Registration Nos. 033-29697/811-5833
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. 76 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 72 /X/
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
Exact Name of Registrant as Specified in Charter
100 East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive
Offices
410-345-2000
Registrants
Telephone Number, Including Area Code
David Oestreicher
100 East Pratt Street, Baltimore, Maryland
21202
Name and Address of Agent for Service
Approximate Date of Proposed Public Offering May 1, 2017
It is proposed that this filing will become effective (check appropriate box):
// Immediately upon filing pursuant to paragraph (b)
/X / On May 1, 2017 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 | |
TREBX | |
May 1, 2017 | |
T. Rowe Price Institutional Emerging Markets Bond Fund | |
A fund seeking high income and capital appreciation through investments in bonds of emerging markets issuers. | |
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. | |
Table of Contents
SUMMARY
The fund seeks to provide high income and capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table.
Fees and Expenses of the Fund
Shareholder fees (fees paid directly from your investment) | ||
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) | 2.00 | % |
Annual
fund operating expenses | ||
Management fees | 0.70 | % |
Other expenses | | |
Total annual fund operating expenses | 0.70 |
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 funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year | 3 years | 5 years | 10 years |
$72 | $224 | $390 | $871 |
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 funds shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 83.4% of the average value of its portfolio.
Investments, Risks, and Performance
Principal Investment Strategies The fund will normally invest at least 80% (and potentially all) of its net assets (including any borrowings for investment purposes) in debt securities of emerging market governments or companies located in emerging market countries. The fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets will be counted toward the funds 80% investment policy. The fund relies on a classification by either JP Morgan or the
T. Rowe Price | 2 |
International Monetary Fund to determine which countries are emerging markets. The funds holdings may be denominated in U.S. dollars or non-U.S. dollar currencies, including emerging market currencies. The extent, if any, to which the fund attempts to cushion the impact of foreign currency fluctuations on the U.S. dollar depends on market conditions. The funds holdings may include the lowest-rated bonds, including those in default, and there are no overall limits on the funds investments that are rated below investment-grade (BB or lower, or an equivalent rating), also known as junk bonds.
Although the fund expects to maintain an intermediate- to long-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities. Security selection relies heavily on research, which analyzes political and economic trends as well as creditworthiness. The fund allocates investments among a variety of emerging markets (1) in order to establish a diverse portfolio; (2) based on the relative value of opportunities and associated risks within one country versus others; and (3) with a view to the liquidity of each particular market. The fund tends to favor bonds it expects will be upgraded. The fund sells holdings for a variety of reasons, such as to adjust its average maturity or credit quality, to shift assets into and out of higher-yielding securities, or to alter geographic or currency exposure.
The fund is nondiversified, meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a diversified fund.
While most assets will be invested in bonds, the fund may enter into forward currency exchange contracts in keeping with the funds objectives. Forward currency exchange contracts would primarily be used to help protect the funds non-U.S. dollar denominated holdings from unfavorable changes in foreign currency exchange rates, although other currency hedging techniques may be used from time to time.
Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:
Active management risks The investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the investments selected and strategies employed by the fund fail to produce the intended results, the fund could underperform in comparison to other funds with similar objectives and investment strategies.
Fixed income markets risks Economic and other market developments can adversely affect fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt securities to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt securities to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity
Summary | 3 |
in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the funds ability to sell the debt securities in which it invests or to find and purchase suitable debt instruments.
International investing risks Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. issuers. International securities tend to be more volatile and less liquid 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, international investments are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S.
Emerging markets risks The risks of international investing are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in international developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on international investments, restrictions on gaining access to sales proceeds, and less liquid and less efficient trading markets.
Frontier markets, considered by the fund to be a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity.
Currency risks Because the fund may invest in securities issued in foreign currencies, the fund could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. Any attempts at currency hedging may not be successful and could cause the fund to lose money.
Credit risks An issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, rating downgrade, or inability to meet a financial obligation.
Junk bond risks The risks of default are much greater for emerging market bonds and securities rated as below investment grade (junk bonds). The fund is exposed to greater credit risk than other bond funds because companies in emerging markets are usually not as strong financially and are more susceptible to economic downturns. Junk bonds should be considered speculative as they carry greater risks of default and erratic price swings due to real or perceived changes in the credit quality of the issuer.
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Any investments in distressed or defaulted securities subject the fund to even greater credit risk than investments in other below investment-grade bonds. Investments in obligations of restructured, distressed and bankrupt issuers, including debt obligations that are already in default, generally trade significantly below par and may be considered illiquid. Defaulted securities might be repaid only after lengthy bankruptcy proceedings, during which the issuer might not make any interest or other payments, and result in only partial recovery of cash payments or no recovery at all. In addition, recovery could involve an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid or speculative and be valued by the fund at significantly less than its original purchase price.
Interest rate risks Interest rates may increase, causing a decline in bond prices (bond prices and interest rates usually move in opposite directions). Generally, securities with longer maturities or durations, and funds with longer weighted average maturities or durations, carry greater interest rate risk.
Liquidity risks The fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the funds ability to sell a holding at a suitable price.
Nondiversification risks As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The funds share price can be expected to fluctuate more than that of a comparable diversified fund.
Derivatives risks The fund uses forward currency exchange contracts and is therefore exposed to greater volatility and losses in comparison to investing directly in foreign bonds. Forward currency exchange contracts are also subject to the risks that anticipated currency movements will not be accurately predicted, a counterparty will fail to perform in accordance with the terms of the agreement, and the chance that potential government regulation could negatively affect the funds investments in such instruments.
Performance The following performance information provides some indication of the risks of investing in the fund. The funds 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.
Summary | 5 |
The following table shows the average annual total returns for the fund, 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.
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 investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account.
Average Annual Total Returns | ||||||||||||||||
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| Periods ended |
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| December 31, 2016 |
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| Inception |
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| 1 Year | 5 Years | 10 Years | date |
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| Institutional Emerging Markets Bond Fund | 11/30/2006 |
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| Returns before taxes | 14.69 | % |
| 6.44 | % |
| 6.57 | % |
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| Returns after taxes on distributions | 11.95 |
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| 3.87 |
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| 3.83 |
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| Returns after taxes on distributions |
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| and sale of fund shares | 8.26 |
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| 3.86 |
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| 4.00 |
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| J.P. Morgan Emerging Markets Bond Index Global Diversified (reflects no deduction for fees, expenses, or taxes) | 10.15 |
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| 5.91 |
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| 6.88 |
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T. Rowe Price | 6 |
Updated performance information is available through troweprice.com.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Michael J. Conelius | Chairman of Investment Advisory Committee | 2006 | 1988 |
Purchase and Sale of Fund Shares
The fund generally requires a $1,000,000 minimum initial investment and there is no minimum for additional purchases, although the initial investment minimum may be waived for certain types of accounts held through a retirement plan, financial advisor, or other financial intermediary.
For
investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange
fund shares by mail or by telephone
(1-800-638-8790).
If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.
Tax Information
The fund declares dividends daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).
More About the Fund | 2 | |
How is the fund organized?
T. Rowe Price Institutional International Funds, Inc. (the Corporation) was incorporated in Maryland in 1989. Currently, the Corporation consists of 11 series, each representing a separate pool of assets with different investment objectives and investment policies. Each series is an open-end management investment company, or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in the fund. These shares are part of the funds authorized capital stock, but share certificates are not issued.
Each share and fractional share entitles the shareholder to:
· Receive a proportional interest in income and capital gain distributions. For funds with multiple share classes, the income dividends for each share class will generally differ from those of other share classes to the extent that the expense ratios of the classes differ.
· Cast one vote per share on certain fund matters, including the election of the funds directors/trustees, changes in fundamental policies, or approval of material changes to the funds investment management agreement. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Does the fund have annual shareholder meetings?
The mutual funds that are sponsored and managed by T. Rowe Price (T. Rowe Price Funds) are not required to hold regularly scheduled shareholder meetings. To avoid unnecessary costs to the funds shareholders, shareholder meetings are only held when certain matters, such as changes in fundamental policies or elections of directors/trustees, must be decided. In addition, shareholders representing at least 10% of all eligible votes may call a special meeting for the purpose of voting on the removal of any fund director or trustee. If a meeting is held and you cannot attend, you can vote by proxy. Before the meeting, the funds will send or make available to you proxy materials that explain the matters to be decided and include instructions on voting by mail, telephone, or the Internet.
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Who runs the fund?
General Oversight
The fund is governed by a Board of Directors (the Board) that meets regularly to review the funds investments, performance, expenses, and other business affairs. The Board elects the funds officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the Firm).
Investment Adviser
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price is a SEC-registered investment adviser that provides investment management services to individual and institutional investors, and sponsors and serves as adviser and sub-adviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of December 31, 2016, the Firm had approximately $810 billion in assets under management and provided investment management services for more than 8 million individual and institutional investor accounts.
Portfolio Management
T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee chairman has day-to-day responsibility for managing the funds portfolio and works with the committee in developing and executing the funds investment program. The members of the committee are as follows: Michael J. Conelius, Chairman, Roy H. Adkins, Peter I. Botoucharov, Tala Boulos, Carolyn Hoi Che Chu, Bridget A. Ebner, Richard L. Hall, Arif Husain, Andrew J. Keirle, Christopher J. Kushlis, Michael D. Oh, and Kenneth A. Orchard. The following information provides the year that the chairman (the portfolio managers) first joined the Firm and the chairmans specific business experience during the past five years (although the chairman may have had portfolio management responsibilities for a longer period). Mr. Conelius has been chairman of the committee since the funds inception in 2006. He joined the Firm in 1988 and his investment experience dates from that time. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio managers, and the portfolio managers ownership of the funds shares.
The Management Fee
The fund pays the investment adviser an annual all-inclusive management fee of 0.70% based on the funds average daily net assets. The management fee is calculated and accrued daily and it includes investment management services and ordinary, recurring operating expenses, but does not cover interest, expenses related to borrowing, taxes, and brokerage and other transaction costs, or nonrecurring extraordinary expenses.
More About the Fund | 9 |
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management agreement (and any sub-advisory agreement, if applicable) appear in the funds semiannual report to shareholders for the period ended June 30.
The fund focuses its investments on issuers in emerging markets and has wide flexibility to choose among bonds issued in local currencies or the U.S. dollar, and to choose among corporate and sovereign issuers. Investments in bonds issued in foreign currencies may afford investors a potential hedge against weakness in the U.S. dollar, although such investments could be significantly affected by changes in the exchange rates between the U.S. dollar and the currencies in which the funds holdings are denominated and traded.
Security selection relies heavily on in-depth research that analyzes various factors such as the creditworthiness of particular issuers, shifts in country fundamentals, political and economic trends, anticipated currency movements, and the risk adjusted attractiveness of various countries. The fund ordinarily invests in the securities of at least three countries; however, it may invest in the securities of one country, including the U.S., for temporary defensive purposes.
The fund may enter into forward currency exchange contracts in an effort to hedge against an expected decline in the value of currencies in which its portfolio holdings are denominated, to increase exposure to a particular foreign currency or to shift the funds foreign currency exposure from one country to another, or to enhance the funds returns.
Funds that invest overseas generally carry more risk than funds that invest strictly in U.S. assets.
The risk profile of the fund varies with the maturity and credit quality of bonds it purchases and its degree of currency exposure.
As with any mutual fund, there is no guarantee the fund will achieve its objective. The funds share price fluctuates, which means you could lose money when you sell your shares of the fund. Some particular risks affecting the fund include the following:
Market risks The market price of investments owned by the fund may go up or down, sometimes rapidly or unpredictably. The funds investments may decline in value due to factors affecting the overall markets, or particular industries or sectors. The value of a holding may decline due to general market conditions which are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for an issuers financial condition, changes
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in interest or currency rates, or adverse investor sentiment generally. The value of a holding may also decline due to factors which negatively affect a particular industry or industries, such as labor shortages, increased production costs, or competitive conditions within an industry. The fund may experience heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment in the fund to decline.
Currency risks A decline in the value of a foreign currency versus the U.S. dollar could reduce the dollar value of securities denominated in that foreign currency. The overall impact on the funds holdings can be significant and long-lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging markets currencies. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or political developments. Currency trends are unpredictable, and to the extent the fund purchases and sells currencies, it will also be subject to the risk that its trading strategies, including efforts at hedging, will not succeed. Furthermore, hedging and trading costs can be significant and reduce the funds net asset value, and many emerging market currencies cannot be effectively hedged.
Other risks of foreign investing Risks can result from varying stages of economic and political development; differing regulatory environments, trading days and accounting standards; uncertain tax laws; and higher transaction costs of non-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. A trading market may close without warning for extended time periods, preventing the fund from buying or selling securities in that market.
Emerging markets risks Investments in emerging markets may be subject to 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 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, foreign investments may be restricted and subject to greater government control, including repatriation of sales proceeds. 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. Investments in countries or regions that have recently begun moving away from
More About the Fund | 11 |
central planning and state-owned industries toward free markets should be regarded as speculative.
While some countries have made progress in economic growth, liberalization, fiscal discipline, and political and social stability, there is no assurance these trends will continue. Significant risks, such as war and terrorism, currently affect some emerging market countries. The funds performance will likely be hurt by exposure to nations in the midst of hyperinflation, currency devaluation, trade disagreements, sudden political upheaval, or interventionist government policies. 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 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.
All of these factors make investing in such countries significantly riskier than in other countries, and any one of these factors could cause the funds share price to decline.
Credit risks An issuer of a debt instrument held by the fund will default (fail to make scheduled payments), potentially reducing the funds income and share price. Credit risk is increased when portfolio holdings are downgraded or the perceived creditworthiness of an issuer or counterparty deteriorates. The risk of default is much greater for emerging market bonds and securities rated as below investment-grade.
Companies and governments issuing lower-rated bonds are not as strong financially as those with higher credit ratings, and their bonds are often viewed as speculative investments. Such issuers are more vulnerable to real or perceived business setbacks and to changes in the economy, such as a recession, that might impair their ability to make timely interest and principal payments. Certain emerging market governments and corporations have in the past defaulted on payment of interest and principal on debt they have issued. As a result, the funds adviser relies heavily on proprietary research when selecting these investments.
Liquidity risks The fund may not be able to sell a holding in a timely manner at a desired price. Sectors of the bond market can experience sudden downturns in trading activity. During periods of reduced market liquidity, the spread between the price at which a security can be bought and the price at which it can be sold can widen, and the fund may not be able to sell a holding readily at a price that reflects what the fund believes it should be worth. Less liquid securities can also become more difficult to value. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional broker-dealers to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where selling activity from fixed income investors may be higher than normal, potentially causing increased supply in the market.
Interest rate risks Prices of bonds and other fixed income securities will increase as interest rates fall and that prices will decrease as interest rates rise (bond prices and
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interest rates usually move in opposite directions). Prices fall because the bonds and notes in the funds portfolio become less attractive to other investors when securities with higher yields become available. Generally, the longer the maturity of a security or the longer a bond funds weighted average maturity, the greater its interest rate risk. As a result, in a rising interest rate environment, the net asset value of a fund with a longer weighted average maturity typically decreases at a faster rate than the net asset value of a fund with a shorter weighted average maturity. Because the fund expects to maintain an intermediate- to long-term weighted average maturity, it carries more interest rate risk than a fund that invests in shorter-term securities. The monetary policies of emerging markets countries tend to make the impact and likelihood of local interest rate changes more difficult to predict.
Emerging market bond risks Emerging market bonds are generally less liquid than higher-quality bonds issued by companies and governments in developed countries. Consequently, large purchases or sales of certain high-yield, emerging market debt issues may cause significant changes in their prices. Because many of these bonds do not trade frequently, when they do trade, their prices may be substantially higher or lower than had been expected. A lack of liquidity also means that more subjectivity will be used in establishing the fair value of the securities.
The major factor influencing prices of high-quality bonds tends to be changes in interest rate levels (although an actual or perceived negative change in the bonds or issuers credit rating would become a major factor affecting the bonds price), but there are often several major factors affecting prices of lower-quality bonds. Because the credit quality of the issuer is lower, such bonds are more sensitive to developments affecting the issuers underlying fundamentals (for example, changes in financial condition or a particular countrys general economy). In addition, the entire bond market in an emerging market can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large or sustained sales by institutional investors, a high-profile default, a political upheaval of some kind, or just a change in the markets psychology. This type of volatility is usually associated more with stocks than bonds, but investors in lower-quality bonds should also anticipate it.
Since mutual funds can be a major source of demand in certain markets, substantial cash flows into and out of these funds can affect high-yield and emerging market bond prices. If, for example, a significant number of funds were to sell bonds to meet shareholder redemptions, both bond prices and funds share prices could fall more than underlying fundamentals might justify.
Nondiversification risks Because the fund is nondiversified and thus can invest more of its assets in a smaller number of issuers, it may be more exposed to the risks associated with an individual issuer than a fund that invests more broadly across many issuers. For example, poor performance by a single large holding of the fund would adversely affect the funds performance more than if the fund were invested in a larger number of companies.
More About the Fund | 13 |
Derivatives risks The fund uses forward currency exchange contracts, and is therefore exposed to additional volatility and losses in excess of the funds initial investment, the risk that anticipated currency movements will not be accurately predicted, and the risk that the other party to the transaction will not fulfill its contractual obligation. If currency values and exchange rates move in a direction not predicted by the investment adviser, the fund could be in a worse position than if it had not entered into such transactions. If the funds foreign currency transactions are intended to hedge the currency risk associated with investing in foreign securities and minimize the risk of loss that would result from a decline in the value of the hedged currency, these transactions also may limit any potential gain that might result should the value of such currency increase.
Any efforts at buying or selling currencies could result in significant losses for the fund and, if the fund takes a short position in a particular currency, it will lose money if the currency appreciates in value. Further, if the funds foreign currency transactions are intended to hedge the currency risk associated with investing in foreign securities and minimize the risk of loss that would result from a decline in the value of the hedged currency, these transactions also may limit any potential gain that might result should the value of such currency increase.
Efforts to reduce risks Consistent with the funds objective, the portfolio manager uses various tools to try to reduce risk and increase total return, including:
· Thorough credit research performed by T. Rowe Price analysts.
· Analysis of industry, country, and regional fundamentals.
· Adjusting fund duration to try to reduce the drop in its share price when interest rates rise or to benefit from a rise in bond prices when interest rates fall. (For example, when interest rates rise, the portfolio manager may seek to lower the funds overall duration in an effort to reduce the adverse impact on the funds share price.)
· Management of the impact of foreign currency changes on the funds portfolio.
Additional strategies and risks Other strategies may be employed that are not considered part of the funds principal investment strategies. For instance, the fund may also use futures and swaps, to manage interest rate exposure, adjust portfolio duration, or as a tool to help manage cash flows into and out of the fund. The fund may also use credit default swaps in an effort to manage overall credit quality or to protect the value of certain portfolio holdings. Currency hedging into the U.S. dollar is permitted but is not required. The fund may also take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency (or the fund could sell a currency without owning any assets denominated in the currency). In addition, the fund may take long or short positions in particular countries or bond markets. A short position allows the fund to sell interest rate futures with respect to bonds of a particular market and have the value of the futures contract exceed the value of the bonds held by the fund (or the
T. Rowe Price | 14 |
fund could sell futures with respect to a particular bond market without owning any bonds in that market).
A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based. Derivatives can be highly volatile, illiquid, and difficult to value. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid trading market. Derivatives involve the risk that a counterparty to the derivatives agreement will fail to make required payments or comply with the terms of the agreement. There is also the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation, which could adversely impact the value and liquidity of a derivatives contract subject to such regulation.
Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. The SEC has proposed a rule that would change the regulation of derivatives and how they are used by registered investment companies, such as the T. Rowe Price Funds. If adopted as proposed, the rule could require significant changes to the funds use of derivatives. It is expected that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
This section takes a detailed look at some of the types of the funds holdings and the various kinds of investment practices that may be used in day-to-day portfolio management. The funds investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change the funds investment objective. Shareholder approval is also required to change certain investment restrictions noted in the following section as fundamental policies. Portfolio managers also follow certain operating policies that can be changed without shareholder approval. Shareholders will receive at least 60 days prior notice of a change in the funds policy requiring it to normally invest at least 80% of its net assets in debt securities of emerging market governments or companies located in emerging market countries.
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The funds holdings in certain kinds of investments cannot exceed maximum percentages as set forth in this prospectus and the Statement of Additional Information. For instance, there are limitations regarding the funds investments in certain types of derivatives. While these restrictions provide a useful level of detail about the funds investments, investors should not view them as an accurate gauge of the potential risk of such investments. For example, in a given period, a 5% investment in derivatives could have a significantly greater impact on the funds share price than its weighting in the portfolio. The net effect of a particular investment depends on its volatility and the size of its overall return in relation to the performance of all other fund investments.
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the fund purchases a security. The status, market value, maturity, duration, credit quality, or other characteristics of the funds securities may change after they are purchased, and this may cause the amount of the funds assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction and will not require the sale of an investment if it was proper at the time the investment was made (this exception does not apply to the funds borrowing policy). However, certain changes will require holdings to be sold or purchased by the fund during the time it is above or below the stated percentage restriction in order for the fund to be in compliance with applicable restrictions.
For purposes of determining whether a particular country is considered a developed market or an emerging market, the fund considers a country to be an emerging market if it is either included in a JP Morgan emerging market bond index or not included in the International Monetary Funds listing of advanced economies. For purposes of determining whether the fund invests at least 80% of its net assets in debt securities of emerging markets issuers, the fund uses the country assigned to a security by Bloomberg or another unaffiliated third-party data provider. 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 issuers principal place of business or principal office; (3) where the issuers 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.
Changes in the funds holdings, the funds performance, and the contribution of various investments to the funds performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve the funds objective.
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Types of Portfolio Securities
In seeking to meet its investment objective, the fund may invest in any type of security or instrument (including certain potentially high-risk derivatives described in this section) whose investment characteristics are consistent with its investment program. The following pages describe various types of the funds holdings and investment management practices.
Nondiversified Status
The fund is registered with the SEC as a nondiversified mutual fund. Therefore, the fund is able to invest more than 5% of its assets in the securities of individual foreign governments and may invest a greater portion of its assets in a single issuer than a diversified fund. Since the fund is a nondiversified investment company and is permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers, the fund may be subject to greater credit risk with respect to its portfolio securities and greater volatility with respect to its share prices than an investment company that is more broadly diversified.
However, the fund intends to qualify as a regulated investment company for purposes of the Internal Revenue Code. This requires the fund to limit its investments so that, at the end of each fiscal quarter, with respect to 50% of its total assets, no more than 5% of its assets is invested in the securities of a single issuer, and not more than 10% of the voting securities of any issuer are held by the fund. With respect to the remaining 50% of the funds assets, no more than 25% may be invested in a single issuer.
Debt Securities
The funds investments may be in fixed-rate and floating rate debt securities and may include, but shall not be limited to: (1) debt obligations issued or guaranteed by: (a) a foreign sovereign government or one of its agencies, authorities, instrumentalities, or political subdivisions, including a foreign state, province, or municipality, and (b) supranational organizations such as the World Bank, Asian Development Bank, European Investment Bank, and European Economic Community; (2) debt obligations: (a) of foreign banks and bank holding companies, and (b) of domestic banks and corporations issued in non-U.S. dollar denominations; and (3) foreign corporate debt securities, asset-backed securities, and commercial paper. Such securities may take a variety of forms including those issued in the local currency of an issuer, U.S. dollar-denominated bonds, Eurobonds, and Euro-denominated bonds. The fund may from time to time purchase securities on a when-issued basis, invest in repurchase agreements, and purchase bonds convertible into equities.
The fund generally will not invest more than 5% of its assets in any individual corporate issuer, provided that (1) the fund may place 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
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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 may maintain more than 5% of its total assets, including cash and currencies, in custodial accounts or deposits of the funds custodian or sub-custodians.
The fund may also invest in: such dollar-denominated fixed-income securities as (1) debt obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities; (2) domestic corporate debt securities; (3) domestic commercial paper, including commercial paper indexed to certain specific foreign currency exchange rates; (4) debt obligations of domestic banks and bank holding companies; and (5) collateralized mortgage obligations or asset-backed bonds.
Concentration of Investments From time to time, the fund may invest more than 25% of its total assets in the securities of foreign governmental and corporate entities located in the same country. However, the fund will not invest more than 25% of its total assets in the securities of any single foreign governmental issuer or in two or more such issuers subject to a common, explicit guarantee.
Below Investment-Grade Bonds The price and yield of noninvestment-grade (high yield) bonds, including noninvestment-grade emerging market bonds, can be expected to fluctuate more than the price and yield of higher-quality bonds. Investment-grade bonds are those rated from the highest quality (AAA or equivalent) to medium quality (BBB or equivalent), and below investment-grade bonds are those rated BB (or equivalent) and lower. Below investment-grade bonds are considered speculative with respect to the issuers continuing ability to meet principal and interest payments since their issuers are more vulnerable to financial setbacks and recession than more creditworthy issuers. Even BBB rated bonds may have speculative elements as well. The values of below investment-grade bonds often fluctuate more in response to political, regulatory, or economic developments than higher quality bonds. Successful investment in lower-medium and low-quality bonds involves greater investment risk and is highly dependent on careful credit analysis.
Operating policies There is no limit on the funds investments in securities that are rated below investment-grade.
While the fund intends to invest primarily in debt securities, it may invest in convertible bonds or equity securities. While some countries or companies may be regarded as favorable investments, pure bond opportunities may be unattractive or limited due to insufficient supply, or legal or technical restrictions. In such cases, the fund may consider equity securities or convertible bonds to gain exposure to such markets.
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be
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liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a companys stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, the fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.
Convertible Securities and Warrants
The fund may invest in debt or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the issuer, which could in effect force conversion before the holder would otherwise choose. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock. Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or more years). Warrants have no voting rights, pay no dividends, and can be highly volatile. In some cases, the redemption value of a warrant could be zero.
Operating policy The fund may invest up to 10% of its total assets, in various types of equity securities and securities that are convertible into, or which carry warrants for, common stocks or other equity 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.
Loan Participations and Assignments
Large loans to corporations or governments, including governments of less developed countries, may be shared or syndicated among several lenders, usually banks. The fund could participate in such syndicates, or could buy part of a loan, becoming a direct lender. The fund may acquire loans as an assignment from another lender that holds a direct interest in the loan or as a participation interest in another lenders portion of the loan. Participations and assignments involve special types of risk, including limited marketability and the risks of being considered a lender. If the fund purchases a participation, it may only be able to enforce its rights through the lender, and it may assume the credit risk of the lender in addition to the borrower. With
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assignments, the funds rights against the borrower may be more limited than those held by the original lender. The fund may also make investments in a company through the purchase or execution of a privately negotiated note representing the equivalent of a loan.
Operating policy The fund may not invest more than 20% of its total assets in loan participations and assignments.
Derivatives and Leverage
A derivative is a financial instrument whose value is derived from an underlying security, such as a stock or bond, or from a market benchmark, such as an interest rate index. Many types of investments representing a wide range of risks and potential rewards may be considered derivatives, including conventional instruments such as futures and options, as well as other potentially more complex investments such as swaps and structured notes. The use of derivatives can involve leverage. Leverage has the effect of magnifying returns, positively or negatively. The effect on returns will depend on the extent to which an investment is leveraged. For example, an investment of $1, leveraged at 2 to 1, would have the effect of an investment of $2. Leverage ratios can be higher or lower with a corresponding effect on returns. The fund may use derivatives in certain situations to help accomplish any or all of the following: to hedge against a decline in principal value, to increase yield, to manage exposure to changes in interest or currency exchange rates, to invest in eligible asset classes with greater efficiency and at a lower cost than is possible through direct investment, or to adjust portfolio duration or credit risk exposure.
Derivatives that may be used include the following instruments, as well as others that combine the risk characteristics and features of futures, options, and swaps:
Futures and Options Futures, a type of potentially high-risk derivative, are often used to manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options, another type of potentially high-risk derivative, may be used to generate additional income, to enhance returns, or as a defensive technique to protect against anticipated declines in the value of an asset. Call options give the investor the right to purchase (when the investor purchases the option), or the obligation to sell (when the investor writes or sells the option), an asset at a predetermined price in the future. Put options give the purchaser of the option the right to sell, or the seller (or writer) of the option the obligation to buy, an asset at a predetermined price in the future. Futures and options contracts may be bought or sold for any number of reasons, including to manage exposure to changes in interest rates, bond prices, foreign currencies, and credit quality; as an efficient means of increasing or decreasing a funds exposure to certain markets; in an effort to enhance income; to improve risk-adjusted returns; to protect the value of portfolio securities; and to serve as a cash management tool. Call or put options may be purchased or sold on securities, futures, financial indexes, and foreign currencies. A fund may choose to continue a futures contract by rolling over an expiring futures
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contract into an identical contract with a later maturity date. This could increase the funds transaction costs and portfolio turnover rate.
Futures and options contracts may not always be successful hedges; their prices can be highly volatile; using them could lower the funds total return; the potential loss from the use of futures can exceed the funds initial investment in such contracts; and the losses from certain options written by the fund could be unlimited.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of the funds net asset value. The total market value of securities covering call or put options may not exceed 25% of the funds total assets. No more than 5% of the funds total assets will be committed to premiums when purchasing call or put options.
Swaps The fund may invest in interest rate, index, total return, credit default, and other types of swap agreements, as well as options on swaps, commonly referred to as swaptions, and interest rate swap futures, which are instruments that provide a way to obtain swap exposure and the benefits of futures in one contract. All of these agreements are considered derivatives and, in certain cases, high-risk derivatives. Interest rate, index, and total return swaps are two-party contracts under which the fund and a counterparty, such as a broker or dealer, agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or indexes. Credit default swaps are agreements where one party (the protection buyer) will make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as defaults and bankruptcies related to an issuer or underlying credit instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to settle in cash at a future date at the price determined by a specific benchmark rate at the end of a fixed period. Swaps, swaptions, and swap futures can be used for a variety of purposes, including to manage the funds overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the funds exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk exposure.
There are risks in the use of swaps and related instruments. Swaps could result in losses if interest or foreign currency exchange rates or credit quality changes are not correctly anticipated by the fund. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated. Credit default swaps can increase the funds exposure to credit risk and could result in losses if evaluation of the creditworthiness of the counterparty, or of the company or government on which the credit default swap is based, is incorrect. The use of swaps, swaptions, and swap futures may not always be successful. Using them could lower the funds total return, their prices can be highly volatile, and the potential loss from the use of swaps can exceed the funds initial investment in such instruments. Also, the other party to a swap agreement could default on its obligations or refuse to cash
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out the funds investment at a reasonable price, which could turn an expected gain into a loss. Although there should be minimal counterparty risk associated with investments in interest rate swap futures, the fund could experience delays and/or losses due to the bankruptcy of a swap dealer through which the fund engaged in the transaction.
Operating policies A swap agreement with any single counterparty will not be entered into if the net amount owed or to be received under existing contracts with that party would exceed 5% of the funds total assets or if the net amount owed or to be received by the fund under all outstanding swap agreements will exceed 10% of its total assets. (Swap agreements that are cleared and settled through a clearinghouse, or traded on an exchange or swap execution facility, are not subject to these limits.) For swaptions, the total market value of securities covering call or put options may not exceed 25% of the funds total assets. No more than 5% of the funds total assets will be committed to premiums when purchasing call or put swaptions.
Hybrid Instruments Hybrid instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount or interest rate of a hybrid could be tied (positively or negatively) to the price of some commodity, currency, security, or securities index or another interest rate (each a benchmark). Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, and increased total return. Hybrids may or may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the fund to the credit risk of the issuer of the hybrid. These risks may cause significant fluctuations in the net asset value of the fund.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy The funds investments in hybrid instruments are limited to 10% of its total assets.
Currency Derivatives The fund may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through forward currency exchange contracts, which are contracts between two counterparties to exchange one currency for another on a future date at a specified exchange rate. In addition to foreign currency forwards, futures, swaps, and options
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on foreign currencies may also be used to protect the funds foreign securities from adverse currency movements relative to the U.S. dollar, as well as to gain exposure to currencies and markets expected to increase or decrease in value relative to other currencies or securities.
The fund may attempt to hedge its exposure to potentially unfavorable currency changes. Forward currency contracts can be used to adjust the foreign exchange exposure of the fund with a view to protecting the portfolio from adverse currency movements, based on the investment advisers outlook. However, forward currency contracts can also be used in an effort to benefit from a currency believed to be appreciating in value versus other currencies. The fund may invest in foreign currencies directly without holding any foreign securities denominated in those currencies.
Forward currency contracts involve special risks, including, but not limited to, the potential for significant volatility in currency markets, and the risk that in certain markets, particularly emerging markets, it is not possible to engage in effective foreign currency hedging. In addition, such transactions involve the risk that currency movements will not occur as anticipated by the investment adviser, which could reduce the funds total return.
The fund may enter into foreign currency transactions under the following circumstances:
Lock In When the fund desires to lock in the U.S. dollar price on the purchase or sale of a security denominated in a foreign currency.
Cross Hedge If a particular currency is expected to decrease in value relative to another currency, the fund may sell the currency expected to decrease and purchase a currency that is expected to increase against the currency sold. The funds cross hedging transactions may involve currencies in which the funds holdings are denominated. However, the fund is not required to own securities in the particular currency being purchased or sold.
Direct Hedge If the fund seeks to eliminate substantially all of the risk of owning a particular currency or believes the portfolio could benefit from price appreciation in a given countrys bonds but did not want to hold the currency, it could employ a direct hedge back into the U.S. dollar. In either case, the fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but the fund would hope to benefit from an increase (if any) in the value of the bond.
Proxy Hedge In certain circumstances, a different currency may be substituted for the currency in which the investment is denominated, as part of a strategy known as proxy hedging. In this case, the fund, having purchased a security, will sell a
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currency whose value is believed to be closely linked to the currency in which the security is denominated. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies, and that relationship may not always be maintained. The fund may also use these instruments to create a synthetic bond, which is issued in one currency with the currency component transformed into another currency.
Costs of Hedging When the fund purchases a foreign bond with a higher interest rate than is available on U.S. bonds of a similar maturity, the additional yield on the foreign bond could be substantially lessened if the fund were to enter into a direct hedge by selling the foreign currency and purchasing the U.S. dollar. This is what is known as the cost of hedging. A proxy hedge, which is less costly than a direct hedge, may attempt to reduce this cost through an indirect hedge back to the U.S. dollar.
It is important to note that hedging costs are treated as capital transactions and are not, therefore, deducted from the funds dividend distribution and are not reflected in its yield. Instead, such costs will, over time, be reflected in the funds net asset value per share and total return. Hedging may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in an increase (or decrease) in the amount of taxable dividends paid by the fund and could affect whether dividends paid by the fund are classified as capital gains or ordinary income.
Investments in Other Investment Companies
The fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
The fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The fund might also purchase shares of another investment company to gain exposure to the securities in the investment companys portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with the funds objective and investment program.
The risks of owning another investment company are generally similar to the risks of investing directly in the securities in which that investment company invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the funds performance. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility if an active trading market does not exist.
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As a shareholder of another investment company, the fund must pay its pro-rata share of that investment companys fees and expenses. The funds investments in non-T. Rowe Price investment companies are subject to the limits that apply to investments in other funds under the Investment Company Act of 1940 or under any applicable exemptive order.
The fund may also invest in certain other T. Rowe Price Funds as a means of gaining efficient and cost-effective exposure to certain asset classes, provided the investment is consistent with the funds investment program and policies.
Investments in other investment companies could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. Examples of asset classes in which other mutual funds (including T. Rowe Price Funds) focus their investments include high yield bonds, inflation-linked securities, floating rate loans, international bonds, emerging market bonds, stocks of companies involved in activities related to real assets, stocks of companies that focus on a particular industry or sector, and emerging market stocks. If the fund invests in another T. Rowe Price Fund, the management fee paid by the fund will be reduced to ensure that the fund does not incur duplicate management fees as a result of its investment.
Illiquid Securities
Some of the funds holdings may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold in the ordinary course of business within seven days at approximately the prices at which they are valued. The determination of liquidity involves a variety of factors. Illiquid securities may include private placements that are sold directly to a small number of investors, usually institutions. Unlike public offerings, such securities are not registered with the SEC. Although certain of these securities may be readily sold (for example, pursuant to Rule 144A under the Securities Act of 1933) and therefore deemed liquid, others may have resale restrictions and be considered illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and the fund may only be able to sell such securities at prices substantially lower than what it believes they are worth.
Operating policy The fund may not purchase an illiquid security if it holds 15% or more of its net assets in illiquid securities.
Types of Investment Management Practices
Reserve Position
A certain portion of the funds assets may be held in reserves. The funds reserve positions will primarily consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund (which does not charge any management fees); 2) short-term, high-quality U.S. and foreign dollar-denominated money market securities,
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including repurchase agreements; and 3) U.S. dollar or non-U.S. dollar currencies. In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position that is inconsistent with its principal investment objective and/or strategies and may invest, without limitation, in reserves. If the fund has significant holdings in reserves, it could compromise its ability to achieve its objective. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into the fund, and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.
When-Issued Securities and Forwards
The fund may purchase securities on a when-issued or delayed delivery basis or may purchase or sell securities on a forward commitment basis. The price of these securities is fixed at the time of the commitment to buy, but delivery and payment take place after the customary settlement period for that type of security (often a month or more later). During the interim period, the price and yield of the securities can fluctuate, and typically no interest accrues to the purchaser. At the time of delivery, the market value of the securities may be more or less than the purchase or sale price. To the extent the fund remains fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time it purchases these securities, there will be greater fluctuations in the funds net asset value than if the fund did not purchase them.
Borrowing Money and Transferring Assets
The fund may borrow from banks, other persons, and other T. Rowe Price Funds for temporary emergency purposes to facilitate redemption requests, or for other purposes consistent with the funds policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with the funds assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 331/3% of the funds total assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of 1940.
Operating policy The fund will not transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 331/3% of its total assets. The fund will not purchase additional securities when its borrowings exceed 5% of its total assets.
Lending of Portfolio Securities
The fund may lend its securities to broker-dealers, other institutions, or other persons to earn additional income. Risks include the potential insolvency of the broker-dealer or other borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the reinvestment of collateral received on loaned securities in investments that decline in value, default, or do not perform as well as expected.
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Fundamental policy The value of loaned securities may not exceed 331/3% of the funds total assets.
Credit Quality Considerations
The credit quality of many fund holdings is evaluated by rating agencies such as Moodys Investors Service, Inc. (Moodys), S&P Global Ratings (S&P), and Fitch Ratings, Inc. (Fitch). Credit quality refers to the issuers ability and willingness to meet all required interest and principal payments. The highest ratings are assigned to issuers perceived to have the lowest credit risks. T. Rowe Price credit research analysts also evaluate the funds holdings, including those rated by outside agencies. Other things being equal, bonds and other debt obligations with lower ratings typically have higher yields due to greater credit risk.
Credit quality ratings are not guarantees. They are estimates of an issuers creditworthiness and ability to make interest and principal payments as they come due. Ratings can change at any time due to actual or perceived changes in an issuers creditworthiness or financial fundamentals.
Bonds rated Baa and above by Moodys, and BBB and above by S&P and Fitch, are considered to be investment grade. Bonds that are rated below these categories are considered to have greater credit risk and are referred to as below investment grade or noninvestment grade. Bonds rated below investment grade range from speculative to highly speculative with respect to the issuers ability or willingness to pay interest and repay principal. The following table summarizes the rating scales and associated credit risk assigned by the major rating agencies. Within these categories, the rating may be modified with a symbol (such as 1, 2, and 3, or a plus or minus) to indicate whether the bond is ranked in the higher or lower end of its rating category. T. Rowe Price generally relies upon its own credit analysis when selecting investments.
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Ratings of Debt Securities
Moodys | S&P | Fitch | Description of Category |
Aaa | AAA | AAA | Lowest level of credit risk with extremely strong capacity to meet financial commitments |
Aa | AA | AA | Very low credit risk with very strong capacity to meet financial commitments |
A | A | A | Low credit risk with strong capacity to meet financial commitments |
Baa | BBB | BBB | Moderate credit risk with adequate capacity to meet financial commitments |
Ba | BB | BB | Subject to substantial credit risk and adverse conditions could lead to inadequate capacity to meet financial commitments |
B | B | B | Subject to high credit risk and adverse conditions will likely impair capacity to meet financial commitments |
Caa | CCC | CCC | Subject to very high credit risk and dependent upon favorable conditions to meet financial commitments |
Ca | CC | CC | Highly vulnerable to nonpayment and likely in, or very near, default with some prospect of recovery of principal and interest |
C | C | C | Typically in default with little prospect for recovery of principal and interest |
| D | D | In default |
Portfolio Turnover
Turnover is an indication of frequency of trading. The fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held. Each time the fund purchases or sells a security, it incurs a cost. This cost is reflected in its net asset value but not in its operating expenses. The higher the turnover rate, the higher the transaction costs and the greater the impact on the funds total return. Higher turnover can also increase the possibility of taxable capital gain distributions. The funds portfolio turnover rates are shown in the Financial Highlights table.
The Financial Highlights table, which provides information about the funds financial history, is based on a single share outstanding throughout the periods shown. The table is part of the funds financial statements, which are included in its annual report and are incorporated by reference into the Statement of Additional Information (available upon request). The total returns in the table represent the rate that an
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investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and distributions and no payment of any applicable account or redemption fees). The financial statements in the annual report were audited by the funds independent registered public accounting firm, PricewaterhouseCoopers LLP.
Financial Highlights
Year ended December 31 | ||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | ||||||
Net asset
value, | $8.95 | $9.84 | $8.77 | $8.65 | $8.27 | |||||
Income From Investment Operations | ||||||||||
Net investment incomea | 0.57 | 0.48 | 0.49 | 0.50 | 0.63 | |||||
Net gains or losses on | 1.05 | (1.00 | ) | (0.08 | ) | (0.37 | ) | 0.56 | ||
Total from
investment | 1.62 | (0.52 | ) | 0.41 | 0.13 | 1.19 | ||||
Less Distributions | ||||||||||
Dividends (from net | (0.57 | ) | (0.48 | ) | (0.50 | ) | (0.50 | ) | (0.49 | ) |
Distributions
(from | (0.16 | ) | (0.07 | ) | (0.03 | ) | | | ||
Returns of capital | | | | (0.01 | ) | (0.10 | ) | |||
Total distributions | (0.73 | ) | (0.55 | ) | (0.53 | ) | (0.51 | ) | (0.59 | ) |
Net asset value, | $9.84 | $8.77 | $8.65 | $8.27 | $8.87 | |||||
Total return | 18.58 | % | (5.33 | )% | 4.55 | % | 1.52 | % | 14.69 | % |
Ratios/Supplemental Data | ||||||||||
Net assets, end of period | $252,917 | $261,989 | $317,102 | $311,657 | $285,880 | |||||
Ratio of expenses to | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % |
Ratio of
net income to | 5.97 | % | 5.19 | % | 5.50 | % | 5.79 | % | 7.26 | % |
Portfolio turnover rate | 44.4 | % | 51.8 | % | 53.5 | % | 72.2 | % | 83.4 | % |
a Per share amounts calculated using average shares outstanding method.
More About the Fund | 29 |
The T. Rowe Price Funds full portfolio holdings as of their fiscal year-end are disclosed in their annual shareholder reports and their full portfolio holdings as of their fiscal mid-point are disclosed in their semiannual shareholder reports. The annual and semiannual shareholder reports are filed with the SEC and sent to the funds shareholders within 60 days of the period covered. The T. Rowe Price Funds also disclose their full portfolio holdings as of their first and third fiscal quarter-ends on Form N-Q. Form N-Q is filed with the SEC within 60 days of the period covered, but is not sent to the funds shareholders. Under certain conditions, the shareholder reports and Form N-Q may include up to 5% of a funds 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 funds SEC filings for more than one year. The money market funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP, as well as the shareholder reports and Form N-Q, are publicly available immediately upon filing with the SEC.
In addition, the T. Rowe Price Funds disclose their calendar quarter-end full portfolio holdings on troweprice.com 15 calendar days after each quarter. These holdings reports may exclude the issuer name and other information relating to a holding in order to protect the funds interests and prevent harm to the fund or its shareholders. Private placements and other restricted securities may not be individually identified in the calendar quarter-end holdings on troweprice.com, but would be disclosed in any SEC filings. Money market funds also disclose on troweprice.com their month-end full portfolio holdings five business days after each month-end and historical information about fund investments for the previous six months, as of the last business day of the preceding month. This information includes, among other things, the percentage of the funds investments in daily and weekly liquid assets, the funds weighted average maturity and weighted average life, the funds market-based net asset value, and the funds 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, the T. Rowe Price Funds disclose their 10 largest holdings on troweprice.com on the seventh business day after each month-end. These holdings are listed in alphabetical order along with the aggregate percentage of the funds total assets that these 10 holdings represent. Each monthly top 10 list will remain on the website for six months. A description of T. Rowe Prices policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information.
Information About Accounts in T. Rowe Price Funds | 3 | |
The following policies and procedures apply to the Institutional Funds within the T. Rowe Price Funds.
This section of the prospectus describes the policies and procedures that generally apply to investments in the T. Rowe Price Institutional Funds (except for the T. Rowe Price Institutional Cash Reserves Fund). The T. Rowe Price Institutional Funds may be purchased directly from T. Rowe Price or through a financial intermediary, such as a bank, broker, retirement plan recordkeeper, or financial advisor.
Most of the T. Rowe Price Institutional Funds are available only in a single share class (referred to as the Institutional Class). However, the Institutional Floating Rate Fund is also offered in an F Class. Each class of a funds shares represents an interest in the same fund with the same investment program and investment policies. While the Institutional Class may be held directly with T. Rowe Price or through a financial intermediary, the F Class is designed to be purchased only through financial advisors and certain financial intermediaries and has a different cost structure due to a shareholder servicing arrangement that applies only to that class.
This section generally describes investing only in the Institutional Funds except for the T. Rowe Price Institutional Cash Reserves Fund, which has unique policies relating to its operation as an institutional money market fund. This section does not describe the policies that apply to other T. Rowe Price Funds. Policies for other funds are described in their respective prospectuses, and all types of funds and available share classes for the T. Rowe Price Funds are described more fully in the funds Statement of Additional Information.
Institutional Class
The Institutional Class may be purchased directly through T. Rowe Price or through a financial intermediary. The Institutional Class does not make any payments to financial intermediaries for distribution of the funds shares (commonly referred to as 12b-1 fee payments) and does not make any payments to financial intermediaries for administrative services they provide (commonly referred to as administrative fee payments).
The Institutional Class is designed to be sold only to institutional investors, which include, but are not limited to: corporations, endowments and foundations,
Information About Accounts in T. Rowe Price Funds | 31 |
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. The Institutional Class generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts, and certain other accounts.
F Class
The F Class must be purchased through a financial intermediary. The F Class does not make any 12b-1 fee payments to financial intermediaries but may make administrative fee payments at an annual rate of up to 0.15% of the class average daily net assets.
The F Class is designed to be sold only through financial advisors and certain financial intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries. F Class shares are generally not available to financial intermediaries that would make the fund available to their customers through a mutual fund supermarket platform. There is a $2,500 minimum initial investment requirement, but the minimum is waived for certain types of accounts.
Certain financial intermediaries perform recordkeeping and administrative services for their clients that would otherwise be performed by the funds transfer agent. The F Class 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 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. These separate administrative fee payments are reflected in the Other expenses line that appears in a funds fee table in Section 1.
Some broker-dealers or other financial intermediaries that are eligible to purchase F Class shares of T. Rowe Price Institutional Funds may also be eligible to purchase the Institutional Class. The Institutional Class shares require a much higher initial investment but have lower expenses than F Class shares because the Institutional Class does not participate in the administrative fee payment program. The payment of the administrative fee by the F Class creates a potential conflict of interest by influencing the broker-dealer or other financial intermediary to purchase F Class shares instead of Institutional Class shares. If this happens, you will incur higher
T. Rowe Price | 32 |
expenses than if your financial intermediary had purchased Institutional Class shares on your behalf (assuming your financial intermediary would qualify to purchase Institutional Class shares). You should ask your salesperson for more information regarding the eligibility of your financial intermediary to purchase Institutional Class shares.
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.
Important Information Required to Open a New Account
Institutional investors must provide T. Rowe Price with a valid taxpayer identification number (and valid Social Security numbers for individuals opening the account on behalf of the institution) on a signed New Account Form or W-9 Form. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject the investor to an Internal Revenue Service fine. If this information is not received within 60 days after the account is established, the account may be redeemed at the funds then-current net asset value. Financial intermediaries opening an account in a fund must also enter into a separate agreement with the fund or its agent.
Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account. When you open an account for an entity, you will be required to provide the entitys name, U.S. street address (post office boxes are not acceptable), and taxpayer identification number, as well as your name, U.S. street address (post office boxes are not acceptable), date of birth, and Social Security number as the person opening the account on behalf of the entity. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an account. Certain other fiduciary accounts (such as trusts or power of attorney arrangements) require documentation, which may include an original or certified copy of the trust agreement or power of attorney, to open an account.
T. Rowe Price will use this information to verify the identity of the entity and person opening the account. An account cannot be opened until all of this information is received. If the identity of the entity or person opening the account on behalf of the
Information About Accounts in T. Rowe Price Funds | 33 |
entity cannot be verified, T. Rowe Price is authorized to take any action permitted by law. (See Rights Reserved by the Funds later in this section.)
Call Financial Institution Services at 1-800-638-8790 for more information on these requirements.
The Institutional Funds are generally available only to institutional investors with a U.S. address. T. Rowe Price will generally not authorize the transfer of ownership of an account in an Institutional Fund for an institutional investor to an account for a noninstitutional investor. Shares held directly with T. Rowe Price by noninstitutional investors are subject to involuntary redemption at any time, which could result in a taxable gain to the investor.
