497J 1 combin-lcycles303_lcycles319.htm Untitled Document
  

STATEMENT OF ADDITIONAL INFORMATION

 

This is the Statement of Additional Information for all of the funds listed below. It is divided into two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains information that generally applies to all of the funds in the T. Rowe Price family of funds (“Price Funds”).

The date of this Statement of Additional Information (“SAI”) is July 1, 2015.

T. ROWE PRICE BALANCED FUND, INC. (RPBAX)

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. (TRBCX)

T. Rowe Price Blue Chip Growth Fund–Advisor Class (PABGX)

T. Rowe Price Blue Chip Growth Fund–R 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 Fund–Advisor Class (PACLX)

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC. (PRCOX)

T. Rowe Price Capital Opportunity Fund–Advisor Class (PACOX)

T. Rowe Price Capital Opportunity Fund–R Class (RRCOX)

T. ROWE PRICE CORPORATE INCOME FUND, INC. (PRPIX)

T. ROWE PRICE CREDIT OPPORTUNITIES FUND (PRCPX)

T. Rowe Price Credit Opportunities Fund–Advisor Class (PAOPX)

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 Fund–Advisor Class (TADGX)

T. ROWE PRICE EQUITY INCOME FUND (PRFDX)

T. Rowe Price Equity Income Fund–Advisor Class (PAFDX)

T. Rowe Price Equity Income Fund–R Class (RRFDX)

T. ROWE PRICE FINANCIAL SERVICES FUND, INC. (PRISX)

T. ROWE PRICE FLOATING RATE FUND, INC. (PRFRX)

T. Rowe Price Floating Rate Fund–Advisor Class (PAFRX)

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC. (RPGAX)

T. Rowe Price Global Allocation Fund–Advisor Class (PAFGX)

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. (formerly T. Rowe Price Strategic Income Fund, Inc.) (PRSNX)

T. Rowe Price Global Multi-Sector Bond Fund–Advisor Class (formerly T. Rowe Price Strategic Income Fund–Advisor Class) (PRSAX)

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC. (TRGRX)

T. Rowe Price Global Real Estate Fund–Advisor 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 Fund–Advisor Class (TRSAX)

T. Rowe Price Growth Stock Fund–R Class (RRGSX)

T. ROWE PRICE HEALTH SCIENCES FUND, INC. (PRHSX)

T. ROWE PRICE HIGH YIELD FUND, INC. (PRHYX)

T. Rowe Price High Yield Fund–Advisor 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)

C00-042 7/1/15


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)

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. Rowe Price Institutional Core Plus Fund (TICPX)

 T. Rowe Price Institutional Core Plus Fund–F Class (PFCPX)

T. Rowe Price Institutional Credit Opportunities Fund (TRXPX)

T. Rowe Price Institutional Floating Rate Fund (RPIFX)

 T. Rowe Price Institutional Floating Rate Fund–F Class (PFFRX)

T. Rowe Price Institutional Global Multi-Sector Bond Fund (RPGMX)

T. Rowe Price Institutional High Yield Fund (TRHYX)

T. Rowe Price Institutional Long Duration Credit Fund (RPLCX)

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. Rowe Price Institutional Africa & Middle East Fund (TRIAX)

T. Rowe Price Institutional Emerging Markets Bond Fund (TREBX)

T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX)

T. Rowe Price Institutional Frontier Markets Equity Fund (PRFFX)

T. Rowe Price Institutional Global Focused Growth Equity Fund (TRGSX)

T. Rowe Price Institutional Global Growth Equity Fund (RPIGX)

T. Rowe Price Institutional Global Value Equity Fund (PRIGX)

T. Rowe Price Institutional International Bond Fund (RPIIX)

T. Rowe Price Institutional International Concentrated Equity Fund (formerly T. Rowe Price Institutional Concentrated International Equity) (RPICX)

T. Rowe Price Institutional International Core Equity Fund (TRCEX)

T. Rowe Price Institutional International Growth Equity Fund (PRFEX)

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC. (PRIHX)

T. Rowe Price Intermediate Tax-Free High Yield Fund–Advisor Class (PRAHX)

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. Rowe Price Africa & Middle East Fund (TRAMX)

T. Rowe Price Asia Opportunities Fund (TRAOX)

 T. Rowe Price Asia Opportunities Fund–Advisor Class (PAAOX)

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 Fund–Advisor Class (PACEX)

T. Rowe Price Emerging Markets Local Currency Bond Fund (PRELX)

T. Rowe Price Emerging Markets Local Currency Bond Fund–Advisor Class (PAELX)

T. Rowe Price Emerging Markets Stock Fund (PRMSX)

T. Rowe Price European Stock Fund (PRESX)

T. Rowe Price Global Growth Stock Fund (RPGEX)

 T. Rowe Price Global Growth Stock Fund–Advisor Class (PAGLX)

T. Rowe Price Global High Income Bond Fund (RPIHX)

 T. Rowe Price Global High Income Bond Fund–Advisor Class (PAIHX)

T. Rowe Price Global Industrials Fund (RPGIX)

T. Rowe Price Global Stock Fund (PRGSX)

 T. Rowe Price Global Stock Fund–Advisor Class (PAGSX)

T. Rowe Price Global Unconstrained Bond Fund (RPIEX)

 T. Rowe Price Global Unconstrained Bond Fund–Advisor Class (PAIEX)

T. Rowe Price International Bond Fund (RPIBX)

 T. Rowe Price International Bond Fund–Advisor Class (PAIBX)

T. Rowe Price International Concentrated Equity Fund (PRCNX)

 T. Rowe Price International Concentrated Equity Fund–Advisor Class (PRNCX)

T. Rowe Price International Discovery Fund (PRIDX)

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T. Rowe Price International Growth & Income Fund (TRIGX)

 T. Rowe Price International Growth & Income Fund–Advisor Class (PAIGX)

 T. Rowe Price International Growth & Income Fund–R Class (RRIGX)

T. Rowe Price International Stock Fund (PRITX)

 T. Rowe Price International Stock Fund–Advisor Class (PAITX)

 T. Rowe Price International Stock Fund–R 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 Fund–Advisor Class (PAMCX)

T. Rowe Price Mid-Cap Growth Fund–R Class (RRMGX)

T. ROWE PRICE MID-CAP VALUE FUND, INC. (TRMCX)

T. Rowe Price Mid-Cap Value Fund–Advisor Class (TAMVX)

T. Rowe Price Mid-Cap Value Fund–R Class (RRMVX)

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (“Multi-Sector Account Portfolios”)

T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio

T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

T. Rowe Price Floating Rate Multi-Sector Account Portfolio

T. Rowe Price High Yield Multi-Sector Account Portfolio

T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio

T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND (PRWAX)

T. Rowe Price New America Growth Fund–Advisor 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 Fund–Advisor Class (PANIX)

