Registration Nos. 033-49581/811-7059
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
Post-Effective Amendment No. 27 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 28 /X/
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.
Exact Name of Registrant as Specified in Charter
100
East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices
410-345-2000
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, 2013
It is proposed that this filing will become effective (check appropriate box):
// Immediately upon filing pursuant to paragraph (b)
/X/ On May 1, 2013 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 | |
TRBCX | |
May 1, 2013 | |
T. Rowe Price Blue Chip Growth Fund | |
A fund seeking long-term capital growth through investments in stocks of well-established large- and mid-cap companies. | |
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. | |
Table of Contents
1 | Summary | Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the Federal Deposit Insurance Corporation, Federal Reserve, or any other government agency, and are subject to investment risks, including possible loss of the principal amount invested. | |
Blue Chip Growth Fund 1 | |||
2 | Information
About Accounts | ||
Pricing Shares and Receiving Sale Proceeds 6 Useful Information on Distributions and Taxes 11 Transaction Procedures and Special Requirements 17 Account Service Fee 21 | |||
3 | More About the Fund | ||
Organization and Management 23 More Information About the Fund and Its Investment Risks 25 Investment Policies and Practices 28 Disclosure of Fund Portfolio Information 34 Financial Highlights 35 | |||
4 | Investing With T. Rowe Price | ||
Account Requirements and Transaction Information 37 Opening a New Account 38 Purchasing Additional Shares 41 Exchanging and Redeeming Shares 42 Rights Reserved by the Funds 44 Information About Your Services 45 T. Rowe Price Brokerage 47 Investment Information 48 T. Rowe Price Privacy Policy 49 |
SUMMARY
The fund seeks to provide long-term capital growth. Income is a secondary objective.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Fund
Shareholder fees (fees paid directly from your investment) | |
Maximum sales charge (load) imposed on | NONE |
Maximum deferred sales charge (load) | NONE |
Redemption fee | NONE |
Maximum account fee | $20a |
Annual fund operating expenses | |
Management fees | 0.60% |
Distribution and service (12b-1) fees | 0.00% |
Other expenses | 0.16% |
Total annual fund operating expenses | 0.76% |
a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.
Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes 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 |
$78 | $243 | $422 | $942 |
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 fund 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 24.5% of the average value of its portfolio.
T. Rowe Price | 2 |
Investments, Risks, and Performance
Principal Investment Strategies The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of large and medium-sized blue chip growth companies. These are firms that, in our view, are well established in their industries and have the potential for above-average earnings growth. We focus on companies with leading market position, seasoned management, and strong financial fundamentals. Our investment approach reflects our belief that solid company fundamentals (with emphasis on strong growth in earnings per share or operating cash flow) combined with a positive industry outlook will ultimately reward investors with strong investment performance. Some of the companies we target for the fund should have good prospects for dividend growth, and the fund may at times invest significantly in stocks of technology companies.
In pursuing its investment objective, the fund has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the funds management believes will provide an opportunity for substantial appreciation. These situations might arise when the funds management believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.
While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the funds objectives.
The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
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 risk The fund is subject to the risk that the investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.
Risks of stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.
Investment style risk Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The funds growth
Summary | 3 |
approach to investing could cause it to underperform other stock funds that employ a different investment style. Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market.
Industry risk To the extent the fund invests in technology companies, the fund may perform poorly during a downturn in one or more of the industries that heavily impact technology companies. Technology companies can be adversely affected by, among other things, intense competition, earnings disappointments, and rapid obsolescence of products and services due to technological innovations or changing consumer preferences.
Foreign investing risk This is the risk that the funds investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar.
Performance The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The funds past performance (before and after taxes) is not necessarily an indication of future performance.
The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.
In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax
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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, 2012 |
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| 1 Year | 5 Years | 10 Years |
| ||||||||
| Blue Chip Growth Fund |
| ||||||||||
| Returns before taxes | 18.41 | % |
| 2.74 | % |
| 7.86 | % |
|
| |
| Returns after taxes on distributions | 18.36 |
|
| 2.71 |
|
| 7.82 |
|
|
| |
| Returns after taxes on distributions |
|
|
|
|
|
|
|
|
|
| |
| and sale of fund shares | 12.04 |
|
| 2.34 |
|
| 6.96 |
|
|
| |
| S&P 500 Index (reflects
no deduction for fees, | 16.00 |
|
| 1.66 |
|
| 7.10 |
|
|
| |
| Lipper Large-Cap Growth Funds Index | 15.92 |
|
| 1.01 |
|
| 6.39 |
|
|
|
Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Larry J. Puglia | Chairman of Investment Advisory Committee | 1993 | 1990 |
Purchase and Sale of Fund Shares
The funds investment minimums generally are as follows (if you hold shares through a financial intermediary, the intermediary may impose different investment minimums):
Type of Account | Minimum | Minimum subsequent |
Individual retirement accounts, small business retirement plan accounts, and Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts | $1,000 | $100 |
All other accounts | 2,500 | 100 |
You may purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open for business by accessing your account online at troweprice.com, by calling 1-800-225-5132, or by written request. If you hold shares
Summary | 5 |
through a financial intermediary, you must purchase, redeem, and exchange shares through your intermediary.
Tax Information
Any dividends or capital gains are declared and paid annually, usually in December. 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. A redemption or exchange of fund shares may be taxable.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
Information About Accounts in T. Rowe Price Funds | 2 | |
As a T. Rowe Price shareholder, you will want to know about the following policies and procedures that apply to the T. Rowe Price family of funds.
How and When Shares Are Priced
The share price, also called the net asset value, for the funds is calculated at the close of the New York Stock Exchange (normally 4 p.m. ET) each day that the exchange is open for business. To calculate the net asset value, the funds assets are valued and totaled; liabilities are subtracted; and the balance, called net assets, is divided by the number of shares outstanding. Market values are used to price portfolio holdings for which market quotations are readily available. Market values represent the prices at which securities actually trade or evaluations based on the judgment of the funds pricing services. If a market value for a security 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 security by taking into account various factors that have been approved by the funds Board of Directors/Trustees. 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 other debt securities held by a fund. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation.
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 circumstances described below. Most foreign markets close before 4 p.m. ET. For securities primarily traded in the Far East, for example, the most recent closing prices 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 New York Stock Exchange will, in its judgment, materially 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. The 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. The fund uses outside pricing services to provide it with closing market prices and information used for adjusting those prices and to value most fixed income securities. The fund cannot predict how often it will use closing prices and how often it will adjust those prices.
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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. The fund also evaluates a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security.
The various ways you can buy, sell, and exchange shares are explained at the end of this prospectus and on the New Account form. These procedures may differ for institutional and employer-sponsored retirement accounts or if you hold your account through an intermediary.
How Your Purchase, Sale, or Exchange Price Is Determined
If your request is received by T. Rowe Price in correct form by the close of the New York Stock Exchange (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 after the close of the New York Stock Exchange, your transaction will be priced at the next business days net asset value.
The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions.
Fund shares may be purchased through various third-party intermediaries, including banks, brokers, and investment advisers. Where authorized by a fund, orders will be priced at the net asset value next computed after receipt by the intermediary. Contact your intermediary for trade deadlines and the applicable policies for purchasing, selling, or exchanging your shares, as well as initial and subsequent investment minimums. The intermediary may charge a fee for its services.
When authorized by the fund, certain financial institutions or retirement plans purchasing fund shares on behalf of customers or plan participants through T. Rowe Price Financial Institution Services or T. Rowe Price Retirement Plan Services 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 financial institution 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.
Note: 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 New York Stock Exchange closes at a time other than 4 p.m. ET. In the event of an emergency closing, a funds shareholders will receive the next share price calculated by the fund. There may be times when you are unable to contact us by telephone or access your account online due to extreme market activity, the unavailability of the T. Rowe Price website, or other circumstances. Should this occur, your order must still be placed
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and accepted by T. Rowe Price prior to the time the New York Stock Exchange closes to be priced at that business days net asset value. Under certain conditions, a money fund may accept and process purchase and redemption orders beyond the close of the New York Stock Exchange on days that the New York Stock Exchange closes early and does not reopen, and may accept orders on a business day that the New York Stock Exchange is unexpectedly closed.
How You Can Receive the Proceeds From a Sale
When filling out the New Account form, you may wish to give yourself the widest range of options for receiving proceeds from a sale.
If your request is received in correct form by T. Rowe Price on a business day prior to the close of the New York Stock Exchange, proceeds are usually sent on the next business day. Proceeds can be mailed to you by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. Automated Clearing House is an automated method of initiating payments from, and receiving payments in, your financial institution account. Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale, although your financial institution may charge an incoming wire fee.
Exception Under certain circumstances, and when deemed to be in a funds best interest, your proceeds may not be sent for up to seven calendar days after we receive your redemption request. Under certain limited circumstances, the Board of Directors/Trustees of a money fund may elect to suspend redemptions and postpone payment of redemption proceeds in order to facilitate an orderly liquidation of the money fund.
If for some reason we cannot accept your request to sell shares, we will contact you.
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, certain T. Rowe Price 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 Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Africa & Middle East | 2% | 90 days or less |
Diversified Small-Cap Growth | 1% | 90 days or less |
Emerging Europe | 2% | 90 days or less |
Emerging Markets Bond | 2% | 90 days or less |
Information About Accounts in T. Rowe Price Funds | 9 |
T. Rowe Price Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Emerging Markets Corporate Bond | 2% | 90 days or less |
Emerging Markets Local Currency Bond | 2% | 90 days or less |
Emerging Markets Stock | 2% | 90 days or less |
Equity Index 500 | 0.5% | 90 days or less |
European Stock | 2% | 90 days or less |
Extended Equity Market Index | 0.5% | 90 days or less |
Floating Rate | 2% | 90 days or less |
Global Infrastructure | 2% | 90 days or less |
Global Large-Cap Stock | 2% | 90 days or less |
Global Real Estate | 2% | 90 days or less |
Global Stock | 2% | 90 days or less |
High Yield | 2% | 90 days or less |
International Bond | 2% | 90 days or less |
International Discovery | 2% | 90 days or less |
International Equity Index | 2% | 90 days or less |
International Growth & Income | 2% | 90 days or less |
International Stock | 2% | 90 days or less |
Japan | 2% | 90 days or less |
Latin America | 2% | 90 days or less |
New Asia | 2% | 90 days or less |
Overseas Stock | 2% | 90 days or less |
Real Assets | 2% | 90 days or less |
Real Estate | 1% | 90 days or less |
Small-Cap Value | 1% | 90 days or less |
Spectrum International | 2% | 90 days or less |
Tax-Efficient Equity | 1% | less than 365 days |
Tax-Free High Yield | 2% | 90 days or less |
Total Equity Market Index | 0.5% | 90 days or less |
U.S. Bond Enhanced Index | 0.5% | 90 days or less |
Redemption fees are paid to a fund to deter short-term trading, offset costs, and 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 an intermediary (such as a broker, bank, or
T. Rowe Price | 10 |
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 account. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. For a fund with a 365-day holding period, a redemption fee will be charged on shares sold before the end of the required holding period. For funds with a 90-day holding period, a redemption fee will be charged on shares sold on or before the end of the required 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 an intermediary, consult your 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);
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a third-party 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, 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.
Information About Accounts in T. Rowe Price Funds | 11 |
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 exchange. However, redemption fees may apply to transactions other than exchanges depending 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 an intermediary in an omnibus account, T. Rowe Price relies on the intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to identify intermediaries establishing omnibus accounts and to enter into agreements requiring the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all intermediaries or that the intermediaries will properly assess the fees.
Certain 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 intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through an intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
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. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
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Distributions not reinvested are paid by check or transmitted to your bank account via Automated Clearing House. 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 shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
Money funds | · Purchases received by T. Rowe Price by noon ET via wire begin to earn dividends on that day. Other 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. |
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. |
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Growth & Income · Personal Strategy Balanced · Personal Strategy Income · Real Estate | · Declared and paid quarterly, if any, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
Other stock funds | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Retirement and Spectrum Funds: | |
· Retirement Income and | · 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. |
· All others | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Bond and money fund shares earn dividends through the date of redemption (except for wire redemptions from money funds prior to noon ET, which earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business
Information About Accounts in T. Rowe Price Funds | 13 |
day. Generally, if you redeem all of your bond or money 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 or money 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 sell your shares through an intermediary, consult your intermediary to determine when your shares begin and stop accruing dividends; 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 paid the following year.
Capital gain payments are not expected from money funds, which are managed to maintain a constant share price.
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 individual retirement account, you will not be subject to tax on dividends and distributions from the fund or the sale of fund shares if those amounts remain in the tax-deferred account. You may receive a Form 1099-R or other Internal Revenue Service forms, as applicable, if any portion of the account is distributed to you.
If you invest in the fund through a taxable account, you generally will be subject to tax when:
· You sell fund shares, including an exchange from one fund to another.
· The fund makes dividend or capital gain distributions.
Additional information about the taxation of dividends for certain T. Rowe Price funds is listed below:
Tax-Free and Municipal Funds |
· Regular monthly dividends (including those from the state-specific tax-free funds) are expected to be exempt from federal income taxes. |
T. Rowe Price | 14 |
Tax-Free and Municipal Funds |
· Exemption is not guaranteed, since the fund has the right under certain conditions to invest in nonexempt securities. |
· A fund may hold Build America Bonds or other qualified tax credit bonds. Investments in these bonds will result in taxable interest income, although the federal income tax on such interest income may be fully or partially offset by the specified tax credits that are available to the bondholders. A fund may elect to pass through to the shareholders taxable interest income and any corresponding tax credits. Any available tax creditswhich are also included in federal taxable incomegenerally can be used to offset federal regular income tax and alternative minimum tax, but those tax credits generally are not refundable. |
· Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax. |
· For state-specific funds, the monthly dividends you receive are expected to be exempt from state and local income tax of that particular state. For other funds, a small portion of your income dividend may be exempt from state and local income taxes. |
· If a fund invests in certain private activity bonds that are not exempt from the alternative minimum tax, shareholders who are subject to the alternative minimum tax must include income generated by those bonds in their alternative minimum tax calculation. Private activity bonds issued in 2009 and 2010, and refunding bonds issued in 2009 and 2010 to refund private activity bonds that were issued from the beginning of 2004 to the end of 2008, are exempt from the alternative minimum tax. The portion of a funds income dividend that should be included in your alternative minimum tax calculation, if any, will be reported to you in January on Form 1099-DIV. |
For individual shareholders,
a portion of ordinary dividends representing qualified dividend income received by the fund
may be subject to tax at the lower rates applicable to long-term capital gains rather than ordinary income.
You may report it as qualified dividend income in computing your taxes, provided you have
held the fund shares on which the dividend was paid for more than 60 days during the
121-day period
beginning 60 days before the ex-dividend date. Ordinary dividends that do not qualify for this lower
rate are generally taxable at the 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 Global Real Estate Fund, Real Estate Fund, or the bond and money
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 funds or the bond and money funds is expected to qualify for this deduction.
Beginning in 2013, a 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gains, of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly) and of estates and trusts.
Information About Accounts in T. Rowe Price Funds | 15 |
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.
T. Rowe Price 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. You may calculate the cost basis using other methods acceptable to the Internal Revenue Service, such as specific identification.
If you hold your fund through an intermediary, the intermediary is responsible for providing you with any necessary tax forms. You should contact your intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.
For mutual fund shares acquired after 2011, new
tax regulations require us to
report the cost basis information to you and the Internal Revenue Service
on
Form 1099-B using a cost basis method selected by you 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. If you acquire your fund shares through an intermediary after 2011, you should check with your
intermediary regarding the applicable cost basis method. You should, however, note that the cost basis
information reported to you may not always be the same as what you should report on your tax return because
the rules applicable to the determination of cost basis on Form 1099-B may be different from the
rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you
should save your transaction records to make sure the information reported on your tax return is accurate.
To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly
following each transaction you make (except for systematic purchases and systematic redemptions) and
a year-end statement detailing all of your transactions in each fund account during the year. If you
hold your fund through an intermediary, the intermediary is responsible for providing you with transaction
confirmations and statements.
Taxes on Fund Distributions
T. Rowe Price (or your intermediary) will make available to you, as applicable, 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. Your bond or money fund dividends for each calendar year will include dividends accrued up to the first
T. Rowe Price | 16 |
business day of the next calendar year. You will be sent any additional information you need to determine your taxes on fund distributions, such as the portion of your dividends, if any, that may be exempt from state and local income taxes. Dividends from tax-free funds are generally expected to be tax-exempt.
The tax treatment of a capital gain distribution is determined by how long the fund held the portfolio securities, not how long you held the shares in the fund. Short-term (one year or less) capital gain distributions are taxable at the same rate as ordinary income, and gains on securities held for more than one year are taxed at the lower rates applicable to long-term capital gains. If you realized a loss on the sale or exchange of fund shares that you held for six months or less, your short-term capital loss must be reclassified as a long-term capital loss to the extent of any long-term capital gain distributions received during the period you held the shares. For funds investing in foreign 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.
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.
Taxable distributions are subject to tax whether reinvested in additional shares or received in cash.
If a fund holds Build America Bonds or other 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 (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.
The following table provides additional details on distributions for certain funds:
Taxes on Fund Distributions |
Tax-Free and Municipal Funds |
· Gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income and cannot be offset by other capital losses. · Payments received or gains realized on certain derivative transactions may result in taxable ordinary income or capital gains. · To the extent the fund makes such investments, the likelihood of a taxable distribution will be increased. |
Information About Accounts in T. Rowe Price Funds | 17 |
Taxes on Fund Distributions |
Inflation Protected Bond Fund |
· Inflation adjustments on Treasury inflation-protected securities that exceed deflation adjustments for the year will be distributed as a short-term capital gain resulting in ordinary income. · In computing the distribution amount, the fund cannot reduce inflation adjustments by short- or long-term capital losses from the sales of securities. · Net deflation adjustments for a year may result in all or a portion of dividends paid earlier in the year being treated as a return of capital. |
Retirement and Spectrum Funds |
· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains. |
Tax Consequences of Hedging
Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.
Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution
If you buy shares shortly before or on the record 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.
Following these procedures helps assure timely and accurate transactions.
Purchase Conditions
Nonpayment If you pay with a check or Automated Clearing House transfer that does not clear or if your payment is not received in a timely manner, your purchase may be canceled. You will be responsible for any losses or expenses incurred by the fund or transfer agent, and the fund can redeem shares you own in this or another identically registered T. Rowe Price account as reimbursement. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
T. Rowe Price | 18 |
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks.
Sale (Redemption) Conditions
Holds on Immediate Redemptions: 10-Day Hold If you sell shares that you just purchased and paid for by check or Automated Clearing House transfer, the fund will process your redemption but generally will delay sending you the proceeds for up to 10 calendar days to allow the check or transfer to clear. If, during the clearing period, we receive a check drawn against your newly purchased shares, it will be returned marked uncollected. (The 10-day hold does not apply to purchases paid for by bank wire or automatic purchases through your paycheck.)
Telephone and Online Account Transactions You may access your account and conduct transactions using the telephone or the T. Rowe Price website. The T. Rowe Price funds and their agents use reasonable procedures to verify the identity of the shareholder. If these procedures are followed, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions. A confirmation is sent promptly after a transaction. Please review it carefully and contact T. Rowe Price immediately about any transaction you believe to be unauthorized. Telephone conversations are recorded.
Large Redemptions Large redemptions can adversely affect a portfolio managers ability to implement a funds investment strategy by causing the premature sale of securities. 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 disposing of the securities and bearing any associated costs.
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 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 Directors/Trustees 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 of Directors/Trustees 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
Information About Accounts in T. Rowe Price Funds | 19 |
30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the 30-Day Purchase Block). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the 30-Day Purchase Block:
· 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;
· Shares converted from one share class to another share class in the same fund; and
· Shares of T. Rowe Price funds that are purchased by another T. Rowe Price fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price fund are still subject to the policy).
Transactions 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 an 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.
Intermediary Accounts If you invest in T. Rowe Price funds through an intermediary, you should review the intermediarys materials carefully or consult with the 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 | 20 |
T. Rowe Price is unable to identify a transaction placed through an intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
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 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 intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects suspicious trading activity, T. Rowe Price contacts the intermediary and may request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable). If T. Rowe Price believes that excessive or short-term trading has occurred, it will instruct the 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. 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 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 an 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 of Directors/Trustees.
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.
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Keeping Your Account Open
Due to the relatively high cost to a fund of maintaining small accounts, we ask you to maintain an account balance of at least $1,000 ($10,000 for Summit Funds). If, for
Information About Accounts in T. Rowe Price Funds | 21 |
any reason, your balance is below this amount for three months or longer, we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance. This could result in a taxable gain.
Signature Guarantees
A Medallion signature guarantee is designed to protect you and the T. Rowe Price funds from fraud by verifying your signature.
You may need to have your signature guaranteed in certain situations, such as:
· Written requests: (1) to redeem over $100,000 or (2) to wire redemption proceeds when prior bank account authorization is not on file.
· Remitting redemption proceeds to any person, address, or bank account not on record.
· Transferring redemption proceeds to a T. Rowe Price fund account with a different registration (name or ownership) from yours.
· Establishing certain services after the account is opened.
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.
In an effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain fund accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of the last business day of August. The fee will be charged to an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year.
The account service fee generally does not apply to fund accounts that are held through an intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping
T. Rowe Price | 22 |
services, or money funds that are used as a T. Rowe Price Brokerage sweep account. Regardless of a particular fund accounts balance on the last business day of August, the account service fee is automatically waived for accounts that satisfy any of the following conditions:
· Any accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction confirmations, and prospectuses and shareholder reports;
· Any accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets includes investments in T. Rowe Price mutual funds, except for those held through a retirement plan for which T. Rowe Price Retirement Plan Services provides recordkeeping services; T. Rowe Price Brokerage; and T. Rowe Price variable annuities); or
· Any accounts of a shareholder who is a T. Rowe Price Preferred Services, Personal Services, or Enhanced Personal Services client (enrollment in these programs generally requires T. Rowe Price assets of at least $100,000visit troweprice.com or call 1-800-537-1098 for more information).
T. Rowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price individual retirement account, Education Savings Account, or small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares from such accounts.
More About the Fund | 3 | |
How is the fund organized?
The fund was incorporated in Maryland in 1993 and is an open-end management investment company, or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives.
Shareholders have benefitted from T. Rowe Prices investment management experience since 1937.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in a fund. These shares are part of a 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.
· Cast one vote per share on certain fund matters, including the election of fund directors/trustees, changes in fundamental policies, or approval of changes in the funds management contract.
Do T. Rowe Price funds have annual shareholder meetings?
The funds are not required to hold annual meetings and, to avoid unnecessary costs to fund shareholders, do not do so except when certain matters, such as a change in fundamental policies, 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 fund will send or make available to you proxy materials that explain the issues to be decided and include instructions on voting by mail or telephone or on the Internet.
Who runs the fund?
General Oversight
The fund is governed by a Board of Directors that meets regularly to review fund 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).
All decisions regarding the purchase and sale of fund investments are made by T. Rowe Pricespecifically by the funds portfolio manager.
T. Rowe Price | 24 |
Investment Adviser
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio. 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, 2012, the Firm managed approximately $577 billion for more than 10 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: Larry J. Puglia, Chairman, Ziad Bakri, P. Robert Bartolo, Peter J. Bates, Ryan N. Burgess, Jonathan Chou, Shawn T. Driscoll, Paul D. Greene, II, Thomas J. Huber, Michael M. Lasota, Timothy E. Parker, Amit Seth, Robert W. Sharps, Taymour R. Tamaddon, and Ashley R. Woodruff. The following information provides the year that the chairman 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. Puglia has been chairman of the committee since 1996 but has been involved in managing the fund since the funds inception in 1993. He joined the Firm in 1990 and his investment experience dates from 1989. He has served as a portfolio manager with the Firm throughout the past five years. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio manager, and the portfolio managers ownership of fund shares.
The Management Fee
This fee has two partsan individual fund fee, which reflects a funds particular characteristics, and a group fee. The group fee, which is designed to reflect the benefits of the shared resources of the T. Rowe Price investment management complex, is calculated daily based on the combined net assets of all T. Rowe Price funds (except the Spectrum Funds, Retirement Funds, TRP Reserve Investment Funds, and any index or private label mutual funds). The group fee schedule (in the following table) is graduated, declining as the asset total rises, so shareholders benefit from the overall growth in mutual fund assets.
More About the Fund | 25 |
Group Fee Schedule
0.334%* | First $50 billion |
0.305% | Next $30 billion |
0.300% | Next $40 billion |
0.295% | Next $40 billion |
0.290% | Next $60 billion |
0.285% | Next $80 billion |
0.280% | Next $100 billion |
0.275% | Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The funds group fee is determined by applying the group fee rate to the funds average daily net assets. On December 31, 2012, the annual group fee rate was 0.30%. The individual fund fee, also applied to the funds average daily net assets, is 0.30% on assets up to $15 billion and 0.255% on assets above $15 billion.
The expenses shown in the fee table in Section 1 are generally based on a funds prior fiscal year. In periods of market volatility, assets may decline significantly, causing total annual fund operating expenses to become higher than the numbers shown in the fee table.
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management contract with T. Rowe Price appears in the funds semiannual report to shareholders for the period ended June 30.
Fund Operations and Shareholder Services
T. Rowe Price provides accounting services to the T. Rowe Price funds. T. Rowe Price Services, Inc. acts as the transfer and dividend disbursing agent and provides shareholder and administrative services to the funds. T. Rowe Price Retirement Plan Services, Inc. provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The funds may also pay third-party intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. The fund also serves as an underlying fund in which certain fund-of-funds products, the T. Rowe Price Spectrum and/or Retirement Funds, invest. Subject to approval by the funds Board, the fund bears a proportional share of the operating expenses of the fund-of-funds products. All of the fees discussed above are included in the fees and expenses table under Other expenses and in the funds financial statements.
Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you are willing to accept the risk of investing in established
T. Rowe Price | 26 |
growth stocks in an effort to achieve long-term capital growth, the fund could be appropriate for you. This fund should not represent your complete investment program or be used for short-term trading purposes.
Equity investors should have a long-term investment horizon and be willing to wait out bear markets.
The market frequently rewards growth stocks with price increases when earnings expectations are met or exceeded. A successful implementation of our strategy could lead to long-term growth of capital. By investing in companies with proven track records, the fund should be less risky than one focusing on newer or smaller companies while still offering significant appreciation potential.
A blue chip investment approach seeks to identify blue chip growth companiesthose with strong market franchises in industries that appear to be strategically poised for long-term growth. Our strategy reflects T. Rowe Prices belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings) and a positive outlook for the overall industry will ultimately result in a higher stock price. While the primary emphasis is on a companys prospects for future growth, the fund will not purchase securities that, in T. Rowe Prices opinion, are overvalued considering the underlying business fundamentals. In the search for substantial capital appreciation, the fund looks for stocks attractively priced relative to their anticipated long-term value.
The fund will generally take the following into consideration:
Market positions Blue chip companies often have leading market positions that are expected to be maintained or enhanced over time. Strong positions, particularly in growing industries, can give a company pricing flexibility as well as the potential for good unit sales. These factors, in turn, can lead to higher earnings growth and greater share price appreciation.
Management Seasoned management teams with a track record of providing superior financial results are important for a companys long-term growth prospects. Our analysts will evaluate the depth and breadth of a companys management experience.
Financial fundamentals Companies should demonstrate faster earnings growth than their competitors and the market in general; high profit margins relative to competitors; strong cash flow; a healthy balance sheet with relatively low debt; and a high return on equity with a comparatively low dividend payout ratio.
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:
As with all equity funds, this funds share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can
More About the Fund | 27 |
decline for many reasons, including adverse political, social, or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, our assessment of companies held by the fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the funds investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds.
Well-established growth stocks can be volatile. Since growth companies usually invest a high portion of earnings in their own businesses, their stocks may lack the dividends that can help to cushion share prices in a down market. Since many investors buy these stocks for anticipated superior earnings growth, earnings disappointments often result in sharp price declines. Also, medium-sized companies may have greater volatility than larger ones.
Foreign stock holdings may lose value because of declining foreign currencies or adverse political or economic events overseas.
One of the principal tools used to try to reduce the funds overall risk level is our intensive research when evaluating a companys prospects and selecting investments for the funds portfolio.
While most assets will be invested in common stocks, the fund may employ other strategies that are not considered part of the funds principal investment strategies. From time to time, the fund may invest in securities other than common stocks and use derivatives that are consistent with its investment program. For instance, the fund may invest, to a limited extent, in futures contracts. Any investments in futures would typically serve as an efficient means of gaining exposure to certain markets, or as a tool to manage cash flows into and out of the fund and maintain liquidity while being invested in the market. To the extent the fund invests in futures, it could be exposed to potential volatility and losses greater than direct investments in the contracts underlying assets.
The use of futures or other derivatives, if any, exposes the fund to risks that are different from, and potentially greater than, investments in more traditional securities. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index and may not move in the direction anticipated by the portfolio manager. Derivatives can also be illiquid and difficult to value, the fund could be exposed to significant losses if a counterparty becomes insolvent or is unable to meet its obligations under the contract, and there is the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation.
Recent legislation calls for a new regulatory framework for the derivatives markets. The full extent and impact of new regulations are not certain at this time. New regulations have made the use of derivatives by funds more costly, may limit the
T. Rowe Price | 28 |
availability of certain types of derivatives, and may otherwise adversely affect the value or performance of derivatives used by funds.
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 fund securities and the various kinds of investment practices that may be used in day-to-day portfolio management. Fund investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change fund objectives. 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 blue chip growth companies.
Fund holdings of certain kinds of investments cannot exceed maximum percentages of total assets, which are set forth in this prospectus. For instance, fund investments in certain derivatives are limited to 10% of total assets. While these restrictions provide a useful level of detail about fund 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 significantly more of an impact on a 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 a fund purchases a security. The status, market value, maturity, credit quality, or other characteristics of a funds securities may change after they are purchased, and this may cause the amount of a 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 it was made (this exception does not apply to a funds borrowing policy). However, purchases by a fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions.
More About the Fund | 29 |
Changes in fund holdings, fund performance, and the contribution of various investments to fund performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve fund objectives.
Types of Portfolio Securities
In seeking to meet its investment objective, fund investments may be made 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 fund holdings and investment management practices.
Diversification As a fundamental policy, the fund will not purchase a security if, as a result, with respect to 75% of its total assets, more than 5% of the funds total assets would be invested in securities of a single issuer or more than 10% of the outstanding voting securities of the issuer would be held by the fund.
Fund investments are primarily in common stocks and, to a lesser degree, other types of securities as described as follows.
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its 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; 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, a fund may decide to purchase preferred stock where the issuer has omitted, or is in danger of omitting, payment of its dividend.
Convertible Securities and Warrants
Investments may be made 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,
T. Rowe Price | 30 |
two or more years). Warrants can be highly volatile, have no voting rights, and pay no dividends.
Foreign Securities
Investments may be made in foreign securities. These include nondollar-denominated securities traded outside of the U.S. and dollar-denominated securities of foreign issuers traded in the U.S. Investing in foreign securities involves special risks that can increase the potential for losses. These include: exposure to potentially adverse local, political, social, and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; government interference in markets such as nationalization and exchange controls, expropriation of assets, or imposition of punitive taxes; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices and legal rights that differ from U.S. standards; and the chance that fluctuations in foreign exchange rates will decrease the investments value (favorable changes can increase its value). These risks are heightened for a funds investments in emerging markets. A fund may purchase American Depositary Receipts and Global Depositary Receipts, which are certificates evidencing ownership of shares of a foreign issuer. American Depositary Receipts and Global Depositary Receipts trade on established markets and are alternatives to directly purchasing the underlying foreign securities in their local markets and currencies. Such investments are subject to many of the same risks associated with investing directly in foreign securities.
Operating policy Fund investments in foreign securities are limited to 20% of total assets. Subject to the overall limit on fund investments in foreign securities, there is no limit on the amount of foreign investments that may be made in emerging markets.
Debt Instruments
The fund may invest in bonds and debt securities of any type, including municipal securities, without restrictions on quality or rating. Investments in a company also may be made through a privately negotiated note or loan, including loan assignments and participations. These investments will be made in companies, municipalities, or entities that meet fund investment criteria. Such investments may have a fixed, variable, or floating interest rate. The price of a bond or fixed rate debt security usually fluctuates with changes in interest rates, generally rising when interest rates fall and falling when interest rates rise. Investments involving below investment-grade issuers or borrowers can be more volatile and have greater risk of default than investment-grade bonds. Certain of these investments may be illiquid and holding a loan could expose the fund to the risks of being a direct lender.
Operating policy Fund investments in noninvestment-grade debt securities (junk bonds) and loans are limited to 5% of total assets. Fund investments in convertible securities are not subject to this limit.
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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, give the investor the right (when the investor purchases the option), or the obligation (when the investor writes or sells the option), to buy or sell 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 securities prices, foreign currencies, and credit quality; as an efficient means of increasing or decreasing a funds exposure to a specific part or broad segment of the U.S. market or a foreign market; in an effort to enhance income; 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, and financial indexes. A 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 contracts and options may not always be successful hedges; their prices can be highly volatile; using them could lower a funds total return; and the potential loss from the use of futures can exceed a funds initial investment in such contracts.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of a funds net asset value. The total market value of securities covering call or put options may not exceed 25% of total assets. No more than 5% of total assets will be committed to premiums when purchasing call or put options.
Hybrid Instruments
These instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, security, or securities index. Such instruments may or may not bear interest or pay dividends. Under certain conditions, the redemption value of a hybrid could be zero.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy Fund investments in hybrid instruments are limited to 10% of total assets.
Currency Derivatives
Funds that invest in foreign securities may attempt to hedge their exposure to potentially unfavorable currency changes. The primary means of doing this is through the use of forward currency exchange contracts, which are contracts between two counterparties to exchange one currency for another on a future date at a
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specified exchange rate. However, futures, swaps, and options on foreign currencies may also be used. In certain circumstances, a fund may use currency derivatives to substitute a different currency for the currency in which the investment is denominated, a strategy known as proxy hedging. If a fund were to engage in any of these foreign currency transactions, it would be primarily to protect its foreign securities from adverse currency movements relative to the U.S. dollar. Such transactions involve, among other risks, the risk that anticipated currency movements will not occur, which could reduce a funds total return. There are certain markets, including many emerging markets, where it is not possible to engage in effective foreign currency hedging.
Investments in Other Investment Companies
A fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
A 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 because of the potential lack of liquidity.
As a shareholder of an investment company not sponsored by T. Rowe Price, 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.
A 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. Such an investment could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in the asset class, and will subject the fund to the risks associated with the particular asset class. Examples of asset classes in which other T. Rowe Price mutual funds concentrate their investments include high yield bonds, floating rate loans, international bonds, emerging market
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bonds, 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 fund 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 under Rule 144A of the Securities Act of 1933, others may have resale restrictions and can be illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and a fund may only be able to sell such securities at prices substantially less than what it believes they are worth.
Operating policy Fund investments in illiquid securities are limited to 15% of net assets.
Types of Investment Management Practices
Reserve Position
A certain portion of fund assets will be held in reserves. Fund reserve positions can consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund; 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. For temporary, defensive purposes, there is no limit on a funds holdings in reserves. If a fund has significant holdings in reserves, it could compromise the funds ability to achieve its objectives. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into a fund, and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.
Borrowing Money and Transferring Assets
A 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 fund policies as set forth in this prospectus. Such borrowings may be collateralized with fund assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 331/3% of total assets.
Operating policy A 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 total assets. A fund will not purchase additional securities when borrowings exceed 5% of total assets.
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Lending of Portfolio Securities
A 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 default or do not perform as well as expected.
Fundamental policy The value of loaned securities may not exceed 331/3% of total assets.
Portfolio Turnover
Turnover is an indication of frequency of trading. A 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 a 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 a 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.
Each T. Rowe Price funds portfolio holdings are disclosed on a regular basis in its semiannual and annual shareholder reports, and on Form N-Q, which is filed with the SEC within 60 days of the funds first and third fiscal quarter-end. The money funds also file detailed month-end portfolio holdings information with the SEC each month. Such information will be made available to the public 60 days after the end of the month to which the information pertains. In addition, the funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. Under certain conditions, up to 5% of a funds holdings may be included in this portfolio list without being individually identified. Generally, securities would not be individually identified if they are being actively bought or sold and it is determined that the quarter-end disclosure of the holding could be harmful to the fund. A security will not be excluded for these purposes from a funds quarter-end holdings disclosure for more than one year. Money funds also disclose their month-end portfolio holdings on troweprice.com five business days after each month. The quarter-end portfolio holdings will remain on the website for one year and the month-end money fund portfolio holdings will remain on the website for six months. Each fund also discloses its 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
More About the Fund | 35 |
months. A description of T. Rowe Prices policies and procedures with respect to the disclosure of portfolio information is in the Statement of Additional Information.
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 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.
