as mutually agreed upon, a report summarizing the As Of Transactions and the daily and Cumulative net effects of such As Of Transactions both in terms of aggregate dilution/loss (“Loss”) or gain (“Gain”) experienced by the Fund, and the impact such Gain or Loss has had upon the Fund’s net asset value per share.

c.With respect to any As Of Transaction which causes a Loss to the Fund of $100,000 or more (unless RPS fully compensates the Fund for the Loss), RPS will provide the Fund: (i) a report identifying the As Of Transaction and the Dilution resulting therefrom, (ii) the reason such As Of Transaction was

9

processed, and (iii) the action that RPS has or intends to take to prevent the reoccurrence of such As Of Processing.

2.Liability

a.It will be the normal practice of the Fund not to hold RPS liable with respect to any As Of Transaction which causes a Loss to any single Fund of less than $25,000. RPS will, however, closely monitor for each Fund the daily and Cumulative Gain/Loss that is caused by As Of Transactions of less than $25,000. When the Cumulative Loss to any Fund exceeds 3/10 of 1% of net asset value per share, RPS, in consultation with counsel to the Fund, will make appropriate inquiry to determine whether it should take any remedial action. RPS will report to the Board, as appropriate, any such remedial action it has taken.

b.Where an As Of Transaction causes a Loss to a Fund equal to or greater than $25,000 (“Significant As Of Transaction”) but less than $100,000, if RPS does not reimburse the Fund for the Loss, RPS will review with Counsel to the Fund the circumstances surrounding the underlying Significant As Of Transaction to determine whether the Significant As Of Transaction was caused by or occurred as a result of a negligent act or omission by RPS. If it is determined that the Loss is the not the result of a negligent action or omission by RPS, RPS and outside counsel for the Fund will negotiate settlement. Significant As Of Transactions causing a Loss to the Fund that are not reimbursed by RPS will be reported to the Audit Committee of the Board at least annually. Any Significant As Of Transaction, however, causing a

10

Loss in excess of the lesser of $100,000 or a penny per share that are not reimbursed by RPS will be reported to the Board as soon as reasonably practicable. Settlement for Significant As Of Transactions causing a Loss of $100,000 or more will not be entered into until approved by the Board. For Related Transactions involving Funds with more than one class, the amount of Gain or Loss resulting from an As Of Transaction shall be determined for each class; provided, however, that for purposes of determining RPS’s liability for reimbursement of any Loss to a class, Gains in one class may be used to offset Losses in another class of the same Fund. Any net Gains remaining after offsetting a Loss in one or more classes, as well as aggregate Gains from a Significant As Of Transaction causing a Gain of a penny or more per share in a class, will be allocated ratably to all of the classes in the affected Fund. The Fund may also absorb Gains or Losses resulting from adjustments to transactions caused by a pricing error in a Fund or outside fund (when RPS corrects the number of shares in the Fund based on the Fund’s or outside fund’s corrected NAV). RPS (or outside fund) will reimburse the Fund for Losses over $100 for any Losses caused by adjustments resulting from a pricing error of an outside fund.

The factors to consider in making any determination regarding the settlement of a Significant As Of Transaction would include but not be limited to:

i.Procedures and controls adopted by RPS to prevent As Of Transactions;

ii.Whether such procedures and controls were being followed at the time of the Significant As Of Transaction;

11

iii.The volume of all transactions processed by RPS on the day of the Significant As Of Transaction;

iv.The number of As Of Transactions processed by RPS during prior relevant periods, and the net Loss/Gain as a result of all such Significant As Of Transactions to the Fund and to all other Funds; and

v.The prior response of RPS to recommendations made by the Funds regarding improvement to RPS’ As Of Transaction procedures.

c. Notwithstanding the above, RPS may require its service providers to reimburse the Funds for losses of amounts less than the thresholds identified above.

N.Term and Termination of Agreement

1.This Agreement shall run for a period of one (1) year from the date first written above and will be renewed from year to year thereafter unless terminated by either party as provided hereunder.

2.This Agreement may be terminated by the Funds upon one hundred twenty (120) days’ prior written notice to RPS; and by RPS, upon three hundred sixty-five (365) days’ prior written notice to the Fund unless a shorter termination period is mutually agreed upon by the parties.

3.Upon termination hereof, the Fund shall pay to RPS such compensation as may be due as of the date of such termination, and shall likewise reimburse RPS for out-of-pocket expenses related to its Services hereunder.

O.Notice

12

Any notice as required by this Agreement shall be sufficiently given (i) when sent to an authorized person of the other party in writing, which may be electronic,; or (ii) as otherwise agreed upon by appropriate officers of the parties hereto.

P.Assignment

Neither this Agreement nor any rights or obligations hereunder may be assigned either voluntarily or involuntarily, by operation of law or otherwise, by either party without the prior written consent of the other party, provided this shall not preclude RPS from employing such affiliates or service providers as it deems appropriate to carry out its obligations set forth hereunder.

Q.Amendment/Interpretive Provisions

The parties by mutual written agreement may amend this Agreement at any time. In addition, in connection with the operation of this Agreement, RPS and the Fund may agree from time to time on such provisions interpretive of or in addition to the provisions of this Agreement as in their joint opinion may be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions are to be signed by all parties and annexed hereto, but no such provision shall contravene any applicable federal or state law or regulation and no such interpretive or additional provision shall be deemed to be an amendment of this Agreement.

R.Further Assurances

Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

S.Maryland Law to Apply

13

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Maryland.

T.Merger of Agreement

This Agreement, including the attached Schedule, supersedes any prior agreement with respect to the subject hereof, whether oral or written.

U.Counterparts

This Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. The parties agree that the executed signature page may be delivered using PDF format or similar file type transmitted via email, e-signature technology or other similar means, all having the same legal effect as delivery of an original signed copy of this Agreement.

V.The Parties

All references herein to “the Fund” are to each of the Funds listed on Appendix A individually, as if this Agreement were between such individual Fund and RPS. In the case of a series Fund or Fund with separate classes, all references to “the Fund” are to the individual series or class of such Fund, or to such Fund on behalf of the individual series or class, as appropriate. The “Fund” also includes any T. Rowe Price Fund which may be established after the date of this Agreement. Any reference in this Agreement to “the parties” shall mean RPS and such other individual Fund as to which the matter pertains.

W.Captions

The captions in the Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

14

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf under their seals by and through their duly authorized officers.

T. ROWE PRICE RETIREMENT PLANT. ROWE PRICE FUNDS

SERVICES, INC.

/s/Margaret Raymond/s/Fran Pollack-Matz

By: By: _______________________

Name: Margaret RaymondName: Fran Pollack-Matz

Title: Vice PresidentTitle: Vice President

15

SCHEDULE 1

RPS agrees that it will perform Services on behalf of the Funds in accordance with procedures developed and maintained by RPS, all applicable laws and the Fund’s then-current prospectus. Such Services include, but are not limited to, the following:

-Establishing Plan and Participant Accounts (“Retirement Accounts”)

-Enrolling Participants and collecting investment directions

-Processing Purchase, Redemption and Exchange Orders in Retirement Accounts

-Processing Plan-wide Purchase, Redemption and Exchange Orders

-Calculating and Processing Participants’ Retirement Minimum Distributions

-Processing distributions and withdrawals from Retirement Accounts

-Processing loan disbursements and repayments from Retirement Accounts

-Establishing beneficiary accounts and processing beneficiary distributions

-Receiving and Disbursing Settlement Proceeds to and from Retirement Accounts

-Processing Fund Mergers and Reorganizations

-Processing Maintenance Requests in Retirement Accounts

-Processing Adjustments in Retirement Accounts and Monitoring and Reporting Gains and Losses in the Funds Resulting from such Adjustments

-Handling Returned Checks

-Processing electronic or digital debits or payments

-Processing Dividends, Capital Gain Distributions and Other Fund Corporate Actions Affecting Retirement Accounts

-Preparing and Transmitting Retirement Account Information for Plan and Government Reporting, and as otherwise requested by Plan officials or their service providers

-Monitoring and Enforcing the Fund’s Excessive Trading Policy

-Performing Federal and State Tax Withholding and Remittance and Associated Reporting

-Responding to Correspondence relating to Retirement Accounts

-Responding to inquiries or concerns from Plans or Participants concerning their Retirement Accounts

-Maintaining Electronic Access Services for use by Participants and Plan officials and their service providers to access and transact, as appropriate, in Retirement Accounts

-Consulting with Plan officials concerning new or required services with respect to Retirement Accounts

-Implementing service changes as directed by Plan officials

-Informing and educating Participants concerning access to Retirement Accounts and related services available to them

-Developing, implementing and maintaining systems and procedures designed to prevent unauthorized access to Retirement Accounts

-Preparing and Delivering Confirmations, Statements and Tax Forms, as required

-Delivering Prospectuses, Shareholder Reports and Other Fund Notices to Participants and Retirement Plan Sponsors in the Fund, as required

-Preparing and Providing Fund Fact Sheets to Plans and Participants

-Preparing and Providing Other Required Communications to Participants and Retirement Plan Sponsors.

-Coordinating with Independent Public Accountants for Reviews and Audits

-Maintaining Books and Records for the Funds

-Maintaining and Providing Information Necessary for the Completion of Form NSAR & N-CSR

-Performing OFAC and applicable AML reviews

-Furnishing Information to the Fund

-Reconciling cash received and disbursed in connection with Fund transactions

-Tracking Fund payables and receivables

-Developing, implementing and maintaining services and associated policies and procedures to comply with existing and new regulations affecting Retirement Accounts

-Performing such Other Services as Mutually Agreed Upon by Both Parties

2

APPENDIX A

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.

T. Rowe Price All-Cap Opportunities Fund - Advisor Class

T. Rowe Price All-Cap Opportunities Fund - I Class

T. ROWE PRICE BALANCED FUND, INC.

T. Rowe Price Balanced Fund-I Class

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. Rowe Price Blue Chip Growth Fund - Advisor Class

T. Rowe Price Blue Chip Growth Fund - R Class

T. Rowe Price Blue Chip Growth Fund - I Class

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. Rowe Price Capital Appreciation Fund - Advisor Class

T. Rowe Price Capital Appreciation Fund - I Class

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. Rowe Price Communications & Technology Fund - I Class

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. Rowe Price Corporate Income Fund - I Class

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. Rowe Price Credit Opportunities Fund - Advisor Class

T. Rowe Price Credit Opportunities Fund - I Class

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. Rowe Price Diversified Mid-Cap Growth Fund - I Class

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. Rowe Price Dividend Growth Fund - Advisor Class

T. Rowe Price Dividend Growth Fund - I Class

T. ROWE PRICE EQUITY FUNDS, INC.

T. Rowe Price Institutional Large-Cap Core Growth Fund

T. Rowe Price Large Cap Growth Fund

T. Rowe Price Large Cap Growth Fund—I Class

T. Rowe Price Large Cap Value Fund

T. Rowe Price Large Cap Value Fund—I Class

T. Rowe Price Institutional Mid Cap Equity Growth Fund

T. Rowe Price Institutional Small Cap Stock Fund

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. Rowe Price Equity Income Fund - Advisor Class

T. Rowe Price Equity Income Fund - I Class

T. Rowe Price Equity Income Fund - R Class

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. Rowe Price Financial Services Fund - I Class

T. ROWE PRICE FLOATING RATE FUND, INC.

T. Rowe Price Floating Rate Fund - Advisor Class

T. Rowe Price Floating Rate Fund - I Class

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. Rowe Price Global Allocation Fund - Advisor Class

T. Rowe Price Global Allocation Fund - I Class

T. ROWE PRICE GLOBAL FUNDS, INC.

T. Rowe Price Institutional Emerging Markets Bond Fund

T. Rowe Price Institutional Emerging Markets Equity Fund

T. Rowe Price Global Value Equity Fund

T. Rowe Price Global Value Equity Fund—I Class

T. Rowe Price Institutional International Disciplined Equity Fund

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. Rowe Price Global Multi-Sector Bond Fund-Advisor Class

T. Rowe Price Global Multi-Sector Bond Fund - I Class

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. Rowe Price Global Real Estate Fund - Advisor Class

T. Rowe Price Global Real Estate Fund-I Class

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. Rowe Price Global Technology Fund-I Class

T. ROWE PRICE GNMA FUND, INC.

T. Rowe Price GNMA Fund – I Class

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. Rowe Price Government Money Fund – I Class

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. Rowe Price Growth Stock Fund - Advisor Class

T. Rowe Price Growth Stock Fund - R Class

T. Rowe Price Growth Stock Fund-I Class

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. Rowe Price Health Sciences Fund-I Class

4

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price High Yield Fund - Advisor Class