T. Rowe Price New Income Fund–R 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 Fund–Advisor 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 Fund–Advisor Class (PARGX)

 T. Rowe Price Retirement 2005 Fund–R Class (RRTLX)

T. Rowe Price Retirement 2010 Fund (TRRAX)

 T. Rowe Price Retirement 2010 Fund–Advisor Class (PARAX)

 T. Rowe Price Retirement 2010 Fund–R Class (RRTAX)

T. Rowe Price Retirement 2015 Fund (TRRGX)

 T. Rowe Price Retirement 2015 Fund–Advisor Class (PARHX)

 T. Rowe Price Retirement 2015 Fund–R Class (RRTMX)

T. Rowe Price Retirement 2020 Fund (TRRBX)

 T. Rowe Price Retirement 2020 Fund–Advisor Class (PARBX)

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 T. Rowe Price Retirement 2020 Fund–R Class (RRTBX)

T. Rowe Price Retirement 2025 Fund (TRRHX)

 T. Rowe Price Retirement 2025 Fund–Advisor Class (PARJX)

 T. Rowe Price Retirement 2025 Fund–R Class (RRTNX)

T. Rowe Price Retirement 2030 Fund (TRRCX)

 T. Rowe Price Retirement 2030 Fund–Advisor Class (PARCX)

 T. Rowe Price Retirement 2030 Fund–R Class (RRTCX)

T. Rowe Price Retirement 2035 Fund (TRRJX)

 T. Rowe Price Retirement 2035 Fund–Advisor Class (PARKX)

 T. Rowe Price Retirement 2035 Fund–R Class (RRTPX)

T. Rowe Price Retirement 2040 Fund (TRRDX)

 T. Rowe Price Retirement 2040 Fund–Advisor Class (PARDX)

 T. Rowe Price Retirement 2040 Fund–R Class (RRTDX)

T. Rowe Price Retirement 2045 Fund (TRRKX)

 T. Rowe Price Retirement 2045 Fund–Advisor Class (PARLX)

 T. Rowe Price Retirement 2045 Fund–R Class (RRTRX)

T. Rowe Price Retirement 2050 Fund (TRRMX)

 T. Rowe Price Retirement 2050 Fund–Advisor Class (PARFX)

 T. Rowe Price Retirement 2050 Fund–R Class (RRTFX)

T. Rowe Price Retirement 2055 Fund (TRRNX)

 T. Rowe Price Retirement 2055 Fund–Advisor Class (PAROX)

 T. Rowe Price Retirement 2055 Fund–R Class RRTVX)

T. Rowe Price Retirement 2060 Fund (TRRLX)

 T. Rowe Price Retirement 2060 Fund–Advisor Class (TRRYX)

 T. Rowe Price Retirement 2060 Fund–R Class (TRRZX)

T. Rowe Price Retirement Balanced Fund (formerly T. Rowe Retirement Income Fund) (TRRIX)

 T. Rowe Price Retirement Balanced Fund–Advisor Class (formerly T. Rowe Retirement Income  Fund–Advisor Class) (PARIX)

 T. Rowe Price Retirement Balanced Fund–R Class (formerly T. Rowe Retirement Income Fund– R Class) (RRTIX)

T. Rowe Price Target Retirement 2005 Fund (TRARX)

 T. Rowe Price Target Retirement 2005 Fund–Advisor Class (PANRX)

T. Rowe Price Target Retirement 2010 Fund (TRROX)

 T. Rowe Price Target Retirement 2010 Fund–Advisor Class (PAERX)

T. Rowe Price Target Retirement 2015 Fund (TRRTX)

 T. Rowe Price Target Retirement 2015 Fund–Advisor Class (PAHRX)

T. Rowe Price Target Retirement 2020 Fund (TRRUX)

 T. Rowe Price Target Retirement 2020 Fund–Advisor Class (PAIRX)

T. Rowe Price Target Retirement 2025 Fund (TRRVX)

 T. Rowe Price Target Retirement 2025 Fund–Advisor Class (PAJRX)

T. Rowe Price Target Retirement 2030 Fund (TRRWX)

 T. Rowe Price Target Retirement 2030 Fund–Advisor Class (PAKRX)

T. Rowe Price Target Retirement 2035 Fund (RPGRX)

 T. Rowe Price Target Retirement 2035 Fund–Advisor Class (PATVX)

T. Rowe Price Target Retirement 2040 Fund (TRHRX)

 T. Rowe Price Target Retirement 2040 Fund–Advisor Class (PAHHX)

T. Rowe Price Target Retirement 2045 Fund (RPTFX)

 T. Rowe Price Target Retirement 2045 Fund–Advisor Class (PAFFX)

T. Rowe Price Target Retirement 2050 Fund (TRFOX)

 T. Rowe Price Target Retirement 2050 Fund–Advisor Class (PAOFX)

T. Rowe Price Target Retirement 2055 Fund (TRFFX)

 T. Rowe Price Target Retirement 2055 Fund–Advisor Class (PAFTX)

T. Rowe Price Target Retirement 2060 Fund (TRTFX)

 T. Rowe Price Target Retirement 2060 Fund–Advisor Class (TRTGX)

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC. (PRSCX)

T. Rowe Price Science & Technology Fund–Advisor Class (PASTX)

T. ROWE PRICE SHORT-TERM BOND FUND, INC. (PRWBX)

T. Rowe Price Short-Term Bond Fund–Advisor Class (PASHX)

T. Rowe Price Ultra Short-Term Bond Fund (TRBUX)

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T. ROWE PRICE SMALL-CAP STOCK FUND, INC. (OTCFX)

T. Rowe Price Small-Cap Stock Fund–Advisor Class (PASSX)

T. ROWE PRICE SMALL-CAP VALUE FUND, INC. (PRSVX)

T. Rowe Price Small-Cap Value Fund–Advisor 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 SUMMIT FUNDS, INC. (“Summit Income Funds”)

T. Rowe Price Summit Cash Reserves Fund (TSCXX)

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 Fund–Advisor Class (PAIFX)

T. Rowe Price Summit Municipal Income Fund (PRINX)

T. Rowe Price Summit Municipal Income Fund–Advisor 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 Fund–Advisor Class (PATFX)

T. ROWE PRICE TAX-FREE INCOME FUND, INC. (PRTAX)

T. Rowe Price Tax-Free Income Fund–Advisor Class (PATAX)

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC. (PRFSX)

T. Rowe Price Tax-Free Short-Intermediate Fund–Advisor Class (PATIX)

T. Rowe Price Tax-Free Ultra Short-Term Bond Fund (PRTUX)

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC. (PBDIX)

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC. (TRULX)

T. Rowe Price U.S. Large-Cap Core Fund–Advisor 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 Fund–Advisor Class (PAVLX)

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 fund’s financial statements for its most recent fiscal period and the Report of Independent Registered Public Accounting Firm are included in each fund’s annual or semiannual report and incorporated by reference into this SAI. The Global High Income Bond Fund, Global High Income Bond Fund—Advisor Class, Global Unconstrained Bond Fund, Global Unconstrained Bond Fund—Advisor Class, Retirement 2060 Fund,

5


Retirement 2060 Fund—Advisor Class, Retirement 2060 Fund—R Class, Short-Term Government Reserve Fund, Target Retirement 2060 Fund, Target Retirement 2060 Fund—Advisor Class, and Tax–Free Ultra Short–Term Bond Fund have not been in operation long enough to have complete financial statements.