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Financial Highlights
Year ended December 31 | ||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||
Net asset
value, | $40.23 | $23.01 | $32.77 | $38.13 | $38.65 | |||||
Income From Investment Operations | ||||||||||
Net investment income* | 0.07 | 0.04 | 0.03 | 0.05 | 0.14 | |||||
Net gains or losses on securities (both realized and unrealized) | (17.22 | ) | 9.76 | 5.35 | 0.52 | 6.98 | ||||
Total from investment | (17.15 | ) | 9.80 | 5.38 | 0.57 | 7.12 | ||||
Less Distributions | ||||||||||
Dividends (from net | (0.07 | ) | (0.04 | ) | (0.02 | ) | (0.05 | ) | (0.14 | ) |
Distributions (from | | | | | | |||||
Returns of capital | | | | | | |||||
Total distributions | (0.07 | ) | (0.04 | ) | (0.02 | ) | (0.05 | ) | (0.14 | ) |
Net asset value, | $23.01 | $32.77 | $38.13 | $38.65 | $45.63 | |||||
Total return | (42.62 | )% | 42.57 | % | 16.42 | % | 1.50 | % | 18.41 | % |
Ratios/Supplemental Data | ||||||||||
Net assets, end of period | $6,727 | $9,461 | $10,970 | $10,597 | $13,692 | |||||
Ratio of expenses to | 0.80 | % | 0.81 | % | 0.77 | % | 0.77 | % | 0.76 | % |
Ratio of net income to | 0.22 | % | 0.15 | % | 0.08 | % | 0.12 | % | 0.32 | % |
Portfolio turnover rate | 53.8 | % | 60.0 | % | 46.8 | % | 44.2 | % | 24.5 | % |
* Per share amounts calculated using average shares outstanding method.
Investing With T. Rowe Price | 4 | |
If you are purchasing fund shares through a third-party intermediary, contact the intermediary for information regarding its policies on purchasing, exchanging, and redeeming fund shares, as well as initial and subsequent investment minimums. |
Tax Identification | We must have your correct Social Security number or employer identification number on a signed New Account form or W-9 Form. Otherwise, federal law requires the funds to withhold a percentage of your dividends, capital gain distributions, and redemptions and may subject you to an Internal Revenue Service fine. If this information is not received within 60 days after your account is established, your account may be redeemed at the funds then-current net asset value. |
Transaction Confirmations | We send immediate confirmations for most of your fund transactions. However, certain transactions, such as systematic purchases, dividend reinvestments, checkwriting redemptions for money funds, and transactions in money funds used as a T. Rowe Price Brokerage sweep account, do not receive an immediate transaction confirmation but are reported on your account statement. Please review transaction confirmations and account statements as soon as you receive them and promptly report any discrepancies to Shareholder Services by calling 1-800-225-5132. | |
Employer-Sponsored T.
Rowe Price 1-800-492-7670 | Transaction procedures in the following sections may not apply to employer-sponsored retirement plans and institutional accounts. For procedures regarding employer-sponsored retirement plans, please call T. Rowe Price Trust Company or consult your plan administrator. For institutional account procedures, please call your designated account manager or service representative. |
T. Rowe Price | 38 |
We do not accept third-party checks for initial purchases; however, we do accept third-party checks for subsequent purchases. In addition, T. Rowe Price does not accept purchases by cash, travelers checks, or credit card checks. |
$2,500 minimum initial investment; $1,000 for retirement accounts and Uniform Gifts to Minors Act/Uniform Transfers to Minors Act accounts ($25,000 minimum initial investment for Summit Funds only) |
Important Information | Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account. | |
When
you open an account, you will be asked for the name, residential street address, date of birth, and Social
Security number or employer identification number for each account owner and person(s) opening an account
on behalf of others, such as custodians, agents, trustees, or other authorized signers. 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. For more information,
call Investor Services at |
We will use this information to verify the identity of the person(s)/entity opening the account. We will not be able to open your account until we receive all of this information. If we are unable to verify your identity, we are authorized to take any action permitted by law. (See Rights Reserved by the Funds.) |
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The funds are generally available only to investors residing in the United States. In addition, purchases in state tax-free funds are limited to investors living in states where the fund is available for sale. The address of record on your account must be located in one of these states, or you will be restricted from purchasing fund shares. Contact Investor Services for more information. |
Account Registration | If you own other T. Rowe Price funds, you should consider registering any new account identically to your existing accounts so you can exchange shares among them easily. (The name(s) of the account owner(s) and the account type must be identical.) | |
For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for certain transactions (for example, to transfer ownership). |
By Mail | Please make your check payable to T. Rowe Price Funds (otherwise it may be returned), and send your check, together with the New Account form, to the appropriate address below: via U.S. Postal Service via private carriers/overnight services Note: Please use the correct address to avoid a delay in opening your new account. |
By Wire | Visit us online at troweprice.com or call Investor Services for an account number and wire transfer instructions. | |
T. Rowe Price | 40 |
In order to obtain an account number, you must supply the name, date of birth, Social Security number or employer identification number, and residential or business street address for each owner on the account. | ||
Complete a New Account form and mail it to one of the appropriate T. Rowe Price addresses listed under By Mail. |
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. |
Online | You can open a new mutual fund account online. Go to troweprice.com/newaccount to choose the type of account you wish to open. | |
To open an account electronically, you must be a U.S. citizen residing in the U.S. or a resident alien and not subject to Internal Revenue Service backup withholding. Additionally, you must provide consent to receive certain documents electronically. |
You will have the option of providing your bank account information that will enable you to make electronic funds transfers to and from your bank account. To set up this banking service online, additional steps will be taken to verify your identity. |
By Exchange
| Visit us online at troweprice.com (see Automated Services under Information About Your Services) or call Shareholder Services. The new account will have the same registration as the account from which you are exchanging. Services for the new account may be carried over by telephone request if they are preauthorized on the existing account. For limitations on exchanging, please see Transaction Procedures and Special RequirementsExcessive and Short-Term Trading. | |
In Person | Drop off your New Account form at any Investor Center location listed on the back cover and obtain a receipt. |
Investing With T. Rowe Price | 41 |
$100 minimum per fund account for all additional purchases, including those made through Automatic Asset Builder (all funds except Summit Funds); $100 minimum per fund account for additional purchases through Automatic Asset Builder and $1,000 for all other additional purchases (Summit Funds) |
By Automated | Visit us online at troweprice.com or call Shareholder Services if you have established electronic transfers using the Automated Clearing House system. |
By Wire | Go to troweprice.com or call Shareholder Services for wire transfer instructions. T. Rowe Price must receive the wire by the close of the New York Stock Exchange (normally 4 p.m. ET) to receive that days share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution. |
By Mail | 1. Make your check payable to T. Rowe Price Funds (otherwise it may be returned). 2. Mail the check to us at the following address with either a fund reinvestment slip or a note indicating the fund you want to purchase and your fund account number. 3. Please use the correct address to avoid a delay in processing your transaction and remember to provide your account number and the fund name on the memo line of your check. | |
via U.S. Postal Service (To send mail directly to T. Rowe Price via private carriers and overnight services, see previous section.) |
Your transaction will receive the share price for the business day that the request is received by T. Rowe Price prior to the close of the New York Stock Exchange (normally 4 p.m. ET) (not the day the request is received at the P.O. box). |
By
Automatic | Fill out the Automatic Asset Builder section on the New Account form or Shareholder Services form. |
T. Rowe Price | 42 |
Exchange Service | You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another is considered a sale and purchase for tax purposes. (Exchanges into a state tax-free fund are limited to investors living in states where the fund is available.) For exchange policies, please see Transaction Procedures and Special RequirementsExcessive and Short-Term Trading Policy. | |
Redemptions | Redemption proceeds can be mailed to your account address, sent by Automated Clearing House transfer to your bank, or wired to your bank (provided your bank information is already on file). Redemption proceeds of less than $5,000 sent by wire are subject to a $5 fee paid to the fund. Please note that large purchase and redemption requests initiated through automated services, including the National Securities Clearing Corporation, may be rejected and, in such instances, the transaction must be placed by contacting a service representative. |
If you request to redeem a specific dollar amount, and the market value of your account is less than the amount of your request, your redemption will not be processed, and you will need to submit a new redemption request in proper form. If you change your address on an account, proceeds will not be mailed to the new address for 15 calendar days after the address change, unless we receive a signature guaranteed letter of instruction. |
Some of the T. Rowe Price funds may impose a redemption fee. Check the funds prospectus under Contingent Redemption Fee in Pricing Shares and Receiving Sale Proceeds. The fee is paid to the fund. |
For redemptions by check or electronic transfer, please see Information About Your Services. |
Investing With T. Rowe Price | 43 |
Online | Visit us online at troweprice.com. Customers with Account Access (our secure self-service Web platform for individual investors) can electronically exchange shares between identically registered T. Rowe Price accounts and electronically redeem shares from their mutual fund accounts. |
By Phone | You can call Shareholder Services at 1-800-225-5132 to place your transaction. If you find our phones busy during unusually volatile markets, please consider placing your order online through troweprice.com. | |
By Mail | For each account involved, provide the account name and number, fund name, and exchange or redemption amount. For exchanges, be sure to specify any fund you are exchanging out of and the fund or funds you are exchanging into. T. Rowe Price may require a signature guarantee of all registered owners (see Transaction Procedures and Special RequirementsSignature Guarantees). Please use one of the following addresses: |
For nonretirement and individual retirement
accounts: via private carriers/overnight
services For
employer-sponsored retirement accounts: via private carriers/overnight services |
T. Rowe Price | 44 |
For requests that are not sent via private carriers or overnight services, your transaction will receive the share price for the business day that the request is received by T. Rowe Price prior to the close of the New York Stock Exchange (normally 4 p.m. ET) (not the day the request is received at the P.O. box). |
Requests for redemptions from employer-sponsored retirement accounts may be required to be in writing; please call T. Rowe Price Trust Company or your plan administrator for instructions. Individual retirement account distributions may be requested in writing or by telephone; please call Shareholder Services to obtain an Individual Retirement Account Distribution form or an Individual Retirement Account Shareholder Services form to authorize the telephone redemption service. |
| T. Rowe Price funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through an intermediary, no later than the business day after the order is received by the 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 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 |
Investing With T. Rowe Price | 45 |
|
| 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 and postpone the payment of proceeds to facilitate an orderly liquidation of the fund. |
Shareholder Services 1-800-225-5132 Investor Services 1-800-638-5660 | Many services are available to you as a shareholder; some you receive automatically, and others you must authorize or request on the New Account form. By signing up for services on the New Account form, you avoid having to complete a separate form at a later time and obtain a signature guarantee. This section discusses some of the services currently offered. |
Retirement Plans | We offer a wide range of plans for individuals, institutions, and large and small businesses: Traditional IRAs, Roth IRAs, SIMPLE IRAs, SEP-IRAs, 401(k)s, and 403(b)(7)s. For information on individual retirement accounts or our no-load variable annuity (for existing variable annuity contract holders), call Investor Services. For information on all other retirement plans, please call 1-800-492-7670. | |
Investing for College | We can help you save for future college expenses on a tax-advantaged basis. |
529
Plans |
T. Rowe Price | 46 |
Automated Services | Online Account Access |
Tele*AccessSM 1-800-638-2587 |
Plan Account Line 1-800-401-3279 |
By Telephone and | Purchase, redeem, or exchange shares by calling one of our service representatives or by visiting one of our Investor Center locations listed on the back cover. | |
Electronic Transfers | By Automated Clearing
House |
By Wire |
Checkwriting | (Not available for equity funds or the Emerging Markets Bond, Emerging Markets Corporate Bond, Emerging Markets Local Currency Bond, Floating Rate, High Yield, International Bond, or U.S. Bond Enhanced Index Funds.) You may write an unlimited number of free checks on any money fund and most bond funds, with a minimum of $500 per check. Keep in mind, however, that a check results in a redemption; a check written on a bond fund will create a taxable event that you and we must report to the Internal Revenue Service. | |
Investing With T. Rowe Price | 47 |
Automatic Investing | Automatic Asset Builder | |
Automatic Exchange |
To Open an Account 1-800-638-5660 For Existing 1-800-225-7720 | Investments available through our Brokerage service include stocks, options, bonds, and other securities at commission savings over full-service brokers.* We also provide a wide range of services, including: Automated Telephone and Computer Services | |
Investor Information |
Dividend Reinvestment
Service *Services vary by firm. T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services, Inc., Member FINRA/SIPC. |
T. Rowe Price | 48 |
To help you monitor your investments and make decisions that accurately reflect your financial goals, T. Rowe Price offers a wide variety of information in addition to account statements. Most of this information is also available on our website at troweprice.com. |
If your account has no activity in it for a certain period of time, T. Rowe Price may be required to transfer your account to the appropriate state under its abandoned property laws. |
A note on mailing procedures: If two or more members of a household own the same fund, we economize on fund expenses by sending only one fund report and prospectus. If you need additional copies or do not want your mailings to be householded, please call Shareholder Services at 1-800-225-5132 or write to us at P.O. Box 17630, Baltimore, MD 21297-1630. |
Shareholder Reports |
The T. Rowe Price Report |
Insights |
Investment Guides | ||
Investing With T. Rowe Price | 49 |
In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat this information as confidential and recognize the importance of protecting access to it.
You may provide information when communicating or transacting business with us in writing, electronically, or by phone. For instance, information may come from applications, requests for forms or literature, and your transactions and account positions with us. On occasion, such information may come from consumer reporting agencies and those providing services to us.
We do not sell information about current or former customers to any third parties, and we do not disclose it to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law. We may share information within the T. Rowe Price family of companies in the course of providing or offering products and services to best meet your investing needs. We may also share that information with companies that perform administrative or marketing services for T. Rowe Price, with a research firm we have hired, or with a business partner, such as a bank or insurance company with which we are developing or offering investment products. When we enter into such a relationship, our contracts restrict the companies use of our customer information, prohibiting them from sharing or using it for any purposes other than those for which they were hired.
We maintain physical, electronic, and procedural safeguards to protect your personal information. Within T. Rowe Price, access to such information is limited to those who need it to perform their jobs, such as servicing your accounts, resolving problems, or informing you of new products or services. Finally, our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in strict confidence.
This Privacy Policy applies to the following T. Rowe Price family of companies: T. Rowe Price Associates, Inc.; T. Rowe Price Advisory Services, Inc.; T. Rowe Price Investment Services, Inc.; T. Rowe Price Savings Bank; T. Rowe Price Trust Company; and the T. Rowe Price Funds.
To help you achieve your financial goals, T. Rowe Price offers a wide range of stock, bond, and money market investments, as well as convenient services and informative reports.
For mutual fund or T. Rowe Price Brokerage information
Investor Services
1-800-638-5660
For existing accounts
Shareholder Services
1-800-225-5132
For the hearing impaired
1-800-367-0763
For performance, prices, or account information
Tele*AccessSM
24 hours, 7 days
1-800-638-2587
Internet address
troweprice.com
Plan Account Line
For retirement plan investors: The appropriate 800 number appears on your retirement account statement.
Investor Centers For directions,
call Baltimore Area Downtown 105 East
Lombard Owings Mills Three Financial Center Colorado Springs 2260 Briargate Parkway | Tampa 4211 W. Boy Scout Washington, D.C. Area Downtown 1000 Connecticut Tysons Corner 1600 Tysons Boulevard | A Statement of Additional Information for the T. Rowe Price family of funds, which includes additional information about the funds, has been filed with the SEC and is incorporated by reference into this prospectus. Further information about fund 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. To obtain free copies of any of these documents, or for shareholder inquiries, call 1-800-638-5660. These documents and updated performance information are available through troweprice.com. 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, Washington, D.C. 20549-1520. |
T. Rowe Price Associates, Inc. |
1940 Act File No. 811-7059 | F93-040 5/1/13 |
PROSPECTUS | |
PABGX | |
May 1, 2013 | |
T. Rowe Price Blue Chip Growth FundAdvisor Class | |
A fund seeking long-term capital growth through investments in stocks of well-established large- and mid-cap companies. This class of shares is sold only through financial intermediaries. | |
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. | |
Table of Contents
1 | Summary | Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the Federal Deposit Insurance Corporation, Federal Reserve, or any other government agency, and are subject to investment risks, including possible loss of the principal amount invested. | |
Blue Chip Growth FundAdvisor Class 1 | |||
2 | Information
About Accounts | ||
Pricing Shares and Receiving Sale Proceeds 6 Useful Information on Distributions and Taxes 10 Transaction Procedures and Special Requirements 14 Distribution, Shareholder Servicing, and Recordkeeping Fees 18 | |||
3 | More About the Fund | ||
Organization and Management 19 More Information About the Fund and Its Investment Risks 21 Investment Policies and Practices 24 Disclosure of Fund Portfolio Information 30 Financial Highlights 31 | |||
4 | Investing With T. Rowe Price | ||
Account Requirements and Transaction Information 32 Purchasing Additional Shares 34 Exchanging and Redeeming Shares 34 Rights Reserved by the Funds 35 T. Rowe Price Privacy Policy 36 |
SUMMARY
The fund seeks to provide long-term capital growth. Income is a secondary objective.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Funds Advisor Class
Annual fund operating expenses | |
Management fees | 0.60% |
Distribution and service (12b-1) fees | 0.25% |
Other expenses | 0.16% |
Total annual fund operating expenses | 1.01% |
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. The example also assumes 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 |
$103 | $322 | $558 | $1,236 |
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 fund 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 24.5% of the average value of its portfolio.
Investments, Risks, and Performance
Principal Investment Strategies The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of large and medium-sized blue chip growth companies. These are firms that, in our view, are well established in their industries and have the potential for above-average earnings growth. We focus on companies with leading market position, seasoned management, and strong financial fundamentals. Our investment approach reflects our belief that solid company fundamentals (with emphasis on strong growth in earnings per share or operating cash flow) combined with a positive industry outlook will ultimately reward investors with strong investment performance. Some of the
T. Rowe Price | 2 |
companies we target for the fund should have good prospects for dividend growth, and the fund may at times invest significantly in stocks of technology companies.
In pursuing its investment objective, the fund has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the funds management believes will provide an opportunity for substantial appreciation. These situations might arise when the funds management believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.
While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the funds objectives.
The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
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 risk The fund is subject to the risk that the investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.
Risks of stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.
Investment style risk Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The funds growth approach to investing could cause it to underperform other stock funds that employ a different investment style. Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market.
Industry risk To the extent the fund invests in technology companies, the fund may perform poorly during a downturn in one or more of the industries that heavily impact technology companies. Technology companies can be adversely affected by, among other things, intense competition, earnings disappointments, and rapid
Summary | 3 |
obsolescence of products and services due to technological innovations or changing consumer preferences.
Foreign investing risk This is the risk that the funds investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar.
Performance The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The funds past performance (before and after taxes) is not necessarily an indication of future performance.
The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.
In addition, the average annual total returns table shows hypothetical after-tax returns to suggest 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 | 4 |
Average Annual Total Returns | |||||||||||
|
|
| Periods ended | ||||||||
| December 31, 2012 | ||||||||||
| 1 Year | 5 Years | 10 Years | ||||||||
| Blue Chip Growth FundAdvisor Class | ||||||||||
| Returns before taxes | 18.12 | % |
| 2.52 | % |
| 7.69 | % |
| |
| Returns after taxes on distributions | 18.10 |
|
| 2.51 |
|
| 7.67 |
|
| |
| Returns after taxes on distributions |
|
|
|
|
|
|
|
|
| |
| and sale of fund shares | 11.80 |
|
| 2.16 |
|
| 6.80 |
|
| |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 16.00 |
|
| 1.66 |
|
| 7.10 |
|
| |
| Lipper Large-Cap Growth Funds Index | 15.92 |
|
| 1.01 |
|
| 6.39 |
|
|
Updated performance information is available through troweprice.com or may be obtained by calling 1-800-638-8790.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Larry J. Puglia | Chairman of Investment Advisory Committee | 1993 | 1990 |
Purchase and Sale of Fund Shares
For retirement plan accounts and Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts, generally the funds minimum initial investment requirement is $1,000 and, for all other accounts, generally the funds minimum initial investment requirement is $2,500. The funds minimum subsequent investment requirement is $100. Your financial intermediary may impose different investment minimums.
You may purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open for business. You must purchase, redeem, and exchange shares through your financial intermediary.
Tax Information
Any dividends or capital gains are declared and paid annually, usually in December. 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. A redemption or exchange of fund shares may be taxable.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the
Summary | 5 |
intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
Information About Accounts in T. Rowe Price Funds | 2 | |
As a T. Rowe Price shareholder, you will want to know about the following policies and procedures that apply to Advisor Class accounts in the T. Rowe Price family of funds.
How and When Shares Are Priced
The share price, also called the net asset value, for each class of shares is calculated at the close of the New York Stock Exchange (normally 4 p.m. ET) each day that the exchange is open for business. To calculate the net asset value, the funds assets are valued and totaled; liabilities are subtracted; and each classs 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 represent the prices at which securities actually trade or evaluations based on the judgment of the funds pricing services. If a market value for a security 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 security by taking into account various factors that have been approved by the funds Board of Directors/Trustees. 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 other debt securities held by a fund. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation.
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 circumstances described below. Most foreign markets close before 4 p.m. ET. For securities primarily traded in the Far East, for example, the most recent closing prices 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 New York Stock Exchange will, in its judgment, materially 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. The 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. The fund uses outside pricing services to provide it with closing market prices and information used for adjusting those prices and to value most fixed income
Information About Accounts in T. Rowe Price Funds | 7 |
securities. The 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. The fund also evaluates a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security.
How Your Purchase, Sale, or Exchange Price Is Determined
Advisor Class shares are intended for purchase through various third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and others. Contact your intermediary to find out how to purchase, sell, or exchange your shares; trade deadlines; and other applicable procedures for these transactions. The intermediary may charge a fee for its services.
The fund may have an agreement with your intermediary that permits the intermediary to accept orders on behalf of the fund until the close of the New York Stock Exchange (normally 4 p.m. ET). In such cases, if your order is received by the intermediary in correct form by the close of the New York Stock Exchange and is transmitted to T. Rowe Price and paid for in accordance with the agreement, the transaction will be priced at the next net asset value computed after the intermediary received your order. If the fund does not have an agreement with your intermediary, T. Rowe Price must receive the request in correct form from your intermediary by the close of the New York Stock Exchange in order for your transaction to be priced at that business days net asset value.
When authorized by the fund, certain financial institutions or retirement plans purchasing fund shares on behalf of customers or plan participants through T. Rowe Price Financial Institution Services or T. Rowe Price Retirement Plan Services 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 financial institution 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.
Note: The time at which transactions and shares are priced and the time until which orders are accepted by the fund or an intermediary may be changed in case of an emergency or if the New York Stock Exchange closes at a time other than 4 p.m. ET. In the event of an emergency closing, a funds shareholders will receive the next share price calculated by the fund. There may be times when you are unable to contact us by telephone or access your account online due to extreme market activity, the unavailability of the T. Rowe Price website, or other circumstances. Should this occur, your order must still be placed and accepted by T. Rowe Price prior to the
T. Rowe Price | 8 |
time the New York Stock Exchange closes to be priced at that business days net asset value.
How Proceeds Are Received
Normally, the fund transmits proceeds to intermediaries for redemption orders received in correct form on either the next or third business day after receipt, depending on the arrangement with the intermediary. Under certain circumstances, and when deemed to be in a funds best interests, proceeds may not be sent to intermediaries for up to seven calendar days after receipt of the redemption order. You must contact your intermediary about procedures for receiving your redemption proceeds.
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, certain T. Rowe Price 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 Advisor Class Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Emerging Markets Corporate BondAdvisor Class | 2% | 90 days or less |
Emerging Markets Local Currency BondAdvisor Class | 2% | 90 days or less |
Floating RateAdvisor Class | 2% | 90 days or less |
Global InfrastructureAdvisor Class | 2% | 90 days or less |
Global Large-Cap StockAdvisor Class | 2% | 90 days or less |
Global Real EstateAdvisor Class | 2% | 90 days or less |
Global StockAdvisor Class | 2% | 90 days or less |
High YieldAdvisor Class | 2% | 90 days or less |
International BondAdvisor Class | 2% | 90 days or less |
International Growth & IncomeAdvisor Class | 2% | 90 days or less |
International StockAdvisor Class | 2% | 90 days or less |
Real EstateAdvisor Class | 1% | 90 days or less |
Small-Cap ValueAdvisor Class | 1% | 90 days or less |
Tax-Free High YieldAdvisor Class | 2% | 90 days or less |
Redemption fees are paid to a fund to deter short-term trading, offset costs, and 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
Information About Accounts in T. Rowe Price Funds | 9 |
as recordkeeper; or indirectly through an 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 account. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. A redemption fee will be charged on shares sold on or before the end of the required holding period. For example, if you redeem your shares on or before the 90th day after the date of purchase, you will be assessed the redemption fee. If you purchase shares through an intermediary, consult your 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);
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a third-party 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, 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.
T. Rowe Price | 10 |
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 exchange. However, redemption fees may apply to transactions other than exchanges depending 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 an intermediary in an omnibus account, T. Rowe Price relies on the intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to identify intermediaries establishing omnibus accounts and to enter into agreements requiring the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all intermediaries or that the intermediaries will properly assess the fees.
Certain 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 intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through an intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
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. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
Information About Accounts in T. Rowe Price Funds | 11 |
Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
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. |
These stock funds only: · Dividend GrowthAdvisor Class · Equity IncomeAdvisor Class · Global Real EstateAdvisor Class · Real EstateAdvisor Class | · Declared and paid quarterly, if any, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
Other stock funds | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Retirement Funds: | |
· Retirement IncomeAdvisor Class | · 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. |
· All others | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Bond fund shares 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 sell your shares through an intermediary, consult your intermediary to determine when your shares begin and stop accruing dividends; the information previously described may vary.
T. Rowe Price | 12 |
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 paid the following year.
Tax Information
You should contact your intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.
If you invest in the fund through a tax-deferred account, such as an individual retirement account, you will not be subject to tax on dividends and distributions from the fund or the sale of fund shares if those amounts remain in the tax-deferred account. You may receive a Form 1099-R or other Internal Revenue Service forms, as applicable, if any portion of the account is distributed to you.
If you invest in the fund through a taxable account, you generally will be subject to tax when:
· You sell fund shares, including an exchange from one fund to another.
· The fund makes dividend or capital gain distributions.
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 Global Real Estate FundAdvisor Class, Real Estate FundAdvisor Class, or the bond fund Advisor Classes 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 fund Advisor Classes is expected to qualify for this deduction.
Regular monthly dividends from the Summit Municipal Income FundAdvisor Class, Summit Municipal Intermediate FundAdvisor Class, Tax-Free High Yield FundAdvisor Class, Tax-Free Income FundAdvisor Class, and the Tax-Free Short-Intermediate FundAdvisor Class are expected to be exempt from federal income
Information About Accounts in T. Rowe Price Funds | 13 |
taxes. Exemption is not guaranteed since the fund has the right under certain conditions to invest in nonexempt securities. You must report your total tax-free income on Internal Revenue Service Form 1040. The Internal Revenue Service uses this information to help determine the tax status of any Social Security payments you may have received during the year. Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax.
Beginning in 2013, 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.
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.
Taxes on Fund Distributions
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.
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 Build America Bonds or other 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 (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.
For the tax-free bond fund Advisor Classes, gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income
T. Rowe Price | 14 |
and cannot be offset by other capital losses, and payments received or gains realized on certain derivative transactions may result in taxable ordinary income or capital gain. To the extent the fund invests in these securities, the likelihood of a taxable gain distribution will be increased.
For the Retirement Funds, distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains.
Taxable distributions are subject to tax whether reinvested in additional shares or received in cash.
Tax Consequences of Hedging
Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.
Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution
If you buy shares shortly before or on the record 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.
The Advisor Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The funds Advisor Class shares are intended for purchase through various third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services.
The Advisor Class is designed for use by investors investing through intermediaries and requires an agreement between the intermediary and T. Rowe Price to be executed prior to investment. Purchases of Advisor Class shares for which the required agreement with T. Rowe Price has not been executed, or that are not made through an eligible intermediary, are subject to rejection or cancellation without prior notice to the intermediary or investor. Existing investments in the Advisor Class shares that are not held through an eligible intermediary may be transferred by
Information About Accounts in T. Rowe Price Funds | 15 |
T. Rowe Price to another class (with lower expenses) in the same fund following notice to the intermediary or shareholder.
Purchase Conditions for Intermediaries
Nonpayment If the fund does not receive payment for an order in a timely manner, your purchase may be canceled. The intermediary will be responsible for any losses or expenses incurred by the fund or transfer agent. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks.
Sale (Redemption) Conditions
Holds on Immediate Redemptions: 10-Day Hold If an intermediary sells shares that it just purchased and paid for by check or Automated Clearing House transfer, the fund will process the redemption but generally will delay sending the proceeds for up to 10 calendar days to allow the check or transfer to clear. (The 10-day hold does not apply to purchases paid for by bank wire.)
Large Redemptions Large redemptions can adversely affect a portfolio managers ability to implement a funds investment strategy by causing the premature sale of securities. 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 disposing of the securities and bearing any associated costs.
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 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 Directors/Trustees 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 of Directors/Trustees 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
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fund account (the 30-Day Purchase Block). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the 30-Day Purchase Block:
· Shares purchased or redeemed in money 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;
· Shares converted from one share class to another share class in the same fund; and
· Shares of T. Rowe Price funds that are purchased by another T. Rowe Price fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price fund are still subject to the policy).
Transactions 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 an 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.
Intermediary Accounts If you invest in T. Rowe Price funds through an intermediary, you should review the intermediarys materials carefully or consult with the 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 transaction placed through an intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
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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 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 intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects suspicious trading activity, T. Rowe Price contacts the intermediary and may request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable). If T. Rowe Price believes that excessive or short-term trading has occurred, it will instruct the 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. 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 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 an 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 of Directors/Trustees.
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.
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Signature Guarantees
An intermediary may need to obtain a signature
guarantee in certain situations,
such as:
· Written requests to redeem over $5 million and wire the redemption proceeds to a bank account not on file;
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· Remitting redemption proceeds to any person, address, or bank account not on record; or
· Changing the account registration or broker-dealer of record for an account.
Intermediaries should consult their T. Rowe Price Financial Institution Services representative 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.
The Advisor Class has adopted a 12b-1 plan under which it pays a fee at a rate of up to 0.25% of its average daily net assets per year to various unaffiliated intermediaries, such as brokers, banks, insurance companies, and retirement plan recordkeepers for distribution and/or shareholder servicing of the Advisor Class shares. Distribution payments may include payments to intermediaries for making the Advisor Class shares available to their customers (e.g., providing the fund with shelf space or inclusion on a preferred list or supermarket platform). Shareholder servicing payments may include payments to intermediaries for providing shareholder support services to existing shareholders of the Advisor Class. These payments may be more or less than the costs incurred by the intermediaries. Because the fees are paid from the Advisor Class net assets on an ongoing basis, they will increase the cost of your investment and, over time, could result in your paying more than with other types of sales charges. The Advisor Class may also separately compensate intermediaries at a rate of up to 0.15% of average daily net assets per year for various recordkeeping and transfer agent services they perform. These services include maintaining separate records for each customer, transmitting net purchase and redemption orders, mailing shareholder confirmations and periodic statements, and providing telephone and Internet support to respond to questions regarding the customers account.
Payment of these fees may influence your financial advisors recommendation of the fund or of any particular share class of the fund.
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How is the fund organized?
The fund was incorporated in Maryland in 1993 and is an open-end management investment company, or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives. In 2000, the fund issued a separate class of shares known as the Advisor Class.
Shareholders have benefitted from T. Rowe Prices investment management experience since 1937.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in a fund. These shares are part of a 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 of the class. The income dividends for Advisor Class shares will generally differ from those of other 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 fund directors/trustees, changes in fundamental policies, or approval of changes in the funds management contract. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Do T. Rowe Price funds have annual shareholder meetings?
The funds are not required to hold annual meetings and, to avoid unnecessary costs to fund shareholders, do not do so except when certain matters, such as a change in fundamental policies, 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 fund will send or make available to you proxy materials that explain the issues to be decided and include instructions on voting by mail or telephone or on the Internet.
Who runs the fund?
General Oversight
The fund is governed by a Board of Directors that meets regularly to review fund investments, performance, expenses, and other business affairs. The Board elects the
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funds officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the Firm).
All decisions regarding the purchase and sale of fund investments are made by T. Rowe Pricespecifically by the funds portfolio manager.
Investment Adviser
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio. 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, 2012, the Firm managed approximately $577 billion for more than 10 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: Larry J. Puglia, Chairman, Ziad Bakri, P. Robert Bartolo, Peter J. Bates, Ryan N. Burgess, Jonathan Chou, Shawn T. Driscoll, Paul D. Greene, II, Thomas J. Huber, Michael M. Lasota, Timothy E. Parker, Amit Seth, Robert W. Sharps, Taymour R. Tamaddon, and Ashley R. Woodruff. The following information provides the year that the chairman 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. Puglia has been chairman of the committee since 1996 but has been involved in managing the fund since the funds inception in 1993. He joined the Firm in 1990 and his investment experience dates from 1989. He has served as a portfolio manager with the Firm throughout the past five years. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio manager, and the portfolio managers ownership of fund shares.
The Management Fee
This fee has two partsan individual fund fee, which reflects a funds particular characteristics, and a group fee. The group fee, which is designed to reflect the benefits of the shared resources of the T. Rowe Price investment management complex, is calculated daily based on the combined net assets of all T. Rowe Price funds (except the Spectrum Funds, Retirement Funds, TRP Reserve Investment Funds, and any index or private label mutual funds). The group fee schedule (in the following table) is graduated, declining as the asset total rises, so shareholders benefit from the overall growth in mutual fund assets.
More About the Fund | 21 |
Group Fee Schedule
0.334%* | First $50 billion |
0.305% | Next $30 billion |
0.300% | Next $40 billion |
0.295% | Next $40 billion |
0.290% | Next $60 billion |
0.285% | Next $80 billion |
0.280% | Next $100 billion |
0.275% | Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The funds group fee is determined by applying the group fee rate to the funds average daily net assets. On December 31, 2012, the annual group fee rate was 0.30%. The individual fund fee, also applied to the funds average daily net assets, is 0.30% on assets up to $15 billion and 0.255% on assets above $15 billion.
The expenses shown in the fee table in Section 1 are generally based on a funds prior fiscal year. In periods of market volatility, assets may decline significantly, causing total annual fund operating expenses to become higher than the numbers shown in the fee table.
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management contract with T. Rowe Price appears in the funds semiannual report to shareholders for the period ended June 30.
Fund Operations and Shareholder Services
T. Rowe Price provides accounting services to the T. Rowe Price funds. T. Rowe Price Services, Inc. acts as the transfer and dividend disbursing agent and provides shareholder and administrative services to the funds. These companies receive compensation from the funds for their services. The funds may also pay third-party intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts.
Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you are investing through an intermediary and are willing to accept the risk of investing in established growth stocks in an effort to achieve long-term capital growth, the fund could be appropriate for you. This fund should not represent your complete investment program or be used for short-term trading purposes.
Equity investors should have a long-term investment horizon and be willing to wait out bear markets.
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The market frequently rewards growth stocks with price increases when earnings expectations are met or exceeded. A successful implementation of our strategy could lead to long-term growth of capital. By investing in companies with proven track records, the fund should be less risky than one focusing on newer or smaller companies while still offering significant appreciation potential.
A blue chip investment approach seeks to identify blue chip growth companiesthose with strong market franchises in industries that appear to be strategically poised for long-term growth. Our strategy reflects T. Rowe Prices belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings) and a positive outlook for the overall industry will ultimately result in a higher stock price. While the primary emphasis is on a companys prospects for future growth, the fund will not purchase securities that, in T. Rowe Prices opinion, are overvalued considering the underlying business fundamentals. In the search for substantial capital appreciation, the fund looks for stocks attractively priced relative to their anticipated long-term value.
The fund will generally take the following into consideration:
Market positions Blue chip companies often have leading market positions that are expected to be maintained or enhanced over time. Strong positions, particularly in growing industries, can give a company pricing flexibility as well as the potential for good unit sales. These factors, in turn, can lead to higher earnings growth and greater share price appreciation.
Management Seasoned management teams with a track record of providing superior financial results are important for a companys long-term growth prospects. Our analysts will evaluate the depth and breadth of a companys management experience.
Financial fundamentals Companies should demonstrate faster earnings growth than their competitors and the market in general; high profit margins relative to competitors; strong cash flow; a healthy balance sheet with relatively low debt; and a high return on equity with a comparatively low dividend payout ratio.
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:
As with all equity funds, this funds share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political, social, or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, our assessment of companies held by the fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the
More About the Fund | 23 |
funds investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds.
Well-established growth stocks can be volatile. Since growth companies usually invest a high portion of earnings in their own businesses, their stocks may lack the dividends that can help to cushion share prices in a down market. Since many investors buy these stocks for anticipated superior earnings growth, earnings disappointments often result in sharp price declines. Also, medium-sized companies may have greater volatility than larger ones.
Foreign stock holdings may lose value because of declining foreign currencies or adverse political or economic events overseas.
One of the principal tools used to try to reduce the funds overall risk level is our intensive research when evaluating a companys prospects and selecting investments for the funds portfolio.
While most assets will be invested in common stocks, the fund may employ other strategies that are not considered part of the funds principal investment strategies. From time to time, the fund may invest in securities other than common stocks and use derivatives that are consistent with its investment program. For instance, the fund may invest, to a limited extent, in futures contracts. Any investments in futures would typically serve as an efficient means of gaining exposure to certain markets, or as a tool to manage cash flows into and out of the fund and maintain liquidity while being invested in the market. To the extent the fund invests in futures, it could be exposed to potential volatility and losses greater than direct investments in the contracts underlying assets.
The use of futures or other derivatives, if any, exposes the fund to risks that are different from, and potentially greater than, investments in more traditional securities. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index and may not move in the direction anticipated by the portfolio manager. Derivatives can also be illiquid and difficult to value, the fund could be exposed to significant losses if a counterparty becomes insolvent or is unable to meet its obligations under the contract, and there is the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation.
