0001206774-18-000801.txt : 20180413 0001206774-18-000801.hdr.sgml : 20180413 20180315085957 ACCESSION NUMBER: 0001206774-18-000801 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20180315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price International Funds, Inc. CENTRAL INDEX KEY: 0000313212 IRS NUMBER: 521175211 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL TRUST DATE OF NAME CHANGE: 19900301 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19890914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Real Assets Fund, Inc. CENTRAL INDEX KEY: 0001486048 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-4981 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Multi-Sector Account Portfolios, Inc. CENTRAL INDEX KEY: 0001533490 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0212 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-4981 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Limited-Duration Inflation Focused Bond Fund, Inc. CENTRAL INDEX KEY: 0001368135 IRS NUMBER: 510593985 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price Inflation Focused Bond Fund, Inc. DATE OF NAME CHANGE: 20100706 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price Short-Term Income Fund, Inc. DATE OF NAME CHANGE: 20060629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Retirement Funds, Inc. CENTRAL INDEX KEY: 0001177017 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: T ROWE PRICE RETIREMENT FUNDS INC DATE OF NAME CHANGE: 20020702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Short-Term Bond Fund, Inc. CENTRAL INDEX KEY: 0000731890 IRS NUMBER: 521332477 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE SHORT TERM BOND FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Index Trust, Inc. CENTRAL INDEX KEY: 0000858581 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INDEX TRUST INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INSTITUTIONAL EQUITY FUNDS INC DATE OF NAME CHANGE: 19900227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Institutional International Funds, Inc. CENTRAL INDEX KEY: 0000852254 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: T ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 20011217 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920703 CORRESP 1 filename1.htm trp-corresp.htm - Generated by SEC Publisher for SEC Filing



T. Rowe Price Corresp
 SEC Comments and Related Responses

March 15, 2018

Mr. David Manion
Division of Investment Management
U.S. Securities and Exchange Commission
Office of Disclosure
100 F Street, N.E.
Washington, D.C. 20549-4644

Re: Funds Listed in Appendix

Dear Mr. Manion:

This letter responds to the Securities and Exchange Commission (SEC) staff’s review comments discussed with Alan Dupski and Susan Silva on January 22, 2018, related to the annual reports and prospectuses of the referenced T. Rowe Price funds (Price Funds).

     

1.

Staff Comment: The staff noted that certain funds—Institutional Global Focused Growth Equity Fund, Institutional Emerging Markets Equity Fund, and Global Stock Fund—had at least one sector comprising 25% or greater of the fund at October 31, 2017, where the prospectus did not contain industry or sector concentration risk disclosure for that specific sector (i.e., financials). Please consider expanding this disclosure in the prospectus to consider additional sector concentrations.

Management Response: We are evaluating our industry- and sector-specific risk disclosure across all of our funds’ prospectuses and enhancing the disclosure as necessary. During each fund’s annual prospectus update, we will review the fund’s most current holdings information and add appropriate industry- or sector-specific risk disclosure. We recently completed the annual prospectus updates for the Institutional Global Focused Growth Equity, Institutional Emerging Markets Equity, and Global Stock Funds. As part of these updates, we reviewed each fund’s sector exposure at December 31, 2017, and added sector-specific strategy and risk disclosure to each fund’s prospectus.

      
2. Staff Comment: In a previous review (November 9, 2016), the staff noted that at May 31, 2016, the Short-Term Bond Fund held 21% of its net assets in asset-backed securities; however, the fund’s prospectus did not indicate that asset-backed securities were a principal investment strategy. In the firm’s response to that comment, TRP stated that “we intend to revise the prospectus to include asset-backed securities as a principal investment strategy with accompanying risk disclosure during the fund’s next annual prospectus update.” At May 31, 2017, 22% of the fund’s net assets were held in asset-backed securities. The current prospectus does not indicate that asset-backed securities are a principal investment strategy. Please disclose asset-backed securities as a principal investment strategy in accordance with the prior response.

Management Response: We recently filed a supplement to the fund’s current prospectus to clarify that asset-backed securities are considered part of the fund’s principal investment strategies. The prospectus already included appropriate risk disclosure relating to asset-backed securities.

     
3.

Staff Comment: The staff understands that the directors’ fees may not be presented in the financial statements due to the financial statements being presented in thousands and fees for an individual fund rounding to zero. However, please discuss why directors’ fees are not disclosed in the Related Party Transactions footnote.