If you would like a prospectus or an annual or semiannual shareholder report for a fund, please visit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.

6


PART I – TABLE OF CONTENTS

Page

  

Management of the Funds

15

Principal Holders of Securities

93

 

Investment Management Agreements

151

Third Party Arrangements

174

Page

  

Distributor for the Funds

181

Portfolio Transactions

185

Independent Registered Public

 

Accounting Firm

215

Part II

216

References to the following are as indicated:

Internal Revenue Code of 1986, as amended (“Code”)

Internal Revenue Service (“IRS”)

Investment Company Act of 1940, as amended (“1940 Act”)

Moody’s Investors Service, Inc. (“Moody’s”)

Securities Act of 1933, as amended (“1933 Act”)

Securities and Exchange Commission (“SEC”)

Securities Exchange Act of 1934, as amended (“1934 Act”)

Standard & Poor’s 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”)

Investor Class

The Investor Class is designed for individual investors, but is also available to institutions and a wide variety of other types of investors. The Investor Class may be purchased directly through T. Rowe Price or through a financial intermediary. A Price Fund (other than an Institutional Fund) that does not indicate a specific share class after its name is considered to be the Investor Class of that fund.

Advisor Class

The Advisor Class is not a separate mutual fund. It is a separate share class of its respective Price Fund and shares a portfolio with the fund’s Investor Class (and any other share classes of that fund). 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. The Advisor Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.

R Class

The R Class is not a separate mutual fund. It is a separate share class of its respective Price Fund and shares a portfolio with the fund’s Investor Class (and any other share classes of that fund). 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. The R Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.

Institutional Funds

The Institutional Funds (other than their F Class shares) generally require a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans and certain investors maintaining omnibus accounts. Institutional Funds are designed for institutional investors, which typically include corporations, banks, pension and other retirement plans, trust and investment companies, and certain other financial intermediaries. Institutional Funds may be purchased directly through T. Rowe Price or through a financial intermediary.

7


F Class

The F Class is not a separate mutual fund. It is a separate share class of its respective T. Rowe Price Institutional Fund and shares a portfolio with the Institutional Fund. 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. The F Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.

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.

PART I

Below is a table showing the prospectus and shareholder report dates for each fund. The table also lists each fund’s 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

Asia Opportunities

International Equity

Oct 31

Oct 31

Apr 30

March 1

Asia Opportunities Fund–Advisor Class

International Equity

Oct 31

Oct 31

Apr 30

March 1

Balanced

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Blue Chip Growth

Equity

Dec 31

Dec 31

June 30

May 1

Blue Chip Growth Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

Blue Chip Growth Fund–R 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 Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

Capital Opportunity

Equity

Dec 31

Dec 31

June 30

May 1

Capital Opportunity Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

Capital Opportunity Fund–R Class

Equity

Dec 31

Dec 31

June 30

May 1

Corporate Income

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Credit Opportunities

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Credit Opportunities Fund–Advisor Class

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Diversified Mid-Cap Growth

Equity

Dec 31

Dec 31

June 30

May 1

Diversified 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 Fund–Advisor 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

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Fund

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Emerging Markets Corporate Bond

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Corporate Bond Fund–Advisor Class

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Corporate Multi-Sector Account Portfolio

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Local Currency Bond

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Local Currency Bond Fund–Advisor 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 Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

Equity Income Fund–R Class

Equity

Dec 31

Dec 31

June 30

May 1

Equity Index 500

Index Equity

Dec 31

Dec 31

June 30

May 1

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 Fund–Advisor Class

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Floating Rate Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Georgia Tax-Free Bond

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Global Allocation

Asset Allocation

Oct 31

Oct 31

Apr 30

March 1

Global Allocation Fund–Advisor Class

Asset Allocation

Oct 31

Oct 31

Apr 30

March 1

Global Growth Stock

International Equity

Oct 31

Oct 31

Apr 30

March 1

Global Growth Stock Fund–Advisor Class

International Equity

Oct 31

Oct 31

Apr 30

March 1

Global High Income Bond

International Bond

Dec 31

Dec 31

June 30

May 1

Global High Income Bond Fund–Advisor Class

International Bond

Dec 31

Dec 31

June 30

May 1

Global Industrials

International Equity

Dec 31

Dec 31

June 30

May 1

Global Multi-Sector Bond

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Global Multi-Sector Bond Fund–Advisor Class

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Global Real Estate

International Equity

Dec 31

Dec 31

June 30

May 1

Global Real Estate Fund–Advisor Class

International Equity

Dec 31

Dec 31

June 30

May 1

Global Stock

International Equity

Oct 31

Oct 31

Apr 30

March 1

Global Stock Fund–Advisor Class

International Equity

Oct 31

Oct 31

Apr 30

March 1

Global Technology

Equity

Dec 31

Dec 31

June 30

May 1

Global Unconstrained Bond

International Bond

Dec 31

Dec 31

June 30

May 1

Global Unconstrained Bond Fund–Advisor Class

International Bond

Dec 31

Dec 31

June 30

May 1

9


      

Fund

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

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 Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

Growth Stock Fund–R 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 Fund–Advisor 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 Core Plus

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Core Plus Fund–F Class

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Credit Opportunities

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Emerging Markets Bond

International Bond

Dec 31

Dec 31

June 30

May 1

Institutional Emerging Markets Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Floating Rate

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Floating Rate Fund–F Class

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Frontier Markets Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Global Focused Growth Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Global Growth Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Global Multi-Sector Bond

International Bond

May 31

May 31

Nov 30

Oct 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 Concentrated Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional International Core Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional International Growth Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Large-Cap Core Growth

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Large-Cap Growth

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Large-Cap Value

Equity

Dec 31

Dec 31

June 30

May 1

10


      

Fund

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Institutional Long Duration Credit

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Mid-Cap Equity Growth

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Small-Cap Stock

Equity

Dec 31

Dec 31

June 30

May 1

Institutional U.S. Structured Research

Equity

Dec 31

Dec 31

June 30

May 1

Intermediate Tax-Free High Yield

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Intermediate Tax-Free High Yield Fund–Advisor Class

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

International Bond

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond Fund–Advisor Class

International Bond

Dec 31

Dec 31

June 30

May 1

International Concentrated Equity

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Concentrated Equity Fund–Advisor Class

International Equity

Oct 31

Oct 31

Apr 30

March 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 Fund–Advisor Class

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Growth & Income Fund–R 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 Fund–Advisor Class