Recent legislation calls for a new regulatory framework for the derivatives markets. The full extent and impact of new regulations are not certain at this time. New regulations have made the use of derivatives by funds more costly, may limit the availability of certain types of derivatives, and may otherwise adversely affect the value or performance of derivatives used by funds.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
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This section takes a detailed look at some of the types of fund securities and the various kinds of investment practices that may be used in day-to-day portfolio management. Fund investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change fund objectives. 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 blue chip growth companies.
Fund holdings of certain kinds of investments cannot exceed maximum percentages of total assets, which are set forth in this prospectus. For instance, fund investments in certain derivatives are limited to 10% of total assets. While these restrictions provide a useful level of detail about fund 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 significantly more of an impact on a 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 a fund purchases a security. The status, market value, maturity, credit quality, or other characteristics of a funds securities may change after they are purchased, and this may cause the amount of a 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 it was made (this exception does not apply to a funds borrowing policy). However, purchases by a fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions.
Changes in fund holdings, fund performance, and the contribution of various investments to fund performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve fund objectives.
Types of Portfolio Securities
In seeking to meet its investment objective, fund investments may be made in any type of security or instrument (including certain potentially high-risk derivatives
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described in this section) whose investment characteristics are consistent with its investment program. The following pages describe various types of fund holdings and investment management practices.
Diversification As a fundamental policy, the fund will not purchase a security if, as a result, with respect to 75% of its total assets, more than 5% of the funds total assets would be invested in securities of a single issuer or more than 10% of the outstanding voting securities of the issuer would be held by the fund.
Fund investments are primarily in common stocks and, to a lesser degree, other types of securities as described as follows.
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its 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; 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, a fund may decide to purchase preferred stock where the issuer has omitted, or is in danger of omitting, payment of its dividend.
Convertible Securities and Warrants
Investments may be made 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 can be highly volatile, have no voting rights, and pay no dividends.
Foreign Securities
Investments may be made in foreign securities. These include nondollar-denominated securities traded outside of the U.S. and dollar-denominated securities of foreign issuers traded in the U.S. Investing in foreign securities involves special risks that can increase the potential for losses. These include: exposure to potentially adverse local, political, social, and economic developments such as war, political
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instability, hyperinflation, currency devaluations, and overdependence on particular industries; government interference in markets such as nationalization and exchange controls, expropriation of assets, or imposition of punitive taxes; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices and legal rights that differ from U.S. standards; and the chance that fluctuations in foreign exchange rates will decrease the investments value (favorable changes can increase its value). These risks are heightened for a funds investments in emerging markets. A fund may purchase American Depositary Receipts and Global Depositary Receipts, which are certificates evidencing ownership of shares of a foreign issuer. American Depositary Receipts and Global Depositary Receipts trade on established markets and are alternatives to directly purchasing the underlying foreign securities in their local markets and currencies. Such investments are subject to many of the same risks associated with investing directly in foreign securities.
Operating policy Fund investments in foreign securities are limited to 20% of total assets. Subject to the overall limit on fund investments in foreign securities, there is no limit on the amount of foreign investments that may be made in emerging markets.
Debt Instruments
The fund may invest in bonds and debt securities of any type, including municipal securities, without restrictions on quality or rating. Investments in a company also may be made through a privately negotiated note or loan, including loan assignments and participations. These investments will be made in companies, municipalities, or entities that meet fund investment criteria. Such investments may have a fixed, variable, or floating interest rate. The price of a bond or fixed rate debt security usually fluctuates with changes in interest rates, generally rising when interest rates fall and falling when interest rates rise. Investments involving below investment-grade issuers or borrowers can be more volatile and have greater risk of default than investment-grade bonds. Certain of these investments may be illiquid and holding a loan could expose the fund to the risks of being a direct lender.
Operating policy Fund investments in noninvestment-grade debt securities (junk bonds) and loans are limited to 5% of total assets. Fund investments in convertible securities are not subject to this limit.
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, give the investor the right (when the investor purchases the option), or the obligation (when the investor writes or sells the option), to buy or sell 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 securities prices,
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foreign currencies, and credit quality; as an efficient means of increasing or decreasing a funds exposure to a specific part or broad segment of the U.S. market or a foreign market; in an effort to enhance income; 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, and financial indexes. A 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 contracts and options may not always be successful hedges; their prices can be highly volatile; using them could lower a funds total return; and the potential loss from the use of futures can exceed a funds initial investment in such contracts.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of a funds net asset value. The total market value of securities covering call or put options may not exceed 25% of total assets. No more than 5% of total assets will be committed to premiums when purchasing call or put options.
Hybrid Instruments
These instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, security, or securities index. Such instruments may or may not bear interest or pay dividends. Under certain conditions, the redemption value of a hybrid could be zero.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy Fund investments in hybrid instruments are limited to 10% of total assets.
Currency Derivatives
Funds that invest in foreign securities may attempt to hedge their exposure to potentially unfavorable currency changes. The primary means of doing this is through the use of 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. However, futures, swaps, and options on foreign currencies may also be used. In certain circumstances, a fund may use currency derivatives to substitute a different currency for the currency in which the investment is denominated, a strategy known as proxy hedging. If a fund were to engage in any of these foreign currency transactions, it would be primarily to protect its foreign securities from adverse currency movements relative to the U.S. dollar. Such transactions involve, among other risks, the risk that anticipated currency movements will not occur, which could reduce a funds total return. There are certain markets,
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including many emerging markets, where it is not possible to engage in effective foreign currency hedging.
Investments in Other Investment Companies
A fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
A 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 because of the potential lack of liquidity.
As a shareholder of an investment company not sponsored by T. Rowe Price, 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.
A 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. Such an investment could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in the asset class, and will subject the fund to the risks associated with the particular asset class. Examples of asset classes in which other T. Rowe Price mutual funds concentrate their investments include high yield bonds, floating rate loans, international bonds, emerging market bonds, 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 fund 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
More About the Fund | 29 |
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 under Rule 144A of the Securities Act of 1933, others may have resale restrictions and can be illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and a fund may only be able to sell such securities at prices substantially less than what it believes they are worth.
Operating policy Fund investments in illiquid securities are limited to 15% of net assets.
Types of Investment Management Practices
Reserve Position
A certain portion of fund assets will be held in reserves. Fund reserve positions can consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund; 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. For temporary, defensive purposes, there is no limit on a funds holdings in reserves. If a fund has significant holdings in reserves, it could compromise the funds ability to achieve its objectives. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into a fund, and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.
Borrowing Money and Transferring Assets
A 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 fund policies as set forth in this prospectus. Such borrowings may be collateralized with fund assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 331/3% of total assets.
Operating policy A 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 total assets. A fund will not purchase additional securities when borrowings exceed 5% of total assets.
Lending of Portfolio Securities
A 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 default or do not perform as well as expected.
T. Rowe Price | 30 |
Fundamental policy The value of loaned securities may not exceed 331/3% of total assets.
Portfolio Turnover
Turnover is an indication of frequency of trading. A 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 a 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 a 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.
Each T. Rowe Price funds portfolio holdings are disclosed on a regular basis in its semiannual and annual shareholder reports, and on Form N-Q, which is filed with the SEC within 60 days of the funds first and third fiscal quarter-end. The money funds also file detailed month-end portfolio holdings information with the SEC each month. Such information will be made available to the public 60 days after the end of the month to which the information pertains. In addition, the funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. Under certain conditions, up to 5% of a funds holdings may be included in this portfolio list without being individually identified. Generally, securities would not be individually identified if they are being actively bought or sold and it is determined that the quarter-end disclosure of the holding could be harmful to the fund. A security will not be excluded for these purposes from a funds quarter-end holdings disclosure for more than one year. Money funds also disclose their month-end portfolio holdings on troweprice.com five business days after each month. The quarter-end portfolio holdings will remain on the website for one year and the month-end money fund portfolio holdings will remain on the website for six months. Each fund also discloses its 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 in the Statement of Additional Information.
More About the Fund | 31 |
The Financial Highlights table, which provides information about the funds Advisor Class financial history, is based on a single share outstanding throughout the periods shown. The classs section of 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 investor would have earned or lost on an investment in the funds Advisor Class (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 | ||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||
Net asset
value, | $40.26 | $23.05 | $32.80 | $38.10 | $38.58 | |||||
Income From Investment Operations | ||||||||||
Net investment income* | 0.01 | (0.02 | ) | (0.05 | ) | (0.04 | ) | 0.04 | ||
Net gains or losses on securities (both realized | (17.21 | ) | 9.77 | 5.35 | 0.52 | 6.95 | ||||
Total from investment | (17.20 | ) | 9.75 | 5.30 | 0.48 | 6.99 | ||||
Less Distributions | ||||||||||
Dividends (from net | (0.01 | ) | | | | (0.04 | ) | |||
Distributions (from | | | | | | |||||
Returns of capital | | | | | | |||||
Total distributions | (0.01 | ) | | | | (0.04 | ) | |||
Net asset value, | $23.05 | $32.80 | $38.10 | $38.58 | $45.53 | |||||
Total return | (42.72 | )% | 42.30 | % | 16.16 | % | 1.26 | % | 18.12 | % |
Ratios/Supplemental Data | ||||||||||
Net assets, end of | $739 | $717 | $782 | $876 | $1,416 | |||||
Ratio of expenses to | 0.98 | % | 1.00 | % | 0.99 | % | 1.00 | % | 1.01 | % |
Ratio of net income to average net assets | 0.04 | % | (0.06 | )% | (0.15 | )% | (0.09 | )% | 0.09 | % |
Portfolio turnover rate | 53.8 | % | 60.0 | % | 46.8 | % | 44.2 | % | 24.5 | % |
* Per share amounts calculated using average shares outstanding method.
Investing With T. Rowe Price | 4 | |
Your fund shares must be purchased through a third-party intermediary, therefore please contact the intermediary for information regarding its policies on purchasing, exchanging, and redeeming fund shares, as well as initial and subsequent investment minimums. |
Tax Identification | The intermediary must provide T. Rowe Price with its certified taxpayer identification number. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject the intermediary or account holder 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. | |
All initial and subsequent
investments by intermediaries should be made by bank wire or electronic payment. For more information,
contact Financial Institution Services by calling |
Important Information About Opening an Account | Opening a New Account | |
Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. |
| When an account is opened, the name, residential street address, date of birth, and Social Security or employer identification number for each account owner and person(s) opening an account on behalf of others (such as custodians, agents, trustees, or other authorized signers) must be provided. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an |
Investing With T. Rowe Price | 33 |
|
| 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. For more information, call Financial Institution Services. |
T. Rowe Price will use this information to verify the identity of the person(s)/entity opening the account. An account cannot be opened until all of this information is received. If the identity of the account holder cannot be verified, T. Rowe Price is authorized to take any action permitted by law. (See Rights Reserved by the Funds.) |
Intermediaries should call Financial Institution Services for an account number, assignment to a dedicated service representative, and wire transfer instructions. |
In order to obtain an account number, the intermediary must supply the name, Social Security or employer identification number, and business street address for the account. |
Intermediaries should complete a New Account form and mail it, with proper documentation identifying your firm, to one of the appropriate addresses listed below. Intermediaries must also enter into a separate agreement with the fund or its agent. The funds are generally available only to investors residing in the United States. |
via U.S. Postal Service |
via private carriers/overnight
services |
Note: Please use the correct address to avoid a delay in opening your new account. |
T. Rowe Price | 34 |
$100 minimum per fund for all additional purchases and $1,000 minimum required for Summit Funds (your intermediary may impose different minimums) |
By Wire | Intermediaries should call Financial Institution Services or access troweprice.com for wire transfer instructions. T. Rowe Price must receive the wire by the close of the New York Stock Exchange (normally 4 p.m. ET) to receive that days share price. There is no assurance that the share price for the purchase will be the same day the wire was initiated. | |
Exchange Service | Money can be moved from one account to an existing, identically registered account or a new identically registered account can be opened. Intermediaries should call their Financial Institution Services representative for more information or to place a trade. For exchange policies, please see Transaction Procedures and Special RequirementsExcessive and Short-Term Trading Policy. |
Redemptions | Unless otherwise indicated, redemption proceeds will be wired to the intermediarys designated bank. Intermediaries should contact their Financial Institution Services representative. |
Some of the T. Rowe Price funds may impose a redemption fee. Check the funds prospectus under Contingent Redemption Fee in Pricing Shares and Receiving Sale Proceeds. The fee is paid to the fund. |
If your account has no activity in it for a certain period of time, your intermediary may be required to transfer your account to the appropriate state under its abandoned property laws. |
Investing With T. Rowe Price | 35 |
T. Rowe Price funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through an intermediary, no later than the business day after the order is received by the 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, 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 and postpone the payment of proceeds to facilitate an orderly liquidation of the fund. | ||
T. Rowe Price | 36 |
In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat this information as confidential and recognize the importance of protecting access to it.
You may provide information when communicating or transacting business with us in writing, electronically, or by phone. For instance, information may come from applications, requests for forms or literature, and your transactions and account positions with us. On occasion, such information may come from consumer reporting agencies and those providing services to us.
We do not sell information about current or former customers to any third parties, and we do not disclose it to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law. We may share information within the T. Rowe Price family of companies in the course of providing or offering products and services to best meet your investing needs. We may also share that information with companies that perform administrative or marketing services for T. Rowe Price, with a research firm we have hired, or with a business partner, such as a bank or insurance company with which we are developing or offering investment products. When we enter into such a relationship, our contracts restrict the companies use of our customer information, prohibiting them from sharing or using it for any purposes other than those for which they were hired.
We maintain physical, electronic, and procedural safeguards to protect your personal information. Within T. Rowe Price, access to such information is limited to those who need it to perform their jobs, such as servicing your accounts, resolving problems, or informing you of new products or services. Finally, our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in strict confidence.
This Privacy Policy applies to the following T. Rowe Price family of companies: T. Rowe Price Associates, Inc.; T. Rowe Price Advisory Services, Inc.; T. Rowe Price Investment Services, Inc.; T. Rowe Price Savings Bank; T. Rowe Price Trust Company; and the T. Rowe Price Funds.
A Statement of Additional Information for the T. Rowe Price family of funds, which includes additional information about the funds, has been filed with the SEC and is incorporated by reference into this prospectus. Further information about fund 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. To obtain free copies of any of these documents, call your intermediary. These documents are available through troweprice.com.
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, Washington, D.C. 20549-1520.
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
1940 Act File No. 811-7059 E293-040 5/1/13
PROSPECTUS | |
RRBGX | |
May 1, 2013 | |
T. Rowe Price Blue Chip Growth FundR Class | |
A fund seeking long-term capital growth through investments in stocks of well-established large- and mid-cap companies. This class of shares is sold only through financial intermediaries. | |
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. | |
Table of Contents
1 | Summary | Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the Federal Deposit Insurance Corporation, Federal Reserve, or any other government agency, and are subject to investment risks, including possible loss of the principal amount invested. | |
Blue Chip Growth FundR Class 1 | |||
2 | Information
About Accounts | ||
Pricing Shares and Receiving Sale Proceeds 6 Useful Information on Distributions and Taxes 10 Transaction Procedures and Special Requirements 14 Distribution, Shareholder Servicing, and Recordkeeping Fees 17 | |||
3 | More About the Fund | ||
Organization and Management 19 More Information About the Fund and Its Investment Risks 21 Investment Policies and Practices 24 Disclosure of Fund Portfolio Information 30 Financial Highlights 31 | |||
4 | Investing With T. Rowe Price | ||
Account Requirements and Transaction Information 33 Purchasing Additional Shares 35 Exchanging and Redeeming Shares 35 Rights Reserved by the Funds 36 T. Rowe Price Privacy Policy 37 |
SUMMARY
The fund seeks to provide long-term capital growth. Income is a secondary objective.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Funds R Class
Annual fund operating expenses | |
Management fees | 0.60% |
Distribution and service (12b-1) fees | 0.50%a |
Other expenses | 0.20% |
Total annual fund operating expenses | 1.30% |
a Restated to show maximum 12b-1 fee rate of 0.50%. Actual rate for the prior fiscal year was 0.47%.
Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes 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 |
$132 | $412 | $713 | $1,568 |
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 fund 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 24.5% of the average value of its portfolio.
Investments, Risks, and Performance
Principal Investment Strategies The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of large and medium-sized blue chip growth companies. These are firms that, in our view, are well established in their industries and have the potential for above-average earnings growth. We focus on companies with leading market position, seasoned management, and strong financial fundamentals. Our investment approach reflects our belief that solid company fundamentals (with emphasis on strong growth in
T. Rowe Price | 2 |
earnings per share or operating cash flow) combined with a positive industry outlook will ultimately reward investors with strong investment performance. Some of the companies we target for the fund should have good prospects for dividend growth, and the fund may at times invest significantly in stocks of technology companies.
In pursuing its investment objective, the fund has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the funds management believes will provide an opportunity for substantial appreciation. These situations might arise when the funds management believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.
While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the funds objectives.
The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
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 risk The fund is subject to the risk that the investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.
Risks of stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.
Investment style risk Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The funds growth approach to investing could cause it to underperform other stock funds that employ a different investment style. Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market.
Industry risk To the extent the fund invests in technology companies, the fund may perform poorly during a downturn in one or more of the industries that heavily
Summary | 3 |
impact technology companies. Technology companies can be adversely affected by, among other things, intense competition, earnings disappointments, and rapid obsolescence of products and services due to technological innovations or changing consumer preferences.
Foreign investing risk This is the risk that the funds investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar.
Performance The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The funds past performance (before and after taxes) is not necessarily an indication of future performance.
The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.
In addition, the average annual total returns table shows hypothetical after-tax returns to suggest 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 | 4 |
Average Annual Total Returns | ||||||||||||
|
|
| Periods ended |
| ||||||||
| December 31, 2012 |
| ||||||||||
| 1 Year | 5 Years | 10 Years |
| ||||||||
| Blue Chip Growth Fund-R Class |
| ||||||||||
| Returns before taxes | 17.83 | % |
| 2.27 | % |
| 7.40 | % |
|
| |
| Returns after taxes on distributions | 17.83 |
|
| 2.27 |
|
| 7.39 |
|
|
| |
| Returns after taxes on distributions |
|
|
|
|
|
|
|
|
|
| |
| and sale of fund shares | 11.59 |
|
| 1.94 |
|
| 6.54 |
|
|
| |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 16.00 |
|
| 1.66 |
|
| 7.10 |
|
|
| |
| Lipper Large-Cap Growth Funds Index | 15.92 |
|
| 1.01 |
|
| 6.39 |
|
|
|
Updated performance information is available through troweprice.com or may be obtained by calling 1-800-638-8790.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Larry J. Puglia | Chairman of Investment Advisory Committee | 1993 | 1990 |
Purchase and Sale of Fund Shares
For retirement plan accounts and Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts, generally the funds minimum initial investment requirement is $1,000 and, for all other accounts, generally the funds minimum initial investment requirement is $2,500. The funds minimum subsequent investment requirement is $100. Your financial intermediary may impose different investment minimums.
You may purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open for business. You must purchase, redeem, and exchange shares through your financial intermediary.
Tax Information
Any dividends or capital gains are declared and paid annually, usually in December. 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. A redemption or exchange of fund shares may be taxable.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the
Summary | 5 |
intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
Information About Accounts in T. Rowe Price Funds | 2 | |
As a T. Rowe Price shareholder, you will want to know about the following policies and procedures that apply to R Class accounts in the T. Rowe Price family of funds.
How and When Shares Are Priced
The share price, also called the net asset value, for each class of shares is calculated at the close of the New York Stock Exchange (normally 4 p.m. ET) each day that the exchange is open for business. To calculate the net asset value, the funds assets are valued and totaled; liabilities are subtracted; and each classs 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 represent the prices at which securities actually trade or evaluations based on the judgment of the funds pricing services. If a market value for a security 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 security by taking into account various factors that have been approved by the funds Board of Directors/Trustees. 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 other debt securities held by a fund. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation.
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 circumstances described below. Most foreign markets close before 4 p.m. ET. For securities primarily traded in the Far East, for example, the most recent closing prices 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 New York Stock Exchange will, in its judgment, materially 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. The 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. The fund uses outside pricing services to provide it with closing market prices and information used for adjusting those prices and to value most fixed income securities. The fund cannot predict how often it will use closing prices and how often it will adjust those prices.
Information About Accounts in T. Rowe Price Funds | 7 |
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. The fund also evaluates a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values to the same security.
How Your Purchase, Sale, or Exchange Price Is Determined
R Class shares are intended for purchase through various third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and others. Contact your intermediary to find out how to purchase, sell, or exchange your shares; trade deadlines; and other applicable procedures for these transactions. The intermediary may charge a fee for its services.
The fund may have an agreement with your intermediary that permits the intermediary to accept orders on behalf of the fund until the close of the New York Stock Exchange (normally 4 p.m. ET). In such cases, if your order is received by the intermediary in correct form by the close of the New York Stock Exchange and is transmitted to T. Rowe Price and paid for in accordance with the agreement, the transaction will be priced at the next net asset value computed after the intermediary received your order. If the fund does not have an agreement with your intermediary, T. Rowe Price must receive the request in correct form from your intermediary by the close of the New York Stock Exchange in order for your transaction to be priced at that business days net asset value.
When authorized by the fund, certain financial institutions or retirement plans purchasing fund shares on behalf of customers or plan participants through T. Rowe Price Financial Institution Services or T. Rowe Price Retirement Plan Services 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 financial institution 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.
Note: The time at which transactions and shares are priced and the time until which orders are accepted by the fund or an intermediary may be changed in case of an emergency or if the New York Stock Exchange closes at a time other than 4 p.m. ET. In the event of an emergency closing, a funds shareholders will receive the next share price calculated by the fund. There may be times when you are unable to contact us by telephone or access your account online due to extreme market activity, the unavailability of the T. Rowe Price website, or other circumstances. Should this occur, your order must still be placed and accepted by T. Rowe Price prior to the time the New York Stock Exchange closes to be priced at that business days net asset value.
T. Rowe Price | 8 |
How Proceeds Are Received
Normally, the fund transmits proceeds to intermediaries for redemption orders received in correct form on either the next or third business day after receipt, depending on the arrangement with the intermediary. Under certain circumstances, and when deemed to be in a funds best interests, proceeds may not be sent to intermediaries for up to seven calendar days after receipt of the redemption order. You must contact your intermediary about procedures for receiving your redemption proceeds.
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, certain T. Rowe Price 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 R Class Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
International Growth & IncomeR Class | 2% | 90 days or less |
International StockR Class | 2% | 90 days or less |
Redemption fees are paid to a fund to deter short-term trading, offset costs, and 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 an 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 account. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. A redemption fee will be charged on shares sold on or before the end of the required holding period. For example, if you redeem your shares on or before the 90th day after the date of purchase, you will be assessed the redemption fee. If you purchase shares through an intermediary, consult your intermediary to determine how the holding period will be applied.
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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);
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a third-party 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, 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 exchange. However, redemption fees may apply to transactions other than exchanges depending 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 an intermediary in an omnibus account, T. Rowe Price relies on the intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to identify intermediaries establishing omnibus accounts and to enter into agreements requiring the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all intermediaries or that the intermediaries will properly assess the fees.
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Certain 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 intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through an intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
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.
Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
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. |
Equity IncomeR Class | · Declared and paid quarterly, if any, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
Other stock funds | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
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Dividend Payment Schedule | |
Fund | Dividends |
Retirement Funds: | |
· Retirement IncomeR Class | · 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. |
· All others | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Bond fund shares 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 sell your shares through an intermediary, consult your intermediary to determine when your shares begin and stop accruing dividends; 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 paid the following year.
Tax Information
You should contact your intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.
If you invest in the fund through a tax-deferred account, such as a 401(k) account, 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.
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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 fund R Classes 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 fund R Classes is expected to qualify for this deduction.
Beginning in 2013, 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.
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.
Taxes on Fund Distributions
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
Information About Accounts in T. Rowe Price Funds | 13 |
taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
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 Build America Bonds or other 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 (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.
For the Retirement Funds, distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains.
Taxable distributions are subject to tax whether reinvested in additional shares or received in cash.
Tax Consequences of Hedging
Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in a fund being required to distribute gains on such transactions, even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.
Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution
If you buy shares shortly before or on the record 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.
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The R Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The funds R Class shares are intended for purchase through various third-party intermediaries, such as brokers, banks, insurance companies, and retirement plan recordkeepers and consultants, that offer or service employer-sponsored defined contribution retirement plans and certain other accounts.
The R Class is designed for employer-sponsored defined contribution retirement plans and certain other accounts, and requires an agreement between the intermediary and T. Rowe Price to be executed prior to investment. Purchases of R Class shares for which the required agreement with T. Rowe Price has not been executed, or that are not made through an eligible intermediary on behalf of an eligible account are subject to rejection or cancellation without prior notice to the intermediary or investor. Existing investments in the R Class shares that are not held on behalf of an employer-sponsored defined contribution retirement plan or other eligible account may be transferred by T. Rowe Price to another class (with lower expenses) in the same fund following notice to the intermediary or shareholder.
Purchase Conditions for Intermediaries
Nonpayment If the fund does not receive payment for an order in a timely manner, your purchase may be canceled. The intermediary will be responsible for any losses or expenses incurred by the fund or transfer agent. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks.
Sale (Redemption) Conditions
Holds on Immediate Redemptions: 10-Day Hold If an intermediary sells shares that it just purchased and paid for by check or Automated Clearing House transfer, the fund will process the redemption but generally will delay sending the proceeds for up to 10 calendar days to allow the check or transfer to clear. (The 10-day hold does not apply to purchases paid for by bank wire.)
Large Redemptions Large redemptions 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 disposing of the securities and bearing any associated costs.
Information About Accounts in T. Rowe Price Funds | 15 |
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 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 Directors/Trustees 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 of Directors/Trustees 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.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the 30-Day Purchase Block:
· Shares purchased or redeemed in money 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;
· Shares converted from one share class to another share class in the same fund; and
· 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).
T. Rowe Price | 16 |
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 an 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.
Intermediary Accounts If you invest in T. Rowe Price funds through an intermediary, you should review the intermediarys materials carefully or consult with the 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 transaction placed through an intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
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 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 intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects suspicious trading activity, T. Rowe Price contacts the intermediary and may request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable). If T. Rowe Price believes that excessive or short-term trading has occurred, it will instruct the 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. 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 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 an 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
Information About Accounts in T. Rowe Price Funds | 17 |
their shareholders that is consistent with the excessive trading policy adopted by the funds Boards of Directors/Trustees.
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.
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Signature Guarantees
An intermediary may need to obtain a signature
guarantee in certain situations,
such as:
· Written requests to redeem over $5 million and wire the redemption proceeds to a bank account not on file;
· Remitting redemption proceeds to any person, address, or bank account not on record; or
· Changing the account registration or broker-dealer of record for an account.
Intermediaries should consult their T. Rowe Price Financial Institution Services representative 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.
The R Class has adopted a 12b-1 plan under which it pays a fee at a rate of up to 0.50% of its average daily net assets per year to various unaffiliated intermediaries, such as brokers, banks, insurance companies, retirement plan recordkeepers, and retirement plan consultants for distribution and/or shareholder servicing of the
T. Rowe Price | 18 |
R Class shares. Distribution payments may include payments to intermediaries for making the R Class shares available as investment options to retirement plans and retirement plan participants, assisting plan sponsors in conducting searches for investment options, and providing ongoing monitoring of investment options. Shareholder servicing payments may include payments to intermediaries for providing shareholder support services to existing plans or shareholders of the R Class. These payments may be more or less than the costs incurred by the intermediaries. Because the fees are paid from the R Class net assets on an ongoing basis, they will increase the cost of your investment and, over time, could result in your paying more than with other types of sales charges. The R Class may also separately compensate intermediaries at a rate of up to 0.15% of average daily net assets per year for various recordkeeping and transfer agent services they perform. These services include maintaining separate records for each customer, transmitting net purchase and redemption orders, mailing shareholder confirmations and periodic statements, and providing telephone and Internet support to respond to questions regarding the customers account.
Payment of these fees may influence your financial advisors recommendation of the fund or of any particular share class of the fund.
More About the Fund | 3 | |
How is the fund organized?
The fund was incorporated in Maryland in 1993 and is an open-end management investment company, or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives. In 2002, the fund issued a separate class of shares known as the R Class.
Shareholders have benefitted from T. Rowe Prices investment management experience since 1937.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in a fund. These shares are part of a 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 of the class. The income dividends for R Class shares will generally differ from those of other 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 fund directors/trustees, changes in fundamental policies, or approval of changes in the funds management contract. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Do T. Rowe Price funds have annual shareholder meetings?
The funds are not required to hold annual meetings and, to avoid unnecessary costs to fund shareholders, do not do so except when certain matters, such as a change in fundamental policies, 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 fund will send or make available to you proxy materials that explain the issues to be decided and include instructions on voting by mail or telephone or on the Internet.
Who runs the fund?
General Oversight
The fund is governed by a Board of Directors that meets regularly to review fund investments, performance, expenses, and other business affairs. The Board elects the
T. Rowe Price | 20 |
funds officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the Firm).
All decisions regarding the purchase and sale of fund investments are made by T. Rowe Pricespecifically by the funds portfolio manager.
Investment Adviser
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio. 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, 2012, the Firm managed approximately $577 billion for more than 10 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: Larry J. Puglia, Chairman, Ziad Bakri, P. Robert Bartolo, Peter J. Bates, Ryan N. Burgess, Jonathan Chou, Shawn T. Driscoll, Paul D. Greene, II, Thomas J. Huber, Michael M. Lasota, Timothy E. Parker, Amit Seth, Robert W. Sharps, Taymour R. Tamaddon, and Ashley R. Woodruff. The following information provides the year that the chairman 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. Puglia has been chairman of the committee since 1996 but has been involved in managing the fund since the funds inception in 1993. He joined the Firm in 1990 and his investment experience dates from 1989. He has served as a portfolio manager with the Firm throughout the past five years. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio manager, and the portfolio managers ownership of fund shares.
The Management Fee
This fee has two partsan individual fund fee, which reflects a funds particular characteristics, and a group fee. The group fee, which is designed to reflect the benefits of the shared resources of the T. Rowe Price investment management complex, is calculated daily based on the combined net assets of all T. Rowe Price funds (except the Spectrum Funds, Retirement Funds, TRP Reserve Investment Funds, and any index or private label mutual funds). The group fee schedule (in the following table) is graduated, declining as the asset total rises, so shareholders benefit from the overall growth in mutual fund assets.
More About the Fund | 21 |
Group Fee Schedule
0.334%* | First $50 billion |
0.305% | Next $30 billion |
0.300% | Next $40 billion |
0.295% | Next $40 billion |
0.290% | Next $60 billion |
0.285% | Next $80 billion |
0.280% | Next $100 billion |
0.275% | Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The funds group fee is determined by applying the group fee rate to the funds average daily net assets. On December 31, 2012, the annual group fee rate was 0.30%. The individual fund fee, also applied to the funds average daily net assets, is 0.30% on assets up to $15 billion and 0.255% on assets above $15 billion.
The expenses shown in the fee table in Section 1 are generally based on a funds prior fiscal year. In periods of market volatility, assets may decline significantly, causing total annual fund operating expenses to become higher than the numbers shown in the fee table.
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management contract with T. Rowe Price appears in the funds semiannual report to shareholders for the period ended June 30.
Fund Operations and Shareholder Services
T. Rowe Price provides accounting services to the T. Rowe Price funds. T. Rowe Price Services, Inc. acts as the transfer and dividend disbursing agent and provides shareholder and administrative services to the funds. T. Rowe Price Retirement Plan Services, Inc. provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The funds may also pay third-party intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts.
Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you are investing through an intermediary and are willing to accept the risk of investing in established growth stocks in an effort to achieve long-term capital growth, the fund could be appropriate for you. This fund should not represent your complete investment program or be used for short-term trading purposes.
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Equity investors should have a long-term investment horizon and be willing to wait out bear markets.
The market frequently rewards growth stocks with price increases when earnings expectations are met or exceeded. A successful implementation of our strategy could lead to long-term growth of capital. By investing in companies with proven track records, the fund should be less risky than one focusing on newer or smaller companies while still offering significant appreciation potential.
A blue chip investment approach seeks to identify blue chip growth companiesthose with strong market franchises in industries that appear to be strategically poised for long-term growth. Our strategy reflects T. Rowe Prices belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings) and a positive outlook for the overall industry will ultimately result in a higher stock price. While the primary emphasis is on a companys prospects for future growth, the fund will not purchase securities that, in T. Rowe Prices opinion, are overvalued considering the underlying business fundamentals. In the search for substantial capital appreciation, the fund looks for stocks attractively priced relative to their anticipated long-term value.
The fund will generally take the following into consideration:
Market positions Blue chip companies often have leading market positions that are expected to be maintained or enhanced over time. Strong positions, particularly in growing industries, can give a company pricing flexibility as well as the potential for good unit sales. These factors, in turn, can lead to higher earnings growth and greater share price appreciation.
Management Seasoned management teams with a track record of providing superior financial results are important for a companys long-term growth prospects. Our analysts will evaluate the depth and breadth of a companys management experience.
Financial fundamentals Companies should demonstrate faster earnings growth than their competitors and the market in general; high profit margins relative to competitors; strong cash flow; a healthy balance sheet with relatively low debt; and a high return on equity with a comparatively low dividend payout ratio.
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:
As with all equity funds, this funds share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political, social, or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive
More About the Fund | 23 |
environment. In addition, our assessment of companies held by the fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the funds investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds.
Well-established growth stocks can be volatile. Since growth companies usually invest a high portion of earnings in their own businesses, their stocks may lack the dividends that can help to cushion share prices in a down market. Since many investors buy these stocks for anticipated superior earnings growth, earnings disappointments often result in sharp price declines. Also, medium-sized companies may have greater volatility than larger ones.
Foreign stock holdings may lose value because of declining foreign currencies or adverse political or economic events overseas.
One of the principal tools used to try to reduce the funds overall risk level is our intensive research when evaluating a companys prospects and selecting investments for the funds portfolio.
While most assets will be invested in common stocks, the fund may employ other strategies that are not considered part of the funds principal investment strategies. From time to time, the fund may invest in securities other than common stocks and use derivatives that are consistent with its investment program. For instance, the fund may invest, to a limited extent, in futures contracts. Any investments in futures would typically serve as an efficient means of gaining exposure to certain markets, or as a tool to manage cash flows into and out of the fund and maintain liquidity while being invested in the market. To the extent the fund invests in futures, it could be exposed to potential volatility and losses greater than direct investments in the contracts underlying assets.
The use of futures or other derivatives, if any, exposes the fund to risks that are different from, and potentially greater than, investments in more traditional securities. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index and may not move in the direction anticipated by the portfolio manager. Derivatives can also be illiquid and difficult to value, the fund could be exposed to significant losses if a counterparty becomes insolvent or is unable to meet its obligations under the contract, and there is the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation.
Recent legislation calls for a new regulatory framework for the derivatives markets. The full extent and impact of new regulations are not certain at this time. New regulations have made the use of derivatives by funds more costly, may limit the availability of certain types of derivatives, and may otherwise adversely affect the value or performance of derivatives used by funds.
T. Rowe Price | 24 |
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 fund securities and the various kinds of investment practices that may be used in day-to-day portfolio management. Fund investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change fund objectives. 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 blue chip growth companies.
Fund holdings of certain kinds of investments cannot exceed maximum percentages of total assets, which are set forth in this prospectus. For instance, fund investments in certain derivatives are limited to 10% of total assets. While these restrictions provide a useful level of detail about fund 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 significantly more of an impact on a 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 a fund purchases a security. The status, market value, maturity, credit quality, or other characteristics of a funds securities may change after they are purchased, and this may cause the amount of a 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 it was made (this exception does not apply to a funds borrowing policy). However, purchases by a fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions.
Changes in fund holdings, fund performance, and the contribution of various investments to fund performance are discussed in the shareholder reports.
More About the Fund | 25 |
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve fund objectives.
Types of Portfolio Securities
In seeking to meet its investment objective, fund investments may be made 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 fund holdings and investment management practices.
Diversification As a fundamental policy, the fund will not purchase a security if, as a result, with respect to 75% of its total assets, more than 5% of the funds total assets would be invested in securities of a single issuer or more than 10% of the outstanding voting securities of the issuer would be held by the fund.
Fund investments are primarily in common stocks and, to a lesser degree, other types of securities as described as follows.
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its 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; 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, a fund may decide to purchase preferred stock where the issuer has omitted, or is in danger of omitting, payment of its dividend.
Convertible Securities and Warrants
Investments may be made 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 can be highly volatile, have no voting rights, and pay no dividends.
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Foreign Securities
Investments may be made in foreign securities. These include nondollar-denominated securities traded outside of the U.S. and dollar-denominated securities of foreign issuers traded in the U.S. Investing in foreign securities involves special risks that can increase the potential for losses. These include: exposure to potentially adverse local, political, social, and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; government interference in markets such as nationalization and exchange controls, expropriation of assets, or imposition of punitive taxes; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices and legal rights that differ from U.S. standards; and the chance that fluctuations in foreign exchange rates will decrease the investments value (favorable changes can increase its value). These risks are heightened for a funds investments in emerging markets. A fund may purchase American Depositary Receipts and Global Depositary Receipts, which are certificates evidencing ownership of shares of a foreign issuer. American Depositary Receipts and Global Depositary Receipts trade on established markets and are alternatives to directly purchasing the underlying foreign securities in their local markets and currencies. Such investments are subject to many of the same risks associated with investing directly in foreign securities.
Operating policy Fund investments in foreign securities are limited to 20% of total assets. Subject to the overall limit on fund investments in foreign securities, there is no limit on the amount of foreign investments that may be made in emerging markets.