Opening an Account
Call Financial Institution Services at 1-800-638-8790 for an account number and wire transfer instructions. All initial purchases are typically made by bank wire, but checks or other forms of payment may be accepted in certain cases. In order to obtain an account number, you must supply the name, taxpayer identification number, and business street address for the account. Complete a New Account Form and mail it, along with proper documentation identifying your firm and any other necessary documentation, to one of the following addresses:
via U.S. Mail T. Rowe Price Financial Institution Services P.O. Box 17300 Baltimore, MD 21297-1603 | via private carriers/overnight services T. Rowe Price Financial Institution Services Mail Code: OM-4232 4515 Painters Mill Road Owings Mills, MD 21117-4842 |
Note: Although the purchase will be made, services may not be established and Internal Revenue Service penalty withholding may occur until we receive a signed New Account Form.
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 at the close of trading on the New York Stock Exchange (NYSE), which is normally 4 p.m. ET, each day that the NYSE is open for business. Net asset values are not calculated for the funds on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating
T. Rowe Price | 34 |
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 funds assets are valued and totaled, liabilities are subtracted, and each class proportionate share of the balance, called net assets, is divided by the number of shares outstanding of that class. Market values are used to price portfolio holdings for which market quotations are readily available. Market values generally reflect the prices at which securities actually trade or represent prices that have been adjusted based on evaluations and information provided by the funds pricing services. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. If a market value for a portfolio holding is not available or normal valuation procedures are deemed to be inappropriate, the fund will make a good faith effort to assign a fair value to the holding by taking into account various factors and methodologies that have been approved by the funds Board. This value may differ from the value the fund receives upon sale of the securities. Amortized cost is used to price securities held by money funds and certain short-term debt securities held by a fund.
The funds use various pricing services to provide closing market prices and information used to adjust those prices and to value most fixed income securities. A fund cannot predict how often it will use closing prices and how often it will adjust those prices. As a means of evaluating its fair value process, the fund routinely compares closing market prices, the next days opening prices in the same markets, and adjusted prices.
Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If a fund determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the funds securities, the fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, the fund reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.
A fund may also fair value certain securities or a group of securities in other situationsfor example, when a particular foreign market is closed but the fund is open. For a fund that has investments in securities that are primarily listed on foreign exchanges which trade on weekends or other days when the fund does not price its shares, the funds net asset value may change on days when shareholders will not be able to purchase or redeem the funds shares. If an event occurs that affects the value
Information About Accounts in T. Rowe Price Funds | 35 |
of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, a fund may make a price adjustment depending on the nature and significance of the event. The funds also evaluate a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security.
How The 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 days 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 days 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 days net asset value. Contact your financial intermediary for trade deadlines and the applicable policies for purchasing, selling, or exchanging your shares, as well as initial and subsequent investment minimums. The financial intermediary may charge a fee for its services.
Note: There may be times when you are unable to contact us or access your account due to extreme market activity or other circumstances. 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 days net asset value. The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE, and still accept transactions and calculate their net asset value as of 4 p.m. ET.
T. Rowe Price | 36 |
Transaction Confirmations
We send immediate confirmations for most of your fund transactions. However, certain transactions, such as dividend reinvestments, 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 Financial Institution Services.
Purchasing Shares
Purchases may be initiated through the National Securities Clearing Corporation or by calling Financial Institution Services. All initial and subsequent investments are typically made by bank wire, although checks or other forms of payment may be accepted in certain cases. There is no assurance that the share price for a purchase will be the same day a wire was initiated.
The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions. However, when authorized by the fund, certain institutions, financial intermediaries, or retirement plans purchasing fund shares directly with T. Rowe Price may place a purchase order unaccompanied by payment. Payment for these shares must be received by the time designated by the fund (not to exceed the period established for settlement under applicable regulations). If payment is not received by this time, the order may be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks and should be payable to the T. Rowe Price Funds.
Nonpayment Purchases of a fund may be canceled if payment is not received in a timely manner, and the shareholder may be responsible for any losses or expenses incurred by the fund or its transfer agent. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
Investment Minimums
The Institutional Class generally requires a $1,000,000 minimum initial investment and the F Class generally requires a $2,500 minimum initial investment, although the minimums may be waived for financial intermediaries, retirement plans, and certain other institutional investors. In addition, we request that you give us at least three business days notice (seven business days notice for the Institutional Floating Rate Fund) for any purchase of $5 million or more. There is generally no minimum required for additional purchases.
You should check with your financial advisor, retirement plan, or financial intermediary to determine what minimum applies to your initial and additional investments.
Information About Accounts in T. Rowe Price Funds | 37 |
Exchanging and Redeeming Shares
Certain T. Rowe Price Funds assess a fee on redemptions of shares (including exchanges out of a fund) that are not held for a specified period of time. Please refer to Contingent Redemption Fee later in this section.
Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. An exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes.
Redemptions Redemptions are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services. Please note that certain redemption requests initiated through the National Securities Clearing Corporation may be rejected, and in such instances, the transaction must be placed by contacting a Financial Institution Services representative.
If for some reason we cannot accept your request to exchange or redeem shares, we will attempt to contact you.
If you request to redeem a specific dollar amount and the market value of your account is less than the amount of your request and we are unable to contact you, your redemption will not be processed and you will need to submit a new redemption request in correct form.
Receiving Redemption Proceeds Unless otherwise indicated, redemption proceeds will be sent via bank wire to the designated bank on file for the account. If a 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. Proceeds sent by bank wire are usually credited to an account the next business day after the sale. Redemption proceeds can be mailed to the account address by check if specifically requested. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or third business day after receipt of the order, depending on the arrangement with the financial intermediary. You must contact your financial intermediary about procedures for receiving your redemption proceeds.
Exception: Under certain circumstances and when deemed to be in a funds best interests, your proceeds may not be sent for up to seven calendar days after we receive your redemption request in correct form.
Large Redemptions Large redemptions (for example, $250,000 or more) can adversely affect a portfolio managers ability to implement a funds investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to pay all or part of redemption proceeds with securities from the funds portfolio rather than in cash (redemption in-kind). If this occurs, the securities will be selected by the fund in its absolute discretion and the redeeming shareholder or account will be responsible for
T. Rowe Price | 38 |
disposing of the securities and bearing any associated costs and risks (for example, market risks until the securities are disposed of). If you continue to hold the securities, you may be subject to any ownership restriction imposed by the issuers. For example, real estate investment trusts often impose ownership restriction on their equity securities.
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, all share classes of the T. Rowe Price Institutional Funds, listed in the following table, assess a fee on redemptions (including exchanges out of a fund), which reduces the proceeds from such redemptions by the amounts indicated:
T. Rowe Price Institutional Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Institutional Africa & Middle East | 2% | 90 days or less |
Institutional Credit Opportunities | 2% | 90 days or less |
Institutional Emerging Markets Bond | 2% | 90 days or less |
Institutional Emerging Markets Equity | 2% | 90 days or less |
Institutional Floating Rate | 2% | 90 days or less |
Institutional Frontier Markets Equity | 2% | 90 days or less |
Institutional Global Focused Growth Equity | 2% | 90 days or less |
Institutional Global Growth Equity | 2% | 90 days or less |
Institutional Global Value Equity | 2% | 90 days or less |
Institutional High Yield | 2% | 90 days or less |
Institutional International Bond | 2% | 90 days or less |
Institutional International Concentrated Equity | 2% | 90 days or less |
Institutional International Core Equity | 2% | 90 days or less |
Institutional International Growth Equity | 2% | 90 days or less |
Redemption fees are paid to a fund (and not to T. Rowe Price) to deter short-term trading, offset costs, and help protect the funds long-term shareholders. Subject to the exceptions described on the following pages, all persons holding shares of a T. Rowe Price Fund that imposes a redemption fee are subject to the fee, whether the person is holding shares directly with a T. Rowe Price Fund, through a retirement plan for which T. Rowe Price serves as recordkeeper or indirectly through a financial intermediary (such as a broker, bank, or investment adviser), recordkeeper for retirement plan participants, or other third party.
Computation of Holding Period When an investor sells shares of a fund that assesses a redemption fee, T. Rowe Price will use the first-in, first-out method to determine the holding period for the shares sold. Under this method, the date of redemption or exchange will be compared with the earliest purchase date of shares held in the
Information About Accounts in T. Rowe Price Funds | 39 |
account. A redemption fee will be charged on shares sold on or before the end of the required holding period. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. For example, if you redeem your shares on or before the 90th day from the date of purchase, you will be assessed the redemption fee. If you purchase shares through a financial intermediary, consult your financial intermediary to determine how the holding period will be applied.
Transactions Not Subject to Redemption Fees The T. Rowe Price Funds will not assess a redemption fee with respect to certain transactions. As of the date of this prospectus, the following shares of T. Rowe Price Funds will not be subject to redemption fees:
· Shares redeemed through an automated, systematic withdrawal plan;
· Shares redeemed through or used to establish certain rebalancing, asset allocation, wrap, and advisory programs, as well as non-T. Rowe Price fund-of-funds products, if approved in writing by T. Rowe Price;
· Shares purchased through the reinvestment of dividends or capital gain distributions;*
· Shares converted from one share class to another share class of the same fund;*
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees (e.g., for failure to meet account minimums);
· Shares purchased by rollover or changes of account registration within the same fund;*
· Shares redeemed to return an excess contribution from a retirement account;
· Shares of T. Rowe Price Funds purchased by another T. Rowe Price Fund and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that other shareholders of the investing T. Rowe Price Fund are still subject to the policy);
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a financial intermediary acting as a service provider when the age of the shares cannot be determined systematically;* and
· Shares redeemed in retirement plans or other products that restrict trading to no more frequently than once per quarter or other approved time period, if approved in writing by T. Rowe Price.
* Subsequent exchanges of these shares into funds that assess redemption fees will subject such shares to the fee.
Redemption Fees on Shares Held in Retirement Plans If shares are held in a retirement plan, redemption fees generally will be assessed on shares redeemed by exchange only if they were originally purchased by a participant-directed exchange. However, redemption fees may apply to transactions other than exchanges depending
T. Rowe Price | 40 |
on how shares of the plan are held at T. Rowe Price or how the fees are applied by your plans recordkeeper. To determine which of your transactions are subject to redemption fees, you should contact T. Rowe Price or your plan recordkeeper.
Omnibus Accounts If your shares are held through a financial intermediary in an omnibus account, T. Rowe Price relies on the financial intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to enter into agreements with financial intermediaries establishing omnibus accounts that require the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all financial intermediaries or that the intermediaries will properly assess the fees.
Certain financial intermediaries may not apply the exemptions previously listed to the redemption fee policy; all redemptions by persons trading through such intermediaries may be subject to the fee. Certain financial intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through a financial intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
You may initiate transactions involving the Institutional Funds by telephone, by mail, or through the National Securities Clearing Corporation. The T. Rowe Price Funds and their agents use reasonable procedures to verify the identity of the person contacting T. Rowe Price and to ensure that the person is authorized to act on behalf of the account. If these procedures are followed, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions. Please review the transaction confirmation carefully, and contact Financial Institution Services immediately about any transaction you believe to be unauthorized. Telephone conversations are recorded.
To place a transaction or make any inquiries regarding the T. Rowe Price Institutional Funds, please call Financial Institution Services at 1-800-638-8790. To mail any information to T. Rowe Price regarding the T. Rowe Price Institutional Funds, please use the following addresses:
via U.S. Mail T. Rowe Price Financial Institution Services P.O. Box 17300 Baltimore, MD 21297-1603 | via private carriers/overnight services T. Rowe Price Financial Institution Services Mail Code: OM-4232 4515 Painters Mill Road Owings Mills, MD 21117-4842 |
Note: If sending a check for a purchase, your transaction will receive the share price for the business day that the check is received by T. Rowe Price or its agent prior to
Information About Accounts in T. Rowe Price Funds | 41 |
the close of the NYSE (normally 4 p.m. ET), which could differ from the day that the check is received at the post office box.
If you hold shares of a T. Rowe Price Institutional Fund through a retirement plan or financial intermediary, you must contact your retirement plan or financial intermediary with any inquiries.
Involuntary Redemptions and Share Class Conversions
Shares held by any investors that no longer meet the definition of an institutional investor or fail to meet or maintain their account(s) at the investment minimum are subject to involuntary redemption at any time.
For all accounts in Institutional Funds (except for F Class accounts), to help keep operating expenses lower, we ask you to maintain an account balance of at least $1 million. If your investment falls below $1 million (even if due to market depreciation), we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance.
The redemption of your account could result in a taxable gain.
For any F Class accounts that are no longer held through an eligible financial intermediary, we have the right to convert your account to the Institutional Class 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 funds portfolio management strategies, increasing a funds 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 shareholders purchases (including through exchanges) into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the 30-Day Purchase Block). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.
T. Rowe Price | 42 |
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the funds excessive and short-term trading policy:
· Shares purchased or redeemed in money funds and ultra short-term bond funds;
· Shares purchased or redeemed through a systematic purchase or withdrawal plan;
· Checkwriting redemptions from bond and money funds;
· Shares purchased through the reinvestment of dividends or capital gain distributions;
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees;
· Transfers and changes of account registration within the same fund;
· Shares purchased by asset transfer or direct rollover;
· Shares purchased or redeemed through IRA conversions and recharacterizations;
· Shares redeemed to return an excess contribution from a retirement account;
· Transactions in Section 529 college savings plans;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares converted from one share class to another share class in the same fund;
· Shares of T. Rowe Price Funds that are purchased by another T. Rowe Price Fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price Fund are still subject to the policy); and
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price.
Transactions in certain rebalancing, asset allocation, wrap programs, and other advisory programs, as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.
In addition to restricting transactions in accordance with the 30-Day Purchase Block, T. Rowe Price may, in its discretion, reject (or instruct 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 funds shares, including trading by persons acting collectively (e.g., following the advice of a newsletter). Such persons may be barred, without prior notice, from further purchases of T. Rowe Price Funds for a period longer than 30 calendar days, or permanently.
Financial Intermediary Accounts If you invest in T. Rowe Price Funds through a financial intermediary, you should review the financial intermediarys materials carefully or consult with the financial intermediary directly to determine the trading policy that will apply to your trades in the funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a
Information About Accounts in T. Rowe Price Funds | 43 |
transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
Financial intermediaries may maintain their underlying accounts directly with the fund, although they often establish an omnibus account (one account with the fund that represents multiple underlying shareholder accounts) on behalf of their customers. When 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. If T. Rowe Price believes that excessive or short-term trading has occurred and there is no exception for such trades under the funds Excessive and Short-Term Trading Policy as previously described, it will instruct the financial intermediary to impose restrictions to discourage such practices and take appropriate action with respect to the underlying shareholder, including restricting purchases for 30 calendar days or longer. Each financial intermediary has agreed to execute such instructions pursuant to a written agreement. There is no assurance that T. Rowe Price will be able to properly enforce its excessive trading policies for omnibus accounts. Because T. Rowe Price generally relies on financial intermediaries to provide information and impose restrictions for omnibus accounts, its ability to monitor and deter excessive trading will be dependent upon the intermediaries timely performance of their responsibilities.
T. Rowe Price may allow a financial intermediary or other third party to maintain restrictions on trading in the T. Rowe Price Funds that differ from the 30-Day Purchase Block. An alternative excessive trading policy would be acceptable to T. Rowe Price if it believes that the policy would provide sufficient protection to the T. Rowe Price Funds and their shareholders that is consistent with the excessive trading policy adopted by the funds Boards.
Retirement Plan Accounts If
shares are held in a retirement plan, generally the
30-Day Purchase Block applies only to shares
redeemed by a participant-directed exchange to another fund. However, the 30-Day Purchase Block may apply
to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price
or the excessive trading policy applied by your plans recordkeeper. An alternative excessive trading
policy may apply to the T. Rowe Price Funds where a retirement plan has its own policy deemed acceptable
to T. Rowe Price. You should contact T. Rowe Price or your plan recordkeeper to determine which
of your transactions are subject to the funds 30-Day Purchase Block or an alternative policy.
T. Rowe Price | 44 |
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Unclaimed Accounts and Uncashed Checks
If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price (or your financial intermediary) is returned by the post office, T. Rowe Price (or your financial intermediary) may be required to transfer your account and any assets related to uncashed checks to the appropriate state under its abandoned property laws. To avoid such action, it is important to keep your account address up to date and periodically contact T. Rowe Price 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 institution, we may economize on fund expenses by mailing only one shareholder report and prospectus for the fund. If you do not want your mailings to be householded, please call Financial Institution Services.
Signature Guarantees
A Medallion signature guarantee is designed to protect you and the T. Rowe Price Funds from fraud by verifying your signature.
A signature guarantee may be required in certain situations, such as:
· Remitting redemption proceeds to any person, address, or bank account not on file; or
· Changing the account registration or broker-dealer of record for an account.
Consult Financial Institution Services for specific requirements.
The signature guarantee must be obtained from a financial institution that is a participant in a Medallion signature guarantee program. You can obtain a Medallion signature guarantee from most banks, savings institutions, broker-dealers, and other guarantors acceptable to T. Rowe Price. When obtaining a Medallion signature guarantee, please discuss with the guarantor the dollar amount of your proposed transaction. It is important that the level of coverage provided by the guarantors stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.
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
Information About Accounts in T. Rowe Price Funds | 45 |
administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The F Class may also pay financial intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. All of the fees discussed above are included in a funds financial statements and, except for funds that have an all-inclusive management fee, are also reflected in the Other expenses line that appears in a funds fee table in Section 1.
Each fund intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. In order to qualify, a fund must satisfy certain income, diversification, and distribution requirements. A regulated investment company is not subject to U.S. federal income tax at the portfolio level on income and gains from investments that are distributed to shareholders. However, if a fund were to fail to qualify as a regulated investment company and was ineligible to or otherwise did not cure such failure, the result would be fund-level taxation and, consequently, a reduction in income available for distribution to the funds shareholders.
To the extent possible, all net investment income and realized capital gains are distributed to shareholders.
Dividends and Other Distributions
Dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option on your New Account Form. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
Distributions not reinvested are paid by check or transmitted electronically to your bank account. If the U.S. Postal Service cannot deliver your check or if your check remains uncashed for six months, the fund reserves the right to reinvest your distribution check in your account at the net asset value on the day of the reinvestment and to reinvest all subsequent distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
T. Rowe Price | 46 |
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
Bond funds | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Declared daily and paid on the first business day of each month. |
Stock funds | · Must be a shareholder on the dividend record date. · Declared and paid annually, if any, generally in December. |
Shares of bond funds will earn dividends through the date of redemption. Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your bond fund shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your bond fund shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.
If you purchase and 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.
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.
Information About Accounts in T. Rowe Price Funds | 47 |
If you invest in the fund through a taxable account, you generally will be subject to tax when:
· You sell fund shares, including an exchange from one fund to another.
· The fund makes dividend or capital gain distributions.
For individual shareholders, a portion of ordinary dividends representing qualified dividend income received by the fund may be subject to tax at the lower rates applicable to long-term capital gains rather than ordinary income. You may report it as qualified dividend income in computing your taxes, provided you have held the fund shares on which the dividend was paid for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date. Ordinary dividends that do not qualify for this lower rate are generally taxable at the investors marginal income tax rate. This includes the portion of ordinary dividends derived from interest, short-term capital gains, distributions from nonqualified foreign corporations, and dividends received by the fund from stocks that were on loan. Little, if any, of the ordinary dividends paid by the bond funds is expected to qualify for this lower rate.
For corporate shareholders, a portion of ordinary dividends may be eligible for the 70% deduction for dividends received by corporations to the extent the funds income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock or bond funds is expected to qualify for this deduction.
A 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gains of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly) and of estates and trusts.
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 in a taxable account is also a sale for tax purposes.
All or a portion of the loss realized from a sale or exchange of your fund shares may be disallowed under the wash sale rule if you purchase substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date on which the shares are sold or exchanged. Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the 61-day period of the dividend reinvestment. Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares.
T. Rowe Price | 48 |
T. Rowe Price (or your financial intermediary) will make available to you Form 1099-B, if applicable, no later than mid-February, indicating the date and amount of each sale you made in the fund during the prior year. This information will also be reported to the Internal Revenue Service. For most new accounts or those opened by exchange in 1984 or later, we will provide you with the gain or loss on the shares you sold during the year based on the average cost single category method. This information is not reported to the Internal Revenue Service. You may calculate the cost basis using other methods acceptable to the Internal Revenue Service, such as specific identification.
For mutual fund shares acquired after 2011, federal income tax regulations require us to report the cost basis information to most taxable shareholders and the Internal Revenue Service on Form 1099-B using a cost basis method selected by the shareholder or, in the absence of such selected method, our default method if you acquire your shares directly from us. Our default method is average cost. For any fund shares acquired through a financial intermediary after 2011, you should check with your intermediary regarding the applicable cost basis method. You should, however, note that any cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate.
To help you maintain accurate records, we 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 dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain dividends may also be subject to state and local taxes. You will be sent any additional information you need to
Information About Accounts in T. Rowe Price Funds | 49 |
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 more than one year are taxed at the lower rates applicable to long-term capital gains. If you realized a loss on the sale or exchange of fund shares that you held six months or less, your short-term capital loss must be reclassified as a long-term capital loss to the extent of any long-term capital gain distributions received during the period you held the shares. For funds investing in foreign securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt securities are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
A funds distributions that have exceeded the funds earnings and profits for the relevant tax year may be treated as a return of capital to its shareholders. A return of capital distribution is generally nontaxable but reduces the shareholders cost basis in the fund, and any return of capital in excess of the cost basis will result in a capital gain.
The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form 1099-DIV. Distributions made by a fund may later be recharacterized for federal income tax purposesfor example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as real estate investment trusts (REITs), and distributions that exceed taxable income due to losses from foreign currency transactions or other investment transactions. Certain funds, including international bond funds and funds that invest in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments.
If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income. However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid.
If a fund holds certain qualified tax credit bonds and elects to pass through the corresponding interest income and any available tax credits, you will need to report both the interest income and any such tax credits as taxable income. You may be able to claim the tax credits on your federal tax return as an offset to your income tax
T. Rowe Price | 50 |
(including alternative minimum tax) liability, but the tax credits generally are not refundable. There is no assurance, however, that a fund will elect to pass through the income and credits.
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 Consequences of Shareholder Turnover
If the funds portfolio transactions result in a net capital loss (i.e., an excess of capital losses over capital gains) for any year, the loss may be carried forward and used to offset future realized capital gains. However, its ability to carry forward such losses will be limited if the fund experiences an ownership change within the meaning of the Internal Revenue Code. An ownership change generally results when shareholders owning 5% or more of the fund increase their aggregate holdings by more than 50 percentage points over a three-year period.
Because Institutional Funds may have only a few large shareholders, an ownership change can occur in the normal course of shareholder purchases and redemptions. The fund undertakes no obligation to avoid or prevent an ownership change. Moreover, because of circumstances beyond the funds control, there can be no assurance that the fund will not experience, or has not already experienced, an ownership change. An ownership change can reduce the funds ability to offset capital gains with losses, which could increase the amount of taxable gains that could be distributed to shareholders.
Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution
If you buy shares shortly before or on the record datethe date that establishes you as the person to receive the upcoming distributionyou may receive a portion of the money you just invested in the form of a taxable distribution. Therefore, you may wish to find out a funds record date before investing. In addition, a funds share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return.
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
Information About Accounts in T. Rowe Price Funds | 51 |
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 shareholders death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed, in cases of threatening conduct, suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money funds, to suspend redemptions to facilitate an orderly liquidation.
The funds Statement of Additional Information, which contains a more detailed description of the funds 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 funds investments, including a review of market conditions and the managers recent investment strategies and their impact on performance during the past fiscal year, is available in the annual and semiannual shareholder reports. 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 1-800-638-8790. If you invest in the fund through a financial intermediary, you should contact your financial intermediary for copies of these documents.
Fund information and Statements of Additional Information are also available from the Public Reference Room of the SEC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Fund reports and other fund information are available on the EDGAR Database on the SECs Internet site at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov, or by writing the Public Reference Room, U.S. Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1520.
T. Rowe Price Associates, Inc. |
1940 Act File No. 811-5833 | E163-040 5/1/17 |
PROSPECTUS | |
RPIIX | |
May 1, 2017 | |
T. Rowe Price Institutional International Bond Fund | |
A fund seeking current income and capital appreciation through investments primarily in investment-grade foreign bonds. | |
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. | |
Table of Contents
SUMMARY
The fund seeks to provide current income and capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table.
Fees and Expenses of the Fund
Shareholder fees (fees paid directly from your investment) | ||
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) | 2.00 | % |
Annual
fund operating expenses | ||
Management fees | 0.55 | % |
Other expenses | | |
Total annual fund operating expenses | 0.55 |
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 funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year | 3 years | 5 years | 10 years |
$56 | $176 | $307 | $689 |
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 funds shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 76.2% of the average value of its portfolio.
Investments, Risks, and Performance
Principal Investment Strategies Normally, the fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in foreign bonds and 65% of its net assets in non-U.S. dollar-denominated foreign bonds that are rated investment-grade (i.e., BBB- or equivalent, or better), as determined by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. If a bond is split-rated (i.e., assigned different ratings by different
T. Rowe Price | 2 |
credit rating agencies), the higher rating will be used. The fund may invest up to 25% of its total assets in junk bonds that have received a below investment-grade rating (i.e., BB or equivalent, or lower) from each of the rating agencies that has assigned a rating to the bond (or, if unrated, deemed to be below investment-grade quality by T. Rowe Price), including those in default or with the lowest rating. There is no limit on the funds investments in investment-grade bonds of emerging markets. The fund may use credit default swaps to buy or sell credit protection on individual bond issuers or sectors of the bond markets. If the fund buys protection, it effectively takes a short position, and if the fund sells protection, it effectively takes a long position, with respect to the credit of the company or sector.
Although the fund expects to generally maintain an intermediate- to long-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities. Through the use of futures contracts and interest rate swaps, the fund may either extend or shorten the overall maturity of the fund and take long or short positions in particular countries or bond markets. A short position in a bond market means that the fund, for example, could sell interest rate futures with respect to bonds of a particular market and the value of the futures contract would exceed the value of the bonds held by the fund (or the fund could sell futures with respect to a particular bond market without owning any bonds in that market).
The fund normally purchases bonds issued in foreign currencies. The funds currency positions will vary with its outlook on the strength or weakness of the U.S. dollar compared to foreign currencies and the relative value of various foreign currencies to one another. Through the use of forward currency exchange contracts and other currency derivatives, such as swaps, options and futures, the fund has wide flexibility to purchase and sell currencies independently of whether the fund owns bonds in those currencies and to engage in currency hedging transactions. Currency hedging is permitted and the fund is likely to be heavily exposed to foreign currencies. The fund may take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency (or the fund might sell a currency even if it doesnt own any assets denominated in the currency).
The fund is nondiversified, meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a diversified fund.
Investment decisions are based on fundamental market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values. The fund generally invests in securities where the combination of fixed-income returns and currency exchange rates appears attractive or, if the currency trend is unfavorable, where we believe the currency risk can be minimized through hedging. The fund sells holdings for a variety of reasons, such as to adjust the portfolios average maturity or credit quality, to shift assets into and out of higher-yielding securities, or to alter geographic or currency exposure.
Summary | 3 |
Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:
Active management risks The investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the investments selected and strategies employed by the fund fail to produce the intended results, the fund could underperform in comparison to other funds with similar objectives and investment strategies.
Fixed income markets risks Economic and other market developments can adversely affect fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt securities to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt securities to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the funds ability to sell the debt securities in which it invests or to find and purchase suitable debt instruments.
International investing risks Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. issuers. International securities tend to be more volatile and less liquid 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, international investments are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S.
Emerging markets risks The risks of international investing are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in international developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on international investments, restrictions on gaining access to sales proceeds, and less liquid and less efficient trading markets.
Currency risks Because the fund generally invests in securities issued in foreign currencies, the fund is subject to the risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar.
Hedging risks The funds attempts at hedging and taking long and short positions in currencies may not be successful and could cause the fund to lose money or fail to
T. Rowe Price | 4 |
get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the fund could be in a worse position than if it had not entered into such transactions.
Credit risks An issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, rating downgrade, or inability to meet a financial obligation.
Junk bond risks The risks of default are much greater for emerging market bonds and securities rated as below investment grade (junk bonds). The fund is exposed to greater credit risk than other bond funds because companies in emerging markets are usually not as strong financially and are more susceptible to economic downturns. Junk bonds should be considered speculative as they carry greater risks of default and erratic price swings due to real or perceived changes in the credit quality of the issuer.
Interest rate risks Interest rates may increase, causing a decline in bond prices (bond prices and interest rates usually move in opposite directions). Generally, securities with longer maturities or durations, and funds with longer weighted average maturities or durations, carry greater interest rate risk.
Liquidity risks The fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the funds ability to sell a holding at a suitable price.
Nondiversification risks As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The funds share price can be expected to fluctuate more than that of a comparable diversified fund.
Derivatives risks The fund uses forward currency exchange contracts, swaps, options, or futures, and is therefore exposed to additional volatility in comparison to investing directly in bonds and other debt securities. These instruments can be illiquid and difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund and, if not traded on an exchange, are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The funds principal use of derivatives involves the risk that anticipated changes in currency values, currency exchange rates, interest rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the funds performance, and the chance that regulatory developments could negatively affect the funds investments in such instruments.
Summary | 5 |
Performance The following performance information provides some indication of the risks of investing in the fund. The funds 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.
The following table shows the average annual total returns for the fund, 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.
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 investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account.
T. Rowe Price | 6 |
Average Annual Total Returns | ||||||||||||||||||||
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| Periods ended |
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| December 31, 2016 |
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| Since | Inception |
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| 1 Year | 5 Years | inception | date |
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| Institutional International Bond Fund | 05/31/2007 |
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| Returns before taxes | 2.33 | % |
| -0.59 | % |
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| 2.38 | % |
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| Returns after taxes on distributions | 2.29 |
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| -0.84 |
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| 1.11 |
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| Returns after taxes on distributions |
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| and sale of fund shares | 1.37 |
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| -0.51 |
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| 1.43 |
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| Bloomberg Barclays Global Aggregate ex USD Bond Index (reflects no deduction for fees, expenses, or taxes) | 1.49 |
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| -1.39 |
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| 2.49 |
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| Lipper International Income Funds Average | 3.03 |
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| 0.67 |
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| 3.72 |
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Updated performance information is available through troweprice.com.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Investment Sub-adviser T. Rowe Price International Ltd (T. Rowe Price International)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Arif Husain | Co-Chairman of | 2014 | 2013 |
Kenneth A. Orchard | Co-Chairman of | 2015 | 2010 |
Purchase and Sale of Fund Shares
The fund generally requires a $1,000,000 minimum initial investment and there is no minimum for additional purchases, although the initial investment minimum may be waived for certain types of accounts held through a retirement plan, financial advisor, or other financial intermediary.
For
investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange
fund shares by mail or by telephone
(1-800-638-8790).
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
Summary | 7 |
retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.
Tax Information
The fund declares dividends daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).
More About the Fund | 2 | |
How is the fund organized?
T. Rowe Price Institutional International Funds, Inc. (the Corporation) was incorporated in Maryland in 1989. Currently, the Corporation consists of 11 series, each representing a separate pool of assets with different investment objectives and investment policies. Each series is an open-end management investment company or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in the fund. These shares are part of the funds authorized capital stock, but share certificates are not issued.
Each share and fractional share entitles the shareholder to:
· Receive a proportional interest in income and capital gain distributions. For funds with multiple share classes, the income dividends for each share class will generally differ from those of other share classes to the extent that the expense ratios of the classes differ.
· Cast one vote per share on certain fund matters, including the election of the funds directors/trustees, changes in fundamental policies, or approval of material changes to the funds investment management agreement. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Does the fund have annual shareholder meetings?
The mutual funds that are sponsored and managed by T. Rowe Price (T. Rowe Price Funds) are not required to hold regularly scheduled shareholder meetings. To avoid unnecessary costs to the funds shareholders, shareholder meetings are only held when certain matters, such as changes in fundamental policies or elections of directors/trustees, must be decided. In addition, shareholders representing at least 10% of all eligible votes may call a special meeting for the purpose of voting on the removal of any fund director or trustee. If a meeting is held and you cannot attend, you can vote by proxy. Before the meeting, the funds will send or make available to you proxy materials that explain the matters to be decided and include instructions on voting by mail, telephone, or the Internet.
More About the Fund | 9 |
Who runs the fund?
General Oversight
The fund is governed by a Board of Directors (the Board) that meets regularly to review the funds investments, performance, expenses, and other business affairs. The Board elects the funds officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the Firm).
Investment Advisers
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price is a SEC-registered investment adviser that provides investment management services to individual and institutional investors, and sponsors and serves as adviser and sub-adviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of December 31, 2016, the Firm had approximately $810 billion in assets under management and provided investment management services for more than 8 million individual and institutional investor accounts.
T. Rowe Price has entered into a sub-advisory agreement with T. Rowe Price International under which T. Rowe Price International is authorized to trade securities and make discretionary investment decisions on behalf of the fund. T. Rowe Price International is an investment adviser registered or licensed with the SEC, United Kingdom Financial Conduct Authority, Financial Services Agency of Japan, and other non-U.S. regulatory authorities. T. Rowe Price International sponsors and serves as adviser to foreign collective investment schemes and provides investment management services to investment companies and other institutional investors. T. Rowe Price International is headquartered in London and has several branch offices around the world. T. Rowe Price International is a direct subsidiary of T. Rowe Price and its address is 60 Queen Victoria Street, London EC4N 4TZ, United Kingdom.
Portfolio Management
T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee chairmen have day-to-day responsibility for managing the funds portfolio and work with the committee in developing and executing the funds investment program. The members of the committee are as follows: Arif Husain and Kenneth A. Orchard, Co-chairmen, Michael J. Conelius, Michael Della Vedova, Quentin S. Fitzsimmons, Steven C. Huber, Andrew J. Keirle, David Stanley, Ju Yen Tan, and J. Howard Woodward. The following information provides the year that the chairmen (the portfolio managers) first joined the Firm and their specific business experience during the past five years (although the chairmen may have had portfolio management responsibilities for a longer period). Mr. Husain became co-chairman of the committee in 2014. He joined the Firm in 2013 and his investment experience dates from 1995. Since joining the Firm, he has served as a portfolio manager and as
T. Rowe Price | 10 |
head of International Fixed Income. Prior to joining the Firm, he served as director of European Fixed Income and UK and Euro Portfolio Management with AllianceBernstein, where he oversaw research and had responsibility for managing global, European, and UK fixed income portfolios. Kenneth Orchard became co-chairman of the committee in 2015. Mr. Orchard joined the Firm in 2010 and his experience dates from 2004. Since joining the Firm, he has served as a portfolio manager and credit research analyst. Prior to joining the Firm, he worked as a senior credit officer at Moodys Investors Service. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio managers, and the portfolio managers ownership of the funds shares.
The Management Fee
The fund pays the investment adviser an annual all-inclusive management fee of 0.55% based on the funds average daily net assets. The management fee is calculated and accrued daily and it includes investment management services and ordinary, recurring operating expenses, but does not cover interest, expenses related to borrowing, taxes, and brokerage and other transaction costs, or nonrecurring extraordinary expenses.
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management agreement (and any sub-advisory agreement, if applicable) appear in the funds semiannual report to shareholders for the period ended June 30.
The fund focuses its investments in non-U.S. dollar-denominated, investment-grade bonds of issuers in developed markets.
The fund ordinarily invests in the securities of at least three countries; however, it may invest in the securities of one country, including the U.S., for temporary defensive purposes.
Investments in bonds issued in foreign currencies may afford investors a potential hedge against weakness in the U.S. dollar, although investments by the fund will be significantly affected by changes in the exchange rates between the U.S. dollar and the currencies in which the funds holdings are denominated and traded.
The fund may enter into forward currency exchange contracts in an effort to hedge against an expected decline in the value of currencies in which its portfolio holdings are denominated, to increase exposure to a particular foreign currency or to shift the funds foreign currency exposure from one country to another, or to enhance the funds returns.
More About the Fund | 11 |
The fund may also enter into other currency derivative instruments, such as currency swaps, foreign currency options, and currency futures, in an effort to take advantage of currencies that are expected to appreciate in value. The fund may also use swaps for a variety of reasons, such as to manage exposure to changes in interest rates or credit quality and to adjust portfolio duration or credit exposure, as well as to enhance total return or protect the value of portfolio securities. Futures contracts may be used as an efficient means of adjusting exposure to all or part of a target market and for various other purposes such as managing exposure to interest rate and yield curve movements, enhancing income, and serving as a cash management tool.
Funds that invest overseas generally carry more risk than funds that invest strictly in U.S. assets.
The risk profile of the fund may vary with the maturity and credit quality of bonds it purchases, its degree of currency exposure, and the extent to which the fund takes long or short positions in bond markets and currencies.
As with any mutual fund, there is no guarantee the fund will achieve its objective. The funds share price fluctuates, which means you could lose money when you sell your shares of the fund. Some particular risks affecting the fund include the following:
Market risks The market price of investments owned by the fund may go up or down, sometimes rapidly or unpredictably. The funds investments may decline in value due to factors affecting the overall markets, or particular industries or sectors. The value of a holding may decline due to general market conditions which are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for an issuers financial condition, changes in interest or currency rates, or adverse investor sentiment generally. The value of a holding may also decline due to factors which negatively affect a particular industry or industries, such as labor shortages, increased production costs, or competitive conditions within an industry. The fund may experience heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment in the fund to decline.
Currency risks A decline in the value of a foreign currency versus the U.S. dollar could reduce the dollar value of securities denominated in that foreign currency. The funds short positions in currencies may not perform as anticipated. The overall impact on the funds holdings can be significant and long-lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging markets currencies. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or political developments. Because the fund is normally heavily exposed to foreign currencies, changes in currency exchange rates
T. Rowe Price | 12 |
are likely to have a significant effect on the funds performance. Currency trends are unpredictable, and to the extent the fund purchases and sells currencies, it will also be subject to the risk that its trading strategies, including efforts at hedging, will not succeed. Furthermore, hedging and trading costs can be significant and reduce the funds net asset value, and many emerging market currencies cannot be effectively hedged.
Other risks of foreign investing Risks can result from varying stages of economic and political development; differing regulatory environments, trading days and accounting standards; uncertain tax laws; and higher transaction costs of non-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. A trading market may close without warning for extended time periods, preventing the fund from buying or selling securities in that market.
Emerging markets risks Investments in emerging markets may be subject to 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 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, foreign investments may be restricted and subject to greater government control, including repatriation of sales proceeds. 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. Investments in countries or regions that have recently begun moving away from central planning and state-owned industries toward free markets should be regarded as speculative.
While some countries have made progress in economic growth, liberalization, fiscal discipline, and political and social stability, there is no assurance these trends will continue. Significant risks, such as war and terrorism, currently affect some emerging market countries. The funds performance will likely be hurt by exposure to nations in the midst of hyperinflation, currency devaluation, trade disagreements, sudden political upheaval, or interventionist government policies. 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 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.
All of these factors make investing in such countries significantly riskier than in other countries, and any one of these factors could cause the funds share price to decline.
More About the Fund | 13 |
Credit risks An issuer of a debt instrument held by the fund will default (fail to make scheduled payments), potentially reducing the funds income and share price. Credit risk is increased when portfolio holdings are downgraded or the perceived creditworthiness of an issuer or counterparty deteriorates. The risk of default is much greater for emerging market bonds and securities rated as below investment-grade.
Companies and governments issuing lower-rated bonds are not as strong financially as those with higher credit ratings, and their bonds are often viewed as speculative investments. Such issuers are more vulnerable to real or perceived business setbacks and to changes in the economy, such as a recession, that might impair their ability to make timely interest and principal payments. Certain emerging market governments and corporations have in the past defaulted on payment of interest and principal on debt they have issued. As a result, the funds adviser relies heavily on proprietary research when selecting these investments.
Liquidity risks The fund may not be able to sell a holding in a timely manner at a desired price. Sectors of the bond market can experience sudden downturns in trading activity. During periods of reduced market liquidity, the spread between the price at which a security can be bought and the price at which it can be sold can widen, and the fund may not be able to sell a holding readily at a price that reflects what the fund believes it should be worth. Less liquid securities can also become more difficult to value. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional broker-dealers to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where selling activity from fixed income investors may be higher than normal, potentially causing increased supply in the market.
Interest rate risks Prices of bonds and other fixed income securities will increase as interest rates fall and that prices will decrease as interest rates rise (bond prices and interest rates usually move in opposite directions). Prices fall because the bonds and notes in the funds portfolio become less attractive to other investors when securities with higher yields become available. Generally, the longer the maturity of a security or the longer a bond funds weighted average maturity, the greater its interest rate risk. As a result, in a rising interest rate environment, the net asset value of a fund with a longer weighted average maturity typically decreases at a faster rate than the net asset value of a fund with a shorter weighted average maturity. Because the fund expects to maintain an intermediate- to long-term weighted average maturity, it carries more interest rate risks than a fund that invests in shorter-term securities. The monetary policies of emerging markets countries tend to make the impact and likelihood of local interest rate changes more difficult to predict.
Emerging market bond risks Emerging market bonds are generally less liquid than higher-quality bonds issued by companies and governments in developed countries. Consequently, large purchases or sales of certain high-yield, emerging market debt issues may cause significant changes in their prices. Because many of these bonds do
T. Rowe Price | 14 |
not trade frequently, when they do trade, their prices may be substantially higher or lower than had been expected. A lack of liquidity also means that more subjectivity will be used in establishing the fair value of the securities.
The major factor influencing prices of high-quality bonds tends to be changes in interest rate levels (although an actual or perceived negative change in the bonds or issuers credit rating would become a major factor affecting the bonds price), but there are often several major factors affecting prices of lower-quality bonds. Because the credit quality of the issuer is lower, such bonds are more sensitive to developments affecting the issuers underlying fundamentals (for example, changes in financial condition or a particular countrys general economy). In addition, the entire bond market in an emerging market can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large or sustained sales by institutional investors, a high-profile default, a political upheaval of some kind, or just a change in the markets psychology. This type of volatility is usually associated more with stocks than bonds, but investors in lower-quality bonds should also anticipate it.
Since mutual funds can be a major source of demand in certain markets, substantial cash flows into and out of these funds can affect high-yield and emerging market bond prices. If, for example, a significant number of funds were to sell bonds to meet shareholder redemptions, both bond prices and funds share prices could fall more than underlying fundamentals might justify.
Risks of short positions If the fund takes a short position with respect to a particular currency, security, or bond market, it will lose money if the currency, security, or bond market appreciates in value, or an expected credit event fails to occur. Losses could be significant.
Nondiversification risks Because the fund is nondiversified and thus can invest more of its assets in a smaller number of issuers, it may be more exposed to the risks associated with an individual issuer than a fund that invests more broadly across many issuers. For example, poor performance by a single large holding of the fund would adversely affect the funds performance more than if the fund were invested in a larger number of companies.
Derivatives/hedging risks The fund uses forward currency exchange contracts, and is therefore exposed to additional volatility and losses in excess of the funds initial investment, the risk that anticipated currency movements will not be accurately predicted, and the risk that the other party to the transaction will not fulfill its contractual obligation. If currency values and exchange rates move in a direction not predicted by the investment adviser, the fund could be in a worse position than if it had not entered into such transactions. If the funds foreign currency transactions are intended to hedge the currency risk associated with investing in foreign securities and minimize the risk of loss that would result from a decline in the value of the
More About the Fund | 15 |
hedged currency, these transactions also may limit any potential gain that might result should the value of such currency increase.
In addition, the fund invests in futures, swaps, or options, and it is therefore similarly exposed to additional volatility and losses greater than direct investments in the contracts underlying assets, and the risk that anticipated currency movements will not be accurately predicted.
Any efforts at buying or selling currencies could result in significant losses for the fund and, if the fund takes a short position in a particular currency, it will lose money if the currency appreciates in value.
Efforts to reduce risks Consistent with the funds objective, the portfolio manager uses various tools to try to reduce risk and increase total return, including:
· Thorough credit research performed by T. Rowe Price analysts.
· Analysis of industry, country, and regional fundamentals.
· Adjusting fund duration to try to reduce the drop in its share price when interest rates rise or to benefit from a rise in bond prices when interest rates fall. (For example, when interest rates rise, the portfolio manager may seek to lower the funds overall duration in an effort to reduce the adverse impact on the funds share price.)
· Management of the impact of foreign currency changes on the funds portfolio.
Additional strategies and risks Other strategies may be employed that are not considered part of the funds principal investment strategies. From time to time, the fund may invest in securities other than bonds, such as convertible securities and loan participations and assignments, and use other derivatives that are consistent with its investment program.
A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based. Derivatives can be highly volatile, illiquid, and difficult to value. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid trading market. Derivatives involve the risk that a counterparty to the derivatives agreement will fail to make required payments or comply with the terms of the agreement. There is also the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation, which could adversely impact the value and liquidity of a derivatives contract subject to such regulation.
Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. The SEC has proposed a rule that would change the regulation of derivatives and how they are used by registered investment companies, such as the T. Rowe Price Funds. If adopted as proposed, the
T. Rowe Price | 16 |
rule could require significant changes to the funds use of derivatives. It is expected that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
This section takes a detailed look at some of the types of the funds holdings and the various kinds of investment practices that may be used in day-to-day portfolio management. The funds investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change the funds investment objective. Shareholder approval is also required to change certain investment restrictions noted in the following section as fundamental policies. Portfolio managers also follow certain operating policies that can be changed without shareholder approval. Shareholders will receive at least 60 days prior notice of a change in the funds policy requiring it to normally invest at least 80% of net assets in foreign bonds.
The funds holdings in certain kinds of investments cannot exceed maximum percentages as set forth in this prospectus and the Statement of Additional Information. For instance, there are limitations regarding the funds investments in certain types of derivatives. While these restrictions provide a useful level of detail about the funds investments, investors should not view them as an accurate gauge of the potential risk of such investments. For example, in a given period, a 5% investment in derivatives could have a significantly greater impact on the funds share price than its weighting in the portfolio. The net effect of a particular investment depends on its volatility and the size of its overall return in relation to the performance of all other fund investments.
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the fund purchases a security. The status, market value, maturity, duration, credit quality, or other characteristics of the funds securities may change after they are purchased, and this may cause the amount of the funds assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction and will not require the sale of an investment if it was proper at the time the investment was made (this exception does not apply to the funds borrowing policy). However, certain changes will require holdings to be sold or purchased by
More About the Fund | 17 |
the fund during the time it is above or below the stated percentage restriction in order for the fund to be in compliance with applicable restrictions.
For purposes of determining whether the fund invests at least 80% of its net assets in foreign bonds, the fund uses the country assigned to a security by Bloomberg or another unaffiliated third-party data provider. 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 issuers principal place of business or principal office; (3) where the issuers 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.
Changes in the funds holdings, the funds performance, and the contribution of various investments to the funds performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve the funds objective.
Types of Portfolio Securities
In seeking to meet its investment objective, the fund may invest in any type of security or instrument (including certain potentially high-risk derivatives described in this section) whose investment characteristics are consistent with its investment program. The following pages describe various types of the funds holdings and investment management practices.
Nondiversified Status
The fund is registered with the SEC as a nondiversified mutual fund. Therefore, the fund is able to invest more than 5% of its assets in the securities of individual foreign governments and may invest a greater portion of its assets in a single issuer than a diversified fund. Since the fund is a nondiversified investment company and is permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers, the fund may be subject to greater credit risk with respect to their portfolio securities and greater volatility with respect to their share prices than an investment company that is more broadly diversified.
However, the fund intends to qualify as a regulated investment company for purposes of the Internal Revenue Code. This requires the fund to limit its investments so that, at the end of each fiscal quarter, with respect to 50% of its total assets, no more than 5% of its assets is invested in the securities of a single issuer, and not more than 10% of the voting securities of any issuer are held by the fund. With respect to the remaining 50% of the funds assets, no more than 25% may be invested in a single issuer.
T. Rowe Price | 18 |
Debt Securities
The funds investments may be in fixed-rate and floating rate debt securities and may include, but shall not be limited to: (1) debt obligations issued or guaranteed by: (a) a foreign sovereign government or one of its agencies, authorities, instrumentalities, or political subdivisions, including a foreign state, province, or municipality, and (b) supranational organizations such as the World Bank, Asian Development Bank, European Investment Bank, and European Economic Community; (2) debt obligations: (a) of foreign banks and bank holding companies, and (b) of domestic banks and corporations issued in non-U.S. dollar denominations; and (3) foreign corporate debt securities, asset-backed securities, and commercial paper. Such securities may take a variety of forms including those issued in the local currency of an issuer, U.S. dollar-denominated bonds, Eurobonds, and Euro-denominated bonds. Normally, the fund will generally purchase non-U.S. dollar-denominated bonds. The fund may from time to time purchase securities on a when-issued basis, invest in repurchase agreements, and purchase bonds convertible into equities.
The fund generally will not invest more than 5% of its assets in any individual corporate issuer, provided that (1) the fund may place 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 may maintain more than 5% of its total assets, including cash and currencies, in custodial accounts or deposits of the funds custodian or sub-custodians.