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Stock Fund–R 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 Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Growth Fund–R Class

Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Value

Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Value Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Value Fund–R 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

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 Fund–Advisor 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 Fund–Advisor Class

Taxable Bond

May 31

May 31

Nov 30

Oct 1

New Income Fund–R 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

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Personal Strategy Growth

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Personal Strategy Income

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Prime Reserve

Taxable Money

May 31

May 31

Nov 30

Oct 1

Real Assets

Equity

Dec 31

Dec 31

June 30

May 1

Real Estate

Equity

Dec 31

Dec 31

June 30

May 1

Real Estate Fund–Advisor 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

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2005 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2005 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2010

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2010 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2010 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2015

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2015 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2015 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2020

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2020 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2020 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2025

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2025 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2025 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2030

Asset Allocation

May 31

May 31

Nov 30

Oct 1

12


      

Fund

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Retirement 2030 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2030 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2035

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2035 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2035 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2040

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2040 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2040 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2045

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2045 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2045 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2050

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2050 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2050 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2055

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2055 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2055 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2060

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2060 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2060 Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement Balanced

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement Balanced Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement Balanced Fund–R Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Science & Technology

Equity

Dec 31

Dec 31

June 30

May 1

Science & Technology Fund–Advisor 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 Fund–Advisor 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 Fund–Advisor 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 Fund–Advisor Class

Equity

Dec 31

Dec 31

June 30

May 1

13


      

Fund

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Spectrum Growth

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Spectrum Income

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Spectrum International

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Summit Cash Reserves

Taxable Money

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Income

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Income Fund–Advisor Class

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Intermediate

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Intermediate Fund–Advisor Class

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Money Market

Tax-Free Money

Oct 31

Oct 31

Apr 30

March 1

Target Retirement 2005

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2005 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2010

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2010 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2015

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2015 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2020

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2020 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2025

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2025 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2030

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2030 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2035

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2035 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2040

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2040 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2045

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2045 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2050

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2050 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2055

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2055 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2060

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target Retirement 2060 Fund–Advisor Class

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Tax-Efficient Equity

Equity

Feb 28

Feb 28

Aug 30

July 1

Tax-Exempt Money

Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Tax-Free High Yield

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

14


      

Fund

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Tax-Free High Yield Fund–Advisor 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 Fund–Advisor 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-Intermediate Fund–Advisor 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 Fund–Advisor 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 Fund–Advisor 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

MANAGEMENT OF THE FUNDS

The officers and directors (the term “director” is used to refer to directors or trustees, as applicable) of the Price Funds are listed on the following pages. Unless otherwise noted, the address of each officer and director is 100 East Pratt Street, Baltimore, Maryland 21202.

Each fund is overseen by a Board of Directors/Trustees (“Board”) that meets regularly to review a wide variety of matters affecting or potentially affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Boards elect the funds’ officers and are responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland or Massachusetts, and other applicable laws. At least 75% of each Board’s members are independent of T. Rowe Price and its affiliates. The directors who are also employees or officers of T. Rowe Price are considered to be inside or interested directors because of their relationships with T. Rowe Price and its affiliates. Each inside director and officer (except as indicated in the tables setting forth the directors’ and officers’ principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards normally hold five regularly scheduled formal meetings during each calendar year. Although the Boards have direct responsibility over various matters (such as approval of advisory contracts and review of fund performance), each Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Board. The Boards believe that a committee structure is an effective means to permit directors to focus on particular operations or issues affecting the funds, including risk oversight. Each Board currently has three standing committees, a Committee of Independent Directors, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs.

Edward C. Bernard, an inside director, serves as the Chairman of the Board of each fund. The independent directors of each fund have designated a Lead Independent Director, who functions as a liaison between the Chairman of the Board and the other independent directors. The Lead Independent Director presides at all executive sessions of the independent directors, reviews and provides input on Board meeting agendas and

15


materials, and typically represents the independent directors in discussions with T. Rowe Price management. Anthony W. Deering currently serves as Lead Independent Director of each Board. Each fund’s Board has determined that its leadership and committee structure is appropriate because the Board believes that it sets the proper tone for the relationship between the fund, on the one hand, and T. Rowe Price or its affiliates and the fund’s other principal service providers, on the other, and facilitates the exercise of the Board’s independent judgment in evaluating and managing the relationships. In addition, the structure efficiently allocates responsibility among committees and the full Board. The same independent directors currently serve on the Boards of all of the Price Funds. This approach is designed to provide effective governance by exposing the independent directors to a wider range of business issues and market trends, allowing the directors to better share their knowledge, background and experience, and permitting the Boards to operate more efficiently, particularly with respect to matters common to all Price Funds.

The Committee of Independent Directors, which consists of all of the independent directors of the funds, is responsible for, among other things, seeking, reviewing and selecting candidates to fill vacancies on each fund’s Board, periodically evaluating the compensation payable to the independent directors, and performing certain functions with respect to the governance of the funds. The Lead Independent Director serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for director. Shareholders should submit their recommendations to the secretary of the funds. The committee met six times in 2014 in conjunction with the full Board.

The Joint Audit Committee consists of only independent directors. The current members of the committee are Bruce W. Duncan, Robert J. Gerrard, Jr., Paul F. McBride, Cecilia E. Rouse, and John G. Schreiber. Mr. Gerrard serves as chairman of the committee and Mr. Duncan is considered a financial expert. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds three regular meetings during each fiscal year. Two of the meetings include the attendance of the independent registered public accounting firm of the Price Funds as the Joint Audit Committee reviews: (1) the services provided; (2) the findings of the most recent audits; (3) management’s 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. A third meeting is devoted primarily to a review of the risk management program of the funds’ investment adviser. The Joint Audit Committee met three times in 2014.

The Executive Committee, which consists of each fund’s inside directors, has been authorized by its respective Board to exercise all powers of the Boards of the funds in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Executive Committee must be approved in advance by one independent director and reviewed after the fact by the full Board. The Executive Committee for each fund does not hold regularly scheduled meetings. The Executive Committee did not need to take any action on behalf of any funds during 2014.

Like other mutual funds, the funds are subject to risks, including investment, compliance, operational, and valuation risks, among others. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. The Board, directly or through its committees, interacts with and reviews reports from, among others, the investment adviser or its affiliates, the funds’ Chief Compliance Officer, the funds’ independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks faced by the funds and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from members of the advisers’ Risk Management Oversight Committee on the significant risks inherent to the advisers’ business, including aggregate investment risks, reputational risk, business continuity risk, and operational risk. The actual day-to-day risk management functions with respect to the funds are subsumed within the responsibilities of the investment adviser, its affiliates that serve as investment sub-advisers to the funds, and other service providers (depending on the nature of the risk) that carry out the funds’ investment management and business affairs. Although the risk management policies of T. Rowe Price and its affiliates, and the funds’ other service providers, are reasonably designed to be effective, those policies and their implementation vary among service providers over time, and there is no guarantee that they will always be effective. Not all risks that may affect the funds can be identified. Processes and controls

16


developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks may be simply beyond any control of the funds, T. Rowe Price and its affiliates, or other service providers.