Debt Instruments
The fund may invest in bonds and debt securities of any type, including municipal securities, without restrictions on quality or rating. Investments in a company also may be made through a privately negotiated note or loan, including loan assignments and participations. These investments will be made in companies, municipalities, or entities that meet fund investment criteria. Such investments may have a fixed, variable, or floating interest rate. The price of a bond or fixed rate debt security usually fluctuates with changes in interest rates, generally rising when interest rates fall and falling when interest rates rise. Investments involving below investment-grade issuers or borrowers can be more volatile and have greater risk of default than investment-grade bonds. Certain of these investments may be illiquid and holding a loan could expose the fund to the risks of being a direct lender.
Operating policy Fund investments in noninvestment-grade debt securities (junk bonds) and loans are limited to 5% of total assets. Fund investments in convertible securities are not subject to this limit.
More About the Fund | 27 |
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, give the investor the right (when the investor purchases the option), or the obligation (when the investor writes or sells the option), to buy or sell 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 securities prices, foreign currencies, and credit quality; as an efficient means of increasing or decreasing a funds exposure to a specific part or broad segment of the U.S. market or a foreign market; in an effort to enhance income; 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, and financial indexes. A 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 contracts and options may not always be successful hedges; their prices can be highly volatile; using them could lower a funds total return; and the potential loss from the use of futures can exceed a funds initial investment in such contracts.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of a funds net asset value. The total market value of securities covering call or put options may not exceed 25% of total assets. No more than 5% of total assets will be committed to premiums when purchasing call or put options.
Hybrid Instruments
These instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, security, or securities index. Such instruments may or may not bear interest or pay dividends. Under certain conditions, the redemption value of a hybrid could be zero.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy Fund investments in hybrid instruments are limited to 10% of total assets.
Currency Derivatives
Funds that invest in foreign securities may attempt to hedge their exposure to potentially unfavorable currency changes. The primary means of doing this is through the use of forward currency exchange contracts, which are contracts between two counterparties to exchange one currency for another on a future date at a
T. Rowe Price | 28 |
specified exchange rate. However, futures, swaps, and options on foreign currencies may also be used. In certain circumstances, a fund may use currency derivatives to substitute a different currency for the currency in which the investment is denominated, a strategy known as proxy hedging. If a fund were to engage in any of these foreign currency transactions, it would be primarily to protect its foreign securities from adverse currency movements relative to the U.S. dollar. Such transactions involve, among other risks, the risk that anticipated currency movements will not occur, which could reduce a funds total return. There are certain markets, including many emerging markets, where it is not possible to engage in effective foreign currency hedging.
Investments in Other Investment Companies
A fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
A 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 because of the potential lack of liquidity.
As a shareholder of an investment company not sponsored by T. Rowe Price, 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.
A 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. Such an investment could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in the asset class, and will subject the fund to the risks associated with the particular asset class. Examples of asset classes in which other T. Rowe Price mutual funds concentrate their investments include high yield bonds, floating rate loans, international bonds, emerging market
More About the Fund | 29 |
bonds, 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 fund 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 under Rule 144A of the Securities Act of 1933, others may have resale restrictions and can be illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and a fund may only be able to sell such securities at prices substantially less than what it believes they are worth.
Operating policy Fund investments in illiquid securities are limited to 15% of net assets.
Types of Investment Management Practices
Reserve Position
A certain portion of fund assets will be held in reserves. Fund reserve positions can consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund; 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. For temporary, defensive purposes, there is no limit on a funds holdings in reserves. If a fund has significant holdings in reserves, it could compromise the funds ability to achieve its objectives. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into a fund, and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.
Borrowing Money and Transferring Assets
A 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 fund policies as set forth in this prospectus. Such borrowings may be collateralized with fund assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 331/3% of total assets.
Operating policy A 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 total assets. A fund will not purchase additional securities when borrowings exceed 5% of total assets.
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Lending of Portfolio Securities
A 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 default or do not perform as well as expected.
Fundamental policy The value of loaned securities may not exceed 331/3% of total assets.
Portfolio Turnover
Turnover is an indication of frequency of trading. A 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 a 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 a 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.
Each T. Rowe Price funds portfolio holdings are disclosed on a regular basis in its semiannual and annual shareholder reports, and on Form N-Q, which is filed with the SEC within 60 days of the funds first and third fiscal quarter-end. The money funds also file detailed month-end portfolio holdings information with the SEC each month. Such information will be made available to the public 60 days after the end of the month to which the information pertains. In addition, the funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. Under certain conditions, up to 5% of a funds holdings may be included in this portfolio list without being individually identified. Generally, securities would not be individually identified if they are being actively bought or sold and it is determined that the quarter-end disclosure of the holding could be harmful to the fund. A security will not be excluded for these purposes from a funds quarter-end holdings disclosure for more than one year. Money funds also disclose their month-end portfolio holdings on troweprice.com five business days after each month. The quarter-end portfolio holdings will remain on the website for one year and the month-end money fund portfolio holdings will remain on the website for six months. Each fund also discloses its 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
More About the Fund | 31 |
months. A description of T. Rowe Prices policies and procedures with respect to the disclosure of portfolio information is in the Statement of Additional Information.
The Financial Highlights table, which provides information about the funds R Class financial history, is based on a single share outstanding throughout the periods shown. The classs section of 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 investor would have earned or lost on an investment in the funds R class (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.
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Financial Highlights
Year ended December 31 | ||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||
Net asset
value, | $39.81 | $22.75 | $32.30 | $37.43 | $37.80 | |||||
Income From Investment Operations | ||||||||||
Net investment income* | (0.06 | ) | (0.07 | ) | (0.13 | ) | (0.13 | ) | (0.06 | ) |
Net gains or losses on | (17.00 | ) | 9.62 | 5.26 | 0.50 | 6.80 | ||||
Total from investment | (17.06 | ) | 9.55 | 5.13 | 0.37 | 6.74 | ||||
Less Distributions | ||||||||||
Dividends
(from net | | | | | | |||||
Distributions (from | | | | | | |||||
Returns of capital | | | | | | |||||
Total distributions | | | | | | |||||
Net asset
value, | $22.75 | $32.30 | $37.43 | $37.80 | $44.54 | |||||
Total return | (42.85 | )% | 41.98 | % | 15.88 | % | 0.99 | % | 17.83 | % |
Ratios/Supplemental Data | ||||||||||
Net assets, end of | $58,659 | $88,987 | $101,945 | $118,248 | $250,234 | |||||
Ratio of expenses to | 1.20 | % | 1.21 | % | 1.25 | % | 1.25 | % | 1.27 | % |
Ratio of net income to | (0.19 | )% | (0.25 | )% | (0.40 | )% | (0.34 | )% | (0.14 | )% |
Portfolio turnover rate | 53.8 | % | 60.0 | % | 46.8 | % | 44.2 | % | 24.5 | % |
* Per share amounts calculated using average shares outstanding method.
Investing With T. Rowe Price | 4 | |
Your fund shares must be purchased through a third-party intermediary, therefore please contact the intermediary for information regarding its policies on purchasing, exchanging, and redeeming fund shares, as well as initial and subsequent investment minimums. |
Tax Identification | The intermediary must provide T. Rowe Price with its certified taxpayer identification number. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject the intermediary or account holder 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. | |
All initial and subsequent
investments by intermediaries should be made by bank wire or electronic payment. For more information,
contact Financial Institution Services by calling |
Important Information About Opening an Account | Opening a New Account | |
Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. |
| When an account is opened, the name, residential street address, date of birth, and Social Security or employer identification number for each account owner and person(s) opening an account on behalf of others (such as custodians, agents, trustees, or other authorized signers) must be provided. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an |
T. Rowe Price | 34 |
|
| 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. For more information, call Financial Institution Services. |
T. Rowe Price will use this information to verify the identity of the person(s)/entity opening the account. An account cannot be opened until all of this information is received. If the identity of the account holder cannot be verified, T. Rowe Price is authorized to take any action permitted by law. (See Rights Reserved by the Funds.) |
Intermediaries should call Financial Institution Services for an account number, assignment to a dedicated service representative, and wire transfer instructions. |
In order to obtain an account number, the intermediary must supply the name, Social Security or employer identification number, and business street address for the account. |
Intermediaries should complete a New Account form and mail it, with proper documentation identifying your firm, to one of the appropriate addresses listed below. Intermediaries must also enter into a separate agreement with the fund or its agent. The funds are generally available only to investors residing in the United States. |
via U.S. Postal Service |
via private carriers/overnight
services |
Note: Please use the correct address to avoid a delay in opening your new account. |
Investing With T. Rowe Price | 35 |
$100 minimum per fund for all additional purchases and $1,000 minimum required for Summit Funds (your intermediary may impose different minimums) |
By Wire | Intermediaries should call Financial Institution Services or access troweprice.com for wire transfer instructions. T. Rowe Price must receive the wire by the close of the New York Stock Exchange (normally 4 p.m. ET) to receive that days share price. There is no assurance that the share price for the purchase will be the same day the wire was initiated. | |
Exchange Service | Money can be moved from one account to an existing, identically registered account or a new identically registered account can be opened. Intermediaries should call their Financial Institution Services representative for more information or to place a trade. For exchange policies, please see Transaction Procedures and Special RequirementsExcessive and Short-Term Trading Policy. |
Redemptions | Unless otherwise indicated, redemption proceeds will be wired to the intermediarys designated bank. Intermediaries should contact their Financial Institution Services representative. |
Some of the T. Rowe Price funds may impose a redemption fee. Check the funds prospectus under Contingent Redemption Fee in Pricing Shares and Receiving Sale Proceeds. The fee is paid to the fund. |
If your account has no activity in it for a certain period of time, your intermediary may be required to transfer your account to the appropriate state under its abandoned property laws. |
T. Rowe Price | 36 |
T. Rowe Price funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through an intermediary, no later than the business day after the order is received by the 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, 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 and postpone the payment of proceeds to facilitate an orderly liquidation of the fund. | ||
Investing With T. Rowe Price | 37 |
In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat this information as confidential and recognize the importance of protecting access to it.
You may provide information when communicating or transacting business with us in writing, electronically, or by phone. For instance, information may come from applications, requests for forms or literature, and your transactions and account positions with us. On occasion, such information may come from consumer reporting agencies and those providing services to us.
We do not sell information about current or former customers to any third parties, and we do not disclose it to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law. We may share information within the T. Rowe Price family of companies in the course of providing or offering products and services to best meet your investing needs. We may also share that information with companies that perform administrative or marketing services for T. Rowe Price, with a research firm we have hired, or with a business partner, such as a bank or insurance company with which we are developing or offering investment products. When we enter into such a relationship, our contracts restrict the companies use of our customer information, prohibiting them from sharing or using it for any purposes other than those for which they were hired.
We maintain physical, electronic, and procedural safeguards to protect your personal information. Within T. Rowe Price, access to such information is limited to those who need it to perform their jobs, such as servicing your accounts, resolving problems, or informing you of new products or services. Finally, our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in strict confidence.
This Privacy Policy applies to the following T. Rowe Price family of companies: T. Rowe Price Associates, Inc.; T. Rowe Price Advisory Services, Inc.; T. Rowe Price Investment Services, Inc.; T. Rowe Price Savings Bank; T. Rowe Price Trust Company; and the T. Rowe Price Funds.
A Statement of Additional Information for the T. Rowe Price family of funds, which includes additional information about the funds, has been filed with the SEC and is incorporated by reference into this prospectus. Further information about fund 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. To obtain free copies of any of these documents, call your intermediary. These documents are available through troweprice.com.
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, Washington, D.C. 20549-1520.
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
1940 Act File No. 811-7059 E493-040 5/1/13
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 generally contains information that is particular to each fund, while Part II contains information that generally applies to all of the funds in the T. Rowe Price family of funds (Price Funds).
The date of this Statement of Additional Information (SAI) is May 1, 2013.
T. ROWE PRICE BALANCED FUND, INC. (RPBAX)
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. (TRBCX)
T. Rowe Price Blue Chip Growth FundAdvisor Class (PABGX)
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 (PRWCX)
T. Rowe Price Capital Appreciation FundAdvisor Class (PACLX)
T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC. (PRCOX)
T. Rowe Price Capital Opportunity FundAdvisor Class (PACOX)
T. Rowe Price Capital Opportunity FundR Class (RRCOX)
T. ROWE PRICE CORPORATE INCOME FUND, INC. (PRPIX)
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC. (PRDMX)
T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC. (PRDSX)
T. ROWE PRICE DIVIDEND GROWTH FUND, INC. (PRDGX)
T. Rowe Price Dividend Growth FundAdvisor Class (TADGX)
T. ROWE PRICE EQUITY INCOME FUND (PRFDX)
T. Rowe Price Equity Income FundAdvisor Class (PAFDX)
T. Rowe Price Equity Income FundR Class (RRFDX)
T. ROWE PRICE FINANCIAL SERVICES FUND, INC. (PRISX)
T. ROWE PRICE FLOATING RATE FUND, INC. (PRFRX)
T. Rowe Price Floating Rate FundAdvisor Class (PAFRX)
T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC. (TRGRX)
T. Rowe Price Global Real Estate FundAdvisor Class (PAGEX)
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC. (PRGTX)
T. ROWE PRICE GNMA FUND (PRGMX)
T. ROWE PRICE GROWTH & INCOME FUND, INC. (PRGIX)
T. ROWE PRICE GROWTH STOCK FUND, INC. (PRGFX)
T. Rowe Price Growth Stock FundAdvisor Class (TRSAX)
T. Rowe Price Growth Stock FundR Class (RRGSX)
T. ROWE PRICE HEALTH SCIENCES FUND, INC. (PRHSX)
T. ROWE PRICE HIGH YIELD FUND, INC. (PRHYX)
T. Rowe Price High Yield FundAdvisor Class (PAHIX)
T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund (PREIX)
T. Rowe Price Extended Equity Market Index Fund (PEXMX)
T. Rowe Price Total Equity Market Index Fund (POMIX)
T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. (PRIPX)
T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. (Institutional Equity Funds)
T. Rowe Price Institutional Large-Cap Core Growth Fund (TPLGX)
T. Rowe Price Institutional Large-Cap Growth Fund (TRLGX)
T. Rowe Price Institutional Large-Cap Value Fund (TILCX)
T. Rowe Price Institutional Mid-Cap Equity Growth Fund (PMEGX)
T. Rowe Price Institutional Small-Cap Stock Fund (TRSSX)
T. Rowe Price Institutional U.S. Structured Research Fund (TRISX)
C00-042 5/1/13
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund (TICPX)
T. Rowe Price Institutional Core Plus FundF Class (PFCPX)
T. Rowe Price Institutional Floating Rate Fund (RPIFX)
T. Rowe Price Institutional Floating Rate FundF Class (PFFRX)
T. Rowe Price Institutional High Yield Fund (TRHYX)
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund (TRIAX)
T. Rowe Price Institutional Concentrated International Equity Fund (RPICX)
T. Rowe Price Institutional Emerging Markets Bond Fund (TREBX)
T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX)
T. Rowe Price Institutional International Core Equity Fund (TRCEX)
T. Rowe Price Institutional International Growth Equity Fund (PRFEX)
T. Rowe Price Institutional Global Equity Fund TRGSX)
T. Rowe Price Institutional Global Large-Cap Equity Fund (RPIGX)
T. Rowe Price Institutional Global Value Equity Fund (PRIGX)
T. Rowe Price Institutional International Bond Fund (RPIIX)
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund (TRAMX)
T. Rowe Price Emerging Europe Fund (TREMX)
T. Rowe Price Emerging Markets Bond Fund (PREMX)
T. Rowe Price Emerging Markets Corporate Bond Fund (TRECX)
T. Rowe Price Emerging Markets Corporate Bond FundAdvisor Class (PACEX)
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 Stock Fund (PRMSX)
T. Rowe Price European Stock Fund (PRESX)
T. Rowe Price Global Infrastructure Fund (TRGFX)
T. Rowe Price Global Infrastructure FundAdvisor Class (PAGFX)
T. Rowe Price Global Large-Cap Stock Fund (RPGEX)
T. Rowe Price Global Large-Cap Stock FundAdvisor Class (PAGLX)
T. Rowe Price Global Stock Fund (PRGSX)
T. Rowe Price Global Stock FundAdvisor Class (PAGSX)
T. Rowe Price International Bond Fund® (RPIBX)
T. Rowe Price International Bond FundAdvisor Class (PAIBX)
T. Rowe Price International Discovery Fund (PRIDX)
T. Rowe Price International Growth & Income Fund (TRIGX)
T. Rowe Price International Growth & Income FundAdvisor Class (PAIGX)
T. Rowe Price International Growth & Income FundR Class (RRIGX)
T. Rowe Price International Stock Fund (PRITX)
T. Rowe Price International Stock FundAdvisor Class (PAITX)
T. Rowe Price International Stock FundR Class (RRITX)
T. Rowe Price Japan Fund (PRJPX)
T. Rowe Price Latin America Fund (PRLAX)
T. Rowe Price New Asia Fund (PRASX)
T. Rowe Price Overseas Stock Fund (TROSX)
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund (PIEQX)
T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC. (PRMTX)
T. ROWE PRICE MID-CAP GROWTH FUND, INC. (RPMGX)
T. Rowe Price Mid-Cap Growth FundAdvisor Class (PAMCX)
T. Rowe Price Mid-Cap Growth FundR Class (RRMGX)
T. ROWE PRICE MID-CAP VALUE FUND, INC. (TRMCX)
T. Rowe Price Mid-Cap Value FundAdvisor Class (TAMVX)
T. Rowe Price Mid-Cap Value FundR Class (RRMVX)
2
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (Multi-Sector Account Portfolios)
T. Rowe Price Emerging Markets Bond Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio
T. ROWE PRICE NEW AMERICA GROWTH FUND (PRWAX)
T. Rowe Price New America Growth FundAdvisor Class (PAWAX)
T. ROWE PRICE NEW ERA FUND, INC. (PRNEX)
T. ROWE PRICE NEW HORIZONS FUND, INC. (PRNHX)
T. ROWE PRICE NEW INCOME FUND, INC. (PRCIX)
T. Rowe Price New Income FundAdvisor Class (PANIX)
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 Growth Fund (TRSGX)
T. Rowe Price Personal Strategy Income Fund (PRSIX)
T. ROWE PRICE PRIME RESERVE FUND, INC. (PRRXX)
T. ROWE PRICE REAL ASSETS FUND, INC. (PRAFX)
T. ROWE PRICE REAL ESTATE FUND, INC. (TRREX)
T. Rowe Price Real Estate FundAdvisor Class (PAREX)
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (TRP Reserve Funds)
T. Rowe Price Government Reserve Investment Fund
(TRP Government Reserve
Investment Fund)
T. Rowe Price Reserve Investment Fund (TRP Reserve Investment Fund)
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund
T. ROWE PRICE RETIREMENT FUNDS, INC. (Retirement Funds)
T. Rowe Price Retirement 2005 Fund (TRRFX)
T. Rowe Price Retirement 2005 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)
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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 Income Fund (TRRIX)
T. Rowe Price Retirement Income FundAdvisor Class (PARIX)
T. Rowe Price Retirement Income FundR Class (RRTIX)
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC. (PRSCX)
T. Rowe Price Science & Technology FundAdvisor Class (PASTX)
T. ROWE PRICE SHORT-TERM BOND FUND, INC. (PRWBX)
T. Rowe Price Short-Term Bond FundAdvisor Class (PASHX)
T. Rowe Price Ultra Short-Term Bond Fund (TRBUX)
T. ROWE PRICE SMALL-CAP STOCK FUND, INC. (OTCFX)
T. Rowe Price Small-Cap Stock FundAdvisor Class (PASSX)
T. ROWE PRICE SMALL-CAP VALUE FUND, INC. (PRSVX)
T. Rowe Price Small-Cap Value FundAdvisor Class (PASVX)
T. ROWE PRICE SPECTRUM FUND, INC. (Spectrum Funds)
Spectrum Growth Fund (PRSGX)
Spectrum Income Fund (RPSIX)
Spectrum International Fund (PSILX)
T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund (GTFBX)
Maryland Short-Term Tax-Free Bond Fund (PRMDX)
Maryland Tax-Free Bond Fund (MDXBX)
Maryland Tax-Free Money Fund (TMDXX)
New Jersey Tax-Free Bond Fund (NJTFX)
New York Tax-Free Bond Fund (PRNYX)
New York Tax-Free Money Fund (NYTXX)
Virginia Tax-Free Bond Fund (PRVAX)
T. ROWE PRICE STRATEGIC INCOME FUND, INC. (PRSNX)
T. Rowe Price Strategic Income FundAdvisor Class (PRSAX)
T. ROWE PRICE SUMMIT FUNDS, INC. (Summit Income Funds)
T. Rowe Price Summit Cash Reserves Fund (TSCXX)
T. Rowe Price Summit GNMA Fund (PRSUX)
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (Summit Municipal Funds)
T. Rowe Price Summit Municipal Money Market Fund (TRSXX)
T. Rowe Price Summit Municipal Intermediate Fund (PRSMX)
T. Rowe Price Summit Municipal Intermediate FundAdvisor Class (PAIFX)
T. Rowe Price Summit Municipal Income Fund (PRINX)
T. Rowe Price Summit Municipal Income FundAdvisor Class (PAIMX)
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (Tax-Efficient Funds)
T. Rowe Price Tax-Efficient Equity Fund (PREFX)
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC. (PTEXX)
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC. (PRFHX)
T. Rowe Price Tax-Free High Yield FundAdvisor Class (PATFX)
T. ROWE PRICE TAX-FREE INCOME FUND, INC. (PRTAX)
T. Rowe Price Tax-Free Income FundAdvisor Class (PATAX)
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC. (PRFSX)
T. Rowe Price Tax-Free Short-Intermediate FundAdvisor Class (PATIX)
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund (PRTUX)
T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC. (formerly T. Rowe Price
U.S. Bond Index Fund, Inc.) (PBDIX)
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC. (TRULX)
T. Rowe Price U.S. Large-Cap Core FundAdvisor Class (PAULX)
T. ROWE PRICE U.S. TREASURY FUNDS, INC. (U.S. Treasury Funds)
U.S. Treasury Intermediate Fund (PRTIX)
U.S. Treasury Long-Term Fund (PRULX)
U.S. Treasury Money Fund (PRTXX)
T. ROWE PRICE VALUE FUND, INC. (TRVLX)
T. Rowe Price Value FundAdvisor Class (PAVLX)
4
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 Short-Term Government Reserve Fund, Short-Term Reserve Fund, Tax-Free High Yield FundAdvisor Class, Tax-Free Short-Intermediate FundAdvisor Class, Tax-Free Ultra Short-Term Bond Fund, and Ultra Short-Term Bond Fund have not been in existence long enough to have complete financial statements.
If you would like a prospectus or an annual or semiannual shareholder report for a fund of which you are not a shareholder, please call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.
5
PART I TABLE OF CONTENTS
Page
Management of the Funds | |
Principal Holders of Securities | |
Investment Management Agreements | |
Third Party Arrangements |
Page
Distributor for the Funds | |
Portfolio Transactions | |
Independent Registered Public | |
Accounting Firm | |
Part II |
References to the following are as indicated:
Internal Revenue Code of 1986, as amended (Code)
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)
Standard & Poors Corporation (S&P)
T. Rowe Price Associates, Inc. (T. Rowe Price)
T. Rowe Price Hong Kong Limited (Price Hong Kong)
T. Rowe Price International Ltd (T. Rowe Price International)
T. Rowe Price Singapore Private Ltd. (Price Singapore)
Advisor Class
The Advisor Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The Advisor Class shares are designed to be sold only through brokers, dealers, banks, insurance companies, and other financial intermediaries that provide various distribution and administrative services.
F Class
The F Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The F Class shares are designed to be sold only through financial advisors and certain third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services. F Class shares are not intended to be offered by intermediaries through a mutual fund supermarket platform.
R Class
The R Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The R Class shares are designed to be sold only through various third-party intermediaries that offer employer-sponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others.
Inflation Focused Bond Fund, Multi-Sector Account Portfolios, and TRP Reserve Funds
These funds are not available for direct purchase by members of the public. Shares of these funds may only be purchased by or on behalf of mutual funds, section 529 college savings plans, or certain institutional client accounts for which T. Rowe Price or one of its affiliates has discretionary investment authority.
Institutional Funds
The Institutional Funds have a $1,000,000 initial investment minimum (except for their F Class shares) and are designed for institutional investors. Institutional investors typically include banks, pension plans, and trust and investment companies.
6
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.
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 |
Balanced | Blended | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth FundAdvisor 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 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 FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Corporate Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Diversified Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Diversified Small-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Europe | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate BondAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Bond 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 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 |
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 FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Index 500 | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
7
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
European Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Extended Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Financial Services | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate FundAdvisor 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 Infrastructure | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Infrastructure FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Large-Cap Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Large-Cap Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 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 Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Technology | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
GNMA | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
TRP Government Reserve Investment | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Growth & Income | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock FundAdvisor 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 |
High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Inflation Focused Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Inflation Protected Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Africa & Middle East | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Concentrated International Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Core Plus | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Core Plus-F Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Emerging Markets Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Floating Rate-F Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Global Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
8
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Institutional Global Large-Cap Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Value Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional International Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional International 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 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 |
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 Discovery | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Equity Index | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income FundR Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock FundAdvisor 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 |
Investment-Grade Corporate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Japan | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Latin America | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Maryland Short-Term Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Media & Telecommunications | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
9
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
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 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 Asia | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
New Era | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Horizons | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income FundAdvisor 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 |
Personal Strategy Balanced | Blended | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Growth | Blended | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Income | Blended | May 31 | May 31 | Nov 30 | Oct 1 |
Prime Reserve | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Real Assets Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
TRP Reserve Investment | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
10
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Retirement 2025 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 FundR Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Income | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Income FundAdvisor Class | Fund-of-Funds | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Income FundR Class | Fund-of-Funds | 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 |
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 Government Reserve | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Reserve | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Small-Cap Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock FundAdvisor 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 |
11
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Spectrum Growth | Fund-of-Funds | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Income | Fund-of-Funds | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum International | Fund-of-Funds | Dec 31 | Dec 31 | June 30 | May 1 |
Strategic Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Strategic Income FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Summit Cash Reserves | Taxable Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit GNMA | Taxable Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Income | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal IncomeAdvisor 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 IntermediateAdvisor 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 |
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 YieldAdvisor 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 |
Tax-Free Short-Intermediate | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-IntermediateAdvisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Ultra Short-Term Bond | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Total Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Bond Enhanced Index | Index Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
U.S. Large-Cap Core | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Large-Cap Core FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Treasury Intermediate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Long-Term | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Money | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Ultra Short-Term Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Value FundAdvisor 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 below. Unless otherwise noted, the address of each is 100 East Pratt Street, Baltimore, Maryland 21202.
Each fund is overseen by a Board of Directors/Trustees (Board) that meets regularly to review a wide variety of matters affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and other business affairs. The Boards elect the funds officers and are
12
responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland or Massachusetts, and other laws. At least 75% of the Boards members are independent of T. Rowe Price and its affiliates. Each of the independent directors currently serves on the Board of each Price Fund. The directors who are also employees or officers of T. Rowe Price are referred to as inside or interested directors. Each inside director and officer (except as indicated) has been an employee of T. Rowe Price or its affiliates for five or more years. Each Board currently has three standing committees, a Committee of Independent Directors, a Joint Audit Committee, and an Executive Committee, each as described in the following paragraphs.
Edward C. Bernard, an inside director, is 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. 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.
Like other mutual funds, the funds are subject to risks, including investment, compliance, operational and valuation risks, among others. The Board oversees risk as part of its 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 advisers and other service providers (depending on the nature of the risk), who 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 be effective. Not all risks that may affect the funds can be identified. Processes and controls developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks may be simply beyond any control of the funds, T. Rowe Price or its affiliates or other service providers.
The Committee of Independent Directors, which consists of all of the independent directors of the funds, is responsible for selecting candidates for election as independent directors to fill vacancies on each funds Board. The committee will consider written recommendations from shareholders for possible nominees. Shareholders should submit their recommendations to the secretary of the funds. The committee held five formal meetings in 2012. The committee is chaired by the Lead Independent Director.
The Joint Audit Committee is composed of Anthony W. Deering, Robert J. Gerrard, Jr., John G. Schreiber, and Mark R. Tercek, all independent directors. Mark R. Tercek currently serves as chairman of the Joint Audit Committee. The Joint Audit Committee holds two regular meetings during each fiscal year, at which time it meets with the independent registered public accounting firm of the Price Funds to review: (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; and (6) any accounting questions relating to particular areas of the Price Funds operations or the operations of parties dealing with the Price Funds, as circumstances indicate. The Joint Audit Committee met three times in 2012.
The funds Executive Committee, consisting of the funds interested director(s), has been authorized by its respective Board to exercise all powers of the Boards to manage the funds in the intervals between meetings of
13
the Boards, except the powers prohibited by statute from being delegated. All actions of the Executive Committee must be approved in advance by one independent director and reviewed after the fact by the full Board. The Executive Committee for each fund does not hold regularly scheduled meetings. The Executive Committee did not need to take any action on behalf of any funds during 2012.
In addition to the Boards and the three standing committees, the directors have established an Advisory Board with respect to the domestic fixed income Price Funds. The Advisory Board is composed of Robert J. Gerrard, Jr. and Cecilia E. Rouse. Advisory Board members serve in a consultative capacity to the Board of each of the domestic fixed income Price Funds and, in doing so, participate in Board discussions and review Board materials relating to the domestic fixed income Price Funds. However, Advisory Board members are not be eligible to vote on any matter presented to the Boards of the domestic fixed income Price Funds and have no power to act on behalf of or bind the Board or any committee of the Board.
Each Board has concluded that, based on each directors experience, qualifications, attributes or skills on an individual basis and in combination with those of the other directors, each director should serve on the Board. Attributes common to all directors include their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the various service providers to the funds, and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the Board has taken into account the actual service and commitment of the directors during their tenure 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, or non-profit entities or other organizations; or other experiences. Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each director that led the Board to conclude that he or she should serve as a director.
Messrs. Deering, Dick and Schreiber have each served as a director of the Price Funds for more than 20 years, and Mr. Rodgers and Ms. Horn have each served as a director of the Price Funds for more than 7 years, including in each case as members and/or Chairs of Board committees. Mr. Tercek has been a director of the Price Funds since 2009. He has approximately 25 years of experience in the financial services industry and has been the chief executive officer of a non-profit entity since 2008. Dr. Brody has been a director of the Price Funds since 2009. He has substantial experience in the public health and research fields, as well as academia, and brings a diverse perspective to the Boards. Mr. Gerrard and Dr. Rouse became directors of the Price Funds (other than the domestic fixed income Price Funds) in May 2012, and each brings additional diverse perspectives to the Boards. Mr. Gerrard has substantial experience in the industries relating to communications and interactive data services, and Dr. Rouse has extensive experience in the fields of education and economic research and has served as a director of certain non-profit entities. In addition, specific experience and qualifications of the independent directors with respect to their occupations and directorships of public companies and other investment companies are set forth in the following table.
Independent Directors(a)
Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
William R. Brody 1944 142 portfolios | President and Trustee, Salk Institute for Biological Studies (2009 to present); President and Trustee, Johns Hopkins University (1996 to 2009); Chairman of Executive Committee and Trustee, John Hopkins Health System (1996 to 2009) | Novartis, Inc. (2009 to present); IBM (2007 to present) |
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Anthony W. Deering 1945 142 portfolios | Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director and Member of the Advisory Board, Deutsche Bank North America (2004 to present) | Under Armour (2008 to present); Vornado Real Estate Investment Trust (2004 to 2012); Deutsche Bank North America (2004 to present) |
Donald W. Dick, Jr. 1943 142 portfolios | Principal, EuroCapital Partners, LLC, an acquisition and management advisory firm (1995 to present) | None |
Robert J. Gerrard, Jr. 1952 90 portfolios | Chairman of Compensation Committee, Syniverse Holdings, Inc. (2008-2011); Executive Vice President and General Counsel, Scripps Networks, LLC (1997-2009); and Advisory Board member, Pipeline Crisis/Winning Strategies (1997 to present) | Syniverse Holdings, Inc. (2008-2011) |
Karen N. Horn 1943 142 portfolios | Senior Managing Director, Brock Capital Group, an advisory and investment banking firm (2004 to present) | Eli Lilly and Company (1987 to present); Simon Property Group (2004 to present); Norfolk Southern (2008 to present); Fannie Mae (2006 to 2008) |
Theo C. Rodgers 1941 142 portfolios | President, A&R Development Corporation (1977 to present) | None |
Cecilia E. Rouse 1963 90 portfolios | Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Director, MDRC (2011 to present); Member of National Academy of Education (2010 to present); Research Associate, National Bureau of Economic Researchs Labor Studies Program (1998-2009 and 2011 to present); Member of Presidents Council of Economic Advisers (2009-2011); Member of The MacArthur Foundation Network on the Transition to Adulthood and Public Policy (2000-2008); Member of National Advisory Committee for the Robert Wood Johnson Foundations Scholars in Health Policy Research Program (2008); Member of and Director, National Economic Association (2006-2008); Member of Association of Public Policy Analysis and Management Policy Council (2006-2008); Member of Hamilton Projects Advisory Board at The Brookings Institute (2006-2008); and Chair of Committee on the Status of Minority Groups in the Economic Profession, American Economic Association (2006-2008) and (2012 to present) | None |
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
John G. Schreiber 1946 142 portfolios | Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Cofounder and Partner, Blackstone Real Estate Advisors, L.P. (1992 to present); Director, Capital Trust, Inc., a real estate investment company (2012 to present) | General Growth Properties, Inc. (2010 to present) |
Mark R. Tercek 1957 142 portfolios | President and Chief Executive Officer, The Nature Conservancy (2008 to present); Managing Director, The Goldman Sachs Group, Inc. (1984 to 2008) | None |
(a) All information about the directors was current as of December 31, 2012, except for the number of portfolios, which is current as of the date of this SAI.
Inside Directors(a)
The following persons are considered interested persons of the funds because they also serve as officers of the funds and T. Rowe Price or its affiliates. No more than two inside directors serve as directors of any fund.
The Board invites nominations from each funds investment adviser for persons to serve as interested directors, and the Board reviews and approves these nominations. Each of the current interested directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. Mr. Bernard has served as a director of all Price Funds and has been Chairman of the Board for all Price Funds since 2006. Mr. Gitlin became a director of certain Price Funds in 2010, and Messrs. Laporte and Rogers have served as directors of certain Price Funds since 1985 and 2006, respectively, in each case serving as members of the Executive Committee. In addition, specific experience and qualifications of the interested directors with respect to their 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 142 portfolios | Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board, Director, and President, T. Rowe Price Investment Services, Inc.; Chairman of the Board and Director, T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Savings Bank, and T. Rowe Price Services, Inc.; Chairman of the Board, Chief Executive Officer, and Director, T. Rowe Price International; Chairman of the Board, Chief Executive Officer, Director, and President, T. Rowe Price Trust Company Chairman of the Board, all funds | None |
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Michael C. Gitlin 1970 50 portfolios | Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International President, Multi-Sector Account Portfolios | None |
John H. Laporte; CFA 1945 16 portfolios | Vice President, T. Rowe Price, T. Rowe Price Group, Inc. (2002 to 2012), and T. Rowe Price Trust Company (2005 to 2012) | None |
Brian C. Rogers; CFA, CIC 1955 75 portfolios | Chief Investment Officer, Director, and Vice President, T. Rowe Price; Chairman of the Board, Chief Investment Officer, Director, and Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust Company President, Equity Income Fund and Institutional Equity Funds; Vice President, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Value Fund | None |
(a) All information about the directors was current as of December 31, 2012, except for the number of portfolios, which is current as of the date of this SAI.
Retirement and Spectrum Funds (individually, a Fund-of-Funds and collectively, Funds-of-Funds)
The management of the business and affairs of the Funds-of-Funds is the responsibility of the Board. In exercising their responsibilities, the Board, among other things, will refer to the Special Servicing Agreement and policies and guidelines included in an Application for an Exemptive Order (and accompanying Notice and Order) issued by the SEC in connection with the Spectrum Funds (and which also applies to Retirement Funds). A majority of directors of the Funds-of-Funds are independent. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the various Price Funds in which the Retirement and Spectrum Funds invest (collectively, underlying Price funds). Thus, if the interests of the Funds-of-Funds and the underlying Price funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price funds. The directors of Funds-of-Funds believe they have structured the Funds-of-Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price fund, or the reverse could occur. If such a possibility arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.
Term of Office and Length of Time Served
The directors serve until retirement, resignation, or election of a successor. The following table shows the year from which each director has served on each funds Board (or that of the corporation or trust of which the fund is a part).
