485APOS 1 c485apos.htm

Registration Nos. 033-05646/811-4519

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/

Post-Effective Amendment No. 57 /X/

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

Amendment No. 58 /X/

T. Rowe Price Capital Appreciation Fund, Inc.

Exact Name of Registrant as Specified in Charter

100 East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices

410-345-2000
Registrant’s Telephone Number, Including Area Code

David Oestreicher

100 East Pratt Street, Baltimore, Maryland 21202
Name and Address of Agent for Service

Approximate Date of Proposed Public Offering November 28, 2023

It is proposed that this filing will become effective (check appropriate box):

// Immediately upon filing pursuant to paragraph (b)

// On (date) pursuant to paragraph (b)

// 60 days after filing pursuant to paragraph (a)(1)

// On (date) pursuant to paragraph (a)(1)

/X/ 75 days after filing pursuant to paragraph (a)(2)

// On (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SUBJECT TO COMPLETION

Information contained herein is subject to completion or amendment. A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The Registration Statement of the T. Rowe Price Capital Appreciation Fund, Inc. (the “Registrant”) on Form N-1A (File Nos.: 033−05646/811−4519) is hereby amended under the Securities Act of 1933 to add a new series and two new classes.



PROSPECTUS October 1, 2023
		T. ROWE PRICE
		Capital Appreciation and Income Fund
TBD TBD		Investor Class I Class
Subject to Completion The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state in which the offer or sale is not permitted.
	The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Table of Contents


1	SUMMARY
	Capital Appreciation and Income Fund 1
2	MORE ABOUT THE FUND
	Management of the Fund 8 More Information About the Fund’s Investment Objective(s), Strategies, and Risks 10 Portfolio Turnover 18 Disclosure of Fund Portfolio Information 18
3	INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS
	Investing with T. Rowe Price 19 Available Share Classes 19 Distribution and Shareholder Servicing Fees 21 Account Service Fee 23 Policies for Opening an Account 24 Pricing of Shares and Transactions 26 Investing Directly with T. Rowe Price 27 Investing Through a Financial Intermediary 34 General Policies Relating to Transactions 36 Contacting T. Rowe Price 43 Information on Distributions and Taxes 45 Rights Reserved by the Funds 53


SUMMARY		1
		1

Investment Objective(s)

The fund seeks total return through a combination of income and capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.


Fees and Expenses of the Fund
	Investor Class		I Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee	$20	^a	—
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.45	%	0.45	%

Distribution and service (12b-1) fees	—		—

Other expenses	1.25	^b	1.23	^b,d

Total annual fund operating expenses	1.70		1.68

Fee waiver/expense reimbursement	(1.05	)^c	(1.18	)^d

Total annual fund operating expenses after fee waiver/expense reimbursement	0.65	^c	0.50	^d

^a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

b Other expenses are estimated for the current fiscal year.

c T. Rowe Price has contractually agreed (through April 30, 2025) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.65%. The agreement may only be terminated at any time after April 30, 2025, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price by the class whenever the class’ expense ratio is below 0.65%. However, the class will not reimburse T. Rowe Price more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid).


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d T. Rowe Price has contractually agreed (through April 30, 2025) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2025, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid).

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years
Investor Class	$66	$361
I Class	51	333

Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. Because the fund commenced operations on or following the date of this prospectus, there is no portfolio turnover information provided for the fund.

Investments, Risks, and Performance

Principal Investment Strategies

The fund normally invests 50-70% of its net assets in fixed income and other debt instruments, including corporate and government bonds, mortgage- and asset-backed securities, convertible bonds, and bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders). The fund normally invests 30-50% of its net assets in common and preferred stocks.

We work as hard to reduce risk as to maximize gains and may seek to realize gains rather than lose them in market declines. In addition, we search for attractive risk/reward values among all types of securities. The portion of the fund invested in a type of particular security, such as stocks or bonds, results largely from a case-by-case analysis of each instrument and will vary based on market conditions. When selecting stocks, the adviser generally focuses on finding companies whose stocks are expected to provide an attractive return relative to the company’s


SUMMARY	3

associated risk. There are no limits on the market capitalization of the issuers of the stocks in which the fund invests.

The fund follows a similar security selection process with respect to fixed income and other debt instruments. When deciding whether to adjust duration, credit risk exposure, or allocations among the various asset classes, the adviser generally focuses on finding holdings with the best risk-adjusted return potential while emphasizing income generation. For example, the adviser may examine characteristics and relative prospects among government and agency obligations; bank loans; and corporate bonds, including those rated noninvestment grade (BB and lower, or an equivalent rating), commonly known as high yield “junk” bonds. The fund may purchase fixed income instruments of any maturity and there are no overall maturity or duration restrictions for the fixed income portion of the portfolio. In addition, there are no limits on the fund’s investments in debt instruments that are rated noninvestment grade, including distressed and defaulted securities.

High yield bond issuers often include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. The fund will primarily acquire floating rate loans as an assignment from another lender who holds a floating rate loan.

Principal Risks

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.

Stock investing: Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of stocks held by the fund may decline due to general weakness or volatility in the stock


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markets in which the fund invests or because of factors that affect a particular company or industry.

Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.

Junk investing: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. Issuers of junk bonds and loans are usually not as strong financially and are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative.

Interest rates: The prices of, and the income generated by, debt instruments held by the fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds: with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of the securities in which the fund invests.

Bank loans: Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank


SUMMARY	5

loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.

LIBOR transition: Many financial instruments use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. LIBOR ceased to be published after June 30, 2023. The Federal Reserve Board has adopted regulations identifying benchmark rates based on the Secured Overnight Financing Rate (SOFR) that replaced LIBOR in different categories of financial contracts beginning July 1, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

Convertible securities: Convertible securities are subject to risks associated with both equity and fixed income securities, including market risk, credit risk, and interest rate risk. In addition, convertible securities may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund.

Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds: with similar objectives and investment strategies.

Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

Performance

Because the fund commenced operations in 2023, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year.

Current performance information will be available through troweprice.com.

Management

Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)


T. ROWE PRICE	6

Investment Subadviser T. Rowe Price Investment Management, Inc. (Price Investment Management)


Portfolio Manager	Title	Managed Fund Since	Joined Investment Adviser
David R. Giroux	Cochair of Investment Advisory Committee	2023	1998
Farris G. Shuggi	Cochair of Investment Advisory Committee	2023	2008

Purchase and Sale of Fund Shares

Subject to certain exceptions, the fund is currently closed to new investors and new accounts. Investors who currently hold shares of the fund may continue to purchase additional shares.

The Investor Class generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers.

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, qualifying directly held accounts, and certain other types of accounts.

For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through troweprice.com.

If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.

Tax Information

The fund declares dividends monthly and typically pays them in the middle of each month. Any capital gains are declared and paid annually, usually in December. Distributions declared by the fund, as well as redemptions or exchanges of fund shares, may be taxable.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by


SUMMARY	7

influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.


MORE ABOUT THE FUND		2
		2

MANAGEMENT OF THE FUND

Investment Adviser(s)

T. Rowe Price is the fund’s investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price is the investment adviser for all funds sponsored and managed by T. Rowe Price (T. Rowe Price Funds); is an SEC-registered investment adviser that provides investment management services to individual and institutional investors and sponsors; and serves as adviser and subadviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of March 31, 2023, T. Rowe Price and its affiliates (Firm) had approximately $1.34 trillion in assets under management and provided investment management services for more than 5.9 million individual and institutional investor accounts.

T. Rowe Price entered into a subadvisory agreement with Price Investment Management under which Price Investment Management is authorized to trade securities and make discretionary investment and voting decisions with respect to all or a portion of the fund’s portfolio. Price Investment Management is an SEC-registered investment adviser that provides investment management services to individual and institutional investors and sponsors; and serves as adviser and subadviser to registered investment companies, institutional separate accounts, and common trust funds. Price Investment Management is a subsidiary of T. Rowe Price and its address is 100 East Pratt Street, Baltimore, Maryland 21202.

Portfolio Management

T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee cochairs are ultimately responsible for the day-to-day management of the fund’s portfolio and work with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: David R. Giroux and Farris G. Shuggi, cochairs, ___________________________. The following information provides the year that the cochairs first joined the Firm and the chair’s specific business experience during the past five years (although the cochairs may have had portfolio management responsibilities for a longer period). Mr. Giroux and Mr. Shuggi have been cochairs of the committee since the fund’s inception. Mr. Giroux joined the Firm in 1998, and his investment experience dates from that time. He has served as a portfolio manager with the Firm throughout the past five years. Mr. Shuggi joined the Firm in 2008, and his investment experience dates from that time. During the past five years, he has served as the Head of Quantitative Equity of Price Investment Management and, prior to that, as a quantitative equity analyst. The Statement of Additional Information (SAI) provides additional information


MORE ABOUT THE FUND	9

about the portfolio managers’ compensation, other accounts managed by the portfolio manager, and the portfolio managers’ ownership of the fund’s shares.

The Management Fee

The management fee consists of two components—an “individual fund fee,” which reflects the fund’s particular characteristics, and a “group fee.” The group fee, which is designed to reflect the benefits of the shared resources of the Firm, is calculated daily based on the combined net assets of all T. Rowe Price Funds (except the funds-of-funds, TRP Reserve Funds, Multi-Sector Account Portfolios, and any index or private-label mutual funds). The group fee schedule (in the following table) is graduated, declining as the combined assets of the T. Rowe Price Funds rise, so shareholders benefit from the overall growth in mutual fund assets.

Group Fee Schedule


0.334%*	First $50 billion
0.305%	Next $30 billion
0.300%	Next $40 billion
0.295%	Next $40 billion
0.290%	Next $60 billion
0.285%	Next $80 billion
0.280%	Next $100 billion
0.275%	Next $100 billion
0.270%	Next $150 billion
0.265%	Next $195 billion
0.260%	Thereafter

* Represents a blended group fee rate containing various breakpoints.

The fund’s group fee is determined by applying the group fee rate to the fund’s average daily net assets. For the fiscal year ended December 31, 2022, the group fee rate was 0.29%. The fund’s individual fund fee rate, also applied to the fund’s average daily net assets, is 0.16%.

The management fee is charged to the fund and each share class of the fund bears its proportionate share of the management fee. An expense limitation agreement that limits the operating expenses or total expense ratio of a particular share class does not result in a reduced or waived management fee.

A discussion about the factors considered by the fund’s Board of Directors (Board) and its conclusions in approving the fund’s investment management agreement (and any subadvisory agreement, if applicable) appear in the fund’s semiannual shareholder report for the period ended June 30.


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MORE INFORMATION ABOUT THE FUND’S INVESTMENT OBJECTIVE(S), STRATEGIES, AND RISKS

Investment Objective(s)

The fund seeks total return through a combination of income and capital appreciation.

The fund’s investment objective is considered non-fundamental, which means it may be changed without shareholder approval.

Principal Investment Strategies

The portion of the fund invested in a type of particular security, such as stocks or bonds, results largely from a case-by-case analysis of each instrument and will vary based on market conditions. When selecting stocks, the adviser generally focuses on finding companies whose stocks are expected to provide an attractive return relative to the company’s associated risk. There are no limits on the market capitalization of the issuers of the stocks in which the fund invests.

The fund’s attempt to cushion the effects of market declines on the share price could reduce the fund’s overall risk (volatility) relative to that of the broad stock market. In addition, the fund’s ability to seek appreciation opportunities outside the stock market may also aid performance when stocks are declining. The fund’s investment in common stocks could allow it to participate in favorable stock market trends.


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While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The loans held by the fund may be senior or subordinate obligations of the borrower, and may or may not be secured by collateral. The fund will primarily acquire bank loans as an assignment from another lender who holds a floating rate loan, but the fund has flexibility to also acquire bank loans directly from a lender or through the agent, or as a participation interest in another lender’s floating rate loan or portion thereof.

The addition of high yield bonds and bank loans, provides the opportunity for capital appreciation and higher income and the ability to better adapt to changing market conditions when compared to funds with less flexible investment programs. The fund’s investments in high yield securities may include securities that are unrated but deemed to be below investment grade by T. Rowe Price. In addition, bank loans with floating interest rates and certain other holdings could help to moderate the fund’s price decline when interest rates rise because they may be less sensitive to interest rate movements. As with all funds, the fund’s share price can fall because of weakness in the broad stock or bond markets, a particular industry, or specific holdings.

The Firm integrates environmental, social, and governance (ESG) factors into its investment research process when applicable. While ESG matters vary widely, we generally consider ESG to mean: Environmental or “E” matters, such as climate change, resource depletion, waste, pollution, or deforestation; Social or “S” matters, such as companies’ relationships with their employees and suppliers, including labor standards, diversity, and human rights issues; and Governance or “G” matters, such as shareholder rights, bribery and corruption, executive pay, and board composition. We focus on the ESG factors we consider most likely to have a material impact on the performance of the holdings in the fund’s portfolio.

The fund may sell securities for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

The fund invests in the following types of securities or assets:

Common and Preferred Stocks

Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a company’s stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most


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preferred stocks pay a dividend, the fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.

Debt Instruments

The fund may invest in bonds and other debt instruments of any type, including municipal securities, without restrictions on quality or rating. Investments in a company also may be made through a privately negotiated note or loan, including loan participations and assignments. These investments will be made in companies, municipalities, or entities that meet the fund’s investment criteria. Such investments may have a fixed, variable, or floating interest rate. The price of a bond or fixed rate debt instrument usually fluctuates with changes in interest rates, generally rising when interest rates fall and falling when interest rates rise. Investments involving below investment-grade issuers or borrowers can be more volatile and have greater risk of default than investment-grade bonds. Certain of these investments may be illiquid and holding a loan could expose the fund to the risks of being a direct lender.

Bank Loans

The fund may make investments in bank loans through the purchase or execution of a privately negotiated loan or note representing the equivalent of a loan, as well as through loan assignments and participations. Large loans to corporations or governments, including governments of less developed countries, may be shared or syndicated among several lenders, usually banks. The fund could participate in such syndicates or could buy part of a loan, becoming a direct lender. These loans may often be obligations of companies or governments in financial distress or in default. These investments involve special types of risk, including those of being a lender, reduced liquidity, increased credit risk, and volatility.

Bank loans may be acquired directly through an agent acting on behalf of the lenders participating in the loan, as an assignment from another lender who holds a direct interest in the loan, or as a participation interest in another lender’s portion of the loan. An assignment typically results in the purchaser succeeding to all rights and obligations under the loan agreement between the assigning lender and the borrower. However, assignments may be arranged through private negotiations, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.

A participation interest is a fractional interest in a loan, issued by a lender or other financial institution. To the extent the fund invests in loans through participation interests, it will be more difficult for it to enforce its rights against the borrower because it will have established a direct contractual relationship with the seller of the participation interest but not with the borrower. When the fund invests in a loan by participation, it must rely on another party not only for the enforcement of its rights against the borrower, but also for the receipt and processing of payments due under the loan. Investing in a participation interest limits the fund’s ability to file a claim directly as a creditor in the event of the borrower’s bankruptcy.


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Principal Risks

The principal risks associated with the fund’s principal investment strategies, which may be even greater in bad or uncertain market conditions, include the following:

Fixed income markets: The market price of investments owned by the fund may go up or down, sometimes rapidly or unpredictably. The fund’s investments may decline in value due to factors affecting the overall fixed income markets or particular industries or sectors. The value of a holding may decline due to developments related to a particular issuer, but also due to general fixed income market conditions, including real or perceived adverse economic developments, such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry, such as labor shortages, increased production costs, or competitive conditions. The fund may experience heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value.

Stock investing: The fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stock markets as a whole can be volatile and decline for many reasons, such as adverse local, regional, or global political, regulatory, or economic developments; changes in investor psychology; or heavy selling at the same time by major institutional investors in the market. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the adviser’s assessment of companies whose stocks are held by the fund may prove incorrect, resulting in losses or poor performance, even in rising markets. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer’s bonds and preferred stock take precedence over the claims of those who own common stock.

Market conditions: The value of investments held by the fund may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the fund to liquidate its holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments, such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions. In addition, local, regional, or global events such as war, military conflict, acts of terrorism, political and social unrest, regulatory changes, recessions, shifts in monetary or trade policies, natural or environmental disasters, and the spread of infectious diseases or other public health issues could have a significant negative impact on securities markets and the fund’s investments. Any of these events may lead to unexpected suspensions or closures of securities exchanges; travel restrictions or quarantines; business disruptions and closures; inability to obtain raw materials, supplies, and component parts; reduced or disrupted operations for the fund’s service providers or issuers in which the fund invests; and an


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extended adverse impact on global market conditions. Government intervention (including sanctions) in markets may impact interest rates, market volatility, and security pricing. The occurrence of any of these events could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets of specific countries or worldwide.

Credit quality: An issuer of a debt instrument held by the fund could default (fail to make scheduled interest or principal payments), potentially reducing the fund’s income and share price. Credit risk is increased when portfolio holdings are downgraded or the perceived financial condition of an issuer deteriorates. Holdings with an investment-grade rating (AAA through BBB, or an equivalent rating) should have a relatively low risk of encountering financial problems and a relatively high probability of future payments. However, holdings rated BBB (or an equivalent rating) are more susceptible to adverse economic conditions than other investment-grade holdings and may have speculative characteristics. Holdings rated below investment grade should be regarded as speculative because their issuers may be more susceptible to financial setbacks and recession than more creditworthy issuers (commonly referred to as “junk”).

Junk investing: Junk investing subjects the fund to heightened credit risk. Issuers of junk bonds and loans are not as strong financially as those with higher credit ratings, so the issuers and lenders are more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. As a result, below investment-grade investments carry greater risks of default and erratic price swings due to real or perceived changes in the credit quality of the issuer or lender.

Because the credit quality of the issuer is lower, such investments are more sensitive to developments affecting the issuer’s or lender’s underlying fundamentals, such as changes in financial condition or a particular country’s general economy. In addition, the entire below investment-grade bond and loan markets can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by institutional investors, a high-profile default, or a change in the market’s psychology. This type of volatility is usually associated more with stocks than bonds, but investors in lower-quality bonds and loans should also anticipate it. Since funds can be a major source of demand in certain junk bond and loan markets, substantial cash flows into and out of these funds can affect prices. If, for example, a significant number of funds were to sell bonds or loans to meet shareholder redemptions, bond and loan prices and funds’ share prices could fall more than underlying fundamentals might justify.

Any investments in distressed or defaulted instruments subject the fund to even greater credit risk than investments in other below investment-grade investments. Investments in obligations of restructured, distressed, and bankrupt issuers, including debt obligations that are already in default, generally trade significantly below par and may lack liquidity. Defaulted securities might be repaid only after lengthy bankruptcy proceedings, during which the issuer might not make any interest or other payments, and such proceedings may result in only partial recovery of principal or no recovery at all. Recovery could involve an exchange of the defaulted


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obligation for other debt instruments or equity securities of the issuer or its affiliates, each of which may in turn lack liquidity or be speculative and be valued by the fund at significantly less than its original purchase price. In addition, investments in distressed issuers may subject the fund to liability as a lender.

Interest rates: The prices of bonds and other fixed income securities typically increase as interest rates fall, and prices typically decrease as interest rates rise (bond prices and interest rates usually move in opposite directions). Prices fall because the bonds and notes in the fund’s portfolio become less attractive to other investors when securities with higher yields become available. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities (i.e., an average of the maturities of the underlying debt instruments, “weighted” by the percentage of the fund’s assets it represents) and durations (i.e., the measure of the price sensitivity of a fund to changes in interest rates) carry greater interest rate risk. As a result, in a rising interest rate environment, the net asset value of a fund with a longer weighted average maturity or duration typically decreases at a faster rate than the net asset value of a fund with a shorter weighted average maturity or duration. In addition, recent and potential future changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. The discontinuation and replacement of a benchmark rate such as the London Interbank Offered Rate (LIBOR) (an indicative measure of the average interest rate at which major global banks could borrow from one another) may have a significant impact on the financial markets and may adversely impact the fund’s performance. Given the current elevated inflation environment, risks associated with rising interest rates are currently heightened. As a result, rapid changes in interest rates may increase the fund’s overall exposure to interest rate risk.

Bank loans: Bank loans often have contractual restrictions on resale. These restrictions can delay or impede the fund’s ability to sell loans and may adversely affect the price that can be obtained. Loans and unlisted securities are typically less liquid than securities traded on national exchanges. The secondary market for loans may be subject to irregular trading activity and extended settlement periods, and the liquidity of bank loans can vary significantly over time. For example, if the credit quality of a bank loan unexpectedly declines significantly, secondary market trading in that floating rate loan can also decline. During periods of infrequent trading, valuing a bank loan can be more difficult and buying or selling a loan at an acceptable price may not be possible or may be delayed.

The terms of the bank loans held by the fund may require that the borrowing company maintain collateral to support payment of its obligations. However, the value of the collateral securing a bank loan can decline or be insufficient to meet the obligations of the company. In addition, collateral securing a loan may be found invalid, may be used to pay other outstanding obligations of the borrower, or may be difficult to liquidate. The fund’s access to the collateral may be limited by bankruptcy, other insolvency laws, or by the type of loan the fund has purchased. For example, if the fund purchases a participation interest instead of an assignment, it would not have direct access to collateral of the borrower. As a result, a bank loan may not be fully collateralized and can decline significantly in value.


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LIBOR transition: Many financial instruments use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. While publication for most LIBOR currencies and lesser-used USD LIBOR settings ceased immediately after December 31, 2021, remaining USD LIBOR settings ceased on June 30, 2023. The Federal Reserve Board adopted regulations identifying benchmark rates based on the Secured Overnight Financing Rate (SOFR) that replaced LIBOR in different categories of financial contracts beginning July 1, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments.

Convertible securities: Investments in convertible securities subject the fund to risks associated with both equity and fixed income securities, depending on the price of the underlying security and the conversion price. A convertible security may be called back by the issuer prior to maturity, which could require conversion at a price that is disadvantageous to the fund. In addition, convertible securities are typically issued by smaller-capitalized companies whose stock prices are more volatile than companies that have access to more conventional means of raising capital.

Active management: The investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. The fund could underperform other funds with a similar benchmark or similar investment program if the fund’s investment selections or overall strategies fail to produce the intended results. Regulatory, tax, or other developments may affect the investment strategies available to a portfolio manager, which could adversely affect the ability to implement the fund’s overall investment program and achieve the fund’s investment objective(s).

Cybersecurity breaches: The fund may be subject to operational and information security risks resulting from breaches in cybersecurity. Cybersecurity breaches may involve deliberate attacks and unauthorized access to the digital information systems (for example, through “hacking” or malicious software coding) used by the fund, its investment adviser and subadviser(s) (as applicable), or its third-party service providers but may also result from outside attacks such as denial-of-service attacks, which are efforts to make network services unavailable to intended users. These breaches may, among other things, result in financial losses to the fund and its shareholders, cause the fund to lose proprietary information, disrupt business operations, or result in the unauthorized release of confidential information. Further, cybersecurity breaches involving the fund’s third-party service providers, financial intermediaries, trading counterparties, or issuers in which the fund invests could subject the fund to many of the same risks associated with direct breaches.

