T. Rowe Price Funds

Supplement to the following Prospectuses and Summary Prospectuses, each as dated below (as supplemented):

October 1, 2021

T. Rowe Price Inflation Protected Bond Fund

T. Rowe Price Limited Duration Inflation Focused Bond Fund

T. Rowe Price New Income Fund

T. Rowe Price Short Duration Income Fund

T. Rowe Price Short-Term Bond Fund

T. Rowe Price Spectrum Conservative Allocation Fund

T. Rowe Price Spectrum Moderate Allocation Fund

T. Rowe Price Spectrum Moderate Growth Allocation Fund

T. Rowe Price Total Return Fund

T. Rowe Price Ultra Short-Term Bond Fund

May 1, 2022

T. Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund

T. Rowe Price Institutional Emerging Markets Bond Fund

In the Summary Prospectus and Section 1 of the Prospectus, the portfolio manager table under “Management” is supplemented as follows:

Effective September 1, 2022, T. Rowe Price International Ltd (Price International) will be added as an investment subadviser to the fund.

In Section 2 of the Prospectus, the disclosure under “Investment Adviser(s)” is supplemented as follows:

Effective September 1, 2022, T. Rowe Price will enter into a subadvisory agreement with Price International under which Price International is authorized to trade securities and make discretionary investment decisions on behalf of the fund. Price International is registered with the SEC as an investment adviser, and is authorized or licensed by the United Kingdom Financial Conduct Authority and other global regulators. Price International sponsors and serves as adviser to foreign collective investment schemes and provides investment management services to registered investment companies and other institutional investors. Price International is headquartered in London and has several branch offices around the world. Price

International is a direct subsidiary of T. Rowe Price and its address is 60 Queen Victoria Street, London EC4N 4TZ, United Kingdom.

The date of this supplement is July 26, 2022.

G38-041 7/26/2022