17
Independent Directors | ||||||||||
Fund/Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Gerrard | Horn | Rodgers | Rouse | Schreiber | Tercek |
Balanced | 1 | 2009 | 2001 | 1991 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Blue Chip Growth | 1 | 2009 | 2001 | 1993 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
California Tax-Free Income Trust | 2 | 2009 | 1986 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Capital Appreciation | 1 | 2009 | 2001 | 1986 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Capital Opportunity | 1 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Corporate Income | 1 | 2009 | 1995 | 2001 | | 2003 | 2005 | | 1995 | 2009 |
Diversified Mid-Cap Growth | 1 | 2009 | 2003 | 2003 | 2012 | 2003 | 2005 | 2012 | 2003 | 2009 |
Diversified Small-Cap Growth | 1 | 2009 | 2001 | 1997 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Dividend Growth | 1 | 2009 | 2001 | 1992 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Equity Income | 1 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Financial Services | 1 | 2009 | 2001 | 1996 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Floating Rate | 1 | 2011 | 2011 | 2011 | | 2011 | 2011 | | 2011 | 2011 |
Global Real Estate | 1 | 2009 | 2008 | 2008 | 2012 | 2008 | 2008 | 2012 | 2008 | 2009 |
Global Technology | 1 | 2009 | 2001 | 2000 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
GNMA | 1 | 2009 | 1985 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Growth & Income | 1 | 2009 | 2001 | 1982 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Growth Stock | 1 | 2009 | 2001 | 1980 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Health Sciences | 1 | 2009 | 2001 | 1995 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
High Yield | 1 | 2009 | 1984 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Index Trust | 3 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Inflation Focused Bond | 1 | 2009 | 2006 | 2006 | | 2006 | 2006 | | 2006 | 2009 |
Inflation Protected Bond | 1 | 2009 | 2002 | 2002 | | 2003 | 2005 | | 2002 | 2009 |
Institutional Equity | 6 | 2009 | 2001 | 1996 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Institutional Income | 3 | 2009 | 2002 | 2002 | | 2003 | 2005 | | 2002 | 2009 |
Institutional International | 10 | 2009 | 1991 | 1989 | 2012 | 2003 | 2006 | 2012 | 2001 | 2009 |
International | 17 | 2009 | 1991 | 1988 | 2012 | 2003 | 2006 | 2012 | 2001 | 2009 |
International Index | 1 | 2009 | 2000 | 2000 | 2012 | 2003 | 2006 | 2012 | 2001 | 2009 |
Media & Telecommunications | 1 | 2009 | 2001 | 1997 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Mid-Cap Growth | 1 | 2009 | 2001 | 1992 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Mid-Cap Value | 1 | 2009 | 2001 | 1996 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Multi-Sector Account Portfolios | 6 | 2012 | 2012 | 2012 | | 2012 | 2012 | | 2012 | 2012 |
New America Growth | 1 | 2009 | 2001 | 1985 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
New Era | 1 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
New Horizons | 1 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
New Income | 1 | 2009 | 1980 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Personal Strategy | 3 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Prime Reserve | 1 | 2009 | 1979 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
18
Independent Directors | ||||||||||
Fund/Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Gerrard | Horn | Rodgers | Rouse | Schreiber | Tercek |
Real Assets | 1 | 2010 | 2010 | 2010 | 2012 | 2010 | 2010 | 2012 | 2010 | 2010 |
Real Estate | 1 | 2009 | 2001 | 1997 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
TRP Reserve Investment | 4 | 2009 | 1997 | 2001 | | 2003 | 2005 | | 1997 | 2009 |
Retirement | 12 | 2009 | 2002 | 2002 | 2012 | 2003 | 2005 | 2012 | 2002 | 2009 |
Science & Technology | 1 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Short-Term Bond | 2 | 2009 | 1983 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Small-Cap Stock | 1 | 2009 | 2001 | 1992 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Small-Cap Value | 1 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Spectrum | 3 | 2009 | 2001 | 1999 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
State Tax-Free Income Trust | 8 | 2009 | 1986 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Strategic Income | 1 | 2009 | 2008 | 2008 | | 2008 | 2008 | | 2008 | 2009 |
Summit | 2 | 2009 | 1993 | 2001 | | 2003 | 2005 | | 1993 | 2009 |
Summit Municipal | 3 | 2009 | 1993 | 2001 | | 2003 | 2005 | 2012 | 1993 | 2009 |
Tax-Efficient | 1 | 2009 | 2001 | 1997 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Tax-Exempt Money | 1 | 2009 | 1983 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Tax-Free High Yield | 1 | 2009 | 1984 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Tax-Free Income | 1 | 2009 | 1983 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Tax-Free Short-Intermediate | 2 | 2009 | 1983 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
U.S. Bond Enhanced Index | 1 | 2009 | 2000 | 2001 | | 2003 | 2005 | | 2000 | 2009 |
U.S. Large-Cap Core | 1 | 2009 | 2009 | 2009 | 2012 | 2009 | 2009 | 2012 | 2009 | 2009 |
U.S. Treasury | 3 | 2009 | 1989 | 2001 | | 2003 | 2005 | | 1992 | 2009 |
Value | 1 | 2009 | 2001 | 1994 | 2012 | 2003 | 2005 | 2012 | 2001 | 2009 |
Inside Directors | |||||
Fund/Corporation/Trust | Number of portfolios | Bernard | Gitlin | Laporte | Rogers |
Balanced | 1 | 2006 | | | 2006 |
Blue Chip Growth | 1 | 2006 | | | 2006 |
California Tax-Free Income Trust | 2 | 2006 | 2010 | | |
Capital Appreciation | 1 | 2006 | | | 2006 |
Capital Opportunity | 1 | 2006 | | 1994 | |
Corporate Income | 1 | 2006 | 2010 | | |
Diversified Mid-Cap Growth | 1 | 2006 | | 2006 | |
Diversified Small-Cap Growth | 1 | 2006 | | 1997 | |
Dividend Growth | 1 | 2006 | | | 2006 |
Equity Income | 1 | 2006 | | | 2006 |
Financial Services | 1 | 2006 | | | 2006 |
Floating Rate | 1 | 2011 | 2011 | | |
19
Inside Directors | |||||
Fund/Corporation/Trust | Number of portfolios | Bernard | Gitlin | Laporte | Rogers |
Global Real Estate | 1 | 2008 | | | 2008 |
Global Technology | 1 | 2006 | | | 2006 |
GNMA | 1 | 2006 | 2010 | | |
Growth & Income | 1 | 2006 | | | 2006 |
Growth Stock | 1 | 2006 | | | 2006 |
Health Sciences | 1 | 2006 | | 1995 | |
High Yield | 1 | 2006 | 2010 | | |
Index Trust | 3 | 2006 | | | 2006 |
Inflation Focused Bond | 1 | 2006 | 2010 | | |
Inflation Protected Bond | 1 | 2006 | 2010 | | |
Institutional Equity | 6 | 2006 | | | 2006 |
Institutional Income | 3 | 2006 | 2010 | | |
Institutional International | 10 | 2006 | | | 2006 |
International | 18 | 2006 | | | 2006 |
International Index | 1 | 2006 | | | 2006 |
Media & Telecommunications | 1 | 2006 | | | 2006 |
Mid-Cap Growth | 1 | 2006 | | | 2006 |
Mid-Cap Value | 1 | 2006 | | | 2006 |
Multi-Sector Account Portfolios | 6 | 2012 | 2012 | | |
New America Growth | 1 | 2006 | | 1985 | |
New Era | 1 | 2006 | | | 2006 |
New Horizons | 1 | 2006 | | 1988 | |
New Income | 1 | 2006 | 2010 | | |
Personal Strategy | 3 | 2006 | | | 2006 |
Prime Reserve | 1 | 2006 | 2010 | | |
Real Assets | 1 | 2010 | | | 2010 |
Real Estate | 1 | 2006 | | | 2006 |
TRP Reserve Investment | 4 | 2006 | 2010 | | |
Retirement | 12 | 2006 | | | 2006 |
Science & Technology | 1 | 2006 | | 1988 | |
Short-Term Bond | 2 | 2006 | 2010 | | |
Small-Cap Stock | 1 | 2006 | | 1994 | |
Small-Cap Value | 1 | 2006 | | 1994 | |
Spectrum | 3 | 2006 | | | 2006 |
State Tax-Free Income Trust | 8 | 2006 | 2010 | | |
Strategic Income | 1 | 2008 | 2010 | | |
Summit | 2 | 2006 | 2010 | | |
Summit Municipal | 3 | 2006 | 2010 | | |
Tax-Efficient | 1 | 2006 | | | 2006 |
Tax-Exempt Money | 1 | 2006 | 2010 | | |
20
Inside Directors | |||||
Fund/Corporation/Trust | Number of portfolios | Bernard | Gitlin | Laporte | Rogers |
Tax-Free High Yield | 1 | 2006 | 2010 | | |
Tax-Free Income | 1 | 2006 | 2010 | | |
Tax-Free Short-Intermediate | 2 | 2006 | 2010 | | |
U.S. Bond Enhanced Index | 1 | 2006 | 2010 | | |
U.S. Large-Cap Core | 1 | 2009 | | | 2009 |
U.S. Treasury | 3 | 2006 | 2010 | | |
Value | 1 | 2006 | | | 2006 |
Officers
Fund | Name | Position
Held |
All funds | Roger L. Fiery III Gregory S. Golczewski David Oestreicher Deborah D. Seidel Julie L. Waples Gregory K. Hinkle Patricia B. Lippert John R. Gilner | Vice President Vice President Vice President Vice President Vice President Treasurer Secretary Chief Compliance Officer |
Fund | Name | Position
Held |
Balanced | Charles M. Shriver E. Frederick Bair Kimberly E. DeDominicis Anna M. Dopkin Mark S. Finn Paul A. Karpers Robert M. Larkins Wyatt A. Lee Raymond A. Mills Larry J. Puglia Guido F. Stubenrauch Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
21
Fund | Name | Position Held |
Blue Chip Growth | Larry J. Puglia Ziad Bakri P. Robert Bartolo Peter J. Bates Ryan N. Burgess Jonathan Chou Shawn T. Driscoll Paul D. Greene II Thomas J. Huber Michael M. Lasota George A. Marzano Timothy E. Parker Amit Seth Robert W. Sharps Taymour R. Tamaddon Ashley R. Woodruff (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 |
California Tax-Free Income Trust California Tax-Free Bond California Tax-Free Money | Hugh D. McGuirk Joseph K. Lynagh Konstantine B. Mallas Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Charles E. Emrich Jared S. Franz Alan D. Levenson Linda A. Murphy Alexander S. Obaza Douglas D. Spratley Timothy G. Taylor Edward A. Wiese Michael K. Sewell Chen Shao (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
Capital Appreciation | David R. Giroux Ryan N. Burgess Mark S. Finn Paul D. Greene II Nina P. Jones Vidya Kadiyam Steven D. Krichbaum John D. Linehan Paul M. Massaro Heather K. McPherson Joseph M. Milano Sudhir Nanda Robert T. Quinn, Jr. Farris G. Shuggi Gabriel Solomon William J. Stromberg Taymour R. Tamaddon Susan G. Troll Eric L. Veiel Tamara P. Wiggs (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
22
Fund | Name | Position Held |
Capital Opportunity | Anna M. Dopkin Kennard W. Allen Peter J. Bates Christopher W. Carlson Ann M. Holcomb Jennifer Martin Timothy E. Parker Charles G. Pepin Jason B. Polun Robert T. Quinn, Jr. Gabriel Solomon Joshua K. Spencer Taymour R. Tamaddon Eric L. Veiel (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 |
Corporate Income | David A. Tiberii Steve Boothe Steven G. Brooks Michael J. Grogan Paul A. Karpers Michael Lambe Alan D. Levenson Samy B. Muaddi Alexander S. Obaza Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian M. Ropp Kimberly A Stokes Robert D. Thomas Lauren T. Wagandt Edward A. Wiese Thea N. Williams J. Howard Woodward Zhen Xia (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Diversified Mid-Cap Growth | Donald J. Peters Donald J. Easley Kennard W. Allen Peter J. Bates Brian W.H. Berghuis Sudhir Nanda Timothy E. Parker Amit Seth John F. Wakeman Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Diversified Small-Cap Growth | Sudhir Nanda Anna M. Dopkin Donald J. Easley Prashant G. Jeyaganesh Curt J. Organt J. David Wagner (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President |
23
Fund | Name | Position Held |
Dividend Growth | Thomas J. Huber Peter J. Bates David M. Lee Daniel Martino Timothy E. Parker Robert T. Quinn, Jr. Jeffrey Rottinghaus Gabriel Solomon William J. Stromberg Eric L. Veiel (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Equity Income | Brian C. Rogers Andrew M. Brooks Mark S. Finn Jon M. Friar David R. Giroux Paul D. Greene II Thomas J. Huber John D. Linehan Robert T. Quinn, Jr. Eric L. Veiel (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 |
Financial Services | Eric L. Veiel Stephen M. Finamore Christopher T. Fortune Jon M. Friar Nina P. Jones Yoichiro Kai Ian C. McDonald Michael J. McGonigle Jason B. Polun Frederick A. Rizzo Francisco Sersale Matthew J. Snowling Gabriel Solomon Mitchell J.K. Todd Tamara P. Wiggs (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Floating Rate | Mark J. Vaselkiv Paul M. Massaro Brian E. Burns Michael F. Connelly Stephen M. Finamore Justin T. Gerbereux David R. Giroux Steven C. Huber Paul A. Karpers Michael J. McGonigle Brian A. Rubin Walter P. Stuart III Thomas E. Tewksbury Thea N. Williams (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
24
Fund | Name | Position Held |
Global Real Estate | David M. Lee Richard N. Clattenburg Tetsuji Inoue Nina P. Jones Michael M. Lasota Robert J. Marcotte Raymond A. Mills Eric C. Moffett Philip A. Nestico Viral S. Patel Marta Yago (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Technology | Joshua K. Spencer Kennard W. Allen P. Robert Bartolo Christopher W. Carlson David J. Eiswert Henry M. Ellenbogen Paul D. Greene II Rhett K. Hunter Daniel Martino Heather K. McPherson Tobias F. Mueller Hiroaki Owaki Michael F. Sola Thomas H. Watson Justin P. White Alison Mei Ling Yip (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
GNMA | Andrew C. McCormick Anil K. Andhavarapu Stephen L. Bartolini Brian J. Brennan Christopher P. Brown Keir R. Joyce Martin G. Lee Alan D. Levenson John D. Wells (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Growth & Income | Thomas J. Huber Shawn T. Driscoll David M. Lee Daniel Martino Robert T. Quinn, Jr. Jeffrey Rottinghaus David L. Rowlett Gabriel Solomon Joshua K. Spencer Eric L. Veiel (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 |
25
Fund | Name | Position Held |
Growth Stock | P. Robert Bartolo Kennard W. Allen Joseph B. Fath Paul D. Greene II Barry Henderson Daniel Martino Joseph M. Milano Larry J. Puglia Robert W. Sharps Robert W. Smith Taymour R. Tamaddon Eric L. Veiel Justin P. White (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Health Sciences | Taymour R. Tamaddon Ziad Bakri Melissa C. Gallagher Jason Nogueira Charles G. Pepin John C.A. Sherman 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 |
High Yield | Mark J. Vaselkiv Jason A. Bauer Andrew M. Brooks Andrew L. Cohen Michael F. Connelly Michael Della Vedova Carson R. Dickson Stephen M. Finamore Justin T. Gerbereux Andrew P. Jamison Paul A. Karpers Paul M. Massaro Michael J. McGonigle Brian A. Rubin Walter P. Stuart III 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 Vice President Vice President Vice President Vice President Vice President Vice President |
Index Trust Equity Index 500 Extended Equity Market Index Total Equity Market Index | E. Frederick Bair Ken D. Uematsu R. Scott Livingston Neil Smith Craig A. Thiese J. Zachary Wood (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President |
26
Fund | Name | Position Held |
Inflation Focused Bond | Daniel O. Shackelford Brian J. Brennan Steven G. Brooks Jerome A. Clark Bridget A. Ebner Jared S. Franz Michael J. Grogan Geoffrey M. Hardin Charles B. Hill Keir R. Joyce Wyatt A. Lee Andrew C. McCormick Cheryl A. Mickel Vernon A. Reid, Jr. Michael F. Reinartz John D. Wells Edward A. Wiese (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 |
Inflation Protected Bond | Daniel O. Shackelford Brian J. Brennan Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Rebecca L. Setcavage (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Assistant Vice President |
Institutional Equity Funds Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research | Brian C. Rogers Brian W.H. Berghuis Anna M. Dopkin Mark S. Finn John D. Linehan Gregory A. McCrickard Larry J. Puglia Robert W. Sharps Ann M. Holcomb Joseph M. Milano 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 Vice President Vice President Vice President Vice President |
27
Fund | Name | Position Held |
Institutional Income Funds Institutional Core Plus Institutional Floating Rate Institutional High Yield | Mark J. Vaselkiv Brian J. Brennan Paul A. Karpers Paul M. Massaro Jeffrey M. Anapolsky Steve Boothe Andrew M. Brooks Christopher P. Brown Brian E. Burns Andrew L. Cohen Michael J. Conelius Michael F. Connelly Stephen M. Finamore Justin T. Gerbereux David R. Giroux Steven C. Huber Andrew J. Keirle Ian D. Kelson Andrew C. McCormick Michael J. McGonigle Brian A. Rubin Daniel O. Shackelford Walter P. Stuart III Ju Yen Tan Thomas E. Tewksbury David A. Tiberii Edward A. Wiese Thea N. Williams (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 Vice President Vice President Vice President Vice President |
28
Institutional International Funds Institutional Africa & Middle East Institutional Concentrated International Equity Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Global Equity Institutional Global Large-Cap Equity Institutional Global Value Equity Institutional International Bond Institutional International Core Equity Institutional International Growth Equity | Christopher D. Alderson Oliver D.M. Bell R. Scott Berg Richard N. Clattenburg Michael J. Conelius Mark J.T. Edwards David J. Eiswert Andrew J. Keirle Ian D. Kelson Sebastien Mallet Raymond A. Mills Joshua Nelson Jason Nogueira Gonzalo Pangaro Christopher J. Rothery Federico Santilli Robert W. Smith Ulle Adamson Roy H. Adkins Paulina Amieva Malik S. Asif Peter I. Botoucharov Brian J. Brennan Archibald Ciganer Albeniz Jose Costa Buck Carolyn Hoi Che Chu Michael Della Vedova Richard de los Reyes Bridget A. Ebner Mark S. Finn M. Campbell Gunn Stefan Hubrich Leigh Innes Randal S. Jenneke Yoichiro Kai Christopher J. Kushlis Mark J. Lawrence David M. Lee Christopher C. Loop Anh Lu Daniel Martino Jonathan H.W. Matthews Susanta Mazumdar Sudhir Nanda Michael D. Oh Kenneth A. Orchard Timothy E. Parker Craig J. Pennington Frederick A. Rizzo Sebastian Schrott Robert W. Sharps John C.A. Sherman Joshua K. Spencer David A. Stanley Jonty Starbuck Taymour R. Tamaddon Ju Yen Tan Dean Tenerelli Eric L. Veiel Christopher S. Whitehouse J. Howard Woodward Ernest C. Yeung (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 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 Vice President |
29
International Funds Africa & Middle East Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Local Currency Bond Emerging Markets Stock European Stock Global Infrastructure Global Large-Cap Stock Global Stock International Bond International Discovery International Growth & Income International Stock Japan Latin America New Asia Overseas Stock | Christopher D. Alderson Oliver D.M. Bell R. Scott Berg Richard N. Clattenburg Michael J. Conelius Jose Costa Buck Mark J.T. Edwards David J. Eiswert M. Campbell Gunn Leigh Innes Andrew J. Keirle Ian D. Kelson Anh Lu Jonathan H.W. Matthews Susanta Mazumdar Raymond A. Mills Joshua Nelson Jason Nogueira Gonzalo Pangaro Christopher J. Rothery Federico Santilli Robert W. Smith Dean Tenerelli Justin Thomson Ulle Adamson Roy H. Adkins Syed H. Ali Paulina Amieva Malik S. Asif Sheena L. Barbosa Peter J. Bates Luis M. Baylac Peter I. Botoucharov Brian J. Brennan Ryan N. Burgess Sheldon Chan Tak Yiu Cheng Carolyn Hoi Che Chu Archibald Ciganer Albeniz Michael Della Vedova Richard de los Reyes Jessie Q. Ding Bridget A. Ebner Henry M. Ellenbogen Luis Fananas Mark S. Finn Melissa C. Gallagher Vishnu Vardhan Gopal Benjamin Griffiths Stefan Hubrich Tetsuji Inoue Randal S. Jenneke Yoichiro Kai Jai Kapadia Christopher J. Kushlis Aden Lau Mark J. Lawrence David M. Lee Christopher C. Loop Sebastien Mallet Daniel Martino Ryan Martyn Jihong Min Eric C. Moffett | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
30
International Funds (continued) Africa & Middle East Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Local Currency Bond Emerging Markets Stock European Stock Global Infrastructure Global Large-Cap Stock Global Stock International Bond International Discovery International Growth & Income International Stock Japan Latin America New Asia Overseas Stock | Samy B. Muaddi Philip A. Nestico Sridhar Nishtala Michael D. Oh Kenneth A. Orchard Paul T. OSullivan Hiroaki Owaki Timothy E. Parker Craig J. Pennington Austin M. Powell Frederick A. Rizzo Sebastian Schrott Francisco Sersale Amitabh Shah Jeneiv Shah Robert W. Sharps John C.A. Sherman Eunbin Song David A. Stanley Jonty Starbuck Miki Takeyama Taymour R. Tamaddon Ju Yen Tan Sin Dee Tan Jean Pierre Thibaud Siby Thomas Mitchell J.K. Todd Eric L. Veiel Verena E. Wachnitz David J. Wallack Hiroshi Watanabe Christopher S. Whitehouse Clive M. Williams J. Howard Woodward John Xie Marta Yago Ernest C. Yeung Alison Mei Ling Yip Christopher Yip Wenli Zheng (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
International Index Fund International Equity Index | E. Frederick Bair Neil Smith R. Scott Livingston Craig A. Thiese Ken D. Uematsu J. Zachary Wood (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President |
31
Media & Telecommunications | Daniel Martino Ulle Adamson P. Robert Bartolo David J. Eiswert Henry M. Ellenbogen Joseph B. Fath James H. Friedland Paul D. Greene II Philip A. Nestico Curt J. Organt Corey D. Shull Robert W. Smith 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 P. Robert Bartolo Shawn T. Driscoll Donald J. Easley Henry M. Ellenbogen Robert J. Marcotte Daniel Martino Joseph M. Milano David L. Rowlett Clark R. Shields Taymour R. Tamaddon (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 |
Mid-Cap Value | David J. Wallack Heather K. McPherson Peter J. Bates Christopher W. Carlson Jonathan Chou Andrew S. Davis Henry M. Ellenbogen Mark S. Finn Gregory A. McCrickard Ian C. McDonald Joseph M. Milano J. David Wagner 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 Vice President |
32
Multi-Sector Account Portfolios Emerging Markets Bond Multi-Sector Account Portfolio Emerging Markets Local Multi-Sector Account Portfolio Floating Rate Multi-Sector Account Portfolio High Yield Multi-Sector Account Portfolio Investment-Grade Corporate Multi-Sector Account Portfolio Mortgage-Backed Securities Multi-Sector Account Portfolio | Michael C. Gitlin Michael J. Conelius Andrew J. Keirle Paul M. Massaro Andrew C. McCormick David A. Tiberii Mark J. Vaselkiv Roy H. Adkins Anil K. Andhavarapu Stephen L. Bartolini Steve Boothe Peter I. Botoucharov Brian J. Brennan Steven G. Brooks Christopher P. Brown Brian E. Burns Sheldon Chan Carolyn Hoi Che Chu Michael F. Connelly Bridget A. Ebner Stephen M. Finamore Justin T. Gerbereux Michael J. Grogan Steven C. Huber Keir R. Joyce Paul A. Karpers Ian D. Kelson Christopher J. Kushlis Michael Lambe Martin G. Lee Alan D. Levenson Christopher C. Loop Michael J. McGonigle Samy B. Muaddi Christina Ni Alexander S. Obaza Michael D. Oh Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian M. Ropp Christopher J. Rothery Brian A. Rubin Daniel O. Shackelford David A. Stanley Kimberly A. Stokes Walter P. Stuart III Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas Lauren T. Wagandt John D. Wells Edward A. Wiese Thea N. Williams J. Howard Woodward (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 Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President 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
New America Growth | Joseph M. Milano Francisco M. Alonso P. Robert Bartolo Brian W.H. Berghuis Shawn T. Driscoll Benjamin D. Landy Ian C. McDonald Jason Nogueira Curt J. Organt Robert W. Sharps Clark R. Shields Taymour R. Tamaddon Craig A. Thiese Eric L. Veiel (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 |
New Era | Timothy E. Parker Syed H. Ali Ryan N. Burgess Richard de los Reyes Shawn T. Driscoll Mark S. Finn Shinwoo Kim Jeremy D. Kokemor Steven D. Krichbaum Benjamin D. Landy Ryan Martyn Susanta Mazumdar Heather K. McPherson Craig J. Pennington Craig A. Thiese David J. Wallack John M. Williams (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New Horizons | Henry M. Ellenbogen Francisco M. Alonso Preston G. Athey Brian W.H. Berghuis Michael F. Blandino Christopher W. Carlson Rhett K. Hunter Timothy E. Parker Clark R. Shields Michael F. Sola Taymour R. Tamaddon Justin Thomson J. David Wagner Thomas H. Watson Ashley R. Woodruff (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 |
34
New Income | Daniel O. Shackelford Steve Boothe Brian J. Brennan Christopher P. Brown Michael J. Grogan Geoffrey M. Hardin Steven C. Huber Alan D. Levenson Andrew C. McCormick Vernon A. Reid, Jr. David A. Tiberii Edward A. Wiese (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
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 Ian D. Kelson Wyatt A. Lee Raymond A. Mills Larry J. Puglia Brian C. Rogers Robert W. Smith Guido F. Stubenrauch Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Prime Reserve | Joseph K. Lynagh Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Jared S. Franz Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Edward A. Wiese Chen Shao (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Real Assets | Wyatt A. Lee E. Frederick Bair Richard de los Reyes Shawn T. Driscoll Jared S. Franz Stefan Hubrich David M. Lee Susanta Mazumdar Timothy E. Parker Daniel O. Shackelford Charles M. Shriver Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
35
Real Estate | David M. Lee Anna M. Dopkin Joseph B. Fath Thomas J. Huber Nina P. Jones Michael M. Lasota Philip A. Nestico Theodore E. Robson (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
TRP Reserve Investment Funds Government Reserve Investment Reserve Investment Short-Term Government Reserve Short-Term Reserve | Joseph K. Lynagh Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Jared S. Franz Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Edward A. Wiese Chen Shao (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
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 Income | Jerome A. Clark Wyatt A. Lee Christopher D. Alderson Kimberly E. DeDominicis Ian D. Kelson Brian C. Rogers Daniel O. Shackelford Charles M. Shriver Robert W. Smith Guido F. Stubenrauch Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Science & Technology | Kennard W. Allen Brian W.H. Berghuis David J. Eiswert Paul D. Greene II Rhett K. Hunter Daniel Martino Shalin Mody Tobias F. Mueller Hiroaki Owaki Adam Poussard Michael F. Sola Joshua K. Spencer Thomas H. Watson Justin P. White Alison Mei Ling Yip (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
36
Short-Term Bond Ultra Short-Term Bond | Edward A. Wiese Joseph K. Lynagh Brian J. Brennan Steven G. Brooks M. Helena Condez Bridget A. Ebner Michael J. Grogan Geoffrey M. Hardin Charles B. Hill Keir R. Joyce Andrew C. McCormick Cheryl A. Mickel Vernon A. Reid, Jr. Michael F. Reinartz Daniel O. Shackelford Douglas D. Spratley John D. Wells (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Small-Cap Stock | Gregory A. McCrickard Francisco M. Alonso Preston G. Athey Ira W. Carnahan Andrew S. Davis Hugh M. Evans III Christopher T. Fortune Steven D. Krichbaum Robert J. Marcotte Joseph M. Milano Curt J. Organt Michael F. Sola J. David Wagner (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Small-Cap Value | Preston G. Athey Francisco M. Alonso Hugh M. Evans III Christopher T. Fortune Nina P. Jones Steven D. Krichbaum Gregory A. McCrickard Curt J. Organt 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 |
Spectrum Funds Spectrum Growth Spectrum Income Spectrum International | Charles M. Shriver Christopher D. Alderson Kimberly E. DeDominicis Ian D. Kelson Brian C. Rogers Daniel O. Shackelford Robert W. Smith Guido F. Stubenrauch Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
37
State Tax-Free Income Trust Georgia Tax-Free Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Virginia Tax-Free Bond | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. M. Helena Condez Patricia S. Deford G. Richard Dent Charles E. Emrich Jared S. Franz Dylan Jones Marcy M. Lash Alan D. Levenson James M. Murphy Linda A. Murphy Alexander S. Obaza Douglas D. Spratley Timothy G. Taylor Edward A. Wiese Michael K. Sewell Chen Shao (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
Strategic Income | Steven C. Huber Michael J. Conelius Justin T. Gerbereux Andrew J. Keirle Ian D. Kelson Martin G. Lee Paul M. Massaro Andrew C. McCormick Michael J. McGonigle David A. Stanley Ju Yen Tan David A. Tiberii 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 |
Summit Funds Summit Cash Reserves Summit GNMA | Andrew C. McCormick Joseph K. Lynagh Anil K. Andhavarapu Austin Applegate Stephen L. Bartolini Brian J. Brennan Christopher P. Brown M. Helena Condez G. Richard Dent Jared S. Franz Keir R. Joyce Martin G. Lee Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Susan G. Troll John D. Wells Edward A. Wiese Chen Shao (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
38
Summit Municipal Funds Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. M. Helena Condez Patricia S. Deford G. Richard Dent Charles E. Emrich Jared S. Franz Dylan Jones Marcy M. Lash Alan D. Levenson James M. Murphy Linda A. Murphy Alexander S. Obaza Douglas D. Spratley Timothy G. Taylor Edward A. Wiese Michael K. Sewell Chen Shao (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
Tax-Efficient Funds Tax-Efficient Equity | Donald J. Peters Kennard W. Allen Preston G. Athey Ziad Bakri Andrew S. Davis Donald J. Easley Timothy E. Parker Robert T. Quinn, Jr. William J. Stromberg Taymour R. Tamaddon Mark R. Weigman (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Exempt Money | Joseph K. Lynagh Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Jared S. Franz Marcy M. Lash Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Edward A. Wiese Chen Shao (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
39
Tax-Free High Yield | James M. Murphy R. Lee Arnold, Jr. Austin Applegate M. Helena Condez Patricia S. Deford G. Richard Dent Charles B. Hill Dylan Jones Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Timothy G. Taylor Michael K. Sewell Chen Shao (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
Tax-Free Income | Konstantine B. Mallas R. Lee Arnold, Jr. M. Helena Condez Patricia S. Deford G. Richard Dent Charles B. Hill Marcy M. Lash Hugh D. McGuirk James M. Murphy Timothy G. Taylor Michael K. Sewell Chen Shao (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond | Charles B. Hill Austin Applegate M. Helena Condez G. Richard Dent Charles E. Emrich Dylan Jones Marcy M. Lash Joseph K. Lynagh Konstantine B. Mallas Hugh D. McGuirk Timothy G. Taylor Edward A. Wiese Michael K. Sewell Chen Shao (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
U.S. Bond Enhanced Index | Robert M. Larkins Steven C. Huber Martin G. Lee Peter D. Leiser, Jr. Andrew C. McCormick Brian M. Ropp Daniel O. Shackelford David A. Tiberii Zhen Xia (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
40
U.S. Large-Cap Core | Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn John D. Linehan George A. Marzano Timothy E. Parker Robert T. Quinn, Jr. Robert W. Sharps (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
U.S. Treasury Funds U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money | Brian J. Brennan Joseph K. Lynagh Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Jared S. Franz Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Samy B. Muaddi Alexander S. Obaza Vernon A. Reid, Jr. Daniel O. Shackelford Douglas D. Spratley Edward A. Wiese Rebecca L. Setcavage Chen Shao (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
Value | Mark S. Finn Peter J. Bates Ryan N. Burgess Ira W. Carnahan Andrew S. Davis David R. Giroux John D. Linehan Heather K. McPherson Robert T. Quinn, Jr. Brian C. Rogers Joshua K. Spencer Walter P. Stuart III Eric L. Veiel Tamara P. Wiggs (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Officers
Name, Year of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) |
Ulle Adamson, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
Roy H. Adkins, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
41
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Christopher D. Alderson, 1962 Director and President-International Equity, T. Rowe Price International; Companys Representative, Director and Vice President, Price Hong Kong; Director and Vice President, Price Singapore; Vice President, T. Rowe Price Group, Inc. | President, Institutional International Funds and International Funds; Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Syed H. Ali, 1970 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly Research Analyst, Credit Suisse Securities (to 2010) | Vice President, International Funds and New Era Fund |
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Science & Technology Fund; Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Global Technology Fund, Growth Stock Fund, Mid-Cap Growth Fund, and Tax-Efficient Funds |
Francisco M. Alonso, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, New America Growth Fund, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Paulina Amieva, 1981 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Jeffrey M. Anapolsky, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Vice President, American Capital, Ltd. (to 2010) | Vice President, Institutional Income Funds |
Anil K. Andhavarapu, 1980 Vice President, T. Rowe Price; formerly Employee, Nomura Holdings America, Inc. (to 2009) | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Summit Funds |
Austin Applegate, 1974 Vice President, T. Rowe Price; formerly Senior Municipal | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
R. Lee Arnold, Jr., 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Executive Vice President, Tax-Free High Yield Fund; Vice President, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Malik S. Asif, 1981 Employee,
T. Rowe Price; formerly Student, The University | Vice President, Institutional International Funds and International Funds |
Preston G. Athey, 1949 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC | President, Small-Cap Value Fund; Vice President, New Horizons Fund, Small-Cap Stock Fund, and Tax-Efficient Funds |
E. Frederick Bair, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Index Trust and International Index Fund; Vice President, Balanced Fund, Personal Strategy Funds, and Real Assets Fund |
Ziad Bakri, 1980 Vice President, T. Rowe Price; formerly Vice President, Cowen and Company; M.D., CFA | Vice President, Blue Chip Growth Fund, Health Sciences Fund, and Tax-Efficient Funds |
Sheena L. Barbosa, 1983 Employee, T. Rowe Price | Vice President, International Funds |
42
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Stephen L. Bartolini, 1977 Vice President, T. Rowe Price; formerly Senior Portfolio Manager, Senior Trader, and Analyst, Fannie Mae (to 2010); CFA | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Summit Funds |
P. Robert Bartolo, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Growth Stock Fund; Vice President, Blue Chip Growth Fund, Global Technology Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and New America Growth Fund |
Peter J. Bates, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, International Funds, Mid-Cap Value Fund, U.S. Large-Cap Core Fund, and Value Fund |
Jason A. Bauer, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, High Yield Fund |
Luis M. Baylac, 1982 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; formerly Head of Global Emerging Markets Research, Pictet Asset Management Ltd. (to 2011) and Portfolio Manager of Africa and Middle East portfolios and other emerging markets strategies, Pictet Asset Management Ltd. (to 2009) | 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.; formerly Executive Director, Convertible Sales, JPMorgan (to 2009) | 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; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios and New Income Fund |
Peter I. Botoucharov, 1965 Vice President, T. Rowe Price International; formerly Director EMEA Macroeconomic Research and Strategy (to 2012); and Global Source, Independent Financial Advisor (to 2010) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Brian J. Brennan, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International,
and T. Rowe Price Trust | President, U.S. Treasury Funds; Executive Vice President, Institutional Income Funds; Vice President, GNMA Fund, Inflation Focused Bond Fund, Inflation Protected Bond Fund, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, New Income Fund, Short-Term Bond Fund, and Summit Funds |
Andrew M. Brooks, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund, High Yield Fund, and Institutional Income Funds |
43
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Steven G. Brooks, 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Corporate Income Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Prime Reserve Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, Tax-Exempt Money Fund, and U.S. Treasury Funds |
Christopher P. Brown, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Summit Funds |
Ryan N. Burgess, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, International Funds, New Era Fund, and Value Fund |
Brian E. Burns, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund, Global Technology Fund, Mid-Cap Value Fund, and New Horizons Fund |
Ira W. Carnahan, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Small-Cap Stock Fund and Value Fund |
Sheldon Chan, 1981 Vice President, Price Hong Kong; formerly Associate Director, HSBC (Hong Kong) (to 2011) | Vice President, International Funds and Multi-Sector Account Portfolios |
Tak Yiu Cheng, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, International Funds |
Jonathan Chou, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund and Mid-Cap Value Fund |
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Director, Bank of America Merrill Lynch and co-head of credit and convertibles research team in Hong Kong (to 2010) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Archibald Ciganer Albeniz, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds |
Jerome A. Clark, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; CFA | President, Retirement Funds; Vice President, Inflation Focused Bond Fund and Personal Strategy Funds |
Richard N. Clattenburg, 1979 Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Real Estate Fund |
Andrew L. Cohen, 1979 Vice President, T. Rowe Price; formerly Associate Power & Energy/Strategic Investments Metlife Investments (to 2010); and Vice President/Investment Officer Special Opportunities Group, Capital Source Finance LLC (to 2009); CFA | Vice President, High Yield Fund and Institutional Income Funds |
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Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
M. Helena Condez, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Michael J. Conelius, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Institutional Income Funds and Strategic Income Fund |
Michael F. Connelly, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Jose Costa Buck, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Andrew S. Davis, 1978 Vice President, T. Rowe Price; Intern, Franklin Templeton Investments (to 2009) | Vice President, Mid-Cap Value Fund, Small-Cap Stock Fund, Tax-Efficient Funds, and Value Fund |
Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price International, | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Patricia S. Deford, 1957 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund |
Richard de los Reyes, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds, International Funds, New Era Fund, and Real Assets Fund |
Michael Della Vedova, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Co-founder and Partner, Four Quarter Capital (to 2009) | Vice President, High Yield Fund, Institutional International Funds, and International Funds |
G. Richard Dent, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Carson R. Dickson, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, High Yield Fund |
Jessie Q. Ding, 1981 Vice President, Price Hong Kong | Vice President, International Funds |
Anna M. Dopkin, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Diversified Small-Cap Growth Fund, and Real Estate Fund |
Shawn T. Driscoll, 1975 Vice President, T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Growth & Income Fund, Mid-Cap Growth Fund, New Era Fund, Real Assets Fund, and U.S. Large-Cap Core Fund |
45
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Donald J. Easley, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Diversified Mid-Cap Growth Fund; Vice President, Diversified Small-Cap Growth Fund, Mid-Cap Growth Fund, and Tax-Efficient Funds |
Bridget A. Ebner, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Focused Bond Fund, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Mark J.T. Edwards, 1957 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds |
David J. Eiswert, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Technology Fund, 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 |
Hugh M. Evans III, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Small-Cap Stock Fund and Small-Cap Value Fund |
Luis Fananas, 1971 Vice President, T. Rowe Price International; formerly Equities Research Director, Deutsche Bank (to 2012) | Vice President, International Funds |
Joseph B. Fath, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Growth Stock Fund, Media & Telecommunications Fund, Real Estate Fund, and U.S. Large-Cap Core Fund |
Roger L. Fiery III, 1959 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CPA | Vice President, all funds |
Stephen M. Finamore, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Financial Services Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Mark S. Finn, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Capital Appreciation Fund, Equity Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Personal Strategy Funds, and U.S. Large-Cap Core Fund |