Additional Investment Management Practices

The SAI contains more detailed information about the fund and its investments, operations, and expenses. The fund’s investments may be subject to further restrictions and risks described in the SAI.


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Temporary Defensive Position

The fund may assume a temporary defensive position to respond to adverse market, economic, political, or other conditions, such as to provide flexibility in meeting redemptions, pay expenses, or manage cash flows. The temporary defensive position may be inconsistent with the fund’s principal investment objective(s) and/or strategies, which may impact the fund’s returns or its ability to achieve its investment objective(s). For temporary defensive purposes, the fund may invest without limit in cash or other liquid instruments.

Reserve Position

A certain portion of the fund’s assets may be held in reserves. The fund’s reserve positions will typically consist of: (1) shares of a T. Rowe Price internal money market fund or short-term bond fund (which do not charge any management fees and are not available for public purchase); (2) short-term, high-quality U.S. and non-U.S. dollar-denominated money market securities, including repurchase agreements; and (3) U.S. dollar or non-U.S. dollar currencies. If the fund has significant holdings in reserves, it could compromise its ability to achieve its objective(s). Non-U.S. dollar reserves are subject to currency risk.

Borrowing Money and Transferring Assets

The fund may borrow from banks, other persons, and other T. Rowe Price Funds for temporary or emergency purposes, to facilitate redemption requests, or for other purposes consistent with the fund’s policies as set forth in this prospectus and the SAI. Such borrowings may be collateralized with the fund’s assets, subject to certain restrictions.

Borrowings may not exceed 33⅓% of the fund’s total assets. This limitation includes any borrowings for temporary or emergency purposes, applies at the time of the transaction, and continues to the extent required by the Investment Company Act of 1940.

Meeting Redemption Requests

We expect that the fund will hold cash or cash equivalents to meet redemption requests. The fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the fund. These redemption methods will be used regularly and may also be used in deteriorating or stressed market conditions. The fund reserves the right to pay redemption proceeds with securities from the fund’s portfolio rather than in cash (redemptions in-kind), as described under “Large Redemptions.” Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of the fund’s net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. In general, any redemptions in-kind will represent a pro-rata distribution of the fund’s securities, subject to certain limited exceptions. Redemptions in-kind may be used regularly in circumstances as described above (generally if the shareholder is able to accept securities in-kind) and may also be used in stressed market conditions.

The fund, along with other T. Rowe Price Funds, is a party to an interfund lending exemptive order received from the SEC that permits the T. Rowe Price Funds to borrow money from and/or lend money to other T. Rowe Price Funds to help the funds meet short-term redemptions and liquidity needs.


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During periods of deteriorating or stressed market conditions, when an increased portion of the fund’s portfolio may be composed of holdings with reduced liquidity or lengthy settlement periods, or during extraordinary or emergency circumstances, the fund may be more likely to pay redemption proceeds with cash obtained through interfund lending or short-term borrowing arrangements (if available) or by redeeming a large redemption request in-kind.

Lending of Portfolio Securities

The fund may lend its portfolio securities to broker-dealers, other institutions, or other persons to earn additional income. Risks include the potential insolvency of the broker-dealer or other borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the reinvestment of collateral received on loaned securities in investments that decline in value, default, or do not perform as well as expected. Cash collateral from securities lending is invested in a T. Rowe Price short-term bond or money market fund.

PORTFOLIO TURNOVER

Turnover is an indication of frequency of trading. Each time the fund purchases or sells a security, it incurs a cost. This cost is reflected in the fund’s net asset value but not in its operating expenses. The higher the turnover rate, the higher the transaction costs and the greater the impact on the fund’s total return. Higher turnover can also increase the possibility of taxable capital gain distributions. A portfolio turnover rate is not shown since the fund had not commenced operations during its most recent fiscal year.

DISCLOSURE OF FUND PORTFOLIO INFORMATION

Most T. Rowe Price Funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. At the discretion of the investment adviser, these holdings reports may exclude the issuer name and other information relating to a holding in order to protect the fund’s interests and to prevent harm to the fund or its shareholders. In addition, most T. Rowe Price Funds disclose their 10 largest holdings, along with the percentage of the relevant fund’s total assets that each of the 10 holdings represents, on troweprice.com on the seventh business day after each month-end. These holdings are listed in numerical order based on such percentages of the fund’s assets. A description of T. Rowe Price’s policies and procedures with respect to the disclosure of portfolio information is available in the SAI.


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INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS

The following policies and procedures generally apply to Investor Class, I Class, Advisor Class, R Class, and Z Class accounts in the T. Rowe Price Funds. The front cover and Section 1 of this prospectus indicate which share classes are available for the fund.

INVESTING WITH T. ROWE PRICE

This section of the prospectus explains the basics of investing with T. Rowe Price and describes some of the different share classes that may be available. Certain share classes can be held directly with T. Rowe Price, while other share classes must typically be held through a financial intermediary, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and investment advisers.

AVAILABLE SHARE CLASSES

Each class of a fund’s shares represents an interest in the same fund with the same investment program and investment policies. However, each class is designed for a different type of investor and has a different cost structure primarily due to shareholder services or distribution arrangements that may apply only to that class. For example, certain classes may make payments to financial intermediaries for various administrative services they provide (commonly referred to as administrative fee payments (AFP)) and/or make payments to certain financial intermediaries for distribution of the fund’s shares (commonly referred to as 12b-1 fee payments). Determining the most appropriate share class depends on many factors, including how much you plan to invest, whether you are investing directly in the fund or through a financial intermediary, and whether you are investing on behalf of a person or an organization.

This section generally describes the differences between Investor Class, I Class, Advisor Class, R Class, and Z Class shares. This section does not describe the policies that apply to accounts in T. Rowe Price Institutional Funds and certain other types of funds. Policies for these other funds are described in their respective prospectuses, and all available share classes for the T. Rowe Price Funds are described more fully in the funds’ SAI. While many T. Rowe Price Funds are offered in more than one share class, not all funds offer all of the share classes described in this section.

Investor Class

A T. Rowe Price Fund that does not include the term “institutional” or indicate a specific share class as part of its name is considered to be the Investor Class of that fund. The Investor Class is available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly from T. Rowe Price or through a retirement plan or


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financial intermediary. The Investor Class does not impose sales charges and does not make any 12b-1 fee payments to financial intermediaries but may make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. In addition, you may also incur brokerage commissions and other charges when buying or selling Investor Class shares through a financial intermediary. For investors holding the Investor Class through the T. Rowe Price^® ActivePlus Portfolios program, the terms and conditions of the program will be applicable.

I Class

The I Class may be purchased directly from T. Rowe Price or through a financial intermediary. The I Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries. However, you may incur brokerage commissions and other charges when buying or selling I Class shares through a financial intermediary.

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other types of accounts.

Certain qualifying accounts are eligible to invest in the I Class at a lower investment minimum through programs available to investors holding their accounts directly with T. Rowe Price, including, but not limited to, programs for which T. Rowe Price or its affiliate has discretionary authority. For investors eligible for the I Class through such programs, the terms and conditions, including applicable minimums, of the respective program will apply. Certain accounts, including most T. Rowe Price Brokerage sweep accounts and small business retirement plans with more than one participant that are held directly with T. Rowe Price, are not eligible to invest in the I Class, regardless of account balance.

Advisor Class

The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and advisers. The Advisor Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.25% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. You may also incur other fees or charges when buying or selling Advisor Class shares through a financial intermediary.

The Advisor Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of Advisor Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the Advisor Class (including any accounts that are no longer serviced by a financial intermediary or for


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which the financial intermediary does not accept or assess 12b-1 fee payments) may be converted to the Investor Class following notice to the financial intermediary or investor.

R Class

The R Class is designed to be sold through financial intermediaries for employer-sponsored defined contribution retirement plans and certain other retirement accounts. The R Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The R Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.50% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. You may also incur other fees or charges when buying or selling R Class shares through a financial intermediary.

The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of R Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the R Class (including any accounts that are no longer serviced by a financial intermediary or for which the financial intermediary does not accept or assess 12b-1 fee payments) may be converted to the Investor Class or Advisor Class following notice to the financial intermediary or investor.

Z Class

The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for additional purchases. The Z Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES

Administrative Fee Payments (Investor Class, Advisor Class, and R Class)

Certain financial intermediaries perform recordkeeping and administrative services for their clients that would otherwise be performed by the funds’ transfer agent. Investor Class, Advisor Class, and R Class shares may make administrative fee payments to retirement plan recordkeepers, broker-dealers, and other financial intermediaries (at an annual rate of up to 0.15% of the class’ average daily net assets) for transfer agency, recordkeeping, and other administrative services that they provide on behalf of the funds. These administrative services may include maintaining account records for each customer; transmitting purchase and redemption orders; delivering shareholder confirmations, statements, and tax forms; and providing support to respond to customers’ questions regarding their accounts. Except for funds that have an all-inclusive management fee, these separate administrative fee payments


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are reflected in the “Other expenses” line that appears in the table titled “Fees and Expenses of the Fund” in Section 1 of this prospectus.

12b-1 Fee Payments (Advisor Class and R Class)

Mutual funds are permitted to adopt a 12b-1 plan to pay certain expenses associated with the distribution of the fund’s shares out of the fund’s assets. Each fund offering Advisor Class and/or R Class shares has adopted a 12b-1 plan under which those classes may make payments (for the Advisor Class, at an annual rate of up to 0.25% of the class’ average daily net assets and, for the R Class, at an annual rate of up to 0.50% of the class’ average daily net assets) to various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and investment advisers, for distribution and/or shareholder servicing of the Advisor Class and R Class shares. The 12b-1 plans provide for the class to pay such fees to the fund’s distributor and for the distributor to then pay such fees to the financial intermediaries that provide services for the class and/or make the class available to investors.

For the Advisor Class, distribution payments may include payments to financial intermediaries for making the Advisor Class shares available to their customers (for example, providing the fund with “shelf space” or inclusion on a “preferred list” or “supermarket” platform). For the R Class, distribution payments may include payments to financial intermediaries for making the R Class shares available as investment options to retirement plans and retirement plan participants, assisting plan sponsors in conducting searches for investment options, and providing ongoing monitoring of investment options.

Shareholder servicing payments under the plans may include payments to financial intermediaries for providing shareholder support services to existing shareholders of the Advisor Class and R Class. These payments may be more or less than the costs incurred by the financial intermediaries. Because the fees are paid from the Advisor Class or R Class net assets on an ongoing basis, they will increase the cost of your investment over time. In addition, payments of 12b-1 fees may influence your financial adviser’s recommendation of the fund or of any particular share class of the fund. Payments of 12b-1 fees are reflected in the “Distribution and service (12b-1) fees” line that appears in the table titled “Fees and Expenses of the Fund” in Section 1 of this prospectus.

Additional Compensation to Financial Intermediaries

In addition to the administrative fee payments made by the Investor Class, Advisor Class, and R Class and the 12b-1 payments made by the Advisor Class and R Class, T. Rowe Price or the fund’s distributor will, at their own expense, provide compensation to certain financial intermediaries that have sold shares of or provide shareholder or other services to the T. Rowe Price Funds, commonly referred to as revenue sharing. These payments may be in the form of asset-based, transaction-based, or flat payments. These payments are used to compensate third parties for distribution and shareholder servicing activities, including subaccounting, sub-transfer agency, or other services. Some of these payments may include expense reimbursements and meeting and marketing support payments (out of T. Rowe Price’s or the fund’s distributor’s own resources and not as an expense of the funds) to financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan


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recordkeepers, and investment advisers, in connection with the sale, distribution, marketing, and/or servicing of the T. Rowe Price Funds. The SAI provides more information about these payment arrangements.

The receipt of, or the prospect of receiving, these payments and expense reimbursements from T. Rowe Price or the fund’s distributor may influence financial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment options for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation). In addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of the T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or providing preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments are not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor pays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor. You may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or the fund’s distributor.

Comparison of Distribution and Shareholder Servicing Fees

The following table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class based on its average daily net assets.


Class	12b-1 Fee Payments	Administrative Fee Payments
Investor Class	None	Up to 0.15% per year
I Class	None	None
Advisor Class	Up to 0.25% per year	Up to 0.15% per year
R Class	Up to 0.50% per year	Up to 0.15% per year
Z Class	None	None

ACCOUNT SERVICE FEE

Investor Class

In an effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds’ transfer agent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may result in a taxable gain or loss to you.


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The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price^® ActivePlus Portfolios program, or Retirement Advisory Service™, or money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically waived for accounts that satisfy any of the following conditions as of the last business day in August:

· Any accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction confirmations, prospectuses, and shareholder reports (paper copies of fund documents are available, free of charge, upon request, to any shareholder regardless of whether the shareholder has elected electronic delivery);

· Any accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets include investments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a retirement plan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or

· Certain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).

T. Rowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price IRA, Education Savings Account, or small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares from such accounts.

POLICIES FOR OPENING AN ACCOUNT

Investor Class and I Class shares may be purchased directly from T. Rowe Price or through various financial intermediaries. Advisor Class and R Class shares must be purchased through a financial intermediary (except for certain retirement plans held directly with T. Rowe Price). If you are opening an account through an employer-sponsored retirement plan or other financial intermediary, you should contact the retirement plan or financial intermediary for information regarding its policies on opening an account, including the policies relating to purchasing, exchanging, and redeeming shares, and the applicable initial and subsequent investment minimums.

Tax Identification Number

Investors must provide T. Rowe Price with a valid Social Security number or taxpayer identification number on a signed new account form or Form W-9, and financial intermediaries must provide T. Rowe Price with their certified taxpayer identification number. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject you or the financial intermediary to an


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Internal Revenue Service fine. If this information is not received within 60 days of the account being established, the account may be redeemed at the fund’s then-current net asset value.

Important Information Required to Open a New Account

Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account.

When you open an account, you will be asked for the name, U.S. street address (post office boxes are not acceptable), date of birth, and Social Security number or taxpayer identification number for each account owner and person(s) opening an account on behalf of others, such as custodians, agents, trustees, or other authorized signers. When opening an entity account, you will be asked to identify and provide personal information for: (i) any individual who, either directly or indirectly, owns 25% or more of the equity interest of the entity and (ii) a single individual who controls, manages, or directs the entity. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an account. Certain other fiduciary accounts (such as trusts or power of attorney arrangements) require documentation, which may include an original or certified copy of the trust agreement or power of attorney, to open an account.

T. Rowe Price will use this information to verify the identity of the person(s)/entity opening the account. An account cannot be opened until all of this information is received. If the identity of the account holder cannot be verified, T. Rowe Price is authorized to take any action permitted by law, including, but not limited to, restricting additional purchases, freezing the account, or closing the account and redeeming the shares in the account at the net asset value next calculated after the redemption is processed.

Institutional investors and financial intermediaries should call Client Account Management at 1-800-638-8790 for more information on these requirements, as well as to be assigned an account number and receive instructions for opening an account. Other investors should call Investor Services at 1-800-638-5660 for more information about these requirements.

The funds are generally available only to investors residing in the United States. In addition, nongovernment money market funds that operate as “retail money market funds” pursuant to Rule 2a-7 under the Investment Company Act of 1940 are required to limit their beneficial owners to natural persons. An investor in a retail money market fund is required to demonstrate eligibility (for example, by providing a valid Social Security number) before an account can be opened.


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PRICING OF SHARES AND TRANSACTIONS

How and When Shares are Priced

The trade date for your transaction request depends on the day and time that T. Rowe Price receives your request and will normally be executed using the next share price calculated after your order is received in correct form by T. Rowe Price or its agent (or by your financial intermediary if it has the authority to accept transaction orders on behalf of the fund). The share price, also called the net asset value, for each share class of a fund is calculated as of the close of trading on the New York Stock Exchange (NYSE), which is normally 4 p.m. ET, on each day that the NYSE is open for business. Net asset values are not calculated for the funds on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would typically be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the funds reserve the right to treat such day as a business day and accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.

To calculate the net asset value, the fund’s assets are valued and totaled; liabilities are subtracted; and each class’ proportionate share of the balance, called net assets, is divided by the number of shares outstanding of that class. Market values are used to price portfolio holdings for which market quotations are readily available. Market values generally reflect the prices at which securities actually trade or represent prices that have been adjusted based on evaluations and information provided by the fund’s pricing services. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by T. Rowe Price by taking into account various, adopted factors and methodologies for determining the fair value. This value may differ from the value the fund receives upon sale of the securities.

Amortized cost is used to price securities held by money market funds and certain short-term debt securities held by other funds. The retail and government money market funds, which seek to maintain a stable net asset value of $1.00, use the amortized cost method of valuation to calculate their net asset value. Amortized cost allows the money market funds to value a holding at the fund’s acquisition cost with adjustments for any premiums or discounts and then round the net asset value per share to the nearest whole cent. The amortized cost method of valuation enables the money market funds to maintain a $1.00 net asset value, but it may also result in periods during which the stated value of a security held by the funds differs from the market-based price the funds would receive if they sold that holding. The current market-based net asset value per share for each business day in the preceding six months is available for the retail and government money market funds through troweprice.com/money-market/en/money-market-fund-information.html. These market-based net asset values are for informational purposes only and are not used to price transactions.


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T. Rowe Price uses various pricing services to provide closing market prices, as well as information used to adjust those prices and to value most fixed income securities. T. Rowe Price cannot predict how often it will use closing prices or how often it will adjust those prices. T. Rowe Price routinely evaluates its fair value processes.

Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If T. Rowe Price determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund’s securities, T. Rowe Price will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, T. Rowe Price reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.

T. Rowe Price may also fair value certain securities or a group of securities in other situations—for example, when a particular foreign market is closed but the fund is open. For a fund that has investments in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the fund does not price its shares, the fund’s net asset value may change on days when shareholders will not be able to purchase or redeem the fund’s shares. If an event occurs that affects the value of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, T. Rowe Price may make a price adjustment depending on the nature and significance of the event. T. Rowe Price also evaluates a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security.

The various ways you can purchase, sell, and exchange shares are explained throughout this section. These procedures differ based on whether you hold your account directly with T. Rowe Price or through an employer-sponsored retirement plan or financial intermediary.

INVESTING DIRECTLY WITH T. ROWE PRICE

The following policies apply to accounts that are held directly with T. Rowe Price and not through a financial intermediary.

Options for Opening Your Account

If you own other T. Rowe Price Funds, you should consider registering any new account identically to your existing accounts so you can exchange shares among them easily (the name(s) of the account owner(s) and the account type must be identical).


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For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for certain transactions (for example, to transfer ownership). There are multiple ways to establish a new account directly with T. Rowe Price.

Online In general, you can open a new Investor Class or I Class account online. Go to troweprice.com/newaccount to choose the type of account you wish to open.

You can exchange shares online from an existing account in one fund to open a new account in another fund. The new account will have the same registration as the account from which you are exchanging, and any services (other than systematic purchase and systematic distribution arrangements) that you have preauthorized will carry over from the existing account to the new account.

To open an account online for the first time or with a different account registration, you must be a U.S. citizen residing in the U.S. or a resident alien and not subject to Internal Revenue Service backup withholding. Additionally, you must provide consent to receive certain documents electronically. You will have the option of providing your bank account information, which will enable you to make electronic funds transfers to and from your bank account. To set up this banking service online, additional steps will be taken to verify your identity.

By Mail If you are sending a check, please make your check payable to T. Rowe Price Funds (otherwise it may be returned) and send the check, together with the applicable new account form, to the appropriate address. (Please refer to the appropriate address under “Contacting T. Rowe Price” later in this section to avoid a delay in opening your new account.) T. Rowe Price does not accept third-party checks for initial purchases; however, third-party checks are typically accepted for additional purchases to an existing account. In addition, T. Rowe Price does not accept purchases by cash, traveler’s checks, money orders, or credit card checks. For exchanges from an identically registered account, be sure to specify the fund(s) and account number(s) that you are exchanging out of and the fund(s) you wish to exchange into.

By Telephone Direct investors can call Shareholder Services at 1-800-225-5132 (institutional investors should call 1-800-638-8790) to exchange from an existing fund account to open a new identically registered account in another fund. You may also be eligible to open a new account by telephone and provide your bank account information in order to make an initial purchase. To set up the account and banking service by telephone, additional steps will be taken to verify your identity and the authenticity of your bank account. Although the account may be opened and the purchase made, services may not be established and an Internal Revenue Service penalty withholding may occur until we receive the necessary signed form to certify your Social Security number or taxpayer identification number.


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How Your Trade Date Is Determined

If you invest directly with T. Rowe Price and your request to purchase, sell, or exchange shares is received by T. Rowe Price or its agent in correct form by the close of the NYSE (normally 4 p.m. ET), your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value. Systematic transactions that are scheduled to occur on a date the NYSE is closed will normally be processed the next business day (except for certain retirement plan payroll deduction orders generated by T. Rowe Price where the orders are processed the day before the day the NYSE is closed).

Note: There may be times when you are unable to contact us by telephone or access your account online due to extreme market activity, the unavailability of the T. Rowe Price website, or other circumstances. Should this occur, your order must still be placed and received in correct form by T. Rowe Price prior to the time the NYSE closes to be priced at that business day’s net asset value. The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET.

Transaction Confirmations

T. Rowe Price sends immediate confirmations for most of your fund transactions. However, certain transactions, such as systematic purchases and systematic redemptions, dividend reinvestments, checkwriting redemptions from money market funds, and transactions in money market funds used as a brokerage sweep account, do not receive an immediate transaction confirmation but are reported on your account statement. Please review transaction confirmations and account statements as soon as you receive them, and promptly report any discrepancies to Shareholder Services.

Telephone and Online Account Transactions

You may access your accounts and conduct most transactions involving Investor Class or I Class accounts using the telephone or the T. Rowe Price website at troweprice.com. Telephone conversations are recorded.

Preventing Unauthorized Transactions

The T. Rowe Price Funds and their agents use reasonably designed procedures to verify that telephone, electronic, and other instructions are genuine. These procedures include, among other things, recording telephone calls, requiring personalized security codes or other information online and certain identifying information for telephone calls, requiring Medallion signature guarantees for certain transactions and account changes, and promptly sending confirmations of transactions and address changes. For transactions conducted online, we recommend the use of a secure internet browser.

T. Rowe Price Account Protection Program Shareholders who invest in the T. Rowe Price Funds directly are eligible for the Account Protection Program. The Account Protection


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Program restores eligible losses due to unauthorized or fraudulent activity, provided that you follow all security best practices when you access and maintain your account(s). T. Rowe Price reserves the right to modify or withdraw the Account Protection Program at any time. The Account Protection Program security best practices and additional information may be accessed online at troweprice.com/personal-investing/help/policies-and-security/account-protection-program.html.