Management Response: Our policy is to separately disclose directors’ fees and any associated amounts payable, only to the extent such amount rounds to $1,000 or greater. To the extent that a balance is less than $500, we do not believe that it warrants disclosure in the notes to financial statements.

     
4.

Staff Comment: With respect to a fund-of-funds (FOF), for any underlying fund that is greater than 25% of the FOF’s net assets, please consider disclosing where a shareholder may obtain the financial statements of the underlying fund.

Management Response: We have considered the staff’s comment and will add disclosure to the Portfolio of Investments for each applicable FOF as to where a shareholder may obtain the financial statements of the underlying fund(s) as soon as practicable, but no later than the May 31, 2018, annual reports.

   
5.

Staff Comment: Certain funds have a high concentration of affiliated ownership, for example the Spectrum Funds held a significant percentage (81%) of Emerging Markets Local Currency Bond Fund at December 31, 2016. Please consider disclosing in the summary prospectus and statutory prospectus the significant concentration of ownership.

Management Response: We recognize that funds with a concentrated set of beneficial owners could experience considerable cash outflows from redemptions by a single or small number of shareholders, which in turn could hamper a fund’s management and investment decisions. However, since the concentrated beneficial owner in this instance is an affiliated T. Rowe Price fund, we believe that those risks are mitigated and have not been a factor in the past. The Spectrum Funds are a suite of affiliated FOFs that normally invest in a variety of other T. Rowe Price funds, including, among others, the Emerging Markets Local Currency Bond Fund. If any of the Spectrum Funds were to significantly reduce or increase their allocation to an underlying fund, the underlying fund and the top-level Spectrum Fund would work together to implement this allocation change so as to not disrupt the underlying fund’s investment decisions or disadvantage the underlying fund’s other shareholders. The underlying fund would have ample notice of the change and would be able to adjust its investment decisions accordingly. Therefore, we do not intend to add disclosure on risks associated with a significant concentration of ownership to this fund’s prospectus at this time.

   
6.

Staff Comment: The staff noted that the Price Funds with expenses subject to recapture disclose the gross total amount subject to recapture; however, the disclosure does not include an aging schedule, disclosing the amount recapturable by fiscal year. Please refer to the minutes of the AICPA Investment Companies Expert Panel meeting held May 22, 2013, specifically item III.5.a.viii (excerpt provided below), and please include this disclosure in future filings.

   

Finally, the SEC staff has been asking for enhanced disclosure of the terms of the recoupment agreement and a chart explicitly describing the amount of the expenses subject to recoupment, the expense ratio and distribution rates at which the adviser can recoup the waived or reimbursed expenses and the expiration date of the recoupable amount. Disclosure of these types of arrangements should be included in various documents such as the registration statement, the financial statements and marketing materials, specifically where references to distribution rates/yields and distributions are made.

   

Management Response: We are not aware of any authoritative rule or guidance requiring disclosure of fee waiver recapture amounts based on an aging schedule and believe our current disclosure is appropriate.


If you have any additional questions or would like to discuss any response, please contact me (410-345-5738, cathy_mathews@troweprice.com), Alan Dupski (410-577-5143, alan_dupski@troweprice.com), or Brian Poole (410-345-6646, brian_poole@troweprice.com).

Respectfully,

Catherine D. Mathews
Treasurer, TRP Funds

cc: Betsy Johnson – Partner, PricewaterhouseCoopers LLP
                    Darrell Braman – Managing Counsel, TRP
John Gilner – Chief Compliance Officer, TRP
Alan Dupski – Group Manager, TRP