Below Investment-Grade Bonds The price and yield of noninvestment-grade (high yield) bonds, including noninvestment-grade emerging market bonds, can be expected to fluctuate more than the price and yield of higher-quality bonds. Investment-grade bonds are those rated from the highest quality (AAA or equivalent) to medium quality (BBB or equivalent), and below investment-grade bonds are those rated BB (or equivalent) and lower. Below investment-grade bonds are considered speculative with respect to the issuers continuing ability to meet principal and interest payments since their issuers are more vulnerable to financial setbacks and recession than more creditworthy issuers. Even BBB rated bonds may have speculative elements as well. The values of below investment-grade bonds often fluctuate more in response to political, regulatory, or economic developments than higher quality bonds. Successful investment in lower-medium and low-quality bonds involves greater investment risk and is highly dependent on careful credit analysis.
Operating policies The fund may invest up to 25% of its total assets in below investment-grade (junk) bonds.
While the fund intends to invest primarily in debt securities, it may invest in convertible bonds or equity securities. While some countries or companies may be
More About the Fund | 19 |
regarded as favorable investments, pure bond opportunities may be unattractive or limited due to insufficient supply, or legal or technical restrictions. In such cases, the fund may consider equity securities or convertible bonds to gain exposure to such markets.
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a companys stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, the fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.
Convertible Securities and Warrants
The fund may invest in debt or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the issuer, which could in effect force conversion before the holder would otherwise choose. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock. Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or more years). Warrants have no voting rights, pay no dividends, and can be highly volatile. In some cases, the redemption value of a warrant could be zero.
Operating policies The fund may invest up to 5% of its total assets in preferred stocks and securities that are convertible into, or which carry warrants for, common stocks or other equity securities. Under normal conditions, the fund does not expect to directly purchase common stocks. 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.
Loan Participations and Assignments
Large loans to corporations or governments, including governments of less developed countries, may be shared or syndicated among several lenders, usually banks. The
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fund could participate in such syndicates, or could buy part of a loan, becoming a direct lender. The fund may acquire loans as an assignment from another lender that holds a direct interest in the loan or as a participation interest in another lenders portion of the loan. Participations and assignments involve special types of risk, including limited marketability and the risks of being considered a lender. If the fund purchases a participation, it may only be able to enforce its rights through the lender, and it may assume the credit risk of the lender in addition to the borrower. With assignments, the funds rights against the borrower may be more limited than those held by the original lender. The fund may also make investments in a company through the purchase or execution of a privately negotiated note representing the equivalent of a loan.
Operating policies The fund may not invest more than 5% of its total assets in loan participations and assignments.
Derivatives and Leverage
A derivative is a financial instrument whose value is derived from an underlying security, such as a stock or bond, or from a market benchmark, such as an interest rate index. Many types of investments representing a wide range of risks and potential rewards may be considered derivatives, including conventional instruments such as futures and options, as well as other potentially more complex investments such as swaps and structured notes. The use of derivatives can involve leverage. Leverage has the effect of magnifying returns, positively or negatively. The effect on returns will depend on the extent to which an investment is leveraged. For example, an investment of $1, leveraged at 2 to 1, would have the effect of an investment of $2. Leverage ratios can be higher or lower with a corresponding effect on returns. The fund may use derivatives in certain situations to help accomplish any or all of the following: to hedge against a decline in principal value, to increase yield, to manage exposure to changes in interest or currency exchange rates, to invest in eligible asset classes with greater efficiency and at a lower cost than is possible through direct investment, or to adjust portfolio duration or credit risk exposure.
Derivatives that may be used include the following instruments, as well as others that combine the risk characteristics and features of futures, options, and swaps:
Futures and Options Futures, a type of potentially high-risk derivative, are often used to manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options, another type of potentially high-risk derivative, may be used to generate additional income, to enhance returns, or as a defensive technique to protect against anticipated declines in the value of an asset. Call options give the investor the right to purchase (when the investor purchases the option), or the obligation to sell (when the investor writes or sells the option), an asset at a predetermined price in the future. Put options give the purchaser of the option the right to sell, or the seller (or writer) of the option the obligation to buy, an asset at a predetermined price in the future. Futures and options contracts may be
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bought or sold for any number of reasons, including to manage exposure to changes in interest rates, bond prices, foreign currencies, and credit quality; as an efficient means of increasing or decreasing a funds exposure to certain markets; in an effort to enhance income; to improve risk-adjusted returns; to protect the value of portfolio securities; and to serve as a cash management tool. Call or put options may be purchased or sold on securities, futures, financial indexes, and foreign currencies. The fund may choose to continue a futures contract by rolling over an expiring futures contract into an identical contract with a later maturity date. This could increase the funds transaction costs and portfolio turnover rate.
Futures and options contracts may not always be successful hedges; their prices can be highly volatile; using them could lower the funds total return; the potential loss from the use of futures can exceed the funds initial investment in such contracts; and the losses from certain options written by the fund could be unlimited.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of the funds net asset value. The total market value of securities covering call or put options may not exceed 25% of the funds total assets. No more than 5% of the funds total assets will be committed to premiums when purchasing call or put options.
Swaps The fund may invest in interest rate, index, total return, credit default, and other types of swap agreements, as well as options on swaps, commonly referred to as swaptions, and interest rate swap futures, which are instruments that provide a way to obtain swap exposure and the benefits of futures in one contract. All of these agreements are considered derivatives and, in certain cases, high-risk derivatives. Interest rate, index, and total return swaps are two-party contracts under which the fund and a counterparty, such as a broker or dealer, agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or indexes. Credit default swaps are agreements where one party (the protection buyer) will make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as defaults and bankruptcies related to an issuer or underlying credit instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to settle in cash at a future date at the price determined by a specific benchmark rate at the end of a fixed period. Swaps, swaptions, and swap futures can be used for a variety of purposes, including to manage the funds overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the funds exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk exposure.
There are risks in the use of swaps and related instruments. Swaps could result in losses if interest or foreign currency exchange rates or credit quality changes are not correctly anticipated by the fund. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated. Credit default
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swaps can increase the funds exposure to credit risk and could result in losses if evaluation of the creditworthiness of the counterparty, or of the company or government on which the credit default swap is based, is incorrect. The use of swaps, swaptions, and swap futures may not always be successful. Using them could lower the funds total return, their prices can be highly volatile, and the potential loss from the use of swaps can exceed the funds initial investment in such instruments. Also, the other party to a swap agreement could default on its obligations or refuse to cash out the funds investment at a reasonable price, which could turn an expected gain into a loss. Although there should be minimal counterparty risk associated with investments in interest rate swap futures, the fund could experience delays and/or losses due to the bankruptcy of a swap dealer through which the fund engaged in the transaction.
Operating policies A swap agreement with any single counterparty will not be entered into if the net amount owed or to be received under existing contracts with that party would exceed 5% of the funds total assets or if the net amount owed or to be received by the fund under all outstanding swap agreements will exceed 10% of its total assets. (Swap agreements that are cleared and settled through a clearinghouse, or traded on an exchange or swap execution facility, are not subject to these limits.) For swaptions, the total market value of securities covering call or put options may not exceed 25% of the funds total assets. No more than 5% of the funds total assets will be committed to premiums when purchasing call or put swaptions.
Hybrid Instruments Hybrid instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount or interest rate of a hybrid could be tied (positively or negatively) to the price of some commodity, currency, security, or securities index or another interest rate (each a benchmark). Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, and increased total return. Hybrids may or may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the fund to the credit risk of the issuer of the hybrid. These risks may cause significant fluctuations in the net asset value of the fund.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
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Operating policy The funds investments in hybrid instruments are limited to 10% of its total assets.
Currency Derivatives The fund may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through forward currency exchange contracts, which are contracts between two counterparties to exchange one currency for another on a future date at a specified exchange rate. In addition to foreign currency forwards, futures, swaps, and options on foreign currencies may also be used to protect the funds foreign securities from adverse currency movements relative to the U.S. dollar, as well as to gain exposure to currencies and markets expected to increase or decrease in value relative to other currencies or securities.
The fund may attempt to hedge its exposure to potentially unfavorable currency changes. Forward currency contracts can be used to adjust the foreign exchange exposure of the fund with a view to protecting the portfolio from adverse currency movements, based on the investment advisers outlook. However, forward currency contracts can also be used in an effort to benefit from a currency believed to be appreciating in value versus other currencies. The fund may invest in foreign currencies directly without holding any foreign securities denominated in those currencies.
Forward currency contracts involve special risks, including, but not limited to, the potential for significant volatility in currency markets, and the risk that in certain markets, particularly emerging markets, it is not possible to engage in effective foreign currency hedging. In addition, such transactions involve the risk that currency movements will not occur as anticipated by the investment adviser, which could reduce the funds total return.
The fund may enter into foreign currency transactions under the following circumstances:
Lock In When the fund desires to lock in the U.S. dollar price on the purchase or sale of a security denominated in a foreign currency.
Cross Hedge If a particular currency is expected to decrease in value relative to another currency, the fund may sell the currency expected to decrease and purchase a currency that is expected to increase against the currency sold. The funds cross hedging transactions may involve currencies in which the funds holdings are denominated. However, the fund is not required to own securities in the particular currency being purchased or sold.
Direct Hedge If the fund seeks to eliminate substantially all of the risk of owning a particular currency or believes the portfolio could benefit from price appreciation in a given countrys bonds but did not want to hold the currency, it could employ a direct hedge back into the U.S. dollar. In either case, the fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and
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purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but the fund would hope to benefit from an increase (if any) in the value of the bond.
Proxy Hedge In certain circumstances, a different currency may be substituted for the currency in which the investment is denominated, as part of a strategy known as proxy hedging. In this case, the fund, having purchased a security, will sell a currency whose value is believed to be closely linked to the currency in which the security is denominated. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies, and that relationship may not always be maintained. The fund may also use these instruments to create a synthetic bond, which is issued in one currency with the currency component transformed into another currency.
Costs of Hedging When the fund purchases a foreign bond with a higher interest rate than is available on U.S. bonds of a similar maturity, the additional yield on the foreign bond could be substantially lessened if the fund were to enter into a direct hedge by selling the foreign currency and purchasing the U.S. dollar. This is what is known as the cost of hedging. A proxy hedge, which is less costly than a direct hedge, may attempt to reduce this cost through an indirect hedge back to the U.S. dollar.
It is important to note that hedging costs are treated as capital transactions and are not, therefore, deducted from the funds dividend distribution and are not reflected in its yield. Instead, such costs will, over time, be reflected in the funds net asset value per share and total return. Hedging may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in an increase (or decrease) in the amount of taxable dividends paid by the fund and could affect whether dividends paid by the fund are classified as capital gains or ordinary income.
Investments in Other Investment Companies
The fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
The fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The fund might also purchase shares of another investment company to gain exposure to the securities in the investment companys portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with the funds objective and investment program.
The risks of owning another investment company are generally similar to the risks of investing directly in the securities in which that investment company invests.
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However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the funds performance. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility if an active trading market does not exist.
As a shareholder of another investment company, the fund must pay its pro-rata share of that investment companys fees and expenses. The funds investments in non-T. Rowe Price investment companies are subject to the limits that apply to investments in other funds under the Investment Company Act of 1940 or under any applicable exemptive order.
The fund may also invest in certain other T. Rowe Price Funds as a means of gaining efficient and cost-effective exposure to certain asset classes, provided the investment is consistent with the funds investment program and policies.
Investments in other investment companies could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. Examples of asset classes in which other mutual funds (including T. Rowe Price Funds) focus their investments include high yield bonds, inflation-linked securities, floating rate loans, international bonds, emerging market bonds, stocks of companies involved in activities related to real assets, stocks of companies that focus on a particular industry or sector, and emerging market stocks. If the fund invests in another T. Rowe Price Fund, the management fee paid by the fund will be reduced to ensure that the fund does not incur duplicate management fees as a result of its investment.
Illiquid Securities
Some of the funds holdings may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold in the ordinary course of business within seven days at approximately the prices at which they are valued. The determination of liquidity involves a variety of factors. Illiquid securities may include private placements that are sold directly to a small number of investors, usually institutions. Unlike public offerings, such securities are not registered with the SEC. Although certain of these securities may be readily sold (for example, pursuant to Rule 144A under the Securities Act of 1933) and therefore deemed liquid, others may have resale restrictions and be considered illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and the fund may only be able to sell such securities at prices substantially lower than what it believes they are worth.
Operating policy The fund may not purchase an illiquid security if it holds 15% or more of its net assets in illiquid securities.
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Types of Investment Management Practices
Reserve Position
A certain portion of the funds assets may be held in reserves. The funds reserve positions will primarily consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund (which does not charge any management fees); 2) short-term, high-quality U.S. and foreign dollar-denominated money market securities, including repurchase agreements; and 3) U.S. dollar or non-U.S. dollar currencies. In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position that is inconsistent with its principal investment objective and/or strategies and may invest, without limitation, in reserves. If the fund has significant holdings in reserves, it could compromise its ability to achieve its objective. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into the fund, and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.
When-Issued Securities and Forwards
The fund may purchase securities on a when-issued or delayed delivery basis or may purchase or sell securities on a forward commitment basis. The price of these securities is fixed at the time of the commitment to buy, but delivery and payment take place after the customary settlement period for that type of security (often a month or more later). During the interim period, the price and yield of the securities can fluctuate, and typically no interest accrues to the purchaser. At the time of delivery, the market value of the securities may be more or less than the purchase or sale price. To the extent the fund remains fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time it purchases these securities, there will be greater fluctuations in the funds net asset value than if the fund did not purchase them.
Borrowing Money and Transferring Assets
The fund may borrow from banks, other persons, and other T. Rowe Price Funds for temporary emergency purposes to facilitate redemption requests, or for other purposes consistent with the funds policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with the funds assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 331/3% of the funds total assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of 1940.
Operating policy The fund will not transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 331/3% of its total assets. The fund will not purchase additional securities when its borrowings exceed 5% of its total assets.
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Lending of Portfolio Securities
The fund may lend its securities to broker-dealers, other institutions, or other persons to earn additional income. Risks include the potential insolvency of the broker-dealer or other borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the reinvestment of collateral received on loaned securities in investments that decline in value, default, or do not perform as well as expected.
Fundamental policy The value of loaned securities may not exceed 331/3% of the funds total assets.
Credit Quality Considerations
The credit quality of many fund holdings is evaluated by rating agencies such as Moodys Investors Service, Inc. (Moodys), S&P Global Ratings (S&P), and Fitch Ratings, Inc. (Fitch). Credit quality refers to the issuers ability and willingness to meet all required interest and principal payments. The highest ratings are assigned to issuers perceived to have the lowest credit risks. T. Rowe Price credit research analysts also evaluate the funds holdings, including those rated by outside agencies. Other things being equal, bonds and other debt obligations with lower ratings typically have higher yields due to greater credit risk.
Credit quality ratings are not guarantees. They are estimates of an issuers creditworthiness and ability to make interest and principal payments as they come due. Ratings can change at any time due to actual or perceived changes in an issuers creditworthiness or financial fundamentals.
Bonds rated Baa and above by Moodys, and BBB and above by S&P and Fitch, are considered to be investment grade. Bonds that are rated below these categories are considered to have greater credit risk and are referred to as below investment grade or noninvestment grade. Bonds rated below investment grade range from speculative to highly speculative with respect to the issuers ability or willingness to pay interest and repay principal. The following table summarizes the rating scales and associated credit risk assigned by the major rating agencies. Within these categories, the rating may be modified with a symbol (such as 1, 2, and 3, or a plus or minus) to indicate whether the bond is ranked in the higher or lower end of its rating category. T. Rowe Price generally relies upon its own credit analysis when selecting investments.
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Ratings of Debt Securities
Moodys | S&P | Fitch | Description of Category |
Aaa | AAA | AAA | Lowest level of credit risk with extremely strong capacity to meet financial commitments |
Aa | AA | AA | Very low credit risk with very strong capacity to meet financial commitments |
A | A | A | Low credit risk with strong capacity to meet financial commitments |
Baa | BBB | BBB | Moderate credit risk with adequate capacity to meet financial commitments |
Ba | BB | BB | Subject to substantial credit risk and adverse conditions could lead to inadequate capacity to meet financial commitments |
B | B | B | Subject to high credit risk and adverse conditions will likely impair capacity to meet financial commitments |
Caa | CCC | CCC | Subject to very high credit risk and dependent upon favorable conditions to meet financial commitments |
Ca | CC | CC | Highly vulnerable to nonpayment and likely in, or very near, default with some prospect of recovery of principal and interest |
C | C | C | Typically in default with little prospect for recovery of principal and interest |
| D | D | In default |
Portfolio Turnover
Turnover is an indication of frequency of trading. The fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held. Each time the fund purchases or sells a security, it incurs a cost. This cost is reflected in its net asset value but not in its operating expenses. The higher the turnover rate, the higher the transaction costs and the greater the impact on the funds total return. Higher turnover can also increase the possibility of taxable capital gain distributions. The funds portfolio turnover rates are shown in the Financial Highlights table.
The Financial Highlights table, which provides information about the funds financial history, is based on a single share outstanding throughout the periods shown. The table is part of the funds financial statements, which are included in its annual report and are incorporated by reference into the Statement of Additional Information (available upon request). The total returns in the table represent the rate that an
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investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and distributions and no payment of any applicable account or redemption fees). The financial statements in the annual report were audited by the funds independent registered public accounting firm, PricewaterhouseCoopers LLP.
Financial Highlights
Year ended December 31 | ||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | ||||||
Net asset
value, | $9.49 | $9.91 | $9.32 | $8.79 | $8.14 | |||||
Income From Investment Operations | ||||||||||
Net investment incomea | 0.27 | 0.24 | 0.24 | 0.18 | 0.17 | |||||
Net gains or losses on | 0.43 | (0.59 | ) | (0.53 | ) | (0.65 | ) | 0.03 | ||
Total from
investment | 0.70 | (0.35 | ) | (0.29 | ) | (0.47 | ) | 0.20 | ||
Less Distributions | ||||||||||
Dividends
(from net | (0.23 | ) | (0.03 | ) | (0.04 | ) | | | ||
Distributions (from | | (0.04 | ) | (0.02 | ) | | (0.02 | ) | ||
Returns of capital | (0.05 | ) | (0.17 | ) | (0.18 | ) | (0.18 | ) | (0.15 | ) |
Total distributions | (0.28 | ) | (0.24 | ) | (0.24 | ) | (0.18 | ) | (0.17 | ) |
Net asset value, | $9.91 | $9.32 | $8.79 | $8.14 | $8.17 | |||||
Total return | 7.43 | % | (3.52 | )% | (3.27 | )% | (5.37 | )% | 2.33 | % |
Ratios/Supplemental Data | ||||||||||
Net assets, end of period | $189,117 | $263,228 | $287,080 | $346,398 | $311,757 | |||||
Ratio of expenses to | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % |
Ratio of
net income to | 2.85 | % | 2.54 | % | 2.53 | % | 2.13 | % | 1.98 | % |
Portfolio turnover rate | 62.5 | % | 82.8 | % | 90.4 | % | 63.2 | % | 76.2 | % |
a Per share amounts calculated using average shares outstanding method.
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The T. Rowe Price Funds full portfolio holdings as of their fiscal year-end are disclosed in their annual shareholder reports and their full portfolio holdings as of their fiscal mid-point are disclosed in their semiannual shareholder reports. The annual and semiannual shareholder reports are filed with the SEC and sent to the funds shareholders within 60 days of the period covered. The T. Rowe Price Funds also disclose their full portfolio holdings as of their first and third fiscal quarter-ends on Form N-Q. Form N-Q is filed with the SEC within 60 days of the period covered, but is not sent to the funds shareholders. Under certain conditions, the shareholder reports and Form N-Q may include up to 5% of a funds 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 funds SEC filings for more than one year. The money market funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP, as well as the shareholder reports and Form N-Q, are publicly available immediately upon filing with the SEC.
In addition, the T. Rowe Price Funds disclose their calendar quarter-end full portfolio holdings on troweprice.com 15 calendar days after each quarter. These holdings reports may exclude the issuer name and other information relating to a holding in order to protect the funds interests and prevent harm to the fund or its shareholders. Private placements and other restricted securities may not be individually identified in the calendar quarter-end holdings on troweprice.com, but would be disclosed in any SEC filings. Money market funds also disclose on troweprice.com their month-end full portfolio holdings five business days after each month-end and historical information about fund investments for the previous six months, as of the last business day of the preceding month. This information includes, among other things, the percentage of the funds investments in daily and weekly liquid assets, the funds weighted average maturity and weighted average life, the funds market-based net asset value, and the funds 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, the T. Rowe Price Funds disclose their 10 largest holdings on troweprice.com on the seventh business day after each month-end. These holdings are listed in alphabetical order along with the aggregate percentage of the funds total assets that these 10 holdings represent. Each monthly top 10 list will remain on the website for six months. A description of T. Rowe Prices policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information.
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The following policies and procedures apply to the Institutional Funds within the T. Rowe Price Funds.
This section of the prospectus describes the policies and procedures that generally apply to investments in the T. Rowe Price Institutional Funds (except for the T. Rowe Price Institutional Cash Reserves Fund). The T. Rowe Price Institutional Funds may be purchased directly from T. Rowe Price or through a financial intermediary, such as a bank, broker, retirement plan recordkeeper, or financial advisor.
Most of the T. Rowe Price Institutional Funds are available only in a single share class (referred to as the Institutional Class). However, the Institutional Floating Rate Fund is also offered in an F Class. Each class of a funds shares represents an interest in the same fund with the same investment program and investment policies. While the Institutional Class may be held directly with T. Rowe Price or through a financial intermediary, the F Class is designed to be purchased only through financial advisors and certain financial intermediaries and has a different cost structure due to a shareholder servicing arrangement that applies only to that class.
This section generally describes investing only in the Institutional Funds except for the T. Rowe Price Institutional Cash Reserves Fund, which has unique policies relating to its operation as an institutional money market fund. This section does not describe the policies that apply to other T. Rowe Price Funds. Policies for other funds are described in their respective prospectuses, and all types of funds and available share classes for the T. Rowe Price Funds are described more fully in the funds Statement of Additional Information.
Institutional Class
The Institutional Class may be purchased directly through T. Rowe Price or through a financial intermediary. The Institutional Class does not make any payments to financial intermediaries for distribution of the funds shares (commonly referred to as 12b-1 fee payments) and does not make any payments to financial intermediaries for administrative services they provide (commonly referred to as administrative fee payments).
The Institutional Class is designed to be sold only to institutional investors, which include, but are not limited to: corporations, endowments and foundations,
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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. The Institutional Class generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts, and certain other accounts.
F Class
The F Class must be purchased through a financial intermediary. The F Class does not make any 12b-1 fee payments to financial intermediaries but may make administrative fee payments at an annual rate of up to 0.15% of the class average daily net assets.
The F Class is designed to be sold only through financial advisors and certain financial intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries. F Class shares are generally not available to financial intermediaries that would make the fund available to their customers through a mutual fund supermarket platform. There is a $2,500 minimum initial investment requirement, but the minimum is waived for certain types of accounts.
Certain financial intermediaries perform recordkeeping and administrative services for their clients that would otherwise be performed by the funds transfer agent. The F Class 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 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. These separate administrative fee payments are reflected in the Other expenses line that appears in a funds fee table in Section 1.
Some broker-dealers or other financial intermediaries that are eligible to purchase F Class shares of T. Rowe Price Institutional Funds may also be eligible to purchase the Institutional Class. The Institutional Class shares require a much higher initial investment but have lower expenses than F Class shares because the Institutional Class does not participate in the administrative fee payment program. The payment of the administrative fee by the F Class creates a potential conflict of interest by influencing the broker-dealer or other financial intermediary to purchase F Class shares instead of Institutional Class shares. If this happens, you will incur higher
Information About Accounts in T. Rowe Price Funds | 33 |
expenses than if your financial intermediary had purchased Institutional Class shares on your behalf (assuming your financial intermediary would qualify to purchase Institutional Class shares). You should ask your salesperson for more information regarding the eligibility of your financial intermediary to purchase Institutional Class shares.
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.
Important Information Required to Open a New Account
Institutional investors must provide T. Rowe Price with a valid taxpayer identification number (and valid Social Security numbers for individuals opening the account on behalf of the institution) on a signed New Account Form or W-9 Form. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject the investor to an Internal Revenue Service fine. If this information is not received within 60 days after the account is established, the account may be redeemed at the funds then-current net asset value. Financial intermediaries opening an account in a fund must also enter into a separate agreement with the fund or its agent.
Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account. When you open an account for an entity, you will be required to provide the entitys name, U.S. street address (post office boxes are not acceptable), and taxpayer identification number, as well as your name, U.S. street address (post office boxes are not acceptable), date of birth, and Social Security number as the person opening the account on behalf of the entity. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an account. Certain other fiduciary accounts (such as trusts or power of attorney arrangements) require documentation, which may include an original or certified copy of the trust agreement or power of attorney, to open an account.
T. Rowe Price will use this information to verify the identity of the entity and person opening the account. An account cannot be opened until all of this information is received. If the identity of the entity or person opening the account on behalf of the
T. Rowe Price | 34 |
entity cannot be verified, T. Rowe Price is authorized to take any action permitted by law. (See Rights Reserved by the Funds later in this section.)
Call Financial Institution Services at 1-800-638-8790 for more information on these requirements.
The Institutional Funds are generally available only to institutional investors with a U.S. address. T. Rowe Price will generally not authorize the transfer of ownership of an account in an Institutional Fund for an institutional investor to an account for a noninstitutional investor. Shares held directly with T. Rowe Price by noninstitutional investors are subject to involuntary redemption at any time, which could result in a taxable gain to the investor.
Opening an Account
Call Financial Institution Services at 1-800-638-8790 for an account number and wire transfer instructions. All initial purchases are typically made by bank wire, but checks or other forms of payment may be accepted in certain cases. In order to obtain an account number, you must supply the name, taxpayer identification number, and business street address for the account. Complete a New Account Form and mail it, along with proper documentation identifying your firm and any other necessary documentation, to one of the following addresses:
via U.S. Mail T. Rowe Price Financial Institution Services P.O. Box 17300 Baltimore, MD 21297-1603 | via private carriers/overnight services T. Rowe Price Financial Institution Services Mail Code: OM-4232 4515 Painters Mill Road Owings Mills, MD 21117-4842 |
Note: Although the purchase will be made, services may not be established and Internal Revenue Service penalty withholding may occur until we receive a signed New Account Form.
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 at the close of trading on the New York Stock Exchange (NYSE), which is normally 4 p.m. ET, each day that the NYSE is open for business. Net asset values are not calculated for the funds on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating
Information About Accounts in T. Rowe Price Funds | 35 |
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 funds assets are valued and totaled, liabilities are subtracted, and each class proportionate share of the balance, called net assets, is divided by the number of shares outstanding of that class. Market values are used to price portfolio holdings for which market quotations are readily available. Market values generally reflect the prices at which securities actually trade or represent prices that have been adjusted based on evaluations and information provided by the funds pricing services. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. If a market value for a portfolio holding is not available or normal valuation procedures are deemed to be inappropriate, the fund will make a good faith effort to assign a fair value to the holding by taking into account various factors and methodologies that have been approved by the funds Board. This value may differ from the value the fund receives upon sale of the securities. Amortized cost is used to price securities held by money funds and certain short-term debt securities held by a fund.
The funds use various pricing services to provide closing market prices and information used to adjust those prices and to value most fixed income securities. A fund cannot predict how often it will use closing prices and how often it will adjust those prices. As a means of evaluating its fair value process, the fund routinely compares closing market prices, the next days opening prices in the same markets, and adjusted prices.
Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If a fund determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the funds securities, the fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, the fund reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.
A fund may also fair value certain securities or a group of securities in other situationsfor example, when a particular foreign market is closed but the fund is open. For a fund that has investments in securities that are primarily listed on foreign exchanges which trade on weekends or other days when the fund does not price its shares, the funds net asset value may change on days when shareholders will not be able to purchase or redeem the funds shares. If an event occurs that affects the value
T. Rowe Price | 36 |
of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, a fund may make a price adjustment depending on the nature and significance of the event. The funds also evaluate a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security.
How The 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 days 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 days 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 days net asset value. Contact your financial intermediary for trade deadlines and the applicable policies for purchasing, selling, or exchanging your shares, as well as initial and subsequent investment minimums. The financial intermediary may charge a fee for its services.
Note: There may be times when you are unable to contact us or access your account due to extreme market activity or other circumstances. 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 days net asset value. The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE, and still accept transactions and calculate their net asset value as of 4 p.m. ET.
Information About Accounts in T. Rowe Price Funds | 37 |
Transaction Confirmations
We send immediate confirmations for most of your fund transactions. However, certain transactions, such as dividend reinvestments, 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 Financial Institution Services.
Purchasing Shares
Purchases may be initiated through the National Securities Clearing Corporation or by calling Financial Institution Services. All initial and subsequent investments are typically made by bank wire, although checks or other forms of payment may be accepted in certain cases. There is no assurance that the share price for a purchase will be the same day a wire was initiated.
The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions. However, when authorized by the fund, certain institutions, financial intermediaries, or retirement plans purchasing fund shares directly with T. Rowe Price may place a purchase order unaccompanied by payment. Payment for these shares must be received by the time designated by the fund (not to exceed the period established for settlement under applicable regulations). If payment is not received by this time, the order may be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks and should be payable to the T. Rowe Price Funds.
Nonpayment Purchases of a fund may be canceled if payment is not received in a timely manner, and the shareholder may be responsible for any losses or expenses incurred by the fund or its transfer agent. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
Investment Minimums
The Institutional Class generally requires a $1,000,000 minimum initial investment and the F Class generally requires a $2,500 minimum initial investment, although the minimums may be waived for financial intermediaries, retirement plans, and certain other institutional investors. In addition, we request that you give us at least three business days notice (seven business days notice for the Institutional Floating Rate Fund) for any purchase of $5 million or more. There is generally no minimum required for additional purchases.
You should check with your financial advisor, retirement plan, or financial intermediary to determine what minimum applies to your initial and additional investments.
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Exchanging and Redeeming Shares
Certain T. Rowe Price Funds assess a fee on redemptions of shares (including exchanges out of a fund) that are not held for a specified period of time. Please refer to Contingent Redemption Fee later in this section.
Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. An exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes.
Redemptions Redemptions are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services. Please note that certain redemption requests initiated through the National Securities Clearing Corporation may be rejected, and in such instances, the transaction must be placed by contacting a Financial Institution Services representative.
If for some reason we cannot accept your request to exchange or redeem shares, we will attempt to contact you.
If you request to redeem a specific dollar amount and the market value of your account is less than the amount of your request and we are unable to contact you, your redemption will not be processed and you will need to submit a new redemption request in correct form.
Receiving Redemption Proceeds Unless otherwise indicated, redemption proceeds will be sent via bank wire to the designated bank on file for the account. If a 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. Proceeds sent by bank wire are usually credited to an account the next business day after the sale. Redemption proceeds can be mailed to the account address by check if specifically requested. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or third business day after receipt of the order, depending on the arrangement with the financial intermediary. You must contact your financial intermediary about procedures for receiving your redemption proceeds.
Exception: Under certain circumstances and when deemed to be in a funds best interests, your proceeds may not be sent for up to seven calendar days after we receive your redemption request in correct form.
Large Redemptions Large redemptions (for example, $250,000 or more) can adversely affect a portfolio managers ability to implement a funds investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to pay all or part of redemption proceeds with securities from the funds portfolio rather than in cash (redemption in-kind). If this occurs, the securities will be selected by the fund in its absolute discretion and the redeeming shareholder or account will be responsible for
Information About Accounts in T. Rowe Price Funds | 39 |
disposing of the securities and bearing any associated costs and risks (for example, market risks until the securities are disposed of). If you continue to hold the securities, you may be subject to any ownership restriction imposed by the issuers. For example, real estate investment trusts often impose ownership restriction on their equity securities.
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, all share classes of the T. Rowe Price Institutional Funds, listed in the following table, assess a fee on redemptions (including exchanges out of a fund), which reduces the proceeds from such redemptions by the amounts indicated:
T. Rowe Price Institutional Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Institutional Africa & Middle East | 2% | 90 days or less |
Institutional Credit Opportunities | 2% | 90 days or less |
Institutional Emerging Markets Bond | 2% | 90 days or less |
Institutional Emerging Markets Equity | 2% | 90 days or less |
Institutional Floating Rate | 2% | 90 days or less |
Institutional Frontier Markets Equity | 2% | 90 days or less |
Institutional Global Focused Growth Equity | 2% | 90 days or less |
Institutional Global Growth Equity | 2% | 90 days or less |
Institutional Global Value Equity | 2% | 90 days or less |
Institutional High Yield | 2% | 90 days or less |
Institutional International Bond | 2% | 90 days or less |
Institutional International Concentrated Equity | 2% | 90 days or less |
Institutional International Core Equity | 2% | 90 days or less |
Institutional International Growth Equity | 2% | 90 days or less |
Redemption fees are paid to a fund (and not to T. Rowe Price) to deter short-term trading, offset costs, and help protect the funds long-term shareholders. Subject to the exceptions described on the following pages, all persons holding shares of a T. Rowe Price Fund that imposes a redemption fee are subject to the fee, whether the person is holding shares directly with a T. Rowe Price Fund, through a retirement plan for which T. Rowe Price serves as recordkeeper or indirectly through a financial intermediary (such as a broker, bank, or investment adviser), recordkeeper for retirement plan participants, or other third party.
Computation of Holding Period When an investor sells shares of a fund that assesses a redemption fee, T. Rowe Price will use the first-in, first-out method to determine the holding period for the shares sold. Under this method, the date of redemption or exchange will be compared with the earliest purchase date of shares held in the
T. Rowe Price | 40 |
account. A redemption fee will be charged on shares sold on or before the end of the required holding period. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. For example, if you redeem your shares on or before the 90th day from the date of purchase, you will be assessed the redemption fee. If you purchase shares through a financial intermediary, consult your financial intermediary to determine how the holding period will be applied.
Transactions Not Subject to Redemption Fees The T. Rowe Price Funds will not assess a redemption fee with respect to certain transactions. As of the date of this prospectus, the following shares of T. Rowe Price Funds will not be subject to redemption fees:
· Shares redeemed through an automated, systematic withdrawal plan;
· Shares redeemed through or used to establish certain rebalancing, asset allocation, wrap, and advisory programs, as well as non-T. Rowe Price fund-of-funds products, if approved in writing by T. Rowe Price;
· Shares purchased through the reinvestment of dividends or capital gain distributions;*
· Shares converted from one share class to another share class of the same fund;*
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees (e.g., for failure to meet account minimums);
· Shares purchased by rollover or changes of account registration within the same fund;*
· Shares redeemed to return an excess contribution from a retirement account;
· Shares of T. Rowe Price Funds purchased by another T. Rowe Price Fund and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that other shareholders of the investing T. Rowe Price Fund are still subject to the policy);
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a financial intermediary acting as a service provider when the age of the shares cannot be determined systematically;* and
· Shares redeemed in retirement plans or other products that restrict trading to no more frequently than once per quarter or other approved time period, if approved in writing by T. Rowe Price.
* Subsequent exchanges of these shares into funds that assess redemption fees will subject such shares to the fee.
Redemption Fees on Shares Held in Retirement Plans If shares are held in a retirement plan, redemption fees generally will be assessed on shares redeemed by exchange only if they were originally purchased by a participant-directed exchange. However, redemption fees may apply to transactions other than exchanges depending
Information About Accounts in T. Rowe Price Funds | 41 |
on how shares of the plan are held at T. Rowe Price or how the fees are applied by your plans recordkeeper. To determine which of your transactions are subject to redemption fees, you should contact T. Rowe Price or your plan recordkeeper.
Omnibus Accounts If your shares are held through a financial intermediary in an omnibus account, T. Rowe Price relies on the financial intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to enter into agreements with financial intermediaries establishing omnibus accounts that require the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all financial intermediaries or that the intermediaries will properly assess the fees.
Certain financial intermediaries may not apply the exemptions previously listed to the redemption fee policy; all redemptions by persons trading through such intermediaries may be subject to the fee. Certain financial intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through a financial intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
You may initiate transactions involving the Institutional Funds by telephone, by mail, or through the National Securities Clearing Corporation. The T. Rowe Price Funds and their agents use reasonable procedures to verify the identity of the person contacting T. Rowe Price and to ensure that the person is authorized to act on behalf of the account. If these procedures are followed, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions. Please review the transaction confirmation carefully, and contact Financial Institution Services immediately about any transaction you believe to be unauthorized. Telephone conversations are recorded.
To place a transaction or make any inquiries regarding the T. Rowe Price Institutional Funds, please call Financial Institution Services at 1-800-638-8790. To mail any information to T. Rowe Price regarding the T. Rowe Price Institutional Funds, please use the following addresses:
via U.S. Mail T. Rowe Price Financial Institution Services P.O. Box 17300 Baltimore, MD 21297-1603 | via private carriers/overnight services T. Rowe Price Financial Institution Services Mail Code: OM-4232 4515 Painters Mill Road Owings Mills, MD 21117-4842 |
Note: If sending a check for a purchase, your transaction will receive the share price for the business day that the check is received by T. Rowe Price or its agent prior to
T. Rowe Price | 42 |
the close of the NYSE (normally 4 p.m. ET), which could differ from the day that the check is received at the post office box.
If you hold shares of a T. Rowe Price Institutional Fund through a retirement plan or financial intermediary, you must contact your retirement plan or financial intermediary with any inquiries.
Involuntary Redemptions and Share Class Conversions
Shares held by any investors that no longer meet the definition of an institutional investor or fail to meet or maintain their account(s) at the investment minimum are subject to involuntary redemption at any time.
For all accounts in Institutional Funds (except for F Class accounts), to help keep operating expenses lower, we ask you to maintain an account balance of at least $1 million. If your investment falls below $1 million (even if due to market depreciation), we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance.
The redemption of your account could result in a taxable gain.
For any F Class accounts that are no longer held through an eligible financial intermediary, we have the right to convert your account to the Institutional Class 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 funds portfolio management strategies, increasing a funds 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 shareholders purchases (including through exchanges) into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the 30-Day Purchase Block). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.
Information About Accounts in T. Rowe Price Funds | 43 |
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the funds excessive and short-term trading policy:
· Shares purchased or redeemed in money funds and ultra short-term bond funds;
· Shares purchased or redeemed through a systematic purchase or withdrawal plan;
· Checkwriting redemptions from bond and money funds;
· Shares purchased through the reinvestment of dividends or capital gain distributions;
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees;
· Transfers and changes of account registration within the same fund;
· Shares purchased by asset transfer or direct rollover;
· Shares purchased or redeemed through IRA conversions and recharacterizations;
· Shares redeemed to return an excess contribution from a retirement account;
· Transactions in Section 529 college savings plans;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares converted from one share class to another share class in the same fund;
· Shares of T. Rowe Price Funds that are purchased by another T. Rowe Price Fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price Fund are still subject to the policy); and
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price.
Transactions in certain rebalancing, asset allocation, wrap programs, and other advisory programs, as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.
In addition to restricting transactions in accordance with the 30-Day Purchase Block, T. Rowe Price may, in its discretion, reject (or instruct 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 funds shares, including trading by persons acting collectively (e.g., following the advice of a newsletter). Such persons may be barred, without prior notice, from further purchases of T. Rowe Price Funds for a period longer than 30 calendar days, or permanently.
Financial Intermediary Accounts If you invest in T. Rowe Price Funds through a financial intermediary, you should review the financial intermediarys materials carefully or consult with the financial intermediary directly to determine the trading policy that will apply to your trades in the funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a
T. Rowe Price | 44 |
transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
Financial intermediaries may maintain their underlying accounts directly with the fund, although they often establish an omnibus account (one account with the fund that represents multiple underlying shareholder accounts) on behalf of their customers. When 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. If T. Rowe Price believes that excessive or short-term trading has occurred and there is no exception for such trades under the funds Excessive and Short-Term Trading Policy as previously described, it will instruct the financial intermediary to impose restrictions to discourage such practices and take appropriate action with respect to the underlying shareholder, including restricting purchases for 30 calendar days or longer. Each financial intermediary has agreed to execute such instructions pursuant to a written agreement. There is no assurance that T. Rowe Price will be able to properly enforce its excessive trading policies for omnibus accounts. Because T. Rowe Price generally relies on financial intermediaries to provide information and impose restrictions for omnibus accounts, its ability to monitor and deter excessive trading will be dependent upon the intermediaries timely performance of their responsibilities.
T. Rowe Price may allow a financial intermediary or other third party to maintain restrictions on trading in the T. Rowe Price Funds that differ from the 30-Day Purchase Block. An alternative excessive trading policy would be acceptable to T. Rowe Price if it believes that the policy would provide sufficient protection to the T. Rowe Price Funds and their shareholders that is consistent with the excessive trading policy adopted by the funds Boards.
Retirement Plan Accounts If shares are held in a retirement plan, generally
the
30-Day Purchase Block applies only to shares redeemed by a participant-directed exchange to another
fund. However, the 30-Day Purchase Block may apply to transactions other than exchanges depending on
how shares of the plan are held at T. Rowe Price or the excessive trading policy applied by your
plans recordkeeper. An alternative excessive trading policy may apply to the T. Rowe Price
Funds where a retirement plan has its own policy deemed acceptable to T. Rowe Price. You should
contact T. Rowe Price or your plan recordkeeper to determine which of your transactions are subject
to the funds 30-Day Purchase Block or an alternative policy.
Information About Accounts in T. Rowe Price Funds | 45 |
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Unclaimed Accounts and Uncashed Checks
If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price (or your financial intermediary) is returned by the post office, T. Rowe Price (or your financial intermediary) may be required to transfer your account and any assets related to uncashed checks to the appropriate state under its abandoned property laws. To avoid such action, it is important to keep your account address up to date and periodically contact T. Rowe Price 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 institution, we may economize on fund expenses by mailing only one shareholder report and prospectus for the fund. If you do not want your mailings to be householded, please call Financial Institution Services.
Signature Guarantees
A Medallion signature guarantee is designed to protect you and the T. Rowe Price Funds from fraud by verifying your signature.
A signature guarantee may be required in certain situations, such as:
· Remitting redemption proceeds to any person, address, or bank account not on file; or
· Changing the account registration or broker-dealer of record for an account.
Consult Financial Institution Services for specific requirements.
The signature guarantee must be obtained from a financial institution that is a participant in a Medallion signature guarantee program. You can obtain a Medallion signature guarantee from most banks, savings institutions, broker-dealers, and other guarantors acceptable to T. Rowe Price. When obtaining a Medallion signature guarantee, please discuss with the guarantor the dollar amount of your proposed transaction. It is important that the level of coverage provided by the guarantors stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.
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
T. Rowe Price | 46 |
administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The F Class may also pay financial intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. All of the fees discussed above are included in a funds financial statements and, except for funds that have an all-inclusive management fee, are also reflected in the Other expenses line that appears in a funds fee table in Section 1.
Each fund intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. In order to qualify, a fund must satisfy certain income, diversification, and distribution requirements. A regulated investment company is not subject to U.S. federal income tax at the portfolio level on income and gains from investments that are distributed to shareholders. However, if a fund were to fail to qualify as a regulated investment company and was ineligible to or otherwise did not cure such failure, the result would be fund-level taxation and, consequently, a reduction in income available for distribution to the funds shareholders.
To the extent possible, all net investment income and realized capital gains are distributed to shareholders.
Dividends and Other Distributions
Dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option on your New Account Form. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
Distributions not reinvested are paid by check or transmitted electronically to your bank account. If the U.S. Postal Service cannot deliver your check or if your check remains uncashed for six months, the fund reserves the right to reinvest your distribution check in your account at the net asset value on the day of the reinvestment and to reinvest all subsequent distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
Information About Accounts in T. Rowe Price Funds | 47 |
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
Bond funds | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Declared daily and paid on the first business day of each month. |
Stock funds | · Must be a shareholder on the dividend record date. · Declared and paid annually, if any, generally in December. |
Shares of bond funds will earn dividends through the date of redemption. Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your bond fund shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your bond fund shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.
If you purchase and 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.
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.
T. Rowe Price | 48 |
If you invest in the fund through a taxable account, you generally will be subject to tax when:
· You sell fund shares, including an exchange from one fund to another.
· The fund makes dividend or capital gain distributions.
For individual shareholders, a portion of ordinary dividends representing qualified dividend income received by the fund may be subject to tax at the lower rates applicable to long-term capital gains rather than ordinary income. You may report it as qualified dividend income in computing your taxes, provided you have held the fund shares on which the dividend was paid for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date. Ordinary dividends that do not qualify for this lower rate are generally taxable at the investors marginal income tax rate. This includes the portion of ordinary dividends derived from interest, short-term capital gains, distributions from nonqualified foreign corporations, and dividends received by the fund from stocks that were on loan. Little, if any, of the ordinary dividends paid by the bond funds is expected to qualify for this lower rate.
For corporate shareholders, a portion of ordinary dividends may be eligible for the 70% deduction for dividends received by corporations to the extent the funds income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock or bond funds is expected to qualify for this deduction.
A 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gains of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly) and of estates and trusts.
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 in a taxable account is also a sale for tax purposes.
All or a portion of the loss realized from a sale or exchange of your fund shares may be disallowed under the wash sale rule if you purchase substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date on which the shares are sold or exchanged. Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the 61-day period of the dividend reinvestment. Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares.
Information About Accounts in T. Rowe Price Funds | 49 |
T. Rowe Price (or your financial intermediary) will make available to you Form 1099-B, if applicable, no later than mid-February, indicating the date and amount of each sale you made in the fund during the prior year. This information will also be reported to the Internal Revenue Service. For most new accounts or those opened by exchange in 1984 or later, we will provide you with the gain or loss on the shares you sold during the year based on the average cost single category method. This information is not reported to the Internal Revenue Service. You may calculate the cost basis using other methods acceptable to the Internal Revenue Service, such as specific identification.
For mutual fund shares acquired after 2011, federal income tax regulations require us to report the cost basis information to most taxable shareholders and the Internal Revenue Service on Form 1099-B using a cost basis method selected by the shareholder or, in the absence of such selected method, our default method if you acquire your shares directly from us. Our default method is average cost. For any fund shares acquired through a financial intermediary after 2011, you should check with your intermediary regarding the applicable cost basis method. You should, however, note that any cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate.
To help you maintain accurate records, we 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 dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain dividends may also be subject to state and local taxes. You will be sent any additional information you need to
T. Rowe Price | 50 |
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 more than one year are taxed at the lower rates applicable to long-term capital gains. If you realized a loss on the sale or exchange of fund shares that you held six months or less, your short-term capital loss must be reclassified as a long-term capital loss to the extent of any long-term capital gain distributions received during the period you held the shares. For funds investing in foreign securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt securities are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
A funds distributions that have exceeded the funds earnings and profits for the relevant tax year may be treated as a return of capital to its shareholders. A return of capital distribution is generally nontaxable but reduces the shareholders cost basis in the fund, and any return of capital in excess of the cost basis will result in a capital gain.
The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form 1099-DIV. Distributions made by a fund may later be recharacterized for federal income tax purposesfor example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as real estate investment trusts (REITs), and distributions that exceed taxable income due to losses from foreign currency transactions or other investment transactions. Certain funds, including international bond funds and funds that invest in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments.
If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income. However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid.
If a fund holds certain qualified tax credit bonds and elects to pass through the corresponding interest income and any available tax credits, you will need to report both the interest income and any such tax credits as taxable income. You may be able to claim the tax credits on your federal tax return as an offset to your income tax
Information About Accounts in T. Rowe Price Funds | 51 |
(including alternative minimum tax) liability, but the tax credits generally are not refundable. There is no assurance, however, that a fund will elect to pass through the income and credits.
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 Consequences of Shareholder Turnover
If the funds portfolio transactions result in a net capital loss (i.e., an excess of capital losses over capital gains) for any year, the loss may be carried forward and used to offset future realized capital gains. However, its ability to carry forward such losses will be limited if the fund experiences an ownership change within the meaning of the Internal Revenue Code. An ownership change generally results when shareholders owning 5% or more of the fund increase their aggregate holdings by more than 50 percentage points over a three-year period.
Because Institutional Funds may have only a few large shareholders, an ownership change can occur in the normal course of shareholder purchases and redemptions. The fund undertakes no obligation to avoid or prevent an ownership change. Moreover, because of circumstances beyond the funds control, there can be no assurance that the fund will not experience, or has not already experienced, an ownership change. An ownership change can reduce the funds ability to offset capital gains with losses, which could increase the amount of taxable gains that could be distributed to shareholders.
Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution
If you buy shares shortly before or on the record datethe date that establishes you as the person to receive the upcoming distributionyou may receive a portion of the money you just invested in the form of a taxable distribution. Therefore, you may wish to find out a funds record date before investing. In addition, a funds share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return.
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
T. Rowe Price | 52 |
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 shareholders death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed, in cases of threatening conduct, suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money funds, to suspend redemptions to facilitate an orderly liquidation.
The funds Statement of Additional Information, which contains a more detailed description of the funds 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 funds investments, including a review of market conditions and the managers recent investment strategies and their impact on performance during the past fiscal year, is available in the annual and semiannual shareholder reports. 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 1-800-638-8790. If you invest in the fund through a financial intermediary, you should contact your financial intermediary for copies of these documents.
Fund information and Statements of Additional Information are also available from the Public Reference Room of the SEC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Fund reports and other fund information are available on the EDGAR Database on the SECs Internet site at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov, or by writing the Public Reference Room, U.S. Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1520.
T. Rowe Price Associates, Inc. |
1940 Act File No. 811-5833 | E167-040 5/1/17 |
STATEMENT OF ADDITIONAL INFORMATION |
This is the Statement of Additional Information for all of the funds listed below. It is divided into two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains information that generally applies to all of the mutual funds sponsored and managed by T. Rowe Price Associates, Inc. (Price Funds).
The date of this Statement of Additional Information (SAI) is May 1, 2017.