If our verification procedures are followed and the losses are not eligible to be restored under the Account Protection Program, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions.

If you suspect any unauthorized account activity, notice errors or discrepancies in your T. Rowe Price account, or are not receiving your T. Rowe Price account statements, please contact T. Rowe Price immediately.

Trusted Contacts Investors who hold shares of a T. Rowe Price Fund directly or through a T. Rowe Price Brokerage account have the option to add one or more trusted contacts to their brokerage and mutual fund accounts. Trusted contacts are intended to be a resource to help protect client assets. Any individuals designated as a trusted contact will be authorized to serve as a primary contact if T. Rowe Price has questions or concerns related to potentially fraudulent account activity or suspected financial exploitation or to confirm your contact information if we are unable to reach you (but are not authorized to act on your account). For more information or to add trusted contacts to your account, visit troweprice.com or call 1-800-225-5132.

If you are age 65 or older, or if you are age 18 or older and we have reason to believe you have a mental or physical impairment that renders you unable to protect your own interest, we may temporarily restrict transactions in your account and place a temporary hold on the disbursement of redemption proceeds from your account in an effort to protect you if we reasonably believe that you have been or will be the victim of actual or attempted financial exploitation. You will receive notice of this temporary delay, and it will be for no more than 15 business days while we conduct an internal review of the suspected financial exploitation (including contacting your trusted contact if one is on file). We may delay an additional 10 business days if T. Rowe Price reasonably believes that actual or attempted financial exploitation has occurred or will occur. At the expiration of the hold time, if we have not confirmed that exploitation has occurred, the proceeds will be released to you. Depending upon the state in which you reside, we may be required to report to the authorities suspected elder or vulnerable adult exploitation.

Purchasing Shares

Shares may be purchased in a variety of ways.

By Check Please make your check payable to the T. Rowe Price Funds. Include a new account form if establishing a new account, and include either a fund investment slip or a letter indicating the fund and your account number if adding to an existing account. Your transaction will receive the share price for the business day that the request is received by


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T. Rowe Price or its agent prior to the close of the NYSE (not the day the request is received at the post office box).

By Electronic Transfer Shares may be purchased using the Automated Clearing House network if you have established the service on your account, which allows T. Rowe Price to request payment for your shares directly from your bank account or other financial institution account. You may also arrange for a wire to be sent to T. Rowe Price (wire transfer instructions can be found at troweprice.com/wireinstructions or by calling Shareholder Services). T. Rowe Price must receive the wire by the close of the NYSE to receive that day’s share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution.

By Exchange You may purchase shares of a fund using the proceeds from the redemption of shares from another fund. The redemption and purchase will receive the same trade date, and if you are establishing a new account, it will have the same registration as the account from which you are exchanging. The purchase must still generally meet the applicable minimum investment requirement.

Systematic Purchases (Automatic Asset Builder) You can instruct T. Rowe Price to automatically transfer money from your account at your bank or other financial institution at least once per month, or you can instruct your employer to send all or a portion of your paycheck to the fund or funds that you designate. Each systematic purchase must be at least $100 per fund account to be eligible for the Automatic Asset Builder service. To automatically transfer money to your account from a bank account or through payroll deductions, complete the appropriate section of the new account form when opening a new account or complete an Account Services Form to add the service to an existing account. Prior to establishing payroll deductions, you must set up the service with T. Rowe Price so that the appropriate instructions can be provided to your employer.

Initial Investment Minimums

Investor Class accounts, other than the Retirement Income 2020 Fund and Summit Funds, require a $2,500 minimum initial investment ($1,000 minimum initial investment for IRAs; certain small business retirement accounts; and custodial accounts for minors, known as Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts). The Retirement Income 2020 Fund and Summit Funds require a $25,000 minimum initial investment. I Class accounts require a $500,000 minimum initial investment per fund for each account registration, although the minimum is waived or reduced for certain types of accounts. If you request the I Class of a particular fund when you open a new account, but the investment amount does not meet the applicable minimum, the purchase will be automatically invested in the Investor Class of the same fund (if available).

Additional Investment Minimums

Investor Class accounts, other than Summit Funds, require a $100 minimum for additional purchases, including those made through Automatic Asset Builder. Summit Funds require a $100 minimum for additional purchases through Automatic Asset Builder and a $1,000


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minimum for all other additional purchases. I Class accounts require a $100 minimum for additional purchases through Automatic Asset Builder but do not require a minimum amount for other additional purchases.

Exchanging and Redeeming Shares

Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes. (Institutional investors are restricted from exchanging into a fund that operates as a retail money market fund.) You can set up systematic exchanges so that money is automatically moved from one fund account to another on a regular basis.

Receiving Redemption Proceeds Redemption proceeds can be mailed to your account address by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. You can set up systematic redemptions and have the proceeds automatically sent via check or Automated Clearing House on a regular basis. If your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the NYSE, proceeds are usually sent on the next business day. However, if you request a redemption from a money market fund on a business day prior to 12 p.m. (noon) ET and request to have proceeds sent via bank wire, proceeds are normally sent later that same day.

Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale, and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale (except for wire redemptions from money market funds received prior to 12 p.m. (noon) ET). A $5 fee will be charged for an outgoing wire of less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.

If, for some reason, your request to exchange or redeem shares cannot be processed because it is not received in correct form, we will attempt to contact you as soon as administratively possible.

If you request to redeem a specific dollar amount and the market value of your account is less than the amount of your request and we are unable to contact you, your redemption will not be processed and you must submit a new redemption request in correct form.

If you change your address on an account, proceeds may not be mailed to the new address for 15 calendar days after the address change, unless we receive a letter of instruction with a Medallion signature guarantee.

Please note that large purchase and redemption requests initiated through the Automated Clearing House may be rejected, and in such instances, the transaction must be placed by calling Shareholder Services.

Checkwriting You may write an unlimited number of free checks on any money market fund and certain bond funds, with a minimum of $500 per check. Keep in mind, however, that a


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check results in a sale of fund shares; a check written on a bond fund will create a taxable event that must be reported by T. Rowe Price to the Internal Revenue Service as a redemption.

Converting to Another Share Class

You may convert from one share class of a fund to another share class of the same fund (which may have a different expense ratio) over the telephone or in writing. Although the conversion has no effect on the dollar value of your investment in the fund, the number of shares owned after the conversion may be greater or less than the number of shares owned before the conversion, depending on the net asset values of the two share classes. A conversion between share classes of the same fund is a nontaxable event. The new account will have the same registration as the account from which you are converting.

Shareholders may contact T. Rowe Price at any time to convert eligible account balances to the I Class. In addition, T. Rowe Price may conduct periodic reviews of account balances. If your account balance in a fund meets or exceeds the applicable minimum amount required for the I Class, T. Rowe Price may, but is not required to, automatically convert your Investor Class shares to I Class shares of the same fund with advance notice, which may be in writing or delivered electronically if you have a valid email address on file with T. Rowe Price. Certain account restrictions will prevent an automatic conversion. If you opt out of any automatic conversions to the I Class, your election will apply to any future periodic reviews and automatic conversions for which you may otherwise be eligible unless you contact T. Rowe Price to change your election. If T. Rowe Price or its affiliates have investment discretion for your account, T. Rowe Price may convert your shares to a different share class without any advance notice to you. Automatic conversions only occur between share classes of the same fund.

Maintaining Your Account Balance

Investor Class Due to the relatively high cost to a fund of maintaining small accounts, we ask that you maintain an account balance of at least $1,000 ($10,000 for Summit Funds). If, for any reason, your balance is below this amount for three months or longer (even if due to market depreciation), we have the right to redeem your account at the then-current net asset value after giving you 60 days’ advance notice to increase your balance.

I Class To keep operating expenses lower, we ask that you maintain an account balance that at least meets the applicable I Class minimum necessary to open an account. If your investment in a fund falls below the applicable I Class minimum (even if due to market depreciation), we have the right to convert your account to a different share class in the same fund (if available) with a higher expense ratio or redeem your account at the then-current net asset value, after giving you 60 days’ advance notice to increase your balance. The redemption of your account by T. Rowe Price could result in a taxable gain or loss. However, if T. Rowe Price or its affiliates have investment discretion for your account, T. Rowe Price may convert your shares to a different share class without advance notice. Shareholders investing in a fund as part of a program that allows for a lower initial investment minimum will be subject to the applicable minimum account balance requirements of the respective program.


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The redemption of your account could result in a taxable gain or loss.

Investors holding the fund through the T. Rowe Price^® ActivePlus Portfolios program will be subject to the minimum account balance requirements of the program, which may differ from the minimum account balance requirements listed above.

Eligibility Through Certain T. Rowe Price Programs

Direct investors with qualifying accounts may be eligible to invest in the I Class with a lower initial investment minimum and may be eligible to open new accounts in funds that are generally closed to new investors. For certain programs, eligibility is based on the aggregate value of qualifying accounts and certain other accounts held by direct investors in the same household. The terms and conditions of the respective program will apply and are subject to change. Contact T. Rowe Price for more information.

INVESTING THROUGH A FINANCIAL INTERMEDIARY

The following policies apply to accounts that are held through a financial intermediary.

Accounts in Investor Class and I Class shares are not required to be held through a financial intermediary, but accounts in Advisor Class and R Class shares must be held through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). It is important that you contact your retirement plan or financial intermediary to determine the policies, procedures, and transaction deadlines that apply to your account. The financial intermediary may charge a fee, such as transaction fees or brokerage commissions, for its services.

Opening an Account

The financial intermediary must provide T. Rowe Price with its certified taxpayer identification number. Financial intermediaries should call Client Account Management for an account number and wire transfer instructions. In order to obtain an account number, the financial intermediary must supply the name, taxpayer identification number, and business street address for the account. (Please refer to “Contacting T. Rowe Price” later in this section for the appropriate telephone number and mailing address.) Financial intermediaries must also enter into a separate agreement with the fund or its agent.

How the Trade Date Is Determined

If you invest through a financial intermediary and your transaction request is received by T. Rowe Price or its agent in correct form by the close of the NYSE, your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value unless the fund has an agreement with your financial intermediary for orders to be priced at the net asset value next computed after receipt by the financial intermediary.


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The funds have authorized certain financial intermediaries or their designees to accept orders to buy or sell fund shares on their behalf. When authorized financial intermediaries receive an order in correct form, the order is considered as being placed with the fund and shares will be bought or sold at the net asset value next calculated after the order is received by the authorized financial intermediary. The financial intermediary must transmit the order to T. Rowe Price and pay for such shares in accordance with the agreement with T. Rowe Price or the order may be canceled and the financial intermediary could be held liable for the losses. If the fund does not have such an agreement in place with your financial intermediary, T. Rowe Price or its agent must receive the request in correct form from your financial intermediary by the close of the NYSE in order for your transaction to be priced at that business day’s net asset value.

Note: The time at which transactions and shares are priced and the time until which orders are accepted by the fund or a financial intermediary may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET. Should this occur, your order must still be placed and received in correct form by T. Rowe Price (or by the financial intermediary in accordance with its agreement with T. Rowe Price) prior to the time the NYSE closes to be priced at that business day’s net asset value.

Purchasing Shares

All initial and subsequent investments by financial intermediaries should be made by bank wire or electronic payment. There is no assurance that the share price for the purchase will be the same day the wire was initiated. Purchases by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Client Account Management. The fund may permit financial intermediaries to submit purchase orders for shares through various other methods as well, if approved by Client Account Management.

Investment Minimums

You should check with your financial intermediary to determine what minimum applies to your initial and additional investments.

The Summit Funds require a $25,000 minimum initial investment, and other funds generally require a $2,500 minimum initial investment, although the minimum is generally waived or modified for any retirement plans and financial intermediaries establishing accounts in the Investor Class, Advisor Class, or R Class. I Class accounts require a $500,000 minimum initial investment per fund for each account registration, although the minimum is generally waived for certain types of accounts.

Investments through a financial intermediary generally do not require a minimum amount for additional purchases.

Redeeming Shares

Unless otherwise indicated, redemption proceeds will be sent via bank wire to the financial intermediary’s designated bank. Redemptions by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Client Account


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Management. The fund may permit financial intermediaries to submit redemption orders for shares through various other methods as well, if approved by Client Account Management. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or second business day after receipt of the order, depending on the arrangement with the financial intermediary. Proceeds for redemption orders received prior to 12 p.m. (noon) ET for a money market fund may be sent via wire the same business day. You must contact your financial intermediary about procedures for receiving your redemption proceeds.

Please note that certain purchase and redemption requests initiated through the National Securities Clearing Corporation may be rejected, and in such instances, the transaction must be placed by contacting Client Account Management.

GENERAL POLICIES RELATING TO TRANSACTIONS

The following policies and requirements apply generally to accounts in the T. Rowe Price Funds, regardless of whether the account is held directly or indirectly with T. Rowe Price.

The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions. However, when authorized by the fund, certain institutions, financial intermediaries, or retirement plans purchasing fund shares directly with T. Rowe Price may place a purchase order unaccompanied by payment. Payment for these shares must be received by the time designated by the fund (not to exceed the period established for settlement under applicable regulations). If payment is not received by this time, the order may be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.

U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks. In addition, we request that you give us at least three business days’ notice for any purchase of $1 million or more.

Nonpayment If a check or Automated Clearing House transfer does not clear or payment for an order is not received in a timely manner, your purchase may be canceled. You (or the financial intermediary) may be responsible for any losses or expenses incurred by the fund or its transfer agent, and the fund can redeem shares in your account or another identically registered T. Rowe Price account as reimbursement. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.

Retail Money Market Funds The retail money market funds have implemented policies and procedures designed to limit purchases to accounts beneficially owned by a natural person. Purchases of a retail money market fund may be rejected from an investor who has not demonstrated sufficient eligibility to purchase shares of the fund or from a financial intermediary that has not demonstrated adequate procedures to limit investments to natural


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persons. In addition, purchases may be prohibited or subject to certain conditions during periods where a liquidity fee or redemption gate is in effect.

Liquidity Fees and Redemption Gates—Retail Money Market Funds

A money market fund that operates as a retail money market fund pursuant to Rule 2a-7 under the Investment Company Act of 1940 has the ability to impose liquidity fees of up to 2% of the value of the shares redeemed if the fund’s weekly liquid assets fall below certain thresholds, as specified in Rule 2a-7. A retail money market fund also has the ability to impose a redemption gate, which enables the fund to temporarily suspend redemptions for up to 10 business days within a 90-day period if the fund’s weekly liquid assets fall below a certain threshold, as specified in Rule 2a-7. A money market fund’s Board has ultimate discretion to determine whether or not a liquidity fee or redemption gate would be in the best interests of the fund’s shareholders and should be imposed.

A money market fund that operates as a government money market fund pursuant to Rule 2a-7 is not required to impose a liquidity fee or redemption gate upon the sale of your shares. The Boards of the T. Rowe Price money market funds that operate as government money market funds have determined that the funds do not currently intend to impose liquidity fees and redemption gates. However, the Board of a T. Rowe Price government money market fund reserves the right to impose liquidity fees and redemption gates in the future, at which point shareholders would be provided with at least 60 days’ notice prior to such a change.

If a liquidity fee is in place, all exchanges out of the fund will be subject to the liquidity fee, and if a redemption gate is in place, all exchanges out of the fund will be suspended. When a liquidity fee or redemption gate is in place, the fund may elect to not permit the purchase of shares or to subject the purchase of shares to certain conditions, which may include affirmation of the purchaser’s knowledge that a liquidity fee or a redemption gate is in effect.

Omnibus Accounts If your shares are held through a financial intermediary, T. Rowe Price may rely on the financial intermediary to assess any applicable liquidity fees or impose redemption gates on underlying shareholder accounts. In certain situations, T. Rowe Price enters into agreements with financial intermediaries maintaining omnibus accounts that require the financial intermediary to assess liquidity fees or redemption gates. There are no assurances that T. Rowe Price will be successful in ensuring that all financial intermediaries will properly assess the fees.

Please refer to Sections 1 and 2 of the retail money market fund prospectuses for more information regarding liquidity fees and redemption gates.

Large Redemptions

Large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager’s ability to implement a fund’s investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to redeem in kind. In general, any redemptions in kind will represent a pro-rata distribution of a fund’s securities, subject to certain limited exceptions. The redeeming


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shareholder will be responsible for disposing of the securities, and the shareholder will be subject to the risks that the value of the securities could decline prior to their sale, the securities could be difficult to sell, and brokerage fees could be incurred. If you continue to hold the securities, you may be subject to any ownership restrictions imposed by the issuers. For example, real estate investment trusts (REITs) often impose ownership restrictions on their equity securities. In addition, we request that you give us at least three business days’ notice for any redemption of $1 million or more.

Delays in Sending Redemption Proceeds

The T. Rowe Price Funds typically expect that redemption requests will be paid out to redeeming shareholders by the business day following the receipt of a redemption request that is in correct form, regardless of the method the fund uses to make such payment (for example, check, wire, or Automated Clearing House transfer). Checks are typically mailed on the business day after the redemption, proceeds sent by wire are typically credited to your financial institution the business day after the redemption, and proceeds sent by Automated Clearing House are typically credited to your financial institution on the second business day after the redemption. However, under certain circumstances, and when deemed to be in a fund’s best interests, proceeds may not be sent for up to seven calendar days after receipt of a valid redemption order (for example, during periods of deteriorating or stressed market conditions or during extraordinary or emergency circumstances).

In addition, if shares are sold that were just purchased and paid for by check or Automated Clearing House transfer, the fund will process your redemption but will generally delay sending the proceeds for up to seven calendar days to allow the check or Automated Clearing House transfer to clear. If, during the clearing period, we receive a check drawn against your newly purchased shares, it will be returned and marked “uncollected.” (The seven-day hold does not apply to purchases paid for by bank wire or automatic purchases through payroll deduction.)

The Board of a retail money market fund may elect to temporarily suspend redemptions from the fund (i.e., a “redemption gate”) for up to 10 business days in a 90-day period if the fund’s weekly liquid assets fall below 30% of its total assets and the fund’s Board determines that imposing a redemption gate is in the fund’s best interests. In addition, under certain limited circumstances, the Board of a money market fund may elect to permanently suspend redemptions in order to facilitate an orderly liquidation of the fund (subject to any additional liquidation requirements).

Involuntary Redemptions and Share Class Conversions

Since nongovernment money market funds that operate as retail money market funds are required to limit their beneficial owners to natural persons, shares held directly by an investor or through a financial intermediary in these funds that are not eligible to invest in a retail money market fund are subject to involuntary redemption at any time without prior notice.

Shares held by any investors or financial intermediaries that are no longer eligible to invest in the I Class or who fail to meet or maintain their account(s) at the investment minimum are


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	39

subject to involuntary redemption or conversion to the Investor Class of the same fund (which may have a higher expense ratio). Investments in Advisor Class shares that are no longer held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class of the same fund following notice to the financial intermediary or shareholder. Investments in R Class shares that are no longer held on behalf of an employer-sponsored defined contribution retirement plan or other eligible R Class account or that are not held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class or Advisor Class of the same fund following notice to the financial intermediary or shareholder.

Excessive and Short-Term Trading Policy

Excessive transactions and short-term trading can be harmful to fund shareholders in various ways, such as disrupting a fund’s portfolio management strategies, increasing a fund’s trading and other costs, and negatively affecting its performance. Short-term traders in funds that invest in foreign securities may seek to take advantage of developments overseas that could lead to an anticipated difference between the price of the funds’ shares and price movements in foreign markets. While there is no assurance that T. Rowe Price can prevent all excessive and short-term trading, the Boards of the T. Rowe Price Funds have adopted the following trading limits that are designed to deter such activity and protect the funds’ shareholders. The funds may revise their trading limits and procedures at any time as the Boards deem necessary or appropriate to better detect short-term trading that may adversely affect the funds, to comply with applicable regulatory requirements, or to impose additional or alternative restrictions.

Subject to certain exceptions, each T. Rowe Price Fund restricts a shareholder’s purchases (including through exchanges) into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (30-Day Purchase Block). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.

General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the funds’ Excessive and Short-Term Trading Policy:

· Shares purchased or redeemed in money market funds and ultra short-term bond funds;

· Shares purchased or redeemed through a systematic purchase or withdrawal plan;

· Checkwriting redemptions from bond funds and money market funds;

· Shares purchased through the reinvestment of dividends or capital gain distributions;

· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees;

· Transfers and changes of account registration within the same fund;

· Shares purchased by asset transfer or direct rollover;

· Shares purchased or redeemed through IRA conversions and recharacterizations;

· Shares redeemed to return an excess contribution from a retirement account;

· Transactions in Section 529 college savings plans;

· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;

· Shares converted from one share class to another share class in the same fund;


T. ROWE PRICE	40

· Shares of T. Rowe Price Funds that are purchased by another T. Rowe Price Fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price Fund are still subject to the policy);

· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price; and

· Transactions having a value of $5,000 or less (retirement plans, including those for which T. Rowe Price serves as recordkeeper, and other financial intermediaries may apply the Excessive and Short-Term Trading Policy to transactions of any amount).

Transactions in certain rebalancing, asset allocation, wrap, and other advisory programs, as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.

In addition to restricting transactions in accordance with the 30-Day Purchase Block, T. Rowe Price may, in its discretion, reject (or instruct a financial intermediary to reject) any purchase or exchange into a fund from a person (which includes individuals and entities) whose trading activity could disrupt the management of the fund or dilute the value of the fund’s shares, including trading by persons acting collectively (for example, following the advice of a newsletter, blogger, or social media platform). Such persons may be barred, without prior notice, from further purchases of T. Rowe Price Funds for a period longer than 30 calendar days or permanently.

Financial Intermediary and Retirement Plan Accounts If you invest in T. Rowe Price Funds through a financial intermediary, including a retirement plan, you should review the financial intermediary’s or retirement plan’s materials carefully or consult with the financial intermediary or plan sponsor directly to determine the trading policy that will apply to your trades in the T. Rowe Price Funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.

Financial intermediaries, including retirement plans, may maintain their underlying accounts directly with the fund, although they often establish an omnibus account (one account with the fund that represents multiple underlying shareholder accounts) on behalf of their customers. When financial intermediaries establish omnibus accounts in the T. Rowe Price Funds, T. Rowe Price is not able to monitor the trading activity of the underlying shareholders. However, T. Rowe Price monitors aggregate trading activity at the financial intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects such trading activity, T. Rowe Price may contact the financial intermediary to request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable) pursuant to a written agreement that T. Rowe Price has entered into with each financial intermediary. Any nonpublic personal information provided to the fund (for example, a shareholder’s taxpayer identification number or transaction records) is subject to the fund’s privacy policy. If T. Rowe


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Price believes that excessive or short-term trading has occurred and there is no exception for such trades under the funds’ Excessive and Short-Term Trading Policy as previously described, it will instruct the financial intermediary to impose restrictions to discourage such practices and take appropriate action with respect to the underlying shareholder, including restricting purchases for 30 calendar days or longer. Each financial intermediary has agreed to execute such instructions pursuant to a written agreement. There is no assurance that T. Rowe Price will be able to properly enforce its Excessive and Short-Term Trading Policy for omnibus accounts. Because T. Rowe Price generally relies on financial intermediaries to provide information and impose restrictions for omnibus accounts, its ability to monitor and deter excessive trading will be dependent upon the financial intermediaries’ timely performance of their responsibilities.