Each director’s experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, has led to the conclusion that each director should serve on the Boards of the Price Funds. Attributes common to all directors include the ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the funds’ management and counsel and the various service providers to the funds, and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the actual service and commitment of the directors during their tenure on the funds’ Boards is taken into consideration in concluding that each should continue to serve. A director’s ability to perform his or her duties effectively may have been attained through his or her educational background or professional training; business, consulting, public service, or academic positions; experience from service as a director of the Price Funds, public companies, non-profit entities, or other organizations; or other experiences. Each director brings a diverse perspective to the Boards. Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each director that led to the conclusion that he or she should serve as a director.

Edward C. Bernard has been an inside director, and Chairman of the Board, of all the Price Funds for the past 8 years. Mr. Bernard has more than 25 years of experience in the investment management industry, all of which have been with T. Rowe Price. In addition to his responsibilities with T. Rowe Price and the Price Funds, Mr. Bernard served as chairman (from 2009 to 2011) and is currently the vice chairman of the board of governors of the Investment Company Institute, the national trade association for the mutual fund industry.

William R. Brody has been an independent director of the Price Funds for the past 5 years. Dr. Brody has substantial experience in the public health and research fields, as well as academia. He previously served as President of the Johns Hopkins University, as well as on the boards of John Hopkins University, Johns Hopkins Health System, Salk Institute for Biological Studies, IBM, and Novartis. He has also served on the boards of a number of other private companies and non-profit entities, including Kool Smiles, Novamed, Stanford University, and the Commonwealth Fund, which funds health services research.

Anthony W. Deering has been an independent director of the Price Funds for more than 30 years. He currently serves as the Lead Independent Director and was a member of the Joint Audit Committee until September 2014. Mr. Deering brings a wealth of financial services and investment management experience to the Boards. He is the former chair and chief executive officer of the Rouse Company and has also served on the boards of a number of public companies, including Deutsche Bank North America, Vornado Realty Trust, Brixmor Real Estate Investment Trust, Mercantile Bank, and Under Armour. He has also served on the boards of a number of private companies and non-profit entities, including the Investment Company Institute, Baltimore Museum of Art, Parks & People Foundation, The Rouse Company Foundation, and The Charlesmead Foundation among others.

Donald W. Dick, Jr. has been an independent director of the Price Funds for more than 30 years. He has significant investment and business experience from serving as a principal in a private equity firm and has previously served on the boards of manufacturing, construction, publishing, and advertising companies in the U.S. and Europe.

Bruce W. Duncan has substantial experience in the fields of commercial real estate and property management. He currently serves as chief executive officer and director of First Industrial Realty Trust and has held a variety of senior roles and board positions with Starwood Hotels & Resorts. He has been an independent director of the Price Funds since October 2013 and, in September 2014, he became a member of the Joint Audit Committee.

Robert J. Gerrard, Jr. has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and currently serves as a member of the Joint Audit Committee. He has substantial legal and business experience in the industries relating to communications and interactive data services. He has served on the board and compensation committee for Syniverse Holdings and as general counsel to Scripps Networks.

17


Michael C. Gitlin had been an inside director of the domestic fixed income Price Funds since 2010, but he resigned from T. Rowe Price and as a director of the Price Funds effective January 23, 2015. He joined T. Rowe Price in 2007, where he initially served as the Global Head of Trading until becoming the Director of Fixed Income in 2009. Prior to joining T. Rowe Price, he held several roles in the securities industry, including Head of U.S. Equity Sales at Citigroup Global Markets. On February 3, 2015, Edward A. Wiese was elected to replace Mr. Gitlin as an inside director of the domestic fixed income Price Funds.

Karen N. Horn has been an independent director of the Price Funds for more than 10 years. Ms. Horn has substantial experience in the financial services industry and the arts. She is a limited partner and senior managing director of Brock Capital Group, and has served on the boards of a number of public companies, including Eli Lilly, Simon Property Group, the Federal National Mortgage Association, and Norfolk Southern. She has also served on the boards of a number of private companies and non-profit entities, including the National Bureau of Economic Research, Council on Foreign Relations, and the Florence Griswold Museum.

Paul F. McBride has served in various management and senior leadership roles with the Black & Decker Corporation and General Electric Company. He led businesses in the materials, industrial, and consumer durable segments. He also has significant global experience. He has served on the boards of a number of private and non-profit entities, including Dunbar Armored, Vizzia Technologies, Gilman School, and Living Classrooms Foundation. He has been an independent director of the Price Funds since October 2013, and in September 2014, he became a member of the Joint Audit Committee.

Brian C. Rogers has been an inside director of the domestic equity and international Price Funds for more than 20 years. Mr. Rogers has served in a variety of senior leadership roles since joining T. Rowe Price in 1982. Prior to that, he was employed by Bankers Trust Company. In addition to his various offices held with T. Rowe Price and its affiliates, he is a Chartered Financial Analyst and serves as the portfolio manager of the Equity Income Fund and Equity Income Portfolio, and as a member of the T. Rowe Price Asset Allocation Committee.

Cecilia E. Rouse has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and became a member of the Joint Audit Committee in September 2014. Dr. Rouse has extensive experience in the fields of higher education and economic research. She has served in a variety of roles at Princeton University, including as a dean, professor, and leader of economic research. She has also served on the board of MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor, and as a member of numerous entities, including the American Economic Association, National Bureau of Economic Research, National Academy of Education, and the Association of Public Policy and Management Policy Council.

John G. Schreiber has been an independent director of the Price Funds for more than 20 years and currently serves as a member of the Joint Audit Committee. He has significant experience investing in real estate transactions and brings substantial financial services and investment management experience to the boards. He is the President of Centaur Capital Partners, Inc. and is a Partner and Co-founder of Blackstone Real Estate Advisors. He previously served as chairman and chief executive officer of JMB Urban Development Co. and Executive Vice President of JMB Realty Corporation. Mr. Schreiber currently serves on the boards of JMB Realty Corporation, Brixmor Shopping Centers, Hilton Worldwide, Blackstone Mortgage Trust, and Hudson Pacific Properties, and is a past board member of Urban Shopping Centers, Inc., Host Hotels & Resorts, Inc., The Rouse Company, General Growth Properties, and AMLI Residential Properties Trust.

Mark R. Tercek has been an independent director of the Price Funds for the past 5 years and served as chairman of the Joint Audit Committee until September 2014. He brings substantial financial services experience to the boards. He was a managing director of Goldman Sachs and is currently president and chief executive officer of The Nature Conservancy.