T. Rowe Price High Yield Fund-I Class

T. Rowe Price U.S. High Yield Fund

T. Rowe Price U.S. High Yield Fund – Advisor Class

T. Rowe Price U.S. High Yield Fund – I Class

T. ROWE PRICE INDEX TRUST, INC.

T. Rowe Price Equity Index 500 Fund

T. Rowe Price Equity Index 500 Fund-I Class

T. Rowe Price Extended Equity Market Index Fund

T. Rowe Price Mid-Cap Index Fund

T. Rowe Price Mid-Cap Index Fund-I Class

T. Rowe Price Small-Cap Index Fund

T. Rowe Price Small-Cap Index Fund-I Class

T. Rowe Price Total Equity Market Index Fund

T. Rowe Price U.S. Limited Duration TIPS Index Fund

T. Rowe Price U.S. Limited Duration TIPS Index Fund - I Class

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. Rowe Price Inflation Protected Bond Fund - I Class

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. Rowe Price Institutional Cash Reserves Fund

T. Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional Floating Rate Fund-F Class

T. Rowe Price Institutional High Yield Fund

T. Rowe Price Institutional Long Duration Credit Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. Rowe Price Africa & Middle East Fund

T. Rowe Price Africa & Middle East Fund—I Class

T. Rowe Price Asia Opportunities Fund

T. Rowe Price Asia Opportunities Fund - Advisor Class

T. Rowe Price Asia Opportunities Fund - I Class

T. Rowe Price China Evolution Equity Fund

T. Rowe Price China Evolution Equity Fund – I Class

T. Rowe Price Dynamic Credit Fund

T. Rowe Price Dynamic Credit Fund - I Class

T. Rowe Price Dynamic Global Bond Fund

T. Rowe Price Dynamic Global Bond Fund—Advisor Class

T. Rowe Price Dynamic Global Bond Fund—I Class

T. Rowe Price Emerging Europe Fund

T. Rowe Price Emerging Europe Fund – I Class

T. Rowe Price Emerging Markets Bond Fund

5

T. Rowe Price Emerging Markets Bond Fund-Advisor Class

T. Rowe Price Emerging Markets Bond Fund-I Class

T. Rowe Price Emerging Markets Corporate Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Corporate Bond Fund-I Class

T. Rowe Price Emerging Markets Discovery Stock Fund

T. Rowe Price Emerging Markets Discovery Stock Fund-Advisor Class

T. Rowe Price Emerging Markets Discovery Stock Fund-I Class

T. Rowe Price Emerging Markets Local Currency Bond Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund - Advisor Class

T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class

T. Rowe Price Emerging Markets Stock Fund

T. Rowe Price Emerging Markets Stock Fund-I Class

T. Rowe Price European Stock Fund

T. Rowe Price European Stock Fund - I Class

T. Rowe Price Global Consumer Fund

T. Rowe Price Global Growth Stock Fund

T. Rowe Price Global Growth Stock Fund - Advisor Class

T. Rowe Price Global Growth Stock Fund - I Class

T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global High Income Bond Fund-Advisor Class

T. Rowe Price Global High Income Bond Fund-I Class

T. Rowe Price Global Impact Equity Fund

T. Rowe Price Global Impact Equity Fund - I Class

T. Rowe Price Global Industrials Fund

T. Rowe Price Global Industrials Fund – I Class

T. Rowe Price Global Stock Fund

T. Rowe Price Global Stock Fund - Advisor Class

T. Rowe Price Global Stock Fund—I Class

T. Rowe Price International Bond Fund

T. Rowe Price International Bond Fund - Advisor Class

T. Rowe Price International Bond Fund-I Class

T. Rowe Price International Bond Fund (USD Hedged)

T. Rowe Price International Bond Fund (USD Hedged) – Advisor Class

T. Rowe Price International Bond Fund (USD Hedged) – I Class

T. Rowe Price International Disciplined Equity Fund

T. Rowe Price International Disciplined Equity Fund - Advisor Class

T. Rowe Price International Disciplined Equity Fund - I Class

T. Rowe Price International Discovery Fund

T. Rowe Price International Discovery Fund - I Class

T. Rowe Price International Stock Fund

T. Rowe Price International Stock Fund - Advisor Class

T. Rowe Price International Stock Fund - I Class

T. Rowe Price International Stock Fund - R Class

T. Rowe Price International Value Equity Fund

T. Rowe Price International Value Equity Fund - Advisor Class

6

T. Rowe Price International Value Equity Fund - I Class

T. Rowe Price International Value Equity Fund - R Class

T. Rowe Price Japan Fund

T. Rowe Price Japan Fund - I Class

T. Rowe Price Latin America Fund

T. Rowe Price Latin America Fund - I Class

T. Rowe Price New Asia Fund

T. Rowe Price New Asia Fund - I Class

T. Rowe Price Overseas Stock Fund

T. Rowe Price Overseas Stock Fund - Advisor Class

T. Rowe Price Overseas Stock Fund - I Class

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. Rowe Price International Equity Index Fund

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. Rowe Price Limited Duration Inflation Focused Bond Fund - I Class

T. ROWE PRICE MID CAP GROWTH FUND, INC.

T. Rowe Price Mid-Cap Growth Fund - Advisor Class

T. Rowe Price Mid-Cap Growth Fund - R Class

T. Rowe Price Mid-Cap Growth Fund - I Class

T. ROWE PRICE MID CAP VALUE FUND, INC.

T. Rowe Price Mid-Cap Value Fund - Advisor Class

T. Rowe Price Mid-Cap Value Fund - R Class

T. Rowe Price Mid-Cap Value Fund - I Class

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

T. Rowe Price Multi-Strategy Total Return Fund - Advisor Class

T. Rowe Price Multi-Strategy Total Return Fund - I Class

T. ROWE PRICE NEW ERA FUND, INC.

T. Rowe Price New Era Fund - I Class

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. Rowe Price New Horizons Fund-I Class

T. ROWE PRICE NEW INCOME FUND, INC.

T. Rowe Price New Income Fund - Advisor Class

T. Rowe Price New Income Fund - R Class

T. Rowe Price New Income Fund - I Class

T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.

T. Rowe Price QM U.S. Bond Index Fund - I Class

7

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. Rowe Price QM Global Equity Fund

T. Rowe Price QM Global Equity Fund - Advisor Class

T. Rowe Price QM Global Equity Fund - I Class

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - Advisor Class

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - I Class

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund - Advisor Class

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund - I Class

T. Rowe Price QM U.S. Value Equity Fund

T. Rowe Price QM U.S. Value Equity Fund - Advisor Class

T. Rowe Price QM U.S. Value Equity Fund - I Class

T. ROWE PRICE REAL ASSETS FUND, INC.

T. Rowe Price Real Assets Fund - I Class

T. ROWE PRICE REAL ESTATE FUND, INC.

T. Rowe Price Real Estate Fund - Advisor Class

T. Rowe Price Real Estate Fund - I Class

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. Rowe Price Government Reserve Fund

T. Rowe Price Short-Term Government Fund

T. Rowe Price Short-Term Fund

T. Rowe Price Treasury Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. Rowe Price Retirement 2005 Fund

T. Rowe Price Retirement 2005 Fund - Advisor Class

T. Rowe Price Retirement 2005 Fund - R Class

T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2010 Fund - Advisor Class

T. Rowe Price Retirement 2010 Fund - R Class

T. Rowe Price Retirement 2015 Fund

T. Rowe Price Retirement 2015 Fund - Advisor Class

T. Rowe Price Retirement 2015 Fund - R Class

T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2020 Fund - Advisor Class

T. Rowe Price Retirement 2020 Fund - R Class

T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2025 Fund - Advisor Class

T. Rowe Price Retirement 2025 Fund - R Class

T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2030 Fund - Advisor Class

T. Rowe Price Retirement 2030 Fund - R Class

8

T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2035 Fund - Advisor Class

T. Rowe Price Retirement 2035 Fund - R Class

T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2040 Fund - Advisor Class

T. Rowe Price Retirement 2040 Fund - R Class

T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2045 Fund - Advisor Class

T. Rowe Price Retirement 2045 Fund - R Class

T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2050 Fund - Advisor Class

T. Rowe Price Retirement 2050 Fund - R Class

T. Rowe Price Retirement 2055 Fund

T. Rowe Price Retirement 2055 Fund - Advisor Class

T. Rowe Price Retirement 2055 Fund - R Class

T. Rowe Price Retirement 2060 Fund

T. Rowe Price Retirement 2060 Fund - Advisor Class

T. Rowe Price Retirement 2060 Fund - R Class

T. Rowe Price Retirement 2065 Fund

T. Rowe Price Retirement 2065 Fund - Advisor Class

T. Rowe Price Retirement 2065 Fund - R Class

T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Balanced Fund-Advisor Class

T. Rowe Price Retirement Balanced Fund-R Class

T. Rowe Price Retirement Blend 2005 Fund

T. Rowe Price Retirement Blend 2005 Fund - I Class

T. Rowe Price Retirement Blend 2010 Fund

T. Rowe Price Retirement Blend 2010 Fund - I Class

T. Rowe Price Retirement Blend 2015 Fund

T. Rowe Price Retirement Blend 2015 Fund - I Class

T. Rowe Price Retirement Blend 2020 Fund

T. Rowe Price Retirement Blend 2020 Fund - I Class

T. Rowe Price Retirement Blend 2025 Fund

T. Rowe Price Retirement Blend 2025 Fund - I Class

T. Rowe Price Retirement Blend 2030 Fund

T. Rowe Price Retirement Blend 2030 Fund - I Class

T. Rowe Price Retirement Blend 2035 Fund

T. Rowe Price Retirement Blend 2035 Fund - I Class

T. Rowe Price Retirement Blend 2040 Fund

T. Rowe Price Retirement Blend 2040 Fund - I Class

T. Rowe Price Retirement Blend 2045 Fund

T. Rowe Price Retirement Blend 2045 Fund - I Class

T. Rowe Price Retirement Blend 2050 Fund

T. Rowe Price Retirement Blend 2050 Fund - I Class

T. Rowe Price Retirement Blend 2055 Fund

T. Rowe Price Retirement Blend 2055 Fund - I Class

9

T. Rowe Price Retirement Blend 2060 Fund

T. Rowe Price Retirement Blend 2060 Fund - I Class

T. Rowe Price Retirement Blend 2065 Fund

T. Rowe Price Retirement Blend 2065 Fund - I Class

T. Rowe Price Retirement I 2005 Fund - I Class

T. Rowe Price Retirement I 2010 Fund - I Class

T. Rowe Price Retirement I 2015 Fund - I Class

T. Rowe Price Retirement I 2020 Fund - I Class

T. Rowe Price Retirement I 2025 Fund - I Class

T. Rowe Price Retirement I 2030 Fund - I Class

T. Rowe Price Retirement I 2035 Fund - I Class

T. Rowe Price Retirement I 2040 Fund - I Class

T. Rowe Price Retirement I 2045 Fund - I Class

T. Rowe Price Retirement I 2050 Fund - I Class

T. Rowe Price Retirement I 2055 Fund - I Class

T. Rowe Price Retirement I 2060 Fund - I Class

T. Rowe Price Retirement I 2065 Fund - I Class

T. Rowe Price Retirement Balanced I Fund - I Class

T. Rowe Price Retirement Income 2020 Fund

T. Rowe Price Target 2005 Fund

T. Rowe Price Target 2005 Fund - Advisor Class

T. Rowe Price Target 2005 Fund - I Class

T. Rowe Price Target 2010 Fund

T. Rowe Price Target 2010 Fund - Advisor Class

T. Rowe Price Target 2010 Fund - I Class

T. Rowe Price Target 2015 Fund

T. Rowe Price Target 2015 Fund - Advisor Class

T. Rowe Price Target 2015 Fund - I Class

T. Rowe Price Target 2020 Fund

T. Rowe Price Target 2020 Fund - Advisor Class

T. Rowe Price Target 2020 Fund - I Class

T. Rowe Price Target 2025 Fund

T. Rowe Price Target 2025 Fund - Advisor Class

T. Rowe Price Target 2025 Fund - I Class

T. Rowe Price Target 2030 Fund

T. Rowe Price Target 2030 Fund - Advisor Class

T. Rowe Price Target 2030 Fund - I Class

T. Rowe Price Target 2035 Fund

T. Rowe Price Target 2035 Fund - Advisor Class

T. Rowe Price Target 2035 Fund-I Class

T. Rowe Price Target 2040 Fund

T. Rowe Price Target 2040 Fund - Advisor Class

T. Rowe Price Target 2040 Fund - I Class

T. Rowe Price Target 2045 Fund

T. Rowe Price Target 2045 Fund - Advisor Class

T. Rowe Price Target 2045 Fund - I Class

10

T. Rowe Price Target 2050 Fund

T. Rowe Price Target 2050 Fund - Advisor Class

T. Rowe Price Target 2050 Fund - I Class

T. Rowe Price Target 2055 Fund

T. Rowe Price Target 2055 Fund - Advisor Class

T. Rowe Price Target 2055 Fund - I Class

T. Rowe Price Target 2060 Fund

T. Rowe Price Target 2060 Fund - Advisor Class

T. Rowe Price Target 2060 Fund - I Class

T. Rowe Price Target 2065 Fund

T. Rowe Price Target 2065 Fund - Advisor Class

T. Rowe Price Target 2065 Fund - I Class

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. Rowe Price Science & Technology Fund - Advisor Class