For shares that are held in a retirement plan, generally the 30-Day Purchase Block applies only to shares redeemed by a participant-directed exchange to another fund. However, the 30-Day Purchase Block may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or the excessive trading policy applied by your plan’s recordkeeper.

T. Rowe Price may allow a financial intermediary, including a retirement plan, to maintain restrictions on trading in the T. Rowe Price Funds that differ from the 30-Day Purchase Block. An alternative excessive trading policy would be acceptable to T. Rowe Price if it believes that the policy would provide sufficient protection to the T. Rowe Price Funds and their shareholders that is consistent with the excessive trading policy adopted by the funds’ Boards.

There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.

Unclaimed Accounts and Uncashed Checks

If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price is deemed undeliverable, T. Rowe Price may be required to transfer (i.e., escheat) your account assets, including any assets related to uncashed checks, to the appropriate state under its abandoned property laws. For IRAs escheated to a state under these abandoned property laws, the escheatment will be treated as a taxable distribution to you and federal and any applicable state income tax will be withheld. This may also apply to your Roth IRA (see the T. Rowe Price Traditional and Roth IRA Disclosure Statement and Custodial Agreement and/or the T. Rowe Price SIMPLE IRA Summary & Agreement for more information). To avoid such action, it is important to keep your account address up to date and periodically communicate with T. Rowe Price by contacting us or logging in to your account at least once every two years.

Delivery of Shareholder Documents

If two or more accounts own the same fund, share the same address, and T. Rowe Price reasonably believes that the two accounts are part of the same household or institution, we may economize on fund expenses by mailing only one shareholder report and summary prospectus


T. ROWE PRICE	42

or prospectus, as applicable, for the fund. If you need additional copies or do not want your mailings to be “householded,” please call Shareholder Services.

T. Rowe Price can deliver account statements, transaction confirmations, prospectuses/summary prospectuses, proxy materials, and shareholder reports electronically. If you are a registered user of troweprice.com, you can consent to the electronic delivery of these documents by logging in and changing your mailing preferences. You can revoke your consent at any time through troweprice.com, and we will begin to send paper copies of these documents within a reasonable time after receiving your revocation.

Signature Guarantees

A Medallion signature guarantee is designed to protect you and the T. Rowe Price Funds from fraud by verifying your signature.

A shareholder or financial intermediary may be required to obtain a Medallion signature guarantee in certain situations, such as:

· Requests to wire redemption proceeds when bank account information is not already authorized and on file for an account;

· Remitting redemption proceeds to any person, address, or bank account not on file;

· Establishing certain services after an account is opened; or

· Changing the account registration or broker-dealer of record for an account.

Financial intermediaries should contact T. Rowe Price Client Account Management for specific requirements.

The signature guarantee must be obtained from a financial institution that is a participant in a Medallion signature guarantee program. You can obtain a Medallion signature guarantee from certain banks, savings institutions, broker-dealers, and other guarantors acceptable to T. Rowe Price. When obtaining a Medallion signature guarantee, please discuss with the guarantor the dollar amount of your proposed transaction. It is important that the level of coverage provided by the guarantor’s stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.

Fund Operations and Shareholder Services

T. Rowe Price and The Bank of New York Mellon, subject to the oversight of T. Rowe Price, each provide certain accounting services to the T. Rowe Price Funds. T. Rowe Price Services, Inc., acts as the transfer agent and dividend disbursing agent and provides shareholder and administrative services to the funds. T. Rowe Price Retirement Plan Services, Inc., provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The funds may also pay financial intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. In addition, certain funds serve as an underlying fund in which some fund-of-funds products, the T. Rowe Price Spectrum and Retirement Funds, invest. Subject to approval by each applicable fund’s Board,


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	43

each underlying fund bears its proportionate share of the direct operating expenses of the T. Rowe Price Spectrum and Retirement Funds. All of the fees previously discussed are included in a fund’s financial statements and, except for funds that have an all-inclusive management fee, are also reflected in the “Other expenses” line that appears in the table titled “Fees and Expenses of the Fund” in Section 1 of this prospectus.

CONTACTING T. ROWE PRICE

If you hold shares of a fund through a financial intermediary, you must contact your financial intermediary to determine the requirements for opening a new account and placing transactions. Otherwise, please contact T. Rowe Price as follows:


Web
troweprice.com	For the most complete source of T. Rowe Price news To open an account For most account transactions
troweprice.com/paperless	To sign up for e-delivery of your account statements, transaction confirmations, prospectuses/summary prospectuses, proxy materials, and shareholder reports
Phone
Shareholder Services: 1-800-225-5132	To make a transaction or for fund, account, and service information (for IRAs and nonretirement accounts)
Investor Services: 1-800-638-5660	To open an account (for IRAs and nonretirement accounts)
Client Account Management: 1-800-638-8790	For information and services for large institutional investors and financial intermediaries
Retirement Client Services: 1-800-492-7670	For information and services for small business retirement plans (or consult your plan administrator)
Summit Program: 1-800-332-6161	Complimentary services and resources designed to help investors make informed investment decisions Tiered client benefits based on asset level
Brokerage: 1-800-225-7720	If you hold your shares through a T. Rowe Price Brokerage account
Tele*Access^®: 1-800-638-2587	To access information on fund performance, prices, account balances, and your latest transactions 24 hours a day Please note that transactions cannot be placed through Tele*Access^®
Hearing Impaired	Call the applicable number with a relay operator; inquiries may also be directed to info@troweprice.com


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T. Rowe Price Addresses

Please be sure to use the correct address to avoid a delay in opening your account or processing your transaction. These addresses are subject to change at any time, so please check troweprice.com/contactus or call the appropriate telephone number to ensure that you use the correct mailing address.

Investors (IRAs and nonretirement accounts) opening a new account or making additional purchases by check should use the following addresses:

via U.S. mail

T. Rowe Price Account Services
P.O. Box 17300
Baltimore, MD 21297-1300

via private carriers/overnight services

T. Rowe Price Account Services
Mail Code 17300
4515 Painters Mill Road
Owings Mills, MD 21117-4903

Investors (IRAs and nonretirement accounts) requesting an exchange or redemption should use the following addresses:

via U.S. mail

T. Rowe Price Account Services
P.O. Box 17468
Baltimore, MD 21298-8275

via private carriers/overnight services

T. Rowe Price Account Services
Mail Code 17468
4515 Painters Mill Road
Owings Mills, MD 21117-4903

Investors in a small business retirement plan opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:

via U.S. mail

T. Rowe Price Retirement Client Services
P.O. Box 17350
Baltimore, MD 21297-1350

via private carriers/overnight services

T. Rowe Price
Attn.: Retirement Operations
4515 Painters Mill Road
Owings Mills, MD 21117-4903

Institutional investors (including financial intermediaries) opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:

via U.S. mail

T. Rowe Price Client Account Management
P.O. Box 17300
Baltimore, MD 21297-1603

via private carriers/overnight services

T. Rowe Price Client Account Management
Mail Code: OM-4232
4515 Painters Mill Road
Owings Mills, MD 21117-4842

Note: Your transaction will receive the share price for the business day that the request is received by T. Rowe Price or its agent prior to the close of the NYSE (normally 4 p.m. ET), which could differ from the day that the request is received at the post office box.


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	45

INFORMATION ON DISTRIBUTIONS AND TAXES

Each fund intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. In order to qualify, a fund must satisfy certain income, diversification, and distribution requirements. A regulated investment company is not subject to U.S. federal income tax at the portfolio level on income and gains from investments that are distributed to shareholders. However, if a fund were to fail to qualify as a regulated investment company and were ineligible to or otherwise did not cure such failure, the result would be fund-level taxation and, consequently, a reduction in income available for distribution to the fund’s shareholders.

To the extent possible, all net investment income and realized capital gains are distributed to shareholders. Generally, your share of the distributions is based on the number of shares of the fund outstanding on the applicable dividend record date. Therefore, if the fund has experienced a net redemption during the taxable period, your share of the distribution that is declared less frequently than daily may be relatively higher due to the smaller number of shares outstanding on the record date. See also “Taxes on Fund Distributions” below.

Dividends and Other Distributions

Except for the Retirement Income 2020 Fund, dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option. For the Retirement Income 2020 Fund, subject to certain exceptions, regularly scheduled monthly dividends may generally not be reinvested. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.

Distributions not reinvested may be paid by check or transmitted to your bank account via Automated Clearing House or may be automatically invested into another fund account. For the Retirement Income 2020 Fund, regularly scheduled monthly dividends are generally not paid by check. If the U.S. Postal Service cannot deliver your check or if your check remains uncashed for six months, the fund reserves the right to reinvest your distribution check in your account at the net asset value on the day of the reinvestment and to reinvest all subsequent distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.


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The following table provides details on dividend payments:


Dividend Payment Schedule
Fund	Dividends
Money market funds	· Shares purchased via wire that are received by T. Rowe Price by 12 p.m. (noon) ET begin to earn any dividends on that day. Shares purchased via a wire received after 12 p.m. (noon) ET and through other methods normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
Bond funds, including Retirement Balanced, Retirement I Balanced–I Class, and Spectrum Income	· Shares normally begin to earn any dividends on the business day after payment is received by T. Rowe Price. · Dividends, if any, are declared daily and paid on the first business day of each month.
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Real Estate · Spectrum Conservative Allocation · Spectrum Moderate Allocation	· Dividends, if any, are declared and paid quarterly, in March, June, September, and December. · Must be a shareholder on the dividend record date.
Capital Appreciation and Income, Retirement Income 2020	· Dividends are declared and normally paid in the middle of each month.
All other funds	· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date.
All funds	· If necessary, a fund may make additional distributions on short notice to minimize any fund-level tax liabilities.

For funds that declare dividends daily, shares earn any dividends through the date of a redemption (for redemptions from money market funds where the request is received prior to 12 p.m. (noon) ET and proceeds are sent via wire, shares only earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	47

than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.

If you purchase and redeem your shares through a financial intermediary, consult your financial intermediary to determine when your shares begin and stop accruing dividends as the information previously described may vary.

Capital Gain Payments

A capital gain or loss is the difference between the purchase and sale price of a security. If a fund has net capital gains for the year (after subtracting any capital losses), they are usually declared and paid in December to shareholders of record on a specified date that month. If a second distribution is necessary, it is generally paid the following year. A fund may have to make additional capital gain distributions, if necessary, to comply with the applicable tax law. Capital gains are not expected from money market funds since they are managed to maintain a stable share price. However, if a money market fund unexpectedly has net capital gains for the year (after subtracting any capital losses), the capital gain may be declared and paid in December to shareholders of record.

Tax Information

In most cases, you will be provided information for your tax filing needs no later than mid-February.

If you invest in the fund through a tax-deferred account, such as an IRA or employer-sponsored retirement plan, you will not be subject to tax on dividends and distributions from the fund or the sale of fund shares if those amounts remain in the tax-deferred account. You may receive a Form 1099-R or other Internal Revenue Service forms, as applicable, if any portion of the account is distributed to you.

If you invest in the fund through a taxable account, you generally will be subject to tax when:

· You sell fund shares, including an exchange from one fund to another.

· The fund makes dividend or capital gain distributions.

Additional information about the taxation of dividends for certain T. Rowe Price Funds is listed below:

Tax-Free and Municipal Funds

· Regular monthly dividends (including those from the state-specific tax-free funds) are expected to be exempt from federal income taxes.

· Exemption is not guaranteed since the fund has the right under certain conditions to invest in nonexempt securities.

· Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax.

· For state-specific funds, the monthly dividends you receive are generally expected to be exempt from state and local income tax of that particular state. For other funds, a small portion of your income dividend may be exempt from state and local income taxes.


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Tax-Free and Municipal Funds

· If a fund invests in certain “private activity” bonds that are not exempt from the alternative minimum tax, shareholders who are subject to the alternative minimum tax must include income generated by those bonds in their alternative minimum tax calculation. The portion of a fund’s income dividend that should be included in your alternative minimum tax calculation, if any, will be reported to you by mid-February on Form 1099-DIV.

For individual shareholders, a portion of ordinary dividends representing “qualified dividend income” received by the fund may be subject to tax at the lower rates applicable to long-term capital gains rather than ordinary income. You may report it as qualified dividend income in computing your taxes, provided you have held the fund shares on which the dividend was paid for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date. Ordinary dividends that do not qualify for this lower rate are generally taxable at the investor’s marginal income tax rate. This includes the portion of ordinary dividends derived from interest, short-term capital gains, income and gains from derivatives, distributions from nonqualified foreign corporations, distributions from real estate investment trusts, and dividends received by the fund from stocks that were on loan. For taxable years ending after December 31, 2017, and before January 1, 2026, you are generally allowed a deduction of up to 20% on your qualified REIT dividends. You may not take this deduction for a dividend on shares of a fund that have been held for less than 46 days during the 91-day period beginning on the date 45 days before the ex-dividend date. Little, if any, of the ordinary dividends paid by the bond funds or money market funds is expected to qualify for treatment as qualified dividend income or qualified REIT dividends.

For corporate shareholders, a portion of ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds, bond funds, or money market funds is expected to qualify for this deduction. A fund that earns interest income may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) interest dividends, which would allow the recipient to treat the designated portion of such dividends as interest income for purposes of determining interest expense deduction limitation under Section 163(j) of the Internal Revenue Code. Section 163(j) interest dividends, if so designated by a fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service. To be eligible to treat a Section 163(j) interest dividend as interest income, you must have held the fund share for more than 180 days during the 361-day period beginning on the date which is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. The holding period requirement does not apply to money market funds or funds that declare interest dividends on a daily basis in an amount equal to at least 90% of the fund’s excess Section 163(j) interest income and distribute such dividends on a monthly basis.

A 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gains of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly) and of estates and trusts.


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	49

If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with any necessary tax forms. You should contact your financial intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.

Taxes on Fund Redemptions

When you sell shares in any fund, you may realize a gain or loss. An exchange from one fund to another fund in a taxable account is also a sale for tax purposes. As long as a money market fund maintains a stable share price of $1.00, a redemption or exchange to another fund will not result in a gain or loss for tax purposes. However, an exchange from one fund into a money market fund may result in a gain or loss on the fund from which shares were redeemed.

All or a portion of the loss realized from a sale or exchange of your fund shares may be disallowed under the “wash sale” rule if you purchase substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date on which the shares are sold or exchanged. Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the 61-day period of the dividend reinvestment. Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares.

T. Rowe Price (or your financial intermediary) will make available to you Form 1099-B, if applicable, no later than mid-February, providing certain information for each sale you made in the fund during the prior year. Unless otherwise indicated on your Form 1099-B, this information will also be reported to the Internal Revenue Service. For mutual fund shares acquired prior to 2012 in most accounts established or opened by exchange in 1984 or later, our Form 1099-B will provide you with the gain or loss on the shares you sold during the year based on the average cost single category method. This information on average cost and gain or loss from sale is not reported to the Internal Revenue Service. For these mutual fund shares acquired prior to 2012, you may calculate the cost basis using other methods acceptable to the Internal Revenue Service, such as First In First Out (FIFO), for example.

For mutual fund shares acquired on or after January 1, 2012, federal income tax regulations require us to report the cost basis information on Form 1099-B using a cost basis method selected by the shareholder in compliance with such regulations or, in the absence of such selected method, our default method if you acquire your shares directly from T. Rowe Price. Our default method is average cost. For any fund shares acquired through a financial intermediary on or after January 1, 2012, you should check with your financial intermediary regarding the applicable cost basis method. You should note that the cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate. T. Rowe Price and financial intermediaries are not required to issue a Form 1099-B to report sales of money market fund shares.


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To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly following each transaction you make (except for systematic purchases and systematic redemptions) and a year-end statement detailing all of your transactions in each fund account during the year. If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with transaction confirmations and statements.

Taxes on Fund Distributions

T. Rowe Price (or your financial intermediary) will make available to you, as applicable, generally no later than mid-February, a Form 1099-DIV, or other Internal Revenue Service forms, as required, indicating the tax status of any income dividends, dividends exempt from federal income taxes, and capital gain distributions made to you. This information will be reported to the Internal Revenue Service. Taxable distributions are generally taxable to you in the year in which they are paid. A dividend declared in October, November, or December and paid in the following January is generally treated as taxable to you as if you received the distribution in December. Dividends from tax-free funds are generally expected to be tax-exempt for federal income tax purposes. Your bond fund and money market fund dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain distributions may also be subject to state and local taxes. You will be sent any additional information you need to determine your taxes on fund distributions, such as the portion of your dividends, if any, that may be exempt from state and local income taxes.

Taxable distributions are subject to tax, whether reinvested in additional shares or received in cash.

The tax treatment of a capital gain distribution is determined by how long the fund held the portfolio securities, not how long you held the shares in the fund. Short-term (one year or less) capital gain distributions are taxable at the same rate as ordinary income, and gains on securities held for more than one year are taxed at the lower rates applicable to long-term capital gains. If you realized a loss on the sale or exchange of fund shares that you held for six months or less, your short-term capital loss must be reclassified as a long-term capital loss to the extent of any long-term capital gain distributions received during the period you held the shares. For funds investing in foreign instruments, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt instruments are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.

A fund’s distributions that have exceeded the fund’s earnings and profits for the relevant tax year may be treated as a return of capital to its shareholders. A return of capital distribution is generally nontaxable but reduces the shareholder’s cost basis in the fund, and any return of capital in excess of the cost basis will result in a capital gain.

The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form 1099-DIV. Distributions made by a fund may later be recharacterized for federal


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	51

income tax purposes—for example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as REITs, and distributions that exceed taxable income due to losses from foreign currency transactions or other investment transactions. Certain funds, including international bond funds and funds that invest significantly in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments. The Retirement Income 2020 Fund is also more likely to have some or all of its distributions recharacterized as returns of capital because of the predetermined monthly distribution amount.

If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income. However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid.

If you are subject to backup withholding, we will have to withhold a 24% backup withholding tax on distributions and, in some cases, redemption payments. You may be subject to backup withholding if we are notified by the Internal Revenue Service to withhold, you have failed one or more tax certification requirements, or our records indicate that your tax identification number is missing or incorrect. Backup withholding is not an additional tax and is generally available to credit against your federal income tax liability with any excess refunded to you by the Internal Revenue Service.

The following table provides additional details on distributions for certain funds:

Taxes on Fund Distributions

Tax-Free and Municipal Funds

· Gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income and cannot be offset by other capital losses.

· Payments received or gains realized on certain derivative transactions may result in taxable ordinary income or capital gains.

· To the extent the fund makes such investments, the likelihood of a taxable distribution will be increased.

Limited Duration Inflation Focused Bond, U.S. Limited Duration TIPS Index, and Inflation Protected Bond Funds

· Inflation adjustments on Treasury inflation protected securities that exceed deflation adjustments for the year will be distributed as ordinary income.

· In computing the distribution amount, the funds cannot reduce inflation adjustments by short- or long-term capital losses from the sales of securities.

· Net deflation adjustments for a year may result in all or a portion of dividends paid earlier in the year being treated as a return of capital.

Fund-of-Funds

· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains, which could have a significant tax impact to taxable account holders.


T. ROWE PRICE	52

Tax Consequences of Liquidity Fees

It is currently anticipated that shareholders of retail money market funds that impose a liquidity fee may generally treat the liquidity fee as offsetting the shareholder’s amount realized on the redemption (thereby decreasing the shareholder’s gain, or increasing the shareholder’s loss, on the redeemed amount). A fund that imposes a liquidity fee anticipates using 100% of the fee to help repair a market-based net asset value per share that was below $1.00.

Because the retail money market funds use amortized cost to maintain a stable share price of $1.00, in the event that a liquidity fee is imposed, a fund may need to distribute to its remaining shareholders sufficient value to prevent the fund from breaking the buck on the upside (i.e., by rounding up to $1.01 in pricing its shares) if the imposition of a liquidity fee causes the fund’s market-based net asset value to reach $1.0050. To the extent that a fund has sufficient earnings and profits to support the distribution, the additional dividends would be taxable as ordinary income to shareholders and would be eligible for deduction by the fund. Any distribution in excess of the fund’s earnings and profits would be treated as a return of capital, which would reduce your cost basis in the fund shares.

Tax Consequences of Hedging

Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.

Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution

If you buy shares before or on the record date—the date that establishes you as the person to receive the upcoming distribution—you may receive a portion of the money you invested in the form of a taxable distribution. Therefore, you may wish to find out a fund’s record date before investing. In addition, a fund’s share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return. The amount of capital gains realized by the fund is dependent upon the price at which securities are sold compared with the cost basis of those securities. When evaluating investment opportunities and deciding to sell a particular holding, a portfolio manager may consider the fund’s cash position relative to the cash needed to meet shareholder redemptions and/or purchase other securities and may identify certain shares with a specific cost basis to be sold in an attempt to minimize capital gain distributions. Additional information is available in the fund’s annual and semiannual shareholder reports.


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	53

RIGHTS RESERVED BY THE FUNDS

T. Rowe Price Funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through a financial intermediary no later than the business day after the order is received by the financial intermediary (including, but not limited to, orders deemed to result in excessive trading, market timing, or 5% ownership); (5) to cease offering fund shares at any time to all or certain groups of investors; (6) to freeze any account and suspend account services when notice has been received of a dispute regarding the ownership of the account, or a legal claim against an account, upon initial notification to T. Rowe Price of a shareholder’s death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed when permitted by law, including in cases of threatening or abusive conduct, suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money market funds, to suspend redemptions to facilitate an orderly liquidation.

The fund’s Statement of Additional Information, which contains a more detailed description of the fund’s operations, investment restrictions, policies, and practices, has been filed with the SEC. The Statement of Additional Information is incorporated by reference into this prospectus, which means that it is legally part of this prospectus even if you do not request a copy. Further information about the fund’s investments, including a review of market conditions and the manager’s recent investment strategies and their impact on performance during the past fiscal year, is available in the annual and semiannual shareholder reports. These documents and updated performance information are available through troweprice.com. For inquiries about the fund and to obtain free copies of any of these documents, call 1-800-638-5660. If you invest in the fund through a financial intermediary, you should contact your financial intermediary for copies of these documents.

Fund reports and other fund information are available on the EDGAR Database on the SEC’s internet site at sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.



T. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore, MD 21202


1940 Act File No. 811-4519	XXX-XXX 10/1/23


STATEMENT OF ADDITIONAL INFORMATION

This is the Statement of Additional Information (SAI) for all of the funds listed below (Price Funds). It is divided into two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains information that generally applies to all of the mutual funds sponsored and managed by T. Rowe Price Associates, Inc. (Price Associates or T. Rowe Price).

The date of this Statement of Additional Information is October 1, 2023.


T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.
T. Rowe Price All-Cap Opportunities Fund	PRWAX
T. Rowe Price All-Cap Opportunities Fund—Advisor Class	PAWAX
T. Rowe Price All-Cap Opportunities Fund—I Class	PNAIX
T. ROWE PRICE BALANCED FUND, INC.
T. Rowe Price Balanced Fund	RPBAX
T. Rowe Price Balanced Fund—I Class	RBAIX
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.
T. Rowe Price Blue Chip Growth Fund	TRBCX
T. Rowe Price Blue Chip Growth Fund—Advisor Class	PABGX
T. Rowe Price Blue Chip Growth Fund—I Class	TBCIX
T. Rowe Price Blue Chip Growth Fund—R Class	RRBGX
T. Rowe Price Blue Chip Growth Fund—Z Class	TRZBX
T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.
T. Rowe Price Capital Appreciation Fund	PRWCX
T. Rowe Price Capital Appreciation Fund—Advisor Class	PACLX
T. Rowe Price Capital Appreciation Fund—I Class	TRAIX

T. Rowe Price Capital Appreciation and Income Fund	TBD
T. Rowe Price Capital Appreciation and Income Fund—I Class	TBD

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.
T. Rowe Price Communications & Technology Fund	PRMTX
T. Rowe Price Communications & Technology Fund—I Class	TTMIX
T. ROWE PRICE CORPORATE INCOME FUND, INC.
T. Rowe Price Corporate Income Fund	PRPIX
T. Rowe Price Corporate Income Fund—I Class	TICCX
T. Rowe Price Corporate Income Fund—Z Class	TRZCX
T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.
T. Rowe Price Credit Opportunities Fund	PRCPX
T. Rowe Price Credit Opportunities Fund—Advisor Class	PAOPX
T. Rowe Price Credit Opportunities Fund—I Class	TCRRX
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.
T. Rowe Price Diversified Mid-Cap Growth Fund	PRDMX
T. Rowe Price Diversified Mid-Cap Growth Fund—I Class	RPTTX

C00-042 10/1/2023


T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. Rowe Price Dividend Growth Fund	PRDGX
T. Rowe Price Dividend Growth Fund—Advisor Class	TADGX
T. Rowe Price Dividend Growth Fund—I Class	PDGIX
T. Rowe Price Dividend Growth Fund—Z Class	TRZDX
T. ROWE PRICE EQUITY FUNDS, INC.
T. Rowe Price Hedged Equity Fund	PHEFX
T. Rowe Price Hedged Equity Fund—I Class	PHEIX
T. Rowe Price Hedged Equity Fund—Z Class	PZHEX
T. Rowe Price Institutional Large-Cap Core Growth Fund	TPLGX
T. Rowe Price Institutional Mid-Cap Equity Growth Fund	PMEGX
T. Rowe Price Institutional Small-Cap Stock Fund	TRSSX
T. Rowe Price Large-Cap Growth Fund	TRGOX
T. Rowe Price Large-Cap Growth Fund—I Class	TRLGX
T. Rowe Price Large-Cap Value Fund	TRLUX
T. Rowe Price Large-Cap Value Fund—I Class	TILCX
T. ROWE PRICE EQUITY INCOME FUND, INC.
T. Rowe Price Equity Income Fund	PRFDX
T. Rowe Price Equity Income Fund—Advisor Class	PAFDX
T. Rowe Price Equity Income Fund—I Class	REIPX
T. Rowe Price Equity Income Fund—R Class	RRFDX
T. Rowe Price Equity Income Fund—Z Class	TRZQX
T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
T. Rowe Price Financial Services Fund	PRISX
T. Rowe Price Financial Services Fund—I Class	TFIFX
T. ROWE PRICE FLOATING RATE FUND, INC.
T. Rowe Price Floating Rate Fund	PRFRX
T. Rowe Price Floating Rate Fund—Advisor Class	PAFRX
T. Rowe Price Floating Rate Fund—I Class	TFAIX
T. Rowe Price Floating Rate Fund—Z Class	TRIZX
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.
T. Rowe Price Global Allocation Fund	RPGAX
T. Rowe Price Global Allocation Fund—Advisor Class	PAFGX
T. Rowe Price Global Allocation Fund—I Class	TGAFX
T. ROWE PRICE GLOBAL FUNDS, INC.
T. Rowe Price Global Value Equity Fund	TRGVX
T. Rowe Price Global Value Equity Fund—I Class	PRIGX
T. Rowe Price Institutional Emerging Markets Bond Fund	TREBX
T. Rowe Price Institutional Emerging Markets Equity Fund	IEMFX
T. Rowe Price Institutional International Disciplined Equity Fund	RPICX
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.
T. Rowe Price Global Multi-Sector Bond Fund	PRSNX
T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class	PRSAX
T. Rowe Price Global Multi-Sector Bond Fund—I Class	PGMSX


T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.
T. Rowe Price Global Real Estate Fund	TRGRX
T. Rowe Price Global Real Estate Fund—Advisor Class	PAGEX
T. Rowe Price Global Real Estate Fund—I Class	TIRGX
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.
T. Rowe Price Global Technology Fund	PRGTX
T. Rowe Price Global Technology Fund—I Class	PGTIX
T. ROWE PRICE GNMA FUND, INC.
T. Rowe Price GNMA Fund	PRGMX
T. Rowe Price GNMA Fund—I Class	PRXAX
T. Rowe Price GNMA Fund—Z Class	TRZGX
T. ROWE PRICE GOVERNMENT MONEY FUND, INC.
T. Rowe Price Government Money Fund	PRRXX
T. Rowe Price Government Money Fund—I Class	TTGXX
T. ROWE PRICE GROWTH STOCK FUND, INC.
T. Rowe Price Growth Stock Fund	PRGFX
T. Rowe Price Growth Stock Fund—Advisor Class	TRSAX
T. Rowe Price Growth Stock Fund—I Class	PRUFX
T. Rowe Price Growth Stock Fund—R Class	RRGSX
T. Rowe Price Growth Stock Fund—Z Class	TRJZX
T. ROWE PRICE HEALTH SCIENCES FUND, INC.
T. Rowe Price Health Sciences Fund	PRHSX
T. Rowe Price Health Sciences Fund—I Class	THISX
T. ROWE PRICE HIGH YIELD FUND, INC.
T. Rowe Price High Yield Fund	PRHYX
T. Rowe Price High Yield Fund—Advisor Class	PAHIX
T. Rowe Price High Yield Fund—I Class	PRHIX
T. Rowe Price High Yield Fund—Z Class	TRKZX
T. Rowe Price U.S. High Yield Fund	TUHYX
T. Rowe Price U.S. High Yield Fund—Advisor Class	TUHAX
T. Rowe Price U.S. High Yield Fund—I Class	TUHIX
T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund	PREIX
T. Rowe Price Equity Index 500 Fund—I Class	PRUIX
T. Rowe Price Equity Index 500 Fund—Z Class	TRHZX
T. Rowe Price Extended Equity Market Index Fund	PEXMX
T. Rowe Price Mid-Cap Index Fund	TRMNX
T. Rowe Price Mid-Cap Index Fund—I Class	TRMSX
T. Rowe Price Mid-Cap Index Fund—Z Class	TRSZX
T. Rowe Price Small-Cap Index Fund	TRSYX
T. Rowe Price Small-Cap Index Fund—I Class	TRCSX
T. Rowe Price Small-Cap Index Fund—Z Class	TRZIX
T. Rowe Price Total Equity Market Index Fund	POMIX


T. Rowe Price U.S. Limited Duration TIPS Index Fund	TLDTX
T. Rowe Price U.S. Limited Duration TIPS Index Fund—I Class	TLDUX
T. Rowe Price U.S. Limited Duration TIPS Index Fund—Z Class	TLDZX
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.
T. Rowe Price Inflation Protected Bond Fund	PRIPX
T. Rowe Price Inflation Protected Bond Fund—I Class	TIIPX
T. Rowe Price Inflation Protected Bond Fund—Z Class	TRZHX
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Floating Rate Fund	RPIFX
T. Rowe Price Institutional Floating Rate Fund—F Class	PFFRX
T. Rowe Price Institutional Floating Rate Fund—Z Class	TRAZX
T. Rowe Price Institutional High Yield Fund	TRHYX
T. Rowe Price Institutional High Yield Fund—Z Class	TRCZX
T. Rowe Price Institutional Long Duration Credit Fund	RPLCX
T. ROWE PRICE INTEGRATED EQUITY FUNDS, INC. (formerly T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.)
T. Rowe Price Integrated Global Equity Fund (formerly T. Rowe Price QM Global Equity Fund)	TQGEX
T. Rowe Price Integrated Global Equity Fund—Advisor Class (formerly T. Rowe Price QM Global Equity Fund—Advisor Class)	TQGAX
T. Rowe Price Integrated Global Equity Fund—I Class (formerly T. Rowe Price QM Global Equity Fund—I Class)	TQGIX
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund (formerly T. Rowe Price QM U.S. Value Equity Fund)	TQMVX
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—Advisor Class (formerly T. Rowe Price QM U.S. Value Equity Fund—Advisor Class)	TQVAX
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—I Class (formerly T. Rowe Price QM U.S. Value Equity Fund—I Class)	TQVIX
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund (formerly T. Rowe Price QM U.S. Small-Cap Growth Equity Fund)	PRDSX
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class (formerly T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—Advisor Class)	TQAAX
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—I Class (formerly T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—I Class)	TQAIX
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund (formerly T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund)	TQSMX
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class (formerly T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class)	TQSAX
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund—I Class (formerly T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—I Class)	TQSIX
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Intermediate Tax-Free High Yield Fund	PRIHX
T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class	PRAHX
T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class	TFHAX
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund	TRAMX
T. Rowe Price Africa & Middle East Fund—I Class	PRAMX
T. Rowe Price Africa & Middle East Fund—Z Class	TRZMX


T. Rowe Price Asia Opportunities Fund	TRAOX
T. Rowe Price Asia Opportunities Fund—Advisor Class	PAAOX
T. Rowe Price Asia Opportunities Fund—I Class	TRASX
T. Rowe Price China Evolution Equity Fund	TCELX
T. Rowe Price China Evolution Equity Fund—I Class	TRCLX
T. Rowe Price Dynamic Credit Fund	RPIDX
T. Rowe Price Dynamic Credit Fund—I Class	RPELX
T. Rowe Price Dynamic Global Bond Fund	RPIEX
T. Rowe Price Dynamic Global Bond Fund—Advisor Class	PAIEX
T. Rowe Price Dynamic Global Bond Fund—I Class	RPEIX
T. Rowe Price Dynamic Global Bond Fund—Z Class	TRDZX
T. Rowe Price Emerging Europe Fund	TREMX
T. Rowe Price Emerging Europe Fund—I Class	TTEEX
T. Rowe Price Emerging Europe Fund—Z Class	TRZEX
T. Rowe Price Emerging Markets Bond Fund	PREMX
T. Rowe Price Emerging Markets Bond Fund—Advisor Class	PAIKX
T. Rowe Price Emerging Markets Bond Fund—I Class	PRXIX
T. Rowe Price Emerging Markets Bond Fund—Z Class	TREZX
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 Corporate Bond Fund—I Class	TECIX
T. Rowe Price Emerging Markets Discovery Stock Fund	PRIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class	PAIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—I Class	REVIX
T. Rowe Price Emerging Markets Discovery Stock Fund—Z Class	TRFZX
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 Local Currency Bond Fund—I Class	TEIMX
T. Rowe Price Emerging Markets Local Currency Bond Fund—Z Class	TRZFX
T. Rowe Price Emerging Markets Stock Fund	PRMSX
T. Rowe Price Emerging Markets Stock Fund—I Class	PRZIX
T. Rowe Price Emerging Markets Stock Fund—Z Class	TRGZX
T. Rowe Price European Stock Fund	PRESX
T. Rowe Price European Stock Fund—I Class	TEUIX
T. Rowe Price European Stock Fund—Z Class	TRZPX
T. Rowe Price Global Consumer Fund	PGLOX
T. Rowe Price Global Growth Stock Fund	RPGEX
T. Rowe Price Global Growth Stock Fund—Advisor Class	PAGLX
T. Rowe Price Global Growth Stock Fund—I Class	RGGIX
T. Rowe Price Global High Income Bond Fund	RPIHX
T. Rowe Price Global High Income Bond Fund—Advisor Class	PAIHX
T. Rowe Price Global High Income Bond Fund—I Class	RPOIX
T. Rowe Price Global Impact Equity Fund	TGPEX
T. Rowe Price Global Impact Equity Fund—I Class	TGBLX


T. Rowe Price Global Industrials Fund	RPGIX
T. Rowe Price Global Industrials Fund—I Class	TRGAX
T. Rowe Price Global Stock Fund	PRGSX
T. Rowe Price Global Stock Fund—Advisor Class	PAGSX
T. Rowe Price Global Stock Fund—I Class	TRGLX
T. Rowe Price International Bond Fund	RPIBX
T. Rowe Price International Bond Fund—Advisor Class	PAIBX
T. Rowe Price International Bond Fund—I Class	RPISX
T. Rowe Price International Bond Fund—Z Class	TRLZX
T. Rowe Price International Bond Fund (USD Hedged)	TNIBX
T. Rowe Price International Bond Fund (USD Hedged)—Advisor Class	TTABX
T. Rowe Price International Bond Fund (USD Hedged)—I Class	TNBMX
T. Rowe Price International Bond Fund (USD Hedged)—Z Class	TRMZX
T. Rowe Price International Disciplined Equity Fund	PRCNX
T. Rowe Price International Disciplined Equity Fund—Advisor Class	PRNCX
T. Rowe Price International Disciplined Equity Fund—I Class	RICIX
T. Rowe Price International Discovery Fund	PRIDX
T. Rowe Price International Discovery Fund—I Class	TIDDX
T. Rowe Price International Discovery Fund—Z Class	TRZKX
T. Rowe Price International Stock Fund	PRITX
T. Rowe Price International Stock Fund—Advisor Class	PAITX
T. Rowe Price International Stock Fund—I Class	PRIUX
T. Rowe Price International Stock Fund—R Class	RRITX
T. Rowe Price International Stock Fund—Z Class	TRNZX
T. Rowe Price International Value Equity Fund	TRIGX
T. Rowe Price International Value Equity Fund—Advisor Class	PAIGX
T. Rowe Price International Value Equity Fund—I Class	TRTIX
T. Rowe Price International Value Equity Fund—R Class	RRIGX
T. Rowe Price International Value Equity Fund—Z Class	TROZX
T. Rowe Price Japan Fund	PRJPX
T. Rowe Price Japan Fund—I Class	RJAIX
T. Rowe Price Japan Fund—Z Class	TRZJX
T. Rowe Price Latin America Fund	PRLAX
T. Rowe Price Latin America Fund—I Class	RLAIX
T. Rowe Price Latin America Fund—Z Class	TRZYX
T. Rowe Price New Asia Fund	PRASX
T. Rowe Price New Asia Fund—I Class	PNSIX
T. Rowe Price New Asia Fund—Z Class	TRZNX
T. Rowe Price Overseas Stock Fund	TROSX
T. Rowe Price Overseas Stock Fund—Advisor Class	PAEIX
T. Rowe Price Overseas Stock Fund—I Class	TROIX
T. Rowe Price Overseas Stock Fund—Z Class	TRZSX


T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund	PIEQX
T. Rowe Price International Equity Index Fund—Z Class	TLIEX
T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.
T. Rowe Price Limited Duration Inflation Focused Bond Fund	TRBFX
T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class	TRLDX
T. Rowe Price Limited Duration Inflation Focused Bond Fund—Z Class	TRPZX
T. ROWE PRICE MID-CAP GROWTH FUND, INC.
T. Rowe Price Mid-Cap Growth Fund	RPMGX
T. Rowe Price Mid-Cap Growth Fund—Advisor Class	PAMCX
T. Rowe Price Mid-Cap Growth Fund—I Class	RPTIX
T. Rowe Price Mid-Cap Growth Fund—R Class	RRMGX
T. Rowe Price Mid-Cap Growth Fund—Z Class	TRQZX
T. ROWE PRICE MID-CAP VALUE FUND, INC.
T. Rowe Price Mid-Cap Value Fund	TRMCX
T. Rowe Price Mid-Cap Value Fund—Advisor Class	TAMVX
T. Rowe Price Mid-Cap Value Fund—I Class	TRMIX
T. Rowe Price Mid-Cap Value Fund—R Class	RRMVX
T. Rowe Price Mid-Cap Value Fund—Z Class	TRTZX
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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 MULTI-STRATEGY TOTAL RETURN FUND, INC.
T. Rowe Price Multi-Strategy Total Return Fund	TMSRX
T. Rowe Price Multi-Strategy Total Return Fund—Advisor Class	TMSAX
T. Rowe Price Multi-Strategy Total Return Fund—I Class	TMSSX
T. ROWE PRICE NEW ERA FUND, INC.
T. Rowe Price New Era Fund	PRNEX
T. Rowe Price New Era Fund—I Class	TRNEX
T. ROWE PRICE NEW HORIZONS FUND, INC.
T. Rowe Price New Horizons Fund	PRNHX
T. Rowe Price New Horizons Fund—I Class	PRJIX
T. Rowe Price New Horizons Fund—Z Class	TRUZX
T. ROWE PRICE NEW INCOME FUND, INC.
T. Rowe Price New Income Fund	PRCIX
T. Rowe Price New Income Fund—Advisor Class	PANIX
T. Rowe Price New Income Fund—I Class	PRXEX
T. Rowe Price New Income Fund—R Class	RRNIX
T. Rowe Price New Income Fund—Z Class	TRVZX


T. ROWE PRICE QM U.S. BOND INDEX FUND, INC.
T. Rowe Price QM U.S. Bond Index Fund	PBDIX
T. Rowe Price QM U.S. Bond Index Fund—I Class	TSBLX
T. Rowe Price QM U.S. Bond Index Fund—Z Class	TSBZX
T. ROWE PRICE REAL ASSETS FUND, INC.
T. Rowe Price Real Assets Fund	PRAFX
T. Rowe Price Real Assets Fund—I Class	PRIKX
T. Rowe Price Real Assets Fund—Z Class	TRZRX
T. ROWE PRICE REAL ESTATE FUND, INC.
T. Rowe Price Real Estate Fund	TRREX
T. Rowe Price Real Estate Fund—Advisor Class	PAREX
T. Rowe Price Real Estate Fund—I Class	TIRRX
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (TRP RESERVE FUNDS)
T. Rowe Price Government Reserve Fund	—
T. Rowe Price Short-Term Fund	—
T. Rowe Price Short-Term Government Fund	—
T. Rowe Price Transition Fund	TTNFX
T. Rowe Price Treasury 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
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 2065 Fund	TRSJX
T. Rowe Price Retirement 2065 Fund—Advisor Class	PASUX
T. Rowe Price Retirement 2065 Fund—R Class	RRSUX
T. Rowe Price Retirement Balanced Fund	TRRIX
T. Rowe Price Retirement Balanced Fund—Advisor Class	PARIX
T. Rowe Price Retirement Balanced Fund—R Class	RRTIX
T. Rowe Price Retirement Blend 2005 Fund	TBLPX
T. Rowe Price Retirement Blend 2005 Fund—I Class	TBLAX
T. Rowe Price Retirement Blend 2010 Fund	TBLQX
T. Rowe Price Retirement Blend 2010 Fund—I Class	TBLBX
T. Rowe Price Retirement Blend 2015 Fund	TBLSX
T. Rowe Price Retirement Blend 2015 Fund—I Class	TBLCX
T. Rowe Price Retirement Blend 2020 Fund	TSBAX
T. Rowe Price Retirement Blend 2020 Fund—I Class	TBLDX
T. Rowe Price Retirement Blend 2025 Fund	TBLVX
T. Rowe Price Retirement Blend 2025 Fund—I Class	TBLEX
T. Rowe Price Retirement Blend 2030 Fund	TBLWX
T. Rowe Price Retirement Blend 2030 Fund—I Class	TBLGX
T. Rowe Price Retirement Blend 2035 Fund	TBLYX
T. Rowe Price Retirement Blend 2035 Fund—I Class	TBLHX
T. Rowe Price Retirement Blend 2040 Fund	TRBLX
T. Rowe Price Retirement Blend 2040 Fund—I Class	TBLIX
T. Rowe Price Retirement Blend 2045 Fund	TRBQX
T. Rowe Price Retirement Blend 2045 Fund—I Class	TBLKX
T. Rowe Price Retirement Blend 2050 Fund	TBLPX
T. Rowe Price Retirement Blend 2050 Fund—I Class	TBLAX
T. Rowe Price Retirement Blend 2055 Fund	TRBOX
T. Rowe Price Retirement Blend 2055 Fund—I Class	TBLMX
T. Rowe Price Retirement Blend 2060 Fund	TRBNX
T. Rowe Price Retirement Blend 2060 Fund—I Class	TBLNX
T. Rowe Price Retirement Blend 2065 Fund	TRBPX
T. Rowe Price Retirement Blend 2065 Fund—I Class	TBLOX


T. Rowe Price Retirement I 2005 Fund—I Class	TRPFX
T. Rowe Price Retirement I 2010 Fund—I Class	TRPAX
T. Rowe Price Retirement I 2015 Fund—I Class	TRFGX
T. Rowe Price Retirement I 2020 Fund—I Class	TRBRX
T. Rowe Price Retirement I 2025 Fund—I Class	TRPHX
T. Rowe Price Retirement I 2030 Fund—I Class	TRPCX
T. Rowe Price Retirement I 2035 Fund—I Class	TRPJX
T. Rowe Price Retirement I 2040 Fund—I Class	TRPDX
T. Rowe Price Retirement I 2045 Fund—I Class	TRPKX
T. Rowe Price Retirement I 2050 Fund—I Class	TRPMX
T. Rowe Price Retirement I 2055 Fund—I Class	TRPNX
T. Rowe Price Retirement I 2060 Fund—I Class	TRPLX
T. Rowe Price Retirement I 2065 Fund—I Class	TRFKX
T. Rowe Price Retirement Balanced I Fund—I Class	TRPTX
T. Rowe Price Retirement Income 2020 Fund	TRLAX
T. Rowe Price Target 2005 Fund	TRARX
T. Rowe Price Target 2005 Fund—Advisor Class	PANRX
T. Rowe Price Target 2005 Fund—I Class	TFRRX
T. Rowe Price Target 2010 Fund	TRROX
T. Rowe Price Target 2010 Fund—Advisor Class	PAERX
T. Rowe Price Target 2010 Fund—I Class	TORFX
T. Rowe Price Target 2015 Fund	TRRTX
T. Rowe Price Target 2015 Fund—Advisor Class	PAHRX
T. Rowe Price Target 2015 Fund—I Class	TTRTX
T. Rowe Price Target 2020 Fund	TRRUX
T. Rowe Price Target 2020 Fund—Advisor Class	PAIRX
T. Rowe Price Target 2020 Fund—I Class	TTURX
T. Rowe Price Target 2025 Fund	TRRVX
T. Rowe Price Target 2025 Fund—Advisor Class	PAJRX
T. Rowe Price Target 2025 Fund—I Class	TRVVX
T. Rowe Price Target 2030 Fund	TRRWX
T. Rowe Price Target 2030 Fund—Advisor Class	PAKRX
T. Rowe Price Target 2030 Fund—I Class	TWRRX
T. Rowe Price Target 2035 Fund	RPGRX
T. Rowe Price Target 2035 Fund—Advisor Class	PATVX
T. Rowe Price Target 2035 Fund—I Class	TPGPX
T. Rowe Price Target 2040 Fund	TRHRX
T. Rowe Price Target 2040 Fund—Advisor Class	PAHHX
T. Rowe Price Target 2040 Fund—I Class	TRXRX
T. Rowe Price Target 2045 Fund	RPTFX
T. Rowe Price Target 2045 Fund—Advisor Class	PAFFX
T. Rowe Price Target 2045 Fund—I Class	TRFWX