Edward A. Wiese was elected as an inside director of the domestic fixed income Price Funds on February 3, 2015, replacing Michael C. Gitlin. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He currently serves as the Director of Fixed Income for T. Rowe Price and as the Chairperson of the T. Rowe Price Fixed Income Steering Committee, as well as a portfolio manager for various short-term bond and low duration domestic bond strategies.

18


In addition, the following tables provide biographical information for the directors, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years.

Independent Directors(a)

   

Name, Year of Birth, and Number
of Portfolios in Fund Complex
Overseen by Director

Principal Occupation(s)
During Past 5 Years

Directorships
of Public Companies and Other Investment Companies During Past 5 Years

William R. Brody, M.D., Ph.D.

1944

165 portfolios

President and Trustee, Salk Institute for Biological Studies (2009 to present); Director, BioMed Realty Trust (2013 to present)

Novartis, Inc. (2009 to 2014); IBM (2007 to present)

Anthony W. Deering

1945

165 portfolios

Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director, Brixmor Real Estate Investment Trust (2012 to present); Director and Advisory Board Member, Deutsche Bank North America (2004 to present)

Under Armour (2008 to present); Brixmor Real Estate Investment Trust (2012 to present); Vornado Real Estate Investment Trust (2004 to 2012); Deutsche Bank North America (2004 to present)

Donald W. Dick, Jr.

1943

165 portfolios

Principal, EuroCapital Partners, LLC, an acquisition and management advisory firm (1995 to present)

None

Bruce W. Duncan

1951

165 portfolios

President, Chief Executive Officer, and Director, First Industrial Realty Trust, owner and operator of industrial properties (2009 to present); Chairman of the Board (2005 to present) and Director (1999 to present), Starwood Hotels & Resorts, hotel and leisure company

None

Robert J. Gerrard, Jr.

1952

165 portfolios

Chairman of Compensation Committee, Syniverse Holdings, Inc., a provider of wireless voice and data services for telecommunications companies (2008 to 2011); Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to present)

None

Karen N. Horn

1943

165 portfolios

Limited Partner and 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)

Paul F. McBride

1956

165 portfolios

Former Company Officer and Senior Vice President, Human Resources and Corporate Initiatives, Black & Decker Corporation (2004 to 2010)

None

19


   

Name, Year of Birth, and Number
of Portfolios in Fund Complex
Overseen by Director

Principal Occupation(s)
During Past 5 Years

Directorships
of Public Companies and Other Investment Companies During Past 5 Years

Cecilia E. Rouse, Ph.D.

1963

165 portfolios

Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Director, MDRC, a nonprofit education and social policy research organization (2011 to present); Member of National Academy of Education (2010 to present); Research Associate, National Bureau of Economic Research’s Labor Studies Program (2011 to present); Member of President’s Council of Economic Advisers (2009 to 2011); Chair of Committee on the Status of Minority Groups in the Economic Profession, American Economic Association (2012 to present)

None

John G. Schreiber

1946

165 portfolios

Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Co-founder and Partner, Blackstone Real Estate Advisors, L.P. (1992 to present); Director, Blackstone Mortgage Trust, a real estate finance company (2012 to present); Director and Chairman of the Board, Brixmor Property Group, Inc. (2013 to present); Director, Hilton Worldwide (2013 to present); Director, Hudson Pacific Properties (2014 to present)

General Growth Properties, Inc. (2010 to 2013)

Mark R. Tercek

1957

165 portfolios

President and Chief Executive Officer, The Nature Conservancy (2008 to present)

None

(a) All information about the independent directors was current as of December 31, 2014, except for the number of portfolios overseen, which is current as of the date of this SAI.

Inside Directors(a)

The following persons are considered inside directors of the funds because they also serve as employees of T. Rowe Price or its affiliates. No more than two inside directors serve as directors of any fund.

The Boards invite nominations from the funds’ investment adviser for persons to serve as inside directors, and the Board reviews and approves these nominations. Each of the current inside directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. Mr. Bernard has served as a director of all Price Funds and has been Chairman of the Board for all Price Funds since 2006. Mr. Gitlin had served as a director of certain Price Funds since 2010, but he resigned as director on January 23, 2015. Mr. Rogers has served as director of certain Price Funds since 2006. Mr. Wiese has served as director of certain Price Funds since February 3, 2015, at which point he was elected to succeed Mr. Gitlin. For each fund, the two inside directors serve as members of the fund’s Executive Committee. In addition, specific experience with respect to the inside directors’ occupations and directorships of public companies and other investment companies are set forth in the following table.

20


   

Name, Year of Birth, and Number
of Portfolios in Fund Complex
Overseen by Director

Principal Occupation(s)
During Past 5 Years

Directorships
of Public Companies

Edward C. Bernard

1956

165 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., and T. Rowe Price Services, Inc.; Chairman of the Board, Chief Executive Officer, Director, and President, T. Rowe Price International and T. Rowe Price Trust Company

Chairman of the Board, all funds

None

Michael C. Gitlin(b)

1970

0 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

Brian C. Rogers; CFA, CIC

1955

111 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

Edward A. Wiese; CFA

1959

54 portfolios

Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International

President, Short-Term Bond Fund and Multi-Sector Account Portfolios; Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Exempt Money Fund, and Tax-Free Short-Intermediate Fund

None

(a) All information about the inside directors (other than Mr. Wiese) was current as of December 31, 2014 (the information about Mr. Wiese was current as of February 4, 2015), except for the number of portfolios overseen, which is current as of the date of this SAI.

(b) Michael C. Gitlin resigned as director effective January 23, 2015, and Edward A. Wiese was elected to replace him as inside director on February 3, 2015.

Funds-of-Funds Arrangements

The Board is responsible for overseeing the business and affairs of the Funds-of-Funds, which consists of the following: Spectrum Growth Fund, Spectrum Income Fund, and Spectrum International Fund (collectively the “Spectrum Funds”); Retirement 2005 Fund, Retirement 2010 Fund, Retirement 2015 Fund, Retirement 2020 Fund, Retirement 2025 Fund, Retirement 2030 Fund, Retirement 2035 Fund, Retirement 2040 Fund, Retirement 2045 Fund, Retirement 2050 Fund, Retirement 2055 Fund, Retirement 2060 Fund and Retirement Balanced Fund (collectively the “RDFs”); and Target Retirement 2005 Fund, Target Retirement 2010 Fund, Target Retirement 2015 Fund, Target Retirement 2020 Fund, Target Retirement 2025 Fund, Target Retirement 2030 Fund, Target Retirement 2035 Fund, Target Retirement 2040 Fund, Target

21


Retirement 2045 Fund, Target Retirement 2050 Fund, Target Retirement 2055 Fund, and Target Retirement 2060 Fund (collectively the “TRFs”). The Spectrum Funds, RDFs, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually a “Fund-of-Funds,” and where the policies that apply to both the RDFs and TRFs are identical, the RDFs and TRFs will be referred to collectively as “Retirement Funds.