T. ROWE PRICE BALANCED FUND, INC.
T. Rowe Price Balanced Fund (RPBAX)
T. Rowe Price Balanced FundI Class (RBAIX)
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.
T. Rowe Price Blue Chip Growth Fund (TRBCX)
T. Rowe Price Blue Chip Growth FundAdvisor Class (PABGX)
T. Rowe Price Blue Chip Growth FundI Class (TBCIX)
T. Rowe Price Blue Chip Growth FundR Class (RRBGX)
T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund (PRXCX)
California Tax-Free Money Fund (PCTXX)
T. ROWE PRICE CAPITAL APPRECIATION FUND
T. Rowe Price Capital Appreciation Fund (PRWCX)
T. Rowe Price Capital Appreciation FundAdvisor Class (PACLX)
T. Rowe Price Capital Appreciation FundI Class (TRAIX)
T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.
T. Rowe Price Capital Opportunity Fund (PRCOX)
T. Rowe Price Capital Opportunity FundAdvisor Class (PACOX)
T. Rowe Price Capital Opportunity FundI Class (PCCOX)
T. Rowe Price Capital Opportunity FundR Class (RRCOX)
T. ROWE PRICE CORPORATE INCOME FUND, INC.
T. Rowe Price Corporate Income Fund (PRPIX)
T. Rowe Price Corporate Income FundI Class (TICCX)
T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.
T. Rowe Price Credit Opportunities Fund (PRCPX)
T. Rowe Price Credit Opportunities FundAdvisor Class (PAOPX)
T. Rowe Price Credit Opportunities FundI 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 FundI Class (RPTTX)
T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. Rowe Price Dividend Growth Fund (PRDGX)
T. Rowe Price Dividend Growth FundAdvisor Class (TADGX)
T. Rowe Price Dividend Growth FundI Class (PDGIX)
T. ROWE PRICE EQUITY INCOME FUND
T. Rowe Price Equity Income Fund (PRFDX)
T. Rowe Price Equity Income FundAdvisor Class (PAFDX)
T. Rowe Price Equity Income FundI Class (REIPX)
T. Rowe Price Equity Income FundR Class (RRFDX)
T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
T. Rowe Price Financial Services Fund (PRISX)
T. Rowe Price Financial Services FundI Class (TFIFX)
T. ROWE PRICE FLOATING RATE FUND, INC.
T. Rowe Price Floating Rate Fund (PRFRX)
T. Rowe Price Floating Rate FundAdvisor Class (PAFRX)
T. Rowe Price Floating Rate FundI Class (TFAIX)
C00-042 5/1/17
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.
T. Rowe Price Global Allocation Fund (RPGAX)
T. Rowe Price Global Allocation FundAdvisor Class (PAFGX)
T. Rowe Price Global Allocation FundI Class (TGAFX)
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.
T. Rowe Price Global Multi-Sector Bond Fund (PRSNX)
T. Rowe Price Global Multi-Sector Bond FundAdvisor Class (PRSAX)
T. Rowe Price Global Multi-Sector Bond FundI Class (PGMSX)
T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.
T. Rowe Price Global Real Estate Fund (TRGRX)
T. Rowe Price Global Real Estate FundAdvisor Class (PAGEX)
T. Rowe Price Global Real Estate FundI Class (TIRGX)
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.
T. Rowe Price Global Technology Fund (PRGTX)
T. Rowe Price Global Technology FundI Class (PGTIX)
T. ROWE PRICE GNMA FUND
T. Rowe Price GNMA Fund (PRGMX)
T. Rowe Price GNMA FundI Class (PRXAX)
T. ROWE PRICE GOVERNMENT MONEY FUND, INC. (formerly T. Rowe Price Prime Reserve Fund, Inc.)
T. Rowe Price Government Money Fund (PRRXX) (formerly T. Rowe Price Prime Reserve Fund)
T. Rowe Price Government Money FundI Class (TTGXX)
T. ROWE PRICE GROWTH & INCOME FUND, INC.
T. Rowe Price Growth & Income Fund (PRGIX)
T. Rowe Price Growth & Income FundI Class (TGTIX)
T. ROWE PRICE GROWTH STOCK FUND, INC.
T. Rowe Price Growth Stock Fund (PRGFX)
T. Rowe Price Growth Stock FundAdvisor Class (TRSAX)
T. Rowe Price Growth Stock FundI Class (PRUFX)
T. Rowe Price Growth Stock FundR Class (RRGSX)
T. ROWE PRICE HEALTH SCIENCES FUND, INC.
T. Rowe Price Health Sciences Fund (PRHSX)
T. Rowe Price Health Sciences FundI Class (THISX)
T. ROWE PRICE HIGH YIELD FUND, INC.
T. Rowe Price High Yield Fund (PRHYX)
T. Rowe Price High Yield FundAdvisor Class (PAHIX)
T. Rowe Price High Yield FundI Class (PRHIX)
T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund (PREIX)
T. Rowe Price Equity Index 500 FundI Class (PRUIX)
T. Rowe Price Extended Equity Market Index Fund (PEXMX)
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Mid-Cap Index FundI Class
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Small-Cap Index FundI Class
T. Rowe Price Total Equity Market Index Fund (POMIX)
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.
T. Rowe Price Inflation Protected Bond Fund (PRIPX)
T. Rowe Price Inflation Protected Bond FundI Class (TIIPX)
T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. (Institutional Equity Funds)
T. Rowe Price Institutional Large-Cap Core Growth Fund (TPLGX)
T. Rowe Price Institutional Large-Cap Growth Fund (TRLGX)
T. Rowe Price Institutional Large-Cap Value Fund (TILCX)
T. Rowe Price Institutional Mid-Cap Equity Growth Fund (PMEGX)
T. Rowe Price Institutional Small-Cap Stock Fund (TRSSX)
T. Rowe Price Institutional U.S. Structured Research Fund (TRISX)
2
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund (ICFXX)
T. Rowe Price Institutional Core Plus Fund (TICPX)
T. Rowe Price Institutional Credit Opportunities Fund (TRXPX)
T. Rowe Price Institutional Floating Rate Fund (RPIFX)
T. Rowe Price Institutional Floating Rate FundF Class (PFFRX)
T. Rowe Price Institutional Global Multi-Sector Bond Fund (RPGMX)
T. Rowe Price Institutional High Yield Fund (TRHYX)
T. Rowe Price Institutional Long Duration Credit Fund (RPLCX)
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund (TRIAX)
T. Rowe Price Institutional Emerging Markets Bond Fund (TREBX)
T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX)
T. Rowe Price Institutional Frontier Markets Equity Fund (PRFFX)
T. Rowe Price Institutional Global Focused Growth Equity Fund (TRGSX)
T. Rowe Price Institutional Global Growth Equity Fund (RPIGX)
T. Rowe Price Institutional Global Value Equity Fund (PRIGX)
T. Rowe Price Institutional International Bond Fund (RPIIX)
T. Rowe Price Institutional International Concentrated Equity Fund (RPICX)
T. Rowe Price Institutional International Core Equity Fund (TRCEX)
T. Rowe Price Institutional International Growth Equity Fund (PRFEX)
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Intermediate Tax-Free High Yield Fund (PRIHX)
T. Rowe Price Intermediate Tax-Free High Yield FundAdvisor Class (PRAHX)
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund (TRAMX)
T. Rowe Price Africa & Middle East FundI Class (PRAMX)
T. Rowe Price Asia Opportunities Fund (TRAOX)
T. Rowe Price Asia Opportunities FundAdvisor Class (PAAOX)
T. Rowe Price Asia Opportunities FundI Class (TRASX)
T. Rowe Price Dynamic Global Bond Fund (RPIEX) (formerly T. Rowe Price Global Unconstrained Bond Fund)
T. Rowe Price Dynamic Global Bond FundAdvisor Class (PAIEX) (formerly T. Rowe Price Global Unconstrained Bond FundAdvisor Class)
T. Rowe Price Dynamic Global Bond FundI Class (RPEIX) (formerly T. Rowe Price Global Unconstrained Bond FundI Class)
T. Rowe Price Emerging Europe Fund (TREMX)
T. Rowe Price Emerging Europe FundI Class (TTEEX)
T. Rowe Price Emerging Markets Bond Fund (PREMX)
T. Rowe Price Emerging Markets Bond FundAdvisor Class (PAIKX)
T. Rowe Price Emerging Markets Bond FundI Class (PRXIX)
T. Rowe Price Emerging Markets Corporate Bond Fund (TRECX)
T. Rowe Price Emerging Markets Corporate Bond FundAdvisor Class (PACEX)
T. Rowe Price Emerging Markets Corporate Bond FundI Class (TECIX)
T. Rowe Price Emerging Markets Local Currency Bond Fund (PRELX)
T. Rowe Price Emerging Markets Local Currency Bond FundAdvisor Class (PAELX)
T. Rowe Price Emerging Markets Local Currency Bond FundI Class (TEIMX)
T. Rowe Price Emerging Markets Stock Fund (PRMSX)
T. Rowe Price Emerging Markets Stock FundI Class (PRZIX)
T. Rowe Price Emerging Markets Value Stock Fund (PRIJX)
T. Rowe Price Emerging Markets Value Stock FundAdvisor Class (PAIJX)
T. Rowe Price Emerging Markets Value Stock FundI Class (REVIX)
T. Rowe Price European Stock Fund (PRESX)
T. Rowe Price European Stock FundI Class (TEUIX)
T. Rowe Price Global Consumer Fund (PGLOX)
T. Rowe Price Global Growth Stock Fund (RPGEX)
T. Rowe Price Global Growth Stock FundAdvisor Class (PAGLX)
T. Rowe Price Global Growth Stock FundI Class (RGGIX)
3
T. Rowe Price Global High Income Bond Fund (RPIHX)
T. Rowe Price Global High Income Bond FundAdvisor Class (PAIHX)
T. Rowe Price Global High Income Bond FundI Class (RPOIX)
T. Rowe Price Global Industrials Fund (RPGIX)
T. Rowe Price Global Industrials FundI Class (TRGAX)
T. Rowe Price Global Stock Fund (PRGSX)
T. Rowe Price Global Stock FundAdvisor Class (PAGSX)
T. Rowe Price Global Stock FundI Class (TRGLX)
T. Rowe Price International Bond Fund (RPIBX)
T. Rowe Price International Bond FundAdvisor Class (PAIBX)
T. Rowe Price International Bond FundI Class (RPISX)
T. Rowe Price International Concentrated Equity Fund (PRCNX)
T. Rowe Price International Concentrated Equity FundAdvisor Class (PRNCX)
T. Rowe Price International Concentrated Equity FundI Class (RICIX)
T. Rowe Price International Discovery Fund (PRIDX)
T. Rowe Price International Discovery FundI Class (TIDDX)
T. Rowe Price International Stock Fund (PRITX)
T. Rowe Price International Stock FundAdvisor Class (PAITX)
T. Rowe Price International Stock FundI Class (PRIUX)
T. Rowe Price International Stock FundR Class (RRITX)
T. Rowe Price International Value Equity Fund (formerly T. Rowe Price International Growth & Income Fund) (TRIGX)
T. Rowe Price International Value Equity FundAdvisor Class (formerly T. Rowe Price International Growth & Income FundAdvisor Class) (PAIGX)
T. Rowe Price International Value Equity FundI Class (formerly T. Rowe Price International Growth & Income FundI Class) (TRTIX)
T. Rowe Price International Value Equity FundR Class (formerly T. Rowe Price International Growth & Income FundR Class) (RRIGX)
T. Rowe Price Japan Fund (PRJPX)
T. Rowe Price Japan FundI Class (RJAIX)
T. Rowe Price Latin America Fund (PRLAX)
T. Rowe Price Latin America FundI Class (RLAIX)
T. Rowe Price New Asia Fund (PRASX)
T. Rowe Price New Asia FundI Class (PNSIX)
T. Rowe Price Overseas Stock Fund (TROSX)
T. Rowe Price Overseas Stock FundAdvisor Class (PAEIX)
T. Rowe Price Overseas Stock FundI Class (TROIX)
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund (PIEQX)
T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.
T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX)
T. Rowe Price Limited Duration Inflation Focused Bond FundI Class (TRLDX)
T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.
T. Rowe Price Media & Telecommunications Fund (PRMTX)
T. Rowe Price Media & Telecommunications FundI Class (TTMIX)
T. ROWE PRICE MID-CAP GROWTH FUND, INC.
T. Rowe Price Mid-Cap Growth Fund (RPMGX)
T. Rowe Price Mid-Cap Growth FundAdvisor Class (PAMCX)
T. Rowe Price Mid-Cap Growth FundI Class (RPTIX)
T. Rowe Price Mid-Cap Growth FundR Class (RRMGX)
T. ROWE PRICE MID-CAP VALUE FUND, INC.
T. Rowe Price Mid-Cap Value Fund (TRMCX)
T. Rowe Price Mid-Cap Value FundAdvisor Class (TAMVX)
T. Rowe Price Mid-Cap Value FundI Class (TRMIX)
T. Rowe Price Mid-Cap Value FundR Class (RRMVX)
4
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (Multi-Sector Account Portfolios)
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio
T. ROWE PRICE NEW AMERICA GROWTH FUND
T. Rowe Price New America Growth Fund (PRWAX)
T. Rowe Price New America Growth FundAdvisor Class (PAWAX)
T. Rowe Price New America Growth FundI Class (PNAIX)
T. ROWE PRICE NEW ERA FUND, INC.
T. Rowe Price New Era Fund (PRNEX)
T. Rowe Price New Era FundI Class (TRNEX)
T. ROWE PRICE NEW HORIZONS FUND, INC.
T. Rowe Price New Horizons Fund (PRNHX)
T. Rowe Price New Horizons FundI Class (PRJIX)
T. ROWE PRICE NEW INCOME FUND, INC.
T. Rowe Price New Income Fund (PRCIX)
T. Rowe Price New Income FundAdvisor Class (PANIX)
T. Rowe Price New Income FundI Class (PRXEX)
T. Rowe Price New Income FundR Class (RRNIX)
T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. (Personal Strategy Funds)
T. Rowe Price Personal Strategy Balanced Fund (TRPBX)
T. Rowe Price Personal Strategy Balanced FundI Class (TPPAX)
T. Rowe Price Personal Strategy Growth Fund (TRSGX)
T. Rowe Price Personal Strategy Growth FundI Class (TGIPX)
T. Rowe Price Personal Strategy Income Fund (PRSIX)
T. Rowe Price Personal Strategy Income FundI Class (PPIPX)
T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.
T. Rowe Price QM Global Equity Fund (TQGEX)
T. Rowe Price QM Global Equity FundAdvisor Class (TQGAX)
T. Rowe Price QM Global Equity FundI Class (TQGIX)
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSMX)
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity FundAdvisor Class (TQSAX)
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity FundI Class (TQSIX)
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund (PRDSX)
T. Rowe Price QM U.S. Small-Cap Growth Equity FundAdvisor Class (TQAAX)
T. Rowe Price QM U.S. Small-Cap Growth Equity FundI Class (TQAIX)
T. Rowe Price QM U.S. Value Equity Fund (TQMVX)
T. Rowe Price QM U.S. Value Equity FundAdvisor Class (TQVAX)
T. Rowe Price QM U.S. Value Equity FundI Class (TQVIX)
T. ROWE PRICE REAL ASSETS FUND, INC.
T. Rowe Price Real Assets Fund (PRAFX)
T. Rowe Price Real Assets FundI Class (PRIKX)
T. ROWE PRICE REAL ESTATE FUND, INC.
T. Rowe Price Real Estate Fund (TRREX)
T. Rowe Price Real Estate FundAdvisor Class (PAREX)
T. Rowe Price Real Estate FundI Class (TIRRX)
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (TRP Reserve Funds)
T. Rowe Price Government Reserve Fund (formerly T. Rowe Price Reserve Investment Fund)
T. Rowe Price Short-Term Fund (formerly T. Rowe Price Short-Term Reserve Fund)
T. Rowe Price Short-Term Government Fund (formerly T. Rowe Price Short-Term Government Reserve Fund)
T. Rowe Price Treasury Reserve Fund (formerly T. Rowe Price Government Reserve Investment Fund)
5
T. ROWE PRICE RETIREMENT FUNDS, INC. (Retirement Funds)
T. Rowe Price Retirement 2005 Fund (TRRFX)
T. Rowe Price Retirement 2005 FundAdvisor Class (PARGX)
T. Rowe Price Retirement 2005 FundR Class (RRTLX)
T. Rowe Price Retirement 2010 Fund (TRRAX)
T. Rowe Price Retirement 2010 FundAdvisor Class (PARAX)
T. Rowe Price Retirement 2010 FundR Class (RRTAX)
T. Rowe Price Retirement 2015 Fund (TRRGX)
T. Rowe Price Retirement 2015 FundAdvisor Class (PARHX)
T. Rowe Price Retirement 2015 FundR Class (RRTMX)
T. Rowe Price Retirement 2020 Fund (TRRBX)
T. Rowe Price Retirement 2020 FundAdvisor Class (PARBX)
T. Rowe Price Retirement 2020 FundR Class (RRTBX)
T. Rowe Price Retirement 2025 Fund (TRRHX)
T. Rowe Price Retirement 2025 FundAdvisor Class (PARJX)
T. Rowe Price Retirement 2025 FundR Class (RRTNX)
T. Rowe Price Retirement 2030 Fund (TRRCX)
T. Rowe Price Retirement 2030 FundAdvisor Class (PARCX)
T. Rowe Price Retirement 2030 FundR Class (RRTCX)
T. Rowe Price Retirement 2035 Fund (TRRJX)
T. Rowe Price Retirement 2035 FundAdvisor Class (PARKX)
T. Rowe Price Retirement 2035 FundR Class (RRTPX)
T. Rowe Price Retirement 2040 Fund (TRRDX)
T. Rowe Price Retirement 2040 FundAdvisor Class (PARDX)
T. Rowe Price Retirement 2040 FundR Class (RRTDX)
T. Rowe Price Retirement 2045 Fund (TRRKX)
T. Rowe Price Retirement 2045 FundAdvisor Class (PARLX)
T. Rowe Price Retirement 2045 FundR Class (RRTRX)
T. Rowe Price Retirement 2050 Fund (TRRMX)
T. Rowe Price Retirement 2050 FundAdvisor Class (PARFX)
T. Rowe Price Retirement 2050 FundR Class (RRTFX)
T. Rowe Price Retirement 2055 Fund (TRRNX)
T. Rowe Price Retirement 2055 FundAdvisor Class (PAROX)
T. Rowe Price Retirement 2055 FundR Class (RRTVX)
T. Rowe Price Retirement 2060 Fund (TRRLX)
T. Rowe Price Retirement 2060 FundAdvisor Class (TRRYX)
T. Rowe Price Retirement 2060 FundR Class (TRRZX)
T. Rowe Price Retirement Balanced Fund (TRRIX)
T. Rowe Price Retirement Balanced FundAdvisor Class (PARIX)
T. Rowe Price Retirement Balanced FundR Class (RRTIX)
T. Rowe Price Retirement I 2005 FundI Class (TRPFX)
T. Rowe Price Retirement I 2010 FundI Class (TRPAX)
T. Rowe Price Retirement I 2015 FundI Class (TRFGX)
T. Rowe Price Retirement I 2020 FundI Class (TRBRX)
T. Rowe Price Retirement I 2025 FundI Class (TRPHX)
T. Rowe Price Retirement I 2030 FundI Class (TRPCX)
T. Rowe Price Retirement I 2035 FundI Class (TRPJX)
T. Rowe Price Retirement I 2040 FundI Class (TRPDX)
T. Rowe Price Retirement I 2045 FundI Class (TRPKX)
T. Rowe Price Retirement I 2050 FundI Class (TRPMX)
T. Rowe Price Retirement I 2055 FundI Class (TRPNX)
T. Rowe Price Retirement I 2060 FundI Class (TRPLX)
T. Rowe Price Retirement Balanced I FundI Class (TRPTX)
T. Rowe Price Target 2005 Fund (TRARX)
T. Rowe Price Target 2005 FundAdvisor Class (PANRX)
T. Rowe Price Target 2005 FundI Class (TFRRX)
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T. Rowe Price Target 2010 Fund (TRROX)
T. Rowe Price Target 2010 FundAdvisor Class (PAERX)
T. Rowe Price Target 2010 FundI Class (TORFX)
T. Rowe Price Target 2015 Fund (TRRTX)
T. Rowe Price Target 2015 FundAdvisor Class (PAHRX)
T. Rowe Price Target 2015 FundI Class (TTRTX)
T. Rowe Price Target 2020 Fund (TRRUX)
T. Rowe Price Target 2020 FundAdvisor Class (PAIRX)
T. Rowe Price Target 2020 FundI Class (TTURX)
T. Rowe Price Target 2025 Fund (TRRVX)
T. Rowe Price Target 2025 FundAdvisor Class (PAJRX)
T. Rowe Price Target 2025 FundI Class (TRVVX)
T. Rowe Price Target 2030 Fund (TRRWX)
T. Rowe Price Target 2030 FundAdvisor Class (PAKRX)
T. Rowe Price Target 2030 FundI Class (TWRRX)
T. Rowe Price Target 2035 Fund (RPGRX)
T. Rowe Price Target 2035 FundAdvisor Class (PATVX)
T. Rowe Price Target 2035 FundI Class (TPGPX)
T. Rowe Price Target 2040 Fund (TRHRX)
T. Rowe Price Target 2040 FundAdvisor Class (PAHHX)
T. Rowe Price Target 2040 FundI Class (TRXRX)
T. Rowe Price Target 2045 Fund (RPTFX)
T. Rowe Price Target 2045 FundAdvisor Class (PAFFX)
T. Rowe Price Target 2045 FundI Class (TRFWX)
T. Rowe Price Target 2050 Fund (TRFOX)
T. Rowe Price Target 2050 FundAdvisor Class (PAOFX)
T. Rowe Price Target 2050 FundI Class (TOORX)
T. Rowe Price Target 2055 Fund (TRFFX)
T. Rowe Price Target 2055 FundAdvisor Class (PAFTX)
T. Rowe Price Target 2055 FundI Class (TRPPX)
T. Rowe Price Target 2060 Fund (TRTFX)
T. Rowe Price Target 2060 FundAdvisor Class (TRTGX)
T. Rowe Price Target 2060 FundI Class (TTOIX)
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.
T. Rowe Price Science & Technology Fund (PRSCX)
T. Rowe Price Science & Technology FundAdvisor Class (PASTX)
T. Rowe Price Science & Technology FundI Class (TSNIX)
T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short-Term Bond Fund (PRWBX)
T. Rowe Price Short-Term Bond FundAdvisor Class (PASHX)
T. Rowe Price Short-Term Bond FundI Class (TBSIX)
T. Rowe Price Ultra Short-Term Bond Fund (TRBUX)
T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. Rowe Price Small-Cap Stock Fund (OTCFX)
T. Rowe Price Small-Cap Stock FundAdvisor Class (PASSX)
T. Rowe Price Small-Cap Stock FundI Class (OTIIX)
T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. Rowe Price Small-Cap Value Fund (PRSVX)
T. Rowe Price Small-Cap Value FundAdvisor Class (PASVX)
T. Rowe Price Small-Cap Value FundI Class (PRVIX)
T. ROWE PRICE SPECTRUM FUND, INC. (Spectrum Funds)
Spectrum Growth Fund (PRSGX)
Spectrum Income Fund (RPSIX)
Spectrum International Fund (PSILX)
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T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund (GTFBX)
Maryland Short-Term Tax-Free Bond Fund (PRMDX)
Maryland Tax-Free Bond Fund (MDXBX)
Maryland Tax-Free Money Fund (TMDXX)
New Jersey Tax-Free Bond Fund (NJTFX)
New York Tax-Free Bond Fund (PRNYX)
New York Tax-Free Money Fund (NYTXX)
Virginia Tax-Free Bond Fund (PRVAX)
T. ROWE PRICE SUMMIT FUNDS, INC. (Summit Income Funds)
T. Rowe Price Cash Reserves Fund (TSCXX)
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (Summit Municipal Funds)
T. Rowe Price Summit Municipal Income Fund (PRINX)
T. Rowe Price Summit Municipal Income FundAdvisor Class (PAIMX)
T. Rowe Price Summit Municipal Intermediate Fund (PRSMX)
T. Rowe Price Summit Municipal Intermediate FundAdvisor Class (PAIFX)
T. Rowe Price Summit Municipal Money Market Fund (TRSXX)
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (Tax-Efficient Funds)
T. Rowe Price Tax-Efficient Equity Fund (PREFX)
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.
T. Rowe Price Tax-Exempt Money Fund (PTEXX)
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 FundAdvisor Class (PATFX)
T. Rowe Price Tax-Free High Yield FundI Class (PTYIX)
T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund (PRTAX)
T. Rowe Price Tax-Free Income FundAdvisor Class (PATAX)
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 FundAdvisor Class (PATIX)
T. Rowe Price Tax-Free Short-Intermediate FundI Class (TTSIX)
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund (PRTUX)
T. ROWE PRICE TOTAL RETURN FUND, INC.
T. Rowe Price Total Return Fund (PTTFX)
T. Rowe Price Total Return FundAdvisor Class (PTATX)
T. Rowe Price Total Return FundI Class (PTKIX)
T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.
T. Rowe Price U.S. Bond Enhanced Index Fund (PBDIX)
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.
T. Rowe Price U.S. Large-Cap Core Fund (TRULX)
T. Rowe Price U.S. Large-Cap Core FundAdvisor Class (PAULX)
T. Rowe Price U.S. Large-Cap Core FundI Class (RCLIX)
T. ROWE PRICE U.S. TREASURY FUNDS, INC. (U.S. Treasury Funds)
U.S. Treasury Intermediate Fund (PRTIX)
U.S. Treasury Intermediate FundI Class (PRKIX)
U.S. Treasury Long-Term Fund (PRULX)
U.S. Treasury Long-Term FundI Class (PRUUX)
U.S. Treasury Money Fund (PRTXX)
U.S. Treasury Money FundI Class (TRGXX)
T. ROWE PRICE VALUE FUND, INC.
T. Rowe Price Value Fund (TRVLX)
T. Rowe Price Value FundAdvisor Class (PAVLX)
T. Rowe Price Value FundI Class (TRPIX)
8
Mailing Address:
T. Rowe Price Investment Services, Inc.
100
East Pratt Street
Baltimore, Maryland 21202
1-800-638-5660
This SAI is not a prospectus but should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. Rowe Price Investment Services, Inc. (Investment Services).
Each funds financial statements for its most recent fiscal period and the Report of Independent Registered Public Accounting Firm are included in each funds annual or semiannual report and incorporated by reference into this SAI. The Africa & Middle East FundI Class, Asia Opportunities FundI Class, Credit Opportunities FundI Class, Diversified Mid-Cap Growth FundI Class, Emerging Europe FundI Class, Emerging Markets Value Stock FundI Class, European Stock FundI Class, Floating Rate FundI Class, Global Growth Stock FundI Class, Global Industrials FundI Class, Global Stock FundI Class, GNMA FundI Class, Government Money FundI Class, Institutional Cash Reserves Fund, International Concentrated Equity FundI Class, Japan FundI Class, Latin America FundI Class, Short-Term Government Fund, Tax-Free High Yield FundI Class, Tax-Free Short-Intermediate FundI Class, TaxFree Ultra ShortTerm Bond Fund, Total Return Fund, Total Return FundAdvisor Class, Total Return FundI Class, U.S. Treasury Intermediate FundI Class, U.S. Treasury Long-Term FundI Class, and U.S. Treasury Money FundI Class have not been in operation long enough to have complete financial statements.
If you would like a prospectus or an annual or semiannual shareholder report for a fund, please visit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.
9
PART I TABLE OF CONTENTS
Page
Investment Management Agreements | |
Page
Accounting Firm | |
References to the following are as indicated:
Fitch Ratings, Inc. (Fitch)
Internal Revenue Code of 1986, as amended (Code)
Internal Revenue Service (IRS)
Investment Company Act of 1940, as amended (1940 Act)
Moodys Investors Service, Inc. (Moodys)
Securities Act of 1933, as amended (1933 Act)
Securities and Exchange Commission (SEC)
Securities Exchange Act of 1934, as amended (1934 Act)
S & P Global Ratings (S&P)
T. Rowe Price Associates, Inc. (T. Rowe Price)
T. Rowe Price Hong Kong Limited (Price Hong Kong)
T. Rowe Price International Ltd (T. Rowe Price International)
T. Rowe Price Singapore Private Ltd. (Price Singapore)
While many T. Rowe Funds are offered in more than one share class, not all funds are offered in the share classes described below. The front cover of each Price Funds prospectus indicates which share classes are available for the fund.
Investor Class
The Investor Class is generally designed for individual investors, but is also available to institutions and a wide variety of other types of investors. The Investor Class may be purchased directly through T. Rowe Price or through a financial intermediary. A Price Fund (other than an Institutional Fund) that does not indicate a specific share class after its name is considered to be the Investor Class of that fund.
I Class
The I Class generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts for their customers, client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other accounts. I Class shares are designed to be sold to corporations, endowments and foundations, charitable trusts, defined benefit and defined contribution retirement plans, brokers, registered investment advisers, banks and bank trust programs, investment companies and other pooled investment vehicles, and certain individuals meeting the investment minimum or other specific criteria.
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.
10
R Class
The R Class is designed to be sold only through various third-party intermediaries that offer employer-sponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others. The R Class must be purchased through an eligible intermediary (except for certain retirement plans held directly with T. Rowe Price). The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.
Institutional Funds
Most of the T. Rowe Price Institutional Funds are available only in a single share class (referred to as the Institutional Class). The Institutional Class (other than their F Class shares) generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts, and certain other accounts. The Institutional Class is designed for institutional investors, which typically include but are not limited to: corporations, endowments and foundations, charitable trusts, investment companies and other pooled vehicles, defined benefit and defined contribution retirement plans, broker-dealers, registered investment advisers, banks and bank trust programs, and Section 529 college savings plans.
F Class
The F Class is a separate share class of certain Institutional Funds and is designed to be sold only through financial advisors and certain third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services. F Class shares are not intended to be offered by intermediaries through a mutual fund supermarket platform. The F Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.
Mid-Cap Index Fund, Multi-Sector Account Portfolios, Small-Cap Index Fund, and TRP Reserve Funds
These funds are not available for direct purchase by members of the public. Shares of these funds may only be purchased by or on behalf of mutual funds, Section 529 college savings plans, or certain institutional client accounts for which T. Rowe Price or one of its affiliates has discretionary investment authority.
Below is a table showing the prospectus and shareholder report dates for each fund. The table also lists each funds category, which should be used to identify groups of funds that are referenced throughout this SAI. The prospectus date shown for each fund reflects the date that the prospectus will be annually updated once the fund has been in operation at its fiscal year-end.
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Africa & Middle East | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Africa & Middle East FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Balanced | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Balanced FundI Class | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
11
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Blue Chip Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
California Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
California Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Capital Appreciation | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Appreciation FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Appreciation FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Cash Reserves | Taxable Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Corporate Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Corporate Income FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Diversified Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Diversified Mid-Cap Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dynamic Global Bond | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Dynamic Global Bond FundAdvisor Class | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Dynamic Global Bond FundI Class | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Europe | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Europe FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
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Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Emerging Markets Corporate Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Value Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Value Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Value Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Equity Income | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Index 500 | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Index 500 FundI Class | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
European Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
European Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Extended Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Financial Services | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Financial Services FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Georgia Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Global Allocation | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
13
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Global Allocation FundAdvisor Class | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Allocation FundI Class | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Consumer | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Growth Stock | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Growth Stock FundAdvisor Class | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Growth Stock FundI Class | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global High Income Bond | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global High Income Bond FundAdvisor Class | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global High Income Bond FundI Class | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global Industrials | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Industrials FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Multi-Sector Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Global Multi-Sector Bond FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Global Multi-Sector Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Global Real Estate | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Real Estate FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Real Estate FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Stock | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Stock FundAdvisor Class | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Stock FundI Class | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Technology | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Technology FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
GNMA | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
GNMA FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Government Money | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Government Money FundI Class | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Government Reserve | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Growth & Income | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth & Income FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Health Sciences | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Health Sciences FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
14
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
High Yield FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Inflation Protected Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Inflation Protected Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Africa & Middle East | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Cash Reserves | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Core Plus | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Credit Opportunities | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Emerging Markets Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Floating Rate FundF Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Frontier Markets Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Focused Growth Equity | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Growth Equity | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Multi-Sector Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Global Value Equity | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional International Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional International Concentrated Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Core Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Growth Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Large-Cap Core Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Long Duration Credit | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Mid-Cap Equity Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Small-Cap Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional U.S. Structured Research | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Intermediate Tax-Free High Yield | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
15
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Intermediate Tax-Free High Yield FundAdvisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
International Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Concentrated Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Concentrated Equity FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Concentrated Equity FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Discovery | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Discovery FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Equity Index | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock FundR Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Value Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Value Equity FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Value Equity FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Value Equity FundR Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Investment-Grade Corporate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Japan | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Japan FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Latin America | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Latin America FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Limited Duration Inflation Focused Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Limited Duration Inflation Focused Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Maryland Short-Term Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Media & Telecommunications | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Media & Telecommunications FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
16
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Mid-Cap Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Index FundI Class | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New America Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New America Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New America Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Asia | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
New Asia FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
New Era | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Era FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Horizons | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Horizons FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income FundR Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Jersey Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Overseas Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Overseas Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Overseas Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Personal Strategy Balanced | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Balanced FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Growth | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Growth FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Income | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Income FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
QM Global Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
17
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
QM Global Equity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM Global Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small & Mid-Cap Core Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small & Mid-Cap Core Equity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small & Mid-Cap Core Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small-Cap Growth Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small-Cap Growth Equity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small-Cap Growth Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Value Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Value Equity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Value Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Assets | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Assets FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Retirement 2005 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
18
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Retirement 2030 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2005 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2010 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2015 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2020 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2025 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2030 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2035 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
19
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Retirement I 2040 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2045 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2050 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2055 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2060 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced I FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Science & Technology | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Science & Technology FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Science & Technology FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Short-Term | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Bond FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Government | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Small-Cap Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Index FundI Class | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Growth | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Income | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum International | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Summit Municipal Income | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Income FundAdvisor Class | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Intermediate | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Intermediate FundAdvisor Class | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Money Market | Tax-Free Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Target 2005 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2005 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2005 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
20
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Target 2010 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2010 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2010 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2015 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2015 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2015 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2020 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2020 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2020 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2025 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2025 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2025 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2030 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2030 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2030 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2035 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2035 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2035 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2040 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2040 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2040 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2045 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2045 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2045 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2050 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2050 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2050 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2055 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2055 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2055 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2060 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2060 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2060 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Tax-Efficient Equity | Equity | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Exempt Money | Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free High Yield | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free High Yield FundAdvisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free High Yield FundI Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Income | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Income FundAdvisor Class | Tax Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
21
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Tax-Free Short-Intermediate | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-Intermediate FundAdvisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-Intermediate FundI Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Ultra Short-Term Bond | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Total Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Total Return | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Total Return FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Total Return FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Treasury Reserve | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Bond Enhanced Index | Index Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
U.S. Large-Cap Core | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Large-Cap Core FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Large-Cap Core FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Treasury Intermediate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Intermediate FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Long-Term | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Long-Term FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Money | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Money FundI Class | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Ultra Short-Term Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Value FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Value FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Virginia Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
The officers and directors (the term director is used to refer to directors or trustees, as applicable) of the Price Funds are listed on the following pages. Unless otherwise noted, the address of each officer and director is 100 East Pratt Street, Baltimore, Maryland 21202.
Each fund is overseen by a Board of Directors/Trustees (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Boards elect the funds officers and are responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland or Massachusetts, and other applicable laws. At least 75% of each Boards members are independent of T. Rowe Price and its affiliates. The directors who are also employees or officers of T. Rowe Price are considered to be inside or interested directors because of their relationships with T. Rowe Price and its affiliates. Each inside director and officer (except as indicated in the tables setting forth the directors and officers principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards normally hold five regularly scheduled formal meetings during each calendar year. Although the Boards have direct responsibility over various matters (such as
22
approval of advisory contracts and review of fund performance), each Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Board. The Boards believe that a committee structure is an effective means to permit directors to focus on particular operations or issues affecting the funds, including risk oversight. Each Board currently has three standing committees, a Committee of Independent Directors, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs.
Edward C. Bernard, an inside director, serves as the Chairman of the Board of each fund. The independent directors of each fund have designated a Lead Independent Director, who functions as a liaison between the Chairman of the Board and the other independent directors. The Lead Independent Director presides at all executive sessions of the independent directors, reviews and provides input on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. Anthony W. Deering currently serves as Lead Independent Director of each Board. Each funds Board has determined that its leadership and committee structure is appropriate because the Board believes that it sets the proper tone for the relationship between the fund, on the one hand, and T. Rowe Price or its affiliates and the funds other principal service providers, on the other, and facilitates the exercise of the Boards independent judgment in evaluating and managing the relationships. In addition, the structure efficiently allocates responsibility among committees and the full Board. The same independent directors currently serve on the Boards of all of the Price Funds. This approach is designed to provide effective governance by exposing the independent directors to a wider range of business issues and market trends, allowing the directors to better share their knowledge, background and experience, and permitting the Boards to operate more efficiently, particularly with respect to matters common to all Price Funds.
The Committee of Independent Directors, which consists of all of the independent directors of the funds, is responsible for, among other things, seeking, reviewing and selecting candidates to fill independent director vacancies on each funds Board, periodically evaluating the compensation payable to the independent directors, and performing certain functions with respect to the governance of the funds. The Lead Independent Director serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for independent directors. Nominees, like current directors, will be considered based on the ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the funds management and counsel and the various service providers to the funds, and to exercise reasonable business judgment in the performance of their duties as directors. Nominees will be considered in light of their individual experience, qualifications, attributes, or skills. Nominees will also be considered based on their independence from T. Rowe Price and other principal service providers. Shareholders should submit their recommendations to the secretary of the funds. The committee met 11 times in 2016 in conjunction with the full Board.
The Joint Audit Committee consists of only independent directors. The current members of the committee are Bruce W. Duncan, Robert J. Gerrard, Jr., Paul F. McBride, and Cecilia E. Rouse. Mr. Gerrard serves as chairman of the committee and Mr. Duncan is considered an audit committee financial expert, as defined by the SEC. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds three regular meetings during each fiscal year. Two of the meetings include the attendance of the independent registered public accounting firm of the Price Funds as the Joint Audit Committee reviews: (1) the services provided; (2) the findings of the most recent audits; (3) managements response to the findings of the most recent audits; (4) the scope of the audits to be performed; (5) the accountants fees; (6) the qualifications, independence, and performance of the independent registered public accounting firm; and (7) any accounting questions relating to particular areas of the Price Funds operations or the operations of parties dealing with the Price Funds, as circumstances indicate. A third meeting is devoted primarily to a review of the risk management program of the funds investment adviser. The Joint Audit Committee met four times in 2016.
The Executive Committee, which consists of each funds inside directors, has been authorized by its respective Board to exercise all powers of the Boards of the funds in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Executive Committee must be approved in advance by one independent director and reviewed after the fact by the full Board. The Executive Committee for each fund does not hold regularly scheduled meetings. The Executive Committee took action by written consent on behalf of 13 funds during 2016.
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Like other mutual funds, the funds are subject to risks, including investment, compliance, operational, and valuation risks, among others. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. The Board, directly or through its committees, interacts with and reviews reports from, among others, the investment adviser or its affiliates, the funds Chief Compliance Officer, the funds independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks faced by the funds and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from members of the advisers Risk Management Oversight Committee on the significant risks inherent to the advisers business, including aggregate investment risks, reputational risk, business continuity risk, and operational risk. The actual day-to-day risk management functions with respect to the funds are subsumed within the responsibilities of the investment adviser, its affiliates that serve as investment sub-advisers to the funds, and other service providers (depending on the nature of the risk) that carry out the funds investment management and business affairs. Although the risk management policies of T. Rowe Price and its affiliates, and the funds other service providers, are reasonably designed to be effective, those policies and their implementation vary among service providers over time, and there is no guarantee that they will always be effective. An investment in a Price Fund may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third party service providers or trading counterparties. Although the funds attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result. Processes and controls developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks may be simply beyond any control of the funds, T. Rowe Price and its affiliates, or other service providers.
Each directors experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, 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 directors ability to perform his or her duties effectively may have been attained through his or her educational background or professional training; business, consulting, public service, or academic positions; experience from service as a director of the Price Funds, public companies, non-profit entities, or other organizations; or other experiences. Each director brings a diverse perspective to the Boards. Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each director that led to the conclusion that he or she should serve as a director.
Edward C. Bernard has been an inside director and Chairman of the Board of all the Price Funds since 2006. Mr. Bernard has more than 25 years of experience in the investment management industry, all of which have been with T. Rowe Price. In addition to his responsibilities with T. Rowe Price and the Price Funds, Mr. Bernard served as chairman (from 2009 to 2011) and is currently the vice chairman of the board of governors of the Investment Company Institute, the national trade association for the mutual fund industry.
William R. Brody had been an independent director of the Price Funds since 2009. Dr. Brody has substantial experience in the public health and research fields, as well as academia. He previously served as president of the Johns Hopkins University, as well as on the boards of John Hopkins University, Johns Hopkins Health System, Salk Institute for Biological Studies, BioMed Realty Trust, IBM, and Novartis. He has also served on the boards of a number of other private companies and non-profit entities, including Mesa Biotech, Kool Smiles, Novamed, Radiology Partners, Stanford University, Standard Healthcare, and the Commonwealth Fund, which funds health services research. Dr. Brody retired as independent director of the Price Funds on December 31, 2016.
Anthony W. Deering has been an independent director of the Price Funds for more than 30 years. He currently serves as the Lead Independent Director and was a member of the Joint Audit Committee until
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September 2014. Mr. Deering brings a wealth of financial services and investment management experience to the Boards. He is the former chair and chief executive officer of the Rouse Company and has also served on the boards of a number of public companies, including Deutsche Bank North America, Vornado Realty Trust, Brixmor Real Estate Investment Trust, Mercantile Bank, and Under Armour. He has also served on the boards of a number of private companies and non-profit entities, including the Investment Company Institute, Baltimore Museum of Art, Parks & People Foundation, The Rouse Company Foundation, and The Charlesmead Foundation among others.
Bruce W. Duncan has substantial experience in the field of commercial real estate. He currently serves as chairman of the board of First Industrial Realty Trust and he served as president until September 2016 and chief executive officer until December 2016. In May 2016, Mr. Duncan became a member of the board and compensation committee of Boston Properties. He has been an independent director of the Price Funds since October 2013 and, in September 2014, he became a member of the Joint Audit Committee. In September 2016, Mr. Duncan became a member of the board and finance committee of Marriott International, Inc.
Robert J. Gerrard, Jr. has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and currently serves as a member of the Joint Audit Committee. He has substantial legal and business experience in the industries relating to communications and interactive data services. He has served on the board and compensation committee for Syniverse Holdings and as general counsel to Scripps Networks.
Paul F. McBride has served in various management and senior leadership roles with the Black & Decker Corporation and General Electric Company. He serves on the advisory board of Vizzia Technologies. He led businesses in the materials, industrial, and consumer durable segments. He also has significant global experience. He has served on the boards of a number of private and non-profit entities, including Dunbar Armored, Gilman School, and Living Classrooms Foundation. He has been an independent director of the Price Funds since October 2013 and, in September 2014, he became a member of the Joint Audit Committee.
Brian C. Rogers was an inside director of the domestic equity and international Price Funds for more than 20 years. Mr. Rogers served in a variety of senior leadership roles since joining T. Rowe Price in 1982. Mr. Rogers retired from T. Rowe Price effective March 31, 2017. However, he continues to serve as Director and non-executive Chairman of the Board of T. Rowe Price Group, Inc. In addition to his various offices held with T. Rowe Price and its affiliates, he is a Chartered Financial Analyst and served as a member of the T. Rowe Price Asset Allocation Committee. On April 1, 2017, Robert W. Sharps replaced Mr. Rogers as an inside director of the domestic equity and international Price Funds.
Cecilia E. Rouse has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and became a member of the Joint Audit Committee in September 2014. Dr. Rouse has extensive experience in the fields of higher education and economic research. She has served in a variety of roles at Princeton University, including as a dean, professor, and leader of economic research. She has also served on the board of MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor, and as a member of numerous entities, including the American Economic Association, National Bureau of Economic Research, National Academy of Education, and the Association of Public Policy and Management Policy Council.
John G. Schreiber has been an independent director of the Price Funds for more than 20 years and served as a member of the Joint Audit Committee until September 2015. He has significant experience investing in real estate transactions and brings substantial financial services and investment management experience to the Boards. He is the president of Centaur Capital Partners, Inc. and a retired partner and co-founder of Blackstone Real Estate Advisors. He previously served as chairman and chief executive officer of JMB Urban Development Co. and executive vice president of JMB Realty Corporation. Mr. Schreiber currently serves on the boards of JMB Realty Corporation, Brixmor Property Group, Hilton Worldwide, and trustee of Loyola University of Chicago, and is a past board member of Urban Shopping Centers, Inc., Host Hotels & Resorts, Inc., The Rouse Company, General Growth Properties, AMLI Residential Properties Trust, Blackstone Mortgage Trust, and Hudson Pacific Properties.
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Robert W. Sharps was elected as an inside director of the domestic equity and international Price Funds effective April 1, 2017. Mr. Sharps currently serves as the co-head of Global Equities and Group Chief Investment Officer for T. Rowe Price. He is also a member of the T. Rowe Price Management Committee, International Steering Committee, Equity Steering Committee, Asset Allocation Committee, and Product Strategy Committee. Prior to joining the T. Rowe Price in 1997, Mr. Sharps was a senior consultant at KPMG Peat Marwick. In addition to his various offices held with T. Rowe Price and its affiliates, Mr. Sharps is a Chartered Financial Analyst.
Mark R. Tercek has been an independent director of the Price Funds since 2009 and served as chairman of the Joint Audit Committee until September 2014. He brings substantial financial services experience to the Boards. He was a managing director of Goldman Sachs and is currently president and chief executive officer of The Nature Conservancy.
Edward A. Wiese was elected as an inside director of the domestic fixed income Price Funds in 2015. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He currently serves as the Director of Fixed Income for T. Rowe Price and as the Chairperson of the T. Rowe Price Fixed Income Steering Committee, and served as a portfolio manager for various short-term bond and low duration domestic bond strategies until December 2016.
In addition, the following tables provide biographical information for the directors, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years.
Independent Directors(a)
Name, Year
of Birth, and Number | Principal Occupation(s) | Directorships |
William R. Brody, M.D., Ph.D.* 1944 0 portfolios | President and Trustee, Salk Institute for Biological Studies (2009 to 2015); Director, BioMed Realty Trust (2013 to 2016); Chairman of the Board, Mesa Biotech, a molecular diagnostic company (March 2016 to present); Director, Radiology Partners, an integrated radiology practice management company (June 2016 to present) | IBM (2007 to 2016); Novartis, Inc. (2009 to 2014); BioMed Realty Trust (2013 to 2016) |
Anthony W. Deering 1945 187 portfolios | Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director and Advisory Board Member, Deutsche Bank North America (2004 to present); Director, Brixmor Real Estate Investment Trust (2012 to present) | Vornado Real Estate Investment Trust (2004 to 2012); Deutsche Bank North America (2004 to present); Under Armour (2008 to present); Brixmor Real Estate Investment Trust (2012 to present) |
Bruce W. Duncan 1951 187 portfolios | Chief Executive Officer and Director (2009 to December 2016), Chairman of the Board (January 2016 to present), and President (2009 to September 2016), First Industrial Realty Trust, owner and operator of industrial properties; Chairman of the Board (2005 to September 2016) and Director (1999 to September 2016), Starwood Hotels & Resorts, a hotel and leisure company | Starwood Hotels & Resorts (1999 to September 2016); Boston Properties (May 2016 to present); Marriott International, Inc. (September 2016 to present) |
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Robert J. Gerrard, Jr. 1952 187 portfolios | Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to present) | None |
Paul F. McBride 1956 187 portfolios | Advisory Board Member, Vizzia Technologies (2015 to present) | None |
Cecilia E. Rouse, Ph.D. 1963 187 portfolios | Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Member of National Academy of Education (2010 to present); Director, MDRC, a nonprofit education and social policy research organization (2011 to present); Research Associate of Labor Studies Program (2011 to 2015) and Board Member (2015 to present), National Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession (2012 to present); Vice President (2015 to present), American Economic Association | None |
John G. Schreiber 1946 187 portfolios | Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Co-founder, Partner, and Co-Chairman of the Investment Committee, Blackstone Real Estate Advisors, L.P. (1992 to 2015); General Growth Properties, Inc. (2010 to 2013); Director, Blackstone Mortgage Trust, a real estate finance company (2012 to 2016); Director and Chairman of the Board, Brixmor Property Group, Inc. (2013 to present); Director, Hilton Worldwide (2013 to present); Director, Hudson Pacific Properties (2014 to 2016) | General Growth Properties, Inc. (2010 to 2013); Blackstone Mortgage Trust (2012 to 2016); Hilton Worldwide (2013 to present); Brixmor Property Group, Inc. (2013 to present); Hudson Pacific Properties (2014 to 2016) |
Mark R. Tercek 1957 187 portfolios | President and Chief Executive Officer, The Nature Conservancy (2008 to present) | None |
* Effective December 31, 2016, Dr. Brody retired as independent director of the Price Funds.
(a) All information about the independent directors was current as of December 31, 2016, except for the number of portfolios overseen, which is current as of the date of this SAI.
Inside Directors(a)
The following persons are considered inside directors of the funds because they also serve as employees of T. Rowe Price or its affiliates. No more than two inside directors serve as directors of any fund.