T. Rowe Price Target 2050 Fund	TRFOX
T. Rowe Price Target 2050 Fund—Advisor Class	PAOFX
T. Rowe Price Target 2050 Fund—I Class	TOORX
T. Rowe Price Target 2055 Fund	TRFFX
T. Rowe Price Target 2055 Fund—Advisor Class	PAFTX
T. Rowe Price Target 2055 Fund—I Class	TRPPX
T. Rowe Price Target 2060 Fund	TRTFX
T. Rowe Price Target 2060 Fund—Advisor Class	TRTGX
T. Rowe Price Target 2060 Fund—I Class	TTOIX
T. Rowe Price Target 2065 Fund	PRSLX
T. Rowe Price Target 2065 Fund—Advisor Class	PAZLX
T. Rowe Price Target 2065 Fund—I Class	RPFDX
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.
T. Rowe Price Science & Technology Fund	PRSCX
T. Rowe Price Science & Technology Fund—Advisor Class	PASTX
T. Rowe Price Science & Technology Fund—I Class	TSNIX
T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short Duration Income Fund	TSDLX
T. Rowe Price Short Duration Income Fund—I Class	TSIDX
T. Rowe Price Short-Term Bond Fund	PRWBX
T. Rowe Price Short-Term Bond Fund—Advisor Class	PASHX
T. Rowe Price Short-Term Bond Fund—I Class	TBSIX
T. Rowe Price Short-Term Bond Fund—Z Class	TRZOX
T. Rowe Price Ultra Short-Term Bond Fund	TRBUX
T. Rowe Price Ultra Short-Term Bond Fund—I Class	TRSTX
T. Rowe Price Ultra Short-Term Bond Fund—Z Class	TRZWX
T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. Rowe Price Small-Cap Stock Fund	OTCFX
T. Rowe Price Small-Cap Stock Fund—Advisor Class	PASSX
T. Rowe Price Small-Cap Stock Fund—I Class	OTIIX
T. Rowe Price Small-Cap Stock Fund—Z Class	TRZZX
T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. Rowe Price Small-Cap Value Fund	PRSVX
T. Rowe Price Small-Cap Value Fund—Advisor Class	PASVX
T. Rowe Price Small-Cap Value Fund—I Class	PRVIX
T. Rowe Price Small-Cap Value Fund—Z Class	TRZVX
T. ROWE PRICE SPECTRUM FUND, INC. (SPECTRUM FUNDS)
T. Rowe Price Spectrum Diversified Equity Fund	PRSGX
T. Rowe Price Spectrum Diversified Equity Fund—I Class	TSVPX
T. Rowe Price Spectrum Income Fund	RPSIX
T. Rowe Price Spectrum Income Fund—I Class	TSPNX
T. Rowe Price Spectrum International Equity Fund	PSILX
T. Rowe Price Spectrum International Equity Fund—I Class	TSINX


T. ROWE PRICE SPECTRUM FUNDS II, INC. (SPECTRUM FUNDS II)
T. Rowe Price Spectrum Conservative Allocation Fund	PRSIX
T. Rowe Price Spectrum Conservative Allocation Fund—I Class	PPIPX
T. Rowe Price Spectrum Moderate Allocation Fund	TRPBX
T. Rowe Price Spectrum Moderate Allocation Fund—I Class	TRPAX
T. Rowe Price Spectrum Moderate Growth Allocation Fund	TRSGX
T. Rowe Price Spectrum Moderate Growth Allocation Fund—I Class	TGIPX
T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. Rowe Price California Tax-Free Bond Fund	PRXCX
T. Rowe Price California Tax-Free Bond Fund—I Class	TCFEX
T. Rowe Price Georgia Tax-Free Bond Fund	GTFBX
T. Rowe Price Georgia Tax-Free Bond Fund—I Class	TBGAX
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	PRMDX
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund—I Class	TRMUX
T. Rowe Price Maryland Tax-Free Bond Fund	MDXBX
T. Rowe Price Maryland Tax-Free Bond Fund—I Class	TFBIX
T. Rowe Price Maryland Tax-Free Money Fund	TMDXX
T. Rowe Price Maryland Tax-Free Money Fund—I Class	TWNXX
T. Rowe Price New Jersey Tax-Free Bond Fund	NJTFX
T. Rowe Price New Jersey Tax-Free Bond Fund—I Class	TRJIX
T. Rowe Price New York Tax-Free Bond Fund	PRNYX
T. Rowe Price New York Tax-Free Bond Fund—I Class	TRYIX
T. Rowe Price Virginia Tax-Free Bond Fund	PRVAX
T. Rowe Price Virginia Tax-Free Bond Fund—I Class	TFBVX
T. ROWE PRICE SUMMIT FUNDS, INC. (SUMMIT INCOME FUNDS)
T. Rowe Price Cash Reserves Fund	TSCXX
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (SUMMIT MUNICIPAL FUNDS)
T. Rowe Price Summit Municipal Income Fund	PRINX
T. Rowe Price Summit Municipal Income Fund—Advisor Class	PAIMX
T. Rowe Price Summit Municipal Income Fund—I Class	PRIMX
T. Rowe Price Summit Municipal Intermediate Fund	PRSMX
T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class	PAIFX
T. Rowe Price Summit Municipal Intermediate Fund—I Class	PRTMX
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (TAX-EFFICIENT FUNDS)
T. Rowe Price Tax-Efficient Equity Fund	PREFX
T. Rowe Price Tax-Efficient Equity Fund—I Class	TEEFX
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.
T. Rowe Price Tax-Exempt Money Fund	PTEXX
T. Rowe Price Tax-Exempt Money Fund—I Class	TERXX
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Tax-Free High Yield Fund	PRFHX
T. Rowe Price Tax-Free High Yield Fund—Advisor Class	PATFX
T. Rowe Price Tax-Free High Yield Fund—I Class	PTYIX


T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund	PRTAX
T. Rowe Price Tax-Free Income Fund—Advisor Class	PATAX
T. Rowe Price Tax-Free Income Fund—I Class	TFILX
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Short-Intermediate Fund	PRFSX
T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class	PATIX
T. Rowe Price Tax-Free Short-Intermediate Fund—I Class	TTSIX
T. ROWE PRICE TOTAL RETURN FUND, INC.
T. Rowe Price Total Return Fund	PTTFX
T. Rowe Price Total Return Fund—Advisor Class	PTATX
T. Rowe Price Total Return Fund—I Class	PTKIX
T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC.
T. Rowe Price U.S. Equity Research Fund	PRCOX
T. Rowe Price U.S. Equity Research Fund—Advisor Class	PACOX
T. Rowe Price U.S. Equity Research Fund—I Class	PCCOX
T. Rowe Price U.S. Equity Research Fund—R Class	RRCOX
T. Rowe Price U.S. Equity Research Fund—Z Class	PCUZX
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.
T. Rowe Price U.S. Large-Cap Core Fund	TRULX
T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class	PAULX
T. Rowe Price U.S. Large-Cap Core Fund—I Class	RCLIX
T. Rowe Price U.S. Large-Cap Core Fund—Z Class	TRZLX
T. ROWE PRICE U.S. TREASURY FUNDS, INC. (U.S. TREASURY FUNDS)
T. Rowe Price U.S. Treasury Intermediate Index Fund	PRTIX
T. Rowe Price U.S. Treasury Intermediate Index Fund—I Class	PRKIX
T. Rowe Price U.S. Treasury Intermediate Index Fund—Z Class	TRZTX
T. Rowe Price U.S. Treasury Long-Term Index Fund	PRULX
T. Rowe Price U.S. Treasury Long-Term Index Fund—I Class	PRUUX
T. Rowe Price U.S. Treasury Long-Term Index Fund—Z Class	TRZUX
T. Rowe Price U.S. Treasury Money Fund	PRTXX
T. Rowe Price U.S. Treasury Money Fund—I Class	TRGXX
T. Rowe Price U.S. Treasury Money Fund—Z Class	TRZXX
T. ROWE PRICE VALUE FUND, INC.
T. Rowe Price Value Fund	TRVLX
T. Rowe Price Value Fund—Advisor Class	PAVLX
T. Rowe Price Value Fund—I Class	TRPIX
T. Rowe Price Value Fund—Z Class	TRZAX

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. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. Rowe Price Investment Services, Inc. (Investment Services), the Corporation’s principal underwriter (Distributor). 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.

The prospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used herein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.

The financial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund’s annual report, when available, are incorporated into this SAI by reference.

PART I – TABLE OF CONTENTS

Page


Management of the Funds	20
Principal Holders of Securities	109
Investment Adviser and Investment Management Agreements	250
Third-Party Arrangements	295
Distributor for the Funds	303

Page


Portfolio Transactions	307
Portfolio Turnover	325
Securities Lending Activities	330
Independent Registered Public Accounting Firm	336
Part II	337

References to the following are as indicated:

Fitch Ratings, Inc. (Fitch)

Internal Revenue Code of 1986, as amended (Code)

Internal Revenue Service (IRS)

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

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)

S&P Global Ratings (S&P)

T. Rowe Price Hong Kong Limited (Price Hong Kong)

T. Rowe Price Japan, Inc. (Price Japan)

T. Rowe Price International Ltd (Price International)

T. Rowe Price Investment Management, Inc. (Price Investment Management)

T. Rowe Price Singapore Private Ltd. (Price Singapore)

While many Price Funds are offered in more than one share class, not all Price Funds are offered in the share classes described below. The front cover of each Price Fund’s prospectus indicates which share classes are available for the fund.

Investor Class

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

I Class

Advisor Class

The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and financial advisors. The Advisor Class must be purchased through an eligible intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.

R Class

The R Class is designed to be sold only through various third-party intermediaries that offer employer-sponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others. The R Class must be purchased through an eligible intermediary (except for certain retirement plans held directly with T. Rowe Price). The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.

Institutional Class

Most of the T. Rowe Price institutional funds are available only in a single share class (referred to as the “Institutional Class”). The institutional funds (other than their F Class shares) generally require a $1 million initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts, and certain other accounts. The Institutional Class is designed for institutional investors, which typically include, but are not limited to: corporations, endowments and foundations, charitable trusts, investment companies and other pooled vehicles, defined benefit and defined contribution retirement plans, broker-dealers, registered investment advisers, banks and bank trust programs, and Section 529 college savings plans. Institutional funds may be purchased directly through T. Rowe Price or through a financial intermediary.

F Class

The F Class is a separate share class of certain institutional funds and is designed to be sold only through financial advisors and certain third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services. F Class shares are not intended to be offered by intermediaries through a mutual fund “supermarket” platform. The F Class cannot be purchased directly through T. Rowe Price and must be purchased through a financial intermediary.

Z Class

The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. The Z Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.

Hedged Equity Fund, Mid-Cap Index Fund, Multi-Sector Account Portfolios, Small-Cap Index Fund, and TRP Reserve Funds

These funds are not available for direct purchase by members of the public. Shares of these funds may only be purchased by or on behalf of mutual funds, Section 529 college savings plans, or certain institutional client accounts for which T. Rowe Price or one of its affiliates has discretionary investment authority.

PART I

Below is a table showing the prospectus and shareholder report dates for each fund. Each prospectus and shareholder report includes information on all share classes available for a fund. The table also lists each fund’s category, which should be used to identify groups of funds that are referenced throughout this SAI. The prospectus date shown for each fund reflects the date that the prospectus will be annually updated once the fund has been in operation at its fiscal year-end.


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Africa & Middle East Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
All-Cap Opportunities Fund	Equity	Dec 31	Dec 31	June 30	May 1
Asia Opportunities Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Balanced Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Blue Chip Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
California Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Capital Appreciation Fund	Equity	Dec 31	Dec 31	June 30	May 1

Capital Appreciation and Income Fund	Equity	Dec 31	Dec 31	June 30	May 1

Cash Reserves Fund	Taxable Money	Oct 31	Oct 31	Apr 30	March 1
China Evolution Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Communications & Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1
Corporate Income Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Credit Opportunities Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Diversified Mid-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Dividend Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Dynamic Credit Fund	Taxable Bond	Dec 31	Dec 31	June 30	May 1
Dynamic Global Bond Fund	Taxable Bond	Dec 31	Dec 31	June 30	May 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Emerging Europe Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Emerging Markets Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
Emerging Markets Corporate Bond Fund	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 Discovery Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Emerging Markets Local Currency Bond Fund	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 Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Equity Income Fund	Equity	Dec 31	Dec 31	June 30	May 1
Equity Index 500 Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
European Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Extended Equity Market Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Financial Services Fund	Equity	Dec 31	Dec 31	June 30	May 1
Floating Rate Fund	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 Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Global Allocation Fund	Asset Allocation	Oct 31	Oct 31	Apr 30	March 1
Global Consumer Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Growth Stock Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
Global High Income Bond Fund	Taxable Bond	Dec 31	Dec 31	June 30	May 1
Global Impact Equity Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
Global Industrials Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Multi-Sector Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Global Real Estate Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Stock Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
Global Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Value Equity Fund	Equity	Oct 31	Oct 31	Apr 30	March 1
GNMA Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Government Money Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
Government Reserve Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
Growth Stock Fund	Equity	Dec 31	Dec 31	June 30	May 1
Health Sciences Fund	Equity	Dec 31	Dec 31	June 30	May 1
Hedged Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1
High Yield Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
High Yield Multi-Sector Account Portfolio	Taxable Bond	Feb 28	Feb 28	Aug 30	July 1
Inflation Protected Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional Emerging Markets Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
Institutional Emerging Markets Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Institutional Floating Rate Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional High Yield Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional International Disciplined Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Institutional Large-Cap Core Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Long Duration Credit Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional Mid-Cap Equity Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Small-Cap Stock Fund	Equity	Dec 31	Dec 31	June 30	May 1
Integrated Global Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Integrated U.S. Large-Cap Value Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1
Integrated U.S. Small-Cap Growth Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1
Integrated U.S. Small-Mid Cap Core Equity Fund	Equity	Dec 31	Dec 31	June 30	May 1
Intermediate Tax-Free High Yield Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
International Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
International Bond Fund (USD Hedged)	International Bond	Dec 31	Dec 31	June 30	May 1
International Disciplined Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Discovery Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Equity Index Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Value Equity Fund	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 Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Latin America Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Large-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Large-Cap Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Limited Duration Inflation Focused Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Maryland Short-Term Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Maryland Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Maryland Tax-Free Money Fund	State Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Mid-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Mortgage-Backed Securities Multi-Sector Account Portfolio	Taxable Bond	Feb 28	Feb 28	Aug 30	July 1
Multi-Strategy Total Return Fund	Asset Allocation	Oct 31	Oct 31	Apr 30	March 1
New Asia Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
New Era Fund	Equity	Dec 31	Dec 31	June 30	May 1
New Horizons Fund	Equity	Dec 31	Dec 31	June 30	May 1
New Income Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
New Jersey Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
New York Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Overseas Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
QM U.S. Bond Index Fund	Index Bond	Oct 31	Oct 31	Apr 30	March 1
Real Assets Fund	Equity	Dec 31	Dec 31	June 30	May 1
Real Estate Fund	Equity	Dec 31	Dec 31	June 30	May 1
Retirement 2005 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2010 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2015 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2020 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2025 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2030 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2035 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2040 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2045 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2050 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2055 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2060 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2065 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Balanced Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Retirement Blend 2005 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2010 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2015 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2020 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2025 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2030 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2035 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2040 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2045 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2050 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2055 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2060 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Blend 2065 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2005 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2010 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2015 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2020 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2025 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2030 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2035 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2040 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2045 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2050 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2055 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2060 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement I 2065 Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Balanced I Fund—I Class	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement Income 2020 Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Science & Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1
Short Duration Income Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Short-Term Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Short-Term Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Short-Term Government Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Small-Cap Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Stock Fund	Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Spectrum Conservative Allocation Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Spectrum Diversified Equity Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum Income Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum International Equity Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum Moderate Allocation Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Spectrum Moderate Growth Allocation Fund	Asset Allocation	Dec 31	Dec 31	June 30	May 1
Summit Municipal Income Fund	Tax-Free Bond	Oct 31	Oct 31	Apr 30	March 1
Summit Municipal Intermediate Fund	Tax-Free Bond	Oct 31	Oct 31	Apr 30	March 1
Target 2005 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2010 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2015 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2020 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2025 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2030 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2035 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2040 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2045 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Target 2050 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2055 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2060 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Target 2065 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Tax-Efficient Equity Fund	Equity	Feb 28	Feb 28	Aug 30	July 1
Tax-Exempt Money Fund	Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Tax-Free High Yield Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Income Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Short-Intermediate Fund	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Total Equity Market Index Fund	Index Equity	Dec 31	Dec 31	June 30	May 1
Total Return Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Transition Fund	Other	Dec 31	Dec 31	June 30	May 1
Treasury Reserve Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
U.S. Equity Research Fund	Equity	Dec 31	Dec 31	June 30	May 1
U.S. High Yield Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
U.S. Large-Cap Core Fund	Equity	Dec 31	Dec 31	June 30	May 1
U.S. Limited Duration TIPS Index Fund	Index Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Intermediate Index Fund	Index Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Long-Term Index Fund	Index Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Money Fund	Taxable Money	May 31	May 31	Nov 30	Oct 1
Ultra Short-Term Bond Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Virginia Tax-Free Bond Fund	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1

MANAGEMENT OF THE FUNDS

The officers and directors 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 (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, and other applicable laws. The directors who are also employees or officers of T. Rowe Price are considered to be “interested” directors as defined in Section 2(a)(19) of the 1940 Act because of their relationships with T. Rowe Price and its affiliates. Each interested 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 held five regularly scheduled formal meetings during calendar year 2022. The same directors currently serve on the Board of all the exchange-traded funds sponsored and managed by T. Rowe Price (such exchange-traded funds, the “Price ETFs,” and together with the Price Funds, the (Price Complex). 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 Boards. 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 that are joint with the board of the Price ETFs (hereinafter referred to as “Joint” committees): a Joint Nominating and Governance Committee, a Joint Audit Committee, and a Joint Executive Committee.

Robert J. Gerrard, Jr., an independent director, serves as the chair of the Board of each Price Fund. The chair presides at all meetings of the Boards and all executive sessions of the independent directors. He also reviews and provides guidance on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. 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 Boards. 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 Joint Nominating and Governance Committee consists of all of the independent directors of the funds, and is responsible for, among other things, seeking, reviewing, and selecting candidates to fill independent director 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 chair of the Board of the Price Funds serves as chair of the committee. The committee will consider written recommendations from shareholders for possible nominees for independent directors. Nominees will be considered based on their 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. The Joint Nominating and Governance Committee seeks to ensure that the Board is comprised of independent directors who bring diverse perspectives to the Board, including diverse experiences, backgrounds, race, ethnicity, gender, qualifications, skills, thoughts, viewpoints, and other qualities. Nominees will also be considered based on their independence from T. Rowe Price and other principal service providers. Other than executive sessions in connection with Board meetings, the Joint Nominating and Governance Committee formally met one time in 2022.

The Joint Audit Committee consists of only independent directors. The current members of the committee are Teresa Bryce Bazemore, Robert J. Gerrard, Jr., Paul F. McBride, and Kellye L. Walker. Ms. Bazemore serves as chair of the committee and is considered an “audit committee financial expert” within the meaning of applicable SEC rules. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds at least three regular meetings during each fiscal year. Each of the three regular 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; (6) the qualifications, independence, and performance of the independent registered public accounting firm; and (7) any accounting questions relating to particular areas of the T. Rowe Price Funds’ operations, accounting service provider performance, or the operations of parties dealing with the T. Rowe Price Funds, as circumstances indicate. The Joint Audit Committee also reviews the risk management program of the funds’ investment adviser and valuation-related materials and reports provide by the funds’ valuation designee. The Joint Audit Committee met four times in 2022.

The Joint Executive Committee, which consists of each fund’s interested directors, has been authorized by the Boards to exercise all powers of the Boards in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Joint Executive Committee must be approved in advance by the independent chair of the Board (and if the independent chair is unavailable, consult an independent director of the Board) and reviewed after the fact by the full Board. The Joint Executive Committee does not hold regularly scheduled meetings. The Joint Executive Committee was called upon one time to take action on behalf of the funds during 2022.

From time to time, the independent directors may create a special committee (Special Committee) or an ad hoc working group comprised of independent directors, whose purpose is to review certain limited topics that require in-depth consideration outside of the Boards’ regular review.

In addition to the Boards and the various committees, the directors have established an Advisory Board which consists of Melody Bianchetto and Mark J. Parrell. Advisory Board members serve in a consultative capacity to the Board. As such, Ms. Bianchetto and Mr. Parrell participate in Board discussions and review Board materials relating to the T. Rowe Price Funds. However, Advisory Board members are not eligible to vote on any matter presented to the Boards and have no power to act on behalf of or bind the directors or any committee of the Board. Both Ms. Bianchetto and Mr. Parrell are not considered “interested persons” of the T. Rowe Price Funds, as defined in the 1940 Act. Ms. Bianchetto and Mr. Parrell have been nominated by the Boards for shareholder election at an upcoming shareholder meeting scheduled for July 24, 2023. If they are elected by shareholders to serve as independent directors as proposed, they will no longer serve on the Advisory Board and the Advisory Board is expected to terminate.

Like other investment companies, the Price Funds are subject to various risks, including, among others, investment, compliance, operational, and valuation risks. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. Each 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 adviser’s liquidity committee, the derivatives risk manager, the funds’ independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks the funds face and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from the chief risk officer and members of the adviser’s Risk and Operational Steering Committee on the significant risks inherent to the adviser’s business, including aggregate investment risks, reputational risk, business continuity risk, technology and cybersecurity 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 subadvisers 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.