T. Rowe Price Science & Technology Fund - I Class

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. Rowe Price Short Duration Income Fund

T. Rowe Price Short Duration Income Fund - I Class

T. Rowe Price Short-Term Bond Fund - Advisor Class

T. Rowe Price Short-Term Bond Fund - I Class

T. Rowe Price Ultra Short-Term Bond Fund

T. Rowe Price Ultra Short-Term Bond Fund - I Class

T. ROWE PRICE SMALL CAP STOCK FUND, INC.

T. Rowe Price Small Cap Stock Fund - Advisor Class

T. Rowe Price Small-Cap Stock Fund - I Class

T. ROWE PRICE SMALL CAP VALUE FUND, INC.

T. Rowe Price Small Cap Value Fund - Advisor Class

T. Rowe Price Small-Cap Value Fund - I Class

T. ROWE PRICE SPECTRUM FUND, INC.

T. Rowe Price Spectrum Diversified Equity Fund

T. Rowe Price Spectrum Diversified Equity Fund - I Class

T. Rowe Price Spectrum Income Fund

T. Rowe Price Spectrum Income Fund - I Class

T. Rowe Price Spectrum International Equity Fund

T. Rowe Price Spectrum International Equity Fund - I Class

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. Rowe Price Spectrum Conservative Allocation Fund

T. Rowe Price Spectrum Conservative Allocation Fund - I Class

T. Rowe Price Spectrum Moderate Allocation Fund

T. Rowe Price Spectrum Moderate Allocation Fund - I Class

11

T. Rowe Price Spectrum Moderate Growth Allocation Fund

T. Rowe Price Spectrum Moderate Growth Allocation Fund - I Class

T. ROWE PRICE SUMMIT FUNDS, INC.

T. Rowe Price Cash Reserves Fund

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. Rowe Price Total Return Fund - Advisor Class

T. Rowe Price Total Return Fund - I Class

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. Rowe Price U.S. Equity Research Fund - Advisor Class

T. Rowe Price U.S. Equity Research Fund - I Class

T. Rowe Price U.S. Equity Research Fund - R Class

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. Rowe Price U.S. Large-Cap Core Fund - Advisor Class

T. Rowe Price U.S. Large-Cap Core Fund - I Class

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

T. Rowe Price U.S. Treasury Intermediate Index Fund

T. Rowe Price U.S. Treasury Intermediate Index Fund - I Class

T. Rowe Price U.S. Treasury Long-Term Index Fund

T. Rowe Price U.S. Treasury Long-Term Index Fund - I Class

T. Rowe Price U.S. Treasury Money Fund

T. Rowe Price U.S. Treasury Money Fund - I Class

T. ROWE PRICE VALUE FUND, INC.

T. Rowe Price Value Fund - Advisor Class

T. Rowe Price Value Fund - I Class

12

EX-99.J OTHER OPININ

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of T. Rowe Price Spectrum Fund, Inc. of our reports dated February 16, 2023, relating to the financial statements and financial highlights, which appear in T. Rowe Price Spectrum Diversified Equity Fund, T. Rowe Price Spectrum International Equity Fund, and T. Rowe Price Spectrum Income Fund’s (constituting T. Rowe Price Spectrum Fund, Inc.) Annual Report on Form N-CSR for the year ended December 31, 2022. We also consent to the references to us under the headings “Financial Highlights”, “Independent Registered Public Accounting Firm”, and “Fund Service Providers” in such Registration Statement.

/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Baltimore, Maryland
April 27, 2023

EX-99.J OTHER OPININ

April 27, 2023

Ryan Sutcliffe, Esquire
U.S. Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, D.C. 20549

Re: T. Rowe Price Spectrum Fund, Inc.

File Nos.: 033-10992/811-4998

Post-Effective Amendment No. 49

Dear Mr. Sutcliffe:

I am counsel to T. Rowe Price Associates, Inc., which serves as the sponsor and investment adviser to all outstanding series of the above-referenced registrant. The registrant proposes to file the above-referenced Post-Effective Amendment to its registration statement pursuant to Rule 485(b) under the Securities Act of 1933.

I have reviewed the amendment to the registration statement and represent that it does not contain disclosures that, in my opinion, would render the amendment ineligible to become effective pursuant to Rule 485(b).

Sincerely,

/s/Brian R. Poole
Brian R. Poole

Managing Legal Counsel and Vice President, T. Rowe Price Associates, Inc.

EX-99.J OTHER OPININ

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY FUNDS, INC.

T. ROWE PRICE EQUITY INCOME FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE EXCHANGE-TRADED FUNDS, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL FUNDS, INC.

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND, INC.

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.
T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE SPECTRUM FUNDS II, INC.

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE TOTAL RETURN FUND, INC.

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

T. ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

RESOLVED, that the Corporation does hereby constitute and authorize Alan S. Dupski, Margery K. Neale, David Oestreicher, and Fran M. Pollack-Matz, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation, to be offered by the Corporation, and the registration of the Corporation under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation on its behalf, and to sign the names of each of such directors and officers on his or her behalf as such director or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation of the Corporation.

IN WITNESS WHEREOF, the above named Corporations have caused these presents to be signed and the same attested by its Assistant Secretary, each thereunto duly authorized by its Board of Directors, and each of the undersigned has hereunto set his or her hand and seal as of the day set opposite his or her name. The undersigned may execute this Power of Attorney in one or more counterparts, each of which are deemed an original and all of which together constitute one and the same instrument. The parties may deliver this Power of Attorney, including signature pages, by original or digital signatures, or facsimile or emailed PDF transmissions, and the undersigned hereby adopt any documents so received as original and having the same effect as physical delivery of paper documents bearing the original signature.

2

/s/David Oestreicher
David Oestreicher /s/Alan S. Dupski	Executive Vice President (Principal Executive Officer) Director	October 24, 2022
Alan S. Dupski /s/Teresa Bryce Bazemore	Treasurer (Principal Financial Officer) Vice President	October 24, 2022
Teresa Bryce Bazemore /s/Bruce W. Duncan	Director	October 24, 2022
Bruce W. Duncan /s/Robert J. Gerrard, Jr.	Director	October 24, 2022
Robert J. Gerrard, Jr. /s/Paul F. McBride	Director	October 24, 2022
Paul F. McBride /s/Eric L. Veiel	Director	October 24, 2022
Eric L. Veiel /s/Kellye L. Walker	Director	October 24, 2022
Kellye L. Walker	Director	October 24, 2022

ATTEST:

/s/Shannon Hofher Rauser

Shannon Hofher Rauser, Assistant Secretary

3

EX-99.P CODE ETH

Effective February 1, 2023

CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY

T. ROWE PRICE GROUP, INC. AND ITS SUBSIDIARIES

T. ROWE PRICE MUTUAL FUNDS

T. ROWE PRICE EXCHANGE-TRADED FUNDS

T. ROWE RICE GROUP, INC. AND ITS SUBSIDIARIES

T. ROWE PRICE MUTUAL FUNDS

T. ROWE PRICE EXCHANGE-TRADED FUNDS

CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY

I.INTRODUCTION

This Code of Ethics and Personal Transactions Policy (the “Policy”) sets forth the standards of business conduct expected of all:

·officers, directors and employees of T. Rowe Price Group, Inc. (“TRPG”) and certain of its subsidiaries¹. (collectively, “T. Rowe Price”) and their Family Members;

·officers, directors and employees of the Price Funds, the SICAVs, or the Cayman Funds (each as defined below); and

·contingent workers, agency temporary workers, contractors, consultants, and any other personnel who have been notified that they are subject to this Policy

(collectively referred to as “Associates”) in connection with their personal securities transactions.

The Policy is designed to:

·Reflect the fiduciary duty of the firm to its clients;

·Address compliance with laws, rules, and regulations applicable to T. Rowe Price’s business, including, but not limited to Rule 204A-1 under the Investment Advisers Act (“Rule 204A-1”) and Rule 17j-1 under the Investment Company Act of 1940 (“Rule 17j-1”);

·Prevent regulatory, business and ethical conflicts as they relate to personal transactions;

·Minimize the potential of a transaction or circumstance occurring that a regulatory agency would view as inconsistent with T. Rowe Price’s role as a fiduciary;

·Avoid situations in which it might appear that any officer, director, employee or other personnel of T. Rowe Price or the Price Funds had benefited personally at the expense of a client or fund shareholder or taken inappropriate advantage of their fiduciary position; and

·Detect and prevent the misuse of material, non-public information.

All Associates must comply with the Policy. Certain Associates will be notified by Code Compliance that they have been designated as “Access Persons” and are subject to more restrictive pre-clearance and reporting requirements.

“Access Persons” are defined as:

·Any officer or director of any of the Price Advisers and the Price Funds (except the Independent Directors of the Price Funds);

·Any person associated with T. Rowe Price who, in connection with their regular functions or duties: (i) makes, participates in, obtains or has access to non-public information

regarding the purchase or sale of securities by any Price Adviser client; (ii) has access to non-public information regarding the securities holdings of any Price Adviser client; or (iii) makes recommendations with respect to the purchases or sales of securities for a Price Adviser client; or

¹ For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

·Any other person classified as such by Code Compliance.

The Policy has been adopted by T. Rowe Price and its subsidiaries², the Price Funds, T. Rowe Price UK Limited (TRP UK”), the SICAVs, and the Cayman Funds.

The independent directors of TRPG, TRP UK; T. Rowe Price Funds SICAV (“SICAVI”), T. Rowe Price Funds Series II SICAV (“SICAVII”), Select Investments Series III SICAV (“SICAVIII”), T. Rowe Price Funds B SICAV (“SICAVB” and together with the SICAVI, SICAVII, SICAVIII and SICAVB, the “SICAVs”), T. Rowe Price Macro and Absolute Return Strategies Master Fund Ltd and T. Rowe Price Macro and Absolute Return Strategies Offshore Fund Ltd (together the “Cayman Funds”) and Price Funds are not subject to all the requirements of the Policy. The requirements of the Policy applicable to independent directors are set forth in Exhibit A.

This Policy and each Associate’s adherence to it is meant to satisfy T. Rowe Price’s requirements under Rule 204A-1 and Rule 17j-1.

Certain defined terms used in the Policy are set forth in “Defined Terms.”

II.STANDARDS OF BUSINESS CONDUCT

T. Rowe Price has established a Code of Conduct that sets standards expected of all Associates and provides the framework for conducting business in a fair and ethical manner. Consistent with the Code of Conduct, T. Rowe Price and each Associate have a fiduciary duty to put client interests first and to always act in the clients’ best interests. Associates must comply with applicable legal requirements, securities laws, the Code of Conduct and related policies and procedures.

Conflicts of Interest

The Code of Conduct states that conflicts of interest may arise between clients, between clients and T. Rowe Price, between clients and Associates, and among T. Rowe Price’s own entities or business divisions. T. Rowe Price takes all reasonable steps to identify and manage conflicts. It is the responsibility of each Associate to disclose all material conflicts and to act in a manner consistent with this Policy. Conflicts or potential conflicts of interest involving an Associate’s behavior may arise through, among other activities, an Associate’s personal securities transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

Personal securities transactions. An Associate’s personal securities transactions may present an actual, potential or apparent conflict or other risk that could harm T. Rowe Price, its shareholders or its clients. For T. Rowe Price to identify and manage these conflicts and risks, Associates must disclose their personal brokerage accounts and holdings, disclose and receive approval for any trading accounts subject to this Policy and conduct approved securities transactions in accordance with the requirements of this Policy.

² For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

Associates must not:

·Improperly benefit personally by causing a client to act, or fail to act, in making investment decisions.

·Profit, or cause others to profit, based on their knowledge of completed or contemplated client transactions.

·Transact on the basis on material, non-public (inside) information.

·Engage in personal securities transactions that are in conflict with the interests of clients, the parameters set by the Policy, or the restrictions imposed by T. Rowe Price restricted lists.

T. Rowe Price maintains lists of issuers for which a Price Adviser or an Associate may be in possession of material, non-public information (the “Restricted Lists”). When an issuer is listed on a Restricted List, personal trading by Access Persons is prohibited.

Outside business activities. Associates are expected to put their responsibilities at T. Rowe Price ahead of any other personal business opportunities or second jobs and must avoid any activities, relationships or situations that might conflict with, or appear to conflict with, their duties on behalf of T. Rowe Price. When an Associate is engaged in an approved outside business activity, they must be vigilant about any changes in the arrangement that may present a real or perceived conflict of interest with T. Rowe Price. Refer to the Global Outside Business Activities Policy for more information.

Political contributions and activities. Associates must obtain prior clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and activities undertaken by Associates must always be lawful and consistent with T. Rowe Price and business unit policies. Associates may not coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S. Furthermore, Associates may not do anything indirectly that, if done directly, would violate T. Rowe Price policies or applicable regulation. Refer to the Global Political Contributions and Activities Policy for more information.