The Boards invite nominations from the funds investment adviser for persons to serve as inside directors, and the Board reviews and approves these nominations. Each of the current inside directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. Mr. Bernard has served as a director of all Price Funds and has been Chairman of the Board for all Price Funds since 2006. Mr. Rogers has served as director of certain Price Funds since 2006, but was replaced by Mr. Sharps on April 1, 2017. Mr. Wiese has served as director of certain Price Funds since 2015. For each fund, the two inside directors serve as members of the funds Executive Committee. In addition, specific experience with
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respect to the inside directors occupations and directorships of public companies and other investment companies are set forth in the following table.
Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Edward C. Bernard 1956 187 portfolios | Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board, Director, and Vice President, T. Rowe Price Investment Services, Inc. and T. Rowe Price Services, Inc.; Chairman of the Board and Director, T. Rowe Price Retirement Plan Services, Inc.; Chairman of the Board, Chief Executive Officer, Director, and President, T. Rowe Price International and T. Rowe Price Trust Company Chairman of the Board, all funds | None |
Brian C. Rogers; CFA, CIC* 1955 0 Portfolios | Director and non-executive Chairman of the Board, T. Rowe Price Group, Inc. | United Technologies (January 2016 to present) |
Robert W. Sharps; CFA* 1971 131 portfolios | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, New America Growth Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds | None |
Edward A. Wiese; CFA 1959 56 portfolios | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company President, Multi-Sector Account Portfolios; Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Tax-Exempt Money Fund, and Tax-Free Short-Intermediate Fund | None |
* Effective April 1, 2017, Brian C. Rogers was replaced by Robert W. Sharps as an inside director of certain Price Funds.
(a) All information about the inside directors was current as of December 31, 2016, except for the number of portfolios overseen, which is current as of the date of this SAI.
Funds-of-Funds Arrangements
The Board is responsible for overseeing the business and affairs of the T. Rowe Price Funds-of-Funds, which consist of the following: Spectrum Growth Fund, Spectrum Income Fund, and Spectrum International Fund (collectively the Spectrum Funds); Retirement 2005 Fund, Retirement 2010 Fund, Retirement 2015 Fund, Retirement 2020 Fund, Retirement 2025 Fund, Retirement 2030 Fund, Retirement 2035 Fund, Retirement 2040 Fund, Retirement 2045 Fund, Retirement 2050 Fund, Retirement 2055 Fund, Retirement 2060 Fund and Retirement Balanced Fund, and their share classes (collectively the RDFs); Retirement I 2005 Fund, Retirement I 2010 Fund, Retirement I 2015 Fund, Retirement I 2020 Fund, Retirement I 2025 Fund, Retirement I 2030 Fund, Retirement I 2035 Fund, Retirement I 2040 Fund, Retirement I 2045 Fund, Retirement I 2050 Fund, Retirement I 2055 Fund, Retirement I 2060 Fund and Retirement Balanced I Fund (collectively the Retirement I Funds); and Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund and Target 2060 Fund, and their share classes (collectively the TRFs).
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The Spectrum Funds, RDFs, Retirement I Funds, and TRFs are referred to collectively as Funds-of-Funds and each fund individually a Fund-of-Funds, and where the policies that apply to the RDFs, Retirement I Funds, and TRFs are identical, the RDFs, Retirement I Funds, and TRFs may be referred to collectively as Target Date Funds.
In generally exercising their responsibilities, the Boards, among other things, will refer to the policies, conditions, and guidelines included in an Exemptive Application (and accompanying Notice and Order) originally granted by the SEC in connection with the creation and operation of the Spectrum Funds. The RDFs rely on this same Exemptive Application and Order because the order was designed to cover any Fund-of-Funds arrangements that operate in a similar manner to the Spectrum Funds. The TRFs and Retirement I Funds do not rely on this Exemptive Order since they do not operate in a similar manner to the other Funds-of-Funds.
In connection with the Exemptive Order, the various Price Funds in which the Funds-of-Funds invest (collectively, the underlying Price Funds) have entered into Special Servicing Agreements with T. Rowe Price and each respective Spectrum Fund and/or RDF in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Spectrum Fund and/or RDF invests will bear its proportionate share of the expenses of that Fund-of-Funds if, and to the extent that, the underlying Price Funds savings from the operation of the Spectrum Fund or RDF exceeds these expenses. Pursuant to the Exemptive Order and Special Servicing Agreement, T. Rowe Price has agreed to bear any expenses of the Spectrum Fund or RDF that exceed the estimated savings to the underlying Price Funds. As a result, these Funds-of-Funds do not pay an investment management fee and will effectively pay no operating expenses at the Fund-of-Fund level, although shareholders of these Funds-of-Funds will still indirectly bear their proportionate share of the expenses of each underlying Price Fund in which the Funds-of-Funds invest. The TRFs and Retirement I Funds also do not pay an investment management fee and will indirectly bear their proportionate share of the expenses of each underlying Price Fund in which they invest. However, the TRFs and Retirement I Funds pay their own operating expenses at the Fund-of-Fund level.
A majority of the directors of the Funds-of-Funds are independent of T. Rowe Price and its affiliates. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the underlying Price Funds. Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of the Funds-of-Funds believe they have structured the Funds-of-Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price Fund, or the reverse could occur. If such a possibility arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.
Term of Office and Length of Time Served
The directors serve until retirement, resignation, or election of a successor. The following table shows the year from which each director has served on each funds Board (or that of the corporation or trust of which the fund is a part).
Corporation/Trust | Number of portfolios | Independent Directors | |||||||
Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |||
Balanced | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Blue Chip Growth | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
California Tax-Free Income Trust | 2 | 1986 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Capital Appreciation | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Capital Opportunity | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
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Corporation/Trust | Number of portfolios | Independent Directors | |||||||
Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |||
Corporate Income | 1 | 1995 | 2013 | 2013 | 2013 | 2013 | 1995 | 2009 | |
Credit Opportunities | 1 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | |
Diversified Mid-Cap Growth | 1 | 2003 | 2013 | 2012 | 2013 | 2012 | 2003 | 2009 | |
Dividend Growth | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Equity Income | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Financial Services | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Floating Rate | 1 | 2011 | 2013 | 2013 | 2013 | 2013 | 2011 | 2011 | |
Global Allocation | 1 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | |
Global Multi-Sector Bond | 1 | 2008 | 2013 | 2013 | 2013 | 2013 | 2008 | 2009 | |
Global Real Estate | 1 | 2008 | 2013 | 2012 | 2013 | 2012 | 2008 | 2009 | |
Global Technology | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
GNMA | 1 | 1985 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Government Money | 1 | 1979 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Growth & Income | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Growth Stock | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Health Sciences | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
High Yield | 1 | 1984 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Index Trust | 5 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Inflation Protected Bond | 1 | 2002 | 2013 | 2013 | 2013 | 2013 | 2002 | 2009 | |
Institutional Equity | 6 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Institutional Income | 7 | 2002 | 2013 | 2013 | 2013 | 2013 | 2002 | 2009 | |
Institutional International | 11 | 1991 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Intermediate Tax-Free High Yield | 1 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | |
International | 24 | 1991 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
International Index | 1 | 2000 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Limited Duration Inflation Focused Bond | 1 | 2006 | 2013 | 2013 | 2013 | 2013 | 2006 | 2009 | |
Media & Telecommunications | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Mid-Cap Growth | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Mid-Cap Value | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Multi-Sector Account Portfolios | 6 | 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | |
New America Growth | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
New Era | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
New Horizons | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
New Income | 1 | 1980 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Personal Strategy | 3 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Quantitative Management | 4 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
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Corporation/Trust | Number of portfolios | Independent Directors | |||||||
Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |||
Real Assets | 1 | 2010 | 2013 | 2012 | 2013 | 2012 | 2010 | 2010 | |
Real Estate | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
TRP Reserve | 4 | 1997 | 2013 | 2013 | 2013 | 2013 | 1997 | 2009 | |
Retirement | 38 | 2002 | 2013 | 2012 | 2013 | 2012 | 2002 | 2009 | |
Science & Technology | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Short-Term Bond | 2 | 1983 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Small-Cap Stock | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Small-Cap Value | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Spectrum | 3 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
State Tax-Free Income Trust | 8 | 1986 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Summit Income | 1 | 1993 | 2013 | 2013 | 2013 | 2013 | 1993 | 2009 | |
Summit Municipal | 3 | 1993 | 2013 | 2013 | 2013 | 2013 | 1993 | 2009 | |
Tax-Efficient | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 | |
Tax-Exempt Money | 1 | 1983 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Tax-Free High Yield | 1 | 1984 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Tax-Free Income | 1 | 1983 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Tax-Free Short-Intermediate | 2 | 1983 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Total Return | 1 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | |
U.S. Bond Enhanced Index | 1 | 2000 | 2013 | 2013 | 2013 | 2013 | 2000 | 2009 | |
U.S. Large-Cap Core | 1 | 2009 | 2013 | 2012 | 2013 | 2012 | 2009 | 2009 | |
U.S. Treasury | 3 | 1989 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 | |
Value | 1 | 2001 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Sharps | Wiese | ||
Balanced | 1 | 2006 | 2017 | |
Blue Chip Growth | 1 | 2006 | 2017 | |
California Tax-Free Income Trust | 2 | 2006 | | 2015 |
Capital Appreciation | 1 | 2006 | 2017 | |
Capital Opportunity | 1 | 2006 | 2017 | |
Corporate Income | 1 | 2006 | | 2015 |
Credit Opportunities | 1 | 2014 | | 2015 |
Diversified Mid-Cap Growth | 1 | 2006 | 2017 | |
Dividend Growth | 1 | 2006 | 2017 | |
Equity Income | 1 | 2006 | 2017 | |
Financial Services | 1 | 2006 | 2017 | |
Floating Rate | 1 | 2011 | | 2015 |
Global Allocation | 1 | 2013 | 2017 | |
Global Multi-Sector Bond | 1 | 2008 | | 2015 |
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Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Sharps | Wiese | ||
Global Real Estate | 1 | 2008 | 2017 | |
Global Technology | 1 | 2006 | 2017 | |
GNMA | 1 | 2006 | | 2015 |
Government Money | 1 | 2006 | | 2015 |
Growth & Income | 1 | 2006 | 2017 | |
Growth Stock | 1 | 2006 | 2017 | |
Health Sciences | 1 | 2006 | 2017 | |
High Yield | 1 | 2006 | | 2015 |
Index Trust | 5 | 2006 | 2017 | |
Inflation Protected Bond | 1 | 2006 | | 2015 |
Institutional Equity | 6 | 2006 | 2017 | |
Institutional Income | 7 | 2006 | | 2015 |
Institutional International | 11 | 2006 | 2017 | |
Intermediate Tax-Free High Yield | 1 | 2014 | | 2015 |
International | 24 | 2006 | 2017 | |
International Index | 1 | 2006 | 2017 | |
Limited Duration Inflation Focused Bond | 1 | 2006 | | 2015 |
Media & Telecommunications | 1 | 2006 | 2017 | |
Mid-Cap Growth | 1 | 2006 | 2017 | |
Mid-Cap Value | 1 | 2006 | 2017 | |
Multi-Sector Account Portfolios | 6 | 2012 | | 2015 |
New America Growth | 1 | 2006 | 2017 | |
New Era | 1 | 2006 | 2017 | |
New Horizons | 1 | 2006 | 2017 | |
New Income | 1 | 2006 | | 2015 |
Personal Strategy | 3 | 2006 | 2017 | |
Quantitative Management | 4 | 2006 | 2017 | |
Real Assets | 1 | 2010 | 2017 | |
Real Estate | 1 | 2006 | 2017 | |
TRP Reserve | 4 | 2006 | | 2015 |
Retirement | 38 | 2006 | 2017 | |
Science & Technology | 1 | 2006 | 2017 | |
Short-Term Bond | 2 | 2006 | | 2015 |
Small-Cap Stock | 1 | 2006 | 2017 | |
Small-Cap Value | 1 | 2006 | 2017 | |
Spectrum | 3 | 2006 | 2017 | |
State Tax-Free Income Trust | 8 | 2006 | | 2015 |
Summit Income | 1 | 2006 | | 2015 |
Summit Municipal | 3 | 2006 | | 2015 |
Tax-Efficient | 1 | 2006 | 2017 | |
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Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Sharps | Wiese | ||
Tax-Exempt Money | 1 | 2006 | | 2015 |
Tax-Free High Yield | 1 | 2006 | | 2015 |
Tax-Free Income | 1 | 2006 | | 2015 |
Tax-Free Short-Intermediate | 2 | 2006 | | 2015 |
Total Return | 1 | 2016 | | 2016 |
U.S. Bond Enhanced Index | 1 | 2006 | | 2015 |
U.S. Large-Cap Core | 1 | 2009 | 2017 | |
U.S. Treasury | 3 | 2006 | | 2015 |
Value | 1 | 2006 | 2017 | |
Officers
Fund | Name | Position Held |
All funds | Darrell N. Braman Paul J. Krug David Oestreicher John W. Ratzesberger Deborah D. Seidel Catherine D. Mathews Shannon Hofher Rauser John R. Gilner | Vice President and Secretary Vice President Vice President Vice President Vice President Treasurer and Vice President Assistant Secretary Chief Compliance Officer |
Fund | Name | Position Held |
Balanced | Charles M. Shriver Kimberly E. DeDominicis Anna A. Dreyer Mark S. Finn Robert M. Larkins Wyatt A. Lee Raymond A. Mills Sebastien Page Larry J. Puglia Guido F. Stubenrauch Toby M. Thompson Mark J. Vaselkiv (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Blue Chip Growth | Larry J. Puglia Jason R. Adams Ziad Bakri Peter J. Bates Eric L. DeVilbiss Paul D. Greene II Ryan S. Hedrick Thomas J. Huber George A. Marzano Vivek Rajeswaran Robert W. Sharps Taymour R. Tamaddon Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
33
Fund | Name | Position Held |
California Tax-Free Income Trust California Tax-Free Bond California Tax-Free Money | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. Steven G. Brooks M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Dylan Jones Marianna Korpusova Marcy M. Lash Alan D. Levenson James T. Lynch James M. Murphy Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Capital Appreciation | David R. Giroux Shawn T. Driscoll Jon M. Friar Paul D. Greene II Nina P. Jones Vidya Kadiyam Steven D. Krichbaum Paul M. Massaro Sudhir Nanda Farris G. Shuggi Gabriel Solomon Taymour R. Tamaddon Tamara P. Wiggs John M. Williams (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Capital Opportunity | Ann M. Holcomb Jason B. Polun Thomas H. Watson Kennard W. Allen Peter J. Bates Christopher W. Carlson Donald J. Easley Joseph B. Fath Mark S. Finn Ryan S. Hedrick Steven D. Krichbaum Jennifer Martin Jason Nogueira Jeffrey Rottinghaus Eric L. Veiel Justin P. White (For remaining officers, refer to the All funds table) | Co-President Co-President Co-President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
34
Fund | Name | Position Held |
Corporate Income | David A. Tiberii Steve Boothe Steven G. Brooks Michael P. Daley Michael J. Grogan Michael Lambe Matthew Lawton Samy B. Muaddi Alexander S. Obaza Miso Park Vernon A. Reid, Jr. Theodore E. Robson Elliot J. Shue Scott D. Solomon Kimberly A. Stokes Robert D. Thomas Lauren T. Wagandt Bineesha Wickremarachchi J. Howard Woodward (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Credit Opportunities | Rodney M. Rayburn Jason A. Bauer Carson R. Dickson Andrew P. Jamison Brian A. Rubin Jamie Shin Michael J. Trivino David A. Yatzeck (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Diversified Mid-Cap Growth | Donald J. Peters Donald J. Easley Jason R. Adams Kennard W. Allen Brian W.H. Berghuis Eric L. DeVilbiss Stephon A. Jackson Peter M. Mahon Sudhir Nanda Timothy E. Parker John F. Wakeman Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Dividend Growth | Thomas J. Huber Peter J. Bates Andrew S. Davis Jon M. Friar Ryan S. Hedrick David M. Lee Jeffrey Rottinghaus Weijie Si Gabriel Solomon John M. Williams Jon D. Wood (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
35
Fund | Name | Position Held |
Equity Income | John D. Linehan Jason R. Adams Vinit Agrawal Andrew M. Brooks Mark S. Finn Ryan S. Hedrick Shinwoo Kim Daniel Martino George A. Marzano Heather K. McPherson Kyle Rasbach Melanie A. Rizzo Matthew J. Snowling (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Financial Services | Gabriel Solomon Jon Casper Vincent M. DeAugustino Christopher T. Fortune Jon M. Friar Nina P. Jones Yoichiro Kai Gregory Locraft Ian C. McDonald Thibault Nardin Jeffrey R. Nathan Matthew J. Snowling Mitchell J.K. Todd Susan G. Troll Zenon Voyiatzis Tamara P. Wiggs (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Floating Rate | Paul M. Massaro Brian E. Burns Michael F. Connelly Stephen M. Finamore Justin T. Gerbereux David R. Giroux Steven C. Huber Michael J. McGonigle Brian A. Rubin Thomas E. Tewksbury Thea N. Williams (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Allocation | Charles M. Shriver Stephen L. Bartolini Robert L. Harlow Steven C. Huber Stefan Hubrich Robert M. Larkins Sean McWilliams Sebastien Page Robert A. Panariello Darrell M. Riley Toby M. Thompson (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
36
Fund | Name | Position Held |
Global Multi-Sector Bond | Steven C. Huber Steve Boothe Michael J. Conelius Quentin S. Fitzsimmons Arif Husain Andrew J. Keirle Paul M. Massaro Andrew C. McCormick Samy B. Muaddi Kenneth A. Orchard David Stanley Ju Yen Tan (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Real Estate | Nina P. Jones Harishankar Balkrishna Richard N. Clattenburg Tetsuji Inoue Jai Kapadia David M. Lee Robert J. Marcotte Daniel A. McCulley Raymond A. Mills Philip A. Nestico Viral S. Patel Preeta Ragavan Marta Yago (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Technology | Joshua K. Spencer Kennard W. Allen Christopher W. Carlson Gregory Dunham David J. Eiswert Henry M. Ellenbogen Paul D. Greene II Jacqueline L. Liu Jennifer Martin Heather K. McPherson Tobias F. Mueller Corey D. Shull Alan Tu Thomas H. Watson Alison Mei Ling Yip (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
GNMA | Andrew C. McCormick Anil K. Andhavarapu Brian J. Brennan Christopher P. Brown, Jr. Ramon R. de Castro Keir R. Joyce Steven M. Kohlenstein Martin G. Lee Alan D. Levenson Michael K. Sewell John D. Wells Rick Zhang Victor M. Weinblatt (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
37
Fund | Name | Position Held |
Government Money | Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Growth & Income | Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn Paul D. Greene II Heather K. McPherson Jason Nogueira Gabriel Solomon (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Growth Stock | Joseph B. Fath Andrew S. Davis Eric L. DeVilbiss Shawn T. Driscoll Gregory Dunham David J. Eiswert Jon M. Friar Paul D. Greene II Daniel Martino Robert W. Sharps Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Health Sciences | Ziad Bakri Melissa C. Gallagher John Hall Rachael Jonas Adam Poussard Kyle Rasbach I-hung Shih Taymour R. Tamaddon Jon D. Wood Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
High Yield | Mark J. Vaselkiv Jason A. Bauer Andrew M. Brooks Michael F. Connelly Michael Della Vedova Carson R. Dickson Stephen M. Finamore Justin T. Gerbereux Andrew P. Jamison Paul M. Massaro Brian A. Rubin Jamie Shin Thomas E. Tewksbury Michael J. Trivino Thea N. Williams (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
38
Fund | Name | Position Held |
Index Trust Equity Index 500 Extended Equity Market Index Mid-Cap Index Small-Cap Index Total Equity Market Index | Ken D. Uematsu E. Frederick Bair Neil Smith Craig A. Thiese Michael T. Wehn (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President |
Inflation Protected Bond | Stephen L. Bartolini Brian J. Brennan Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Michael F. Reinartz Daniel O. Shackelford Susan G. Troll (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Institutional Equity Funds Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research | Robert W. Sharps Francisco M. Alonso Brian W.H. Berghuis Mark S. Finn Ann M. Holcomb John D. Linehan Heather K. McPherson Jason B. Polun Larry J. Puglia Taymour R. Tamaddon Thomas H. Watson Curt J. Organt J. David Wagner John F. Wakeman (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President |
Institutional Income Funds Institutional Cash Reserves Institutional Core Plus Institutional Credit Opportunities Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit | Mark J. Vaselkiv Brian J. Brennan Steven C. Huber Joseph K. Lynagh Paul M. Massaro Rodney M. Rayburn David A. Tiberii Stephen L. Bartolini Jason A. Bauer Steve Boothe Andrew M. Brooks Christopher P. Brown, Jr. Brian E. Burns M. Helena Condez Michael J. Conelius Michael F. Connelly Michael P. Daley G. Richard Dent Carson R. Dickson Stephen M. Finamore Quentin S. Fitzsimmons Stephanie A. Gentile Justin T. Gerbereux David R. Giroux Michael J. Grogan Arif Husain Andrew P. Jamison Andrew J. Keirle Michael Lambe Robert M. Larkins Marcy M. Lash | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
39
Fund | Name | Position Held |
Alan D. Levenson Andrew C. McCormick Michael J. McGonigle Cheryl A. Mickel Samy B. Muaddi Alexander S. Obaza Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian A. Rubin Daniel O. Shackelford Chen Shao Jamie Shin Scott D. Solomon Douglas D. Spratley David Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Michael J. Trivino Lauren T. Wagandt Bineesha Wickremarachchi Thea N. Williams J. Howard Woodward David A. Yatzeck (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
Institutional International Funds Institutional Africa & Middle East Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity | Christopher D. Alderson Oliver D.M. Bell R. Scott Berg Richard N. Clattenburg Michael J. Conelius David J. Eiswert Arif Husain Andrew J. Keirle Sebastien Mallet Raymond A. Mills Joshua Nelson Jason Nogueira Kenneth A. Orchard Gonzalo Pangaro Federico Santilli Ulle Adamson Roy H. Adkins Paulina Amieva Malik S. Asif Harishankar Balkrishna Sheena L. Barbosa Peter J. Bates Steve Boothe Peter I. Botoucharov Tala Boulos Carolyn Hoi Che Chu Archibald Ciganer Michael Della Vedova Richard de los Reyes Shawn T. Driscoll Bridget A. Ebner Mark S. Finn Quentin S. Fitzsimmons Paul D. Greene II | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
40
Fund | Name | Position Held |
Benjamin Griffiths Amanda B. Hall Richard L. Hall Nabil Hanano Steven C. Huber Stefan Hubrich Randal S. Jenneke Nina P. Jones Yoichiro Kai Jai Kapadia Christopher J. Kushlis Mark J. Lawrence Anh Lu Jonathan H.W. Matthews Eric C. Moffett Tobias F. Mueller Sudhir Nanda Thibault Nardin Sridhar Nishtala Michael D. Oh Oluwaseun A. Oyegunle Sebastian Schrott Robert W. Sharps John C.A. Sherman Gabriel Solomon Joshua K. Spencer David Stanley Taymour R. Tamaddon Ju Yen Tan Dean Tenerelli Eric L. Veiel Rupinder Vig Verena E. Wachnitz Dai Wang Christopher S. Whitehouse J. Howard Woodward Ernest C. Yeung (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
Intermediate Tax-Free High Yield | James M. Murphy R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Dylan Jones Marianna Korpusova Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
International Funds Africa & Middle East Asia Opportunities Dynamic Global Bond Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Local Currency Bond Emerging Markets Stock | Christopher D. Alderson Ulle Adamson Peter J. Bates Oliver D.M. Bell R. Scott Berg Archibald Ciganer Richard N. Clattenburg Michael J. Conelius Michael Della Vedova | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President |
41
Fund | Name | Position Held |
Emerging Markets Value Stock European Stock Global Consumer Global Growth Stock Global High Income Bond Global Industrials Global Stock International Bond International Concentrated Equity International Discovery International Stock International Value Equity Japan Latin America New Asia Overseas Stock | David J. Eiswert Arif Husain Andrew J. Keirle Anh Lu Jonathan H.W. Matthews Raymond A. Mills Eric C. Moffett Samy B. Muaddi Joshua Nelson Jason Nogueira Kenneth A. Orchard Gonzalo Pangaro Federico Santilli Dean Tenerelli Justin Thomson Mark J. Vaselkiv Verena E. Wachnitz Ernest C. Yeung Jason R. Adams Roy H. Adkins Syed H. Ali Paulina Amieva Malik S. Asif Harishankar Balkrishna Sheena L. Barbosa Luis M. Baylac Timothy Bei Steve Boothe Peter I. Botoucharov Tala Boulos Ryan N. Burgess Sheldon Chan Andrew Chang Tak Yiu Cheng Carolyn Hoi Che Chu Michael F. Connelly Andrew S. Davis Richard de los Reyes Shawn T. Driscoll Bridget A. Ebner Henry M. Ellenbogen Ryan W. Ferro Mark S. Finn Quentin S. Fitzsimmons Melissa C. Gallagher Justin T. Gerbereux Vishnu Vardhan Gopal Joel Grant Paul D. Greene II Benjamin Griffiths Amanda B. Hall Richard L. Hall Nabil Hanano Steven C. Huber Stefan Hubrich Hiromasa Ikeda Tetsuji Inoue Michael Jacobs Randal S. Jenneke Prashant G. Jeyaganesh Nina P. Jones Yoichiro Kai | Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
42
Fund | Name | Position Held |
Jacob Kann Jai Kapadia Christopher J. Kushlis Shengrong Lau Mark J. Lawrence Jacqueline L. Liu Oxana Lyalina Sebastien Mallet Ryan Martyn Jihong Min Tobias F. Mueller Jared T. Murphy Philip A. Nestico Michael Niedzielski Sridhar Nishtala Michael D. Oh Curt J. Organt Paul T. OSullivan Oluwaseun A. Oyegunle Vivek Rajeswaran Melanie A. Rizzo David L. Rowlett Mariel Santiago Sebastian Schrott Robert W. Sharps John C.A. Sherman Gabriel Solomon Eunbin Song Joshua K. Spencer David Stanley Taymour R. Tamaddon Ju Yen Tan Sin Dee Tan Siby Thomas Mitchell J.K. Todd Rupinder Vig Kes Visuvalingam David J. Wallack Dai Wang Hiroshi Watanabe Christopher S. Whitehouse Clive M. Williams J. Howard Woodward Marta Yago Benjamin T. Yeagle Alison Mei Ling Yip Eric Yuan Wenli Zheng (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
International Index Fund International Equity Index | Neil Smith E. Frederick Bair Craig A. Thiese Ken D. Uematsu Michael T. Wehn (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President |
43
Fund | Name | Position Held |
Limited Duration Inflation Focused Bond | Stephen L. Bartolini Brian J. Brennan Jerome A. Clark Geoffrey M. Hardin Wyatt A. Lee Andrew C. McCormick Michael F. Reinartz Daniel O. Shackelford Susan G. Troll (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Media & Telecommunications | Paul D. Greene II Paul Y. Cho Gregory Dunham David J. Eiswert Henry M. Ellenbogen Joseph B. Fath Jacqueline L. Liu Daniel Martino Philip A. Nestico Corey D. Shull James Stillwagon Verena E. Wachnitz Justin P. White Christopher S. Whitehouse Ernest C. Yeung Wenli Zheng (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Mid-Cap Growth | Brian W.H. Berghuis John F. Wakeman Kennard W. Allen Shawn T. Driscoll Donald J. Easley Henry M. Ellenbogen Joseph B. Fath Robert J. Marcotte Jason Nogueira Vivek Rajeswaran Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Mid-Cap Value | David J. Wallack Heather K. McPherson Ryan N. Burgess Christopher W. Carlson Richard de los Reyes Henry M. Ellenbogen Mark S. Finn Ryan S. Hedrick Gabriel Solomon J. David Wagner Justin P. White John M. Williams (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Multi-Sector Account Portfolios Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Multi-Sector Account Portfolio Floating Rate Multi-Sector Account Portfolio High Yield Multi-Sector Account Portfolio | Edward A. Wiese Steve Boothe Andrew J. Keirle Paul M. Massaro Andrew C. McCormick Samy B. Muaddi Mark J. Vaselkiv Roy H. Adkins | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President |
44
Fund | Name | Position Held |
Investment-Grade Corporate Multi-Sector Account Portfolio Mortgage-Backed Securities Multi-Sector Account Portfolio | Anil K. Andhavarapu Peter I. Botoucharov Tala Boulos Brian J. Brennan Steven G. Brooks Christopher P. Brown, Jr. Brian E. Burns Sheldon Chan Carolyn Hoi Che Chu Michael J. Conelius Michael F. Connelly Michael P. Daley Ramon R. de Castro Stephen M. Finamore Justin T. Gerbereux Michael J. Grogan Richard L. Hall Steven C. Huber Arif Husain Keir R. Joyce Steven M. Kohlenstein Christopher J. Kushlis Michael Lambe Martin G. Lee Alan D. Levenson Michael J. McGonigle Alexander S. Obaza Michael D. Oh Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian A. Rubin Mariel Santiago Michael K. Sewell Daniel O. Shackelford Scott D. Solomon David Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas David A. Tiberii Lauren T. Wagandt John D. Wells Thea N. Williams J. Howard Woodward (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New America Growth | Justin P. White Ziad Bakri Brian W.H. Berghuis Eric L. DeVilbiss Shawn T. Driscoll Ian C. McDonald Curt J. Organt David L. Rowlett Robert W. Sharps Taymour R. Tamaddon Craig A. Thiese Thomas H. Watson (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
45
Fund | Name | Position Held |
New Era | Shawn T. Driscoll Syed H. Ali Ryan N. Burgess Richard de los Reyes Christopher Driessen Donald J. Easley Mark S. Finn Ryan S. Hedrick John Hussey Shinwoo Kim Peter M. Mahon Ryan Martyn Heather K. McPherson Christian M. ONeill Timothy E. Parker Vivek Rajeswaran Thomas A. Shelmerdine Craig A. Thiese David J. Wallack (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New Horizons | Henry M. Ellenbogen Francisco M. Alonso Ziad Bakri Brian W.H. Berghuis Michael F. Blandino Christopher W. Carlson Eric L. DeVilbiss Anouk Dey Barry Henderson Timothy E. Parker Adam Poussard Corey D. Shull Joshua K. Spencer Justin Thomson Alan Tu J. David Wagner (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New Income | Daniel O. Shackelford Stephen L. Bartolini Steve Boothe Brian J. Brennan Christopher P. Brown, Jr. Michael J. Grogan Geoffrey M. Hardin Steven C. Huber Robert M. Larkins Alan D. Levenson Andrew C. McCormick Vernon A. Reid, Jr. David A. Tiberii (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
46
Fund | Name | Position Held |
Personal Strategy Funds Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income | Charles M. Shriver Christopher D. Alderson E. Frederick Bair Jerome A. Clark Kimberly E. DeDominicis Mark S. Finn David R. Giroux Ian D. Kelson Steven D. Krichbaum Wyatt A. Lee Raymond A. Mills Sebastien Page Larry J. Puglia Daniel O. Shackelford Robert W. Sharps Guido F. Stubenrauch Toby M. Thompson Justin Thomson Mark J. Vaselkiv (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Quantitative Management QM Global Equity QM U.S. Small & Mid-Cap Core Equity QM U.S. Small-Cap Growth Equity QM U.S. Value Equity | Sudhir Nanda Boyko D. Atanassov Prashant G. Jeyaganesh Farris G. Shuggi Vinit Agrawal George Gao Vidya Kadiyam Navneesh Malhan Jordan Pryor Erik von Heijne (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Real Assets | Wyatt A. Lee E. Frederick Bair Stephen L. Bartolini Richard de los Reyes Shawn T. Driscoll Stefan Hubrich Nina P. Jones David M. Lee Sudhir Nanda Sebastien Page Daniel O. Shackelford Charles M. Shriver (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Real Estate | David M. Lee Thomas J. Huber Nina P. Jones Daniel A. McCulley Philip A. Nestico Preeta Ragavan Theodore E. Robson Weijie Si (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
47
Fund | Name | Position Held |
TRP Reserve Funds Government Reserve Short-Term Short-Term Government Treasury Reserve | Joseph K. Lynagh Steven G. Brooks M. Helena Condez G. Richard Dent Stephanie A. Gentile March M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Retirement Funds Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement 2050 Retirement 2055 Retirement 2060 Retirement Balanced Retirement I 2005 FundI Class Retirement I 2010 FundI Class Retirement I 2015 FundI Class Retirement I 2020 FundI Class Retirement I 2025 FundI Class Retirement I 2030 FundI Class Retirement I 2035 FundI Class Retirement I 2040 FundI Class Retirement I 2045 FundI Class Retirement I 2050 FundI Class Retirement I 2055 FundI Class Retirement I 2060 FundI Class Retirement Balanced I FundI Class Target 2005 Target 2010 Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055 Target 2060 | Jerome A. Clark Wyatt A. Lee Christopher D. Alderson Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Steven D. Krichbaum Sebastien Page Robert A. Panariello Daniel O. Shackelford Robert W. Sharps Charles M. Shriver Guido F. Stubenrauch Justin Thomson James A. Tzitzouris, Jr. Mark J. Vaselkiv (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
48
Fund | Name | Position Held |
Science & Technology | Kennard W. Allen Brian W.H. Berghuis Gregory Dunham David J. Eiswert Paul D. Greene II Tobias F. Mueller Emily C. Scudder Joshua K. Spencer Alan Tu Thomas H. Watson Alison Mei Ling Yip (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Short-Term Bond Ultra Short-Term Bond | Cheryl A. Mickel Joseph K. Lynagh Michael F. Reinartz Stephen L. Bartolini Steven G. Brooks Jason T. Collins M. Helena Condez Michael P. Daley Levent Demirekler Michael J. Grogan Geoffrey M. Hardin Charles B. Hill Keir R. Joyce Steven M. Kohlenstein Andrew C. McCormick Alexander S. Obaza Vernon A. Reid, Jr. Chen Shao Douglas D. Spratley John D. Wells (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Small-Cap Stock | Francisco M. Alonso Andrew S. Davis Christopher T. Fortune Robert J. Marcotte Curt J. Organt Timothy E. Parker Charles G. Pepin Robert T. Quinn Joshua K. Spencer J. David Wagner Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Small-Cap Value | J. David Wagner Francisco M. Alonso Andrew S. Davis Christopher T. Fortune Ryan S. Hedrick Nina P. Jones Curt J. Organt Timothy E. Parker Robert T. Quinn Alexander Roik Farris G. Shuggi (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
49
Fund | Name | Position Held |
Spectrum Funds Spectrum Growth Spectrum Income Spectrum International | Charles M. Shriver Christopher D. Alderson Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Steven D. Krichbaum Sebastien Page Daniel O. Shackelford Robert W. Sharps Guido F. Stubenrauch Toby M. Thompson Justin Thomson Mark J. Vaselkiv (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
State Tax-Free Income Trust Georgia Tax-Free Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Virginia Tax-Free Bond | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. Steven G. Brooks M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Dylan Jones Marianna Korpusova Marcy M. Lash Alan D. Levenson James T. Lynch James M. Murphy Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Summit Income Funds Cash Reserves | Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
50
Fund | Name | Position Held |
Summit Municipal Funds Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. Colin T. Bando M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Dylan Jones Marianna Korpusova Marcy M. Lash Alan D. Levenson James T. Lynch Cheryl A. Mickel James M. Murphy Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Efficient Funds Tax-Efficient Equity | Donald J. Peters Kennard W. Allen Ziad Bakri Andrew S. Davis Gregory Dunham Donald J. Easley Weijie Si Matthew J. Snowling Alan Tu Mark R. Weigman (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Exempt Money | Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
51
Fund | Name | Position Held |
Tax-Free High Yield | James M. Murphy R. Lee Arnold, Jr. Austin Applegate Colin T. Bando G. Richard Dent Sarah J. Engle Charles B. Hill Dylan Jones Marianna Korpusova Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Free Income | Konstantine B. Mallas R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Marcy M. Lash James T. Lynch Hugh D. McGuirk James M. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond | Charles B. Hill Austin Applegate M. Helena Condez G. Richard Dent Charles E. Emrich Dylan Jones Marianna Korpusova Marcy M. Lash Joseph K. Lynagh James T. Lynch Konstantine B. Mallas Hugh D. McGuirk Chen Shao Timothy G. Taylor (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Total Return | Andrew C. McCormick Christopher P. Brown, Jr. Stephen L. Bartolini Jason A. Bauer Brian J. Brennan Oliver Gjoneski Steven C. Huber Robert M. Larkins Yongheon Lee Daniel O. Shackelford (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
52
Fund | Name | Position Held |
U.S. Bond Enhanced Index | Robert M. Larkins Stephen L. Bartolini Brian J. Brennan Christopher P. Brown, Jr. Martin G. Lee Andrew C. McCormick Daniel O. Shackelford Scott D. Solomon David A. Tiberii (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
U.S. Large-Cap Core | Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn Paul D. Greene II Heather K. McPherson Jason Nogueira Gabriel Solomon (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
U.S. Treasury Funds U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money | Brian J. Brennan Joseph K. Lynagh Stephen L. Bartolini M. Helena Condez G. Richard Dent Stephanie A. Gentile Geoffrey M. Hardin Marcy M. Lash Alan D. Levenson Andrew C. McCormick Cheryl A. Mickel Daniel O. Shackelford Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Value | Mark S. Finn Peter J. Bates Jason A. Bauer Andrew S. Davis Vincent M. DeAugustino Joel Grant Jon Hussey John D. Linehan Daniel Martino Heather K. McPherson Christian ONeill Weijie Si Joshua K. Spencer Tamara P. Wiggs Jon D. Wood (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
53
Officers
Name, Year of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) |
Jason R. Adams, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst, Caxton Associates (to 2015) | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Equity Income Fund, and International Funds |
Ulle Adamson, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Vinit Agrawal, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund and Quantitative Management Funds |
Christopher D. Alderson, 1962 Vice President, Price Hong Kong and Price Singapore; Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. | President, Institutional International Funds and International Funds; Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Syed H. Ali, 1970 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds and New Era Fund |
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Science & Technology Fund; Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Global Technology Fund, Mid-Cap Growth Fund, and Tax-Efficient Funds |
Francisco M. Alonso, 1978 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, New Horizons Fund and Small-Cap Value Fund |
Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
Anil K. Andhavarapu, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund and Multi-Sector Account Portfolios |
Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
R. Lee Arnold, Jr., 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Malik S. Asif, 1981 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Boyko D. Atanassov, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds |
E. Frederick Bair, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | Executive Vice President, Index Trust; Vice President, Index Trust, International Index Fund, Personal Strategy Funds, and Real Assets Fund |
Ziad Bakri, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; M.D., CFA | President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds |
Harishankar Balkrishna, 1983 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds |
54
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Colin T. Bando, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Analyst, PFM Group in New York (to 2014); CFA | Vice President, Summit Municipal Funds and Tax-Free High Yield Fund |
Sheena L. Barbosa, 1983 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
Stephen L. Bartolini, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Inflation Protected Bond Fund and Limited Duration Inflation Focused Bond Fund; Vice President, Global Allocation Fund, Institutional Income Funds, New Income Fund, Real Assets Fund, Short-Term Bond Fund, Total Return Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Peter J. Bates, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, U.S. Large-Cap Core Fund, and Value Fund |
Jason A. Bauer, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, High Yield Fund, Institutional Income Funds, Total Return Fund, and Value Fund |
Luis M. Baylac, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Timothy Bei, 1973 Employee, T. Rowe Price | Vice President, International Funds |
Oliver D.M. Bell, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds |
R. Scott Berg, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional International Funds and International Funds |
Brian W.H. Berghuis, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund |
Michael F. Blandino, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, New Horizons Fund |
Steve Boothe, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Corporate Income Fund and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and New Income Fund |
Peter I. Botoucharov, 1965 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Tala Boulos, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, CEEMEA Corporate Credit Research, Deutsche Bank (to 2013) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
55
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Darrell N. Braman, 1963 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. | Vice President and Secretary, all funds |
Brian J. Brennan, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International,
and T. Rowe Price Trust | President, U.S. Treasury Funds; Executive Vice President, Institutional Income Funds; Vice President, GNMA Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, Total Return Fund, and U.S. Bond Enhanced Index Fund |
Andrew M. Brooks, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund, High Yield Fund, and Institutional Income Funds |
Steven G. Brooks, 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Corporate Income Fund, Multi-Sector Account Portfolios, TRP Reserve Funds, Short-Term Bond Fund, and State Tax-Free Income Trust |
Christopher P. Brown, Jr., 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Total Return Fund; Vice President, GNMA Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund |
Ryan N. Burgess, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds, Mid-Cap Value Fund, and New Era Fund |
Brian E. Burns, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund, Global Technology Fund, Mid-Cap Value Fund, and New Horizons Fund |
Jon B. Casper, 1989 Employee, T. Rowe Price; student, The Wharton School, University of Pennsylvania (to 2016); formerly Corporate Strategy Manager, Capital One Financial Corporation (to 2014) | Vice President, Financial Services Fund |
Sheldon Chan, 1981 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds and Multi-Sector Account Portfolios |
Andrew Chang, 1983 Vice President, T. Rowe Price Group, Inc. | Vice President, International Funds |
Tak Yiu Cheng, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, International Funds |
Paul Y. Cho, 1986 Vice President, T. Rowe Price; student, The Wharton School, University of Pennsylvania (to 2015); formerly Investment Analyst, Maverick Capital (to 2013) | Vice President, Media & Telecommunications Fund |
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Archibald Ciganer, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
56
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Jerome A. Clark, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; CFA | President, Retirement Funds; Vice President, Limited Duration Inflation Focused Bond Fund and Personal Strategy Funds |
Richard N. Clattenburg, 1979 Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Real Estate Fund |
Jason T. Collins, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Short-Term Bond Fund |
M. Helena Condez, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Government Money Fund, Institutional Income Funds, Intermediate Tax-Free High Yield Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Michael J. Conelius, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Michael F. Connelly, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios |
Michael P. Daley, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Andrew S. Davis, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Dividend Growth Fund, Growth Stock Fund, International Funds, Small-Cap Stock Fund, Small-Cap Value Fund, Tax-Efficient Funds, and Value Fund |
Vincent M. DeAugustino, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund and Value Fund |
Ramon R. de Castro, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund and Multi-Sector Account Portfolios |
Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Richard de los Reyes, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, and Real Assets Fund |
Michael Della Vedova, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, High Yield Fund and Institutional International Funds |
Levent Demirekler, 1974 Vice President, T. Rowe Price | Vice President, Short-Term Bond Fund |
G. Richard Dent, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Government Money Fund, Institutional Income Funds, Intermediate Tax-Free High Yield Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
57
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Eric L. DeVilbiss, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Growth Stock Fund, New America Growth Fund, and New Horizons Fund |
Anouk Dey, 1986 Vice President, T. Rowe Price; CFA | Vice President, New Horizons Fund |
Carson R. Dickson, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Anna A. Dreyer, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund |
Christopher Driessen, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Executive Director, Goldman Sachs Asset Management (to 2014) | Vice President, New Era Fund |
Shawn T. Driscoll, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, New Era Fund; Vice President, Capital Appreciation Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, Real Assets Fund, and U.S. Large-Cap Core Fund |
Gregory Dunham, 1974 Vice President, T. Rowe Price and T. Rowe Price Group; formerly Analyst, Goldman Sachs (to 2015); CFA | Vice President, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, Science & Technology Fund, and Tax-Efficient Funds |
Donald J. Easley, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Diversified Mid-Cap Growth Fund; Vice President, Capital Opportunity Fund, Mid-Cap Growth Fund, New Era Fund, and Tax-Efficient Funds |
Bridget A. Ebner, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
David J. Eiswert, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, and Science & Technology Fund |
Henry M. Ellenbogen, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, New Horizons Fund; Vice President, Global Technology Fund, International Funds, Media & Telecommunications Fund, Mid-Cap Growth Fund, and Mid-Cap Value Fund |
Charles E. Emrich, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund |
Sarah J. Engle, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund |
Joseph B. Fath, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | President, Growth Stock Fund; Vice President, Capital Opportunity Fund, Growth & Income Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and U.S. Large-Cap Core Fund |
58
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Ryan W. Ferro, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, student, Tuck School of Business at Dartmouth (to 2014) | Vice President, International Funds |
Stephen M. Finamore, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Mark S. Finn, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Capital Opportunity Fund, Equity Income Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Personal Strategy Funds, and U.S. Large-Cap Core Fund |
Quentin S. Fitzsimmons, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Portfolio Manager, Royal Bank of Scotland Group (to 2015) | Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, and International Funds |
Christopher T. Fortune, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Jon M. Friar, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Dividend Growth Fund, Financial Services Fund, and Growth Stock Fund |
Melissa C. Gallagher, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Health Sciences Fund and International Funds |
George Gao, 1979 Vice President, T. Rowe Price | Vice President, Quantitative Management Funds |
Stephanie A. Gentile, 1956 Vice President, T. Rowe Price; formerly Director, Credit Suisse Securities (to 2014); CFA | Vice President, California Tax-Free Income Trust, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
Justin T. Gerbereux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios |
John R. Gilner, 1961 Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc. | Chief Compliance Officer, all funds |
David R. Giroux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Capital Appreciation Fund; Vice President, Floating Rate Fund, Institutional Income Funds, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Oliver Gjoneski, 1983 Vice President, T. Rowe Price; formerly Quantitative and Risk Analyst, DC Energy (to 2015); Assistant Professor of Mathematics, John Hopkins University (to 2013); Ph.D. | Vice President, Total Return Fund |
Vishnu Vardhan Gopal, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds |
59
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Joel Grant, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Fidelity International (to 2014) | Vice President, International Funds and Value Fund |
Paul D. Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Science & Technology Fund, and U.S. Large-Cap Core Fund |
Benjamin Griffiths, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds and International Funds |
Michael J. Grogan, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund |
Amanda B. Hall, 1985 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; student, Stanford Graduate School of Business (to 2014) CFA | Vice President, Institutional International Funds and International Funds |
John Hall, 1977 Vice President, T. Rowe Price; formerly Assistant Professor of Medicine, Johns Hopkins University School of Medicine (to 2013) | Vice President, Health Sciences Fund |
Richard L. Hall, 1979 Vice President, T. Rowe Price and T. Rowe Price Group Inc. | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Nabil Hanano, 1984 Vice President, T. Rowe Price International; CFA | Vice President, Institutional International Funds and International Funds |
Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds |
Robert L. Harlow, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CAIA, CFA | Vice President, Global Allocation Fund |
Ryan S. Hedrick, 1980 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; formerly Analyst, Davidson Kempner Capital Management (to 2013); CFA | Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Mid-Cap Value Fund, New Era Fund, and Small-Cap Value Fund |
Barry Henderson, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, New Horizons Fund |
Charles B. Hill, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Tax-Free Short-Intermediate Fund; Executive Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund |
Ann M. Holcomb, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds |
60
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Steven C. Huber, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA, FSA | President, Global Multi-Sector Bond Fund; Executive Vice President, Institutional Income Funds; Vice President, Floating Rate Fund, Global Allocation Fund, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, New Income Fund, and Total Return Fund |
Thomas J. Huber, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Dividend Growth Fund; Vice President, Blue Chip Growth Fund and Real Estate Fund |
Stefan Hubrich, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | Vice President, Global Allocation Fund, Institutional International Funds, International Funds, and Real Assets Fund |
Arif Husain, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Director/Head of UK and Euro Fixed Income, AllianceBernstein (to 2013); CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Jon Hussey, 1982 Employee, T. Rowe Price; student, University of Chicago Booth School of Business (to 2016); formerly Analyst, Driehaus Capital Management (to 2014); CFA | Vice President, New Era Fund and Value Fund |
Hiromasa Ikeda, 1971 Vice President, T. Rowe Price Group, Inc.; Manager, Fidelity Korea (to 2014) | Vice President, International Funds |
Tetsuji Inoue, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund and International Funds |
Stephon A. Jackson, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Mid-Cap Growth Fund |
Michael Jacobs, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, JP Morgan Asset Management (to 2013) | Vice President, International Funds |
Andrew P. Jamison, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds; Vice President, International Funds |
Rachel Jonas, 1983 Employee, T. Rowe Price; formerly Analyst, Sands Capital Management (to 2016); student, Harvard Business School (to 2014) | Vice President, Health Sciences Fund |
Dylan Jones, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
61
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Nina P. Jones, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | President, Global Real Estate Fund; Vice President, Capital Appreciation Fund, Financial Services Fund, Institutional International Funds, International Funds, Real Assets Fund, Real Estate Fund, and Small-Cap Value Fund |
Keir R. Joyce, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Vidya Kadiyam, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund and Quantitative Management Funds |
Yoichiro Kai, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund, Institutional International Funds, and International Funds |
Jacob Kann, 1987 Employee, T. Rowe Price; formerly Equity Research Associate, Eaton Vance Corporation (to 2013); CFA | Vice President, International Funds |
Jai Kapadia, 1982 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds |
Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund and Institutional Income Funds |
Ian D. Kelson, 1956 Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. | Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund and New Era Fund |
Steven M. Kohlenstein, 1987 Vice President, T. Rowe Price | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Marianna Korpusova, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, student, The University of Chicago (to 2014); CFA | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
Steven D. Krichbaum, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Paul J. Krug, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | Vice President, all funds |
Christopher J. Kushlis, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Michael Lambe, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Robert M. Larkins, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, U.S. Bond Enhanced Index Fund; Vice President, Balanced Fund, Global Allocation Fund, Institutional Income Funds, New Income Fund, and Total Return Fund |
62
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Government Money Fund, Intermediate Tax-Free High Yield Fund, Institutional Income Funds, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds |
Mark J. Lawrence, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Matthew Lawton, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Corporate Income Fund |
David M. Lee, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Real Estate Fund; Vice President, Dividend Growth Fund, Global Real Estate Fund, and Real Assets Fund |
Martin G. Lee, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
Wyatt A. Lee, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Real Assets Fund; Executive Vice President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, and Personal Strategy Funds |
Yongheon Lee, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Total Return Fund |
Alan D. Levenson, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. | Vice President, California Tax-Free Income Trust, GNMA Fund, Government Money Fund, Inflation Protected Bond Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
John D. Linehan, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Equity Income Fund; Executive Vice President, Institutional Equity Funds; Vice President, Value Fund |
Jacqueline L. Liu, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Investment Analyst, Fidelity International Hong Kong Limited (to 2014) | Vice President, Global Technology Fund, International Funds, and Media & Telecommunications Fund |
Gregory Locraft, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund |
Anh Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Oxana Lyalina, 1987 Vice President, T. Rowe Price International; Senior Analyst, Goldman Sachs International (to 2013) | Vice President, International Funds |
63
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Joseph K. Lynagh, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Government Money Fund, TRP Reserve Funds, Summit Income Funds, and Tax-Exempt Money Fund; Executive Vice President, California Tax-Free Income Trust, Institutional Income Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Municipal Funds, and U.S. Treasury Funds; Vice President, Tax-Free Short-Intermediate Fund |
James T. Lynch, 1983 Vice President, T. Rowe Price; CFA | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
Matt Mahon, 1985 Employee, T. Rowe Price; formerly, student, The Wharton School, University of Pennsylvania (to 2016); Analyst, Water Street Capital (to 2014) | Vice President, Diversified Mid-Cap Growth Fund and New Era Fund |
Navneesh. Malhan, 1980 Vice President, T. Rowe Price; formerly Vice President, BlackRock (to 2015); CFA | Vice President, Quantitative Management Funds |
Konstantine B. Mallas, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Tax-Free Income Fund; Executive Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
Sebastien Mallet, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds; Vice President, International Funds |
Robert J. Marcotte, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, Mid-Cap Growth Fund, and Small-Cap Stock Fund |
Jennifer Martin, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund and Global Technology Fund |
Daniel Martino, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Equity Income Fund, Growth Stock Fund, Media & Telecommunications Fund, and Value Fund |
Ryan Martyn, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds and New Era Fund |
George A. Marzano, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund and Equity Income Fund |
Paul M. Massaro, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Floating Rate Fund; Executive Vice President, Institutional Income Funds and Multi-Sector Account Portfolios; Vice President, Capital Appreciation Fund, Global Multi-Sector Bond Fund, and High Yield Fund |
Catherine D. Mathews, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Treasurer and Vice President, all funds |
Jonathan H.W. Matthews, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
64
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, GNMA Fund and Total Return Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, New Income Fund, Short-Term Bond Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Daniel A. McCulley, 1987 Vice President, T. Rowe Price; formerly, summer intern, Clearbridge Investments (to 2015); Associate Research Analyst, T. Rowe Price (to 2013) | Vice President, Global Real Estate Fund and Real Estate Fund |
Ian C. McDonald, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund and New America Growth Fund |
Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Hugh D. McGuirk, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
Heather K. McPherson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Executive Vice President, Growth & Income Fund, Institutional Equity Funds, and Mid-Cap Value Fund; Vice President, Equity Income Fund, Global Technology Fund, New Era Fund, U.S. Large-Cap Core Fund, and Value Fund |