In exercising their responsibilities, the Boards, among other things, will refer to the policies, conditions, and guidelines included in an Exemptive Application (and accompanying Notice and Order) originally granted by the SEC in connection with the creation and operation of the Spectrum Funds. The RDFs and TRFs rely on this same Exemptive Application and Order because the order was designed to cover any Fund-of-Funds arrangements that operate in a similar manner to the Spectrum Funds.

In connection with the Exemptive Order, the various Price Funds in which the Funds-of-Funds invest (collectively, the “underlying Price Funds”) have entered into Special Servicing Agreements with T. Rowe Price and each respective Spectrum Fund, RDF, and/or TRF in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Fund-of-Funds invests will bear its proportionate share of the expenses of that Fund-of-Funds if, and to the extent that, the underlying Price Fund’s savings from the operation of the Fund-of-Funds exceed these expenses. T. Rowe Price has agreed to bear any expenses of each Fund-of-Fund that exceed the estimated savings to each of the underlying Price Funds. As a result, the Funds-of-Funds do not pay an investment management fee and will effectively pay no operating expenses at the Fund-of-Fund level, although shareholders of the Funds-of-Funds will still indirectly bear their proportionate share of the expenses of each underlying Price Fund in which the Funds-of-Funds invest.

A majority of the directors of the Funds-of-Funds are independent of T. Rowe Price and its affiliates. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the underlying Price Funds. Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of 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 fund’s Board (or that of the corporation or trust of which the fund is a part).

            
  

Independent Directors

Corporation/Trust

Number of portfolios

Brody

Deering

Dick

Duncan

Gerrard

Horn

McBride

Rouse

Schreiber

Tercek

Balanced

1

2009

2001

1991

2013

2012

2003

2013

2012

2001

2009

Blue Chip Growth

1

2009

2001

1993

2013

2012

2003

2013

2012

2001

2009

California Tax-Free Income Trust

2

2009

1986

2001

2013

2013

2003

2013

2013

1992

2009

Capital Appreciation

1

2009

2001

1986

2013

2012

2003

2013

2012

2001

2009

Capital Opportunity

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Corporate Income

1

2009

1995

2001

2013

2013

2003

2013

2013

1995

2009

Credit Opportunities

1

2014

2014

2014

2014

2014

2014

2014

2014

2014

2014

22


            
  

Independent Directors

Corporation/Trust

Number of portfolios

Brody

Deering

Dick

Duncan

Gerrard

Horn

McBride

Rouse

Schreiber

Tercek

Diversified Mid-Cap Growth

1

2009

2003

2003

2013

2012

2003

2013

2012

2003

2009

Diversified Small-Cap Growth

1

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

Dividend Growth

1

2009

2001

1992

2013

2012

2003

2013

2012

2001

2009

Equity Income

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Financial Services

1

2009

2001

1996

2013

2012

2003

2013

2012

2001

2009

Floating Rate

1

2011

2011

2011

2013

2013

2011

2013

2013

2011

2011

Global Allocation

1

2013

2013

2013

2013

2013

2013

2013

2013

2013

2013

Global Multi-Sector Bond

1

2009

2008

2008

2013

2013

2008

2013

2013

2008

2009

Global Real Estate

1

2009

2008

2008

2013

2012

2008

2013

2012

2008

2009

Global Technology

1

2009

2001

2000

2013

2012

2003

2013

2012

2001

2009

GNMA

1

2009

1985

2001

2013

2013

2003

2013

2013

1992

2009

Growth & Income

1

2009

2001

1982

2013

2012

2003

2013

2012

2001

2009

Growth Stock

1

2009

2001

1980

2013

2012

2003

2013

2012

2001

2009

Health Sciences

1

2009

2001

1995

2013

2012

2003

2013

2012

2001

2009

High Yield

1

2009

1984

2001

2013

2013

2003

2013

2013

1992

2009

Index Trust

3

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Inflation Focused Bond

1

2009

2006

2006

2013

2013

2006

2013

2013

2006

2009

Inflation Protected Bond

1

2009

2002

2002

2013

2013

2003

2013

2013

2002

2009

Institutional Equity

6

2009

2001

1996

2013

2012

2003

2013

2012

2001

2009

Institutional Income

6

2009

2002

2002

2013

2013

2003

2013

2013

2002

2009

Institutional International

11

2009

1991

1989

2013

2012

2003

2013

2012

2001

2009

Intermediate Tax-Free High Yield

1

2014

2014

2014

2014

2014

2014

2014

2014

2014

2014

International

22

2009

1991

1988

2013

2012

2003

2013

2012

2001

2009

International Index

1

2009

2000

2000

2013

2012

2003

2013

2012

2001

2009

Media & Telecommunications

1

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

Mid-Cap Growth

1

2009

2001

1992

2013

2012

2003

2013

2012

2001

2009

Mid-Cap Value

1

2009

2001

1996

2013

2012

2003

2013

2012

2001

2009

Multi-Sector Account Portfolios

6

2012

2012

2012

2013

2013

2012

2013

2013

2012

2012

New America Growth

1

2009

2001

1985

2013

2012

2003

2013

2012

2001

2009

New Era

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

New Horizons

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

New Income

1

2009

1980

2001

2013

2013

2003

2013

2013

1992

2009

Personal Strategy

3

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Prime Reserve

1

2009

1979

2001

2013

2013

2003

2013

2013

1992

2009

Real Assets

1

2010

2010

2010

2013

2012

2010

2013

2012

2010

2010

Real Estate

1

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

23


            
  

Independent Directors

Corporation/Trust

Number of portfolios

Brody

Deering

Dick

Duncan

Gerrard

Horn

McBride

Rouse

Schreiber

Tercek

TRP Reserve Investment

4

2009

1997

2001

2013

2013

2003

2013

2013

1997

2009

Retirement

25

2009

2002

2002

2013

2012

2003

2013

2012

2002

2009

Science & Technology

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Short-Term Bond

2

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

Small-Cap Stock

1

2009

2001

1992

2013

2012

2003

2013

2012

2001

2009

Small-Cap Value

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Spectrum

3

2009

2001

1999

2013

2012

2003

2013

2012

2001

2009

State Tax-Free Income Trust

8

2009

1986

2001

2013

2013

2003

2013

2013

1992

2009

Summit

1

2009

1993

2001

2013

2013

2003

2013

2013

1993

2009

Summit Municipal

3

2009

1993

2001

2013

2013

2003

2013

2013

1993

2009

Tax-Efficient

1

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

Tax-Exempt Money

1

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

Tax-Free High Yield

1

2009

1984

2001

2013

2013

2003

2013

2013

1992

2009

Tax-Free Income

1

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

Tax-Free Short-Intermediate

2

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

U.S. Bond Enhanced Index

1

2009

2000

2001

2013

2013

2003

2013

2013

2000

2009

U.S. Large-Cap Core

1

2009

2009

2009

2013

2012

2009

2013

2012

2009

2009

U.S. Treasury

3

2009

1989

2001

2013

2013

2003

2013

2013

1992

2009

Value

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

     