Each director’s experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, have led to the conclusion that each director should serve on the Boards of the Price Funds. Attributes common to all directors include the ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the funds’ management and counsel and the various service providers to the funds; and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the actual service and commitment of the directors during their tenure on the funds’ Boards is taken into consideration in concluding that each should continue to serve. A 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, nonprofit 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 current director or Advisory Board member that led to the conclusion that he or she should serve as a director or Advisory Board member.

Teresa Bryce Bazemore has more than 25 years of experience as a senior executive in the mortgage banking field, including building both mortgage insurance and services businesses. Ms. Bazemore currently serves as president and chief executive officer of the Federal Home Loan Bank of San Francisco (March 2021 to present); a director of First Industrial Realty Trust, an owner and operator of industrial properties (May 2020 to present); a director of Public Media Company (2008 to present); and a trustee of the Southern California chapter of the International Women’s Forum (January 2021 to present). She previously served as chief executive officer of Bazemore Consulting LLC (2018 to 2021); a director of Chimera Investment Corporation, a publicly traded mortgage REIT (November 2017 to February 2021); a director of the University of Virginia Foundation (July 2014 to June 2022); a member of the University of Virginia’s Center for Politics Advisory Board (October 2019 to July 2022); a president of Radian Guaranty, a national private mortgage insurer (2008 to 2017); and a director of the Federal Home Loan Bank of Pittsburgh (August 2017 to February 2019). She has been an independent director of the Price Funds since January 2018 and became the chair of the Joint Audit Committee in August 2019. Ms. Bazemore has a J.D. from Columbia University and a B.A. from the University of Virginia.

Melody Bianchetto is an accomplished finance professional with over 30 years of experience. She served as vice president for finance at the University of Virginia (UVA) from 2015 until her retirement in February 2023, with oversight of key financial activities, including tax, accounting, financial reporting, debt and cash management, procurement, payroll, financial planning, and enterprise risk management. Prior to that, she led UVA’s financial planning and analysis function from 1998 to 2015. Ms. Bianchetto earned a B.S. in commerce with a concentration in accounting from UVA and an M.B.A. from James Madison University. She is also a licensed Certified Public Accountant. Ms. Bianchetto has served as a member of the Board’s Advisory Committee since February 24, 2023.

Bruce W. Duncan has substantial experience in the field of commercial real estate. Mr. Duncan served as president, chief executive officer, and a director of CyrusOne, Inc., a real estate investment trust specializing in engineering, building, and managing data centers, from July 2020 to July 2021. He served as chair of the board of First Industrial Realty Trust from January 2016 until July 2020, president and chief executive officer from January 2009 until September 2016, and chief executive officer until December 2016. Mr. Duncan served as a senior advisor to KKR from November 2018 to

December 2022. In May 2016, Mr. Duncan became a member of the board of Boston Properties, and he is currently a member of the nominating and governance committee and is a member of the audit committee of Boston Properties. From September 2016 until July 2020, Mr. Duncan served as a member of the board of Marriott International, Inc. He has been an independent director of the Price Funds since October 2013; in September 2014, he became a member of the Joint Audit Committee until August 2019 and served as chair of the Joint Audit Committee from July 2017 to August 2019. Mr. Duncan holds an M.B.A. in finance from the University of Chicago and a B.A. in economics from Kenyon College.

Robert J. Gerrard, Jr. has served as chair of the Boards of all Price Funds since July 2018. He has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and served as the chair of the Joint Audit Committee from September 2014 to July 2017. He became chair of the Price Funds in July 2018 and became a member of the Joint Audit Committee in August 2019. 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 served as general counsel to Scripps Networks. Mr. Gerrard earned a J.D. from Harvard Law School and an A.B. from Harvard College.

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, and has significant global experience. He serves on the advisory board of Vizzia Technologies as well as Gilman School and Bridges Baltimore. He has been an independent director of the Price Funds since October 2013; served as a member of the Joint Audit Committee from September 2014 to August 2019; and became a member of the Joint Audit Committee in February 2022. Mr. McBride received a B.A. in economics from Trinity College in Hartford, CT.

Mark J. Parrell has been chief executive officer and a member of the Board of Trustees of Equity Residential (EQR) since January 2019 and president of EQR since September 2018. Mr. Parrell served as executive vice president and chief financial officer of EQR from October 2007 to September 2018. Mr. Parrell was senior vice president and treasurer of EQR from August 2005 to October 2007, and has held various positions within the EQR finance group since September 1999. He served as director of Brookdale Senior Living Inc., a leading operator of senior living communities throughout the United States, from April 2015 to July 2017, and served as a director of Aviv REIT, Inc., a real estate investment trust, from March 2013 until April 2015, when it merged with Omega Healthcare. Mr. Parrell has served on the Board of Directors of the Real Estate Roundtable since July 2021, and the Executive Board of the National Association of Real Estate Investment Trusts (Nareit) since November 2021. He is a member of the Nareit Dividends Through Diversity, Equity & Inclusion CEO Council and was chair of the Nareit 2021 Audit and Investment Committee. He is a member of the Advisory Board for the Ross Business School at University of Michigan, and is a member of the National Multifamily Housing Council and served as the chair of the Finance Committee in 2015 to 2016. Mr. Parrell also has served on the Board of Directors and has been chair of the Finance Committee of the Greater Chicago Food Depository since July 2017, and is a member of the Economic Club of Chicago. Mr. Parrell received a B.B.A. from the University of Michigan and a J.D. from the Georgetown University Law Center. Mr. Parrell has served as a member of the Board’s Advisory Committee since January 1, 2023.

David Oestreicher has served as an interested director of all Price Funds since July 2018. He is the general counsel for T. Rowe Price Group, Inc. and a member of the firm’s management committee. Mr. Oestreicher serves as a member of the Board of Governors for the Investment Company Institute (ICI), and previously served as the chair of the ICI’s international committee. He is on the Mutual Insurance Company Board of Governors, where he serves as a member of its executive committee and chair of its risk management committee. He also served on the board of the Investment Adviser Association and was a past chair of its legal and regulatory committee. Before joining T. Rowe Price in 1997, Mr. Oestreicher was special counsel in the Division of Market Regulation with the SEC. Mr. Oestreicher earned a B.S. in business administration from Bucknell University and a J.D. from Villanova University School of Law.

Eric L. Veiel has served as an interested director of all Price Funds since February 2022. He is the head of Global Equity and chief investment officer, chair of the Investment Management Steering Committee, and a member of the Management, Equity Steering, International Steering, Multi-Asset Steering, Product Steering, and Management Compensation and Development Committees. Mr. Veiel’s investment experience began in 1999. Prior to joining T. Rowe Price, he spent six years as a sell-side equity analyst, covering health insurers and pharmacy benefit managers at Wachovia Securities, Deutsche Bank Securities, and A.G. Edwards & Sons. He has been with T. Rowe Price since 2005, beginning in the Equity Division as an investment analyst covering life insurance companies, asset managers, money-centered banks, and investment banks. From 2010 to 2014, he was the portfolio manager of the Financial Services Equity Strategy and the financial services sector team leader. He served as a co-director of Equity Research for North America from 2014 to 2015

and co-portfolio manager of the US Equity Structured Research Strategy from 2015 to 2017. Most recently, from 2016 to 2021, he was co-head of Global Equity and head of U.S. Equity. Mr. Veiel earned a B.B.A., magna cum laude, in finance from James Madison University and an M.B.A., with concentrations in finance and accounting, from Washington University in St. Louis, John M. Olin School of Business, where he was a Charles F. Knight Scholar. He also has earned the Chartered Financial Analyst^® designation.

Kellye L. Walker is executive vice president, chief legal officer, and corporate secretary of Eastman Chemical Company. She is a seasoned senior executive with over 25 years of experience helping publicly traded companies increase value through forward thinking, strategic discipline, and a focus on continuous improvement. Her experience includes leading law departments, as well as other functions including compliance; government affairs; human resources; health, safety, environment and security; and information technology. Ms. Walker received a B.S. from Louisiana Tech University and a J.D. from Emory University School of Law. Ms. Walker was appointed as an independent director of the Price Funds on November 8, 2021.

In addition, the following tables provide biographical information for the directors or Advisory Board members, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years. Each director who is not an interested person (as defined in the 1940 Act) of the fund is referred to herein as an independent director.

Independent Directors and Advisory Board Members^(a)


Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years
Teresa Bryce Bazemore 1959 211 portfolios	President and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present); Chief Executive Officer, Bazemore Consulting LLC (2018 to 2021)	Chimera Investment Corporation (2017 to 2021); First Industrial Realty Trust (2020 to present); Federal Home Loan Bank of Pittsburgh (2017 to 2019)
Melody Bianchetto 1966 211 portfolios	Advisory Board member; Vice President for Finance, University of Virginia (2015 to 2023)	None
Bruce W. Duncan 1951 211 portfolios	President, Chief Executive Officer, and Director, CyrusOne, Inc. (2020 to 2021); Chair of the Board (2016 to 2020), and President (2009 to 2016), First Industrial Realty Trust, owner and operator of industrial properties; Member, Investment Company Institute Board of Governors (2017 to 2019); Member, Independent Directors Council Governing Board (2017 to 2019); Senior Advisor, KKR (2018 to 2022)	CyrusOne, Inc. (2020 to 2021); First Industrial Realty Trust (2016 to 2020); Boston Properties (2016 to present); Marriott International, Inc. (2016 to 2020)
Robert J. Gerrard, Jr. 1952 211 portfolios	Chair of the Board, all funds (July 2018 to present)	None
Paul F. McBride 1956 211 portfolios	Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018)	None
Mark J. Parrell 1966 211 portfolios	Advisory Board Member; Member of the Board of Trustees, Chief Executive Officer (2019 to present) and President, EQR (2018 to present); Executive Vice President and Chief Financial Officer, EQR (2007 to 2018); Senior Vice President and Treasurer, EQR (2005 to 2007); Member, Nareit Dividends Through Diversity, Equity & Inclusion CEO Council and Chair, Nareit 2021 Audit and Investment Committee (2021); Advisory Board, Ross Business School at University of Michigan (2015 to 2016); Member, National Multifamily Housing Council and served as the Chair of the Finance Committee, (2015 to 2016); Member of the Economic Club of Chicago	EQR (2019 to present); Brookdale Senior Living Inc. (2015 to 2017); Aviv REIT, Inc. (2013 to 2015); Real Estate Roundtable and the 2022 Executive Board Nareit; Board of Directors and is Chair of the Finance Committee of the Greater Chicago Food Depository

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

Principal Occupation(s)
During Past Five Years

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

Kellye L. Walker

1966

211 portfolios

Executive Vice President and Chief Legal Officer, Eastman Chemical Company (April 2020 to present); Executive Vice President and Chief Legal Officer, Huntington Ingalls Industries, Inc. (January 2015 to March 2020)

Lincoln Electric Company (October 2020 to present)

(a) All information about the independent directors was current as of December 31, 2022, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.

Interested Directors^(a)

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

The Boards invite nominations from the funds’ investment adviser for persons to serve as interested directors, and the Board reviews and approves these nominations. Each of the current interested directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. David Oestreicher has served as an interested director of all Price Funds since July 2018. Eric L. Veiel has served as an interested director of all Price Funds since February 2022. For each fund, the two interested directors serve as members of the fund’s Executive Committee. In addition, specific experience with respect to the interested directors’ principal occupations and any directorships they have held of public companies and other investment companies during the past five years are set forth in the following table.


Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years
David Oestreicher 1967 211 portfolios	Director, Vice President, and Secretary, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.; Director and Secretary, Price Investment Management; Vice President and Secretary, Price International; Vice President, Price Hong Kong, Price Japan, and Price Singapore; General Counsel, Vice President, and Secretary, T. Rowe Price Group, Inc.; Chair of the Board, Chief Executive Officer, President, and Secretary, T. Rowe Price Trust Company Principal Executive Officer and Executive Vice President, all funds	None
Eric L. Veiel, CFA 1972 211 portfolios	Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Trust Company Vice President, Global Funds	None

(a) All information about the interested directors was current as of December 31, 2022, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.

Funds-of-Funds Arrangements

The Board is responsible for overseeing the business and affairs of the T. Rowe Price Funds-of-Funds, which consist of the following: Spectrum Diversified Equity Fund, Spectrum Income Fund, and Spectrum International Equity 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, Retirement 2065 Fund, and Retirement Balanced Fund, and their respective share classes (collectively, the “RDFs”); Retirement Blend 2005 Fund, Retirement Blend 2010 Fund, Retirement Blend 2015 Fund, Retirement Blend 2020 Fund, Retirement Blend 2025 Fund, Retirement Blend 2030 Fund, Retirement Blend 2035 Fund, Retirement Blend 2040 Fund, Retirement Blend 2045 Fund, Retirement Blend 2050 Fund, Retirement Blend 2055 Fund, Retirement Blend 2060 Fund, Retirement Blend 2065 Fund (collectively the “Retirement Blend Funds”); Retirement I 2005 Fund, Retirement I 2010 Fund, Retirement I 2015 Fund, Retirement I 2020 Fund, Retirement I 2025 Fund, Retirement I 2030 Fund, Retirement I 2035 Fund, Retirement I 2040 Fund,

Retirement I 2045 Fund, Retirement I 2050 Fund, Retirement I 2055 Fund, Retirement I 2060 Fund, Retirement I 2065 Fund, and Retirement Balanced I Fund (collectively the, “Retirement I Funds”); Retirement Income 2020 Fund; and Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Target 2060 Fund, and Target 2065 Fund and their respective share classes (collectively, the “TRFs”). The Spectrum Funds, RDFs, Retirement Blend, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually as a “Fund-of-Funds,” and where the policies that apply to the RDFs, Retirement Blend, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are identical, the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs may be referred to collectively as “Target Date Funds.”

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 various Price Funds in which the Fund-of-Funds invest (collectively, the “underlying Price Funds”). Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of the Funds-of-Funds believe they have structured the Funds-of Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price Fund, or the reverse could occur. If the possibility of such a situation 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 or adverse impacts. For example, the Fund-of-Funds may add or remove underlying Price Funds from their list of permissible investments, change their asset allocations among the underlying Price Funds, or change their investments in the underlying Price Funds to a different share class, any of which could cause large redemptions or purchases in the underlying Price Funds. These actions could increase a Fund-of-Fund’s capital gains distributions, which may be taxable to shareholders who do not hold the Fund-of-Fund in a tax-deferred account, or have an adverse impact on an underlying Price Fund, including increasing the underlying Price Fund’s capital gains, portfolio turnover, and transaction costs. Such actions could also cause the underlying Price Fund to sell securities or invest additional cash at disadvantageous prices. In addition, changing an investment in an underlying Price Fund to a different share class of the underlying Price Fund could cause an increase to the expense ratio of one or more of the underlying Price Fund’s share classes. In an effort to minimize any potential adverse impacts on the underlying Price Funds, a Fund-of-Funds may purchase or redeem its shares of an underlying Price Fund gradually over time or seek to effect redemptions of shares in-kind when possible.

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 of which the fund is a series of).


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	Duncan	Gerrard	McBride	Walker
All-Cap Opportunities Fund	1	2018	2013	2012	2013	2021
Balanced Fund	1	2018	2013	2012	2013	2021
Blue Chip Growth Fund	1	2018	2013	2012	2013	2021
Capital Appreciation Fund	2	2018	2013	2012	2013	2021
Communications & Technology Fund	1	2018	2013	2012	2013	2021
Corporate Income Fund	1	2018	2013	2013	2013	2021
Credit Opportunities Fund	1	2018	2014	2014	2014	2021
Diversified Mid-Cap Growth Fund	1	2018	2013	2012	2013	2021
Dividend Growth Fund	1	2018	2013	2012	2013	2021
Equity Funds	6	2018	2013	2012	2013	2021
Equity Income Fund	1	2018	2013	2012	2013	2021


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	Duncan	Gerrard	McBride	Walker
Financial Services Fund	1	2018	2013	2012	2013	2021
Floating Rate Fund	1	2018	2013	2013	2013	2021
Global Allocation Fund	1	2018	2013	2013	2013	2021
Global Funds	4	2018	2013	2012	2013	2021
Global Multi-Sector Bond Fund	1	2018	2013	2013	2013	2021
Global Real Estate Fund	1	2018	2013	2012	2013	2021
Global Technology Fund	1	2018	2013	2012	2013	2021
GNMA Fund	1	2018	2013	2013	2013	2021
Government Money Fund	1	2018	2013	2013	2013	2021
Growth Stock Fund	1	2018	2013	2012	2013	2021
Health Sciences Fund	1	2018	2013	2012	2013	2021
High Yield Fund	2	2018	2013	2013	2013	2021
Index Trust	6	2018	2013	2012	2013	2021
Inflation Protected Bond Fund	1	2018	2013	2013	2013	2021
Institutional Income Funds	3	2018	2013	2013	2013	2021
Integrated Equity Funds	4	2018	2013	2012	2013	2021
Intermediate Tax-Free High Yield Fund	1	2018	2014	2014	2014	2021
International Funds	28	2018	2013	2012	2013	2021
International Index Fund	1	2018	2013	2012	2013	2021
Limited Duration Inflation Focused Bond Fund	1	2018	2013	2013	2013	2021
Mid-Cap Growth Fund	1	2018	2013	2012	2013	2021
Mid-Cap Value Fund	1	2018	2013	2012	2013	2021
Multi-Sector Account Portfolios	6	2018	2013	2013	2013	2021
Multi-Strategy Total Return Fund	1	2018	2017	2017	2017	2021
New Era Fund	1	2018	2013	2012	2013	2021
New Horizons Fund	1	2018	2013	2012	2013	2021
New Income Fund	1	2018	2013	2013	2013	2021
QM U.S. Bond Index Fund	1	2018	2013	2013	2013	2021
Real Assets Fund	1	2018	2013	2012	2013	2021
Real Estate Fund	1	2018	2013	2012	2013	2021
TRP Reserve Funds	5	2018	2013	2013	2013	2021
Retirement Funds	55	2018	2013	2012	2013	2021
Science & Technology Fund	1	2018	2013	2012	2013	2021
Short-Term Bond Fund	3	2018	2013	2013	2013	2021
Small-Cap Stock Fund	1	2018	2013	2012	2013	2021
Small-Cap Value Fund	1	2018	2013	2012	2013	2021
Spectrum Funds	3	2018	2013	2012	2013	2021
Spectrum Funds II	3	2018	2013	2012	2013	2021
State Tax-Free Funds	8	2018	2013	2013	2013	2021


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	Duncan	Gerrard	McBride	Walker
Summit Income Funds	1	2018	2013	2013	2013	2021
Summit Municipal Funds	2	2018	2013	2013	2013	2021
Tax-Efficient Funds	1	2018	2013	2012	2013	2021
Tax-Exempt Money Fund	1	2018	2013	2013	2013	2021
Tax-Free High Yield Fund	1	2018	2013	2013	2013	2021
Tax-Free Income Fund	1	2018	2013	2013	2013	2021
Tax-Free Short-Intermediate Fund	1	2018	2013	2013	2013	2021
Total Return Fund	1	2018	2016	2016	2016	2021
U.S. Equity Research Fund	1	2018	2013	2012	2013	2021
U.S. Large-Cap Core Fund	1	2018	2013	2012	2013	2021
U.S. Treasury Funds	3	2018	2013	2013	2013	2021
Value Fund	1	2018	2013	2012	2013	2021


	Corporation		Number of Portfolios		Interested Directors
					Oestreicher		Veiel
All-Cap Opportunities Fund		1		2018		2022
Balanced Fund		1		2018		2022
Blue Chip Growth Fund		1		2018		2022
Capital Appreciation Fund		2		2018		2022
Communications & Technology Fund		1		2018		2022
Corporate Income Fund		1		2018		2022
Credit Opportunities Fund		1		2018		2022
Diversified Mid-Cap Growth Fund		1		2018		2022
Dividend Growth Fund		1		2018		2022
Equity Funds		6		2018		2022
Equity Income Fund		1		2018		2022
Financial Services Fund		1		2018		2022
Floating Rate Fund		1		2018		2022
Global Allocation Fund		1		2018		2022
Global Funds		4		2018		2022
Global Multi-Sector Bond Fund		1		2018		2022
Global Real Estate Fund		1		2018		2022
Global Technology Fund		1		2018		2022
GNMA Fund		1		2018		2022
Government Money Fund		1		2018		2022
Growth Stock Fund		1		2018		2022
Health Sciences Fund		1		2018		2022
High Yield Fund		2		2018		2022
Index Trust		6		2018		2022
Inflation Protected Bond Fund		1		2018		2022


	Corporation		Number of Portfolios		Interested Directors
					Oestreicher		Veiel
Institutional Income Funds		3		2018		2022
Integrated Equity Funds		4		2018		2022
Intermediate Tax-Free High Yield Fund		1		2018		2022
International Funds		28		2018		2022
International Index Fund		1		2018		2022
Limited Duration Inflation Focused Bond Fund		1		2018		2022
Mid-Cap Growth Fund		1		2018		2022
Mid-Cap Value Fund		1		2018		2022
Multi-Sector Account Portfolios		6		2018		2022
Multi-Strategy Total Return Fund		1		2018		2022
New Era Fund		1		2018		2022
New Horizons Fund		1		2018		2022
New Income Fund		1		2018		2022
QM U.S. Bond Index Fund		1		2018		2022
Real Assets Fund		1		2018		2022
Real Estate Fund		1		2018		2022
TRP Reserve Funds		5		2018		2022
Retirement Funds		55		2018		2022
Science & Technology Fund		1		2018		2022
Short-Term Bond Fund		3		2018		2022
Small-Cap Stock Fund		1		2018		2022
Small-Cap Value Fund		1		2018		2022
Spectrum Funds		3		2018		2022
Spectrum Funds II		3		2018		2022
State Tax-Free Funds		8		2018		2022
Summit Income Funds		1		2018		2022
Summit Municipal Funds		2		2018		2022
Tax-Efficient Funds		1		2018		2022
Tax-Exempt Money Fund		1		2018		2022
Tax-Free High Yield Fund		1		2018		2022
Tax-Free Income Fund		1		2018		2022
Tax-Free Short-Intermediate Fund		1		2018		2022
Total Return Fund		1		2018		2022
U.S. Equity Research Fund		1		2018		2022
U.S. Large-Cap Core Fund		1		2018		2022
U.S. Treasury Funds		3		2018		2022
Value Fund		1		2018		2022

Below is a table that sets forth certain information, as of May 31, 2023, concerning each person deemed to be an officer of the Price Funds.