Christopher T. Fortune, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Jared S. Franz, 1977 Vice President, T. Rowe Price | Vice President, California Tax-Free Income Trust, Inflation Focused Bond Fund, Prime Reserve Fund, Real Assets Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
46
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Jon M. Friar, 1982 Employee, T. Rowe Price; formerly Summer Intern, T. Rowe Price (to 2011) | Vice President, Equity Income Fund and Financial Services Fund |
James H. Friedland, 1970 Employee, T. Rowe Price; formerly Senior Internet Analyst and Managing Director, Cowen and Company (to 2012) | Vice President, Media & Telecommunications Fund |
Melissa C. Gallagher, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Health Sciences Fund and International Funds |
Justin T. Gerbereux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
John R. Gilner, 1961 Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc. | Chief Compliance Officer, all funds |
David R. Giroux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Capital Appreciation Fund; Vice President, Equity Income Fund, Floating Rate Fund, Institutional Income Funds, and Value Fund |
Gregory S. Golczewski, 1966 Vice President, T. Rowe Price and T. Rowe Price Trust Company | Vice President, all funds |
Vishnu Vardhan Gopal, 1979 Vice President, Price Hong Kong | Vice President, International Funds |
Paul D. Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Equity Income Fund, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, and Science & Technology Fund |
Benjamin Griffiths, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Michael J. Grogan, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; CFA | Vice President, Corporate Income Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund |
M. Campbell Gunn, 1956 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Focused Bond Fund, Inflation Protected Bond Fund, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds |
Barry Henderson, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Growth Stock 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, State Tax-Free Income Trust and Summit Municipal Funds; Vice President, Inflation Focused Bond Fund, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund |
Gregory K. Hinkle, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | Treasurer, all funds |
47
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Ann M. Holcomb, 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 Equity Funds |
Steven C. Huber, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, FSA | President, Strategic Income Fund; Vice President, Floating Rate Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund |
Thomas J. Huber, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Dividend Growth Fund and Growth & Income Fund; Vice President, Blue Chip Growth Fund, Equity Income Fund, and Real Estate Fund |
Stefan Hubrich, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | Vice President, Institutional International Funds, International Funds, and Real Assets Fund |
Rhett K. Hunter, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, New Horizons Fund, and Science & Technology Fund |
Leigh Innes, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Tetsuji Inoue, 1971 Vice President, T. Rowe Price International; formerly Equity Sales, JP Morgan Chase Securities Ltd. (to 2012); Equity Specialist Technology, ICAP PLC (to 2010); and Managing Director Financial Sector Fund Manager, North Sound Capital LLC (to 2009) | Vice President, Global Real Estate Fund and International Funds |
Andrew P. Jamison, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Darden Graduate School of Business Administration, University of Virginia (to 2009) | Vice President, High Yield Fund |
Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Senior Portfolio Manager Australian Equities (to 2010) | Vice President, Institutional International Funds and International Funds |
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price | Vice President, Diversified Small-Cap Growth Fund |
Dylan Jones, 1971 Vice President, T. Rowe Price; CFA | Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
Nina P. Jones, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Capital Appreciation Fund, Financial Services Fund, Global Real Estate Fund, Real Estate Fund, and Small-Cap Value Fund |
Keir R. Joyce, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, GNMA Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Short-Term Bond Fund, and Summit Funds |
Vidya Kadiyam, 1980 Vice President, T. Rowe Price | Vice President, Capital Appreciation Fund |
Yoichiro Kai, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Japanese Financial/Real Estate Sector Analyst/Portfolio Manager, Citadel Investment Group, Asia Limited (to 2009) | Vice President, Financial Services Fund, Institutional International Funds, and International Funds |
Jai Kapadia, 1982 Employee, T. Rowe Price; formerly student, MIT Sloan School of Management (to 2011); Associate Analyst, Sirios Capital Management (to 2009) | Vice President, International Funds |
48
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Paul A. Karpers, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional Income Funds; Vice President, Balanced Fund, Corporate Income Fund, Floating Rate Fund, High Yield Fund, and Multi-Sector Account Portfolios |
Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Institutional Income Funds and Strategic Income Fund |
Ian D. Kelson, 1956 President-International Fixed Income, T. Rowe Price International; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Institutional International Funds and International Funds; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Strategic Income Fund |
Shinwoo Kim, 1977 Vice President, T. Rowe Price | Vice President, New Era Fund |
Jeremy D. Kokemor, 1982 Vice President, T. Rowe Price; formerly Summer Intern at T. Rowe Price; (to 2009); CFA | Vice President, New Era Fund |
Steven D. Krichbaum, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, New Era Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Christopher J. Kushlis, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Michael Lambe, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund and Multi-Sector Account Portfolios |
Benjamin D. Landy, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, University of Chicago, Booth School of Business (to 2009) | Vice President, New America Growth Fund and New Era Fund |
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 |
Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
Michael M. Lasota, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Global Real Estate Fund, and Real Estate Fund |
Aden Lau, 1982 Employee, T. Rowe Price; formerly Student, The Wharton School, University of Pennsylvania (to 2012); Private Equity Associate Financial Services, Stone Point Capital (to 2010); and Investment Banking Analyst Financial Institutions Group, Credit Suisse (to 2009) | Vice President, International Funds |
Mark J. Lawrence, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
David M. Lee, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Global Real Estate Fund and Real Estate Fund; Vice President, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, International Funds, and Real Assets Fund |
49
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Martin G. Lee, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Multi-Sector Account Portfolios, Strategic Income Fund, Summit Funds, and U.S. Bond Enhanced Index Fund |
Wyatt A. Lee, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Real Assets Fund; Executive Vice President, Retirement Funds; Vice President, Balanced Fund, Inflation Focused Bond Fund, and Personal Strategy Funds |
Peter D. Leiser, Jr., 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, U.S. Bond Enhanced Index 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, Corporate Income Fund, GNMA Fund, Inflation Protected Bond Fund, Multi-Sector Account Portfolios, New Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
John D. Linehan, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional Equity Funds; Vice President, Capital Appreciation Fund, Equity Income Fund, U.S. Large-Cap Core Fund, and Value Fund |
Patricia B. Lippert, 1953 Assistant Vice President, T. Rowe Price and T. Rowe Price Investment Services, Inc. | Secretary, all funds |
R. Scott Livingston, 1979 Assistant Vice President, T. Rowe Price | Vice President, International Index Fund and Index Trust Funds |
Christopher C. Loop, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Anh Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Joseph K. Lynagh, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Prime Reserve Fund, TRP Reserve Investment Funds, and Tax-Exempt Money Fund; Executive Vice President, California Tax-Free Income Trust, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, and U.S. Treasury Funds; Vice President, Tax-Free Short-Intermediate Fund |
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, 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 |
50
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Daniel Martino, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Media & Telecommunications Fund; Vice President, Dividend Growth Fund, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, and Science & Technology Fund |
Ryan Martyn, 1979 Vice President, T. Rowe Price International; formerly Investment Analyst, VGI Partners (to 2009) | Vice President, International Funds and New Era Fund |
George A. Marzano, 1980 Vice President, T. Rowe Price | Vice President, Blue Chip Growth Fund and U.S. Large-Cap Core Fund |
Paul M. Massaro, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios; Vice President, Capital Appreciation Fund, High Yield Fund, and Strategic Income Fund |
Jonathan H.W. Matthews, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Susanta Mazumdar, 1968 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds, New Era Fund, and Real Assets Fund |
Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, GNMA Fund and Summit Funds; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Inflation Focused Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, New Income Fund, Short-Term Bond Fund, Strategic Income Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Gregory A. McCrickard, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Mid-Cap Value Fund and Small-Cap Value Fund |
Ian C. McDonald, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Mid-Cap Value Fund, and New America Growth Fund |
Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
Hugh D. McGuirk, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, 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, Mid-Cap Value Fund; Vice President, Capital Appreciation Fund, Global Technology Fund, New Era Fund, and Value Fund |
Cheryl A. Mickel, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Inflation Focused Bond Fund and Short-Term Bond Fund |
51
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Joseph M. Milano, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, New America Growth Fund; Vice President, Capital Appreciation Fund, Growth Stock Fund, Institutional Equity Funds, Mid-Cap Growth Fund, Mid-Cap Value Fund, and Small-Cap Stock Fund |
Raymond A. Mills, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; Ph.D., CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Personal Strategy Funds |
Jihong Min, 1979 Employee, T. Rowe Price; formerly Financial Analyst, Geosphere Capital Management, Singapore (to 2012); and Financial Analyst, Fortress Investment Group, Hong Kong (to 2009) | Vice President, International Funds |
Shalin Mody, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, University of Chicago, Booth School of Business (to 2009) | Vice President, Science & Technology Fund |
Eric C. Moffet, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund and International Funds |
Samy B. Muaddi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Corporate Income Fund, International Funds, Multi-Sector Account Portfolios, and U.S. Treasury Funds |
Tobias F. Mueller, 1980 Employee T. Rowe Price; formerly Intern, T. Rowe Price (to 2011); Investment Analyst, Noric Mexxanine UK Limited and Consultant, Victoria Capital Advisors LLC (to 2009) | Vice President, Global Technology Fund and Science & Technology Fund |
James M. Murphy, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Tax-Free High Yield Fund; Vice President, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Linda A. Murphy, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free High Yield Fund |
Sudhir Nanda, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | President, Diversified Small-Cap Growth Fund; Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, and Institutional International Funds |
Joshua Nelson, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Institutional International Funds and International Funds |
Philip A. Nestico, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, International Funds, Media & Telecommunications Fund, and Real Estate Fund |
Christina Ni, 1977 Vice President, T. Rowe Price; CFA, FRM | Vice President, Multi-Sector Account Portfolios |
Sridhar Nishtala, 1975 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds |
Jason Nogueira, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Health Sciences Fund and New America Growth Fund |
52
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Alexander S. Obaza, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, California Tax-Free income Trust, Corporate Income Fund, Multi-Sector Account Portfolios, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
David Oestreicher, 1967 Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group; Vice President and Secretary, T. Rowe Price and T. Rowe Price International; Vice President, Price Hong Kong and Price Singapore; Secretary, T. Rowe Price Savings Bank | Vice President, all funds |
Michael D. Oh, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Kenneth A. Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, Vice President, Moodys Investors Service (to 2010) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Curt J. Organt, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Small-Cap Growth Fund, Media & Telecommunications Fund, New America Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Paul T. OSullivan, 1973 Vice President, T. Rowe Price International | Vice President, International Funds |
Hiroaki Owaki, 1962 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Global Technology Fund, International Funds, and Science & Technology Fund |
Gonzalo Pangaro, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
Miso Park, 1982 Vice President, T. Rowe Price International; formerly Credit Analyst, M&G Investments (to 2010); CFA | Vice President, Corporate Income Fund and Multi-Sector Account Portfolios |
Timothy E. Parker, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, New Era Fund; Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Institutional International Funds, International Funds, New Horizons Fund, Real Assets Fund, Tax-Efficient Funds, and U.S. Large-Cap Core Fund |
Viral S. Patel, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, Berstein Value Equities (to 2011) | Vice President, Global Real Estate Fund |
Craig J. Pennington, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, Global Energy Analyst, Insight Investment (to 2010); CFA | Vice President, Institutional International Funds, International Funds, and New Era Fund |
53
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Charles G. Pepin, 1966 Director, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund and Health Sciences 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 and T. Rowe Price Group, Inc.; CFA | Vice President, Capital Opportunity Fund and Financial Services Fund |
Adam Poussard, 1984 Employee, T. Rowe Price; Assistant Vice President Equity Research, Healthcare Distribution & Technology, Barclays Capital (to 2010) | Vice President, Science & Technology Fund |
Austin M. Powell, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Larry J. Puglia, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Growth Stock Fund, and Personal Strategy Funds |
Robert T. Quinn, Jr., 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Growth & Income Fund, Tax-Efficient Funds, U.S. Large-Cap Core Fund, and Value Fund |
Vernon A. Reid, Jr., 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds |
Michael F. Reinartz, 1973 Vice President, T. Rowe Price | Vice President, Inflation Focused Bond Fund and Short-Term Bond Fund |
Frederick A. Rizzo, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund, Institutional International Funds, 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, Multi-Sector Account Portfolios, and Real Estate Fund |
Brian M. Ropp, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Corporate Income Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
Christopher J. Rothery, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds; Vice President, Multi-Sector Account Portfolios |
Jeffrey Rottinghaus, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | President, U.S. Large-Cap Core Fund; Vice President, Dividend Growth Fund and Growth & Income Fund |
David L. Rowlett, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Growth & Income Fund and Mid-Cap 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, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
| |
Federico Santilli, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
54
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Deborah D. Seidel, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. | Vice President, all funds |
Francisco Sersale, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund and International Funds |
Rebecca L. Setcavage, 1982 Assistant Vice President, T. Rowe Price | Assistant Vice President, Inflation Protected Bond Fund and U.S. Treasury Funds |
Amit Seth, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Harvard Business School (to 2009) | Vice President, Blue Chip Growth Fund and Diversified Mid-Cap Growth Fund |
Michael K. Sewell, 1982 Assistant Vice President, T. Rowe Price | Assistant Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short Intermediate Fund |
Daniel O. Shackelford, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Inflation Focused Bond Fund, Inflation Protected Bond Fund, and New Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, Real Assets Fund, Retirement Funds, Short-Term Bond Fund, Spectrum Funds, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Amitabh Shah, 1980 Vice President, T. Rowe Price International | Vice President, International Funds |
Jeneiv Shah, 1980 Employee, T. Rowe Price; formerly Analyst, Mirae Asset Global Investments (to 2010); CFA | Vice President, International Funds |
Chen Shao, 1980 Assistant Vice President, T. Rowe Price | Assistant Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Robert W. Sharps, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, New America Growth Fund, and U.S. Large-Cap Core Fund |
John C.A. Sherman, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Health Sciences Fund, Institutional International Funds, and International Funds |
Clark R. Shields, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund |
Charles M. Shriver, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Balanced Fund, Personal Strategy Funds, and Spectrum Funds; Vice President, Real Assets Fund and Retirement Funds |
Farris G. Shuggi, 1984 Vice President, T. Rowe Price | Vice President, Capital Appreciation Fund |
55
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Corey D. Shull, 1983 Employee, T. Rowe Price; CFA | Vice President, Media & Telecommunications Fund |
Neil Smith, 1972 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International | Executive Vice President, International Index Fund; Vice President, Index Trust |
Robert W. Smith, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Executive Vice President, Institutional International Funds and International Funds; Vice President, Growth Stock Fund, Media & Telecommunications Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Matthew J. Snowling, 1971 Vice President, T. Rowe Price; formerly Managing Director Specialty Finance, Citadel Securities (to 2011); Managing Director of Investment Services and Senior Vice President, Senior Analyst, Education Services Research Group (to 2011); CFA | Vice President, Financial Services Fund |
Michael F. Sola, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Small-Cap Stock Fund |
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Financial Services Fund, and Growth & Income Fund |
Eunbin Song, 1980 Vice President, Price Singapore; 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, Capital Opportunity Fund, Growth & Income Fund, Institutional International Funds, Science & Technology Fund, and Value Fund |
Douglas D. Spratley, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, Short-Germ Bond Fund, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
David A. Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
Jonty Starbuck, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; Ph.D. | Vice President, Institutional International Funds and International Funds |
Kimberly A. Stokes, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund and Multi-Sector Account Portfolios |
William J. Stromberg, 1960 Director and Vice President, T. Rowe Price; Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Vice President, Capital Appreciation Fund, Dividend Growth Fund, and Tax-Efficient Funds |
Walter P. Stuart III, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Value Fund |
Guido F. Stubenrauch, 1970 Vice President, T. Rowe Price | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
56
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Miki Takeyama, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Taymour R. Tamaddon, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Capital Opportunity Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds |
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional Income Funds, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
Sin Dee Tan, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Timothy G. Taylor, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Thomas E. Tewksbury, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Jean Pierre Thibaud, 1982 Employee, T. Rowe Price; formerly student, Harvard Business School (to 2011); Senior Associate, MBA Lazard (to 2009) | Vice President, 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 International; formerly Senior Vice President, Moodys Investors Service, London (to 2011) | Vice President, Corporate Income Fund |
Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, The University of Chicago Graduate School of Business (to 2009) | Vice President, International Funds and Multi-Sector Account Portfolios |
Justin Thomson, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, New Horizons Fund |
David A. Tiberii, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | President, Corporate Income Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Institutional Income Funds, New Income Fund, Strategic 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 |
57
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Susan G. Troll, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Capital Appreciation Fund and Summit Funds |
Ken D. Uematsu, 1969 Vice President, T. Rowe Price and T. Rowe Price Trust Company; CFA | Executive Vice President, Index Trust; Vice President, International Index Fund |
Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Floating Rate Fund, High Yield Fund, and Institutional Income Funds; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Strategic Income Fund |
Eric L. Veiel, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Financial Services Fund; Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, New America Growth Fund, and Value Fund |
Verena E. Wachnitz, 1978 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Product Specialist, BlueCrest Capital Management (to 2009) | Vice President, Corporate Income Fund and Multi-Sector Account Portfolios |
J. David Wagner, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Small-Cap Growth Fund, Institutional Equity Funds, Mid-Cap Value Fund, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value 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 |
Julie L. Waples, 1970 Vice President, T. Rowe Price | Vice President, all 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 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, New Horizons Fund, and Science & Technology Fund |
Mark R. Weigman, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC | Vice President, Tax-Efficient Funds |
John D. Wells, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Savings Bank | Vice President, GNMA Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Short-Term Bond Fund, and Summit Funds |
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, and Science & Technology Fund |
58
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Christopher S. Whitehouse, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
Richard T. Whitney, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Vice President, Balanced Fund, Personal Strategy Funds, Real Assets Fund, Retirement Funds, and Spectrum Funds |
Edward A. Wiese, 1959 Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Chief Investment Officer, Director, and Vice President, T. Rowe Price Savings Bank; CFA | President, Short-Term Bond Fund; Vice President, California Tax-Free Income Trust, Corporate Income Fund, Inflation Focused Bond Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury 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; formerly Summer Analyst, The Capital Group Companies, Inc. (to 2009) | Vice President, Mid-Cap Value Fund and New Era Fund |
Thea N. Williams, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Corporate Income Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
J. Zachary Wood, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Index Trust and International Index Fund |
Ashley R. Woodruff, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund and New Horizons Fund |
J. Howard Woodward, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, 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. formerly Vice President of Corporate Strategy, UnitedHealth Group (to 2011); Associate Analyst, Oppenheimer & Company (to 2009) | Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund |
Zhen Xia, 1987 Assistant Vice President, T. Rowe Price | Vice President, U.S. Bond Enhanced Index Fund; Assistant Vice President, Corporate Income Fund |
John Xie, 1980 Employee, T. Rowe Price; formerly Senior Associate, The Boston Consulting Group (to 2010); CFA | Vice President, International Funds |
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund and International Funds |
Ernest C. Yeung, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
59
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 |
Christopher Yip, 1975 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds |
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds and Media & Telecommunications Fund |
Directors Compensation
The following tables show remuneration paid by the Price Funds to the independent directors. The independent directors are paid $250,000 for their service on the Boards. The Lead Independent Director receives an additional $100,000 annually for serving in this capacity. An independent director serving on the Joint Audit Committee receives an additional $9,000 for his/her service and the chairman of the Joint Audit Committee receives an additional $18,000 for his/her service. Members of the Advisory Board that has been established with respect to the domestic fixed income Price Funds are paid the same compensation as the domestic fixed income Price Funds independent directors.
Officers of the funds and directors of the funds who are employees of T. Rowe Price or its affiliates (inside directors) do not receive any remuneration from the funds. In addition, the funds do not pay pension or retirement benefits to any of their directors or officers. The following table shows the total compensation from all of the Price Funds that was paid to the directors for the calendar year 2012:
Directors | Total Compensation |
Brody | $250,000 |
Casey(a) | 262,000 |
Deering (Lead) | 359,000 |
Dick | 250,000 |
Horn | 250,000 |
Gerrard | 169,667 |
Rodgers | 250,000 |
Rouse | 166,667 |
Schreiber | 259,000 |
Tercek | 262,000 |
(a) Retired on December 31, 2012
The following table shows the amounts paid by each fund to the directors based on accrued compensation for the calendar year 2012:
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Casey* | Deering | Dick | Gerrard | Horn | Rodgers | Rouse | Schreiber | Tercek | |
Africa & Middle East | $599 | $629 | $860 | $599 | $386 | $599 | $599 | $379 | $621 | $628 |
Balanced | 2,476 | 2,594 | 3,556 | 2,476 | 1,750 | 2,476 | 2,476 | 1,719 | 2,565 | 2,596 |
Blue Chip Growth | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
California Tax-Free Bond | 745 | 781 | 1,070 | 745 | 494 | 745 | 745 | 485 | 772 | 780 |
California Tax-Free Money | 560 | 588 | 805 | 560 | 357 | 560 | 560 | 351 | 580 | 587 |
60
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Casey* | Deering | Dick | Gerrard | Horn | Rodgers | Rouse | Schreiber | Tercek | |
Capital Appreciation | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Capital Opportunity | 724 | 759 | 1,040 | 724 | 483 | 724 | 724 | 474 | 750 | 759 |
Corporate Income | 890 | 932 | 1,278 | 890 | 603 | 890 | 890 | 592 | 922 | 932 |
Diversified Mid-Cap Growth | 627 | 658 | 901 | 627 | 407 | 627 | 627 | 399 | 650 | 657 |
Diversified Small-Cap Growth | 657 | 688 | 943 | 657 | 434 | 657 | 657 | 426 | 681 | 689 |
Dividend Growth | 2,023 | 2,118 | 2,905 | 2,023 | 1,439 | 2,023 | 2,023 | 1,414 | 2,096 | 2,121 |
Emerging Europe | 771 | 809 | 1,108 | 771 | 504 | 771 | 771 | 496 | 799 | 808 |
Emerging Markets Bond | 2,628 | 2,749 | 3,774 | 2,628 | 1,892 | 2,628 | 2,628 | 1,859 | 2,723 | 2,756 |
Emerging Markets Bond Multi-Sector Account Portfolio | 0 | 0 | 0 | 0 | | 0 | 0 | | 0 | 0 |
Emerging Markets Corporate Bond | 284 | 292 | 407 | 284 | 289 | 284 | 284 | 284 | 294 | 300 |
Emerging Markets Local Currency Bond | 538 | 564 | 772 | 538 | 342 | 538 | 538 | 336 | 557 | 563 |
Emerging Markets Local Multi-Sector Account Portfolio | 0 | 0 | 0 | 0 | | 0 | 0 | | 0 | 0 |
Emerging Markets Stock | 4,128 | 4,324 | 5,928 | 4,128 | 2,887 | 4,128 | 4,128 | 2,836 | 4,277 | 4,328 |
Equity Income | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Equity Index 500 | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
European Stock | 921 | 965 | 1,322 | 921 | 616 | 921 | 921 | 605 | 954 | 965 |
Extended Equity Market Index | 750 | 787 | 1,077 | 750 | 496 | 750 | 750 | 487 | 777 | 786 |
Financial Services | 699 | 733 | 1,004 | 699 | 461 | 699 | 699 | 452 | 724 | 732 |
Floating Rate | 544 | 571 | 781 | 544 | 354 | 544 | 544 | 348 | 564 | 570 |
Floating Rate Multi-Sector Account Portfolio | 0 | 0 | 0 | 0 | | 0 | 0 | | 0 | 0 |
Georgia Tax-Free Bond | 642 | 674 | 922 | 642 | 419 | 642 | 642 | 411 | 665 | 673 |
Global Infrastructure | 535 | 561 | 768 | 535 | 339 | 535 | 535 | 333 | 554 | 560 |
Global Large-Cap Stock | 548 | 575 | 786 | 548 | 349 | 548 | 548 | 343 | 567 | 573 |
Global Real Estate | 553 | 580 | 794 | 553 | 357 | 553 | 553 | 350 | 573 | 580 |
Global Stock | 842 | 883 | 1,209 | 842 | 550 | 842 | 842 | 540 | 872 | 881 |
Global Technology | 907 | 951 | 1,303 | 907 | 621 | 907 | 907 | 610 | 940 | 951 |
GNMA | 1,595 | 1,672 | 2,291 | 1,595 | 1,109 | 1,595 | 1,595 | 1,090 | 1,653 | 1,672 |
TRP Government Reserve Investment | 1,373 | 1,438 | 1,972 | 1,373 | 970 | 1,373 | 1,373 | 953 | 1,423 | 1,440 |
Growth & Income | 1,209 | 1,268 | 1,737 | 1,209 | 827 | 1,209 | 1,209 | 812 | 1,253 | 1,267 |
Growth Stock | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Health Sciences | 3,069 | 3,205 | 4,407 | 3,069 | 2,295 | 3,069 | 3,069 | 2,252 | 3,179 | 3,221 |
High Yield | 4,577 | 4,805 | 6,573 | 4,577 | 2,887 | 4,577 | 4,577 | 2,836 | 4,742 | 4,793 |
High Yield Multi-Sector Account Portfolio | 0 | 0 | 0 | 0 | | 0 | 0 | | 0 | 0 |
Inflation Focused Bond | 2,577 | 2,696 | 3,700 | 2,577 | 1,862 | 2,577 | 2,577 | 1,829 | 2,669 | 2,702 |
Inflation Protected Bond | 841 | 882 | 1,208 | 841 | 566 | 841 | 841 | 556 | 871 | 881 |
61
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Casey* | Deering | Dick | Gerrard | Horn | Rodgers | Rouse | Schreiber | Tercek | |
Institutional Africa & Middle East | 592 | 621 | 850 | 592 | 382 | 592 | 592 | 376 | 613 | 620 |
Institutional Concentrated International Equity | 514 | 539 | 738 | 514 | 324 | 514 | 514 | 318 | 532 | 538 |
Institutional Core Plus | 625 | 656 | 898 | 625 | 407 | 625 | 625 | 400 | 648 | 655 |
Institutional Emerging Markets Bond | 653 | 685 | 938 | 653 | 427 | 653 | 653 | 419 | 677 | 684 |
Institutional Emerging Markets Equity | 1,046 | 1,095 | 1,501 | 1,046 | 711 | 1,046 | 1,046 | 699 | 1,083 | 1,096 |
Institutional Floating Rate | 1,698 | 1,777 | 2,438 | 1,698 | 1,196 | 1,698 | 1,698 | 1,175 | 1,759 | 1,781 |
Institutional Global Equity | 606 | 636 | 870 | 606 | 389 | 606 | 606 | 382 | 628 | 635 |
Institutional Global Large-Cap Equity | 549 | 576 | 789 | 549 | 351 | 549 | 549 | 345 | 569 | 575 |
Institutional Global Value Equity | 199 | 202 | 286 | 199 | 205 | 199 | 199 | 199 | 206 | 212 |
Institutional High Yield | 2,035 | 2,131 | 2,923 | 2,035 | 1,466 | 2,035 | 2,035 | 1,441 | 2,109 | 2,134 |
Institutional International Bond | 602 | 632 | 865 | 602 | 387 | 602 | 602 | 381 | 624 | 631 |
Institutional International Core Equity | 540 | 566 | 775 | 540 | 348 | 540 | 540 | 342 | 559 | 565 |
Institutional International Growth Equity | 555 | 583 | 797 | 555 | 355 | 555 | 555 | 348 | 575 | 582 |
Institutional Large-Cap Core Growth | 740 | 775 | 1,062 | 740 | 499 | 740 | 740 | 490 | 767 | 776 |
Institutional Large-Cap Growth | 3,392 | 3,541 | 4,871 | 3,392 | 2,611 | 3,392 | 3,392 | 2,563 | 3,514 | 3,562 |
Institutional Large-Cap Value | 1,027 | 1,075 | 1,475 | 1,027 | 707 | 1,027 | 1,027 | 695 | 1,064 | 1,077 |
Institutional Mid-Cap Equity Growth | 2,144 | 2,243 | 3,079 | 2,144 | 1,596 | 2,144 | 2,144 | 1,569 | 2,221 | 2,249 |
Institutional Small-Cap Stock | 1,009 | 1,056 | 1,449 | 1,009 | 697 | 1,009 | 1,009 | 684 | 1,045 | 1,058 |
Institutional U.S. Structured Research | 842 | 884 | 1,210 | 842 | 561 | 842 | 842 | 551 | 873 | 883 |
International Bond | 3,656 | 3,831 | 5,250 | 3,656 | 2,562 | 3,656 | 3,656 | 2,518 | 3,788 | 3,831 |
International Discovery | 2,054 | 2,150 | 2,949 | 2,054 | 1,456 | 2,054 | 2,054 | 1,431 | 2,128 | 2,153 |
International Equity Index | 728 | 763 | 1,045 | 728 | 478 | 728 | 728 | 469 | 754 | 763 |
International Growth & Income | 3,582 | 3,744 | 5,143 | 3,582 | 2,612 | 3,582 | 3,582 | 2,564 | 3,710 | 3,758 |
International Stock | 4,404 | 4,619 | 6,324 | 4,404 | 2,887 | 4,404 | 4,404 | 2,836 | 4,562 | 4,613 |
Investment-Grade Corporate Multi-Sector Account Portfolio | 0 | 0 | 0 | 0 | | 0 | 0 | | 0 | 0 |
Japan | 611 | 641 | 878 | 611 | 392 | 611 | 611 | 385 | 633 | 640 |
Latin America | 1,688 | 1,771 | 2,424 | 1,688 | 1,119 | 1,688 | 1,688 | 1,100 | 1,748 | 1,768 |
Maryland Short-Term Tax-Free Bond | 648 | 680 | 930 | 648 | 419 | 648 | 648 | 412 | 671 | 679 |
Maryland Tax-Free Bond | 1,740 | 1,822 | 2,498 | 1,740 | 1,220 | 1,740 | 1,740 | 1,199 | 1,802 | 1,824 |
Maryland Tax-Free Money | 588 | 617 | 844 | 588 | 375 | 588 | 588 | 369 | 609 | 615 |
Media & Telecommunications | 1,840 | 1,926 | 2,642 | 1,840 | 1,309 | 1,840 | 1,840 | 1,286 | 1,906 | 1,929 |
Mid-Cap Growth | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Mid-Cap Value | 4,578 | 4,806 | 6,575 | 4,578 | 2,887 | 4,578 | 4,578 | 2,836 | 4,743 | 4,794 |
62
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Casey* | Deering | Dick | Gerrard | Horn | Rodgers | Rouse | Schreiber | Tercek | |
Mortgage-Backed Securities Multi-Sector Account Portfolio | 0 | 0 | 0 | 0 | | 0 | 0 | | 0 | 0 |
New America Growth | 2,512 | 2,628 | 3,608 | 2,512 | 1,834 | 2,512 | 2,512 | 1,801 | 2,603 | 2,635 |
New Asia | 3,043 | 3,184 | 4,370 | 3,043 | 2,183 | 3,043 | 3,043 | 2,144 | 3,152 | 3,191 |
New Era | 3,253 | 3,409 | 4,671 | 3,253 | 2,224 | 3,253 | 3,253 | 2,186 | 3,370 | 3,409 |
New Horizons | 4,569 | 4,796 | 6,651 | 4,569 | 2,887 | 4,569 | 4,569 | 2,836 | 4,733 | 4,784 |
New Income | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
New Jersey Tax-Free Bond | 679 | 713 | 976 | 679 | 446 | 679 | 679 | 438 | 704 | 712 |
New York Tax-Free Bond | 760 | 797 | 1,092 | 760 | 505 | 760 | 760 | 497 | 787 | 796 |
New York Tax-Free Money | 561 | 589 | 805 | 561 | 357 | 561 | 561 | 350 | 581 | 587 |
Overseas Stock | 3,203 | 3,348 | 4,600 | 3,203 | 2,340 | 3,203 | 3,203 | 2,297 | 3,319 | 3,362 |
Personal Strategy Balanced | 1,504 | 1,576 | 2,160 | 1,504 | 1,033 | 1,504 | 1,504 | 1,015 | 1,558 | 1,576 |
Personal Strategy Growth | 1,197 | 1,254 | 1,719 | 1,197 | 816 | 1,197 | 1,197 | 801 | 1,240 | 1,254 |
Personal Strategy Income | 1,136 | 1,191 | 1,632 | 1,136 | 778 | 1,136 | 1,136 | 764 | 1,177 | 1,191 |
Prime Reserve | 3,985 | 4,175 | 5,722 | 3,985 | 2,807 | 3,985 | 3,985 | 2,759 | 4,128 | 4,177 |
Real Assets | 1,758 | 1,833 | 2,525 | 1,758 | 1,459 | 1,758 | 1,758 | 1,433 | 1,822 | 1,848 |
Real Estate | 2,620 | 2,741 | 3,762 | 2,620 | 1,913 | 2,620 | 2,620 | 1,879 | 2,714 | 2,748 |
TRP Reserve Investment | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Retirement 2005 | 1,289 | 1,351 | 1,851 | 1,289 | 887 | 1,289 | 1,289 | 872 | 1,335 | 1,351 |
Retirement 2010 | 3,980 | 4,169 | 5,715 | 3,980 | 2,823 | 3,980 | 3,980 | 2,774 | 4,123 | 4,172 |
Retirement 2015 | 4,218 | 4,419 | 6,057 | 4,218 | 2,887 | 4,218 | 4,218 | 2,836 | 4,370 | 4,421 |
Retirement 2020 | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Retirement 2025 | 4,413 | 4,628 | 6,337 | 4,413 | 2,887 | 4,413 | 4,413 | 2,836 | 4,572 | 4,623 |
Retirement 2030 | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Retirement 2035 | 3,913 | 4,093 | 5,619 | 3,913 | 2,846 | 3,913 | 3,913 | 2,795 | 4,054 | 4,105 |
Retirement 2040 | 4,416 | 4,632 | 6,341 | 4,416 | 2,887 | 4,416 | 4,416 | 2,836 | 4,575 | 4,626 |
Retirement 2045 | 2,349 | 2,457 | 3,373 | 2,349 | 1,699 | 2,349 | 2,349 | 1,668 | 2,434 | 2,464 |
Retirement 2050 | 1,621 | 1,695 | 2,327 | 1,621 | 1,161 | 1,621 | 1,621 | 1,140 | 1,679 | 1,700 |
Retirement 2055 | 767 | 804 | 1,101 | 767 | 517 | 767 | 767 | 508 | 795 | 804 |
Retirement Income | 2,156 | 2,258 | 3,097 | 2,156 | 1,529 | 2,156 | 2,156 | 1,502 | 2,234 | 2,261 |
Science & Technology | 2,217 | 2,326 | 3,183 | 2,217 | 1,512 | 2,217 | 2,217 | 1,487 | 2,297 | 2,322 |
Short-Term Bond | 4,054 | 4,244 | 5,822 | 4,054 | 2,887 | 4,054 | 4,054 | 2,836 | 4,200 | 4,251 |
Short-Term Government Reserve(a) | 171 | | 246 | 171 | | 171 | 171 | | 177 | 177 |
Short-Term Reserve(a) | 2,222 | | 3,191 | 2,222 | | 2,222 | 2,222 | | 2,302 | 2,302 |
Small-Cap Stock | 4,288 | 4,494 | 6,157 | 4,288 | 2,887 | 4,288 | 4,288 | 2,836 | 4,442 | 4,493 |
Small-Cap Value | 4,343 | 4,554 | 6,237 | 4,343 | 2,887 | 4,343 | 4,343 | 2,836 | 4,500 | 4,551 |
Spectrum Growth | 2,459 | 2,577 | 3,532 | 2,459 | 1,721 | 2,459 | 2,459 | 1,692 | 2,548 | 2,578 |
Spectrum Income | 4,135 | 4,330 | 5,937 | 4,135 | 2,887 | 4,135 | 4,135 | 2,836 | 4,283 | 4,334 |
Spectrum International | 922 | 966 | 1,324 | 922 | 625 | 922 | 922 | 614 | 955 | 967 |
Strategic Income | 666 | 699 | 957 | 666 | 437 | 666 | 666 | 429 | 690 | 698 |
63
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Casey* | Deering | Dick | Gerrard | Horn | Rodgers | Rouse | Schreiber | Tercek | |
Summit Cash Reserves | 3,995 | 4,186 | 5,737 | 3,995 | 2,785 | 3,995 | 3,995 | 2,736 | 4,139 | 4,187 |
Summit GNMA | 643 | 675 | 924 | 643 | 420 | 643 | 643 | 412 | 666 | 674 |
Summit Municipal Income | 935 | 979 | 1,342 | 935 | 641 | 935 | 935 | 630 | 968 | 980 |
Summit Municipal Intermediate | 1,790 | 1,874 | 2,570 | 1,790 | 1,264 | 1,790 | 1,790 | 1,242 | 1,854 | 1,877 |
Summit Municipal Money Market | 631 | 663 | 907 | 631 | 407 | 631 | 631 | 400 | 654 | 661 |
Tax-Efficient Equity | 566 | 594 | 813 | 566 | 362 | 566 | 566 | 356 | 586 | 593 |
Tax-Exempt Money | 1,049 | 1,100 | 1,506 | 1,049 | 700 | 1,049 | 1,049 | 688 | 1,086 | 1,098 |
Tax-Free High Yield | 1,848 | 1,934 | 2,654 | 1,848 | 1,332 | 1,848 | 1,848 | 1,309 | 1,915 | 1,939 |
Tax-Free Income | 2,325 | 2,435 | 3,338 | 2,325 | 1,635 | 2,325 | 2,325 | 1,606 | 2,408 | 2,437 |
Tax-Free Short-Intermediate | 1,607 | 1,683 | 2,308 | 1,607 | 1,135 | 1,607 | 1,607 | 1,115 | 1,665 | 1,685 |
Tax-Free Ultra Short-Term Bond | 0 | 0 | 0 | 0 | | 0 | 0 | | 0 | 0 |
Total Equity Market Index | 885 | 928 | 1,271 | 885 | 596 | 885 | 885 | 585 | 917 | 927 |
U.S. Bond Enhanced Index | 1,122 | 1,179 | 1,612 | 1,122 | 739 | 1,122 | 1,122 | 727 | 1,163 | 1,175 |
U.S. Large-Cap Core | 535 | 562 | 769 | 535 | 340 | 535 | 535 | 334 | 555 | 561 |
U.S. Treasury Intermediate | 849 | 890 | 1,219 | 849 | 577 | 849 | 849 | 567 | 880 | 890 |
U.S. Treasury Long-Term | 815 | 853 | 1,170 | 815 | 554 | 815 | 815 | 544 | 844 | 854 |
U.S. Treasury Money | 1,659 | 1,739 | 2,383 | 1,659 | 1,143 | 1,659 | 1,659 | 1,123 | 1,719 | 1,739 |
Ultra Short-Term Bond | 45 | 45 | 64 | 45 | 46 | 45 | 45 | 45 | 46 | 48 |
Value | 4,584 | 4,812 | 6,582 | 4,584 | 2,887 | 4,584 | 4,584 | 2,836 | 4,749 | 4,800 |
Virginia Tax-Free Bond | 1,093 | 1,146 | 1,570 | 1,093 | 749 | 1,093 | 1,093 | 735 | 1,132 | 1,146 |
* Retired on December 31, 2012.