Gifts and business entertainment. Associates may not offer, give, provide, or accept any gift or business entertainment unless such gift or entertainment:

·Is reasonable and customary under the circumstances;

·Is not lavish in value, unique in nature, or excessive in frequency;

·Cannot be construed as a bribe, payoff, or kickback to obtain or retain business;

·Is an appropriate reimbursable business expense; and

·Does not violate any applicable law or regulation.

Refer to the Global Gifts and Business Entertainment Policy for more information.

Associates must contact Code Compliance for guidance if they believe that a perceived or actual conflict arises under any of the activities described above or otherwise.

III.REPORTING REQUIREMENTS

Securities accounts are generally defined as accounts that satisfy one of the following conditions:

·The Associate is a direct or Beneficial Owner of the account; OR

·The Associate Controls or directs securities trading for another person or entity, even if they are not the Beneficial Owner of the account;

AND invest in, or have the ability to invest in, any of the following securities:

·Individual equity securities, including ETFs, and derivatives of these securities;

·Fixed income securities and derivatives of these securities; and

·Reportable Funds.

A. Initial Disclosure of Existing Accounts

All Associates must disclose their securities accounts and the securities accounts of their Family Members (including Fully Discretionary Accounts and any securities accounts holding TRPG securities) maintained with any broker, dealer, investment adviser, bank or other financial institution via myTRPcompliance. Such disclosure must take place within ten calendar days of becoming subject to the Policy, opening or discovering a reportable account.

B. New Accounts

All Associates must obtain prior approval via myTRPcompliance for all new non-T. Rowe Price securities accounts opened while they are associated with the firm. Associates in the U.S. and the U.K. may only open new securities accounts with financial institutions that agree to provide Code Compliance with an automated data feed of the transactions effected in the account (the Approved Broker List). All Associates opening a new securities account with a broker-dealer must inform such firm of their association with a T. Rowe Price-affiliated broker-dealer.

Securities held in securities accounts are generally subject to reporting and may require pre-clearance. Refer to “Reporting Requirements” and“Pre-clearance and Holding Period Requirements” for details. Code Compliance may, in certain circumstances, grant an exception to the requirements described above. Refer to “Exceptions and Interpretations” for more information.

C. Transaction Reporting

All Associates must request broker-dealers, investment advisers, banks, or other financial institutions executing transactions in securities in the Associate’s securities accounts to provide: (i) a duplicate trade confirmation with respect to each transaction in a security; and (ii) a copy of all periodic account statements.

If the executing firm provides a trade confirmation directly to Code Compliance via an established automated data feed, no further reporting is needed.

If the broker is unable to satisfy transaction reporting through an automated data feed or by delivery of a paper copy of trade confirmations and statements, Associates are required to enter transaction details in myTRPcompliance (as prescribed in Rule 17j-1(d)(1)(ii)) within 10 calendar days after the transaction occurred.

A transaction in a Reportable Fund, a spousal payroll deduction plan or a stock split or similar acquisition or disposition must be reported within 30 calendar days after the end of the calendar quarter in which the transaction occurred

D. Exceptions to the Reporting Requirements

Robo Adviser Accounts. Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by T. Rowe Price (such as non-Price ETFs) do not require approval or reporting to Code Compliance. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Code Compliance

Fully Discretionary Accounts. A Fully Discretionary Account is a securities account for which an Associate has completely relinquished decision-making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Policy) and over which the Associate has no direct or indirect influence or Control. When disclosing Fully Discretionary Accounts, Associates must provide Code Compliance with a copy of the investment management agreement (or equivalent).

IV.PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS

All Associates must obtain pre-clearance via myTRPcompliance when transacting in TRPG securities. Associates who have been designated as Access Persons must also obtain pre-clearance for other securities transactions, as described in further detail below.

Associates will receive a response via myTRPcompliance indicating whether the request was approved or denied and must refrain from executing the transaction until such response is obtained.

Pre-clearance approval is valid for three business days from and including the date the clearance is granted (measured from the first business day in the requesting Associate’s time zone). Pre-clearance approval for Private Placements is valid for 90 calendar days.

A. Pre-clearance Requirements for all Associates

·All Associates must request pre-clearance via myTRPcompliance before executing a transaction to sell or transfer TRPG securities (TRPG stock ticker: TROW) from their ESPP.

·All Associates must request pre-clearance via myTRPcompliance before executing a transaction to purchase, sell, or gift TRPG securities outside of the ESPP.

B. Pre-clearance Requirements for Access Persons

Access Persons must request pre-clearance via myTRPcompliance before executing a transaction in any individual stocks, bonds, Private Placements and derivatives of these securities, and Price ETFs for which the Access Person is a Beneficial Owner. Refer to Exhibit B for additional pre-clearance requirements.

Pre-clearance for Private Placements:Access Persons must obtain pre-clearance when investing in a Private Placement, including the purchase of limited partnership interests. Along with the Private Placement offering document, the Access Person must provide:

·The name, location and a brief description of the private issuer/company;

·The amount of investment;

·The desired date of investment;

·If applicable, the percentage of the Access Person’s ownership in the private issuer/company after investment; and

·The source (name and relationship to Access Person) that introduced the investment opportunity to the Access Person.

An Access Person who has invested in a Private Placement and who later anticipates participating in a Price Adviser’s investment decision regarding the purchase or sale of securities of the issuer of that Private Placement on behalf of any Price Adviser client, must immediately disclose their investment to the Chairperson of the Ethics Committee, or their designee and to the Chairperson of the appropriate Investments steering committee.

C. Holding Period Requirements

A 60-day holding period applies to securities and transactions requiring pre-clearance. Access Persons are not permitted to: (i) sell shares of an issuer if they have purchased shares of the same issuer for a lesser price during the previous 60 calendar days; or (ii) buy shares to cover a short position when the short position was entered in the previous 60 calendar days, if covering the position for a lesser price. Access Persons must check their compliance with the holding period requirement before entering into a transaction.

Holding Period for Associates in Japan. Securities acquired by employees of T. Rowe Price Japan, Inc. are subject to a holding period of six months. Refer to TRP Japan Compliance Manual for more information.

Holding Period for the Price Funds. Associates must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Price Fund.

D. Exceptions to the Pre-Clearance Requirement

Fully Discretionary Accounts. Transactions in securities held in Fully Discretionary Accounts are not subject to the pre- clearance requirement, except transactions involving TRPG securities, short sales and Private Placements.

Refer to Exhibit B for other exceptions to the pre-clearance requirement.

V.OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS

A. Limit Orders

While limit orders are permitted, Access Persons must be careful using “good until cancelled” orders, keeping in mind that pre-clearance is valid for three business days. Use of “day” limit orders are encouraged.

B. Transacting in TRPG Securities

The following chart is a summary of requirements applicable when Associates transact in TRPG securities:

Description of Activity	Requirement Under the Policy
Executing a transaction to sell or transfer TRPG securities from an Associate’s ESPP	·Pre-clearance via myTRPcompliance ·Reporting
Executing a transaction to purchase, sell, or gift TRPG securities outside of an Associate’s ESPP*	·Pre-clearance via myTRPcompliance ·Reporting
Giving TRPG securities as a gift (including a gift to a donor advised fund) after holding the stock for at least 60 days	·Pre-clearance via myTRPcompliance ·Reporting
Applicability of a holding period [not applicable to options or vested shares]	Yes, 60 calendar days
Transacting in TRPG during a Blackout Period	Prohibited
Transacting in options related to TRPG securities (other than stock options granted to Associates)	Prohibited
Selling TRPG securities short	Prohibited
Entering into any contract or purchasing any instrument designed to hedge or offset any decrease in the market value of TRPG securities	Prohibited
Reporting of transactions in TRPG securities to the SEC (applies to Associates subject to Section 16 of the Securities Exchange Act of 1934, as amended)	Transactions must be reported immediately
*Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement.

C. Transacting in ETFs

Following is a summary of requirements applicable when Associates transact in ETFs:

	Access Persons	All Other Associates
Pre-clearance (Price ETFs)	Yes	No
Pre-clearance (Third-party ETFs)	No	No
Post-trade reporting (Price ETFs)	Yes	Yes
Post-trade reporting (Third-party ETFs)	Yes	Yes
Subject to the 60‐Day Rule (Price ETFs)	Yes	No
Subject to the 60-Day Rule (Third-party ETFs)	No	No
Able to buy/sell in the primary market (Price ETFs)	No	No
Able to buy/sell in the primary market (Third-party ETFs)	Yes	Yes
Able to sell short (Price ETFs)	No	No
Able to sell short (Third-party ETFs)	Yes	Yes
Able to transact in options (Price ETFs)	No	No

Able to transact in options (Third-party ETFs)	Yes	Yes
Able to transact in inverse/short and narrow Price ETFs*	No	Yes
Able to transact in inverse/short and narrow (Third-party ETFs*)	No	Yes
Able to transact in single-stock ETFs	No	No
* Narrow ETFs include, but are not limited to, those focused on specific industries (e.g., energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (e.g., countries or regions).

D. Initial Public Offerings (“IPOs”)

·Investment Personnel and FINRA-registered representatives are prohibited from purchasing securities in an IPO.

·Access Persons other than Investment Personnel and FINRA-registered representatives may purchase securities in an IPO only after receiving pre-clearance via Code Compliance or myTRPcompliance. The 60-day holding period requirement applies to transactions in securities purchased in an IPO.

E. Options and Futures

The purchase, sale and exercise of options are generally subject to the same restrictions as applicable to securities (i.e., an option should be treated as if it were the common stock). If a transaction in the underlying instrument does not require pre-clearance (e.g., ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require pre-clearance.

Closing (selling to close or buying to close) or exercising an option (for which the underlying instrument is subject to pre-clearance, e.g., stock options) requires pre-clearance. Pre-clearance is not required when an Access Person writes (sells) an option and the option is exercised against such Access Person, without any action on their part. Access Persons should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

F. Participation in Investment Clubs

Associates may form or participate in an investment club. Investment club transactions in TRPG securities are subject to pre-clearance and must be reported along with the Associate’s personal transactions activity.

Access Persons or their Family Members must not form or participate in an investment club without prior written approval from the Chairperson of the Ethics Committee, or their designee. Transactions effected by an investment club in which an Access Person is a member, Beneficial Owner or Controller are subject to the same pre-clearance and reporting requirements as apply to the Access Person’s personal trades.

PERSONAL TRANSACTIONS RESTRICTIONS

Associates must not:

·Engage in personal transactions that are excessive or that compromise the firm’s fiduciary duty to clients. At the discretion of the Chairperson of the Ethics Committee, or their designee, Code Compliance will send a written notification of excessive personal securities transactions to an Associate and/or their supervisor and will report such activity to the Chairperson of the Ethics Committee and the Ethics Committee.

·Wager, bet or gamble in connection with individual securities, securities indices, currency spreads, or other similar financial indices or instruments including contracts for difference.

·Participate in initial coin offerings.

Access Persons must not:

·Transact in securities for which orders have been placed by any Price Adviser to purchase or sell the security, unless certain size or volume parameters³ as set forth by the Ethics Committee are met.

·Transact in any security that has been purchased or sold by any Price Adviser client seven calendar days immediately prior to the date of the Access Person’s proposed transaction, unless certain size or volume parameters³ as established by the Ethics Committee are met.

·Transact in securities issued by broker-dealers, underwriters or SEC-registered investment advisers, unless the entity is traded on an exchange.

·Transact in securities of issuers on any of the firm’s Restricted Lists.

·Transact in securities for which a change in the rating of an issuer has occurred within seven calendar days immediately prior to the date of the proposed transaction.

VII.CERTIFICATION REQUIREMENTS

In addition to disclosure of their securities accounts (as described in “Types of Accounts/Account Opening Requirements”), Associates are required to, among other things, disclose the holdings in such accounts upon becoming subject to the Policy and periodically thereafter.

A. Initial Holdings

All Associates must disclose and certify, via myTRPcompliance, any shares of TRPG securities that they Beneficially Own no later than ten calendar days after they become subject to this Policy.

Access Persons must disclose and certify, via myTRPcompliance,all holdings in the following securities in which they have a Beneficial Interest or Control (the “Initial Holdings Report”) no later than ten calendar days after the become subject to the Policy as an Access Person:

³ Transactions involving no more than US $50,000 or the nearest round lot (even if the amount of the transaction marginally exceeds US $50,000) per security per seven calendar day period in securities of (i) issuers with market capitalizations of US $7.5 billion or more, or (ii) U.S. issuers with an average daily trading volume in excess of 750,000 shares over the preceding 90 trading days in the U.S., unless the rating on the security has been changed within the seven calendar days immediately prior to the date of the proposed transaction.

·Individual equity securities, including any derivatives (e.g., options, futures, etc.) of these securities;

·Bonds, including any derivatives of these securities;

·ETFs, including any derivatives of these securities;

·Unit investment trusts and listed closed end funds;

·Private Placements;

·Products (AUTs, ITMs, ETFs, mutual funds, OEICs, 529 portfolios, SICAVs, trusts) advised by a Price Adviser; and

·Products sub-advised by a Price Adviser.