Sean P. McWilliams, 1988 Vice President, T. Rowe Price | Vice President, Global Allocation Fund |
Cheryl A. Mickel, 1967 Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Short-Term Bond Fund; Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Summit Income Funds, Summit Municipal Funds, and U.S. Treasury Funds |
Raymond A. Mills, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; Ph.D., CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Personal Strategy Funds |
Jihong Min, 1979 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds |
Eric C. Moffett, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Samy B. Muaddi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, and Institutional Income Funds |
Tobias F. Mueller, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Technology Fund, Institutional International Funds, International Funds, and Science & Technology Fund |
James M. Murphy, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
65
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Jared Murphy, 1986 Vice President, T. Rowe Price; formerly, student, Stanford Graduate School of Business (to 2015); Associate, ShawSpring Partners (to 2013) | Vice President, International Funds |
Linda A. Murphy, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free High Yield Fund |
Sudhir Nanda, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | President, Quantitative Management Funds; Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, Institutional International Funds, and Real Assets |
Jeffrey R. Nathan, 1985 Employee, T. Rowe Price | Vice President, Financial Services Fund |
Joshua Nelson, 1977 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds |
Philip A. Nestico, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, International Funds, Media & Telecommunications Fund, and Real Estate Fund |
Michael Niedzielski, 1979 Vice President T. Rowe Price Group, Inc. and T. Rowe Price International; Manager and Analyst, Fidelity Investments, Boston and London Offices (to 2015) | Vice President, International Funds |
Sridhar Nishtala, 1975 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
Jason Nogueira, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Capital Opportunity Fund, Growth & Income Fund, Mid-Cap Growth Fund, and U.S. Large-Cap Core Fund |
Alexander S. Obaza, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
David Oestreicher, 1967 Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Vice President and Secretary, T. Rowe Price and T. Rowe Price International; Vice President, Price Hong Kong and Price Singapore | Vice President, all funds |
Michael D. Oh, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Christian M. ONeill, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Lord Abbett & Company, LLC (to 2013) | Vice President, New Era Fund and Value Fund |
Kenneth A. Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
66
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Curt J. Organt, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Institutional Equity Funds, International Funds, New America Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Paul T. OSullivan, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Oluwaseun A. Oyegunle, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, student, The Wharton School, University of Pennsylvania (to 2013); CFA | Vice President, Institutional International Funds and International Funds |
Sebastien Page, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, Real Assets Fund, Retirement Funds, and Spectrum Funds |
Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Allocation Fund and Retirement Funds |
Gonzalo Pangaro, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
Miso Park, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Timothy E. Parker, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Mid-Cap Growth Fund, New Era Fund, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Viral S. Patel, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund |
Charles G. Pepin, 1966 Director, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Small-Cap Stock Fund |
Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds |
Jason B. Polun, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds |
Adam Poussard, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Health Sciences Fund and New Horizons Fund |
Jordan Pryor, 1991 Assistant Vice President, T. Rowe Price; formerly Investment Fellowship Program, T. Rowe Price (to 2014) | Vice President, Quantitative Management Funds |
Larry J. Puglia, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund and Personal Strategy Funds |
Robert T. Quinn, Jr., 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Small-Cap Stock Fund and Small-Cap Value Fund |
Preeta Ragavan, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly intern (to 2013) | Vice President, Global Real Estate Fund and Real Estate Fund |
Vivek Rajeswaran, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue-Chip Growth Fund, International Funds, Mid-Cap Growth Fund, and New Era Fund |
67
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Kyle Rasbach, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Vice President, Cowen and Company (to 2013) | Vice President, Equity Income Fund and Health Sciences Fund |
John W. Ratzesberger, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; formerly North American Head of Listed Derivatives Operation, Morgan Stanley (to 2013) | Vice President, all funds |
Shannon H. Rauser, 1987 Employee, T. Rowe Price | Assistant Secretary, all funds |
Rodney M. Rayburn, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Värde Partners (to 2014); CFA | President, Credit Opportunities Fund; Executive Vice President, Institutional Income Funds |
Vernon A. Reid, Jr., 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund |
Michael F. Reinartz, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Executive Vice President, Short-Term Bond Fund; Vice President, Inflation Protected Bond Fund and Limited Duration Inflation Focused Bond Fund |
Darrell M. Riley, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Allocation Fund |
Melanie A. Rizzo, 1982 Vice President, T. Rowe Price | Vice President, Equity Income Fund and International Funds |
Theodore E. Robson, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Real Estate Fund |
Alexander Roik, 1991 Employee, T. Rowe Price; formerly intern (to 2013) | Vice President, Small-Cap Value Fund |
Jeffrey Rottinghaus, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | President, Growth & Income Fund and U.S. Large-Cap Core Fund; Vice President, Capital Opportunity Fund and Dividend Growth Fund |
David L. Rowlett, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds and New America Growth Fund |
Brian A. Rubin, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Mariel Santiago, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Equity Research Analyst, HSBC Securities, Inc. (to 2014) | Vice President, International Funds and Multi-Sector Account Portfolios |
Federico Santilli, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Emily C. Scudder, 1985 Vice President, T. Rowe Price; formerly, student, The Wharton School, University of Pennsylvania; (to 2015); Equity Research Associate, BMO Capital Markets (to 2013); CFA, CPA | Vice President, Science & Technology Fund |
68
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Deborah D. Seidel, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. | Vice President, all funds |
Michael K. Sewell, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund and Multi-Sector Account Portfolios |
Daniel O. Shackelford, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, New Income Fund; Vice President, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Personal Strategy Funds, Real Assets Fund, Retirement Funds, Spectrum Funds, Total Return Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Chen Shao, 1980 Vice President, T. Rowe Price | Vice President, California Tax-Free Income Trust, Government Money Fund, Intermediate Tax-Free High Yield Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Thomas A. Shelmerdine, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, New Era Fund |
John C.A. Sherman, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
I-hung Shih, 1973 Vice President, T. Rowe Price; formerly Investment Analyst, Temasek International (to 2016), Associate, Credit Suisse (to 2014) | Vice President, Health Sciences Fund |
Jamie Shin, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Charles M. Shriver, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds; Vice President, Real Assets Fund and Retirement Funds |
Elliot J. Shue, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Corporate Income Fund |
Farris G. Shuggi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds; Vice President, Capital Appreciation Fund and Small-Cap Value Fund |
Corey D. Shull, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Global Technology Fund, Media & Telecommunications Fund, and New Horizons Fund |
Weijie Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group | Vice President, Dividend Growth Fund, Real Estate Fund, Tax-Efficient Funds, and Value Fund |
Neil Smith, 1972 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International | President, International Index Fund; Vice President, Index Trust |
69
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Matthew J. Snowling, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Equity Income Fund, Financial Services Fund, and Tax-Efficient Funds |
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Financial Services Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, and U.S. Large-Cap Core Fund |
Scott D. Solomon, 1981 Vice President, T. Rowe Price; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
Eunbin Song, 1980 Vice President, Price Singapore and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds |
Joshua K. Spencer, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Global Technology Fund; Vice President, Institutional International Funds, International Funds, New Horizons Fund, Science & Technology Fund, Small-Cap Stock Fund, and Value Fund |
Douglas D. Spratley, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
David Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
James Stillwagon, 1982 Employee, T. Rowe Price | Vice President, Media & Telecommunications Fund |
Kimberly A. Stokes, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Guido F. Stubenrauch, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Taymour R. Tamaddon, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Growth Stock Fund, Health Sciences Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, and New America Growth Fund |
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Sin Dee Tan, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Timothy G. Taylor, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
70
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Thomas E. Tewksbury, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Nardin Thibault, 1983 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund and Institutional International Funds |
Craig A. Thiese, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Index Trust, International Index Fund, New America Growth Fund, and New Era Fund |
Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, California Tax-Free Income Trust, Corporate Income Fund, Government Money Fund, Institutional Income Funds, Multi-Sector Account Portfolios, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds and Multi-Sector Account Portfolios |
Toby M. Thompson, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CAIA | Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds |
Justin Thomson, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, New Horizons Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
David A. Tiberii, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | President, Corporate Income Fund; Executive Vice President, Institutional Income Funds; Vice President, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund |
Mitchell J.K. Todd, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund and International Funds |
Michael J. Trivino, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Susan G. Troll, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Financial Services Fund, Inflation Protected Bond Fund, and Limited Duration Inflation Focused Bond Fund |
Alan Tu, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Intern, T. Rowe Price (to 2013); student, University of Chicago Booth School of Business (to 2014) | Vice President, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds |
James A. Tzitzouris, Jr., 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. | Vice President, Retirement Funds |
Ken D. Uematsu, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Index Trust; Vice President, International Index Fund |
71
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, High Yield Fund and Institutional Income Funds; Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Eric L. Veiel, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Capital Opportunity Fund and Institutional International Funds |
Rupinder Vig, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Partner, Egerton Capital (to 2016); Executive Director, Morgan Stanley (to 2014) | Vice President, Institutional International Funds and International Funds |
Kes Visuvalingam, 1968 Director, Responsible Officer, and Vice President, Price Hong Kong; Director, Chief Executive Officer, and Vice President, Price Singapore; and Vice President, T. Rowe Price Group, Inc.; CFA | Vice President, International Funds |
Erik von Heijne, 1990 Assistant Vice President, T. Rowe Price; formerly Investment Fellowship Program, T. Rowe Price (to 2014) | Vice President, Quantitative Management Funds |
Zenon Voyiatzis, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Managing Director, UBS Global Asset Management (to 2015) | Vice President, Financial Services Fund |
Verena E. Wachnitz, 1978 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds and Media & Telecommunications Fund |
Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
J. David Wagner, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Small-Cap Value Fund; Vice President, Institutional Equity Funds, Mid-Cap Value Fund, New Horizons Fund, and Small-Cap Stock Fund |
John F. Wakeman, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund and Institutional Equity Funds |
David J. Wallack, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Mid-Cap Value Fund; Vice President, International Funds and New Era Fund |
Dai Wang, 1989 Assistant Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.; formerly, student, Harvard Business School (to 2014) | Vice President, Institutional International Funds and International Funds |
Hiroshi Watanabe, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Thomas H. Watson, 1977 Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds; Vice President, Global Technology Fund, New America Growth Fund, and Science & Technology Fund |
Michael T. Wehn, 1984 Vice President, T. Rowe Price | Vice President, Index Trust and International Index Fund |
72
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Mark R. Weigman, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC | Vice President, Tax-Efficient Funds |
Victor M. Weinblatt, 1988 Assistant Vice President, T. Rowe Price; formerly Financial Software Developer, Bloomberg L.P. (to 2014) | Assistant Vice President, GNMA Fund |
John D. Wells, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, New America Growth Fund; Vice President, Capital Opportunity Fund, Growth Stock Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and Mid-Cap Value Fund |
Christopher S. Whitehouse, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
Bineesha Wickremarachchi, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Research Analyst, Aberdeen Asset Management (to 2015); CFA | Vice President, Corporate Income Fund and Institutional Income Funds |
Tamara P. Wiggs, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Financial Services Fund, and Value Fund |
Clive M. Williams, 1966 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, International Funds |
John M. Williams, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Dividend Growth Fund, and Mid-Cap Value Fund |
Thea N. Williams, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Jon D. Wood, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President and Senior Research Analyst, Jeffries & Company, Inc. (to 2013); CFA | Vice President, Dividend Growth Fund, Health Sciences Fund, and Value Fund |
J. Howard Woodward, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Rouven J. Wool-Lewis, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Health Sciences Fund, and Small-Cap Stock Fund |
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund and International Funds |
David Yatzeck, 1981 Vice President, T. Rowe Price Group and T. Rowe Price International | Vice President, Credit Opportunities Fund and Institutional Income Funds |
Benjamin T. Yeagle, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds |
Ernest C. Yeung, 1979 Director, Responsible Officer, and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds and Media & Telecommunications Fund |
73
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Alison Mei Ling Yip, 1966 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, International Funds, and Science & Technology Fund |
Eric Yuan, 1984 Employee, T. Rowe Price; student, Columbia Business School (to 2016); formerly Analyst, Yulan Capital Management (to 2014) | Vice President, International Funds |
Rick Zhang, 1984 Vice President, T. Rowe Price; CFA | Vice President, GNMA Fund |
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds and Media & Telecommunications Fund |
Directors Compensation
Each independent director is paid $300,000 annually for his/her service on the funds Boards and the chairman of the Committee of Independent Directors is paid an additional $150,000 annually for his/her service as Lead Independent Director. An independent director who serves on the Joint Audit Committee receives $30,000 annually for his/her service as a member of the committee. The Joint Audit Committee chairman receives an additional $10,000 annually for his/her service as chairman of the committee. All of these fees are allocated to each fund on a pro rata basis based on each funds net assets relative to the other funds.
The following table shows the total compensation that was received by the independent directors for the 2016 calendar year. The independent directors of the funds do not receive any pension or retirement benefits from the funds or T. Rowe Price. In addition, the officers and inside directors of the funds do not receive any compensation or benefits from the funds for their service.
Directors | Total Compensation |
Brody* | $300,000 |
Deering (Lead) | 456,000 |
Duncan | 330,000 |
Gerrard | 346,000 |
McBride | 336,000 |
Rouse | 330,000 |
Schreiber | 304,500 |
Tercek | 300,000 |
*Effective December 31, 2016, Dr. Brody retired as independent director of the Price Funds.
The following table shows the amounts paid by each fund to the independent directors based on accrued compensation for the calendar year 2016:
Fund | Aggregate Compensation From Fund | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
Africa & Middle East | $56 | $85 | $61 | $64 | $63 | $61 | $57 | $56 |
Asia Opportunities | 12 | 18 | 13 | 14 | 13 | 13 | 12 | 12 |
Balanced | 1,715 | 2,607 | 1,887 | 1,978 | 1,921 | 1,887 | 1,741 | 1,715 |
Blue Chip Growth | 13,801 | 20,978 | 15,181 | 15,918 | 15,457 | 15,181 | 14,007 | 13,801 |
California Tax-Free Bond | 249 | 379 | 274 | 288 | 279 | 274 | 253 | 249 |
74
Fund | Aggregate Compensation From Fund | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
California Tax-Free Money | 28 | 43 | 31 | 33 | 32 | 31 | 29 | 28 |
Capital Appreciation | 11,235 | 17,079 | 12,359 | 12,959 | 12,585 | 12,359 | 11,405 | 11,235 |
Capital Opportunity | 227 | 346 | 250 | 262 | 255 | 250 | 231 | 227 |
Cash Reserves | 1,817 | 2,758 | 1,999 | 2,091 | 2,031 | 1,999 | 1,844 | 1,817 |
Corporate Income | 367 | 557 | 403 | 423 | 411 | 403 | 372 | 367 |
Credit Opportunities | 15 | 24 | 17 | 18 | 17 | 17 | 16 | 15 |
Diversified Mid-Cap Growth | 237 | 360 | 260 | 273 | 265 | 260 | 240 | 237 |
Dividend Growth | 2,379 | 3,618 | 2,617 | 2,746 | 2,667 | 2,617 | 2,415 | 2,379 |
Dynamic Global Bond | 35 | 54 | 39 | 41 | 40 | 39 | 36 | 35 |
Emerging Europe | 68 | 104 | 75 | 79 | 76 | 75 | 69 | 68 |
Emerging Markets Bond | 2,259 | 3,436 | 2,485 | 2,608 | 2,532 | 2,485 | 2,293 | 2,259 |
Emerging Markets Corporate Bond | 37 | 56 | 41 | 43 | 41 | 41 | 38 | 37 |
Emerging Markets Corporate Multi-Sector Account Portfolio(a) | 12 | 18 | 13 | 14 | 14 | 13 | 12 | 12 |
Emerging Markets Local Currency Bond | 102 | 155 | 112 | 118 | 114 | 112 | 103 | 102 |
Emerging Markets Local Multi-Sector Account Portfolio(a) | 9 | 14 | 10 | 10 | 10 | 10 | 9 | 9 |
Emerging Markets Stock | 3,839 | 5,836 | 4,223 | 4,428 | 4,300 | 4,223 | 3,897 | 3,839 |
Emerging Markets Value Stock | 7 | 11 | 8 | 8 | 8 | 8 | 7 | 7 |
Equity Income | 9,677 | 14,705 | 10,645 | 11,157 | 10,834 | 10,645 | 9,820 | 9,677 |
Equity Index 500 | 11,469 | 17,435 | 12,616 | 13,229 | 12,847 | 12,616 | 11,642 | 11,469 |
European Stock | 604 | 917 | 664 | 696 | 676 | 664 | 613 | 604 |
Extended Equity Market Index | 314 | 477 | 346 | 362 | 352 | 346 | 319 | 314 |
Financial Services | 240 | 365 | 265 | 277 | 269 | 265 | 244 | 240 |
Floating Rate | 300 | 456 | 330 | 346 | 336 | 330 | 304 | 300 |
Floating Rate Multi-Sector Account Portfolio(a) | 27 | 41 | 30 | 31 | 30 | 30 | 27 | 27 |
Georgia Tax-Free Bond | 142 | 216 | 156 | 164 | 159 | 156 | 144 | 142 |
Global Allocation | 74 | 112 | 81 | 85 | 83 | 81 | 75 | 74 |
Global Consumer | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 2 |
Global Growth Stock | 41 | 62 | 45 | 47 | 46 | 45 | 42 | 41 |
Global High Income Bond | 17 | 26 | 19 | 20 | 19 | 19 | 17 | 17 |
Global Industrials | 7 | 11 | 8 | 9 | 8 | 8 | 8 | 7 |
Global Multi-Sector Bond | 140 | 214 | 154 | 162 | 157 | 154 | 143 | 140 |
Global Real Estate | 109 | 165 | 120 | 125 | 122 | 120 | 110 | 109 |
Global Stock | 230 | 349 | 253 | 265 | 257 | 253 | 233 | 230 |
Global Technology | 1,239 | 1,883 | 1,363 | 1,429 | 1,388 | 1,363 | 1,257 | 1,239 |
GNMA | 690 | 1,049 | 759 | 796 | 773 | 759 | 700 | 690 |
Government Money | 3,229 | 4,909 | 3,552 | 3,726 | 3,618 | 3,552 | 3,278 | 3,229 |
Government Reserve | 8,732 | 13,262 | 9,605 | 10,061 | 9,770 | 9,605 | 8,860 | 8,732 |
75
Fund | Aggregate Compensation From Fund | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
Growth & Income | 698 | 1,062 | 768 | 805 | 782 | 768 | 709 | 698 |
Growth Stock | 19,404 | 29,488 | 21,344 | 22,374 | 21,727 | 21,344 | 19,690 | 19,404 |
Health Sciences | 5,274 | 8,012 | 5,802 | 6,078 | 5,902 | 5,802 | 5,352 | 5,274 |
High Yield | 4,165 | 6,333 | 4,582 | 4,805 | 4,666 | 4,582 | 4,229 | 4,165 |
High Yield Multi-Sector Account Portfolio(a) | 7 | 11 | 8 | 9 | 8 | 8 | 8 | 7 |
Inflation Protected Bond | 166 | 252 | 182 | 191 | 186 | 182 | 168 | 166 |
Institutional Africa & Middle East | 69 | 104 | 75 | 79 | 77 | 75 | 70 | 69 |
Institutional Cash Reserves | 4 | 6 | 4 | 4 | 4 | 4 | 4 | 4 |
Institutional Core Plus | 239 | 363 | 263 | 276 | 268 | 263 | 243 | 239 |
Institutional Credit Opportunities | 10 | 15 | 11 | 11 | 11 | 11 | 10 | 10 |
Institutional Emerging Markets Bond | 134 | 204 | 148 | 155 | 150 | 148 | 136 | 134 |
Institutional Emerging Markets Equity | 421 | 639 | 463 | 485 | 471 | 463 | 427 | 421 |
Institutional Floating Rate | 1,704 | 2,592 | 1,874 | 1,967 | 1,910 | 1,874 | 1,730 | 1,704 |
Institutional Frontier Markets Equity | 19 | 29 | 21 | 22 | 22 | 21 | 20 | 19 |
Institutional Global Focused Growth Equity | 36 | 54 | 39 | 41 | 40 | 39 | 36 | 36 |
Institutional Global Growth Equity | 145 | 220 | 159 | 167 | 162 | 159 | 147 | 145 |
Institutional Global Multi-Sector Bond | 60 | 91 | 66 | 69 | 67 | 66 | 61 | 60 |
Institutional Global Value Equity | 4 | 6 | 4 | 4 | 4 | 4 | 4 | 4 |
Institutional High Yield | 769 | 1,169 | 846 | 887 | 861 | 846 | 781 | 769 |
Institutional International Bond | 158 | 240 | 174 | 182 | 177 | 174 | 161 | 158 |
Institutional International Concentrated Equity | 108 | 165 | 119 | 125 | 121 | 119 | 110 | 108 |
Institutional International Core Equity | 61 | 92 | 67 | 70 | 68 | 67 | 62 | 61 |
Institutional International Growth Equity | 25 | 38 | 28 | 29 | 28 | 28 | 26 | 25 |
Institutional Large-Cap Core Growth | 947 | 1,440 | 1,042 | 1,092 | 1,061 | 1,042 | 961 | 947 |
Institutional Large-Cap Growth | 5,647 | 8,580 | 6,211 | 6,509 | 6,321 | 6,211 | 5,730 | 5,647 |
Institutional Large-Cap Value | 1,183 | 1,799 | 1,301 | 1,365 | 1,326 | 1,301 | 1,201 | 1,183 |
Institutional Long Duration Credit | 16 | 24 | 17 | 18 | 18 | 17 | 16 | 16 |
Institutional Mid-Cap Equity Growth | 2,311 | 3,512 | 2,542 | 2,665 | 2,588 | 2,542 | 2,345 | 2,311 |
Institutional Small-Cap Stock | 1,083 | 1,648 | 1,191 | 1,251 | 1,215 | 1,191 | 1,100 | 1,083 |
Institutional U.S. Structured Research | 273 | 414 | 300 | 314 | 305 | 300 | 277 | 273 |
Intermediate Tax-Free High Yield | 22 | 33 | 24 | 25 | 24 | 24 | 22 | 22 |
International Bond | 2,316 | 3,520 | 2,548 | 2,671 | 2,593 | 2,548 | 2,351 | 2,316 |
76
Fund | Aggregate Compensation From Fund | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
International Concentrated Equity | 5 | 8 | 6 | 6 | 6 | 6 | 5 | 5 |
International Discovery | 1,979 | 3,009 | 2,177 | 2,283 | 2,217 | 2,177 | 2,009 | 1,979 |
International Equity Index | 217 | 329 | 238 | 250 | 243 | 238 | 220 | 217 |
International Stock | 6,308 | 9,588 | 6,939 | 7,275 | 7,065 | 6,939 | 6,402 | 6,308 |
International Value Equity | 5,120 | 7,780 | 5,632 | 5,903 | 5,732 | 5,632 | 5,196 | 5,120 |
Investment-Grade Corporate Multi-Sector Account Portfolio(a) | 32 | 48 | 35 | 37 | 36 | 35 | 32 | 32 |
Japan | 162 | 247 | 178 | 187 | 182 | 178 | 165 | 162 |
Latin America | 243 | 369 | 267 | 280 | 272 | 267 | 247 | 243 |
Limited Duration Inflation Focused Bond | 3,301 | 5,017 | 3,631 | 3,807 | 3,697 | 3,631 | 3,351 | 3,301 |
Maryland Short-Term Tax-Free Bond | 95 | 144 | 104 | 109 | 106 | 104 | 96 | 95 |
Maryland Tax-Free Bond | 980 | 1,490 | 1,078 | 1,130 | 1,098 | 1,078 | 995 | 980 |
Maryland Tax-Free Money | 53 | 81 | 58 | 61 | 59 | 58 | 54 | 53 |
Media & Telecommunications | 1,594 | 2,423 | 1,753 | 1,838 | 1,785 | 1,753 | 1,618 | 1,594 |
Mid-Cap Growth | 10,698 | 16,257 | 11,768 | 12,335 | 11,978 | 11,768 | 10,856 | 10,698 |
Mid-Cap Index | 2 | 3 | 3 | 3 | 3 | 3 | 2 | 2 |
Mid-Cap Value | 5,156 | 7,836 | 5,671 | 5,946 | 5,774 | 5,671 | 5,232 | 5,156 |
Mortgage-Backed Securities Multi-Sector Account Portfolio(a) | 47 | 71 | 52 | 54 | 53 | 52 | 48 | 47 |
New America Growth | 1,722 | 2,617 | 1,894 | 1,985 | 1,928 | 1,894 | 1,747 | 1,722 |
New Asia | 1,134 | 1,723 | 1,247 | 1,307 | 1,270 | 1,247 | 1,151 | 1,134 |
New Era | 1,380 | 2,098 | 1,518 | 1,592 | 1,546 | 1,518 | 1,401 | 1,380 |
New Horizons | 6,845 | 10,404 | 7,530 | 7,894 | 7,666 | 7,530 | 6,946 | 6,845 |
New Income | 13,060 | 19,859 | 14,367 | 15,070 | 14,634 | 14,367 | 13,262 | 13,060 |
New Jersey Tax-Free Bond | 169 | 257 | 186 | 195 | 190 | 186 | 172 | 169 |
New York Tax-Free Bond | 210 | 319 | 231 | 242 | 235 | 231 | 213 | 210 |
New York Tax-Free Money | 32 | 48 | 35 | 36 | 35 | 35 | 32 | 32 |
Overseas Stock | 5,064 | 7,697 | 5,571 | 5,841 | 5,672 | 5,571 | 5,140 | 5,064 |
Personal Strategy Balanced | 895 | 1,360 | 985 | 1,032 | 1,002 | 985 | 908 | 895 |
Personal Strategy Growth | 729 | 1,108 | 802 | 841 | 816 | 802 | 740 | 729 |
Personal Strategy Income | 707 | 1,075 | 777 | 815 | 792 | 777 | 718 | 707 |
QM Global Equity | 3 | 5 | 4 | 4 | 4 | 4 | 3 | 3 |
QM U.S. Small & Mid-Cap Core Equity | 6 | 8 | 6 | 6 | 6 | 6 | 6 | 6 |
QM U.S. Small-Cap Growth Equity | 1,091 | 1,660 | 1,200 | 1,259 | 1,223 | 1,200 | 1,108 | 1,091 |
QM U.S. Value Equity | 3 | 5 | 4 | 4 | 4 | 4 | 4 | 3 |
Real Assets | 1,918 | 2,914 | 2,110 | 2,210 | 2,146 | 2,110 | 1,946 | 1,918 |
Real Estate | 2,667 | 4,053 | 2,934 | 3,076 | 2,987 | 2,934 | 2,707 | 2,667 |
Retirement 2005 | 784 | 1,192 | 863 | 905 | 878 | 863 | 796 | 784 |
Retirement 2010 | 2,544 | 3,867 | 2,799 | 2,934 | 2,849 | 2,799 | 2,582 | 2,544 |
77
Fund | Aggregate Compensation From Fund | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
Retirement 2015 | 4,218 | 6,411 | 4,640 | 4,865 | 4,724 | 4,640 | 4,282 | 4,218 |
Retirement 2020 | 11,075 | 16,833 | 12,183 | 12,772 | 12,403 | 12,183 | 11,241 | 11,075 |
Retirement 2025 | 8,421 | 12,800 | 9,263 | 9,712 | 9,432 | 9,263 | 8,547 | 8,421 |
Retirement 2030 | 10,998 | 16,717 | 12,098 | 12,684 | 12,318 | 12,098 | 11,163 | 10,998 |
Retirement 2035 | 6,227 | 9,466 | 6,850 | 7,183 | 6,975 | 6,850 | 6,321 | 6,227 |
Retirement 2040 | 7,600 | 11,551 | 8,360 | 8,764 | 8,511 | 8,360 | 7,713 | 7,600 |
Retirement 2045 | 3,692 | 5,612 | 4,061 | 4,258 | 4,135 | 4,061 | 3,747 | 3,692 |
Retirement 2050 | 2,899 | 4,406 | 3,188 | 3,343 | 3,247 | 3,188 | 2,942 | 2,899 |
Retirement 2055 | 1,081 | 1,644 | 1,189 | 1,248 | 1,212 | 1,189 | 1,098 | 1,081 |
Retirement 2060 | 42 | 64 | 46 | 49 | 47 | 46 | 43 | 42 |
Retirement Balanced | 1,313 | 1,996 | 1,445 | 1,514 | 1,470 | 1,445 | 1,333 | 1,313 |
Retirement I 2005 FundI Class | 8 | 13 | 9 | 10 | 9 | 9 | 9 | 8 |
Retirement I 2010 FundI Class | 41 | 62 | 45 | 47 | 46 | 45 | 41 | 41 |
Retirement I 2015 FundI Class | 68 | 104 | 75 | 79 | 77 | 75 | 69 | 68 |
Retirement I 2020 FundI Class | 227 | 346 | 250 | 263 | 255 | 250 | 231 | 227 |
Retirement I 2025 FundI Class | 170 | 260 | 187 | 197 | 191 | 187 | 173 | 170 |
Retirement I 2030 FundI Class | 251 | 383 | 276 | 291 | 283 | 276 | 255 | 251 |
Retirement I 2035 FundI Class | 127 | 194 | 140 | 148 | 144 | 140 | 129 | 127 |
Retirement I 2040 FundI Class | 184 | 282 | 203 | 214 | 208 | 203 | 188 | 184 |
Retirement I 2045 FundI Class | 82 | 126 | 91 | 96 | 93 | 91 | 84 | 82 |
Retirement I 2050 FundI Class | 85 | 130 | 94 | 99 | 96 | 94 | 87 | 85 |
Retirement I 2055 FundI Class | 24 | 37 | 27 | 28 | 28 | 27 | 25 | 24 |
Retirement I 2060 FundI Class | 2 | 4 | 3 | 3 | 3 | 3 | 3 | 2 |
Retirement Balanced I FundI Class | 18 | 27 | 19 | 21 | 20 | 19 | 18 | 18 |
Science & Technology | 1,600 | 2,432 | 1,760 | 1,846 | 1,792 | 1,760 | 1,624 | 1,600 |
Short-Term | 1,821 | 2,774 | 2,003 | 2,106 | 2,045 | 2,003 | 1,852 | 1,821 |
Short-Term Bond | 2,431 | 3,695 | 2,675 | 2,804 | 2,723 | 2,675 | 2,468 | 2,431 |
Short-Term Government | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Small-Cap Index | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
Small-Cap Stock | 3,811 | 5,791 | 4,192 | 4,394 | 4,267 | 4,192 | 3,867 | 3,811 |
Small-Cap Value | 3,385 | 5,146 | 3,723 | 3,905 | 3,792 | 3,723 | 3,435 | 3,385 |
Spectrum Growth | 1,521 | 2,311 | 1,673 | 1,754 | 1,703 | 1,673 | 1,543 | 1,521 |
Spectrum Income | 2,727 | 4,145 | 2,999 | 3,145 | 3,055 | 2,999 | 2,768 | 2,727 |
Spectrum International | 512 | 778 | 563 | 591 | 574 | 563 | 520 | 512 |
Summit Municipal Income | 510 | 776 | 561 | 589 | 572 | 561 | 518 | 510 |
Summit Municipal Intermediate | 1,816 | 2,761 | 1,998 | 2,095 | 2,035 | 1,998 | 1,844 | 1,816 |
78
Fund | Aggregate Compensation From Fund | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
Summit Municipal Money Market | 86 | 130 | 95 | 99 | 96 | 95 | 87 | 86 |
Target 2005 | 11 | 17 | 12 | 13 | 13 | 12 | 11 | 11 |
Target 2010 | 24 | 37 | 27 | 28 | 27 | 27 | 25 | 24 |
Target 2015 | 64 | 97 | 70 | 74 | 71 | 70 | 65 | 64 |
Target 2020 | 82 | 125 | 90 | 95 | 92 | 90 | 83 | 82 |
Target 2025 | 67 | 102 | 74 | 77 | 75 | 74 | 68 | 67 |
Target 2030 | 68 | 103 | 74 | 78 | 76 | 74 | 69 | 68 |
Target 2035 | 38 | 58 | 42 | 44 | 43 | 42 | 39 | 38 |
Target 2040 | 33 | 50 | 36 | 38 | 37 | 36 | 33 | 33 |
Target 2045 | 22 | 33 | 24 | 25 | 24 | 24 | 22 | 22 |
Target 2050 | 13 | 19 | 14 | 15 | 14 | 14 | 13 | 13 |
Target 2055 | 8 | 12 | 9 | 9 | 9 | 9 | 8 | 8 |
Target 2060 | 2 | 3 | 2 | 3 | 2 | 2 | 2 | 2 |
Tax-Efficient Equity | 95 | 144 | 104 | 109 | 106 | 104 | 96 | 95 |
Tax-Exempt Money | 317 | 480 | 348 | 364 | 354 | 348 | 321 | 317 |
Tax-Free High Yield | 1,813 | 2,757 | 1,995 | 2,093 | 2,032 | 1,995 | 1,841 | 1,813 |
Tax-Free Income | 1,166 | 1,772 | 1,282 | 1,345 | 1,306 | 1,282 | 1,184 | 1,166 |
Tax-Free Short-Intermediate | 938 | 1,425 | 1,031 | 1,081 | 1,050 | 1,031 | 952 | 938 |
Tax-Free Ultra Short-Term Bond | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Equity Market Index | 552 | 839 | 607 | 636 | 618 | 607 | 560 | 552 |
Total Return | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Treasury Reserve | 1,068 | 1,625 | 1,174 | 1,233 | 1,198 | 1,174 | 1,085 | 1,068 |
U.S. Bond Enhanced Index | 283 | 431 | 312 | 327 | 318 | 312 | 288 | 283 |
U.S. Large-Cap Core | 117 | 178 | 129 | 135 | 131 | 129 | 119 | 117 |
U.S. Treasury Intermediate | 193 | 293 | 212 | 222 | 216 | 212 | 195 | 212 |
U.S. Treasury Long-Term | 181 | 275 | 199 | 209 | 203 | 199 | 184 | 181 |
U.S. Treasury Money | 1,269 | 1,933 | 1,396 | 1,468 | 1,426 | 1,396 | 1,289 | 1,269 |
Ultra Short-Term Bond | 124 | 189 | 137 | 143 | 139 | 137 | 126 | 124 |
Value | 9,976 | 15,163 | 10,974 | 11,505 | 11,172 | 10,974 | 10,125 | 9,976 |
Virginia Tax-Free Bond | 523 | 795 | 575 | 603 | 586 | 575 | 531 | 523 |
*Effective December 31, 2016, Dr. Brody retired as independent director of the Price Funds.
(a) Directors fees were paid by T. Rowe Price on behalf of the fund.
79
Directors Holdings in the Price Funds
The following tables set forth the Price Fund holdings of the current independent and inside directors, as of December 31, 2016, unless otherwise indicated.
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Africa & Middle East | None | None | None | None | None | None | None | None |
Asia Opportunities | None | None | None | None | None | None | None | None |
Asia Opportunities FundAdvisor Class | None | None | None | None | None | None | None | None |
Balanced | None | None | None | None | None | None | None | None |
Balanced FundI Class | None | None | None | None | None | None | None | None |
Blue Chip Growth | None | None | None | None | None | None | over $100,000 | None |
Blue Chip Growth FundAdvisor Class | None | None | None | None | None | None | None | None |
Blue Chip Growth FundI Class | None | None | None | None | None | None | None | None |
Blue Chip Growth FundR Class | None | None | None | None | None | None | None | None |
California Tax-Free Bond | None | None | None | None | None | None | None | None |
California Tax-Free Money | over $100,000 | None | None | None | None | None | None | None |
Capital Appreciation | None | None | None | over $100,000 | over $100,000 | None | None | None |
Capital Appreciation FundAdvisor Class | None | None | None | None | None | None | None | None |
Capital Appreciation FundI Class | None | None | None | None | None | None | None | None |
Capital Opportunity | None | None | None | $10,001-$50,000 | None | None | None | None |
Capital Opportunity FundAdvisor Class | None | None | None | None | None | None | None | None |
Capital Opportunity FundI Class | None | None | None | None | None | None | None | None |
Capital Opportunity FundR Class | None | None | None | None | None | None | None | None |
Cash Reserves | None | None | None | None | None | None | over $100,000 | over $100,000 |
Corporate Income | None | None | None | None | None | None | None | None |
Corporate Income FundI Class | None | None | None | None | None | None | None | None |
Credit Opportunities | None | None | None | None | None | None | None | None |
Credit Opportunities FundAdvisor Class | None | None | None | None | None | None | None | None |
Credit Opportunities FundI Class | None | None | None | None | None | None | None | None |
Diversified Mid-Cap Growth | None | None | None | None | None | None | None | None |
Dividend Growth | None | None | None | $10,001-$50,000 | None | None | None | None |
Dividend Growth FundAdvisor Class | None | None | None | None | None | None | None | None |
Dividend Growth FundI Class | None | None | None | None | None | None | None | None |
Dynamic Global Bond | None | None | None | $10,001-$50,000 | None | None | None | None |
Dynamic Global Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
80
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Dynamic Global Bond FundI Class | None | None | None | None | None | None | None | None |
Emerging Europe | None | None | None | None | None | None | None | None |
Emerging Markets Bond | None | None | None | None | None | None | None | None |
Emerging Markets Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
Emerging Markets Bond FundI Class | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond FundI Class | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond FundI Class | None | None | None | None | None | None | None | None |
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Emerging Markets Stock | None | None | over $100,000 | None | None | None | over $100,000 | over $100,000 |
Emerging Markets Stock FundI Class | None | None | None | None | None | None | None | None |
Emerging Markets Value Stock | None | None | None | None | None | None | None | None |
Emerging Markets Value Stock FundAdvisor Class | None | None | None | None | None | None | None | None |
Equity Income | None | None | None | None | None | None | None | None |
Equity Income FundAdvisor Class | None | None | None | None | None | None | None | None |
Equity Income FundI Class | None | None | None | None | None | None | None | None |
Equity Income FundR Class | None | None | None | None | None | None | None | None |
Equity Index 500 | None | None | None | None | None | None | None | None |
Equity Index 500 FundI Class | None | None | None | None | None | None | None | None |
European Stock | None | None | None | None | None | None | None | None |
Extended Equity Market Index | None | None | None | None | None | None | None | None |
Financial Services | None | None | None | $10,001-$50,000 | None | None | None | None |
Financial Services FundI Class | None | None | None | None | None | None | None | None |
Floating Rate | None | over $100,000 | None | None | None | None | None | None |
81
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Floating Rate FundAdvisor Class | None | None | None | None | None | None | None | None |
Floating Rate FundI Class | None | None | None | None | None | None | None | None |
Floating Rate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Georgia Tax-Free Bond | None | None | None | None | None | None | None | None |
Global Allocation | None | None | None | None | None | None | None | None |
Global Allocation FundAdvisor Class | None | None | None | None | None | None | None | None |
Global Allocation FundI Class | None | None | None | None | None | None | None | None |
Global Consumer | None | None | None | None | None | None | None | None |
Global Growth Stock | None | None | None | None | None | None | None | None |
Global Growth Stock FundAdvisor Class | None | None | None | None | None | None | None | None |
Global High Income Bond | None | None | None | None | None | None | None | None |
Global High Income Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
Global High Income Bond FundI Class | None | None | None | None | None | None | None | None |
Global Industrials | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond FundI Class | None | None | None | None | None | None | None | None |
Global Real Estate | None | None | None | $1-$10,000 | None | None | None | None |
Global Real Estate FundAdvisor Class | None | None | None | None | None | None | None | None |
Global Real Estate FundI Class | None | None | None | None | None | None | None | None |
Global Stock | None | None | None | $10,001-$50,000 | None | None | None | None |
Global Stock FundAdvisor Class | None | None | None | None | None | None | None | None |
Global Technology | None | None | None | over $100,000 | None | None | None | None |
Global Technology FundI Class | None | None | None | None | None | None | None | None |
GNMA | None | None | None | None | None | None | over $100,000 | None |
Government Money | None | over $100,000 | None | None | None | None | $10,001-$50,000 | None |
Government Reserve | None | None | None | None | None | None | None | None |
Growth & Income | None | $50,001-$100,000 | None | None | None | None | over $100,000 | None |
Growth & Income FundI Class | None | None | None | None | None | None | None | None |
Growth Stock | None | None | None | $10,001-$50,000 | None | None | None | None |
Growth Stock FundAdvisor Class | None | None | None | None | None | None | None | None |
Growth Stock FundI Class | None | None | None | None | None | None | None | None |
Growth Stock FundR Class | None | None | None | None | None | None | None | None |
82
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Health Sciences | None | None | None | $50,001-$100,000 | over $100,000 | None | None | None |
Health Sciences FundI Class | None | None | None | None | None | None | None | None |
High Yield | None | None | None | None | None | None | over $100,000 | None |
High Yield FundAdvisor Class | None | None | None | None | None | None | None | None |
High Yield FundI Class | None | None | None | None | None | None | None | None |
High Yield Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Inflation Protected Bond | None | None | None | None | None | None | None | None |
Inflation Protected Bond FundI Class | None | None | None | None | None | None | None | None |
Institutional Africa & Middle East | None | None | None | None | None | None | None | None |
Institutional Cash Reserves | None | None | None | None | None | None | None | None |
Institutional Core Plus | None | None | None | None | None | None | None | None |
Institutional Credit Opportunities Fund | None | None | None | None | None | None | None | None |
Institutional Emerging Markets Bond | None | None | None | None | None | None | None | None |
Institutional Emerging Markets Equity | None | None | None | None | None | None | None | None |
Institutional Floating Rate | None | over $100,000 | None | None | None | None | None | None |
Institutional Floating Rate FundF Class | None | None | None | None | None | None | None | None |
Institutional Frontiers Markets Equity | None | None | None | None | None | None | None | None |
Institutional Global Focused Growth Equity | None | None | None | None | None | None | None | None |
Institutional Global Growth Equity | None | None | None | None | None | None | None | None |
Institutional Global Multi-Sector Bond | None | None | None | None | None | None | None | None |
Institutional Global Value Equity | None | None | None | None | None | None | None | None |
Institutional High Yield | None | None | None | None | None | None | None | None |
Institutional International Bond | None | None | None | None | None | None | None | None |
Institutional International Concentrated Equity | None | None | None | None | None | None | None | None |
Institutional International Core Equity | None | None | None | None | None | None | None | None |
Institutional International Growth Equity | None | None | None | None | None | None | None | None |
Institutional Large-Cap Core Growth | None | None | None | None | None | None | None | None |
Institutional Large-Cap Growth | None | None | None | None | None | None | None | None |
Institutional Large-Cap Value | None | None | None | None | None | None | None | None |
Institutional Long Duration Credit | None | None | None | None | None | None | None | None |
Institutional Mid-Cap Equity Growth | None | None | None | None | None | None | None | None |
83
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Institutional Small-Cap Stock | None | None | None | None | None | None | None | None |
Institutional U.S. Structured Research | None | None | None | None | None | None | None | None |
Intermediate Tax-Free High Yield | None | None | None | None | None | None | None | None |
Intermediate Tax-Free High Yield FundAdvisor Class | None | None | None | None | None | None | None | None |
International Bond | None | None | None | None | None | None | None | None |
International Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
International Bond FundI Class | None | None | None | None | None | None | None | None |
International Concentrated Equity | None | None | None | None | None | None | None | None |
International Concentrated EquityAdvisor Class | None | None | None | None | None | None | None | None |
International Discovery | None | None | None | None | None | None | None | None |
International Discovery FundI Class | None | None | None | None | None | None | None | None |
International Equity Index | None | None | None | None | None | None | None | None |
International Stock | None | None | None | $10,001-$50,000 | None | None | None | None |
International Stock FundAdvisor Class | None | None | None | None | None | None | None | None |
International Stock FundI Class | None | None | None | None | None | None | None | None |
International Stock FundR Class | None | None | None | None | None | None | None | None |
International Value Equity | None | None | None | None | None | None | None | None |
International Value Equity FundAdvisor Class | None | None | None | None | None | None | None | None |
International Value Equity FundI Class | None | None | None | None | None | None | None | None |
International Value Equity FundR Class | None | None | None | None | None | None | None | None |
Investment Grade Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Japan | None | None | None | None | None | None | over $100,000 | None |
Latin America | None | None | None | None | None | None | over $100,000 | None |
Limited Duration Inflation Focused Bond | None | None | None | None | None | None | None | None |
Limited Duration Inflation Focused Bond FundI Class | None | None | None | None | None | None | None | None |
Maryland Short-Term Tax-Free Bond | None | None | None | None | None | None | None | None |
Maryland Tax-Free Bond | None | None | None | None | None | None | None | None |
Maryland Tax-Free Money | None | None | None | None | None | None | None | None |
Media & Telecommunications | None | None | None | $50,001-$100,000 | None | None | None | None |
Media & Telecommunications FundI Class | None | None | None | None | None | None | None | None |
Mid-Cap Growth | None | None | None | None | None | None | None | None |
84
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Mid-Cap Growth FundAdvisor Class | None | None | None | over $100,000 | None | None | None | None |
Mid-Cap Growth FundI Class | None | None | None | None | None | None | None | None |
Mid-Cap Growth FundR Class | None | None | None | None | None | None | None | None |
Mid-Cap Index | None | None | None | None | None | None | None | None |
Mid-Cap Index FundI Class | None | None | None | None | None | None | None | None |
Mid-Cap Value | None | None | None | None | None | None | None | None |
Mid-Cap Value FundAdvisor Class | None | None | None | None | None | None | None | None |
Mid-Cap Value FundI Class | None | None | None | None | None | None | None | None |
Mid-Cap Value FundR Class | None | None | None | None | None | None | None | None |
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
New America Growth | None | None | None | $1-$10,000 | over $100,000 | None | None | None |
New America Growth FundAdvisor Class | None | None | None | None | None | None | None | None |
New America Growth FundI Class | None | None | None | None | None | None | None | None |
New Asia | None | None | None | None | None | None | None | None |
New Asia FundI Class | None | None | None | None | None | None | None | None |
New Era | None | None | None | None | None | None | over $100,000 | None |
New Era FundI Class | None | None | None | None | None | None | None | None |
New Horizons | over $100,000 | None | None | over $100,000 | None | None | None | None |
New Horizons FundI Class | None | None | None | None | None | None | None | None |
New Income | None | None | None | None | None | None | over $100,000 | None |
New Income FundAdvisor Class | None | None | None | None | None | None | None | None |
New Income FundI Class | None | None | None | None | None | None | None | None |
New Income FundR Class | None | None | None | None | None | None | None | None |
New Jersey Tax-Free Bond | None | None | None | None | None | None | None | None |
New York Tax-Free Bond | None | None | None | None | None | None | None | None |
New York Tax-Free Money | None | None | None | None | None | None | None | None |
Overseas Stock | None | None | None | None | None | None | None | None |
Overseas Stock FundAdvisor Class | None | None | None | None | None | None | None | None |
Overseas Stock FundI Class | None | None | None | None | None | None | None | None |
Personal Strategy Balanced | None | None | None | $10,001-$50,000 | None | $50,001-$100,000 | None | None |
Personal Strategy Balanced FundI Class | None | None | None | None | None | None | None | None |
Personal Strategy Growth | None | None | None | $10,001-$50,000 | None | None | None | None |
Personal Strategy Growth FundI Class | None | None | None | None | None | None | None | None |
85
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Personal Strategy Income | None | None | None | None | None | None | None | None |
Personal Strategy Income FundI Class | None | None | None | None | None | None | None | None |
QM Global Equity | None | None | None | None | None | None | None | None |
QM Global Equity FundAdvisor Class | None | None | None | None | None | None | None | None |
QM Global Equity FundI Class | None | None | None | None | None | None | None | None |
QM U.S. Small & Mid-Cap Core Equity | None | None | None | $10,001-$50,000 | None | None | None | None |
QM U.S. Small & Mid-Cap Core Equity FundAdvisor Class | None | None | None | None | None | None | None | None |
QM U.S. Small & Mid-Cap Core Equity FundI Class | None | None | None | None | None | None | None | None |
QM U.S. Small-Cap Growth Equity | None | $10,001-$50,000 | None | None | None | None | None | None |
QM U.S. Small-Cap Growth Equity FundAdvisor Class | None | None | None | None | None | None | None | None |
QM U.S. Small-Cap Growth Equity FundI Class | None | None | None | None | None | None | None | None |
QM U.S. Value Equity | None | None | None | None | None | None | None | None |
QM U.S. Value Equity FundAdvisor Class | None | None | None | None | None | None | None | None |
QM U.S. Value Equity FundI Class | None | None | None | None | None | None | None | None |
Real Assets | None | None | None | None | None | None | None | None |
Real Assets FundI Class | None | None | None | None | None | None | None | None |
Real Estate | None | None | None | $10,001- $50,000 | over $100,000 | None | None | None |
Real Estate FundAdvisor Class | None | None | None | None | None | None | None | None |
Real Estate FundI Class | None | None | None | None | None | None | None | None |
Retirement 2005 | None | None | None | None | None | None | None | None |
Retirement 2005 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2005 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2010 | None | None | None | None | None | None | None | None |
Retirement 2010 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2010 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2015 | over $100,000 | over $100,000 | None | None | None | None | None | None |
Retirement 2015 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2015 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2020 | None | None | None | $50,001-$100,000 | None | None | None | None |
Retirement 2020 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2020 FundR Class | None | None | None | None | None | None | None | None |
86
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Retirement 2025 | None | None | None | $10,001-$50,000 | None | None | None | None |
Retirement 2025 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2025 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2030 | None | None | None | None | None | over $100,000 | None | None |
Retirement 2030 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2030 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2035 | None | None | None | None | None | None | None | None |
Retirement 2035 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2035 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2040 | None | None | None | None | None | None | None | None |
Retirement 2040 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2040 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2045 | None | None | None | None | None | None | None | None |
Retirement 2045 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2045 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2050 | None | None | None | None | None | None | None | None |
Retirement 2050 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2050 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2055 | None | None | None | None | None | None | None | None |
Retirement 2055 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2055 FundR Class | None | None | None | None | None | None | None | None |
Retirement 2060 | None | None | None | None | None | None | None | None |
Retirement 2060 FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement 2060 FundR Class | None | None | None | None | None | None | None | None |
Retirement Balanced | None | None | None | None | None | None | None | None |
Retirement Balanced FundAdvisor Class | None | None | None | None | None | None | None | None |
Retirement Balanced FundR Class | None | None | None | None | None | None | None | None |
Retirement I 2005 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2010 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2015 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2020 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2025 FundI Class | None | None | None | None | None | None | None | None |
87
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Retirement I 2030 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2035 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2040 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2045 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2050 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2055 FundI Class | None | None | None | None | None | None | None | None |
Retirement I 2060 FundI Class | None | None | None | None | None | None | None | None |
Retirement Balanced I FundI Class | None | None | None | None | None | None | None | None |
Science & Technology | None | None | None | $10,001-$50,000 | None | None | None | None |
Science & Technology FundAdvisor Class | None | None | None | None | None | None | None | None |
Science & Technology FundI Class | None | None | None | None | None | None | None | None |
Short-Term | None | None | None | None | None | None | None | None |
Short-Term Bond | None | None | None | None | None | None | over $100,000 | None |
Short-Term Bond FundAdvisor Class | None | None | None | None | None | None | None | None |
Short-Term Bond FundI Class | None | None | None | None | None | None | None | None |
Short-Term Government | None | None | None | None | None | None | None | None |
Small-Cap Index | None | None | None | None | None | None | None | None |
Small-Cap Index FundI Class | None | None | None | None | None | None | None | None |
Small-Cap Stock | None | None | None | $10,001-$50,000 | None | None | None | None |
Small-Cap Stock FundAdvisor Class | None | None | None | None | None | None | None | None |
Small-Cap Stock FundI Class | None | None | None | None | None | None | None | None |
Small-Cap Value | None | None | None | None | None | None | None | None |
Small-Cap Value FundAdvisor Class | None | None | None | None | None | None | None | None |
Small-Cap Value FundI Class | None | None | None | None | None | None | None | None |
Spectrum Growth | None | None | None | None | None | None | None | None |
Spectrum Income | None | None | None | None | None | None | None | None |
Spectrum International | None | None | None | None | None | None | None | None |
Summit Municipal Income | None | None | None | None | None | None | over $100,000 | None |
Summit Municipal Income FundAdvisor Class | None | None | None | None | None | None | None | None |
Summit Municipal Intermediate | None | None | None | None | None | None | over $100,000 | None |
Summit Municipal Intermediate FundAdvisor Class | None | None | None | None | None | None | None | None |
Summit Municipal Money Market | None | None | None | None | None | None | $50,001-$100,000 | None |
88
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Target 2005 | None | None | None | None | None | None | None | None |
Target 2005 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2005 FundI Class | None | None | None | None | None | None | None | None |
Target 2010 | None | None | None | None | None | None | None | None |
Target 2010 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2010 FundI Class | None | None | None | None | None | None | None | None |
Target 2015 | None | None | None | None | None | None | None | None |
Target 2015 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2015 FundI Class | None | None | None | None | None | None | None | None |
Target 2020 | None | None | None | None | None | None | None | None |
Target 2020 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2020 FundI Class | None | None | None | None | None | None | None | None |
Target 2025 | None | None | None | None | None | None | None | None |
Target 2025 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2025 FundI Class | None | None | None | None | None | None | None | None |
Target 2030 | None | None | None | None | None | None | None | None |
Target 2030 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2030 FundI Class | None | None | None | None | None | None | None | None |
Target 2035 | None | None | None | None | None | None | None | None |
Target 2035 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2035 FundI Class | None | None | None | None | None | None | None | None |
Target 2040 | None | None | None | None | None | None | None | None |
Target 2040 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2040 FundI Class | None | None | None | None | None | None | None | None |
Target 2045 | None | None | None | None | None | None | None | None |
Target 2045 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2045 FundI Class | None | None | None | None | None | None | None | None |
Target 2050 | None | None | None | None | None | None | None | None |
Target 2050 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2050 FundI Class | None | None | None | None | None | None | None | None |
Target 2055 | None | None | None | None | None | None | None | None |
Target 2055 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2055 FundI Class | None | None | None | None | None | None | None | None |
Target 2060 | None | None | None | None | None | None | None | None |
Target 2060 FundAdvisor Class | None | None | None | None | None | None | None | None |
Target 2060 FundI Class | None | None | None | None | None | None | None | None |
Tax-Efficient Equity | None | None | None | None | None | None | None | None |
Tax-Exempt Money | None | None | None | None | None | None | None | None |
Tax-Free High Yield | None | None | None | None | over $100,000 | None | over $100,000 | None |
Tax-Free High Yield FundAdvisor Class | None | None | None | None | None | None | None | None |
Tax-Free High Yield FundI Class | None | None | None | None | None | None | None | None |
Tax-Free Income | None | None | None | None | None | None | None | None |
89
Aggregate | Independent Directors | |||||||
Brody* | Deering | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Tax-Free Income FundAdvisor Class | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate FundAdvisor Class | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate FundI Class | None | None | None | None | None | None | None | None |
Tax-Free Ultra Short-Term Bond | None | None | None | None | None | None | None | None |
Total Equity Market Index | None | None | None | None | None | None | None | None |
Total Return | None | None | None | None | None | None | None | None |
Total Return FundAdvisor Class | None | None | None | None | None | None | None | None |
Total Return FundI Class | None | None | None | None | None | None | None | None |
Treasury Reserve | None | None | None | None | None | None | None | None |
U.S. Bond Enhanced Index | None | None | None | None | None | None | None | None |
U.S. Large-Cap Core | None | None | None | $10,001-$50,000 | None | None | None | None |
U.S. Large-Cap Core FundAdvisor Class | None | None | None | None | None | None | None | None |
U.S. Large-Cap Core FundI Class | None | None | None | None | None | None | None | None |
U.S. Treasury Intermediate | None | None | None | None | None | None | over $100,000 | None |
U.S. Treasury Long-Term | None | None | None | None | None | None | over $100,000 | None |
U.S. Treasury Money | None | None | None | None | None | None | $1-$10,000 | None |
Ultra Short-Term Bond | None | None | None | $10,001-$50,000 | None | None | None | None |
Value | None | None | None | None | None | None | None | None |
Value FundAdvisor Class | None | None | None | None | None | None | None | None |
Value FundI Class | None | None | None | None | None | None | over $100,000 | None |
Virginia Tax-Free Bond | None | None | None | None | None | None | None | None |
*Effective December 31, 2016, Dr. Brody retired as independent director of the Price Funds.
Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Africa & Middle East | None | None | None | None | |
Asia Opportunities | None | None | None | None | |
Asia Opportunities FundAdvisor Class | None | None | None | None | |
Balanced | None | None | None | None | |
Balanced FundI Class | None | None | None | None | |
Blue Chip Growth | None | None | None | None | |
Blue Chip Growth FundAdvisor Class | None | None | None | None |
90
Blue Chip Growth FundI Class | None | None | None | None |
Blue Chip Growth FundR Class | None | None | None | None |
California Tax-Free Bond | None | None | None | None |
91
Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
California Tax-Free Money | None | None | None | None | |
Capital Appreciation | over $100,000 | None | over $100,000 | None | |
Capital Appreciation FundAdvisor Class | None | None | None | None | |
Capital Appreciation FundI Class | None | None | None | None | |
Capital Opportunity | None | None | None | None | |
Capital Opportunity FundAdvisor Class | None | None | None | None | |
Capital Opportunity FundI Class | None | None | None | None | |
Capital Opportunity FundR Class | None | None | None | None | |
Cash Reserves | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Corporate Income | None | None | None | None | |
Corporate Income FundI Class | None | over $100,000 | None | None | |
Credit Opportunities | None | None | over $100,000 | None | |
Credit Opportunities FundAdvisor Class | None | None | None | None | |
Credit Opportunities FundI Class | None | None | None | None | |
Diversified Mid-Cap Growth | None | None | None | None | |
Dividend Growth | None | None | over $100,000 | None | |
Dividend Growth FundAdvisor Class | None | None | None | None | |
Dividend Growth FundI Class | None | None | None | None | |
Dynamic Global Bond | None | None | None | over $100,000 | |
Dynamic Global Bond FundAdvisor Class | None | None | None | None | |
Dynamic Global Bond FundI Class | None | None | None | None | |
Emerging Europe | None | None | None | None | |
Emerging Markets Bond | None | None | None | $50,001-$100,000 | |
Emerging Markets Bond FundAdvisor Class | None | None | None | None | |
Emerging Markets Bond FundI Class | None | None | None | None | |
Emerging Markets Corporate Bond | None | None | None | None | |
Emerging Markets Corporate Bond FundAdvisor Class | None | None | None | None | |
Emerging Markets Corporate Bond FundI Class | None | None | None | None | |
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None | None | None | |
Emerging Markets Local Currency Bond | None | None | None | None | |
Emerging Markets Local Currency Bond FundAdvisor Class | None | None | None | None | |
Emerging Markets Local Currency Bond FundI Class | None | None | None | None | |
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | None | |
Emerging Markets Stock | $10,001-$50,000 | None | None | None |
92
Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Emerging Markets Stock FundI Class | None | None | None | None | |
Emerging Markets Value Stock | None | None | None | None | |
Emerging Markets Value Stock FundAdvisor Class | None | None | None | None | |
Equity Income | over $100,000 | over $100,000 | None | None | |
Equity Income FundAdvisor Class | None | None | None | None | |
Equity Income FundI Class | None | None | None | None | |
Equity Income FundR Class | None | None | None | None | |
Equity Index 500 | None | None | None | None | |
Equity Index 500 FundI Class | None | None | None | None | |
European Stock | None | None | None | None | |
Extended Equity Market Index | None | None | None | None | |
Financial Services | None | None | $50,001-$100,000 | None | |
Financial Services FundI Class | None | None | None | None | |
Floating Rate | None | None | over $100,000 | None | |
Floating Rate FundAdvisor Class | None | None | None | None | |
Floating Rate FundI Class | None | None | None | None | |
Floating Rate Multi-Sector Account Portfolio | None | None | None | None | |
Georgia Tax-Free Bond | None | None | None | None | |
Global Allocation | None | None | over $100,000 | None | |
Global Allocation FundAdvisor Class | None | None | None | None | |
Global Allocation FundI Class | None | None | None | None | |
Global Consumer | None | None | None | None | |
Global Growth Stock | None | None | None | None | |
Global Growth Stock FundAdvisor Class | None | None | None | None | |
Global High Income Bond | None | None | None | over $100,000 | |
Global High Income Bond FundAdvisor Class | None | None | None | None | |
Global High Income Bond FundI Class | None | None | None | None | |
Global Industrials | None | None | None | None | |
Global Multi-Sector Bond | None | None | None | None | |
Global Multi-Sector Bond FundAdvisor Class | None | None | None | None | |
Global Multi-Sector Bond FundI Class | None | None | None | None | |
Global Real Estate | None | None | $10,001-$50,000 | None | |
Global Real Estate FundAdvisor Class | None | None | None | None | |
Global Real Estate FundI Class | None | None | None | None | |
Global Stock | over $100,000 | None | None | over $100,000 | |
Global Stock FundAdvisor Class | None | None | None | None | |
Global Technology | None | None | None | $10,001-$50,000 | |
Global Technology FundI Class | None | None | None | None | |
GNMA | None | None | None | None |
93
Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Government Money | over $100,000 | over $100,000 | $1-$10,000 | over $100,000 | |
Government Reserve | None | None | None | None | |
Growth & Income | None | None | None | None | |
Growth & Income FundI Class | None | None | None | None | |
Growth Stock | over $100,000 | None | None | None | |
Growth Stock FundAdvisor Class | None | None | None | None | |
Growth Stock FundI Class | None | None | None | None | |
Growth Stock FundR Class | None | None | None | None | |
Health Sciences | None | None | None | over $100,000 | |
Health Sciences FundI Class | None | None | over $100,000 | None | |
High Yield | $10,001-$50,000 | None | over $100,000 | None | |
High Yield FundAdvisor Class | None | None | None | None | |
High Yield FundI Class | None | None | None | None | |
High Yield Multi-Sector Account Portfolio | None | None | None | None | |
Inflation Protected Bond | None | None | None | None | |
Inflation Protected Bond FundI Class | None | None | None | None | |
Institutional Africa & Middle East | None | None | None | None | |
Institutional Cash Reserves | None | None | None | None | |
Institutional Core Plus | None | None | None | None | |
Institutional Credit Opportunities | None | None | None | None | |
Institutional Emerging Markets Bond | None | None | None | None | |
Institutional Emerging Markets Equity | None | None | None | None | |
Institutional Floating Rate | None | over $100,000 | None | over $100,000 | |
Institutional Floating Rate FundF Class | None | None | None | None | |
Institutional Frontiers Markets Equity | None | None | None | None | |
Institutional Global Focused Growth Equity | over $100,000 | over $100,000 | over $100,000 | None | |
Institutional Global Growth Equity | None | None | None | None | |
Institutional Global Multi-Sector Bond | None | None | None | None | |
Institutional Global Value Equity | None | None | None | None | |
Institutional High Yield | None | None | None | None | |
Institutional International Bond | None | None | None | None | |
Institutional International Concentrated Equity | None | None | None | None | |
Institutional International Core Equity | None | None | None | None | |
Institutional International Growth Equity | None | None | None | None | |
Institutional Large-Cap Core Growth | None | None | None | None | |
Institutional Large-Cap Growth | None | None | over $100,000 | None | |
Institutional Large-Cap Value | None | None | None | None |
94
Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Institutional Long Duration Credit | None | None | None | None | |
Institutional Mid-Cap Equity Growth | over $100,000 | None | over $100,000 | None | |
Institutional Small-Cap Stock | $10,001-$50,000 | None | over $100,000 | None | |
Institutional U.S. Structured Research | None | None | None | None | |
Intermediate Tax-Free High Yield | None | None | None | None | |
Intermediate Tax Free High Yield FundAdvisor Class | None | None | None | None | |
International Bond | None | None | None | None | |
International Bond FundAdvisor Class | None | None | None | None | |
International Bond FundI Class | None | None | None | None | |
International Concentrated Equity | None | None | None | None | |
International Concentrated Equity FundAdvisor Class | None | None | None | None | |
International Discovery | $10,001-$50,000 | None | None | None | |
International Discovery FundI Class | None | None | None | None | |
International Equity Index | None | None | None | None | |
International Stock | $10,001-$50,000 | None | None | $1-$10,000 | |
International Stock FundAdvisor Class | None | None | None | None | |
International Stock FundI Class | None | None | None | None | |
International Stock FundR Class | None | None | None | None | |
International Value Equity | None | None | None | None | |
International Value Equity FundAdvisor Class | None | None | None | None | |
International Value Equity FundI Class | None | None | None | None | |
International Value Equity FundR Class | None | None | None | None | |
Investment Grade Multi-Sector Account Portfolio | None | None | None | None | |
Japan | None | None | None | None | |
Latin America | None | None | $10,001-$50,000 | None | |
Limited Duration Inflation Focused Bond | None | None | None | None | |
Limited Duration Inflation Focused Bond FundI Class | None | None | None | None | |
Maryland Short-Term Tax-Free Bond | None | None | over $100,000 | None | |
Maryland Tax-Free Bond | None | None | over $100,000 | None | |
Maryland Tax-Free Money | None | None | $1-$10,000 | $10,001-$50,000 | |
Media & Telecommunications | None | over $100,000 | None | None | |
Media & Telecommunications FundI Class | None | None | None | None | |
Mid-Cap Growth | None | None | None | None | |
Mid-Cap Growth FundAdvisor Class | None | None | None | None | |
Mid-Cap Growth FundI Class | None | None | None | None |
95
Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Mid-Cap Growth FundR Class | None | None | None | None | |
Mid-Cap Index | None | None | None | None | |
Mid-Cap Index FundI Class | None | None | None | None | |
Mid-Cap Value | None | None | None | None | |
Mid-Cap Value FundAdvisor Class | None | None | None | None | |
Mid-Cap Value FundI Class | None | None | None | None | |
Mid-Cap Value FundR Class | None | None | None | None | |
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | None | |
New America Growth | None | None | None | None | |
New America Growth FundAdvisor Class | None | None | None | None | |
New America Growth FundI Class | None | None | over $100,000 | None | |
New Asia | $10,001-$50,000 | None | None | None | |
New Asia FundI Class | over $100,000 | None | $50,001-$100,000 | None | |
New Era | None | None | None | $10,001-$50,000 | |
New Era FundI Class | None | None | None | None | |
New Horizons | $10,001-$50,000 | None | None | None | |
New Horizons FundI Class | None | None | None | None | |
New Income | None | $50,001-$100,000 | None | None | |
New Income FundAdvisor Class | None | None | None | None | |
New Income FundI Class | None | None | None | None | |
New Income FundR Class | None | None | None | None | |
New Jersey Tax-Free Bond | None | None | None | None | |
New York Tax-Free Bond | None | None | None | None | |
New York Tax-Free Money | None | None | None | None | |
Overseas Stock | None | None | None | None | |
Overseas Stock FundAdvisor Class | None | None | None | None | |
Overseas Stock FundI Class | None | None | None | None | |
Personal Strategy Balanced | None | None | None | None | |
Personal Strategy Balanced FundI Class | None | None | None | None | |
Personal Strategy Growth | None | None | None | None | |
Personal Strategy Growth FundI Class | None | None | None | None | |
Personal Strategy Income | None | None | None | None | |
Personal Strategy Income FundI Class | None | None | None | None | |
QM Global Equity | None | None | None | None | |
QM Global Equity FundAdvisor Class | None | None | None | None | |
QM Global Equity FundI Class | None | None | None | None | |
QM U.S. Small & Mid-Cap Core Equity | None | None | None | None | |
QM U.S. Small & Mid-Cap Core Equity FundAdvisor Class | None | None | None | None | |
QM U.S. Small & Mid-Cap Core Equity FundI Class | None | None | None | None |
96
Aggregate
Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
QM U.S. Small-Cap Growth Equity | None | None | None | None | |
QM U.S. Small-Cap Growth Equity FundAdvisor Class | None | None | None | None | |
QM U.S. Small-Cap Growth Equity FundI Class | None | None | None | None | |
QM U.S. Value Equity | None | None | None | None | |
QM U.S. Value Equity FundAdvisor Class | None | None | None | None | |
QM U.S. Value Equity FundI Class | None | None | None | None | |
Real Assets | None | None | None | None | |
Real Assets FundI Class | None | None | None | None | |
Real Estate | over $100,000 | None | None | None | |
Real Estate FundAdvisor Class | None | None | None | None | |
Real Estate FundI Class | None | None | None | None | |
Retirement 2005 | None | None | None | None | |
Retirement 2005 FundAdvisor Class | None | None | None | None | |
Retirement 2005 FundR Class | None | None | None | None | |
Retirement 2010 | None | None | None | None | |
Retirement 2010 FundAdvisor Class | None | None | None | None | |
Retirement 2010 FundR Class | None | None | None | None | |
Retirement 2015 | None | None | None | None | |
Retirement 2015 FundAdvisor Class | None | None | None | None | |
Retirement 2015 FundR Class | None | None | None | None | |
Retirement 2020 | None | None | None | None | |
Retirement 2020 FundAdvisor Class | None | None | None | None | |
Retirement 2020 FundR Class | None | None | None | None | |
Retirement 2025 | None | None | None | None | |
Retirement 2025 FundAdvisor Class | None | None | None | None | |
Retirement 2025 FundR Class | None | None | None | None | |
Retirement 2030 | None | None | None | None | |
Retirement 2030 FundAdvisor Class | None | None | None | None | |
Retirement 2030 FundR Class | None | None | None | None | |
Retirement 2035 | None | None | None | None | |
Retirement 2035 FundAdvisor Class | None | None | None | None | |
Retirement 2035 FundR Class | None | None | None | None | |
Retirement 2040 | None | None | None | None | |
Retirement 2040 FundAdvisor Class | None | None | None | None | |
Retirement 2040 FundR Class | None | None | None | None | |
Retirement 2045 | None | None | None | None | |
Retirement 2045 FundAdvisor Class | None | None | None | None | |
Retirement 2045 FundR Class | None | None | None | None | |
Retirement 2050 | None | None | None | None | |
Retirement 2050 FundAdvisor Class | None | None | None | None |
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Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Retirement 2050 FundR Class | None | None | None | None | |
Retirement 2055 | over $100,000 | None | None | None | |
Retirement 2055 FundAdvisor Class | None | None | None | None | |
Retirement 2055 FundR Class | None | None | None | None | |
Retirement 2060 | None | None | None | None | |
Retirement 2060 FundAdvisor Class | None | None | None | None | |
Retirement 2060 FundR Class | None | None | None | None | |
Retirement Balanced | None | None | None | None | |
Retirement Balanced FundAdvisor Class | None | None | None | None | |
Retirement Balanced FundR Class | None | None | None | None | |
Retirement I 2005 FundI Class | None | None | None | None | |
Retirement I 2010 FundI Class | None | None | None | None | |
Retirement I 2015 FundI Class | None | None | None | None | |
Retirement I 2020 FundI Class | None | None | None | None | |
Retirement I 2025 FundI Class | None | None | None | None | |
Retirement I 2030 FundI Class | None | None | None | None | |
Retirement I 2035 FundI Class | None | None | None | None | |
Retirement I 2040 FundI Class | None | None | None | None | |
Retirement I 2045 FundI Class | None | None | None | None | |
Retirement I 2050 FundI Class | None | None | None | None | |
Retirement I 2055 FundI Class | None | None | None | None | |
Retirement I 2060 FundI Class | None | None | None | None | |
Retirement Balanced I FundI Class | None | None | None | None | |
Science & Technology | over $100,000 | over $100,000 | None | $10,001-$50,000 | |
Science & Technology FundAdvisor Class | None | None | None | over $100,000 | |
Science & Technology FundI Class | over $100,000 | None | None | None | |
Short-Term | None | None | None | None | |
Short-Term Bond | None | None | None | $50,001-$100,000 | |
Short-Term Bond FundAdvisor Class | None | None | None | None | |
Short-Term Bond FundI Class | over $100,000 | None | None | over $100,000 | |
Short-Term Government | None | None | None | None | |
Small-Cap Index | None | None | None | None | |
Small-Cap Index FundI Class | None | None | None | None | |
Small-Cap Stock | None | None | None | None | |
Small-Cap Stock FundAdvisor Class | None | None | None | None |
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Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Small-Cap Stock FundI Class | None | None | None | None | |
Small-Cap Value | $50,001-$100,000 | None | None | None | |
Small-Cap Value FundAdvisor Class | None | None | None | None | |
Small-Cap Value FundI Class | None | None | None | None | |
Spectrum Growth | over $100,000 | None | over $100,000 | $10,001-$50,000 | |
Spectrum Income | over $100,000 | over $100,000 | None | None | |
Spectrum International | over $100,000 | None | None | None | |
Summit Municipal Income | None | None | None | None | |
Summit Municipal Income FundAdvisor Class | None | None | None | None | |
Summit Municipal Intermediate | None | None | None | None | |
Summit Municipal Intermediate FundAdvisor Class | None | None | None | None | |
Summit Municipal Money Market | None | None | None | None | |
Target 2005 | None | None | None | None | |
Target 2005 FundAdvisor Class | None | None | None | None | |
Target 2005 FundI Class | None | None | None | None | |
Target 2010 | None | None | None | None | |
Target 2010 FundAdvisor Class | None | None | None | None | |
Target 2010 FundI Class | None | None | None | None | |
Target 2015 | None | None | None | None | |
Target 2015 FundAdvisor Class | None | None | None | None | |
Target 2015 FundI Class | None | None | None | None | |
Target 2020 | None | None | None | None | |
Target 2020 FundAdvisor Class | None | None | None | None | |
Target 2020 FundI Class | None | None | None | None | |
Target 2025 | None | None | None | None | |
Target 2025 FundAdvisor Class | None | None | None | None | |
Target 2025 FundI Class | None | None | None | None | |
Target 2030 | None | None | None | None | |
Target 2030 FundAdvisor Class | None | None | None | None | |
Target 2030 FundI Class | None | None | None | None | |
Target 2035 | None | None | None | None | |
Target 2035 FundAdvisor Class | None | None | None | None | |
Target 2035 FundI Class | None | None | None | None | |
Target 2040 | None | None | None | None | |
Target 2040 FundAdvisor Class | None | None | None | None | |
Target 2040 FundI Class | None | None | None | None | |
Target 2045 | None | None | None | None | |
Target 2045 FundAdvisor Class | None | None | None | None | |
Target 2045 FundI Class | None | None | None | None | |
Target 2050 | None | None | None | None | |
Target 2050 FundAdvisor Class | None | None | None | None |
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Aggregate Holdings, | Inside Directors | ||||
Bernard | Rogers* | Sharps | Wiese | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||
Target 2050 FundI Class | None | None | None | None | |
Target 2055 | None | None | None | None | |
Target 2055 FundAdvisor Class | None | None | None | None | |
Target 2055 FundI Class | None | None | None | None | |
Target 2060 | None | None | None | None | |
Target 2060 FundAdvisor Class | None | None | None | None | |
Target 2060 FundI Class | None | None | None | None | |
Tax-Efficient Equity | None | None | None | None | |
Tax-Exempt Money | None | None | None | None | |
Tax-Free High Yield | None | None | over $100,000 | None | |
Tax-Free High Yield FundAdvisor Class | None | None | None | None | |
Tax-Free High Yield FundI Class | None | None | None | None | |
Tax-Free Income | None | None | None | None | |
Tax-Free Income FundAdvisor Class | None | None | None | None | |
Tax-Free Short-Intermediate | None | None | None | None | |
Tax-Free Short-Intermediate FundAdvisor Class | None | None | None | None | |
Tax-Free Short-Intermediate FundI Class | None | None | None | None | |
Tax-Free Ultra Short-Term Bond | None | None | None | None | |
Total Equity Market Index | over $100,000 | None | None | $10,001-$50,000 | |
Total Return | None | None | None | None | |
Total Return FundAdvisor Class | None | None | None | None | |
Total Return FundI Class | None | None | None | None | |
Treasury Reserve | None | None | None | None | |
U.S. Bond Enhanced Index | over $100,000 | None | None | None | |
U.S. Large-Cap Core | None | None | None | None | |
U.S. Large-Cap Core FundAdvisor Class | None | None | None | None | |
U.S. Large-Cap Core FundI Class | None | None | None | None | |
U.S. Treasury Intermediate | None | None | None | None | |
U.S. Treasury Long-Term | None | None | None | None | |
U.S. Treasury Money | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Ultra Short-Term Bond | None | None | over $100,000 | None | |
Value | None | over $100,000 | None | None | |
Value FundAdvisor Class | None | None | None | None | |
Value FundI Class | None | None | None | None | |
Virginia Tax-Free Bond | None | None | None | None |
*Effective April 1, 2017, Brian C. Rogers was replaced by Robert W. Sharps as an inside director of certain Price Funds.
Portfolio Managers Holdings in the Price Funds
The following tables set forth ranges of holdings for each Price Funds portfolio manager. The portfolio manager serves as chairman of the funds Investment Advisory Committee and has day-to-day responsibility for managing the fund and executing the funds investment program. The column entitled Range of Fund Holdings as of Funds Fiscal Year shows the dollar range of shares beneficially owned (including shares held through the T. Rowe Price 401(k) plan and other T. Rowe Price retirement plans or deferred compensation
100
plans) in the fund for which he or she serves as portfolio manager, as of the end of that funds most recent fiscal year. The column entitled Range of Holdings in Investment Strategy as of Funds Fiscal Year shows the dollar range of shares beneficially owned (including shares or units held through the T. Rowe Price 401(k) plan and other T. Rowe Price retirement plans or deferred compensation plans) in the fund, as well as all investment portfolios that are managed by the same portfolio manager and have investment objectives, policies, and strategies that are substantially similar to those of the fund. Substantially similar portfolios may include other Price Funds, such as institutional funds, T. Rowe Price common trust funds, and non-U.S. pooled investment vehicles, such as Societe dInvestissement a Capital Variable Funds (SICAVs). The range of holdings for all investment portfolios within the investment strategy is provided as of the end of the funds most recent fiscal year, regardless of the fiscal years of the other investment portfolios.
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Funds Fiscal Yeara |
Africa & Middle East | Oliver D.M. Bell | None | None |
Asia Opportunities | Eric C. Moffett | over $1,000,000 | over $1,000,000 |
Balanced | Charles M. Shriver | $100,001$500,000 | $100,001$500,000 |
Blue Chip Growth | Larry J. Puglia | over $1,000,000 | over $1,000,000 |
Capital Appreciation | David R. Giroux | over $1,000,000 | over $1,000,000 |
Capital Opportunity | Ann M. Holcomb Jason B. Polun Thomas H. Watson | $100,001$500,000 None (b) | $100,001$500,000 $500,001$1,000,000 (b) |
Cash Reserves | Joseph K. Lynagh | $1-$10,000 | $50,001$100,000 |
Corporate Income | David A. Tiberii | $100,001$500,000 | $100,001$500,000 |
Credit Opportunities | Rodney M. Rayburn | $100,001$500,000 | $100,001$500,000 |
Diversified Mid-Cap Growth | Donald J. Easley Donald J. Peters | $500,001$1,000,000 over $1,000,000 | $500,001$1,000,000 over $1,000,000 |
Dividend Growth | Thomas J. Huber | over $1,000,000 | over $1,000,000 |
Dynamic Global Bond | Arif Husain | None | $100,001$500,000 |
Emerging Europe | Ulle Adamson | None | None |
Emerging Markets Bond | Michael J. Conelius | $50,001$100,000 | $500,001$1,000,000 |
Emerging Markets Corporate Bond | Samy B. Muaddi | $100,001$500,000 | $100,001$500,000 |
Emerging Markets Local Currency Bond | Andrew Keirle | $10,001$50,000 | $50,001$100,000 |
Emerging Markets Stock | Gonzalo Pangaro | over $1,000,000 | over $1,000,000 |
Emerging Markets Value Stock | Ernest C. Yeung | $500,001$1,000,000 | $500,001$1,000,000 |
Equity Income | John D. Linehan | $500,001$1,000,000 | over $1,000,000 |
Equity Index 500 | Ken D. Uematsu | $1$10,000 | $10,001$50,000 |
European Stock | Dean Tenerelli | None | $100,001$500,000 |
Extended Equity Market Index | Ken D. Uematsu | $50,001$100,000 | $50,001$100,000 |
Financial Services | Gabriel Solomon | $10,001$50,000 | $10,001$50,000 |
Floating Rate | Paul M. Massaro | $50,001$100,000 | $100,001$500,000 |
Global Allocation | Charles M. Shriver | $500,001$1,000,000 | $500,001$1,000,000 |
Global Consumer | Jason Nogueira | $100,001-$500,000 | None |
Global Growth Stock | R. Scott Berg | $500,001$1,000,000 | over $1,000,000 |
Global High Income Bond | Michael Della Vedova Mark J. Vaselkiv | None None | None None |
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Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Funds Fiscal Yeara |
Global Industrials | Peter J. Bates | $500,001$1,000,000 | $500,001$1,000,000 |
Global Multi-Sector Bond | Steven C. Huber | $10,001$50,000 | $500,001$1,000,000 |
Global Real Estate | Nina P. Jones | $50,001$100,000 | $50,001$100,000 |
Global Stock | David J. Eiswert | over $1,000,000 | over $1,000,000 |
Global Technology | Joshua K. Spencer | over $1,000,000 | over $1,000,000 |
GNMA | Andrew C. McCormick | $100,001$500,000 | $100,001$500,000 |
Government Money | Joseph K. Lynagh | $10,001$50,000 | $10,001$50,000 |
Growth & Income | Jeffrey Rottinghaus | None | over $1,000,000 |
Growth Stock | Joseph B. Fath | None | $100,001$500,000 |
Health Sciences | Ziad Bakri | $100,001$500,000 | $100,001$500,000 |
High Yield | Mark J. Vaselkiv | None | $500,001$1,000,000 |
Inflation Protected Bond | Stephen L. Bartolini | $50,001$100,000(c) | $50,001$100,000(c) |
Institutional Africa & Middle East | Oliver D.M. Bell | None | None |
Institutional Cash Reserves | Joseph K. Lynagh | (d) | $10,001$50,000 |
Institutional Core Plus | Brian J. Brennan | $50,001$100,000 | $50,001$100,000 |
Institutional Credit Opportunities | Rodney M. Rayburn | $10,001$50,000 | $100,001$500,000 |
Institutional Emerging Markets Bond | Michael J. Conelius | $100,001$500,000 | $500,001$1,000,000 |
Institutional Emerging Markets Equity | Gonzalo Pangaro | None | over $1,000,000 |
Institutional Floating Rate | Paul M. Massaro | $50,001$100,000 | $100,001$500,000 |
Institutional Frontier Markets Equity | Oliver D.M. Bell | None | None |
Institutional Global Focused Growth Equity | David J. Eiswert | $500,001$1,000,000 | over $1,000,000 |
Institutional Global Growth Equity | R. Scott Berg | over $1,000,000 | over $1,000,000 |
Institutional Global Multi-Sector Bond | Steven C. Huber | $500,001$1,000,000 | $500,001$1,000,000 |
Institutional Global Value Equity | Sebastien Mallet | None | $10,001$50,000 |
Institutional High Yield | Mark J. Vaselkiv | $500,001$1,000,000 | $500,001$1,000,000 |
Institutional International Bond | Arif Husain Kenneth A. Orchard | None None | None $10,001-$50,000 |
Institutional International Concentrated Equity | Federico Santilli | None | None |
Institutional International Core Equity | Raymond A. Mills | None | over $1,000,000 |
Institutional International Growth Equity | Richard N. Clattenburg | None | $100,001$500,000 |
Institutional Large-Cap Core Growth | Larry J. Puglia | None | over $1,000,000 |
Institutional Large-Cap Growth | Taymour R. Tamaddon | $500,001-$1,000,000 | $500,001-$1,000,000 |
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Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Funds Fiscal Yeara |
Institutional Large-Cap Value | Mark S. Finn John D. Linehan Heather K. McPherson | $500,001$1,000,000 $500,001$1,000,000 over $1,000,000 | $500,001$1,000,000 $500,001$1,000,000 over $1,000,000 |
Institutional Long Duration Credit | David A. Tiberii | $50,001$100,000 | $50,001$100,000 |
Institutional Mid-Cap Equity Growth | Brian W.H. Berghuis | over $1,000,000 | over $1,000,000 |
Institutional Small-Cap Stock | Frank M. Alonso | $500,001-$1,000,000 | $500,001-$1,000,000 |
Institutional U.S. Structured Research | Ann M. Holcomb Jason B. Polun Thomas H. Watson | None None (b) | $500,001$1,000,000 $500,001$1,000,000 (b) |
Intermediate Tax-Free High Yield | James M. Murphy | $50,001$100,000 | $50,001$100,000 |
International Bond | Arif Husain Kenneth A. Orchard | None None | None $10,001-$50,000 |
International Concentrated Equity | Federico Santilli | None | None |
International Discovery | Justin Thomson | $500,001$1,000,000 | $500,001$1,000,000 |
International Equity Index | Neil Smith | None | None |
International Stock | Richard N. Clattenburg | None | $10,001$50,000 |
International Value Equity | Jonathan H.W. Matthews | $10,001$50,000 | $10,001$50,000 |
Japan | Archibald Ciganer | None | None |
Latin America | Verena E. Wachnitz | $100,001$500,000 | $100,001$500,000 |
Limited Duration Inflation Focused Bond | Stephen L. Bartolini | $10,001$50,000(c) | $10,001$50,000(c) |
Media & Telecommunications | Paul D. Greene II | $100,001$500,000 | $100,001$500,000 |
Mid-Cap Growth | Brian W.H. Berghuis | over $1,000,000 | over $1,000,000 |
Mid-Cap Value | David J. Wallack | None | over $1,000,000 |
New America Growth | Justin White | $100,001-$500,000 | $100,001$500,000 |
New Asia | Anh Lu | $500,001$1,000,000 | $500,001$1,000,000 |
New Era | Shawn T. Driscoll | $100,001$500,000 | $100,001$500,000 |
New Horizons | Henry M. Ellenbogen | over $1,000,000 | over $1,000,000 |
New Income | Daniel O. Shackelford | $10,001$50,000 | $100,001$500,000 |
Overseas Stock | Raymond A. Mills | None | over $1,000,000 |
Personal Strategy Balanced | Charles M. Shriver | $50,001$100,000 | $50,001$100,000 |
Personal Strategy Growth | Charles M. Shriver | $100,001$500,000 | $100,001$500,000 |
Personal Strategy Income | Charles M. Shriver | $50,001$100,000 | $50,001$100,000 |
QM Global Equity | Sudhir Nanda | None | None |
QM U.S. Small & Mid-Cap Core Equity | Boyko D. Atanassov | None | None |
QM U.S. Small-Cap Growth Equity | Sudhir Nanda | $100,001$500,000 | $100,001$500,000 |
QM U.S. Value Equity | Farris G. Shuggi | None | None |
Real Assets | Wyatt A. Lee | $1$10,000 | $10,001$50,000 |
Real Estate | David M. Lee | $100,001$500,000 | $100,001$500,000 |
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Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Funds Fiscal Yeara |
Science & Technology | Kennard W. Allen | over $1,000,000 | over $1,000,000 |
Short-Term Bond | Michael F. Reinartz(e) | None | None |
Small-Cap Stock | Frank M. Alonso | None | $500,001$1,000,000 |
Small-Cap Value | J. David Wagner | $100,001$500,000 | over $1,000,000 |
Spectrum Growth | Charles M. Shriver | $100,001$500,000 | $100,001$500,000 |
Spectrum Income | Charles M. Shriver | $100,001$500,000 | $100,001$500,000 |
Spectrum International | Charles M. Shriver | $100,001$500,000 | $100,001$500,000 |
Summit Municipal Income | Konstantine B. Mallas | $100,001$500,000 | $100,001$500,000 |
Summit Municipal Intermediate | Charles B. Hill | $500,001$1,000,000 | $500,001$1,000,000 |
Summit Municipal Money Market | Joseph K. Lynagh | None | $1$10,000 |
Tax- Efficient Equity | Donald J. Peters | over $1,000,000 | over $1,000,000 |
Tax- Exempt Money | Joseph K. Lynagh | $1$10,000 | $1$10,000 |
Tax- Free High Yield | James M. Murphy | $100,001$500,000 | $100,001$500,000 |
Tax- Free Income | Konstantine B. Mallas | $100,001$500,000 | $100,001$500,000 |
Tax- Free Short-Intermediate | Charles B. Hill | $1$10,000 | $1$10,000 |
Tax- Free Ultra Short-Term Bond | Joseph K. Lynagh | (f) | None |
Total Equity Market Index | Ken D. Uematsu | $1$10,000 | $1$10,000 |
Total Return | Christopher P. Brown, Jr. Andrew C. McCormick | (g) (g) | (g) (g) |
U.S. Bond Enhanced Index | Robert M. Larkins | None | $10,001$50,000 |
U.S. Large-Cap Core | Jeffrey Rottinghaus | over $1,000,000 | over $1,000,000 |
U.S. Treasury Intermediate | Brian J. Brennan | $10,001$50,000 | $10,001$50,000 |
U.S. Treasury Long-Term | Brian J. Brennan | $10,001$50,000 | $10,001$50,000 |
U.S. Treasury Money | Joseph K. Lynagh | $1$10,000 | $10,001$50,000 |
Ultra Short-Term Bond | Joseph K. Lynagh | $100,001$500,000 | $100,001$500,000 |
Value | Mark S. Finn | over $1,000,000 | over $1,000,000 |
(a) See table beginning on page 11 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 11.
(b) On May 1, 2017, Thomas H. Watson replaced Eric L. Veiel as co-portfolio manager of the fund. The range of holdings is not yet available.
(c) Stephen L. Bartolini replaced Daniel O. Shackelford as the funds portfolio manager. The range of holdings is as of June 30, 2016.
(d) The fund incepted on September 6, 2016; therefore the range of holdings is not yet available.
(e) On January 1, 2017, Michael F. Reinartz became the sole portfolio manager of the fund.
(f) The fund has not incepted; therefore, the range of fund holdings is not yet available.
(g) The fund incepted on November 15, 2016; therefore the range of fund holdings is not yet available.
The following funds are generally designed to be sold to persons residing in the state referenced in the funds name. Since the portfolio managers reside in Maryland, they do not typically invest in funds designed to provide tax benefits for residents of other states.
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Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Funds Fiscal Yeara |
California Tax-Free Bond | Konstantine B. Mallas | None | None |
California Tax-Free Money | Joseph K. Lynagh | None | None |
Georgia Tax-Free Bond | Hugh D. McGuirk | None | None |
Maryland Short-Term Tax-Free Bond | Charles B. Hill | $10,001$50,000 | $10,001$50,000 |
Maryland Tax-Free Bond | Hugh D. McGuirk | $500,001$1,000,000 | $500,001$1,000,000 |
Maryland Tax-Free Money | Joseph K. Lynagh | $1$10,000 | $1$10,000 |
New Jersey Tax-Free Bond | Konstantine B. Mallas | None | None |
New York Tax-Free Bond | Konstantine B. Mallas | None | None |
New York Tax-Free Money | Joseph K. Lynagh | None | None |
Virginia Tax-Free Bond | Hugh D. McGuirk | None | None |
(a) See table beginning on page 11 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 11.
The following target date funds are designed to provide a diversified portfolio that becomes more conservative over time based on an expected retirement year.
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as |
Retirement 2005 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2010 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2015 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2020 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2025 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2030 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2035 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | $10,001$50,000 | over $1,000,000 | |
Retirement 2040 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | $100,001$500,000 | over $1,000,000 | |
Retirement 2045 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2050 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2055 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement 2060 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement Balanced | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2005 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 |
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Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as |
Retirement I 2010 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2015 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2020 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2025 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2030 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2035 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2040 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2045 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2050 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2055 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement I 2060 FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Retirement Balanced I FundI Class | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | over $1,000,000 | |
Target 2005 | Jerome A. Clark | None | over $1,000,000 |
Wyatt A. Lee | None | None | |
Target 2010 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2015 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2020 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2025 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2030 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2035 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2040 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2045 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2050 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2055 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None | |
Target 2060 | Jerome A. Clark | None | None |
Wyatt A. Lee | None | None |
106
(a) See table beginning on page 11 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 11.
The following funds are not available for direct purchase by members of the public. Therefore, the portfolio manager is not permitted to invest directly in the fund.
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Funds Fiscal Yeara |
Emerging Markets Corporate Multi-Sector Account Portfolio | Samy B. Muaddi | None | $100,001$500,000 |
Emerging Markets Local Multi-Sector Account Portfolio | Andrew Keirle | None | $50,001$100,000 |
Floating Rate Multi-Sector Account Portfolio | Paul M. Massaro | None | $50,001$100,000 |
Government Reserve | Joseph K. Lynagh | None | $10,001$50,000 |
High Yield Multi-Sector Account Portfolio | Mark J. Vaselkiv | None | $500,001$1,000,000 |
Investment-Grade Corporate Multi-Sector Account Portfolio | Steve Boothe(b) | None | None |
Mid-Cap Index | Ken D. Uematsu | None | None |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Andrew C. McCormick | None | $100,001$500,000 |
Short-Term | Joseph K. Lynagh | None | $100,001$500,000 |
Short-Term Government | Joseph K. Lynagh | (c) | $100,001$500,000 |
Small-Cap Index | Ken D. Uematsu | None | None |
Treasury Reserve | Joseph K. Lynagh | None | None |
(a) See table beginning on page 11 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 11.
(b) On May 1, 2016, Steve Boothe replaced David A. Tiberii as the funds portfolio manager.
(c) The fund has not incepted, therefore the range of fund holdings is not yet available.
Portfolio Manager Compensation
Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grant. Compensation is variable and is determined based on the following factors.
Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and Price Hong Kong, Price Singapore, and T. Rowe Price International, as appropriate), evaluate performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper index (e.g., Large-Cap Growth) set forth in the total returns table in the funds prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee (as described under the Disclosure of Fund Portfolio Information section) and is the same as the selection presented to the directors of the Price Funds in their regular review of fund performance. Performance is primarily measured on a pretax basis though tax efficiency is considered and is especially important for the Tax-Efficient Equity Fund.
Compensation is viewed with a long-term time horizon. The more consistent a managers performance over time, the higher the compensation opportunity. The increase or decrease in a funds assets due to the purchase
107
or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed-income funds, a funds expense ratio is usually taken into account. Contribution to T. Rowe Prices overall investment process is an important consideration as well. Leveraging ideas and investment insights across the global investment platform, working effectively with and mentoring others, and other contributions to our clients, the firm or our culture are important components of T. Rowe Prices long-term success and are highly valued.
All employees of T. Rowe Price, including portfolio managers, participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, receive supplemental medical/hospital reimbursement benefits.
This compensation structure is used when evaluating the performance of all portfolios (including the Price Funds) managed by the portfolio manager.
Assets Under Management
The following table sets forth the number and total assets of the mutual funds and accounts managed by the Price Funds portfolio managers as of the most recent fiscal year end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all managers of those funds. There are no accounts for which the advisory fee is based on the performance of the account.