(a) Estimated for the period January 15, 2013, through December 31, 2013.
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, 2012, unless otherwise indicated.
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
Africa & Middle East | None | None | None | None | None | None | over $100,000 | None | None | |
Balanced | None | None | $50,001-$100,000 | None | None | None | over $100,000 | None | None | |
Blue Chip Growth | None | None | $10,001-$50,000 | None | None | None | None | over $100,000 | None | |
Blue Chip Growth FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Blue Chip Growth FundR Class | None | None | None | None | None | None | None | None | None | |
California Tax-Free Bond | None | None | None | None | None | None | None | None | None |
64
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
California Tax-Free Money | None | None | None | None | None | None | None | None | None | |
Capital Appreciation | None | None | over $100,000 | $10,001-$50,000 | None | None | over $100,000 | None | None | |
Capital Appreciation FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Capital Opportunity | None | None | None | None | None | None | None | None | None | |
Capital Opportunity FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Capital Opportunity FundR Class | None | None | None | None | None | None | None | None | None | |
Corporate Income | None | None | None | None | None | None | None | None | None | |
Diversified Mid-Cap Growth | None | None | None | None | None | None | over $100,000 | None | None | |
Diversified Small-Cap Growth | None | None | None | None | None | None | None | None | None | |
Dividend Growth | None | None | $50,001-$100,000 | None | None | None | None | None | None | |
Dividend Growth FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Emerging Europe | None | None | None | None | None | None | None | None | None | |
Emerging Markets Bond | None | None | None | None | None | None | over $100,000 | None | None | |
Emerging Markets Bond Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | |
Emerging Markets Corporate Bond | None | None | None | None | None | None | None | None | None | |
Emerging Markets Corporate BondAdvisor Class | None | None | None | None | None | None | None | None | None | |
Emerging Markets Local Currency Bond | None | None | None | None | None | None | None | None | None | |
Emerging Markets Local Currency Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | |
Emerging Markets Stock | None | over $100,000 | None | None | None | None | over $100,000 | None | None | |
Equity Income | $50,001-$100,000 | over $100,000 | over $100,000 | None | None | None | None | None | None | |
Equity Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Equity Income FundR Class | None | None | None | None | None | None | None | None | None | |
Equity Index 500 | None | None | None | None | None | None | None | None | None | |
European Stock | None | None | None | None | None | None | None | None | None | |
Extended Equity Market Index | None | None | None | None | None | None | $10,001-$50,000 | None | None | |
Financial Services | None | None | None | None | None | None | None | None | None | |
Floating Rate | None | None | None | None | None | None | None | None | None |
65
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
Floating Rate FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Floating Rate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | |
Georgia Tax-Free Bond | None | None | None | None | None | None | None | None | None | |
Global Infrastructure | None | None | None | None | None | None | over $100,000 | None | None | |
Global Infrastructure FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Global Large-Cap Stock | None | None | None | None | None | None | None | None | None | |
Global Large-Cap Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Global Real Estate | None | None | None | $10,001-$50,000 | None | None | None | None | None | |
Global Real Estate FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Global Stock | None | over $100,000 | over $100,000 | None | None | None | None | None | None | |
Global Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Global Technology | None | over $100,000 | None | $10,001-$50,000 | None | None | over $100,000 | None | None | |
GNMA | None | None | None | None | None | None | None | over $100,000 | None | |
TRP Government Reserve Investment | None | None | None | None | None | None | None | None | None | |
Growth & Income | None | None | $1-$10,000 | None | None | None | None | over $100,000 | None | |
Growth Stock | None | None | over $100,000 | None | None | None | over $100,000 | None | None | |
Growth Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Growth Stock FundR Class | None | None | None | None | None | None | None | None | None | |
Health Sciences | None | None | over $100,000 | None | None | None | over $100,000 | None | None | |
High Yield | None | None | over $100,000 | None | None | None | over $100,000 | over $100,000 | None | |
High Yield FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
High Yield Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | |
Inflation Focused Bond | None | None | None | None | None | None | None | None | None | |
Inflation Protected Bond | None | None | over $100,000 | None | None | None | None | None | None | |
Institutional Africa & Middle East | None | None | None | None | None | None | None | None | None |
66
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
Institutional Concentrated International Equity | None | None | None | None | None | None | None | None | None | |
Institutional Core Plus | None | None | None | None | None | None | None | None | None | |
Institutional Core Plus Fund-F Class | None | None | None | None | None | None | None | None | None | |
Institutional Emerging Markets Bond | None | None | None | None | None | None | None | None | None | |
Institutional Emerging Markets Equity | None | None | None | None | None | None | None | None | None | |
Institutional Floating Rate | None | over $100,000 | None | None | None | None | None | None | None | |
Institutional Floating Rate Fund-F Class | None | None | None | None | None | None | None | None | None | |
Institutional Global Equity | None | None | None | None | None | None | None | None | None | |
Institutional Global Large-Cap Equity | None | None | None | None | None | None | None | None | None | |
Institutional Global Value Equity | None | None | None | None | None | None | None | None | None | |
Institutional High Yield | None | None | None | None | None | None | None | None | None | |
Institutional International Bond | None | None | None | None | None | None | None | None | None | |
Institutional International Core Equity | None | None | None | None | None | None | None | None | None | |
Institutional International Growth Equity | None | None | None | None | None | None | None | None | None | |
Institutional Large-Cap Core Growth | None | None | None | None | None | None | None | None | None | |
Institutional Large-Cap Growth | None | None | None | None | None | None | None | None | None | |
Institutional Large-Cap Value | None | None | None | None | None | None | None | None | None | |
Institutional Mid-Cap Equity Growth | None | None | None | None | None | None | None | None | None | |
Institutional Small-Cap Stock | None | None | None | None | None | None | None | None | None | |
Institutional U.S. Structured Research | None | None | None | None | None | None | None | None | None | |
International Bond | None | None | None | None | None | None | None | None | None | |
International Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
International Discovery | None | None | None | None | None | None | None | None | None | |
International Equity Index | None | None | None | None | None | None | None | None | None | |
International Growth & Income | None | None | None | None | None | None | None | None | None |
67
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
International Growth & Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
International Growth & Income FundR Class | None | None | None | None | None | None | None | None | None | |
International Stock | None | None | None | None | None | None | None | None | None | |
International Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
International Stock FundR Class | None | None | None | None | None | None | None | None | None | |
Investment Grade Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | |
Japan | None | None | None | None | None | None | None | over $100,000 | None | |
Latin America | None | over $100,000 | None | None | None | None | over $100,000 | over $100,000 | None | |
Maryland Short-Term Tax-Free Bond | None | None | None | None | None | None | None | None | None | |
Maryland Tax-Free Bond | None | None | None | None | None | None | None | None | None | |
Maryland Tax-Free Money | None | None | None | None | None | None | None | None | None | |
Media & Telecommunications | None | None | None | None | None | None | None | None | None | |
Mid-Cap Growth | None | None | None | None | None | None | over $100,000 | None | None | |
Mid-Cap Growth FundAdvisor Class | None | None | None | $10,001-$50,000 | None | None | None | None | None | |
Mid-Cap Growth FundR Class | None | None | None | None | None | None | None | None | None | |
Mid-Cap Value | None | None | None | None | None | None | None | None | None | |
Mid-Cap Value FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Mid-Cap Value FundR Class | None | None | None | None | None | None | None | None | None | |
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | |
New America Growth | None | None | None | None | None | None | $1-$10,000 | None | None | |
New America Growth FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
New Asia | None | None | None | None | None | None | None | None | None | |
New Era | None | None | None | None | None | None | over $100,000 | None | None | |
New Horizons | $50,001-$100,000 | None | None | $10,001-$50,000 | None | None | None | None | None | |
New Income | None | None | None | None | None | None | None | over $100,000 | None |
68
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
New Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
New Income FundR Class | None | None | None | None | None | None | None | None | None | |
New Jersey Tax-Free Bond | None | None | None | None | None | None | None | None | None | |
New York Tax-Free Bond | None | None | None | None | None | None | None | None | None | |
New York Tax-Free Money | None | None | None | None | None | None | None | None | None | |
Overseas Stock | None | None | None | None | None | None | None | None | None | |
Personal Strategy Balanced | None | None | None | None | None | None | None | None | None | |
Personal Strategy Growth | None | None | None | None | None | None | None | None | None | |
Personal Strategy Income | None | None | None | None | None | None | None | None | None | |
Prime Reserve | None | None | None | $50,001-$100,000 | None | None | over $100,000 | $10,001-$50,000 | None | |
Real Assets | None | None | None | None | None | None | None | None | None | |
Real Estate | None | None | None | None | None | None | over $100,000 | None | None | |
Real Estate FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
TRP Reserve Investment | None | None | None | None | None | None | None | None | None | |
Retirement 2005 | None | None | None | None | None | None | None | None | None | |
Retirement 2005 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2005 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2010 | None | None | None | None | None | None | None | None | None | |
Retirement 2010 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2010 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2015 | None | None | None | None | over $100,000 | None | None | None | None | |
Retirement 2015 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2015 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2020 | over $100,000 | None | None | $50,001-$100,000 | over $100,000 | None | None | None | None | |
Retirement 2020 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2020 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2025 | None | None | None | None | None | None | None | None | None | |
Retirement 2025 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2025 FundR Class | None | None | None | None | None | None | None | None | None |
69
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
Retirement 2030 | None | None | None | None | None | None | None | None | None | |
Retirement 2030 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2030 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2035 | None | None | None | None | None | None | None | None | None | |
Retirement 2035 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2035 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2040 | None | None | None | None | None | None | None | None | None | |
Retirement 2040 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2040 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2045 | None | None | None | None | None | None | None | None | None | |
Retirement 2045 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2045 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2050 | None | None | None | None | None | None | None | None | None | |
Retirement 2050 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2050 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement 2055 | None | None | None | None | None | None | None | None | None | |
Retirement 2055 FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement 2055 FundR Class | None | None | None | None | None | None | None | None | None | |
Retirement Income | None | None | None | None | None | None | None | None | None | |
Retirement Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Retirement Income FundR Class | None | None | None | None | None | None | None | None | None | |
Science & Technology | None | None | $1-$10,000 | None | None | None | $50,001-$100,000 | None | None | |
Science & Technology FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Short-Term Bond | None | None | over $100,000 | None | None | None | None | over $100,000 | None | |
Short-Term Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Short-Term Government Reserve | None | None | None | None | None | None | None | None | None | |
Short-Term Reserve | None | None | None | None | None | None | None | None | None | |
Small-Cap Stock | None | None | None | $10,001-$50,000 | None | None | over $100,000 | None | None | |
Small-Cap Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Small-Cap Value | None | None | None | None | None | None | $10,001-$50,000 | None | None |
70
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
Small-Cap Value FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Spectrum Growth | None | None | None | None | None | None | $10,001-$50,000 | None | None | |
Spectrum Income | None | None | None | $10,001-$50,000 | None | None | None | None | None | |
Spectrum International | None | None | None | None | None | None | None | None | None | |
Strategic Income | None | None | None | None | None | None | None | None | None | |
Strategic Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Summit Cash Reserves | None | None | over $100,000 | None | $10,001-$50,000 | None | None | $1-$10,000 | None | |
Summit GNMA | None | None | None | None | None | None | None | None | None | |
Summit Municipal Income | None | None | None | None | None | None | None | over $100,000 | None | |
Summit Municipal IncomeAdvisor Class | None | None | None | None | None | None | None | None | None | |
Summit Municipal Intermediate | None | None | None | None | None | None | None | over $100,000 | None | |
Summit Municipal Intermediate Advisor Class | None | None | None | None | None | None | None | None | None | |
Summit Municipal Money Market | None | None | None | None | None | None | None | $50,001-$100,000 | None | |
Tax-Efficient Equity | None | None | None | None | None | None | None | None | None | |
Tax-Exempt Money | None | None | None | None | None | None | None | None | None | |
Tax-Free High Yield | None | None | None | None | None | None | None | over $100,000 | None | |
Tax-Free High YieldAdvisor Class | None | None | None | None | None | None | None | None | None | |
Tax-Free Income | None | None | None | None | None | None | None | None | None | |
Tax-Free Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Tax-Free Short-Intermediate | None | None | None | None | None | None | None | None | None | |
Tax-Free Short-Intermediate Advisor Class | None | None | None | None | None | None | None | None | None | |
Tax-Free Ultra Short-Term Bond | None | None | None | None | None | None | None | None | None | |
Total Equity Market Index | None | None | None | None | None | None | None | None | None | |
U.S. Bond Enhanced Index | None | None | None | None | None | None | None | None | None | |
U.S. Large-Cap Core | None | None | None | None | None | None | None | None | None | |
U.S. Large-Cap Core FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
U.S. Treasury Intermediate | None | None | $1-$10,000 | None | None | None | None | over $100,000 | None |
71
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Gerrard | Horn | Rouse | Rodgers | Schreiber | Tercek | ||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | None | over $100,000 | over $100,000 | None | ||
U.S. Treasury Long-Term | None | None | None | None | None | None | None | over $100,000 | None | |
U.S. Treasury Money | None | None | None | None | None | None | None | $1-$10,000 | None | |
Ultra Short-Term Bond | None | None | None | None | None | None | None | None | None | |
Value | None | None | None | None | None | None | $10,001-$50,000 | over $100,000 | None | |
Value FundAdvisor Class | None | None | None | None | None | None | None | None | None | |
Virginia Tax-Free Bond | None | None | None | None | None | None | None | None | None |
Aggregate Holdings, | Inside Directors | ||||||||
Bernard | Gitlin | Laporte | Rogers | ||||||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||||||
Africa & Middle East | None | $10,001-$50,000 | None | None | |||||
Balanced | None | None | None | None | |||||
Blue Chip Growth | None | None | None | None | |||||
Blue Chip Growth FundAdvisor Class | None | None | None | None | |||||
Blue Chip Growth FundR Class | None | None | None | None | |||||
California Tax-Free Bond | None | None | None | None | |||||
California Tax-Free Money | None | None | None | None | |||||
Capital Appreciation | None | None | None | None | |||||
Capital Appreciation FundAdvisor Class | None | None | None | None | |||||
Capital Opportunity | None | None | None | None | |||||
Capital Opportunity FundAdvisor Class | None | None | None | None | |||||
Capital Opportunity FundR Class | None | None | None | None | |||||
Corporate Income | None | None | None | None | |||||
Diversified Mid-Cap Growth | None | None | None | None | |||||
Diversified Small-Cap Growth | None | None | None | None | |||||
Dividend Growth | None | $50,001-$100,000 | None | None | |||||
Dividend Growth FundAdvisor Class | None | None | None | None | |||||
Emerging Europe | None | None | None | None | |||||
Emerging Markets Bond | None | None | None | None | |||||
Emerging Markets Bond Multi-Sector Account Portfolio | None | None | None | None | |||||
Emerging Markets Corporate Bond | None | None | None | None | |||||
Emerging Markets Corporate BondAdvisor Class | None | None | None | None | |||||
Emerging Markets Local Currency Bond | None | Over $100,000 | None | None | |||||
Emerging Markets Local Currency Bond FundAdvisor Class | None | None | None | None |
72
Aggregate Holdings, | Inside Directors | ||||||||
Bernard | Gitlin | Laporte | Rogers | ||||||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||||||
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | None | |||||
Emerging Markets Stock | over $100,000 | None | over $100,000 | None | |||||
Equity Income | $50,001-$100,000 | None | None | over $100,000 | |||||
Equity Income FundAdvisor Class | None | None | None | None | |||||
Equity Income FundR Class | None | None | None | None | |||||
Equity Index 500 | None | None | None | None | |||||
European Stock | None | None | $50,001-$100,000 | None | |||||
Extended Equity Market Index | None | None | None | None | |||||
Financial Services | None | $10,001-$50,000 | None | None | |||||
Floating Rate | None | over $100,000 | None | None | |||||
Floating Rate FundAdvisor Class | None | None | None | None | |||||
Floating Rate Multi-Sector Account Portfolio | None | None | None | None | |||||
Georgia Tax-Free Bond | None | None | None | None | |||||
Global Infrastructure | None | None | None | None | |||||
Global Infrastructure Fund-Advisor Class | None | None | None | None | |||||
Global Large-Cap Stock | None | None | None | None | |||||
Global Large-Cap Stock FundAdvisor Class | None | None | None | None | |||||
Global Real Estate | None | None | None | None | |||||
Global Real Estate FundAdvisor Class | None | None | None | None | |||||
Global Stock | over $100,000 | None | over $100,000 | over $100,000 | |||||
Global Stock FundAdvisor Class | None | None | None | None | |||||
Global Technology | None | None | None | None | |||||
GNMA | None | None | None | None | |||||
TRP Government Reserve Investment | None | None | None | None | |||||
Growth & Income | None | None | None | None | |||||
Growth Stock | over $100,000 | None | over $100,000 | None | |||||
Growth Stock FundAdvisor Class | None | None | None | None | |||||
Growth Stock FundR Class | None | None | None | None | |||||
Health Sciences | None | None | None | None | |||||
High Yield | $10,001-$50,000 | over $100,000 | None | None | |||||
High Yield FundAdvisor Class | None | None | None | None | |||||
High Yield Multi-Sector Account Portfolio | None | None | None | None | |||||
Inflation Focused Bond | None | None | None | None | |||||
Inflation Protected Bond | None | None | None | None | |||||
Institutional Africa & Middle East | None | None | None | None | |||||
Institutional Concentrated International Equity | None | None | None | None | |||||
Institutional Core Plus | None | None | None | None | |||||
Institutional Core Plus Fund-F Class | None | None | None | None | |||||
Institutional Emerging Markets Bond | None | None | None | None | |||||
Institutional Emerging Markets Equity | None | None | None | None | |||||
Institutional Floating Rate | None | None | None | None | |||||
Institutional Floating Rate Fund-F Class | None | None | None | None |
73
Aggregate Holdings, | Inside Directors | ||||||||
Bernard | Gitlin | Laporte | Rogers | ||||||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||||||
Institutional Global Equity | None | None | None | None | |||||
Institutional Global Large-Cap Equity | 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 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 | None | None | |||||
Institutional Large-Cap Value | None | None | None | None | |||||
Institutional Mid-Cap Equity Growth | None | None | None | None | |||||
Institutional Small-Cap Stock | None | None | None | None | |||||
Institutional U.S. Structured Research | None | None | None | None | |||||
International Bond | None | None | None | None | |||||
International Bond FundAdvisor Class | None | None | None | None | |||||
International Discovery | $10,001-$50,000 | None | over $100,000 | None | |||||
International Equity Index | None | None | None | None | |||||
International Growth & Income | None | None | None | None | |||||
International Growth & Income FundAdvisor Class | None | None | None | None | |||||
International Growth & Income FundR Class | None | None | None | None | |||||
International Stock | $50,0001-$100,000 | over $100,000 | over $100,000 | None | |||||
International Stock FundAdvisor Class | None | None | None | None | |||||
International Stock FundR Class | None | None | None | None | |||||
Investment Grade Multi-Sector Account Portfolio | None | None | None | None | |||||
Japan | None | None | None | over $100,000 | |||||
Latin America | None | None | None | None | |||||
Maryland Short-Term Tax-Free Bond | None | None | None | None | |||||
Maryland Tax-Free Bond | None | None | over $100,000 | None | |||||
Maryland Tax-Free Money | None | None | None | None | |||||
Media & Telecommunications | None | None | over $100,000 | over $100,000 | |||||
Mid-Cap Growth | over $100,000 | None | over $100,000 | None | |||||
Mid-Cap Growth FundAdvisor Class | None | None | None | None | |||||
Mid-Cap Growth FundR Class | None | None | None | None | |||||
Mid-Cap Value | None | None | None | None | |||||
Mid-Cap Value FundAdvisor 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 | over $100,000 | over $100,000 | |||||
New America Growth FundAdvisor Class | None | None | None | None | |||||
New Asia | over $100,000 | None | over $100,000 | None |
74
Aggregate Holdings, | Inside Directors | ||||||||
Bernard | Gitlin | Laporte | Rogers | ||||||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||||||
New Era | None | None | None | None | |||||
New Horizons | $10,001-$50,000 | None | over $100,000 | None | |||||
New Income | None | None | $50,001-$100,000 | $50,001-$100,000 | |||||
New Income FundAdvisor 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 | |||||
Personal Strategy Balanced | None | None | None | None | |||||
Personal Strategy Growth | None | None | None | None | |||||
Personal Strategy Income | None | None | None | None | |||||
Prime Reserve | over $100,000 | None | $50,001-$100,000 | $50,001-$100,000 | |||||
Real Assets | None | None | None | None | |||||
Real Estate | None | None | over $100,000 | None | |||||
Real Estate FundAdvisor Class | None | None | None | None | |||||
TRP Reserve Investment | 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 | over $100,000 | 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 | over $100,000 | None | None | |||||
Retirement 2030 FundAdvisor Class | None | None | None | None | |||||
Retirement 2030 FundR Class | None | None | None | None | |||||
Retirement 2035 | None | $50,001-$100,000 | 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 |
75
Aggregate Holdings, | Inside Directors | ||||||||
Bernard | Gitlin | Laporte | Rogers | ||||||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||||||
Retirement 2050 FundAdvisor Class | None | None | None | None | |||||
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 Income | None | None | None | None | |||||
Retirement Income FundAdvisor Class | None | None | None | None | |||||
Retirement Income FundR Class | None | None | None | None | |||||
Science & Technology | over $100,000 | None | over $100,000 | $50,001-$100,000 | |||||
Science & Technology FundAdvisor Class | None | None | None | None | |||||
Short-Term Bond | None | over $100,000 | None | None | |||||
Short-Term Bond FundAdvisor Class | None | None | None | None | |||||
Short-Term Government Reserve | None | None | None | None | |||||
Short-Term Reserve | None | None | None | None | |||||
Small-Cap Stock | $10,001-$50,000 | None | None | None | |||||
Small-Cap Stock FundAdvisor Class | None | None | None | None | |||||
Small-Cap Value | over $100,000 | None | None | None | |||||
Small-Cap Value FundAdvisor Class | None | None | None | None | |||||
Spectrum Growth | over $100,000 | None | over $100,000 | None | |||||
Spectrum Income | $10,001-$50,000 | None | over $100,000 | over $100,000 | |||||
Spectrum International | $10,001-$50,000 | None | over $100,000 | None | |||||
Strategic Income | None | None | None | None | |||||
Strategic Income FundAdvisor Class | None | None | None | None | |||||
Summit Cash Reserves | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |||||
Summit GNMA | None | None | None | None | |||||
Summit Municipal Income | None | None | None | None | |||||
Summit Municipal IncomeAdvisor Class | None | None | None | None | |||||
Summit Municipal Intermediate | None | None | None | None | |||||
Summit Municipal Intermediate Advisor Class | None | None | None | None | |||||
Summit Municipal Money Market | over $100,000 | over $100,000 | None | None | |||||
Tax-Efficient Equity | None | None | None | None | |||||
Tax-Exempt Money | None | None | None | None | |||||
Tax-Free High Yield | None | None | None | None | |||||
Tax-Free High YieldAdvisor 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-IntermediateAdvisor Class | None | None | None | None | |||||
Tax-Free Ultra Short-Term Bond | None | None | None | None | |||||
Total Equity Market Index | None | None | over $100,000 | None | |||||
U.S. Bond Enhanced Index | None | None | over $100,000 | None | |||||
U.S. Large-Cap Core | None | None | None | None |
76
Aggregate Holdings, | Inside Directors | ||||||||
Bernard | Gitlin | Laporte | Rogers | ||||||
over $100,000 | over $100,000 | over $100,000 | over $100,000 | ||||||
U.S. Large-Cap CoreAdvisor 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 | None | over $100,000 | None | None | |||||
Ultra Short-Term Bond | None | None | None | None | |||||
Value | None | over $100,000 | over $100,000 | over $100,000 | |||||
Value FundAdvisor Class | None | None | None | None | |||||
Virginia Tax-Free Bond | None | None | None | None |
Portfolio Managers Holdings in the Price Funds
The following tables set forth the Price Fund holdings of each funds portfolio manager(s). The portfolio manager for each fund normally 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.
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Africa & Middle East | Oliver D.M. Bell | None | None |
Balanced | Charles M. Shriver | $100,001$500,000 | $500,001$1,000,000 |
Blue Chip Growth | Larry J. Puglia | $500,001$1,000,000 | over $1,000,000 |
Capital Appreciation | David R. Giroux | $10,001$50,000 | $500,001$1,000,000 |
Capital Opportunity | Anna M. Dopkin | over $1,000,000 | over $1,000,000 |
Corporate Income | David A. Tiberii | $50,001$100,000 | over $1,000,000 |
Diversified Mid-Cap Growth | Donald J. Easley Donald J. Peters | $500,001$1,000,000 over $1,000,000 | over $1,000,000 over $1,000,000 |
Diversified Small-Cap Growth | Sudhir Nanda | $100,001$500,000 | $100,001$500,000 |
Dividend Growth | Thomas J. Huber | $100,001$500,000 | over $1,000,000 |
Emerging Europe | Leigh Innes | None | $50,001$100,000 |
Emerging Markets Bond | Michael J. Conelius | $100,001$500,000 | over $1,000,000 |
Emerging Markets Corporate Bond | Michael J. Conelius | $100,001$500,000 | over $1,000,000 |
Emerging Markets Local Currency Bond | Andrew Keirle | None | None |
Emerging Markets Stock | Gonzalo Pangaro | over $1,000,000 | over $1,000,000 |
Equity Income | Brian C. Rogers | over $1,000,000 | over $1,000,000 |
Equity Index 500 | E. Frederick Bair | $10,001$50,000 | $100,001$500,000 |
European Stock | Dean Tenerelli | None | None |
Extended Equity Market Index | E. Frederick Bair Ken D. Uematsu | $10,001$50,000 $1$10,000 | $100,001$500,000 $100,001$500,000 |
Financial Services | Eric L. Veiel | $100,001$500,000 | $100,001$500,000 |
Floating Rate | Paul M. Massaro | $10,001$50,000 | $500,001$1,000,000 |
Global Infrastructure | Susanta Mazumdar | None | None |
Global Large-Cap Stock | R. Scott Berg | $500,001$1,000,000 | over $1,000,000 |
Global Real Estate | David M. Lee | $100,001$500,000 | over $1,000,000 |
Global Stock | David J. Eiswert | $500,001$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 | over $1,000,000 |
Growth & Income | Thomas J. Huber | $100,001$500,000 | over $1,000,000 |
Growth Stock | P. Robert Bartolo | over $1,000,000 | over $1,000,000 |
77
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Health Sciences | Taymour R. Tamaddon | None | $50,001$100,000 |
High Yield | Mark J. Vaselkiv | None | $500,001$1,000,000 |
Inflation Protected Bond | Daniel O. Shackelford | $10,001$50,000 | over $1,000,000 |
International Bond | Ian D. Kelson Christopher J. Rothery | $500,001$1,000,000 $10,001$50,000 | over $1,000,000 $50,001$100,000 |
International Discovery | Justin Thomson | $100,001$500,000 | over $1,000,000 |
International Equity Index | E. Frederick Bair Neil Smith | $10,001$50,000 None | $100,001$500,000 None |
International Growth & Income | Jonathan H.W. Matthews | None | None |
International Stock | Robert W. Smith | over $1,000,000 | over $1,000,000 |
Japan | M. Campbell Gunn | None | None |
Latin America | Jose Costa Buck | $50,001$100,000 | $100,001$500,000 |
Maryland Short-Term Tax-Free Bond | Charles B. Hill | $10,001$50,000 | over $1,000,000 |
Maryland Tax-Free Bond | Hugh D. McGuirk | $500,001$1,000,000 | over $1,000,000 |
Maryland Tax-Free Money | Joseph K. Lynagh | $1$10,000 | over $1,000,000 |
Media & Telecommunications | Daniel Martino | over $1,000,000 | over $1,000,000 |
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 | Joseph M. Milano | over $1,000,000 | over $1,000,000 |
New Asia | Anh Lu | None | None |
New Era | Timothy E. Parker | $100,001$500,000 | over $1,000,000 |
New Horizons | Henry M. Ellenbogen | $10,001$50,000 | over $1,000,000 |
New Income | Daniel O. Shackelford | $100,001$500,000 | over $1,000,000 |
Overseas Stock | Raymond A. Mills | $500,001$1,000,000 | over $1,000,000 |
Personal Strategy Balanced | Charles M. Shriver | $1-$10,000 | $500,001$1,000,000 |
Personal Strategy Growth | Charles M. Shriver | $100,001$500,000 | $500,001$1,000,000 |
Personal Strategy Income | Charles M. Shriver | None | $500,001$1,000,000 |
Prime Reserve | Joseph K. Lynagh | $10,001$50,000 | over $1,000,000 |
Real Assets | Wyatt A. Lee | $1-$10,000 | over $1,000,000 |
Real Estate | David M. Lee | $100,001$500,000 | over $1,000,000 |
Science & Technology | Kennard W. Allen | over $1,000,000 | over $1,000,000 |
Short-Term Bond | Edward A. Wiese | $500,001$1,000,000 | over $1,000,000 |
Small-Cap Stock | Gregory A. McCrickard | $500,001$1,000,000 | over $1,000,000 |
Small-Cap Value | Preston G. Athey (b) | over $1,000,000 | over $1,000,000 |
Spectrum Growth | Charles M. Shriver | $100,001-$500,000 | $500,001$1,000,000 |
Spectrum Income | Charles M. Shriver | $100,001-$500,000 | $500,001$1,000,000 |
Spectrum International | Christopher D. Alderson | None | over $1,000,000 |
Strategic Income | Steven C. Huber | $100,001$500,000 | $100,001$500,000 |
Summit Cash Reserves | Joseph K. Lynagh | $10,001$50,000 | over $1,000,000 |
Summit GNMA | Andrew C. McCormick | $100,001$500,000 | over $1,000,000 |
Summit Municipal Income | Konstantine B. Mallas | $100,001$500,000 | over $1,000,000 |
Summit Municipal Intermediate | Charles B. Hill | $500,001$1,000,000 | over $1,000,000 |
Summit Municipal Money Market | Joseph K. Lynagh | None | over $1,000,000 |
Tax- Efficient Equity | Donald J. Peters | over $1,000,000 | over $1,000,000 |
Tax- Exempt Money | Joseph K. Lynagh | None | over $1,000,000 |
Tax- Free High Yield | James M. Murphy | $100,001$500,000 | over $1,000,000 |
Tax- Free Income | Konstantine B. Mallas | $100,001$500,000 | over $1,000,000 |
Tax- Free Short-Intermediate | Charles B. Hill | $10,001$50,000 | over $1,000,000 |
Tax- Free Ultra Short-Term Bond | Joseph K. Lynagh | (c) | over $1,000,000 |
78
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Total Equity Market Index | E. Frederick Bair Ken D. Uematsu | $10,001$50,000 $1-$10,000 | $100,001$500,000 $100,001$500,000 |
U.S. Bond Enhanced Index | Robert M. Larkins | $1-$10,000 | $100,001$500,000 |
U.S. Large-Cap Core | Jeffrey Rottinghaus | over $1,000,000 | over $1,000,000 |
U.S. Treasury Intermediate | Brian J. Brennan | $10,001$50,000 | over $1,000,000 |
U.S. Treasury Long-Term | Brian J. Brennan | $10,001$50,000 | over $1,000,000 |
U.S. Treasury Money | Joseph K. Lynagh | $1$10,000 | over $1,000,000 |
Ultra Short-Term Bond | Joseph K. Lynagh | (c) | over $1,000,000 |
Value | Mark S. Finn | $1-$10,000 | $500,001$1,000,000 |
(a) See table beginning on page 7 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 7.
(b) On June 30, 2014, J. David Wagner will replace Preston G. Athey as the funds portfolio manager.
(c) The fund incepted on December 3, 2012, therefore the range of fund holdings is not yet available.
The following funds may be purchased only by institutional investors.
Fund | Portfolio Manager | Range of Fund Holdings as of Funds Fiscal Yeara | All Funds |
Institutional Africa & Middle East | Oliver D.M. Bell | None | None |
Institutional Concentrated International Equity | Federico Santilli | None | None |
Institutional Core Plus | Brian J. Brennan | None | over $1,000,000 |
Institutional Emerging Markets Bond | Michael J. Conelius | None | over $1,000,000 |
Institutional Emerging Markets Equity | Gonzalo Pangaro | None | over $1,000,000 |
Institutional Floating Rate | Paul M. Massaro | $10,001$50,000 | $500,001$1,000,000 |
Institutional Global Equity | David J. Eiswert | None | over $1,000,000 |
Institutional Global Large-Cap Equity | R. Scott Berg | None | over $1,000,000 |
Institutional Global Value Equity | Sebastien Mallet | None | None |
Institutional High Yield | Paul A. Karpers | None | over $1,000,000 |
Institutional International Bond | Ian D. Kelson Christopher J. Rothery | None None | over $1,000,000 $50,001$100,000 |
Institutional International Core Equity | Raymond A. Mills | None | over $1,000,000 |
Institutional International Growth Equity | Robert W. Smith | None | over $1,000,000 |
Institutional Large Cap Core Growth | Larry J. Puglia | None | over $1,000,000 |
Institutional Large-Cap Growth | Robert W. Sharps | None | over $1,000,000 |
Institutional Large-Cap Value | Mark S. Finn John D. Linehan Brian C. Rogers | None $100,001$500,000 None | $500,001$1,000,000 over $1,000,000 over $1,000,000 |
Institutional Mid-Cap Equity Growth | Brian W.H. Berghuis | None | over $1,000,000 |
Institutional Small-Cap Stock | Gregory A. McCrickard | None | over $1,000,000 |
Institutional U.S. Structured Research | Anna M. Dopkin | None | over $1,000,000 |
(a) See table beginning on page 7 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 7.
79
The following funds are designed for persons residing in the indicated state. The portfolio managers reside in Maryland.
Fund | Portfolio Manager | Range
of Fund Holdings | All Funds |
California Tax-Free Bond | Konstantine B. Mallas | None | over $1,000,000 |
California Tax-Free Money | Joseph K. Lynagh | None | over $1,000,000 |
Georgia Tax-Free Bond | Hugh D. McGuirk | None | over $1,000,000 |
New Jersey Tax-Free Bond | Konstantine B. Mallas | None | over $1,000,000 |
New York Tax-Free Bond | Konstantine B. Mallas | None | over $1,000,000 |
New York Tax-Free Money | Joseph K. Lynagh | None | over $1,000,000 |
Virginia Tax-Free Bond | Hugh D. McGuirk | None | over $1,000,000 |
(a) See table beginning on page 7 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 7.
The following funds are designed such that a single individual would normally select one fund based on that persons expected retirement date.
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Retirement 2005 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2010 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2015 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2020 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2025 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2030 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2035 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2040 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2045 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2050 | Jerome A. Clark | None | $100,001$500,000 |
Retirement 2055 | Jerome A. Clark | None | $100,001$500,000 |
Retirement Income | Jerome A. Clark | None | $100,001$500,000 |
(a) See table beginning on page 7 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 7.
The following funds are not available for direct purchase by members of the public.