The Initial Holdings Report must be current as of a date no more than 45 days prior to the date the individual becomes an Access Person, and include, among other things:

·The title, number of shares and principal amount of each security;

·The name of the broker, dealer or bank with whom the Access Person maintains a securities account in which any securities are for the Access Person’s direct or indirect benefit; and

·The date the Access Person submits the Initial Holdings Report.

Securities that are not subject to reporting include, but are not limited to:

·Bankers’ acceptances, bank certificates of deposit and commercial paper;

·Currency;

·Cryptocurrency;

·Direct obligations of the U.S. Government;

·Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

·Open end mutual funds, including money market funds, advised by a third party;

·UCITS advised by a third-party; and

·Variable insurance products that invest in third-party funds.

Refer to Exhibit B for applicable exemptions from the reporting requirement.

B. Annual Compliance Certification

All Associates must certify annually via myTRPcompliance to, among other things, their securities accounts and transactions and compliance with various firm policies (including the Policy).

Access Persons must certify annually via myTRPcompliance to, among other things, their personal securities holdings, their securities accounts and transactions and compliance with various firm policies (including the Policy).

C. Reporting of One – Half of One Percent Ownership

An Associate owning more than one half of one percent of the total outstanding shares of a public or private company must immediately disclose such information in writing to Code Compliance via

Code_of_Ethics@troweprice.com, providing the name of the company and the total number of such company’s shares they Beneficially Own.

Refer to Exhibit B for applicable exceptions from the reporting requirement.

VIII.ROLES AND RESPONSIBILITIES

All Associates must attest to receipt and understanding of the Policy: (i) upon becoming subject to it; (ii) on an annual basis; and (iii) whenever material amendments to the Policy are made. In attesting to the Policy, Associates agree to their understanding of the Policy and agree to comply with the requirements of the Policy. See “Annual Compliance Certification.”

Associates should contact LegalCompliance_EmployeeTrading@TRowePrice.com regarding the applicability, meaning or administration of the Policy, including requests for an exception, in advance of any contemplated transaction.

Code Compliance:

·Administers and monitors adherence to the Policy, including reviewing disclosures, providing training and identifying violations; and

·Maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory requirements.

The Payroll & Stock Transaction Group provides guidance to Associates when they are transacting in TRPG securities.

The Ethics Committee provides oversight of the Policy, including reviewing exceptions and violations. The Ethics Committee also provides a point of escalation for Code Compliance and the Payroll & Stock Transactions Group.

Material changes to the Policy shall be approved by the Board of TRPG, the board of directors of TRP UK and by the board of directors of each Price Fund, including a majority of the Independent Directors of the Price Funds. Approval of any material change to the Policy by the board of directors of the Price Funds shall be obtained within six months after the change is implemented.

IX.VIOLATIONS AND SANCTIONS

Violations and potential violations of the Policy are typically investigated by Code Compliance or, if necessary, the Ethics Committee. Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

·A letter of censure or suspension;

·Disgorgement of profit;

·A fine;

·A suspension of trading privileges;

·Termination of employment; or

·Any other sanction as may be determined by the Ethics Committee.

When tracking violations, Code Compliance generally utilizes a rolling two-year look-back period in the administration of the sanctions guidelines set forth below. All violations of the Policy shall be reported to the Board of Directors of TRPG, the Board of Directors of any Price Fund and any other applicable board. As noted above, however, these sanctions are not the exclusive remedy for violations of this Policy.

First Violation

·Associate and manager notification; and

·Associate required to complete online remedial training course.

Second Violation

·Associate and escalated manager notifications, up to and including, applicable Management Committee member;

·Associate required to complete online remedial training course;

·Associate required to meet with applicable Chief Compliance Officer and Senior Compliance Manager; and

·Associate fined according to officer or role guidelines.

Associate	VP, TRPG	Investment Personnel	Portfolio Manager, Management Committee Member, Direct Report of Management Committee Member
US $250	US $750	US $750	US $1500

Three or More Violations

·Associate and escalated manager notifications, up to and including applicable Management Committee member;

·Chief Executive Officer notification;

·Associate required to complete online remedial training course;

·Associate subject to a personal trading prohibition of at least three months; and

·Associate fined according to officer or role guidelines.

Associate	VP, TRPG	Investment Personnel	Portfolio Manager, Management Committee Member, Direct Report of Management Committee Member
At least US $500	At least US $2000	At least US $2000	At least US $5000

X. EXCEPTIONS AND INTERPRETATIONS

Code Compliance, in conjunction with the Ethics Committee, may grant an exception from any provision of the Policy, including pre-clearance, other trading restrictions, and certain reporting requirements. Exceptions will be considered on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

From time to time, situations may arise with respect to certain provisions of this Policy that require interpretation. Associates may submit a written request for clarification or interpretation to Code Compliance (Code_of_Ethics@TRowePrice.com). Any such request for clarification or interpretation should name the account, the Associate’s interest in the account, the persons or firms

responsible for its management, and the specific facts of the situation. Associates may not assume that the Policy (or a specific provision of the Policy) is not applicable to their situation. Code Compliance will provide a response to each properly submitted request for clarification or interpretation. When in doubt, Associates must not proceed with a transaction or course of action until they receive a response from Code Compliance.

XI.DEFINED TERMS

AUT means Australian unit trusts.

Beneficial Owner means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any economic interest or profit derived from ownership of or a transaction in a security. An Associate may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name.

The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control.

An individual is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account for which they are solely a named beneficiary, assuming the individual does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

Blackout Period means the period from the second trading day after quarter end (or such other date as management shall determine) through the end of the first trading day following when TRPG’s earnings release is filed with the SEC. Quarterly notifications with respect to the Blackout Period are published on the firm’s intranet site.

Control means the power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company’s outstanding voting securities is presumed to give the holder thereof Control over the company.

ESPP means the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.

ETF means exchange traded fund.

Exchange traded fund or ETF means an investment fund that is traded on a stock exchange.

Family Member means the Associate’s spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, or in-law (including mother, father, sister, brother, daughter or son) sharing the same household as the Associate.

Independent Director of TRPG, TRP UK, the SICAVs, or the Cayman Funds meansthose directors who are neither officers nor employees of TRPG or any of its subsidiaries.

Investment Personnelmeans an Access Person who, in connection with their regular functions or duties, makes or participates in making, or is closely associated with personnel who make recommendations regarding the purchase or sale of securities by a Price Adviser client.

The term “Investment Personnel” includes, but is not limited to:

·Individuals who are authorized to make investment decisions or to recommend securities transactions on behalf of the firm’s clients (investment counselors and members of the mutual fund advisory committees);

·Research and credit analysts;

·Traders who assist in the investment process; and

·Support staff who assist in the investment process.

Investment Advisers Act means the U.S. Investment Advisers Act of 1940, as amended.

Investment Company Act means the U.S. Investment Company Act of 1940, as amended.

ITM means an investment trust management company.

OEIC means open-ended investment company.

Price Adviser means a subsidiary of T. Rowe Price Group, Inc. that is an investment adviser entity registered with the SEC. For the avoidance of doubt, “Price Adviser” does not include Oak Hill Advisors, L.P. and its subsidiaries.

Price ETFs means the T. Rowe Price Exchange-Traded Funds, the family of ETFs advised by a Price Adviser.

Price Funds means any T. Rowe Price-sponsored fund registered under the Investment Company Act, including but not limited to, the T. Rowe Price Mutual Funds and the Price ETFs, and advised by a Price Adviser.

Price Funds’ Independent Directors means those directors of the Price Funds who are not deemed to be “interested persons” (as defined in Section 2(a)(19) of the Investment Company Act) of T. Rowe Price Group, Inc. or the Price Funds.

Private Placement means an offering that is exempt from registration by a regulatory authority and sold through a private offering. For purposes of the Policy, investments made: (i) in a small business sourced through family, friends or any other referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors, through which investors receive an equity stake in the business, are considered Private Placements (e.g., Seedrs, OurCrowd, Crowdcube).

Reportable Fund means any open-end investment company for which any of the Price Advisers serves as an investment adviser. The term Reportable Fund includes:

·Price Funds, including money market funds and the Price ETFs;

·UCITs advised by a Price Adviser;

·SICAVs advised by a Price Adviser;

·OEICs advised by a Price Adviser;

·ITMs advised by a Price Adviser;

·AUTs advised by a Price Adviser;

·Any fund managed by a Price Adviser through a sub-advised relationship, including an ETF;

·Any fund offered through retirement plans (e.g., 401(k) plans) other than the T. Rowe Price U.S. Retirement Plan; and

·Any fund managed by a Price Adviser that is an investment option offered as part of a variable annuity.

Code Compliance maintains a list of sub-advised Reportable Funds on the firm’s intranet site.

SEC means the U.S. Securities and Exchange Commission.

SICAV means société d'investissement à capital variable.

T. Rowe Price means T. Rowe Price Group, Inc. and its subsidiaries, except Oak Hill Advisors, L.P. and its subsidiaries.

TRPG Independent Director meansthose directors of TRPG who are neither officers nor employees of TRPG or any of its subsidiaries.

TRPG means T. Rowe Price Group, Inc.

TRPG securities means any security issued by T. Rowe Price Group, Inc.

UCITs means Undertakings for Collective Investments in Transferrable Securities.

EXHIBIT A

CODE OF ETHICS AND PERSONAL TRANSACTION POLICY

Provisions Applicable to Independent Directors

I.INTRODUCTION

This Exhibit A sets forth the responsibilities of the Independent Directors of TRPG, TRP UK, SICAVs, Cayman Funds and Price Funds under this Code of Ethics and Personal Transactions Policy. Defined terms used herein are the same as those used in the Policy.

The Independent Directors are subject to the requirements set forth below.

II.REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRPG OR ITS SUBSIDIARIES, OTHER THAN TRP UK

Pre-clearance. The personal securities trades of TRPG Independent Directors are not subject to pre-clearance requirements, except for transactions in TRPG securities for which they are the Beneficial Owner. Pre-clearance is also required when:

·Transferring TRPG securities to another person, entity, or trust account; and

·Giving or receiving TRPG securities, including donation transactions into donor-advised funds such as T. Rowe Price Charitable Foundation.

Pre-clearance is not required when moving shares of TRPG securities between securities firms or to/from individual or joint brokerage accounts.

Requests for pre-clearance must be submitted to the Payroll & Stock Transactions Group. Pre-clearance is effective for three business days from and including the date the approval is granted (taking into consideration the time zone), unless the Independent Director: (i) is advised to the contrary by the Payroll & Stock Transaction Group prior to the proposed transaction; or (ii) comes into possession of material, non-public information concerning T. Rowe Price. Any trades not executed within the prescribed timeframe must be re-submitted.

TRPG Independent Directors may not initiate transactions in TRPG securities during the Blackout Period.

Reporting. TRPG Independent Directors are not required to report their personal securities transactions (other than transactions in TRPG securities). If, however, the Independent Director has obtained information about a Price Adviser’s investment research, recommendations, or transactions, they must not transact in the securities of the issuers about which they have information.

Independent Directors are reminded that changes to information reported in the Annual Questionnaire for Independent Directors must be reported to Corporate Funds and Administration

(e.g., changes in holdings of stock of financial institutions or financial institution holding companies).

Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG. An Independent Director shall report to Code Compliance any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer other than TRPG or any of its subsidiaries.

Reporting of Significant Ownership.

·Issuers (other than a non-public investment partnership, pool or fund). If a TRPG Independent Director owns more than ½ of 1% of the total outstanding shares of a public or private issuer, they must report such ownership in writing to Code Compliance, providing the name of the issuer and the total number of the issuer’s shares Beneficially Owned.

·Non-public investment partnerships, pools or funds. If a TRPG Independent Director owns more than ½ of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Code Compliance. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

III.REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRP UK, THE SICAVS AND THE CAYMAN FUNDS

TRPG securities. The Independent Directors of TRP UK, the SICAVs, or the Cayman Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

Pre-clearance. The personal securities trades of the Independent Directors of TRP UK, the SICAVs, or the Cayman Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds or the funds overseen by TRP UK, SICAVs, or the Cayman Funds.

Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG. An Independent Director of TRP UK, the SICAVs, or the Cayman Funds shall report to Corporate and Funds Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer.

Reporting of Significant Ownership.

·Issuers (other than a non-public investment partnership, pool or fund). If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than ½ of 1% of the total outstanding shares of a public or private issuer, they must report such ownership in writing to Corporate and Funds Administration, providing the name of the issuer and the total number of the issuer’s shares Beneficially Owned.

·Non-public investment partnerships, pools or funds. If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than ½ of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Corporate and Funds Administration. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Corporate and Funds Administration unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

IV.REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF PRICE FUNDS

TRPG securities. The Independent Directors of the Price Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

Pre-clearance. The personal securities trades of the Independent Directors of the Price Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds.

Reporting.

·Transactions in Publicly Traded Securities. A Price Funds’ Independent Director must report transactions in publicly-traded securities in which they have Beneficial Ownership.