Appendix

Series File Number Registrant Name Series Name FYE
Identifier
S000001490 811-02958 TRP International Funds TRP Emerging Markets Bond Fund 12/31/2016
S000037100 811-02958 TRP International Funds TRP Emerging Markets Corporate Bond Fund 12/31/2016
S000032784 811-02958 TRP International Funds TRP Emerging Markets Local Currency Bond Fund 12/31/2016
S000047982 811-02958 TRP International Funds TRP Global High Income Bond Fund 12/31/2016
S000047983 811-02958 TRP International Funds TRP Global Unconstrained Bond Fund 12/31/2016
S000001489 811-02958 TRP International Funds TRP International Bond Fund 12/31/2016
S000002089 811-05986 TRP Index Trust, Inc. TRP Equity 500 Index Fund 12/31/2016
S000002090 811-05986 TRP Index Trust, Inc. TRP Extended Equity Market Index Fund 12/31/2016
S000051326 811-05986 TRP Index Trust, Inc. TRP Mid-Cap Index Fund 12/31/2016
S000051327 811-05986 TRP Index Trust, Inc. TRP Small-Cap Index Fund 12/31/2016
S000002091 811-05986 TRP Index Trust, Inc. TRP Total Equity Market Index Fund 12/31/2016
S000029428 811-22410 TRP Real Assets Fund, Inc. TRP Real Assets Fund, Inc. 12/31/2016
S000036336 811-22620 TRP Multi-Sector Account Portfolios TRP Emerging Markets Corporate Multi-Sector Account Portfolio 12/31/2016
S000036337 811-22620 TRP Multi-Sector Account Portfolios TRP Emerging Markets Local Multi-Sector Account Portfolio 12/31/2016
S000036339 811-22620 TRP Multi-Sector Account Portfolios TRP High Yield Multi-Sector Account Portfolio 2/28/2017
S000036340 811-22620 TRP Multi-Sector Account Portfolios TRP Investment-Grade Corporate Multi-Sector Account Portfolio 2/28/2017
S000036341 811-22620 TRP Multi-Sector Account Portfolios TRP Mortgage-Backed Securities Multi-Sector Account Portfolio 2/28/2017
S000036338 811-22620 TRP Multi-Sector Account Portfolios TRP Floating Rate Multi-Sector Account Portfolio 2/28/2017
S000013369 811-21919 TRP Limited Duration Inflation Focused Bond Fund, Inc. TRP Limited Duration Inflation Focused Bond Fund 5/31/2017
S000002141 811-03894 TRP Short-Term Bond Fund, Inc. TRP Short-Term Bond Fund 5/31/2017
S000039055 811-03894 TRP Short-Term Bond Fund, Inc. TRP Ultra Short-Term Bond Fund 5/31/2017
S000002115 811-21149 TRP Retirement Funds TRP Retirement 2005 Fund 5/31/2017
S000002109 811-21149 TRP Retirement Funds TRP Retirement 2010 Fund 5/31/2017
S000002116 811-21149 TRP Retirement Funds TRP Retirement 2015 Fund 5/31/2017
S000002111 811-21149 TRP Retirement Funds TRP Retirement 2020 Fund 5/31/2017
S000002117 811-21149 TRP Retirement Funds TRP Retirement 2025 Fund 5/31/2017
S000002112 811-21149 TRP Retirement Funds TRP Retirement 2030 Fund 5/31/2017
S000002118 811-21149 TRP Retirement Funds TRP Retirement 2035 Fund 5/31/2017
S000002113 811-21149 TRP Retirement Funds TRP Retirement 2040 Fund 5/31/2017
S000002110 811-21149 TRP Retirement Funds TRP Retirement 2045 Fund 5/31/2017
S000014996 811-21149 TRP Retirement Funds TRP Retirement 2050 Fund 5/31/2017
S000014997 811-21149 TRP Retirement Funds TRP Retirement 2055 Fund 5/31/2017
S000045512 811-21149 TRP Retirement Funds TRP Retirement 2060 Fund 5/31/2017
S000002114 811-21149 TRP Retirement Funds TRP Retirement Balanced Fund 5/31/2017
S000050882 811-21149 TRP Retirement Funds TRP Retirement Balanced I Fund–I Class 5/31/2017
S000050878 811-21149 TRP Retirement Funds TRP Retirement I 2005 Fund–I Class 5/31/2017
S000050883 811-21149 TRP Retirement Funds TRP Retirement I 2010 Fund–I Class 5/31/2017
S000050884 811-21149 TRP Retirement Funds TRP Retirement I 2015 Fund–I Class 5/31/2017
S000050885 811-21149 TRP Retirement Funds TRP Retirement I 2020 Fund–I Class 5/31/2017
S000050886 811-21149 TRP Retirement Funds TRP Retirement I 2025 Fund–I Class 5/31/2017
S000050887 811-21149 TRP Retirement Funds TRP Retirement I 2030 Fund–I Class 5/31/2017
S000050888 811-21149 TRP Retirement Funds TRP Retirement I 2035 Fund–I Class 5/31/2017