Registered Investment | Other
Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Ulle Adamson | 1 | 164,240,002 | 1 | 6,991,325 | 0 | |
Kennard Allen | 4 | 4,803,188,721 | 0 | | 0 | |
Frank M. Alonso(a) | 4 | 13,270,995,867 | 2 | 1,295,432,404 | 3 | 755,726,422 |
Boyko D. Atanassov(b) | 1 | 30,596,759 | 0 | | 0 | |
Ziad Bakri(c) | 6 | 12,313,445,286 | 0 | | 1 | 90,606,612 |
Stephen L. Bartolini(d) | 2 | 7,745,553,077 | 1 | 931,027,357 | 0 | |
Peter J. Bates | 1 | 16,095,069 | 0 | | 0 | |
Oliver D.M. Bell | 3 | 336,440,473 | 2 | 20,963,805 | 0 | |
R. Scott Berg | 2 | 439,767,611 | 13 | 2,484,807,521 | 6 | 1,172,687,691 |
Brian W.H. Berghuis | 9 | 41,484,621,253 | 1 | 1,121,899,939 | 7 | 1,757,068,989 |
Steve Boothe(e) | 0 | | 1 | 21,695,736 | 1 | 11,981,595 |
Brian J. Brennan | 4 | 2,561,123,073 | 4 | 2,396,996,372 | 7 | 1,936,604,951 |
Christopher P. Brown, Jr.(f) | 1 | 330,474,028 | 0 | | 0 | |
Archibald Ciganer | 1 | 316,242,513 | 3 | 294,773,9223 | 1 | 37,278,323 |
Jerome A. Clark | 86 | 154,084,844,798 | 35 | 41,873,036,414 | 0 | |
Richard N. Clattenburg | 5 | 15,396,674,400 | 1 | 2,033,348,957 | 0 | |
Michael J. Conelius | 2 | 6,731,843,340 | 6 | 2,162,243,354 | 0 | |
Michael Della Vedova | 1 | 61,334,202 | 3 | 9,289,156,358 | 1 | 9,014,511 |
Shawn T. Driscoll | 2 | 4,150,055,534 | 2 | 456,203,949 | 2 | 102,637,575 |
Donald J. Easley | 5 | 2,428,514,103 | 0 | | 3 | 110,908,687 |
David J. Eiswert | 3 | 646,973,809 | 8 | 1,181,122,136 | 6 | 3,064,247,347 |
Henry M. Ellenbogen | 1 | 16,741,610,876 | 1 | 1,395,306,287 | 8 | 1,801,940,265 |
Joseph B. Fath | 11 | 58,905,834,683 | 2 | 6,287,696,672 | 8 | 2,048,009,748 |
Mark S. Finn | 8 | 15,655,050,005 | 4 | 6,834,622,669 | 30 | 5,456,845,018 |
David R. Giroux | 7 | 40,624,908,417 | 1 | 426,693,507 | 0 | |
Paul D. Greene II | 2 | 4,094,997,162 | 0 | | 0 | |
108
Registered Investment | Other Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Charles B. Hill | 4 | 6,959,022,149 | 2 | 316,347,269 | 9 | 1,890,563,490 |
Ann M. Holcomb | 3 | 5,460,590,765 | 6 | 3,067,265,446 | 25 | 9,383,057,885 |
Steven C. Huber | 2 | 403,464,948 | 1 | 285,080,468 | 2 | 418,575,188 |
Thomas J. Huber | 2 | 7,760,400,171 | 0 | | 1 | 118,068,330 |
Arif Husain | 5 | 33,890,946,265 | 14 | 6,002,256,351 | 1 | 161,906,554 |
Nina P. Jones | 1 | 234,420,194 | 1 | 37,874,545 | 0 | |
Andrew Keirle | 2 | 272,591,570 | 1 | 12,157,811 | 0 | |
Robert M. Larkins | 1 | 676,465,792 | 2 | 1,374,449,926 | 14 | 1,772,064,492 |
David M. Lee | 2 | 6,389,072,232 | 0 | | 0 | |
Wyatt A. Lee | 39 | 154,224,346,966 | 29 | 43,676,751,939 | 0 | |
John D. Linehan | 15 | 42,168,170,990 | 6 | 9,141,522,636 | 31 | 6,037,736,624 |
Anh Lu | 1 | 2,667,512,344 | 4 | 1,282,320,664 | 0 | |
Joseph K. Lynagh | 14 | 39,100,936,552 | 3 | 899,914,989 | 4 | 439,785,313 |
Konstantine B. Mallas | 5 | 5,449,040,172 | 0 | | 4 | 82,478,781 |
Sebastien Mallet | 1 | 8,909,962 | 2 | 25,178,569 | 0 | |
Paul M. Massaro | 3 | 5,362,540,819 | 3 | 755,717,743 | 17 | 6,376,449,075 |
Jonathan H.W. Matthews | 1 | 11,641,629,896 | 1 | 1,667,833,587 | 0 | |
Andrew C. McCormick | 3 | 60,362,923,078 | 0 | | 0 | |
Hugh D. McGuirk | 2 | 3,575,898,528 | 0 | | 10 | 703,818,201 |
Heather K. McPherson | 6 | 11,209,191,146 | 2 | 1,390,886,048 | 25 | 4,384,750,828 |
Raymond A. Mills | 5 | 12,224,929,567 | 1 | 1,995,347,680 | 3 | 1,398,396,191 |
Eric C. Moffett | 1 | 29,730,897 | 1 | 2,563,871 | 0 | |
Samy B. Muaddi | 2 | 90,469,521 | 3 | 223,870,307 | 0 | |
James M. Murphy | 3 | 3,821,796,495 | 0 | | 0 | |
Sudhir Nanda | 3 | 3,981,921,678 | 0 | | 0 | |
Jason Nogueira(g) | 1 | 7,383,711 | 0 | | 0 | |
Kenneth A. Orchard | 0 | | 1 | 4,980,108 | 0 | |
Gonzalo Pangaro | 1 | 8,734,776,138 | 5 | 4,507,960,941 | 5 | 1,515,580,225 |
Donald J. Peters | 6 | 2,652,679,604 | 0 | | 14 | 1,980,162,046 |
Jason B. Polun | 3 | 5,460,590,765 | 6 | 7,686,320,068 | 25 | 9,383,057,885 |
Larry J. Puglia | 9 | 43,494,911,127 | 11 | 6,450,222,383 | 17 | 4,345,108,081 |
Rodney M. Rayburn | 2 | 57,029,643 | 1 | 22,561,086 | 0 | |
Michael F. Reinartz | 8 | 10,066,046,417 | 2 | 6,125,759,169 | 10 | 1,957,314,698 |
Jeffrey Rottinghaus | 2 | 1,976,624,829 | 3 | 367,059,139 | 0 | |
Federico Santilli | 2 | 301,434,272 | 1 | 1,880,221 | 0 | |
Daniel O. Shackelford | 5 | 68,437,637,380 | 3 | 6,514,868,679 | 9 | 1,335,009,240 |
Charles M. Shriver | 26 | 35,249,395,632 | 17 | 3,283,929,663 | 6 | 1,407,998,476 |
Farris G. Shuggi(b) | 1 | 16,919,750 | 0 | | 0 | |
Neil Smith | 1 | 526,814,432 | 1 | 481,254,677 | 0 | |
Gabriel Solomon | 1 | 743,780,948 | 0 | | 0 | |
Joshua K. Spencer | 2 | 3,491,252,666 | 3 | 1,121,635,451 | 3 | 921,003,278 |
Taymour R. Tamaddon(h) | | | | | | |
Dean Tenerelli | 1 | 1,098,884,924 | 6 | 1,196,239,414 | 4 | 573,210,093 |
Justin Thomson | 1 | 4,221,706,318 | 2 | 514,048,641 | 3 | 242,177,972 |
David A. Tiberii | 3 | 950,162,986 | 2 | 91,914,505 | 6 | 3,635,539,924 |
109
Registered Investment | Other Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Ken D. Uematsu | 5 | 29,863,040,644 | 2 | 6,060,721,808 | 0 | |
Mark J. Vaselkiv | 6 | 12,295,347,356 | 3 | 2,415,866,351 | 1 | 160,527,710 |
Verena E. Wachnitz | 1 | 494,879,265 | 2 | 41,778,630 | 0 | |
J. David Wagner | 6 | 11,112,565,373 | 1 | 1,209,460,293 | 2 | 285,045,277 |
David J. Wallack | 3 | 14,928,231,514 | 1 | 1,458,623,380 | 1 | 21,266,932 |
Thomas H. Watson(i) | | | | | | |
Justin White(j) | 4 | 4,479,259,722 | 0 | | 0 | |
Ernest C. Yeung | 1 | 19,523,370 | 1 | 2,540,388 | 0 | |
(a) The individual assumed portfolio management responsibilities of a mutual fund on October 1, 2016. The information on other managed accounts as of October 31, 2016.
(b) The individual assumed portfolio management responsibilities of a mutual fund on February 26, 2016. The information on other managed accounts is as of February 29, 2016.
(c) The individual assumed sole portfolio management responsibilities of a mutual fund on July 1, 2016. The information on other managed accounts is as of July 31, 2016.
(d) The individual assumed portfolio management responsibilities of a mutual fund on June 30, 2016. The information on other managed accounts is as of June 30, 2016.
(e) The individual assumed portfolio management responsibilities of a mutual fund on May 1, 2016. The information on other managed accounts is as of June 30, 2016.
(f) The individual assumed portfolio management responsibilities of a mutual fund on November 15, 2016. The information on other managed accounts is as of November 30, 2016.
(g) The individual assumed portfolio management responsibilities of a mutual fund on June 27, 2016. The information on other managed accounts is as of June 30, 2016.
(h) The individual assumed portfolio management responsibilities of a mutual fund on January 1, 2017. The information on other managed accounts is not yet available.
(i) The individual assumed co-portfolio management responsibilities of a mutual fund on May 1, 2017. The information on other managed accounts is not yet available.
(j) The individual assumed portfolio management responsibilities of a mutual fund on April 1, 2016. The information on other managed accounts is as of April 30, 2016.
Conflicts of Interest
Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds and common trust funds. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe Price and its affiliates have adopted brokerage and trade allocation policies and procedures which they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts for multiple clients. Also, as disclosed under the Portfolio Manager Compensation section, the portfolio managers compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager. Please see the Portfolio Transactions section of this SAI for more information on our brokerage and trade allocation policies.
The Price Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on mutual funds, including the Price Funds. T. Rowe Price manages the Morningstar retirement plan and T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. In addition, Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates.
110
As of December 31, 2016, none of the independent directors or their immediate family members owned beneficially or of record any securities of T. Rowe Price (the Price Funds investment adviser), Investment Services (the Price Funds distributor), or any person controlling, controlled by, or under common control with T. Rowe Price or Investment Services.
As of March 31, 2017, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund, except as shown in the following table.
Fund | % |
Asia Opportunities | 4.5 |
Cash Reserves | 2.6 |
Emerging Markets Value Stock | 2.2 |
Global Allocation | 1.1 |
Global Consumer | 4.0 |
Global Growth Stock | 1.8 |
Global Industrials | 4.5 |
Global Stock | 1.1 |
Institutional Global Focused Growth Equity | 11.9 |
Institutional Global Multi-Sector Bond | 3.7 |
Institutional Global Value Equity | 2.8 |
Maryland Short-Term Tax-Free Bond | 3.5 |
Tax-Efficient Equity | 5.3 |
Total Return | 3.9 |
U.S. Treasury Money | 1.4 |
111
As of March 31, 2017, the following shareholders of record owned more than 5% of the outstanding shares of the indicated funds and/or classes.
FUND |
| SHAREHOLDER |
| % |
AFRICA & MIDDLE EAST FUND |
| NATIONAL FINANCIAL SERVICES |
| 16.81 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
| 499 WASHINGTON BLVD |
| ||
| JERSEY CITY NJ 07310-2010 |
| ||
AFRICA & MIDDLE EAST FUNDI CLASS |
| T ROWE PRICE ASSOCIATES |
| 98.29(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
| 100 EAST PRATT ST |
| ||
| BALTIMORE MD 21202-1009 |
| ||
ASIA OPPORTUNITIES FUND |
| T ROWE PRICE ASSOCIATES |
| 25.50(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
ASIA OPPORTUNITIES FUNDADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 98.32(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
ASIA OPPORTUNITIES FUNDI CLASS |
| T ROWE PRICE ASSOCIATES |
| 100.00(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
BALANCED FUND |
| NATIONAL FINANCIAL SERVICES |
| 5.76 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE TRUST CO INC | 29.21(b) | ||
| ATTN: TRPS INST CONTROL DEPT |
| ||
BALANCED FUNDI CLASS |
| NATIONAL FINANCIAL SERVICES |
| 5.45 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| UBATCO & CO | 21.33 | ||
| FBO COLLEGE SAVINGS GROUP |
| ||
| PO BOX 82535 |
| ||
| LINCOLN NE 68501-2535 |
| ||
|
| |||
| UBATCO & CO FBO ACES TRUST FUND | 27.99(c) | ||
| 6811 S 27TH ST |
| ||
| LINCOLN NE 68512-4823 |
|
112
FUND |
| SHAREHOLDER |
| % |
BLUE CHIP GROWTH FUND |
| CHARLES SCHWAB & CO INC |
| 7.21 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
| 211 MAIN ST |
| ||
| SAN FRANCISCO CA 94105-1905 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 14.04 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE RET PLAN SVCS TR | 6.97 | ||
| BLUE CHIP GROWTH FUND |
| ||
| ATTN ASSET RECONCILATIONS |
| ||
| PO BOX 17215 |
| ||
| BALTIMORE MD 21297-1215 |
| ||
|
| |||
| WELLS FARGO CLEARING SERVICES LLC | 9.51 | ||
| SPECIAL CUSTODY ACCT FOR THE |
| ||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| ||
| 2801 MARKET ST |
| ||
| SAINT LOUIS MO 63103-2523 |
| ||
BLUE CHIP GROWTH FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 17.84 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| GREAT-WEST TRUST CO. | 5.58 | ||
| FBO EMPLOYEE BENEFITS CLIENTS |
| ||
| ATTN MUTUAL FUND TRADING 2T2 |
| ||
| 8515 E ORCHARD RD |
| ||
| ENGLEWOOD CO 80111-5002 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 14.64 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| RELIANCE TRUST COMPANY FBO | 5.15 | ||
| INSPER 401K |
| ||
| PO BOX 48529 |
| ||
| ATLANTA GA 30362-1529 |
|
113
FUND |
| SHAREHOLDER |
| % |
BLUE CHIP GROWTH FUNDI CLASS |
| CHARLES SCHWAB & CO INC |
| 5.37 |
| ATTN MUTUAL FUNDS |
| ||
|
| |||
| EDWARD D JONES & CO | 29.69(c) | ||
| FOR THE BENEFIT OF CUSTOMERS |
| ||
| 12555 MANCHESTER RD |
| ||
| SAINT LOUIS MO 63131-3729 |
| ||
|
| |||
| J.P. MORGAN SECURITIES LLC | 8.69 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
| 4 CHASE METROTECH CTR |
| ||
| BROOKLYN NY 11245-0003 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 15.72 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 6.90 | ||
| 1 PERSHING PLZ |
| ||
| JERSEY CITY NJ 07399-0002 |
| ||
|
| |||
| TD AMERITRADE INC FBO | 6.83 | ||
| OUR CUSTOMERS |
| ||
| PO BOX 2226 |
| ||
| OMAHA NE 68103-2226 |
| ||
BLUE CHIP GROWTH FUNDR CLASS |
| DCGT AS TTEE AND/OR CUST |
| 8.25 |
| ATTN NPIO TRADE DESK |
| ||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| ||
| OMNIBUS |
| ||
| 711 HIGH ST |
| ||
| DES MOINES IA 50392-0001 |
| ||
|
| |||
| NFS LLC FEBO | 5.88 | ||
| STATE STREET BANK TRUST CO |
| ||
| TTEE VARIOUS RETIREMENT PLANS |
| ||
| 440 MAMARONECK AVE |
| ||
| HARRISON NY 10528-2418 |
| ||
|
| |||
| STATE STREET BANK AND TRUST AS | 20.28 | ||
| TRUSTEE AND/OR CUSTODIAN |
| ||
| FBO ADP ACCESS PRODUCT |
| ||
| 1 LINCOLN ST |
| ||
| BOSTON MA 02111-2901 |
|
114
FUND |
| SHAREHOLDER |
| % |
CALIFORNIA TAX-FREE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 7.54 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 19.45 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
CAPITAL APPRECIATION FUND |
| CHARLES SCHWAB & CO INC |
| 11.30 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 12.06 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 6.52 | ||
|
| |||
| TD AMERITRADE INC FBO | 5.12 | ||
| OUR CUSTOMERS |
| ||
CAPITAL APPRECIATION FUNDADVISOR CLASS |
| AMERITAS LIFE INSURANCE CORP |
| 5.39 |
| SEPARATE ACCOUNT G |
| ||
| 5900 O STREET |
| ||
| LINCOLN NE 68510-2234 |
| ||
|
| |||
| CHARLES SCHWAB & CO INC | 33.97(c) | ||
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 21.91 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 5.40 | ||
|
| |||
| UMB BANK N/A | 6.29 | ||
| FBO FIDUCIARY FOR TAX DEFERRED |
| ||
| ACCOUNTS |
| ||
| 1 SW SECURITY BENEFIT PL |
| ||
| TOPEKA KS 66636-0001 |
| ||
CAPITAL APPRECIATION FUNDI CLASS |
| CHARLES SCHWAB & CO INC |
| 15.50 |
| ATTN MUTUAL FUNDS |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 10.27 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| TD AMERITRADE INC FBO | 9.36 | ||
| OUR CUSTOMERS |
|
115
FUND |
| SHAREHOLDER |
| % |
CAPITAL OPPORTUNITY FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 23.40 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| FIIOC AS AGENT FBO | 12.23 | ||
| SHEPHERD ELECTRIC COMPANY INC |
| ||
| 401K AND PROFIT SHARING PLAN |
| ||
| 100 MAGELLAN WAY # KW1C |
| ||
| COVINGTON KY 41015-1987 |
| ||
|
| |||
| RELIANCE TRUST COMPANY FBO | 18.77 | ||
| C/O FASCORE LLC |
| ||
| RETIREMENT PLANS SERVICED BY METLIFE |
| ||
| 8515 E ORCHARD RD 2T2 |
| ||
| GREENWOOD VLG CO 80111-5002 |
| ||
|
| |||
| TD AMERITRADE INC FBO | 24.35 | ||
| OUR CUSTOMERS |
| ||
CAPITAL OPPORTUNITY FUNDI CLASS |
| MAC & CO |
| 19.03 |
| ATTN: MUTUAL FUND OPS |
| ||
| 500 GRANT ST RM 151-1010 |
| ||
| PITTSBURGH PA 15219-2502 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 13.58 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| NATIONWIDE TRUST COMPANY FSB | 5.05 | ||
| C/O IPO PORTFOLIO ACCOUNTING |
| ||
| FBO PARTICIPATING RETIREMENT PLANS |
| ||
| NTC-PLNS |
| ||
| PO BOX 182029 |
| ||
| COLUMBUS OH 43218-2029 |
| ||
|
| |||
| GOLDEY-BEACOM COLLEGE | 49.19(c) | ||
| ENDOWMENT FUND |
| ||
| ATTN: KRISTINE M SANTOMAURO |
| ||
| 4701 LIMESTONE RD |
| ||
| WILMINGTON DE 19808-1993 |
| ||
|
| |||
| PETER C. BROCKWAY TR | 30.58(c) | ||
| PETER C BROCKWAY DEC OF TRUST |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 7.04 | ||
| ATTN FINANCIAL REPORTING DEPT |
|
116
FUND |
| SHAREHOLDER |
| % |
CAPITAL OPPORTUNITY FUNDR CLASS |
| CAPITAL BANK & TRUST COMPANY TTEE F |
| 14.05 |
| JEFF WYLER AUTO FAMILY INC RSP 401K |
| ||
| 8515 E ORCHARD RD 2T2 |
| ||
| GREENWOOD VLG CO 80111-5002 |
| ||
|
| |||
| CAPITAL BANK & TRUST COMPANY TTEE F | 17.32 | ||
| MACHINERY SYSTEMS INC EMPLOYEES PSP |
| ||
|
| |||
| DCGT AS TTEE AND/OR CUST | 5.05 | ||
| ATTN NPIO TRADE DESK |
| ||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| ||
| OMNIBUS |
| ||
|
| |||
| NATIONWIDE TRUST CO FSB | 21.41 | ||
| C/O IPO PORTFOLIO ACCTG |
| ||
|
| |||
| NFS LLC FEBO | 6.04 | ||
| RELIANCE TRUST CO TTEE/CUST |
| ||
| FOR TRS FBO VARIOUS RET PLANS |
| ||
| 1150 S OLIVE ST |
| ||
| LOS ANGELES CA 90015-2211 |
| ||
|
| |||
| RELIANCE TRUST CO., CUSTODIAN | 5.13 | ||
| FBO MASSMUTUAL OMNIBUS PPL/SMF |
| ||
CORPORATE INCOME FUND |
| SPECTRUM INCOME FUND |
| 48.33(d) |
| T. ROWE PRICE ASSOCIATES |
| ||
| ATTN: FUND ACCOUNTING DEPT |
| ||
CORPORATE INCOME FUNDI CLASS |
| KB INSURANCE CO LTD |
| 51.66(c) |
| KB INSURANCE BLDG, 110 |
| ||
| TEHERAN-RO, GANGNAM-GU |
| ||
| SEOUL, 06134 |
| ||
| REPUBLIC OF KOREA |
| ||
|
| |||
| PERSHING LLC | 18.69 | ||
|
| |||
| ROBERT W SMITH | 7.60 | ||
| TERESA O SMITH |
| ||
| 1111 WESTWICKE LN |
| ||
| LUTHERVILLE MD 21093-3754 |
| ||
|
| |||
| TRUSTEES OF T ROWE PRICE | 9.87 | ||
| U.S. RETIREMENT PROGRAM |
| ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
| P O BOX 89000 |
| ||
| BALTIMORE MD 21289-0001 |
| ||
CREDIT OPPORTUNITIES FUND |
| T ROWE PRICE ASSOCIATES |
| 47.82(a) |
| ATTN FINANCIAL REPORTING DEPT |
|
117
FUND |
| SHAREHOLDER |
| % |
CREDIT OPPORTUNITIES FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 19.56 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| PERSHING LLC | 6.85 | ||
|
| |||
| T ROWE PRICE ASSOCIATES | 73.59(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
CREDIT OPPORTUNITIES FUNDI CLASS |
| T ROWE PRICE ASSOCIATES |
| 100.00(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
DIVERSIFIED MID-CAP GROWTH FUND |
| NATIONAL FINANCIAL SERVICES |
| 5.36 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 6.91 | ||
DIVIDEND GROWTH FUND |
| CHARLES SCHWAB & CO INC |
| 7.27 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| LPL FINANCIAL | 5.32 | ||
| OMNIBUS CUSTOMER ACCOUNT |
| ||
| ATTN: MUTUAL FUND TRADING |
| ||
| 4707 EXECUTIVE DR |
| ||
| SAN DIEGO CA 92121-3091 |
| ||
|
| |||
| MLPF&S FOR THE SOLE BENEFIT OF | 6.75 | ||
| ITS CUSTOMERS |
| ||
| 4800 DEERLAKE DR E 3RD FL |
| ||
| JACKSONVILLE FL 32246-6484 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 20.50 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 5.29 |
118
FUND |
| SHAREHOLDER |
| % |
DIVIDEND GROWTH FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 15.57 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| GREAT-WEST TRUST CO. | 6.00 | ||
| EMPLOYEE BENEFITS CLIENTS |
| ||
|
| |||
| JOHN HANCOCK TRUST COMPANY | 5.10 | ||
| 690 CANTON STREET |
| ||
| WESTWOOD MA 02090-2321 |
| ||
|
| |||
| MATRIX TRUST COMPANY AS TTEE FBO | 5.60 | ||
| VISTA 401(K) RETIREMENT PLAN |
| ||
| PO BOX 52129 |
| ||
| PHOENIX AZ 85072-2129 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 44.64(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
DIVIDEND GROWTH FUNDI CLASS |
| EDWARD D JONES & CO |
| 51.33(c) |
| FOR THE BENEFIT OF CUSTOMERS |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 22.24 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
DYNAMIC GLOBAL BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 8.59 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 53.63(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
DYNAMIC GLOBAL BOND FUNDADVISOR CLASS |
| LPL FINANCIAL |
| 14.92 |
| OMNIBUS CUSTOMER ACCOUNT |
| ||
| ATTN: MUTUAL FUND TRADING |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 68.63(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 14.16 | ||
| ATTN FINANCIAL REPORTING DEPT |
|
119
FUND |
| SHAREHOLDER |
| % |
DYNAMIC GLOBAL BOND FUNDI CLASS |
| LADYBIRD & CO |
| 41.24(d) |
| C/O T ROWE PRICE ASSOC |
| ||
| ATTN DYNAMIC GLOBAL BOND |
| ||
| I CLASS |
| ||
|
| |||
| LADYBUG & CO | 40.61(d) | ||
| C/O T ROWE PRICE ASSOC |
| ||
| ATTN DYNAMIC GLOBAL BOND |
| ||
| I CLASS |
| ||
|
| |||
| TD AMERITRADE INC FBO | 7.60 | ||
| OUR CUSTOMERS |
| ||
EMERGING EUROPE FUND |
| NATIONAL FINANCIAL SERVICES LLC |
| 6.41 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
EMERGING EUROPE FUNDI CLASS |
| T ROWE PRICE ASSOCIATES |
| 98.92(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
EMERGING MARKETS BOND FUND |
| RETIREMENT PORTFOLIO 2015 |
| 6.86 |
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2020 | 16.32 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2025 | 11.54 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2030 | 11.74 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2035 | 5.40 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| SPECTRUM INCOME FUND | 9.61 | ||
| T. ROWE PRICE ASSOCIATES |
| ||
| ATTN: FUND ACCOUNTING DEPT |
|
120
FUND |
| SHAREHOLDER |
| % |
EMERGING MARKETS BOND FUNDADVISOR |
| CHARLES SCHWAB & CO INC |
| 65.74(c) |
CLASS | ATTN MUTUAL FUNDS |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 17.21 | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| UMB BANK NA C/F | 8.13 | ||
| TUSCARORA SCHOOL DISTRICT 403B |
| ||
| FBO JOCELYN K GOODMAN |
| ||
| 5962 WILLIAMSON RD |
| ||
| SAINT THOMAS PA 17252-9315 |
| ||
EMERGING MARKETS BOND FUNDI CLASS |
| J.P. MORGAN SECURITIES LLC |
| 43.10(c) |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
EMERGING MARKETS CORPORATE BOND FUND |
| MCWOOD & CO |
| 8.92 |
| PO BOX 29522 |
| ||
| RALEIGH NC 27626-0522 |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 42.82(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| TD AMERITRADE INC FBO | 7.79 | ||
| OUR CUSTOMERS |
| ||
EMERGING MARKETS CORPORATE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 26.63(c) |
ADVISOR CLASS | REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 37.60(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 5.50 | ||
|
| |||
| T ROWE PRICE ASSOCIATES | 21.00 | ||
| ATTN FINANCIAL REPORTING DEPT |
|
121
FUND |
| SHAREHOLDER |
| % |
EMERGING MARKETS CORPORATE BOND FUND |
| CHARLES A MORRIS |
| 40.72(c) |
I CLASS | ELISE D MORRIS JT TEN T O D |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 19.31 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 10.97 | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| TRUSTEES OF T ROWE PRICE | 29.00(c) | ||
| U.S. RETIREMENT PROGRAM |
| ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
EMERGING MARKETS CORPORATE MULTI-SECTOR |
| CBE OF NEW BRUNSWICK |
| 43.55(c) |
ACCOUNT PORTFOLIO | EM BOND MAP |
| ||
| 440 KING ST STE 680 |
| ||
| FREDERICTON NB E3B 5H8 |
| ||
| CANADA |
| ||
|
| |||
| GENERAL DYNAMICS CORP 401K | 8.92 | ||
| PLAN MASTER TRUST CP |
| ||
| 2941 FAIRVIEW PARK DR STE 100 |
| ||
| FALLS CHURCH VA 22042-4541 |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 40.78(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
EMERGING MARKETS LOCAL CURRENCY BOND |
| PERSHING LLC |
| 7.88 |
FUND |
| |||
| SPECTRUM INCOME FUND | 81.83(d) | ||
| T. ROWE PRICE ASSOCIATES |
| ||
| ATTN: FUND ACCOUNTING DEPT |
| ||
EMERGING MARKETS LOCAL CURRENCY BOND |
| CHARLES SCHWAB & CO INC |
| 11.76 |
FUNDADVISOR CLASS | REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 35.31(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 52.92(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
|
122
FUND |
| SHAREHOLDER |
| % |
EMERGING MARKETS LOCAL CURRENCY BOND |
| NATIONAL FINANCIAL SERVICES |
| 11.80 |
FUNDI CLASS | FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| TD AMERITRADE INC FBO | 61.45(c) | ||
| OUR CUSTOMERS |
| ||
|
| |||
| TD AMERITRADE TRUST COMPANY | 10.00 | ||
| ATTN HOUSE |
| ||
| PO BOX 17748 |
| ||
| DENVER CO 80217-0748 |
| ||
|
| |||
| TRUSTEES OF T ROWE PRICE | 15.53 | ||
| U.S. RETIREMENT PROGRAM |
| ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
EMERGING MARKETS LOCAL MULTI-SECTOR |
| CBE OF NEW BRUNSWICK |
| 68.57(c) |
ACCOUNT PORTFOLIO | EM LOCAL MAP |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 30.29(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
EMERGING MARKETS STOCK FUND |
| RETIREMENT PORTFOLIO 2020 |
| 9.37 |
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2025 | 8.65 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2030 | 12.19 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2035 | 7.78 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2045 | 5.19 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
|
123
FUND |
| SHAREHOLDER |
| % |
EMERGING MARKETS STOCK FUNDI CLASS |
| MASSACHUSETTS MUTUAL LIFE |
| 5.11 |
| INSURANCE COMPANY |
| ||
| 1295 STATE ST MIP C105 |
| ||
| SPRINGFIELD MA 01111-0002 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES LLC | 35.31(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| TD AMERITRADE INC FBO | 27.16(c) | ||
| OUR CUSTOMERS |
| ||
EMERGING MARKETS VALUE STOCK FUND |
| T ROWE PRICE ASSOCIATES |
| 28.93(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
EMERGING MARKETS VALUE STOCK FUND |
| PERSHING LLC |
| 6.34 |
ADVISOR CLASS |
| |||
| T ROWE PRICE ASSOCIATES | 93.66(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
EMERGING MARKETS VALUE STOCK FUND |
| T ROWE PRICE ASSOCIATES |
| 100.00(a) |
I CLASS | ATTN FINANCIAL REPORTING DEPT |
| ||
EQUITY INCOME FUND |
| NATIONAL FINANCIAL SERVICES |
| 8.92 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| STATE STREET BANK AND TRUST COMPANY | 6.41 | ||
| AS TRUSTEE OF THE TRUST FOR THE NEW |
| ||
| YORK STATE DC PLAN |
| ||
| 1200 CROWN COLONY DR |
| ||
| QUINCY MA 02169-0938 |
| ||
|
| |||
| T ROWE PRICE TRUST CO INC | 6.91 | ||
| ATTN: TRPS INST CONTROL DEPT |
| ||
EQUITY INCOME FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 7.08 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 52.38(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| WELLS FARGO BANK FBO | 6.17 | ||
| VARIOUS RETIREMENT PLANS |
| ||
| 1525 WEST WT HARRIS BLVD |
| ||
| CHARLOTTE NC 28288-0001 |
|
124
FUND |
| SHAREHOLDER |
| % |
EQUITY INCOME FUNDI CLASS |
| EDWARD D JONES & CO |
| 58.48(c) |
| FOR THE BENEFIT OF CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE RPS INC | 6.41 | ||
| OMNIBUS ACCOUNT |
| ||
| TRP EQUITY INCOME - I |
| ||
|
| |||
| TD AMERITRADE INC FBO | 10.86 | ||
| OUR CUSTOMERS |
| ||
|
| |||
| WELLS FARGO CLEARING SERVICES LLC | 5.11 | ||
| SPECIAL CUSTODY ACCT FOR THE |
| ||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| ||
EQUITY INCOME FUNDR CLASS |
| AMERICAN UNITED LIFE |
| 7.41 |
| AMERICAN UNIT TRUST |
| ||
| ATTN SEPARATE ACCOUNTS |
| ||
| PO BOX 368 |
| ||
| INDIANAPOLIS IN 46206-0368 |
| ||
|
| |||
| AMERICAN UNITED LIFE | 18.83 | ||
| SEPARATE ACCOUNT II |
| ||
|
| |||
| DCGT AS TTEE AND/OR CUST | 5.11 | ||
| ATTN NPIO TRADE DESK |
| ||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| ||
| OMNIBUS |
| ||
|
| |||
| HARTFORD LIFE INSURANCE CO | 14.47 | ||
| SEPARATE ACCOUNT |
| ||
| ATTN UIT OPERATIONS |
| ||
| PO BOX 2999 |
| ||
| HARTFORD CT 06104-2999 |
| ||
|
| |||
| NATIONWIDE TRUST CO FSB | 5.95 | ||
| C/O IPO PORTFOLIO ACCTG |
|
125
FUND |
| SHAREHOLDER |
| % |
EQUITY INDEX 500 FUND |
| RETIREMENT PORTFOLIO 2040 |
| 5.22 |
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2015 | 7.70 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2020 | 17.63 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2025 | 11.94 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2030 | 12.37 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2035 | 5.58 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
EQUITY INDEX 500 FUNDI CLASS |
| RETIREMENT I 2015 FUND |
| 6.34 |
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT I 2020 FUND | 16.96 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT I 2025 FUND | 11.19 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT I 2030 FUND | 13.54 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT I 2035 FUND | 5.75 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT I 2040 FUND | 6.32 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
|
126
FUND |
| SHAREHOLDER |
| % |
EUROPEAN STOCK FUND |
| CHARLES SCHWAB & CO INC |
| 8.12 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 6.19 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| SPECTRUM INTERNATIONAL FUND | 20.02 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN: FUND ACCOUNTING DEPT |
| ||
EUROPEAN STOCK FUNDI CLASS |
| T ROWE PRICE ASSOCIATES |
| 93.48(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| TD AMERITRADE INC FBO | 6.52 | ||
| OUR CUSTOMERS |
| ||
EXTENDED EQUITY MARKET INDEX FUND |
| TD AMERITRADE INC FBO |
| 5.58 |
| OUR CUSTOMERS |
| ||
FINANCIAL SERVICES FUND |
| PERSHING LLC |
| 5.58 |
|
| |||
| VANGUARD FIDUCIARY TRUST COMPANY | 15.06 | ||
| T ROWE PRICE RETAIL CLASS FUNDS |
| ||
| ATTN OUTSIDE FUNDS |
| ||
| PO BOX 2600 VM 613 |
| ||
| VALLEY FORGE PA 19482-2600 |
| ||
FINANCIAL SERVICES FUNDI CLASS |
| T ROWE PRICE ASSOCIATES |
| 90.37(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| TD AMERITRADE INC FBO | 7.79 | ||
| OUR CUSTOMERS |
| ||
FLOATING RATE FUND |
| NATIONAL FINANCIAL SERVICES |
| 6.26 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 7.71 | ||
|
| |||
| SPECTRUM INCOME FUND | 41.62(d) | ||
| T. ROWE PRICE ASSOCIATES |
| ||
| ATTN: FUND ACCOUNTING DEPT |
| ||
FLOATING RATE FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 16.74 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 66.21(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 10.29 |
127
FUND |
| SHAREHOLDER |
| % |
FLOATING RATE FUNDI CLASS |
| T ROWE PRICE ASSOCIATES |
| 15.14 |
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| WELLS FARGO CLEARING SERVICES LLC | 74.19(c) | ||
| SPECIAL CUSTODY ACCT FOR THE |
| ||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| ||
FLOATING RATE MULTI-SECTOR ACCOUNT |
| CBE OF NEW BRUNSWICK |
| 34.75(c) |
PORTFOLIO | FLOATING RATE MAP |
| ||
|
| |||
| GENERAL DYNAMICS CORP 401K | 17.25 | ||
| PLAN MASTER TRUST CP |
| ||
|
| |||
| ILLINOIS STUDENT ASSISTANCE | 6.41 | ||
| COMMISSION |
| ||
| ATTN: KENT CUSTER |
| ||
| 1755 LAKE COOK RD |
| ||
| DEERFIELD IL 60015-5209 |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 34.61(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
GEORGIA TAX-FREE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 29.89(c) |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 16.41 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
GLOBAL ALLOCATION FUND |
| MORGAN STANLEY SMITH BARNEY |
| 10.48 |
| HARBORSIDE FINANCIAL CENTER |
| ||
| PLAZA 2 |
| ||
| 3RD FLOOR |
| ||
| JERSEY CITY NJ 07311 |
| ||
|
| |||
| PERSHING LLC | 11.16 | ||
|
| |||
| T ROWE PRICE ASSOCIATES | 14.77 | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| UBS WM USA | 6.90 | ||
| SPEC CDY A/C EXL BEN CUSTOMERS |
| ||
| OF UBSFI |
| ||
| 1000 HARBOR BLVD |
| ||
| WEEHAWKEN NJ 07086-6761 |
|
128
FUND |
| SHAREHOLDER |
| % |
GLOBAL ALLOCATION FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 24.24 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| LPL FINANCIAL | 9.39 | ||
| OMNIBUS CUSTOMER ACCOUNT |
| ||
| ATTN: MUTUAL FUND TRADING |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 48.45(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 8.62 | ||
GLOBAL ALLOCATION FUNDI CLASS |
| CHARLES SCHWAB & CO INC |
| 18.44 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| JAMES A C KENNEDY | 7.28 | ||
| C/O T ROWE PRICE |
| ||
|
| |||
| JOHN D. BESSON | 10.99 | ||
| KAREN S. BESSON JT TEN |
| ||
|
| |||
| PERSHING LLC | 7.43 | ||
|
| |||
| TRUSTEES OF T ROWE PRICE | 34.00(c) | ||
| U.S. RETIREMENT PROGRAM |
| ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| WHITNEY FAMILY LLC | 8.33 | ||
|
| |||
| WILLIAM J STROMBERG | 11.57 | ||
GLOBAL CONSUMER FUND |
| JOHN D BESSON |
| 8.13 |
| KAREN S BESSON JT TEN |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 65.03(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
|
129
FUND |
| SHAREHOLDER |
| % |
GLOBAL GROWTH STOCK FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 10.19 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| MARK SMITH & GREGG DEVILBISS TTEE F | 33.57(c) | ||
| C/O FASCORE LLC |
| ||
| KENTNER SELLERS LLP PSP |
| ||
| 8515 E ORCHARD RD 2T2 |
| ||
| GREENWOOD VLG CO 80111-5002 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 9.42 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 6.20 | ||
|
| |||
| T ROWE PRICE ASSOCIATES | 35.75(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
GLOBAL GROWTH STOCK FUNDI CLASS |
| ERIN O'ROURKE |
| 20.75 |
|
| |||
| MITCHELL DANN TRUST | 23.90 | ||
|
| |||
| T ROWE PRICE ASSOCIATES | 55.35(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
GLOBAL HIGH INCOME BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 8.67 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 30.54(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
GLOBAL HIGH INCOME BOND FUNDADVISOR |
| CHARLES SCHWAB & CO INC |
| 58.20(c) |
CLASS | REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| PERSHING LLC | 10.53 | ||
|
| |||
| T ROWE PRICE ASSOCIATES | 11.43 | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| TD AMERITRADE INC FBO | 17.57 | ||
| OUR CUSTOMERS |
| ||
GLOBAL HIGH INCOME BOND FUNDI CLASS |
| CHARLES SCHWAB & CO INC |
| 77.06(c) |
| ATTN MUTUAL FUNDS |
| ||
|
| |||
| TD AMERITRADE INC FBO | 16.89 | ||
| OUR CUSTOMERS |
|
130
FUND |
| SHAREHOLDER |
| % |
GLOBAL INDUSTRIALS FUND |
| T ROWE PRICE ASSOCIATES |
| 36.18(a) |
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| TD AMERITRADE INC FBO | 12.08 | ||
| OUR CUSTOMERS |
| ||
GLOBAL MULTI-SECTOR BOND FUND |
| CHARLES SCHWAB & CO INC |
| 7.17 |
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 7.30 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 5.43 | ||
|
| |||
| TD AMERITRADE INC FBO | 6.62 | ||
| OUR CUSTOMERS |
| ||
GLOBAL MULTI-SECTOR BOND FUNDADVISOR |
| CHARLES SCHWAB & CO INC |
| 6.20 |
CLASS | SPECIAL CUSTODY A/C FBO CUSTOMERS |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| LPL FINANCIAL | 8.00 | ||
| OMNIBUS CUSTOMER ACCOUNT |
| ||
| ATTN: MUTUAL FUND TRADING |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 49.27(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 14.94 | ||
|
| |||
| TD AMERITRADE INC FBO | 19.24 | ||
| OUR CUSTOMERS |
|
131
FUND |
| SHAREHOLDER |
| % |
GLOBAL MULTI-SECTOR BOND FUNDI CLASS |
| AMERICAN TRUST CENTER |
| 10.42 |
| 401 N 4TH ST SUITE 301 |
| ||
| BISMARCK ND 58501-4023 |
| ||
|
| |||
| CENTBANK & CO | 18.92 | ||
| 802 N WASHINGTON ST |
| ||
| PO BOX 700 |
| ||
| JUNCTION CITY KS 66441-0700 |
| ||
|
| |||
| JOHN D BESSON | 10.24 | ||
| KAREN S BESSON JT TEN |
| ||
|
| |||
| LINCOLN RETIREMENT SERVICES COMPANY | 9.94 | ||
| FBO NORTHSTAR ANESTHESIA 401K PSP |
| ||
| PO BOX 7876 |
| ||
| FORT WAYNE IN 46801-7876 |
| ||
|
| |||
| MATRIX - CASH DIV | 5.98 | ||
| 814 N WASHINGTON ST |
| ||
| JUNCTION CITY KS 66441-2447 |
| ||
|
| |||
| SAN GABRIEL II LLC | 6.85 | ||
| 801 KEY HWY |
| ||
| UNIT 455 |
| ||
| BALTIMORE MD 21230-4197 |
| ||
|
| |||
| T ROWE PRICE TRUST CO | 7.90 | ||
| CUST FOR THE ROLLOVER IRA OF |
| ||
| JAMES F HARTMAN |
| ||
GLOBAL REAL ESTATE FUND |
| CHARLES SCHWAB & CO INC |
| 9.69 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 7.09 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 7.08 | ||
|
| |||
| T ROWE PRICE ASSOCIATES | 5.98 | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
|
| |||
| TD AMERITRADE INC FBO | 9.88 | ||
| OUR CUSTOMERS |
|
132
FUND |
| SHAREHOLDER |
| % |
GLOBAL REAL ESTATE FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 38.01(c) |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| GREAT-WEST TRUST CO. | 18.51 | ||
| EMPLOYEE BENEFITS CLIENTS 401K |
| ||
|
| |||
| LINCOLN RETIREMENT SERVICES COMPANY | 5.55 | ||
| FBO OAKLAWN HOSPITAL 403(B) PLAN |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 15.49 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
GLOBAL REAL ESTATE FUNDI CLASS |
| DAVID K FAGIN TR |
| 18.00 |
| MARGARET A FAGIN FAMILY TRUST |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 77.11(a) | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
GLOBAL STOCK FUND |
| PERSHING LLC |
| 5.08 |
GLOBAL STOCK FUNDADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 13.14 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| FIIOC AS AGENT | 11.18 | ||
| FBO REDAPT SYSTEMS INC |
| ||
| 401K PSP |
| ||
|
| |||
| LPL FINANCIAL | 31.49(c) | ||
| OMNIBUS CUSTOMER ACCOUNT |
| ||
| ATTN: MUTUAL FUND TRADING |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 26.66(c) | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 5.93 |
133
FUND |
| SHAREHOLDER |
| % |
GLOBAL STOCK FUNDI CLASS |
| BANK OF NEW YORK MELLON N.A. |
| 5.47 |
| PO BOX 534005 |
| ||
| PITTSBURGH PA 15253-4005 |
| ||
|
| |||
| CAROL A BERTNER TR | 11.43 | ||
| CAROL A BERTNER REVOCABLE LIVING |
| ||
| TRUST |
| ||
|
| |||
| HOWARD P COLHOUN TTEE | 22.81 | ||
| HOWARD P COLHOUN REV TRUST |
| ||
|
| |||
| PETER K CHRISTENSEN | 6.94 | ||
| TOBY S CHRISTENSEN JT TEN |
| ||
|
| |||
| TROWE PRICE PROGRAM FOR | 40.07(c) | ||
| CHARITABLE GIVING GLOBAL |
| ||
| EQUITY POOL |
| ||
| ATTN FUND ACCOUNTING |
| ||
| 4515 PAINTERS MILL RD |
| ||
| OWINGS MILLS MD 21117-4903 |
| ||
GLOBAL TECHNOLOGY FUND |
| CHARLES SCHWAB & CO INC |
| 8.29 |
| REINVEST ACCOUNT |
| ||
| ATTN MUTUAL FUND DEPT |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES | 9.86 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| PERSHING LLC | 7.37 | ||
|
| |||
| WELLS FARGO CLEARING SERVICES LLC | 5.51 | ||
| SPECIAL CUSTODY ACCT FOR THE |
| ||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| ||
GLOBAL TECHNOLOGY FUNDI CLASS |
| LEV FRENKEL DINA FRENKEL |
| 6.24 |
| WDI ENTERPRISES LTD |
| ||
| 5902 WESTGROVE DR |
| ||
| DALLAS TX 75248-2812 |
| ||
|
| |||
| PERSHING LLC | 12.03 | ||
|
| |||
| SEI PRIVATE TRUST COMPANY | 72.98(c) | ||
| C/O STEELE STREET ID 901 |
| ||
| ATTN MUTUAL FUNDS ADMIN |
| ||
| ONE FREEDOM VALLEY DR |
| ||
| OAKS PA 19456-9989 |
| ||
GNMA FUND |
| SPECTRUM INCOME FUND |
| 37.45(d) |
| T. ROWE PRICE ASSOCIATES |
| ||
| ATTN: FUND ACCOUNTING DEPT |
|
134
FUND |
| SHAREHOLDER |
| % |
GOVERNMENT MONEY FUND |
| T ROWE PRICE ASSOCIATES INC |
| 8.88 |
| ATTN FINANCIAL REPORTING DEPT |
| ||
GOVERNMENT RESERVE FUND |
| COVEWATER & CO |
| 5.47 |
| C/O T ROWE PRICE ASSOC |
| ||
| ATTN MID CAP VALUE FUND |
| ||
|
| |||
| SEAMILE & CO | 20.48 | ||
| C/O T ROWE PRICE ASSOC |
| ||
| ATTN CAPITAL APPREC FUND |
| ||
|
| |||
| TUNA & CO | 7.56 | ||
| C/O T ROWE PRICE ASSOC |
| ||
| ATTN NEW INCOME FUND |
| ||
GROWTH & INCOME FUND |
| T ROWE PRICE TRUST CO INC |
| 5.68 |
| ATTN: TRPS INST CONTROL DEPT |
| ||
GROWTH & INCOME FUNDI CLASS |
| HERMAN & WALTER SAMUELSON |
| 52.45(c) |
| FOUNDATION INC |
| ||
| 409 WASHINGTON AVE STE 900 |
| ||
| TOWSON MD 21204-4905 |
| ||
|
| |||
| STEPHEN J HUDSON | 23.13 | ||
| JO ANNE M HUDSON JT TEN |
| ||
|
| |||
| T ROWE PRICE ASSOCIATES | 12.66 | ||
| ATTN FINANCIAL REPORTING DEPT |
| ||
GROWTH STOCK FUND |
| NATIONAL FINANCIAL SERVICES |
| 6.06 |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2040 | 9.93 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2025 | 6.18 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2030 | 10.34 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2035 | 7.49 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATT FUND ACCOUNTING DEPT |
| ||
|
| |||
| RETIREMENT PORTFOLIO 2045 | 5.37 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
|
135
FUND |
| SHAREHOLDER |
| % |
GROWTH STOCK FUNDADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 37.19(c) |
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| NATIONWIDE LIFE INSURANCE CO | 5.96 | ||
| DCVA |
| ||
| C/O IPO PORTFOLIO ACCOUNTING |
| ||
| PO BOX 182029 |
| ||
| COLUMBUS OH 43218-2029 |
| ||
|
| |||
| VANTAGETRUST - NAV | 8.10 | ||
| C/O ICMA RETIREMENT CORPORATION |
| ||
| 777 NORTH CAPITOL STREET NE |
| ||
| WASHINGTON DC 20002-4239 |
| ||
GROWTH STOCK FUNDI CLASS |
| CHARLES SCHWAB & CO INC |
| 12.66 |
| ATTN MUTUAL FUNDS |
| ||
| 101 MONTGOMERY ST |
| ||
| SAN FRANCISCO CA 94104-4151 |
| ||
|
| |||
| NATIONAL FINANCIAL SERVICES LLC | 10.62 | ||
| FOR THE EXCLUSIVE BENEFIT |
| ||
| OF OUR CUSTOMERS |
| ||
|
| |||
| RETIREMENT I 2040 FUND | 5.02 | ||
| T ROWE PRICE ASSOCIATES |
| ||
| ATTN FUND ACCOUNTING DEPT |
| ||
GROWTH STOCK FUNDR CLASS |
| AXA EQUITABLE FOR SA NO 65 |
| 6.05 |
| 500 PLAZA DR FL 7 |
| ||
| SECAUCUS NJ 07094-3619 |
| ||
|
| |||
| HARTFORD LIFE INSURANCE CO | 7.28 | ||
| SEPARATE ACCOUNT |
| ||
| ATTN UIT OPERATIONS |
| ||
|
| |||
| STATE STREET BANK AND TRUST AS | 17.32 | ||
| TRUSTEE AND/OR CUSTODIAN |
| ||
| FBO ADP ACCESS PRODUCT |
| ||
|
| |||
| SUNTRUST BANK FBO | 7.64 | ||
| VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
| ||
| 8515 E ORCHARD RD 2T2 |
| ||
| GREENWOOD VLG CO 80111-5002 |
| ||
|
| |||
| UMB BANK NA SFR | 8.37 | ||
| FBO FIDUCIARY FOR TAX DEFERRED |
| ||
| ACCOUNTS GROUP |
|
136