An Independent Director is not required to report securities transactions in accounts over which they have no direct or indirect influence, such as an account over which they have granted full investment discretion to a financial adviser. The Independent Director should contact Code Compliance to request approval to exempt any such accounts from this reporting requirement.

·Transactions in Non-Publicly-Traded Securities. A Price Funds’ Independent Director is not required to report transactions in securities which are not traded on an exchange, unless the Independent Director knew, or in the ordinary course of fulfilling their official duties as an Independent Director, should have known that during the 15-day period immediately before or after the Independent Director’s transaction in such non-publicly-traded security, a Price Adviser purchased, sold or considered purchasing or selling such security for a Price Fund or Price Adviser client.

·Methods of Reporting.

Duplicate Trade Confirmations. A Price Funds’ Independent Director may satisfy their obligation to report transactions in securities by arranging for the executing brokers to provide duplicate trade confirmations directly to Code Compliance.

Quarterly Report Requirements. If a Price Funds’ Independent Director elects to report their transactions by submitting a quarterly report: (i) the report must be filed with Code Compliance no later than 30 days after the end of the calendar quarter in which the

transaction was effected; and (ii) the report must be filed for each quarter, regardless of whether there were any reportable transactions.

Among the types of transactions that are commonly not reported through a broker confirmation and may therefore have to be reported directly to T. Rowe Price on a quarterly basis are:

oRetirement plan account activity that occurs in a Reportable Fund;

oT. Rowe Price-advised products;

oIncentive plan account activity;

oExercise of stock options of a corporate employer;

oAn inheritance of a security;

oA gift of a security; and

oTransactions in certain commodity futures contracts (e.g., financial indices).

A Price Funds’ Independent Director must include any transactions listed above, if applicable, in their quarterly reports if they are not included in a duplicate broker confirmation.

·Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from the Price Funds. A Price Funds’ Independent Director must report to Corporate Funds and Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private or governmental issuer other than the Price Funds.

Reporting of Significant Ownership.

·Issuers (other than non-public investment partnerships, pools or funds). If a Price Funds’ Independent Director owns more than ½ of 1% of the total outstanding shares of a public or private issuer (other than a non-public investment partnership, pool or fund), they must report such ownership immediately in writing to Code Compliance, providing the name of the issuer and the total number of the issuer’s shares Beneficially Owned.

·Non-Public Investment Partnerships, Pools or Funds. If a Price Funds’ Independent Director owns more than ½ of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which they exercise Control or influence, the Independent Director must report such ownership in writing to Code Compliance. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

Prohibitions. A Price Funds’ Independent Director may not:

·Purchase or sell the shares of a broker-dealer, underwriter or SEC-registered investment adviser unless that entity is traded on an exchange, or the purchase or sale has otherwise been approved by the Price Funds’ board; and

·Knowingly transact with a Price Fund, other than in connection with market transactions effected through securities exchanges. This prohibition does not preclude the purchase or redemption of shares of any open-end mutual fund or purchase or sale of any shares of a Price ETF that is a client of any Price Adviser.

Transactions in Price ETFs. Following is a summary of requirements applicable when Price Funds’ Independent Directors transact in Price ETFs:

	Independent Directors of Price Funds
Obtain pre-clearance for trades in Price ETFs	No
Post‐report trades in Price ETFs	Yes
Subject to the holding period	No
Subject to ad hoc trading restrictions	Yes
Ability to buy/sell Price ETFs in the primary market	No
Ability to sell short Price ETFs	No
Ability to transact in options of the Price ETFs	No

V.VIOLATIONS

Violations by Independent Directors of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds. Upon discovering a material violation of the Policy by an Independent Director of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds, the applicable board of directors will impose such sanctions as it deems appropriate.

EXHIBIT B

CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY

Pre-clearance and Reporting Matrix

	Access Person Pre-clearance	Access Person Reporting	Associate Pre-clearance	Associate Reporting
Stocks/Bonds/Derivatives (Refer to “Transacting in TRPG Securities” for specific information relating to trading in TRPG securities)
Equity securities	Yes	Yes	No	Yes
Fixed income securities	Yes	Yes	No	Yes
Corporate and Municipal Bonds	Yes	Yes	No	Yes
Derivative instruments	Yes	Yes	No	Yes
Writing an option to purchase or sell a security	Yes	Yes	No	Yes
Subsequent sale of stock obtained by means of the exercise of stock options	Yes	Yes	No	Yes
Exercise of stock option of corporate employer by Access Person’s spouse.	No	Yes	No	Yes
Restricted stock plan automatic sales for tax purposes by Access Person’s spouse	No	Yes	No	Yes
Collective Investment Products (Refer to “Transacting in ETFs” for specific information relating to trading in ETFs)
T. Rowe Price products (including the AUTs, ITMs, mutual funds, OEICs, 529 portfolios, SICAVs, and trusts	No	Yes	No	Yes
Exchange listed collective investment vehicles (including closed-end funds)	No	No	No	No
Third-party mutual funds, 529 portfolios, OEICs, SICAVs and variable insurance products	No	No	No	No
Unit investment trusts	No	No	No	No
Donor-advised funds	No	No	No	No
Private Placements
Private Placements	Yes (see Section IV.B)	Yes	No	No
Capital calls for Private Placement investments	No	Yes	No	No
Distributions received from a Private Placement investment	N/A	No	N/A	No
Other Securities
Commercial paper and similar instruments (bankers acceptances, bank certificates of deposit, commercial paper and high quality, short-term debt instruments, including repurchase agreements)	No	No	No	No
U.S. Government obligations	No	No	No	No
National (other than U.S.) government obligations	No	Yes	No	Yes
Currency	No	No	No	No
Securitized or financial instruments used for currency exposure	No	Yes	No	No
Cryptocurrency (e.g., Bitcoin, Ethereum)	No	No	No	No
Publicly traded cryptocurrency tracker instruments (ETFs)	No	Yes	No	Yes
Variable rate demand notes	No	Yes	No	Yes

	Access Person Pre-clearance	Access Person Reporting	Associate Pre-clearance	Associate Reporting
Transactions
Securities acquired through an Automatic Investment Plan4 (initial investment)	Yes	Yes	No	Yes
Securities acquired through an Automatic Investment Plan (subsequent investments)	No	Yes	No	Yes
Non-systemic investment5 through an Automatic Investment Plan	Yes	Yes	No	Yes
Acquisition of securities through inheritance	No	Yes	No	Yes
Giving stock (non-TRPG) as a gift	No	Yes	No	Yes
Pro-rata distributions	No	Yes	No	Yes
Tender offers	No	Yes	No	Yes
Merger election (voluntary)	Yes	Yes	No	Yes
Mandatory acquisition of additional shares or the disposition of existing corporate holdings through stock splits, reverse stock splits, stock dividends, exercise of rights, exchange or conversion	No	Yes (within 30 days of the end of the quarter in which the transaction occurred)	No	Yes (within 30 days of the end of the quarter in which the transaction occurred)
Purchases, but not sales, by an Access Person’s spouse pursuant to an employee-sponsored payroll deduction plan (as long as Code Compliance has been notified that the spouse will be participating in such plan)	No	Yes (within 30 days of the end of the quarter in which the transaction occurred)	No	Yes (within 30 days of the end of the quarter in which the transaction occurred)
Sale or exchange of stock held in an Access Person’s spouse’s payroll deduction plan	Yes	Yes	No	Yes
Sale of partial shares held in an account when the account is transferred to another broker-dealer or to new owner or partial shares sold automatically by the broker-dealer.	No	Yes	No	Yes
Transactions effected in a robo-adviser account (investing solely in third party collective investment vehicles)	No	No	No	No

^4.A program in which regular, periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

^5.A transaction that overrides the preset schedule or allocations of an Automatic Investment Plan.

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Document Type	dei_DocumentType	485BPOS
Document Period End Date	dei_DocumentPeriodEndDate	Dec. 31, 2022
Registrant Name	dei_EntityRegistrantName	T. Rowe Price Spectrum Fund, Inc.
Entity Central Index Key	dei_EntityCentralIndexKey	0000808303
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Apr. 27, 2023
Document Effective Date	dei_DocumentEffectiveDate	May 01, 2023
EntityInvCompanyType	dei_EntityInvCompanyType	N-1A
Prospectus Date	rr_ProspectusDate	May 01, 2023

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Total

T. Rowe Price Spectrum Diversified Equity Fund

Spectrum Diversified Equity Fund

Investment Objective(s)

The fund seeks long-term capital appreciation and growth of income with current income a secondary objective.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees - T. Rowe Price Spectrum Diversified Equity Fund - USD ($)	Investor Class		I Class
Maximum account fee	$ 20	[1]	none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - T. Rowe Price Spectrum Diversified Equity Fund	Investor Class	I Class
Management fees	0.73%	0.58%
Other expenses	none	none
Total annual fund operating expenses	0.73%	0.58%

Example

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - T. Rowe Price Spectrum Diversified Equity Fund - USD ($)	Investor Class	I Class
1 Year	$ 75	$ 59
3 Years	233	186
5 Years	406	324
10 Years	$ 906	$ 726

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 11.1% of the average value of its portfolio.

Principal Investment Strategies

Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments. The fund, which normally invests in a variety of U.S. and international equity funds and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding U.S. and international stocks; stocks of companies involved in activities related to commodities and other real assets; small-cap, mid-cap, and large-cap stocks; and growth and value stocks. In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum Diversified Equity Fund	Investment Range
Blue Chip Growth	5%-25	%
Dividend Growth	5%-25	%
Emerging Markets Stock	0%-10	%
Equity Income	5%-25	%
Growth and Income	0%-25	%
Growth Stock	5%-25	%
International Discovery	0%-10	%
International Stock	0%-20	%
International Value Equity	0%-20	%
Mid-Cap Growth	0%-15	%
Mid-Cap Value	0%-15	%
New Horizons	0%-15	%
Real Assets	0%-10	%
Small-Cap Value	0%-15	%
U.S. Large-Cap Core	5%-25	%
Value	5%-25	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The

principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are

subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.

Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

Performance

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

Calendar Year Returns

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	20.92%	Worst Quarter	3/31/20	-21.60%

Average Annual Total Returns Periods ended December 31, 2022

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares

through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

Average Annual Total Returns - T. Rowe Price Spectrum Diversified Equity Fund		Label	1 Year	5 Years	10 Years	Since Inception		Inception Date
Investor Class			(18.76%)	6.14%	9.57%			Jun. 29, 1990
Investor Class | After Taxes on Distributions			(20.56%)	3.73%	7.35%
Investor Class | After Taxes on Distributions and Sales			(9.80%)	4.60%	7.44%
I Class			(18.65%)			(7.69%)		May 03, 2021
Russell 3000® Index		Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)
Russell 3000® Index			(19.21%)	8.79%	12.13%	(5.77%)	[1]
Combined Index Portfolio	[2]	Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes)
Combined Index Portfolio			(18.75%)	7.00%	9.98%	(6.30%)	[1]
S&P 500 Index		S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
S&P 500 Index			(18.11%)	9.42%	12.56%	(3.66%)	[1]
Lipper Multi-Cap Core Funds Index		Lipper Multi-Cap Core Funds Index
Lipper Multi-Cap Core Funds Index			(17.99%)	7.89%	11.02%	(5.72%)	[1]

Updated performance information is available through troweprice.com.

[1] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

[1] Return since 5/3/21.

[2] Combined Index Portfolio is an unmanaged blended benchmark that from 8/1/12 through 3/10/15, the blended benchmark was composed of 70% the Russell 3000^® Index and 30% the MSCI All Country World ex USA Index Net. From 3/11/15 to 3/31/20, the blended benchmark was composed of the Russell 3000^® Index (ranging from 82.90%-70%) and the MSCI All Country World Index ex USA Investable Market Index Net (ranging from 30%-17.10%). Since 4/1/20, the blended benchmark has been composed of 85% Russell 3000^® Index and 15% MSCI All Country World Index ex USA Investable Market Index Net. The indices and percentages may vary over time.

XML

Label

Element

Value

T. Rowe Price Spectrum Diversified Equity Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Spectrum Diversified Equity Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective(s)

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The fund seeks long-term capital appreciation and growth of income with current income a secondary objective.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 11.1% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

11.10%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments. The fund, which normally invests in a variety of U.S. and international equity funds and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding U.S. and international stocks; stocks of companies involved in activities related to commodities and other real assets; small-cap, mid-cap, and large-cap stocks; and growth and value stocks. In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum Diversified Equity Fund	Investment Range
Blue Chip Growth	5%-25	%
Dividend Growth	5%-25	%
Emerging Markets Stock	0%-10	%
Equity Income	5%-25	%
Growth and Income	0%-25	%
Growth Stock	5%-25	%
International Discovery	0%-10	%
International Stock	0%-20	%
International Value Equity	0%-20	%
Mid-Cap Growth	0%-15	%
Mid-Cap Value	0%-15	%
New Horizons	0%-15	%
Real Assets	0%-10	%
Small-Cap Value	0%-15	%
U.S. Large-Cap Core	5%-25	%
Value	5%-25	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The

principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are

subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.

Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

Risk Lose Money [Text]

rr_RiskLoseMoney

The fund’s share price fluctuates, which means you could lose money by investing in the fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

troweprice.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

Bar Chart [Heading]

rr_BarChartHeading

Calendar Year Returns

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	20.92%	Worst Quarter	3/31/20	-21.60%

Performance Table Heading

rr_PerformanceTableHeading

Average Annual Total Returns Periods ended December 31, 2022

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA.

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown only for the Investor Class and will differ for other share classes.

Performance Table Narrative

rr_PerformanceTableNarrativeTextBlock

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares

through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

Updated performance information is available through troweprice.com.

T. Rowe Price Spectrum Diversified Equity Fund | Russell 3000® Index

Risk/Return:

rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

reflects no deduction for fees, expenses, or taxes

Label

rr_AverageAnnualReturnLabel

Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)

T. Rowe Price Spectrum Diversified Equity Fund | Russell 3000® Index

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(19.21%)

5 Years

rr_AverageAnnualReturnYear05

8.79%

10 Years

rr_AverageAnnualReturnYear10

12.13%

Since Inception

rr_AverageAnnualReturnSinceInception

(5.77%)

^[1]

T. Rowe Price Spectrum Diversified Equity Fund | Combined Index Portfolio

Risk/Return:

rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

reflects no deduction for fees, expenses, or taxes

^[2]

Label

rr_AverageAnnualReturnLabel

Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes)

^[2]

T. Rowe Price Spectrum Diversified Equity Fund | Combined Index Portfolio

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(18.75%)

5 Years

rr_AverageAnnualReturnYear05

7.00%

10 Years

rr_AverageAnnualReturnYear10

9.98%

Since Inception

rr_AverageAnnualReturnSinceInception

(6.30%)

^[1]

T. Rowe Price Spectrum Diversified Equity Fund | S&P 500 Index

Risk/Return:

rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

reflects no deduction for fees, expenses, or taxes

Label

rr_AverageAnnualReturnLabel

S&P 500 Index (reflects no deduction for fees, expenses, or taxes)

T. Rowe Price Spectrum Diversified Equity Fund | S&P 500 Index

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(18.11%)

5 Years

rr_AverageAnnualReturnYear05

9.42%

10 Years

rr_AverageAnnualReturnYear10

12.56%

Since Inception

rr_AverageAnnualReturnSinceInception

(3.66%)

^[1]

T. Rowe Price Spectrum Diversified Equity Fund | Lipper Multi-Cap Core Funds Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Lipper Multi-Cap Core Funds Index

T. Rowe Price Spectrum Diversified Equity Fund | Lipper Multi-Cap Core Funds Index

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(17.99%)

5 Years

rr_AverageAnnualReturnYear05

7.89%

10 Years

rr_AverageAnnualReturnYear10

11.02%

Since Inception

rr_AverageAnnualReturnSinceInception

(5.72%)

^[1]

T. Rowe Price Spectrum Diversified Equity Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Maximum account fee

rr_MaximumAccountFee

$ 20

^[3]

Management fees

rr_ManagementFeesOverAssets

0.73%

Other expenses

rr_OtherExpensesOverAssets

none

Total annual fund operating expenses

rr_ExpensesOverAssets

0.73%

1 Year

rr_ExpenseExampleYear01

$ 75

3 Years

rr_ExpenseExampleYear03

233

5 Years

rr_ExpenseExampleYear05

406

10 Years

rr_ExpenseExampleYear10

$ 906

Annual Return 2013

rr_AnnualReturn2013

28.59%

Annual Return 2014

rr_AnnualReturn2014

5.60%

Annual Return 2015

rr_AnnualReturn2015

0.75%

Annual Return 2016

rr_AnnualReturn2016

7.84%

Annual Return 2017

rr_AnnualReturn2017

25.52%

Annual Return 2018

rr_AnnualReturn2018

(8.53%)

Annual Return 2019

rr_AnnualReturn2019

27.03%

Annual Return 2020

rr_AnnualReturn2020

18.38%

Annual Return 2021

rr_AnnualReturn2021

20.58%

Annual Return 2022

rr_AnnualReturn2022

(18.76%)

Label

rr_HighestQuarterlyReturnLabel

Best Quarter

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2020

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

20.92%

Label

rr_LowestQuarterlyReturnLabel

Worst Quarter

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2020

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(21.60%)

1 Year

rr_AverageAnnualReturnYear01

(18.76%)

5 Years

rr_AverageAnnualReturnYear05

6.14%

10 Years

rr_AverageAnnualReturnYear10

9.57%

Inception Date

rr_AverageAnnualReturnInceptionDate

Jun. 29, 1990

T. Rowe Price Spectrum Diversified Equity Fund | Investor Class | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(20.56%)

5 Years

rr_AverageAnnualReturnYear05

3.73%

10 Years

rr_AverageAnnualReturnYear10

7.35%

T. Rowe Price Spectrum Diversified Equity Fund | Investor Class | After Taxes on Distributions and Sales

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(9.80%)

5 Years

rr_AverageAnnualReturnYear05

4.60%

10 Years

rr_AverageAnnualReturnYear10

7.44%

T. Rowe Price Spectrum Diversified Equity Fund | I Class

Risk/Return:

rr_RiskReturnAbstract

Maximum account fee

rr_MaximumAccountFee

none

Management fees

rr_ManagementFeesOverAssets

0.58%

Other expenses

rr_OtherExpensesOverAssets

none

Total annual fund operating expenses

rr_ExpensesOverAssets

0.58%

1 Year

rr_ExpenseExampleYear01

$ 59

3 Years

rr_ExpenseExampleYear03

186

5 Years

rr_ExpenseExampleYear05

324

10 Years

rr_ExpenseExampleYear10

$ 726

1 Year

rr_AverageAnnualReturnYear01

(18.65%)

Since Inception

rr_AverageAnnualReturnSinceInception

(7.69%)

Inception Date

rr_AverageAnnualReturnInceptionDate

May 03, 2021

[1] Return since 5/3/21.

[2] Combined Index Portfolio is an unmanaged blended benchmark that from 8/1/12 through 3/10/15, the blended benchmark was composed of 70% the Russell 3000^® Index and 30% the MSCI All Country World ex USA Index Net. From 3/11/15 to 3/31/20, the blended benchmark was composed of the Russell 3000^® Index (ranging from 82.90%-70%) and the MSCI All Country World Index ex USA Investable Market Index Net (ranging from 30%-17.10%). Since 4/1/20, the blended benchmark has been composed of 85% Russell 3000^® Index and 15% MSCI All Country World Index ex USA Investable Market Index Net. The indices and percentages may vary over time.

[3] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

XML

Total

T. Rowe Price Spectrum Income Fund

Spectrum Income Fund

Investment Objective(s)

The fund seeks a high level of current income with moderate share price fluctuation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees - T. Rowe Price Spectrum Income Fund - USD ($)	Investor Class		I Class
Maximum account fee	$ 20	[1]	none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - T. Rowe Price Spectrum Income Fund	Investor Class	I Class
Management fees	0.62%	0.47%
Other expenses	none	none
Total annual fund operating expenses	0.62%	0.47%

Example

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - T. Rowe Price Spectrum Income Fund - USD ($)	Investor Class	I Class
1 Year	$ 63	$ 48
3 Years	199	151
5 Years	346	263
10 Years	$ 774	$ 591

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 20.7% of the average value of its portfolio.

Principal Investment Strategies

The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing

specific market segments. The fund, which normally invests in a variety of U.S. and international bond funds, including emerging market bond funds, a money market fund, and an income-oriented stock fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding high-quality U.S. and international bonds, high-yield bonds (“junk” bonds), short- and long-term securities, inflation-linked securities, dividend-paying stocks and other instruments (such as bank loans). In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum Income Fund	Investment Range
Corporate Income	0%-10	%
Dynamic Global Bond	0%-10	%
Emerging Markets Bond	0%-20	%
Emerging Markets Local Currency Bond	0%-10	%
Equity Income	5%-25	%
Floating Rate	0%-10	%
GNMA	5%-20	%
High Yield	5%-25	%
Inflation Protected Bond	0%-10	%
International Bond	0%-15	%
International Bond (USD Hedged)	0%-20	%
Limited Duration Inflation Focused Bond	0%-10	%
New Income	10%-30	%
Short-Term Bond	0%-15	%
U.S. Treasury Intermediate Index	0%-10	%
U.S. Treasury Long-Term Index	0%-15	%
U.S. Treasury Money	0%-25	%
Ultra Short-Term Bond	0%-10	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.

Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with

longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.

Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.

Junk investing Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose an underlying fund to greater volatility and credit risk than investments in securities that are rated investment-grade. Issuers of junk bonds and loans are usually not as strong financially and are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative.

Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S.,

emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Since floating interest rates on bank loans are typically based on a percentage above LIBOR (London Interbank Offered Rate), the expected discontinuation in 2023 for the majority of the LIBOR rates could adversely impact the performance of underlying funds that hold bank loans.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend.

Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

Performance

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

Calendar Year Returns

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	7.99%	Worst Quarter	3/31/20	-9.30%

Average Annual Total Returns Periods ended December 31, 2022

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

Average Annual Total Returns - T. Rowe Price Spectrum Income Fund	Label	1 Year	5 Years	10 Years	Since Inception		Inception Date
Investor Class		(10.59%)	1.11%	2.52%			Jun. 29, 1990
Investor Class | After Taxes on Distributions		(12.13%)	(0.39%)	0.96%
Investor Class | After Taxes on Distributions and Sales		(6.08%)	0.37%	1.38%
I Class		(10.53%)			(5.81%)		May 03, 2021
Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)
Bloomberg U.S. Aggregate Bond Index		(13.01%)	0.02%	1.06%	(7.46%)	[1]
Lipper Multi-Sector Income Funds Average	Lipper Multi-Sector Income Funds Average
Lipper Multi-Sector Income Funds Average		(10.43%)	0.75%	2.25%	(5.82%)	[2]

Updated performance information is available through troweprice.com.

[1] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

[1] Return since 5/3/21.

[2] Return since 4/30/21.

XML

Label

Element

Value

T. Rowe Price Spectrum Income Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Spectrum Income Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective(s)

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The fund seeks a high level of current income with moderate share price fluctuation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 20.7% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

20.70%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing

specific market segments. The fund, which normally invests in a variety of U.S. and international bond funds, including emerging market bond funds, a money market fund, and an income-oriented stock fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in funds holding high-quality U.S. and international bonds, high-yield bonds (“junk” bonds), short- and long-term securities, inflation-linked securities, dividend-paying stocks and other instruments (such as bank loans). In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum Income Fund	Investment Range
Corporate Income	0%-10	%
Dynamic Global Bond	0%-10	%
Emerging Markets Bond	0%-20	%
Emerging Markets Local Currency Bond	0%-10	%
Equity Income	5%-25	%
Floating Rate	0%-10	%
GNMA	5%-20	%
High Yield	5%-25	%
Inflation Protected Bond	0%-10	%
International Bond	0%-15	%
International Bond (USD Hedged)	0%-20	%
Limited Duration Inflation Focused Bond	0%-10	%
New Income	10%-30	%
Short-Term Bond	0%-15	%
U.S. Treasury Intermediate Index	0%-10	%
U.S. Treasury Long-Term Index	0%-15	%
U.S. Treasury Money	0%-25	%
Ultra Short-Term Bond	0%-10	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.

Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with

longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.

Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.

Junk investing Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose an underlying fund to greater volatility and credit risk than investments in securities that are rated investment-grade. Issuers of junk bonds and loans are usually not as strong financially and are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative.

Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S.,

emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Since floating interest rates on bank loans are typically based on a percentage above LIBOR (London Interbank Offered Rate), the expected discontinuation in 2023 for the majority of the LIBOR rates could adversely impact the performance of underlying funds that hold bank loans.

Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend.

Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

Risk Lose Money [Text]

rr_RiskLoseMoney

The fund’s share price fluctuates, which means you could lose money by investing in the fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

troweprice.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

Bar Chart [Heading]

rr_BarChartHeading

Calendar Year Returns

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	7.99%	Worst Quarter	3/31/20	-9.30%

Performance Table Heading

rr_PerformanceTableHeading

Average Annual Total Returns Periods ended December 31, 2022

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA.

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown only for the Investor Class and will differ for other share classes.

Performance Table Narrative

rr_PerformanceTableNarrativeTextBlock

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

Updated performance information is available through troweprice.com.