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Emerging Markets Bond Multi-Sector Account Portfolio | Michael J. Conelius | None | over $1,000,000 |
Emerging Markets Local Multi-Sector Account Portfolio | Andrew Keirle | None | None |
Floating Rate Multi-Sector Account Portfolio | Paul M. Massaro | None | $500,001$1,000,000 |
TRP Government Reserve Investment | Joseph K. Lynagh | None | over $1,000,000 |
High Yield Multi-Sector Account Portfolio | Mark J. Vaselkiv | None | $500,001$1,000,000 |
Inflation Focused Bond | Daniel O. Shackelford | None | over $1,000,000 |
Investment-Grade Corporate Multi-Sector Account Portfolio | David A. Tiberii | None | over $1,000,000 |
80
Fund | Portfolio Manager | Range
of Fund Holdings | All Funds |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Andrew C. McCormick | None | over $1,000,000 |
TRP Reserve Investment | Joseph K. Lynagh | None | over $1,000,000 |
Short-Term Government Reserve Fund | Joseph K. Lynagh | None | over $1,000,000 |
Short-Term Reserve Fund | Joseph K. Lynagh | None | over $1,000,000 |
(a) See table beginning on page 7 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 7.
Portfolio Manager Compensation
Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of a stock option grant or restricted stock grant. Compensation is variable and is determined based on the following factors.
Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and Price Hong Kong, Price Singapore, and T. Rowe Price International, as appropriate), evaluate performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are determined with reference to the broad-based index (e.g., S&P 500) and the Lipper index (e.g., Large-Cap Growth) set forth in the total returns table in the 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 are the same as those 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 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. Sharing ideas with other portfolio managers, working effectively with and mentoring younger analysts, and being good corporate citizens 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 as for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, receive supplemental medical/hospital reimbursement benefits.
This compensation structure is used for all portfolios managed by the portfolio manager.
Assets Under Management
The following table sets forth the number and total assets of the mutual funds and accounts managed by the Price Funds portfolio managers as of the most recent fiscal year end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all managers of those funds. There are no accounts for which the advisory fee is based on the performance of the account.
81
Registered Investment | Other Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Kennard Allen | 3 | $2,945,645,557 | | | | |
Christopher D. Alderson | 1 | 822,222,125 | 1 | $26,392,026 | | |
Preston G. Athey | 8 | 9,874,119,816 | 2 | 98,907,042 | 9 | $497,326,614 |
E. Frederick Bair | 6 | 17,325,287,796 | 2 | 3,099,606,427 | 1 | 982,580,736 |
P. Robert Bartolo | 11 | 37,856,702,524 | 1 | 956,013,031 | 8 | 1,216,637,138 |
Oliver D.M. Bell | 2 | 293,132,041 | 1 | 25,485,019 | | |
R. Scott Berg | 2 | 173,681,770 | 9 | 1,448,348,101 | 6 | 1,457,966,190 |
Brian W.H. Berghuis | 8 | 26,975,861,756 | 2 | 236,697,344 | 7 | 993,150,648 |
Brian J. Brennan | 5 | 1,303,180,399 | 4 | 2,283,100,437 | 8 | 2,323,114,824 |
Jerome A. Clark | 52 | 72,801,917,614 | 27 | 5,062,882,258 | 5 | 2,633,575,552 |
Michael J. Conelius | 11 | 4,977,776,457 | 7 | 7,916,632,754 | 1 | 213,134,205 |
Jose Costa Buck | 1 | 1,764,058,316 | 2 | 260,812,649 | 1 | 235,118,369 |
Anna M. Dopkin | 8 | 7,448,913,228 | 5 | 8,751,202,324 | 50 | 13,362,434,424 |
Donald J. Easley | | | | | 2 | 39,666,111 |
David J. Eiswert | 9 | 1,957,670,724 | 10 | 1,834,300,660 | 10 | 4,107,368,479 |
Henry M. Ellenbogen | 1 | 9,747,598,924 | 3 | 1,094,755,239 | 8 | 1,130,654,655 |
Mark S. Finn | 8 | 20,692,435,163 | 4 | 1,281,268,194 | 28 | 3,708,531,827 |
David R. Giroux | 5 | 22,436,565,986 | 1 | 157,535,571 | | |
M. Campbell Gunn | 1 | 159,459,080 | 3 | 214,834,304 | 1 | 26,849,748 |
Charles B. Hill | 3 | 4,390,411,135 | 2 | 330,787,539 | 5 | 1,826,044,156 |
Steven C. Huber | 1 | 253,479,910 | | | | |
Thomas J. Huber | 3 | 4,750,764,566 | 1 | 210,924,124 | | |
Leigh Innes | 1 | 421,348,635 | | | | |
Paul A. Karpers | 1 | 2,576,491,972 | | | 2 | 811,350,754 |
Andrew Keirle | 3 | 91,094,770 | 1 | 14,688,214 | | |
Ian D. Kelson | 6 | 5,173,309,003 | 11 | 372,861,759 | | |
Robert M. Larkins | 1 | 866,846,536 | 2 | 1,586,310,715 | 1 | 103,455,070 |
David M. Lee | 3 | 3,844,996,869 | 1 | 44,688,264 | 2 | 162,989,625 |
Wyatt A. Lee | 1 | 1,166,840,183 | | | 2 | 109,267,072 |
John D. Linehan | 1 | 1,048,226,550 | | | | |
Anh Lu | 1 | 4,528,601,534 | 3 | 970,184,105 | 2 | 586,527,703 |
Joseph K. Lynagh | 11 | 33,285,158,622 | 1 | 500,789,289 | 6 | 291,178,260 |
Konstantine B. Mallas | 5 | 5,013,987,299 | | | 4 | 89,589,149 |
Sebastien Mallet | 1 | 7,546,197 | | | | |
Daniel Martino | 2 | 2,456,734,596 | | | | |
Paul M. Massaro | 3 | 1,967,048,530 | | | | |
Jonathan H.W. Matthews | 1 | 5,785,723,316 | | | | |
Susanta Mazumdar | 1 | 42,375,875 | | | | |
Andrew C. McCormick | 5 | 2,373,843,012 | | | 3 | 16,632,098 |
Gregory A. McCrickard | 4 | 8,543,531,588 | 3 | 911,704,005 | 4 | 373,430,177 |
Hugh D. McGuirk | 3 | 3,112,464,146 | | | 9 | 345,613,416 |
Joseph M. Milano | 2 | 3,789,273,524 | | | | |
Raymond A. Mills | 3 | 6,381,582,555 | 2 | 564,364,888 | 3 | 933,351,687 |
James M. Murphy | 1 | 2,032,346,131 | | | | |
Sudhir Nanda | 3 | 1,313,533,691 | | | | |
82
Registered Investment | Other Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Gonzalo Pangaro | 3 | 7,876,379,117 | 4 | 3,764,840,566 | 6 | 2,945,195,480 |
Timothy E. Parker | 3 | 5,920,906,669 | 2 | 202,067,714 | 7 | 506,693,410 |
Donald J. Peters | 5 | 1,341,500,050 | | | 16 | 1,388,060,544 |
Larry J. Puglia | 9 | 22,866,155,119 | 2 | 130,212,855 | 19 | 4,875,168,650 |
Brian C. Rogers | 12 | 36,301,846,590 | 2 | 1,394,928,954 | 10 | 1,716,612,512 |
Christopher J. Rothery | 3 | 213,152,828 | 1 | (8,524,821) | 2 | 7,014,065 |
Jeffrey Rottinghaus | 1 | 47,464,336 | 2 | 209,437,559 | | |
Federico Santilli | 1 | 7,913,564 | | | | |
Daniel O. Shackelford | 7 | 23,797,380,189 | 4 | 2,693,055,126 | 16 | 3,090,011,382 |
Robert W. Sharps | 7 | 10,180,469,874 | 5 | 3,638,716,931 | 46 | 15,125,634,370 |
Charles M. Shriver | 18 | 20,298,830,906 | 5 | 1,677,484,272 | 10 | 516,451,402 |
Neil Smith | 1 | 375,880,706 | | | | |
Robert W. Smith | 4 | 9,870,204,723 | 2 | 581,218,272 | 2 | 233,421,210 |
Joshua K. Spencer | 2 | 808,189,711 | 1 | 270,273,258 | 1 | 59,114,366 |
Taymour R. Tamaddon | 6 | 6,379,566,677 | | | 1 | 109,794,611 |
Dean Tenerelli | 1 | 702,955,134 | 1 | 16,083,634 | | |
Justin Thomson | 1 | 2,776,321,085 | 1 | 14,734,756 | 2 | 68,673,132 |
David A. Tiberii | 4 | 738,639,559 | 3 | 1,092,841,543 | 6 | 2,202,050,109 |
Ken D. Uematsu | 4 | 16,673,366,718 | 4 | 3,099,606,427 | 2 | 1,036,792,237 |
Mark J. Vaselkiv | 7 | 10,162,081,720 | 7 | 2,941,278,274 | 18 | 5,010,141,535 |
Eric L. Veiel | 1 | 386,301,065 | | | | |
David J. Wallack | 3 | 10,691,111,245 | 1 | 65,101,021 | 2 | 162,502,411 |
Hiroshi Watanabe | | | | | | |
Edward A. Wiese | 7 | 11,385,128,229 | 1 | 321,115,717 | 9 | 2,780,703,504 |
Ernest C. Yeung | | | | | | |
Conflicts of Interest
Portfolio managers at T. Rowe Price and its affiliates typically manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, foundations), offshore funds and commingled trust accounts. 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, our portfolio managers compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager. Please see the Portfolio Transactions section of this SAI for more information on our brokerage and trade allocation policies.
T. Rowe Price funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on mutual funds, including the Price Funds. T. Rowe Price manages the Morningstar retirement plan and T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. In addition, Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates.
83
As of the date indicated, the directors, executive officers, and advisory board members of the funds, as a group, owned less than 1% of the outstanding shares of any fund (or class), except as shown in the following table.
Fund | %* |
Africa & Middle East | 1.1 |
Emerging Markets Local Currency Bond | 1.7 |
Institutional Floating Rate FundF Class | 3.1 |
Global Large-Cap Stock | 5.7 |
Global Stock | 2.1 |
Maryland Short-Term Tax-Free Bond | 2.7 |
Maryland Tax-Free Money | 5.0 |
Summit Cash Reserves | 2.1 |
Summit Municipal Money Market | 1.6 |
Tax-Exempt Money | 1.8 |
Tax-Efficient Equity | 6.5 |
U.S. Large-Cap Core | 3.6 |
* Based on December 31, 2012, data for the directors and advisory board members and March 31, 2013, for the executive officers.
As of March 31, 2013, 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 | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of University of Arkansas Foundation,
Inc. | 5.05 |
Balanced | T. Rowe Price Trust Company | 39.35(c) |
84
Fund | Shareholder | % |
Blue Chip Growth | Edward D. Jones & Company National
Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services TR Blue Chip Growth Fund | 11.47 |
Blue Chip Growth FundAdvisor Class | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of Wells Fargo Bank Trustee FBO Various Fascore LLC 8515 East Orchard Road 2T2 Greenwood Village, Colorado 80111 | 16.21 |
Blue Chip Growth FundR Class | American United Life Charles Schwab & Company,
Inc. Nationwide Trust Company FSB NFS LLC State Street Corporation Trustee | 5.43 |
California Tax-Free Bond | Charles Schwab & Company, Inc. | 6.00 |
California Tax-Free Money | Georgette OConnor Day TR Georgette
OConnor Day Trust | 12.77 |
Capital Appreciation | Charles
Schwab & Company, Inc. National Financial Services for the Exclusive
Benefit of Pershing LLC | 9.43 |
85
Fund | Shareholder | % |
Capital Appreciation FundAdvisor Class | Ameritas
Life Insurance Corporation Charles
Schwab & Company, Inc. National Financial Services for the Exclusive
Benefit of | 9.88 |
Capital Opportunity | McWood & Company National Financial Services for the Exclusive Benefit of T. Rowe
Price Associates | 40.75(a) |
Capital Opportunity FundAdvisor Class | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of Reliance
Trust Company c/o Fascore LLC | 19.07 |
Capital Opportunity FundR Class | Capital Bank & Trust Company Trustee FBO Jeff Wyler Auto Family Inc. RSP 401(k) 8515 East Orchard Road, 2T2 Greenwood Village, Colorado 80111 Charles Schwab & Company, Inc. Nationwide Trust Company FSB NFS LLC FIIOC as Agent FIIOC as Agent | 6.45 |
Corporate Income | Spectrum Income Fund | 40.60(d) |
86
Fund | Shareholder | % |
Diversified Small-Cap Growth | Pershing LLC SEI Private
Trust Company | 8.05 |
Dividend Growth | Edward D. Jones & Company MLPF&S for the Sole Benefit of Its Customers National Financial Services for the Exclusive Benefit of T. Rowe Price Trust Company | 13.31 |
Dividend Growth FundAdvisor Class | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of Wells Fargo
Bank | 8.25 |
Emerging Europe | National Financial Services for the Exclusive Benefit of | 8.21 |
Emerging Markets Bond | Retirement Portfolio 2010 Retirement Portfolio 2015 Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Spectrum
Income Fund | 5.69 |
Emerging Markets Corporate Bond | T. Rowe Price Associates | 31.17(e) |
Emerging Markets Corporate Bond FundAdvisor Class | T. Rowe
Price Associates | 93.72(e) |
87
Fund | Shareholder | % |
Emerging Markets Stock | National Financial Services for the Exclusive
Benefit of Pershing LLC Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Retirement Portfolio 2040 | 10.69 |
Emerging Markets Local Currency Bond | T. Rowe Price Associates | 17.79 |
Emerging Markets Local Currency Bond FundAdvisor Class | Charles
Schwab & Company, Inc. T. Rowe Price Associates | 51.82(a) |
Equity Income | Edward D. Jones & Company National Financial Services for the Exclusive Benefit of T. Rowe
Price Trust Company | 6.69 |
Equity Income FundAdvisor Class | John Hancock Life Insurance USA Morgan Stanley Smith Barney Harborside Financial Center Plaza 2, 3rd Floor Jersey City, New Jersey 07311 National
Financial Services for the Exclusive Benefit of | 23.06 |
Equity Income FundR Class | American United Life DCGT as Trustee and/or Custodian Qualified Print Advertising Omnibus Attn.: NPI0 Trade Desk 711 High Street Des Moines, Iowa 50392 Hartford Life Insurance Company Nationwide Trust Company FSB | 21.37 |
88
Fund | Shareholder | % |
Equity Index 500 | Retirement Portfolio 2010 Retirement Portfolio 2015 Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 | 8.91 |
European Stock | Charles Schwab & Company, Inc. Spectrum
International Fund Vanguard
Fiduciary Trust Company | 5.90 |
Extended Equity Market Index | TD Ameritrade, Inc. T. Rowe Price Trust Company | 6.42 |
Financial Services | Vanguard Fiduciary Trust Company T. Rowe Price Retail Class Funds Attn.: Outside Funds | 18.99 |
Floating Rate | National
Financial Services for the Exclusive Benefit of Pershing LLC TD Ameritrade,
Inc. T. Rowe Price Associates | 8.10 |
Floating Rate FundAdvisor Class | Charles Schwab & Company, Inc. Pershing LLC | 57.97(a) |
Georgia Tax-Free Bond | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of | 16.96 |
Global Infrastructure | T. Rowe Price Associates Attn.: Financial Reporting Department | 14.12 |
Global Infrastructure FundAdvisor Class | SEI Private Trust Company TD Ameritrade, Inc. T. Rowe Price Associates | 34.13(a) |
89
Fund | Shareholder | % |
Global Large-Cap Stock | San Gabriel III LLC T. Rowe Price Associates Trustees of T. Rowe Price U.S. Retirement Program | 5.95 |
Global Large-Cap Stock FundAdvisor Class | Charles Schwab & Company, Inc. Pershing LLC T. Rowe Price Associates | 7.95 |
Global Real Estate | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of Pershing LLC TD Ameritrade,
Inc. T. Rowe Price Associates | 8.00 |
Global Real Estate FundAdvisor Class | Charles Schwab & Company, Inc. FIIOC as Agent National Financial Services for the Exclusive Benefit of Pershing LLC | 32.17(a) |
Global Stock | JPMorgan as Directed Trustee for Ernest & Young T. Rowe Price Retirement Plan Services, Inc. | 13.71 |
Global Stock FundAdvisor Class | FIIOC as Agent National Financial Services for the Exclusive Benefit of Pershing LLC | 22.14 |
90
Fund | Shareholder | % |
Global Technology | Charles Schwab & Company, Inc. MLPF&S for the Sole Benefit of Its Customers National Financial Services
for the Exclusive Benefit of Pershing LLC | 14.47 |
GNMA | Spectrum Income Fund | 34.08(d) |
TRP Government Reserve Investment | Barnaclesail c/o T.
Rowe Price Associates Bridgesail & Co. c/o T. Rowe Price Associates Heirloom
& Company T. Rowe Price Retirement Plan Services, Inc. | 55.60(d) |
Growth & Income | T. Rowe Price Trust Company | 7.32 |
Growth Stock | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Retirement Portfolio 2035 Retirement Portfolio 2040 T. Rowe Price Trust Company | 5.67 |
Growth Stock FundAdvisor Class | ICMA Retirement Trust National Financial Services for the Exclusive
Benefit of | 6.07 |
91
Fund | Shareholder | % |
Growth Stock FundR Class | Hartford
Life Insurance Company Nationwide Trust Company
FSB State Street Corporation Trustee Suntrust Bank | 6.58 |
Health Sciences | Charles Schwab & Company, Inc. John Hancock
Life Insurance Company USA National Financial Services for the Exclusive Benefit of | 7.25 |
High Yield | Charles Schwab & Company, Inc. Edward
D. Jones & Company Retirement Portfolio 2020 Spectrum Income Fund | 5.55 |
High Yield FundAdvisor Class | Genworth Financial Trust Company National Financial Services for the Exclusive
Benefit of | 8.84 |
Inflation Focused Bond | Retirement Portfolio 2005 Retirement Portfolio 2010 Retirement Portfolio 2015 Retirement Portfolio 2020 Retirement Income Portfolio | 5.39 |
Inflation Protected Bond | Pershing LLC T. Rowe
Price Retirement Plan Services, Inc. | 6.31 |
92
Fund | Shareholder | % |
Institutional Africa & Middle East | Crystal Bridges Museum of American Art Inc. 600 Museum Way Bentonville, Arkansas 72712 John S. and James L. Knight Foundation National Financial Services
for the Exclusive Benefit of SEI Private Trust Company | 9.76 |
Institutional Concentrated International Equity | T. Rowe Price Associates | 100.00(e) |
Institutional Core Plus | JPMorgan Chase Bank Trustee for Janette
Stump, James Carney & Howard Kline, Trustees National Financial Services
for the Exclusive Benefit of The Church Foundation T. Rowe Price Associates | 22.03 |
Institutional Core Plus FundF Class | Charles Schwab & Company, Inc. LPL Financial | 5.49 |
Institutional Emerging Markets Bond | Charles Schwab & Company, Inc. Ladybird & Company Ladybug & Company Lakeside & Company National Financial Services for the Exclusive Benefit of Rockyledge & Company c/o T. Rowe Price Associates Attn.: Strategic Income Fund | 13.72 |
93
Fund | Shareholder | % |
Institutional Emerging Markets Equity | Goldman Sachs & Company Exclusive Benefit of Customers 85 Broad Street New York, New York 10004 JPMorgan Chase Bank NA as Directed Ladybug & Company Lakeside & Company Mac & Company National
Financial Services for the Exclusive Benefit of Wells Fargo Bank NA | 8.22 |
Institutional Floating Rate | DPERS-Floating Rate Fund Account National Financial Services for the Exclusive Benefit of Seamile
& Company Taskforce
& Company Tuna &
Company | 19.16 |
Institutional Floating Rate FundF Class | Mac & Company | 6.93 |
Institutional Global Equity | Mac & Company National Financial Services for the Exclusive Benefit of SEI Private
Trust Company | 53.92(a) |
94
Fund | Shareholder | % |
Institutional Global Large-Cap Equity | Croda Inc. Defined Benefit Plan Master TR c/o State Street Bank and Trust Company Longwood Foundation Inc. State Street Bank & Trust Company as Trustee for Master Trust for Defined Benefit Plans of Syngenta Corporation 801 Pennsylvania Avenue Kansas City, Missouri 64105 T. Rowe Price Associates | 5.85 |
Institutional Global Value Equity | T. Rowe Price Associates | 100.00(e) |
Institutional High Yield | Goldman Sachs & Company National Financial Services
for the Exclusive Benefit of Tuna & Company | 23.07 |
Institutional International Bond | Charles Schwab & Company, Inc. Ladybird & Company Ladybug & Company Lakeside & Company | 13.89 |
Institutional International Core Equity | Dekalb County Pension Plan | 100.00(a) |
95
Fund | Shareholder | % |
Institutional International Growth Equity | Brics & Company FBO Link Belt PensionT. Rowe Price 14201 North Dallas Parkway 13th Floor Dallas, Texas 75254 Gilbert S. Lavine BNA Foreign Equity Fund Arlington, Virginia National
Financial Services for the Exclusive Benefit of State Street Bank &
Trust Company Custodian State Street Bank & Trust Company Custodian The Church Foundation | 11.78 |
Institutional Large-Cap Core Growth | Great-West Trust Company JPMorgan Chase as Trustee National
Financial Services for the Exclusive Benefit of PIMS/Prudential Retirement as Nominee for the TTEE/Cust. PL 720 Union Bank 401k Plan 400 California Street, Floor 10 San Francisco, California 94101 SEI Private
Trust Company State Street Corporation TR | 9.13 5.00 |
96
Fund | Shareholder | % |
Institutional Large-Cap Growth | Bank of
America NA Trustee for Charles Schwab & Company, Inc. MLPF&S
for the Sole Benefit of Its Customers National Financial Services for the Exclusive
Benefit of SEI Private Trust Company | 14.11 |
Institutional Large-Cap Value | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of Prudential
Bank & Trust | 12.95 |
Institutional Mid-Cap Equity Growth | ING as Custodian/Recordkeeper JPMorgan
Chase Trustee Mac & Company National Financial Services for the Exclusive Benefit of T. Rowe
Price Retirement Plan Services, Inc. Vanguard Fiduciary Trust Company Wells Fargo Bank | 6.99 |
97
Fund | Shareholder | % |
Institutional Small-Cap Stock | National Financial Services for the Exclusive
Benefit of PIMS/Prudential Retirement Vanguard Fiduciary Trust Company | 59.54(a) |
Institutional U.S. Structured Research | National Financial Services for the Exclusive
Benefit of The Harry and Jeanette Weinberg Foundation, Inc. Wells Fargo Bank NA FBO UCARE Minnesota Wells Fargo Bank NA FBO PHP - T. Rowe Price Institutional Structured Research | 30.38(a) |
International Bond | Edward D. Jones & Company National Financial Services for the Exclusive Benefit of Retirement Portfolio 2020 Spectrum Income Fund | 16.85 |
International Bond FundAdvisor Class | Morgan Stanley Smith Barney National
Financial Services for the Exclusive Benefit of Pershing LLC | 22.27 |
International Discovery | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of State Street
Bank & Trust Company as Vanguard Fiduciary Trust
Company | 7.86 |
International Equity Index | T. Rowe Price Retirement Plan Services, Inc. | 16.57 |
98
Fund | Shareholder | % |
International Growth & Income | Retirement Portfolio 2015 Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Retirement Portfolio 2035 Retirement Portfolio 2040 Spectrum Growth Fund | 5.81 |
International Growth & Income FundAdvisor Class | American
United Life Hartford Securities Distribution Company Inc. Pershing LLC State Street Corporation Trustee | 6.35 |
International Growth & Income FundR Class | American
United Life DCGT as Trustee and/or Custodian Attn.: NP10 Trade Desk Emjay Corporation Customer 8515 E. Orchard Road, #2T2 Greenwood Village, Colorado 80111 Nationwide
Trust Company FSB State Street Corporation Trustee | 18.03
|
International Stock | Edward D. Jones & Company Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Retirement Portfolio 2040 | 8.44 |
International Stock FundAdvisor Class | National Financial Services for the Exclusive Benefit of Our Customers | 89.48(a) |
99
Fund | Shareholder | % |
International Stock FundR Class | American
United Life American United Life Capital Bank & Trust Company Trustee DCGT as Trustee and/or Custodian Nationwide Trust Company FSB | 9.88 |
Japan | Spectrum International Fund | 19.06 |
Latin America | Charles Schwab & Company, Inc. Pershing LLC | 8.97 |
Maryland Short-Term Tax-Free Bond | Charles Schwab & Company, Inc. | 9.47 |
Maryland Tax-Free Bond | Charles Schwab & Company, Inc. | 6.68 |
Maryland Tax-Free Money | Pershing LLC | 5.50 |
Media & Telecommunications | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of T. Rowe
Price Trust Company | 6.71 |
Mid-Cap Growth | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of T. Rowe Price Trust Company | 7.94 |
Mid-Cap Growth FundAdvisor Class | MLPF&S for the Sole Benefit of its Customers Morgan Stanley Smith Barney National Financial Services for the Exclusive
Benefit of | 6.95 |
100
Fund | Shareholder | % |
Mid-Cap Growth FundR Class | American
United Life ING Life Insurance & Annuity Company Nationwide Trust Company FSB Suntrust Bank FBO Various Suntrust Omnibus Accounts | 9.48 |
Mid-Cap Value | National Financial Services for the Exclusive Benefit of Retirement Portfolio 2030 T. Rowe Price Retirement Plan Services, Inc. | 15.89 |
Mid-Cap Value FundAdvisor Class | Morgan Stanley Smith Barney National
Financial Services for the Exclusive Benefit of | 6.17 |
Mid-Cap Value FundR Class | American United Life ING Life Insurance & Annuity Company Nationwide Trust Company FSB State Street Corporation Trustee Suntrust Bank | 5.13 |
New America Growth | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of TD Ameritrade, Inc. T. Rowe Price Trust Company | 11.45 |
New America Growth FundAdvisor Class | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of New York
Life Trust Company VRSCO FBO
AIG | 12.60 |
101
Fund | Shareholder | % |
New Asia | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of Pershing LLC | 5.20 |
New Era | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of | 8.74 |
New Horizons | National Financial Services for the Exclusive Benefit of T. Rowe Price Trust Company | 9.36 |
New Income | Charles Schwab & Company, Inc. Edward
D. Jones & Company Retirement Portfolio 2010 Retirement Portfolio 2015 Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Spectrum Income Fund | 18.26 |
New Income FundAdvisor Class | Morgan Stanley Smith Barney National
Financial Services for the Exclusive Benefit of TD Ameritrade, Inc. | 29.11(a) |
New Income FundR Class | Emjay Corporation Custodian Lincoln Retirement Services Company FBO Mueller Inc. 401K P.O. Box 7876 Fort Wayne, Indiana 46801 Nationwide Trust Company
FSB State Street Corporation Trustee Wells Fargo Bank | 5.65 |
New Jersey Tax-Free Bond | National Financial Services for the Exclusive
Benefit of | 14.07 |
102
Fund | Shareholder | % |
New York Tax-Free Bond | Charles Schwab & Company, Inc. Reinvest Account | 5.58 |
New York Tax-Free Money | H. Mark Glasberg and Paula D. Glasberg, Joint
Tenants | 11.30 |
Overseas Stock | Retirement Portfolio 2015 Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Retirement Portfolio 2035 Retirement Portfolio 2040 | 6.34 |
Personal Strategy Balanced | Charles Schwab & Company, Inc. Reinvest Account Mac & Company National Financial Services for the Exclusive
Benefit of State Street Bank & Trust Company T. Rowe Price Trust Company
TR | 5.08 |
Personal Strategy Growth | National Financial Services for the Exclusive
Benefit of State Street Bank & Trust Company T. Rowe Price Trust Company TR | 6.40 |
Personal Strategy Income | National Financial Services for the Exclusive
Benefit of T. Rowe Price Trust Company TR | 5.26 |
Prime Reserve | T. Rowe Price Trust Company | 8.86 |
Real Assets | Retirement Portfolio 2015 Retirement Portfolio 2020 Retirement Portfolio 2025 Retirement Portfolio 2030 Retirement Portfolio 2035 Retirement Portfolio 2040 | 6.26 |
103
Fund | Shareholder | % |
Real Estate | Charles Schwab & Company, Inc. First Clearing LLC Pershing LLC | 8.61 |
Real Estate FundAdvisor Class | Hartford Securities Distribution Company Inc. Maxim Series Fund Inc. National Financial Services for the Exclusive
Benefit of | 7.84 |
TRP Reserve Investment | Seamile & Company T. Rowe
Price Associates, Inc. Taskforce & Company Tuna & Company | 11.02 |
Retirement 2005 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 6.37 |
Retirement 2005 FundAdvisor Class | DCGT as Trustee and/or Custodian Qualified FIA Omnibus Attn.: NPI0 Trade Desk Lincoln Retirement Services Company FBO Groendyke Transport 401(k) Plan National Financial Services for the Exclusive Benefit of Reliance
Trust Company | 6.40 |
Retirement 2005 FundR Class | ING Life Insurance & Annuity Company NFS LLC FEBO State Street Bank & Trust Company Trustee | 7.74 |
Retirement 2010 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 9.49 |
104
Fund | Shareholder | % |
Retirement 2010 FundAdvisor Class | Massachusetts
Mutual Life Insurance Company National Financial Services for the Exclusive Benefit of Taynik
& Company | 6.73 |
Retirement 2010 FundR Class | ING Life Insurance & Annuity Company NFS LLC Saxon & Company State Street Corporation Trustee Suntrust Bank Taynik
& Company | 5.07 |
Retirement 2015 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 10.01 |
Retirement 2015 FundAdvisor Class | National Financial Services for the Exclusive
Benefit of Reliance Trust Company | 22.34 |
Retirement 2015 FundR Class | ING Life Insurance & Annuity Company NFS LLC State Street Corporation Trustee | 30.45(a) |
Retirement 2020 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 11.82 |
Retirement 2020 FundAdvisor Class | Massachusetts Mutual Life Insurance Company National Financial Services for the Exclusive Benefit of Reliance Trust Company Taynik
& Company | 8.28 |
105
Fund | Shareholder | % |
Retirement 2020 FundR Class | Hartford
Life Insurance Company ING Life Insurance & Annuity Company Massachusetts Mutual Life Insurance Company NFS LLC Saxon & Company State Street Corporation Trustee Suntrust Bank Taynik
& Company | 5.35 |
Retirement 2025 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 11.29 |
Retirement 2025 FundAdvisor Class | National Financial Services for the Exclusive
Benefit of Reliance Trust Company | 23.64 |
Retirement 2025 FundR Class | ING Life Insurance & Annuity Company NFS LLC State Street Corporation Trustee | 36.14(a) |
Retirement 2030 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 12.12 |
Retirement 2030 FundAdvisor Class | Massachusetts Mutual Life Insurance Company National Financial Services for the Exclusive Benefit of Taynik & Company | 8.51 |
106
Fund | Shareholder | % |
Retirement 2030 FundR Class | ING Life Insurance & Annuity Company Massachusetts Mutual Life Insurance Company State Street Corporation Trustee Taynik & Company | 5.09 |
Retirement 2035 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 11.59 |
Retirement 2035 FundAdvisor Class | Charles Schwab & Company, Inc. Special Custody Account FBO Customers Attn.: Mutual Fund Department National Financial Services for the Exclusive Benefit of Our Customers Reliance Trust Company FBO Retirement Plans Serviced by MetLife Taynik & Company c/o State Street Bank | 5.37 |
Retirement 2035 FundR Class | ING Life Insurance & Annuity Company NFS LLC State Street Corporation Trustee | 38.35(a) |
Retirement 2040 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 12.02 |
Retirement 2040 FundAdvisor Class | Massachusetts Mutual Life Insurance Company National Financial Services for the Exclusive Benefit of Taynik & Company Wells Fargo
Bank | 8.53 |
107
Fund | Shareholder | % |
Retirement 2040 FundR Class | Massachusetts
Mutual Life Insurance Company NFS LLC State Street Corporation
Trustee Taynik & Company | 5.32 |
Retirement 2045 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 11.65 |
Retirement 2045 FundAdvisor Class | Charles Schwab & Company, Inc. Attn.: Mutual Fund Department National Financial Services
for the Exclusive Benefit of Reliance Trust Company Taynik & Company | 6.60 |
Retirement 2045 FundR Class | ING Life Insurance & Annuity Company NFS LLC State Street Corporation Trustee | 39.13(a) |
Retirement 2050 | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. Wells Fargo
Bank | 12.18 |
Retirement 2050 FundAdvisor Class | Massachusetts Mutual Life Insurance Company National Financial Services for the Exclusive Benefit of Reliance Trust Company Taynik
& Company | 7.77 |
Retirement 2050 FundR Class | State Street Corporation Trustee Taynik & Company | 33.95(a) |
108
Fund | Shareholder | % |
Retirement 2055 | National Financial Services for the Exclusive
Benefit of T. Rowe Price Retirement Plan Services, Inc. | 9.94 |
Retirement 2055 FundAdvisor Class | Great-West Trust Company National Financial Services for the Exclusive Benefit of Reliance
Trust Company | 11.32 |
Retirement 2055 FundR Class | AXA Equitable Secaucus, New Jersey 07094 ING Life Insurance & Annuity Company State Street
Corporation Trustee | 5.23 |
Retirement Income | National Financial Services for the Exclusive Benefit of T. Rowe Price Retirement Plan Services, Inc. | 11.26 |
Retirement Income FundAdvisor Class | Massachusetts Mutual Life Insurance Company National Financial Services for the Exclusive Benefit of Reliance Trust Company Taynik
& Company | 7.45 |
Retirement Income FundR Class | ING Life Insurance & Annuity Company PIMS/Prudential Retirement State Street
Corporation Trustee | 9.16 |
Science & Technology | T. Rowe Price Retirement Plan Services, Inc. Omnibus Plan New Business Group Conv. Assets | 17.57 |
Science & Technology FundAdvisor Class | John Hancock Life Insurance Company USA RPS Trading OPS | 87.15(a) |
109
Fund | Shareholder | % |
Short-Term Bond | Charles Schwab & Company, Inc. Reinvest Account Edward D. Jones & Company National Financial Services for the Exclusive Benefit of Our Customers Spectrum Income Fund T. Rowe Price Associates Attn.: Fund Accounting Department | 5.09 |
Short-Term Bond FundAdvisor Class | Genworth Financial Trust Company FBO Genworth Financial Wealth Mgmt.& Mutual Clients & FBO Other Custodial Clients National Financial Services for the Exclusive Benefit of Our Customers | 65.61(a) |
Small-Cap Stock | Minnesota State Retirement System National Financial Services
for the Exclusive Benefit of T. Rowe Price Trust Company | 6.21 |
Small-Cap Stock FundAdvisor Class | Fifth Third Bank Trustee National
Financial Services for the Exclusive Benefit of Vanguard Fiduciary Trust
Company Wells Fargo Bank | 11.71
|
Small-Cap Value | National Financial Services for the Exclusive Benefit of Our Customers T. Rowe Price Trust Company Attn.: TRPS Institutional Control Department | 11.72 |
Small-Cap Value FundAdvisor Class | ICMA Retirement Trust 777 North Capital Street NE Suite 600 Washington, D.C. 20002 John Hancock Life Insurance Company USA RPS Trading Ops National Financial Services for the Exclusive Benefit of Our Customers | 30.80(a) |
Spectrum Growth | T. Rowe Price Trust Company | 10.18 |
Spectrum Income | T. Rowe Price Trust Company | 16.37 |
110
Fund | Shareholder | % |
Strategic Income | National Financial Services for the Exclusive
Benefit of T. Rowe Price Associates Young Womens Christian Association New York, New York 10017 | 13.00 |
Strategic Income FundAdvisor Class | CETERA Investment Services FBO 400 First Street South, Suite 300 St. Cloud, Minnesota 56302 Charles Schwab & Company, Inc. Attn.: Mutual Fund Department LPL Financial 9785 Towne Centre Drive San Diego, California 92121 National Financial Services
for the Exclusive Benefit of Pershing LLC TD Ameritrade,
Inc. | 5.76 |
Summit Cash Reserves | T. Rowe Price Associates T. Rowe Price Trust Company | 15.77 |
Summit Municipal Income | Charles Schwab & Company, Inc. Edward D. Jones & Company First Clearing LLC Saxon & Company | 8.42 |
Summit Municipal Income FundAdvisor Class | Davenport & Company LLC Pershing LLC T. Rowe Price Associates | 13.87 |
111
Fund | Shareholder | % |
Summit Municipal Intermediate | Charles Schwab & Company, Inc. Edward D. Jones & Company First Clearing LLC MLPF&S for the Sole Benefit of Its Customers Pershing LLC Saxon & Company | 14.79 |
Summit Municipal Intermediate FundAdvisor Class | Pershing LLC Shirley F. Hiller Trustee U/W William B. Blount FBO Shirley F. Blount Nicholasville, Kentucky Shirley F. Hiller T. Rowe
Price Associates | 38.56(a) |
Summit Municipal Money Market | James S. Riepe Gail P. Riepe, Tenent Cockeysville, Maryland | 5.16 |
Tax-Exempt Money | Edward D. Jones & Company Pershing LLC for Exclusive Benefit of Susan A. Feith Wisconsin Rapids, Wisconsin | 19.65 |
Tax-Free High Yield | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of | 11.33 |
Tax-Free High Yield FundAdvisor Class | Charles Schwab & Company, Inc. National Financial Services for the Exclusive Benefit of T. Rowe
Price Associates | 80.51(a) |
Tax-Free Income FundAdvisor Class | Charles Schwab & Company, Inc. National
Financial Services for the Exclusive Benefit of | 40.59(a) |
112
Fund | Shareholder | % |
Tax-Free Short-Intermediate | Charles Schwab & Company, Inc. |