S000050889 811-21149 TRP Retirement Funds TRP Retirement I 2040 Fund–I Class 5/31/2017
S000050890 811-21149 TRP Retirement Funds TRP Retirement I 2045 Fund–I Class 5/31/2017
S000050879 811-21149 TRP Retirement Funds TRP Retirement I 2050 Fund–I Class 5/31/2017
S000050880 811-21149 TRP Retirement Funds TRP Retirement I 2055 Fund–I Class 5/31/2017
S000050881 811-21149 TRP Retirement Funds TRP Retirement I 2060 Fund–I Class 5/31/2017
S000041772 811-21149 TRP Retirement Funds TRP Target 2005 Fund 5/31/2017
S000041775 811-21149 TRP Retirement Funds TRP Target 2010 Fund 5/31/2017
S000041776 811-21149 TRP Retirement Funds TRP Target 2015 Fund 5/31/2017
S000041777 811-21149 TRP Retirement Funds TRP Target 2020 Fund 5/31/2017
S000041778 811-21149 TRP Retirement Funds TRP Target 2025 Fund 5/31/2017
S000041779 811-21149 TRP Retirement Funds TRP Target 2030 Fund 5/31/2017
S000041780 811-21149 TRP Retirement Funds TRP Target 2035 Fund 5/31/2017
S000041781 811-21149 TRP Retirement Funds TRP Target 2040 Fund 5/31/2017
S000041782 811-21149 TRP Retirement Funds TRP Target 2045 Fund 5/31/2017
S000041773 811-21149 TRP Retirement Funds TRP Target 2050 Fund 5/31/2017
S000041774 811-21149 TRP Retirement Funds TRP Target 2055 Fund 5/31/2017
S000045513 811-21149 TRP Retirement Funds TRP Target 2060 Fund 5/31/2017
S000018747 811-02958 TRP International Funds TRP Africa & Middle East Fund 10/31/2017
S000045439 811-02958 TRP International Funds TRP Asia Opportunities Fund 10/31/2017
S000001488 811-02958 TRP International Funds TRP Emerging Europe Fund 10/31/2017
S000001496 811-02958 TRP International Funds TRP Emerging Markets Stock Fund 10/31/2017
S000050390 811-02958 TRP International Funds TRP Emerging Markets Value Stock Fund 10/31/2017
S000001492 811-02958 TRP International Funds TRP European Stock Fund 10/31/2017
S000023645 811-02958 TRP International Funds TRP Global Growth Stock Fund 10/31/2017
S000001498 811-02958 TRP International Funds TRP International Value Equity Fund 10/31/2017
S000001497 811-02958 TRP International Funds TRP Global Stock Fund 10/31/2017
S000046336 811-02958 TRP International Funds TRP International Concentrated Equity Fund 10/31/2017
S000001491 811-02958 TRP International Funds TRP International Discovery Fund 10/31/2017
S000001487 811-02958 TRP International Funds TRP International Stock Fund 10/31/2017
S000001494 811-02958 TRP International Funds TRP Japan Fund 10/31/2017
S000001495 811-02958 TRP International Funds TRP Latin America Fund 10/31/2017
S000001493 811-02958 TRP International Funds TRP New Asia Fund 10/31/2017
S000014995 811-02958 TRP International Funds TRP Overseas Stock Fund 10/31/2017
S000021841 811-05833 TRP Institutional International Funds, Inc. TRP Institutional Africa & Middle East Fund 10/31/2017
S000029530 811-05833 TRP Institutional International Funds, Inc. TRP Institutional International Concentrated Equity Fund 10/31/2017
S000002098 811-05833 TRP Institutional International Funds, Inc. TRP Institutional Emerging Markets Equity Fund 10/31/2017
S000046349 811-05833 TRP Institutional International Funds, Inc. TRP Institutional Frontier Markets Equity Fund 10/31/2017
S000012706 811-05833 TRP Institutional International Funds, Inc. TRP Institutional Global Focused Growth Equity Fund 10/31/2017
S000023644 811-05833 TRP Institutional International Funds, Inc. TRP Institutional Global Growth Equity Fund 10/31/2017
S000037806 811-05833 TRP Institutional International Funds, Inc. TRP Institutional Global Value Equity Fund 10/31/2017
S000030204 811-05833 TRP Institutional International Funds, Inc. TRP Institutional International Core Equity Fund 10/31/2017
S000002097 811-05833 TRP Institutional International Funds, Inc. TRP Institutional International Growth Equity Fund 10/31/2017
   
*T. Rowe Price has been abbreviated as “TRP.”
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