Corporation/Trust

Number of portfolios

Inside Directors

Bernard

Rogers

Wiese

Balanced

1

2006

2006

Blue Chip Growth

1

2006

2006

California Tax-Free Income Trust

2

2006

2015

Capital Appreciation

1

2006

2006

Capital Opportunity

1

2006

2013

Corporate Income

1

2006

2015

Credit Opportunities

1

2014

2015

Diversified Mid-Cap Growth

1

2006

2013

Diversified Small-Cap Growth

1

2006

2013

Dividend Growth

1

2006

2006

Equity Income

1

2006

2006

Financial Services

1

2006

2006

Floating Rate

1

2011

2015

Global Allocation

1

2013

2013

Global Multi-Sector Bond

1

2008

2015

24


     

Corporation/Trust

Number of portfolios

Inside Directors

Bernard

Rogers

Wiese

Global Real Estate

1

2008

2008

Global Technology

1

2006

2006

GNMA

1

2006

2015

Growth & Income

1

2006

2006

Growth Stock

1

2006

2006

Health Sciences

1

2006

2013

High Yield

1

2006

2015

Index Trust

3

2006

2006

Inflation Focused Bond

1

2006

2015

Inflation Protected Bond

1

2006

2015

Institutional Equity

6

2006

2006

Institutional Income

6

2006

2015

Institutional International

11

2006

2006

Intermediate Tax-Free High Yield

1

2014

2015

International

22

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

2015

New America Growth

1

2006

2013

New Era

1

2006

2006

New Horizons

1

2006

2013

New Income

1

2006

2015

Personal Strategy

3

2006

2006

Prime Reserve

1

2006

2015

Real Assets

1

2010

2010

Real Estate

1

2006

2006

TRP Reserve Investment

4

2006

2015

Retirement

25

2006

2006

Science & Technology

1

2006

2013

Short-Term Bond

2

2006

2015

Small-Cap Stock

1

2006

2013

Small-Cap Value

1

2006

2013

Spectrum

3

2006

2006

State Tax-Free Income Trust

8

2006

2015

Summit

1

2006

2015

Summit Municipal

3

2006

2015

Tax-Efficient

1

2006

2006

Tax-Exempt Money

1

2006

2015

Tax-Free High Yield

1

2006

2015

25


     

Corporation/Trust

Number of portfolios

Inside Directors

Bernard

Rogers

Wiese

Tax-Free Income

1

2006

2015

Tax-Free Short-Intermediate

2

2006

2015

U.S. Bond Enhanced Index

1

2006

2015

U.S. Large-Cap Core

1

2009

2009

U.S. Treasury

3

2006

2015

Value

1

2006

2006

Officers

   

Fund

Name

Position Held
With Fund

All funds

Darrell N. Braman

David Oestreicher

John W. Ratzesberger

Deborah D. Seidel

Jeffrey T. Zoller

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
With Fund

Balanced

Charles M. Shriver

E. Frederick Bair

Kimberly E. DeDominicis

Anna M. Dopkin

Anna A. Dreyer

Mark S. Finn

Paul A. Karpers

Robert M. Larkins

Wyatt A. Lee

Raymond A. Mills

Larry J. Puglia

Guido F. Stubenrauch

Toby M. Thompson

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

Blue Chip Growth

Larry J. Puglia

Ziad Bakri

Peter J. Bates

Ryan N. Burgess

Eric L. DeVilbiss

Shawn T. Driscoll

Paul D. Greene II

Ryan S. Hedrick

Thomas J. Huber

George A. Marzano

Vivek Rajeswaran

Amit Seth

Robert W. Sharps

Taymour R. Tamaddon

(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

26


   

Fund

Name

Position Held
With Fund

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

Stephanie A. Gentile

Alan D. Levenson

Linda A. Murphy

Alexander S. Obaza

Douglas D. Spratley

Timothy G. Taylor

Edward A. Wiese

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

Capital Appreciation

David R. Giroux

Ryan N. Burgess

Jon M. Friar

Paul D. Greene II

Nina P. Jones

Vidya Kadiyam

Steven D. Krichbaum

John D. Linehan

Paul M. Massaro

Sudhir Nanda

Robert T. Quinn, Jr.

Farris G. Shuggi

Gabriel Solomon

William J. Stromberg

Taymour R. Tamaddon

Susan G. Troll

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

Capital Opportunity

Ann M. Holcomb

Jason B. Polun

Eric L. Veiel

Kennard W. Allen

Peter J. Bates

Ryan N. Burgess

Christopher W. Carlson

Donald J. Easley

Joseph B. Fath

Mark S. Finn

Steven D. Krichbaum

Jennifer Martin

Jeffrey Rottinghaus

Justin P. White

(For remaining officers, refer to the “All funds” table)

Co-President

Co-President

Co-President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

27


   

Fund

Name

Position Held
With Fund

Corporate Income

David A. Tiberii

Steve Boothe

Steven G. Brooks

Michael P. Daley

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

Scott D. Solomon

Kimberly A Stokes

Robert D. Thomas

Lauren T. Wagandt

Thea N. Williams

J. Howard Woodward

(For remaining officers, refer to the “All funds” table)

President

Executive Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Credit Opportunities

Paul A. Karpers

Michael F. Blandino

Christopher P. Brown, Jr.

Andrew P. Jamison

James M. Murphy

Rodney M. Rayburn

Brian A. Rubin

Robert D. Thomas

Siby Thomas

Lauren T. Wagandt

(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

Diversified Mid-Cap Growth

Donald J. Peters

Donald J. Easley

Kennard W. Allen

Peter J. Bates

Brian W.H. Berghuis

Eric L. DeVilbiss

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

Vice President

Diversified Small-Cap Growth

Sudhir Nanda

Boyko D. Atanassov

Donald J. Easley

Prashant G. Jeyaganesh

Curt J. Organt

Farris G. Shuggi

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

28


   

Fund

Name

Position Held
With Fund

Dividend Growth

Thomas J. Huber

Peter J. Bates

Jon M. Friar

James H. Friedland

David M. Lee

Robert T. Quinn, Jr.

Jeffrey Rottinghaus

David L. Rowlett

Gabriel Solomon

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

Equity Income

Brian C. Rogers

Andrew M. Brooks

Ryan Burgess

Mark S. Finn

Jon M. Friar

David R. Giroux

Thomas J. Huber

Nina P. Jones

John D. Linehan

Heather K. McPherson

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

Financial Services

Gabriel Solomon

Stephen M. Finamore

Christopher T. Fortune

Jon M. Friar

David R. Giroux

Nina P. Jones

Yoichiro Kai

Gregory Locraft

Andrew McCormick

Ian C. McDonald