T. Rowe Price Spectrum Income Fund | Bloomberg U.S. Aggregate Bond Index

Risk/Return:

rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

reflects no deduction for fees, expenses, or taxes

Label

rr_AverageAnnualReturnLabel

Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)

T. Rowe Price Spectrum Income Fund | Bloomberg U.S. Aggregate Bond Index

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(13.01%)

5 Years

rr_AverageAnnualReturnYear05

0.02%

10 Years

rr_AverageAnnualReturnYear10

1.06%

Since Inception

rr_AverageAnnualReturnSinceInception

(7.46%)

^[1]

T. Rowe Price Spectrum Income Fund | Lipper Multi-Sector Income Funds Average

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Lipper Multi-Sector Income Funds Average

T. Rowe Price Spectrum Income Fund | Lipper Multi-Sector Income Funds Average

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(10.43%)

5 Years

rr_AverageAnnualReturnYear05

0.75%

10 Years

rr_AverageAnnualReturnYear10

2.25%

Since Inception

rr_AverageAnnualReturnSinceInception

(5.82%)

^[2]

T. Rowe Price Spectrum Income Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Maximum account fee

rr_MaximumAccountFee

$ 20

^[3]

Management fees

rr_ManagementFeesOverAssets

0.62%

Other expenses

rr_OtherExpensesOverAssets

none

Total annual fund operating expenses

rr_ExpensesOverAssets

0.62%

1 Year

rr_ExpenseExampleYear01

$ 63

3 Years

rr_ExpenseExampleYear03

199

5 Years

rr_ExpenseExampleYear05

346

10 Years

rr_ExpenseExampleYear10

$ 774

Annual Return 2013

rr_AnnualReturn2013

3.02%

Annual Return 2014

rr_AnnualReturn2014

3.88%

Annual Return 2015

rr_AnnualReturn2015

(2.02%)

Annual Return 2016

rr_AnnualReturn2016

8.18%

Annual Return 2017

rr_AnnualReturn2017

7.02%

Annual Return 2018

rr_AnnualReturn2018

(2.62%)

Annual Return 2019

rr_AnnualReturn2019

11.55%

Annual Return 2020

rr_AnnualReturn2020

6.06%

Annual Return 2021

rr_AnnualReturn2021

2.59%

Annual Return 2022

rr_AnnualReturn2022

(10.59%)

Label

rr_HighestQuarterlyReturnLabel

Best Quarter

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2020

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

7.99%

Label

rr_LowestQuarterlyReturnLabel

Worst Quarter

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2020

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(9.30%)

1 Year

rr_AverageAnnualReturnYear01

(10.59%)

5 Years

rr_AverageAnnualReturnYear05

1.11%

10 Years

rr_AverageAnnualReturnYear10

2.52%

Inception Date

rr_AverageAnnualReturnInceptionDate

Jun. 29, 1990

T. Rowe Price Spectrum Income Fund | Investor Class | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(12.13%)

5 Years

rr_AverageAnnualReturnYear05

(0.39%)

10 Years

rr_AverageAnnualReturnYear10

0.96%

T. Rowe Price Spectrum Income Fund | Investor Class | After Taxes on Distributions and Sales

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(6.08%)

5 Years

rr_AverageAnnualReturnYear05

0.37%

10 Years

rr_AverageAnnualReturnYear10

1.38%

T. Rowe Price Spectrum Income Fund | I Class

Risk/Return:

rr_RiskReturnAbstract

Maximum account fee

rr_MaximumAccountFee

none

Management fees

rr_ManagementFeesOverAssets

0.47%

Other expenses

rr_OtherExpensesOverAssets

none

Total annual fund operating expenses

rr_ExpensesOverAssets

0.47%

1 Year

rr_ExpenseExampleYear01

$ 48

3 Years

rr_ExpenseExampleYear03

151

5 Years

rr_ExpenseExampleYear05

263

10 Years

rr_ExpenseExampleYear10

$ 591

1 Year

rr_AverageAnnualReturnYear01

(10.53%)

Since Inception

rr_AverageAnnualReturnSinceInception

(5.81%)

Inception Date

rr_AverageAnnualReturnInceptionDate

May 03, 2021

[1] Return since 5/3/21.

[2] Return since 4/30/21.

[3] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

XML

Total

T. Rowe Price Spectrum International Equity Fund

Spectrum International Equity Fund

Investment Objective(s)

The fund seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees - T. Rowe Price Spectrum International Equity Fund - USD ($)	Investor Class		I Class
Maximum account fee	$ 20	[1]	none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - T. Rowe Price Spectrum International Equity Fund	Investor Class	I Class
Management fees	0.89%	0.74%
Other expenses	none	none
Total annual fund operating expenses	0.89%	0.74%

Example

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - T. Rowe Price Spectrum International Equity Fund - USD ($)	Investor Class	I Class
1 Year	$ 91	$ 76
3 Years	284	237
5 Years	493	411
10 Years	$ 1,096	$ 918

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10.2% of the average value of its portfolio.

Principal Investment Strategies

Under normal conditions, the fund invests at least 80% of its net assets (including any

borrowings for investment purposes) in equity securities. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments outside the U.S. The fund, which normally invests in a variety of developed and emerging market equity funds, and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in stock funds that have holdings in many different developed countries outside the U.S., as well as emerging markets. The fund’s overall allocation to international stock funds is represented by a diversified mix of funds that employ both growth and value investment approaches and consists of large-cap, mid-cap, and small-cap stocks. In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum International Equity Fund	Investment Range
Africa & Middle East	0%-15	%
Emerging Europe	0%-15	%
Emerging Markets Discovery Stock	0%-10	%
Emerging Markets Stock	0%-10	%
European Stock	0%-30	%
International Discovery	0%-20	%
International Stock	0%-55	%
International Value Equity	0%-35	%
Japan	0%-30	%
Latin America	0%-15	%
New Asia	0%-20	%
Overseas Stock	0%-35	%
U.S. Treasury Money	0%-25	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the

selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.

Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.

Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

Performance

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for

the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

Calendar Year Returns

	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	18.87%	Worst Quarter	3/31/20	-23.22%

Average Annual Total Returns Periods ended December 31, 2022

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

Average Annual Total Returns - T. Rowe Price Spectrum International Equity Fund	Label	1 Year	5 Years	10 Years	Since Inception		Inception Date
Investor Class		(18.00%)	0.87%	4.29%			Dec. 31, 1996
Investor Class | After Taxes on Distributions		(19.06%)	(0.02%)	3.65%
Investor Class | After Taxes on Distributions and Sales		(9.62%)	0.73%	3.44%
I Class		(17.83%)			(12.00%)		May 03, 2021
MSCI All Country World Index ex USA Net	MSCI All Country World Index ex USA Net (reflects no deduction for fees or expenses)
MSCI All Country World Index ex USA Net		(16.00%)	0.88%	3.80%	(9.44%)	[1]
Lipper International Multi-Cap Core Funds Average	Lipper International Multi-Cap Core Funds Average
Lipper International Multi-Cap Core Funds Average		(15.11%)	0.88%	4.33%	(8.04%)	[2]

Updated performance information is available through troweprice.com.

[1] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

[1] Return since 5/3/21.

[2] Return since 4/30/21.

XML

Label

Element

Value

T. Rowe Price Spectrum International Equity Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Spectrum International Equity Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective(s)

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The fund seeks long-term capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10.2% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

10.20%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal conditions, the fund invests at least 80% of its net assets (including any

borrowings for investment purposes) in equity securities. The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments outside the U.S. The fund, which normally invests in a variety of developed and emerging market equity funds, and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from strong performance in particular market segments over time.

The fund invests in stock funds that have holdings in many different developed countries outside the U.S., as well as emerging markets. The fund’s overall allocation to international stock funds is represented by a diversified mix of funds that employ both growth and value investment approaches and consists of large-cap, mid-cap, and small-cap stocks. In addition, the fund may invest in individual securities on a limited basis.

Within the ranges shown in the following table, the portfolio managers decide how much of the fund’s assets to allocate to particular underlying funds based on the outlook for, and on the relative valuations of, the underlying funds and the various markets and asset classes in which they invest.

Asset Allocation Ranges for Underlying Funds

Spectrum International Equity Fund	Investment Range
Africa & Middle East	0%-15	%
Emerging Europe	0%-15	%
Emerging Markets Discovery Stock	0%-10	%
Emerging Markets Stock	0%-10	%
European Stock	0%-30	%
International Discovery	0%-20	%
International Stock	0%-55	%
International Value Equity	0%-35	%
Japan	0%-30	%
Latin America	0%-15	%
New Asia	0%-20	%
Overseas Stock	0%-35	%
U.S. Treasury Money	0%-25	%

The fund may sell shares of the underlying funds for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the

selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.

Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.

Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.

Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity.

Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

Risk Lose Money [Text]

rr_RiskLoseMoney

The fund’s share price fluctuates, which means you could lose money by investing in the fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for

the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

Performance Availability Website Address [Text]

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troweprice.com

Performance Past Does Not Indicate Future [Text]

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The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

Bar Chart [Heading]

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Calendar Year Returns

Bar Chart Closing [Text Block]

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	Quarter Ended	Total Return		Quarter Ended	Total Return
Best Quarter	6/30/20	18.87%	Worst Quarter	3/31/20	-23.22%

Performance Table Heading

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Average Annual Total Returns Periods ended December 31, 2022

Performance Table Uses Highest Federal Rate

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA.

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown only for the Investor Class and will differ for other share classes.

Performance Table Narrative

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The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

Performance Table Closing [Text Block]

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Updated performance information is available through troweprice.com.

T. Rowe Price Spectrum International Equity Fund | MSCI All Country World Index ex USA Net

Risk/Return:

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Index No Deduction for Fees, Expenses, Taxes [Text]

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reflects no deduction for fees or expenses

Label

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MSCI All Country World Index ex USA Net (reflects no deduction for fees or expenses)

T. Rowe Price Spectrum International Equity Fund | MSCI All Country World Index ex USA Net

Risk/Return:

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1 Year

rr_AverageAnnualReturnYear01

(16.00%)

5 Years

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0.88%

10 Years

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3.80%

Since Inception

rr_AverageAnnualReturnSinceInception

(9.44%)

^[1]

T. Rowe Price Spectrum International Equity Fund | Lipper International Multi-Cap Core Funds Average

Risk/Return:

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Label

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Lipper International Multi-Cap Core Funds Average

T. Rowe Price Spectrum International Equity Fund | Lipper International Multi-Cap Core Funds Average

Risk/Return:

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1 Year

rr_AverageAnnualReturnYear01

(15.11%)

5 Years

rr_AverageAnnualReturnYear05

0.88%

10 Years

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4.33%

Since Inception

rr_AverageAnnualReturnSinceInception

(8.04%)

^[2]

T. Rowe Price Spectrum International Equity Fund | Investor Class

Risk/Return:

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Maximum account fee

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$ 20

^[3]

Management fees

rr_ManagementFeesOverAssets

0.89%

Other expenses

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none

Total annual fund operating expenses

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0.89%

1 Year

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$ 91

3 Years

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284

5 Years

rr_ExpenseExampleYear05

493

10 Years

rr_ExpenseExampleYear10

$ 1,096

1 Year

rr_AverageAnnualReturnYear01

(18.00%)

5 Years

rr_AverageAnnualReturnYear05

0.87%

10 Years

rr_AverageAnnualReturnYear10

4.29%

Inception Date

rr_AverageAnnualReturnInceptionDate

Dec. 31, 1996

T. Rowe Price Spectrum International Equity Fund | Investor Class | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(19.06%)

5 Years

rr_AverageAnnualReturnYear05

(0.02%)

10 Years

rr_AverageAnnualReturnYear10

3.65%

T. Rowe Price Spectrum International Equity Fund | Investor Class | After Taxes on Distributions and Sales

Risk/Return:

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1 Year

rr_AverageAnnualReturnYear01

(9.62%)

5 Years

rr_AverageAnnualReturnYear05

0.73%

10 Years

rr_AverageAnnualReturnYear10

3.44%

T. Rowe Price Spectrum International Equity Fund | I Class

Risk/Return:

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Maximum account fee

rr_MaximumAccountFee

none

Management fees

rr_ManagementFeesOverAssets

0.74%

Other expenses

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none

Total annual fund operating expenses

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0.74%

1 Year

rr_ExpenseExampleYear01

$ 76

3 Years

rr_ExpenseExampleYear03

237

5 Years

rr_ExpenseExampleYear05

411

10 Years

rr_ExpenseExampleYear10

$ 918

Annual Return 2013

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18.17%

Annual Return 2014

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(3.07%)

Annual Return 2015

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(1.39%)

Annual Return 2016

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0.39%

Annual Return 2017

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28.54%

Annual Return 2018

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(14.81%)

Annual Return 2019

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25.00%

Annual Return 2020

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13.95%

Annual Return 2021

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4.97%

Annual Return 2022

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(18.00%)

Label

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Best Quarter

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2020

Highest Quarterly Return

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18.87%

Label

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Worst Quarter

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2020

Lowest Quarterly Return

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(23.22%)

1 Year

rr_AverageAnnualReturnYear01

(17.83%)

Since Inception

rr_AverageAnnualReturnSinceInception

(12.00%)

Inception Date

rr_AverageAnnualReturnInceptionDate

May 03, 2021

[1] Return since 5/3/21.

[2] Return since 4/30/21.

[3] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.