Officers


Fund	Name	Position Held With Each Fund
All funds	David Oestreicher	Director, Principal Executive Officer, and Executive Vice President
	Alan S. Dupski	Principal Financial Officer, Vice President, and Treasurer
	Richard Sennett	Assistant Treasurer
	Armando (Dino) Capasso	Chief Compliance Officer
	Gary J. Greb	Vice President
	Cheryl Hampton	Vice President
	Benjamin Kersse	Vice President
	Paul J. Krug	Vice President
	Fran M. Pollack-Matz	Vice President and Secretary
	Megan Warren	Vice President
	Shannon Hofher Rauser	Assistant Secretary

Below is a table that sets forth certain information, organized by fund, concerning each person deemed to be an officer of each fund. Information is provided as of May 31, 2023 unless otherwise noted.


Fund	Name	Position Held With Fund
All-Cap Opportunities Fund	Justin P. White	President
	Jason Adams	Vice President
	Ziad Bakri	Vice President
	Shaun Michael Currie	Vice President
	Chris Graff	Vice President
	Nabil Hanano	Vice President
	Kate Hobbs	Vice President
	Jeffrey Holford	Vice President
	Dante Pearson	Vice President
	Dominic Rizzo	Vice President
	Daniel Shear	Vice President
	Anthony Bruce Wang	Vice President
	Ari Weisband	Vice President
	(For remaining officers, refer to the “All funds” table)
Balanced Fund	Charles M. Shriver	Co-President
	Toby M. Thompson	Co-President
	Robert M. Larkins	Vice President
	Wyatt A. Lee	Vice President
	Raymond A. Mills	Vice President
	Christina Dove Noonan	Vice President
	Sebastien Page	Vice President
	Rodney M. Rayburn	Vice President
	Amelia Seman	Vice President
	Guido F. Stubenrauch	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Blue Chip Growth Fund		Paul Greene II	President
		Jason Adams	Vice President
		Ziad Bakri	Vice President
		Jon Michael Friar	Vice President
		Kate Hobbs	Vice President
		Lu (Jacqueline) Liu	Vice President
		Jodi Love	Vice President
		George Marzano	Vice President
		Weijie (Vivian) Si	Vice President
		James Stillwagon	Vice President
		Alan Tu	Vice President
		Anthony Bruce Wang	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
Capital Appreciation Fund		David R. Giroux	President

	Capital Appreciation and Income Fund	Paul Cho	Vice President

		Donald J. Easley	Vice President
		Matthew Frustaci	Vice President
		Steven D. Krichbaum	Vice President
		Kevin Patrick Loome	Vice President
		Simon Paterson	Vice President
		Sal Rais	Vice President
		Vivek Rajeswaran	Vice President
		Farris G. Shuggi	Vice President
		Mike Signore	Vice President
		Brian Solomon	Vice President
		Matthew Stevenson	Vice President
		Chen Tian	Vice President
		Tamara P. Wiggs	Vice President
		Jon Davis Wood	Vice President
		Ashley R. Woodruff	Vice President
		(For remaining officers, refer to the “All funds” table)
Communications & Technology Fund		James Stillwagon	President
		Gregory Dunham	Vice President
		David J. Eiswert	Vice President
		Joseph B. Fath	Vice President
		Chris Graff	Vice President
		Paul Greene II	Vice President
		Sam Johnson	Vice President
		Lu (Jacqueline) Liu	Vice President
		Ross MacMillan	Vice President
		Jennifer O'Hara Martin	Vice President
		Philip A. Nestico	Vice President
		Daniel Shear	Vice President
		Alan Tu	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
Corporate Income Fund	Steven E. Boothe	Co-President
	Lauren T. Wagandt	Co-President
	Michael Patrick Daley	Vice President
	Michael J. Grogan	Vice President
	Michael Lambe	Vice President
	Matthew Lawton	Vice President
	Samy B. Muaddi	Vice President
	Alexander S. Obaza	Vice President
	Miso Park	Vice President
	Walter Charles Peppelman	Vice President
	Theodore E. Robson	Vice President
	Elliot J. Shue	Vice President
	Jeanny Silva	Vice President
	Tyrone Smith	Vice President
	Mark Stodden	Vice President
	Pranay Subedi	Vice President
	Robert D. Thomas	Vice President
	Wesley Ross Trowbridge	Vice President
	Mitch Unger	Vice President
	Bineesha Wickremarachchi	Vice President
	James Woodward	Vice President
	(For remaining officers, refer to the “All funds” table)
Credit Opportunities Fund	Rodney M. Rayburn	President
	Jason A. Bauer	Vice President
	Daniel Fox	Vice President
	Michael T. Hyland	Vice President
	Brian A. Rubin	Vice President
	Reena Tilva	Vice President
	Michael J. Trivino	Vice President
	Adam Trusley	Vice President
	David Alan Yatzeck	Vice President
	(For remaining officers, refer to the “All funds” table)
Diversified Mid-Cap Growth Fund	Donald J. Peters	President
	Jason Adams	Vice President
	Kennard W. Allen	Vice President
	Stephanie Beebe	Vice President
	Anne Daub	Vice President
	Rachel D. Jonas	Vice President
	Ross MacMillan	Vice President
	Priyal Maniar	Vice President
	Sudhir Nanda	Vice President
	Weijie (Vivian) Si	Vice President
	Anthony Bruce Wang	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Dividend Growth Fund		Thomas J. Huber	President
		Jason Adams	Vice President
		Peter J. Bates	Vice President
		Shawn T. Driscoll	Vice President
		Jon Michael Friar	Vice President
		Ryan S. Hedrick	Vice President
		Melanie A. Abate Rizzo	Vice President
		Weijie (Vivian) Si	Vice President
		Gabriel Solomon	Vice President
		Steven Strycula	Vice President
		Anthony Bruce Wang	Vice President
		(For remaining officers, refer to the “All funds” table)
Equity Funds		Joshua Nelson	Co-President
	Hedged Equity Fund	Paul Greene II	Executive Vice President
	Institutional Large-Cap Core Growth Fund	John D. Linehan	Executive Vice President
	Large-Cap Growth Fund	Sean P. McWilliams	Executive Vice President
	Large-Cap Value Fund	Gabriel Solomon	Executive Vice President
		Taymour R. Tamaddon	Executive Vice President
		(For remaining officers, refer to the “All funds” table)
Equity Funds		Stephon Jackson	Co-President
	Institutional Mid-Cap Equity Growth Fund	Francisco Alonso	Executive Vice President
	Institutional Small-Cap Stock Fund	Brian W.H. Berghuis	Executive Vice President
		Alexander Paul Roik	Executive Vice President
		John F. Wakeman	Vice President
		(For remaining officers, refer to the “All funds” table)
Equity Income Fund		John D. Linehan	President
		Jason Adams	Vice President
		Ziad Bakri	Vice President
		David Corris	Vice President
		Ryan S. Hedrick	Vice President
		Kate Hobbs	Vice President
		Jonathan R. Hussey	Vice President
		Shinwoo Kim	Vice President
		Gregory Locraft	Vice President
		George Marzano	Vice President
		Heather K. McPherson	Vice President
		Andy Peters	Vice President
		Melanie A. Abate Rizzo	Vice President
		Daniel Shear	Vice President
		Matthew J. Snowling	Vice President
		Preeta Ragavan Srinivasan	Vice President
		Steven Strycula	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
Financial Services Fund	Matthew J. Snowling	President
	Elias Chrysostomou	Vice President
	Vincent Michael DeAugustino	Vice President
	Jon Michael Friar	Vice President
	Nina Gupta	Vice President
	Nina P. Jones	Vice President
	Takanori Kobayashi	Vice President
	Karim Laib	Vice President
	Shengrong Lau	Vice President
	Gregory Locraft	Vice President
	Jihong Min	Vice President
	John (Teddy) Oaks	Vice President
	Gabriel Solomon	Vice President
	Preeta Ragavan Srinivasan	Vice President
	Zenon Voyiatzis	Vice President
	Ari Weisband	Vice President
	(For remaining officers, refer to the “All funds” table)
Floating Rate Fund	Paul M. Massaro	President
	Jason A. Bauer	Vice President
	Michael F. Connelly	Vice President
	Stephen M. Finamore	Vice President
	Justin T. Gerbereux	Vice President
	Michael J. McGonigle	Vice President
	Brian A. Rubin	Vice President
	Michael J. Trivino	Vice President
	Rebecca Willey	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Global Funds		Justin Thomson	President
	Global Value Equity Fund	Sebastien Mallet	Executive Vice President
	Institutional Emerging Markets Bond Fund	Eric C. Moffett	Executive Vice President
	Institutional Emerging Markets Equity Fund	Samy B. Muaddi	Executive Vice President
	Institutional International Disciplined Equity Fund	Federico Santilli	Executive Vice President
		Roy H. Adkins	Vice President
		Kennard W. Allen	Vice President
		Peter Ivanov Botoucharov	Vice President
		Tala Boulos	Vice President
		Carolyn Hoi Che Chu	Vice President
		Maria Elena Drew	Vice President
		Bridget A. Ebner	Vice President
		Aaron Gifford	Vice President
		Richard L. Hall	Vice President
		Arif Husain	Vice President
		Andrew J. Keirle	Vice President
		Christopher J. Kushlis	Vice President
		Anh Thi Lu	Vice President
		Tobias Fabian Mueller	Vice President
		Kenneth Antony Orchard	Vice President
		Oluwaseun Oyegunle	Vice President
		Gabriel Solomon	Vice President
		Verena Wachnitz	Vice President
		Marta Yago	Vice President
		Ernest C. Yeung	Vice President
		(For remaining officers, refer to the “All funds” table)
Global Allocation Fund		Charles M. Shriver	Co-President
		Toby M. Thompson	Co-President
		David L. Clewell	Vice President
		Robert Lovette Harlow	Vice President
		Stefan Hubrich	Vice President
		Robert M. Larkins	Vice President
		Sean P. McWilliams	Vice President
		Christina Dove Noonan	Vice President
		Robert A. Panariello	Vice President
		Michael K. Sewell	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
Global Multi-Sector Bond Fund	Kenneth Antony Orchard	President
	Steven E. Boothe	Vice President
	Christopher P. Brown	Vice President
	Vincent Chung	Vice President
	Michael F. Connelly	Vice President
	Ramon Roberto de Castro	Vice President
	Quentin S. Fitzsimmons	Vice President
	Arif Husain	Vice President
	Andrew J. Keirle	Vice President
	Steven M. Kohlenstein	Vice President
	Samy B. Muaddi	Vice President
	Nikolaj Schmidt	Vice President
	Saurabh Sud	Vice President
	Ju Yen Tan	Vice President
	Siby Thomas	Vice President
	James Woodward	Vice President
	(For remaining officers, refer to the “All funds” table)
Global Real Estate Fund	Jai Kapadia	President
	Richard N. Clattenburg	Vice President
	Nina P. Jones	Vice President
	Takanori Kobayashi	Vice President
	Gregg Korondi	Vice President
	Raymond A. Mills	Vice President
	Philip A. Nestico	Vice President
	Preeta Ragavan Srinivasan	Vice President
	Kim Tracey	Vice President
	Pavel Vedrov	Vice President
	Charlene Wong	Vice President
	Marta Yago	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
Global Technology Fund	Dominic Rizzo	President
	Kennard W. Allen	Vice President
	Stephanie Beebe	Vice President
	Christopher W. Carlson	Vice President
	Shawn T. Driscoll	Vice President
	Gregory Dunham	Vice President
	David J. Eiswert	Vice President
	Sam Johnson	Vice President
	Lu (Jacqueline) Liu	Vice President
	Ross MacMillan	Vice President
	Jennifer O'Hara Martin	Vice President
	Anna Nussbaum	Vice President
	Frank Shi	Vice President
	Joshua K. Spencer	Vice President
	James Stillwagon	Vice President
	Taymour R. Tamaddon	Vice President
	Anthony Bruce Wang	Vice President
	Ari Weisband	Vice President
	(For remaining officers, refer to the “All funds” table)
GNMA Fund	Ramon Roberto de Castro	President
	Scott Edwin Ackerman	Vice President
	Christopher P. Brown	Vice President
	Lei Zhu	Vice President
	(For remaining officers, refer to the “All funds” table)
Government Money Fund	Douglas D. Spratley	President
	Kathryn A. Floyd	Vice President
	Cheryl A. Mickel	Vice President
	Rachel Protzman	Vice President
	Kevin Reilly	Vice President
	Chen Shao	Vice President
	Mitch Unger	Vice President
	Blerina Uruci	Vice President
	Kyeonta Williams	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Growth Stock Fund		Joseph B. Fath	President
		Eric L. DeVilbiss	Vice President
		Shawn T. Driscoll	Vice President
		David J. Eiswert	Vice President
		Jon Michael Friar	Vice President
		Chris Graff	Vice President
		Paul Greene II	Vice President
		Sam Johnson	Vice President
		Jill Jortner	Vice President
		Jodi Love	Vice President
		Ross MacMillan	Vice President
		Robert W. Sharps	Vice President
		Taymour R. Tamaddon	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
Health Sciences Fund		Ziad Bakri	President
		Zachary Baca	Vice President
		Benjamin Bell	Vice President
		Colin Cotton	Vice President
		Anne Daub	Vice President
		John Hall	Vice President
		Amanda Ho	Vice President
		Kate Hobbs	Vice President
		Jeffrey Holford	Vice President
		Rachel D. Jonas	Vice President
		Jill Jortner	Vice President
		Taymour R. Tamaddon	Vice President
		(For remaining officers, refer to the “All funds” table)
High Yield Fund		Andrew C. McCormick	Co-President
	High Yield Fund	Rodney M. Rayburn	Executive Vice President
		Jason A. Bauer	Vice President
		Michael F. Connelly	Vice President
		Michael Della Vedova	Vice President
		Stephen M. Finamore	Vice President
		Daniel Fox	Vice President
		Justin T. Gerbereux	Vice President
		Michael T. Hyland	Vice President
		Paul M. Massaro	Vice President
		Brian A. Rubin	Vice President
		Reena Tilva	Vice President
		Michael J. Trivino	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
High Yield Fund		Stephon Jackson	Co-President
	U.S. High Yield Fund	Kevin Patrick Loome	Executive Vice President
		Maron Deering	Vice President
		Matthew Fanandakis	Vice President
		Gregg Gola	Vice President
		Todd Nocella	Vice President
		Latika Signorelli	Vice President
		Douglas Zinser	Vice President
		(For remaining officers, refer to the “All funds” table)
Index Trust		Neil Smith	President
	Equity Index 500 Fund	Michael K. Sewell	Executive Vice President
	Extended Equity Market Index Fund
	Mid-Cap Index Fund
	Small-Cap Index Fund
	Total Equity Market Index Fund
	U.S. Limited Duration TIPS Index Fund
		(For remaining officers, refer to the “All funds” table)
Inflation Protected Bond Fund		Michael K. Sewell	President
		Stephen L. Bartolini	Vice President
		Ramon Roberto de Castro	Vice President
		Quentin S. Fitzsimmons	Vice President
		Geoffrey M. Hardin	Vice President
		Christopher J. Temple	Vice President
		Siby Thomas	Vice President
		Blerina Uruci	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Institutional Income Funds		Andrew C. McCormick	President
	Institutional Floating Rate Fund	Robert M. Larkins	Executive Vice President
	Institutional High Yield Fund	Paul M. Massaro	Executive Vice President
	Institutional Long Duration Credit Fund	Rodney M. Rayburn	Executive Vice President
		Jason A. Bauer	Vice President
		Steven E. Boothe	Vice President
		Michael F. Connelly	Vice President
		Michael Patrick Daley	Vice President
		Amit Deshpande	Vice President
		Stephen M. Finamore	Vice President
		Justin T. Gerbereux	Vice President
		Michael J. Grogan	Vice President
		Michael Lambe	Vice President
		Yongheon Lee	Vice President
		Michael J. McGonigle	Vice President
		Samy B. Muaddi	Vice President
		Alexander S. Obaza	Vice President
		Miso Park	Vice President
		Theodore E. Robson	Vice President
		Brian A. Rubin	Vice President
		Jeanny Silva	Vice President
		Robert D. Thomas	Vice President
		Michael J. Trivino	Vice President
		Wesley Ross Trowbridge	Vice President
		Lauren T. Wagandt	Vice President
		Bineesha Wickremarachchi	Vice President
		Rebecca Willey	Vice President
		James Woodward	Vice President
		(For remaining officers, refer to the “All funds” table)
Integrated Equity Funds		Peter Stournaras	President
	Integrated Global Equity Fund	David Corris	Executive Vice President
	Integrated U.S. Large-Cap Value Equity Fund	Prashant G. Jeyaganesh	Executive Vice President
	Integrated U.S. Small-Cap Growth Equity Fund	Sudhir Nanda	Executive Vice President
	Integrated U.S. Small-Mid Cap Core Equity Fund	Jordan S. Pryor	Executive Vice President
		Pengquin George Gao	Vice President
		Rinald Murataj	Vice President
		(For remaining officers, refer to the “All funds” table)
Intermediate Tax-Free High Yield Fund		James M. Murphy	President
		Ralph Lee Arnold Jr.	Executive Vice President
		Colin T. Bando	Executive Vice President
		Daniel Chihorek	Vice President
		Sarah J. Engle	Vice President
		Thomas Dylan Jones	Vice President
		Michael Kane	Vice President
		John Leard	Vice President
		Konstantine B. Mallas	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
International Funds		Justin Thomson	President
	Africa & Middle East Fund	Jason Adams	Executive Vice President
	Asia Opportunities Fund	Ulle Adamson	Executive Vice President
	China Evolution Equity Fund	Harishankar Balkrishna	Executive Vice President
	Dynamic Credit Fund	Robert Scott Berg	Executive Vice President
	Dynamic Global Bond Fund	Archibald Ciganer Albeniz	Executive Vice President
	Emerging Europe Fund	Richard N. Clattenburg	Executive Vice President
	Emerging Markets Bond Fund	Michael F. Connelly	Executive Vice President
	Emerging Markets Corporate Bond Fund	Michael Della Vedova	Executive Vice President
	Emerging Markets Discovery Stock Fund	David J. Eiswert	Executive Vice President
	Emerging Markets Local Currency Bond Fund	Quentin S. Fitzsimmons	Executive Vice President
	Emerging Markets Stock Fund	Benjamin Griffiths	Executive Vice President
	European Stock Fund	Arif Husain	Executive Vice President
	Global Consumer Fund	Andrew J. Keirle	Executive Vice President
	Global Growth Stock Fund	Anh Thi Lu	Executive Vice President
	Global High Income Bond Fund	Colin McQueen	Executive Vice President
	Global Impact Equity Fund	Raymond A. Mills	Executive Vice President
	Global Industrials Fund	Jihong Min	Executive Vice President
	Global Stock Fund	Eric C. Moffett	Executive Vice President
	International Bond Fund	Samy B. Muaddi	Executive Vice President
	International Bond Fund (USD Hedged)	Tobias Fabian Mueller	Executive Vice President
	International Disciplined Equity Fund	Kenneth Antony Orchard	Executive Vice President
	International Discovery Fund	Oluwaseun Oyegunle	Executive Vice President
	International Stock Fund	Federico Santilli	Executive Vice President
	International Value Equity Fund	Weijie (Vivian) Si	Executive Vice President
	Japan Fund	Scott D. Solomon	Executive Vice President
	Latin America Fund	Saurabh Sud	Executive Vice President
	New Asia Fund	Siby Thomas	Executive Vice President
		Verena Wachnitz	Executive Vice President
		Ernest C. Yeung	Executive Vice President
		Wenli Zheng	Executive Vice President
		Mariel Abreu	Vice President
		Roy H. Adkins	Vice President
		Syed Haider Ali	Vice President
		Kennard W. Allen	Vice President
		Paulina Amieva	Vice President
		Ziad Bakri	Vice President
		Sheena L. Barbosa	Vice President
		Jason A. Bauer	Vice President
		Luis Martin Baylac	Vice President
		Steven E. Boothe	Vice President
		Peter Ivanov Botoucharov	Vice President
		Tala Boulos	Vice President
		Christopher P. Brown	Vice President
		Shiu Tak (Sheldon) Chan	Vice President
		Andrew Chang	Vice President
		Carolyn Hoi Che Chu	Vice President
		Vincent Chung	Vice President


Fund	Name	Position Held With Fund
	Richard de los Reyes	Vice President
	Iona Dent	Vice President
	Maria Elena Drew	Vice President
	Shawn T. Driscoll	Vice President
	Bridget A. Ebner	Vice President
	Dawei Feng	Vice President
	Justin T. Gerbereux	Vice President
	Aaron Gifford	Vice President
	Vishnu Vardhan Gopal	Vice President
	Joel Grant	Vice President
	Shaoyu Guo	Vice President
	Richard L. Hall	Vice President
	Nabil Hanano	Vice President
	Jeffrey Holford	Vice President
	Stefan Hubrich	Vice President
	Michael Jacobs	Vice President
	Randal Spero Jenneke	Vice President
	Nina P. Jones	Vice President
	Yoichiro Kai	Vice President
	Jacob H. Kann	Vice President
	Jai Kapadia	Vice President
	Takanori Kobayashi	Vice President
	Christopher J. Kushlis	Vice President
	Shengrong Lau	Vice President
	Lu (Jacqueline) Liu	Vice President
	Johannes Loefstrand	Vice President
	Sebastien Mallet	Vice President
	Jennifer O'Hara Martin	Vice President
	Ryan Martyn	Vice President
	Ivan Morozov	Vice President
	Razan Nasser	Vice President
	Todd Reese	Vice President
	Melanie A. Abate Rizzo	Vice President
	David L. Rowlett	Vice President
	Nikolaj Schmidt	Vice President
	Sebastian Schrott	Vice President
	Bin Shen	Vice President
	John Carl A. Sherman	Vice President
	Joshua K. Spencer	Vice President
	David Stanley	Vice President
	Taymour R. Tamaddon	Vice President
	Ju Yen Tan	Vice President
	Sin Dee Tan	Vice President
	Rupinder Vig	Vice President
	Willem Visser	Vice President
	Christopher Vost	Vice President
	Zenon Voyiatzis	Vice President
	Hiroshi Watanabe	Vice President


Fund		Name	Position Held With Fund
		James Woodward	Vice President
		Marta Yago	Vice President
		Benjamin T. Yeagle	Vice President
		(For remaining officers, refer to the “All funds” table)
International Index Fund		Neil Smith	President
	International Equity Index Fund	E. Frederick Bair	Vice President
		Craig A. Thiese	Vice President
		Michael T. Wehn	Vice President
		(For remaining officers, refer to the “All funds” table)
Limited Duration Inflation Focused Bond Fund		Michael K. Sewell	President
		Stephen L. Bartolini	Vice President
		Ramon Roberto de Castro	Vice President
		Quentin S. Fitzsimmons	Vice President
		Geoffrey M. Hardin	Vice President
		Wyatt A. Lee	Vice President
		Christopher J. Temple	Vice President
		Siby Thomas	Vice President
		Blerina Uruci	Vice President
		(For remaining officers, refer to the “All funds” table)
Mid-Cap Growth Fund		Brian W.H. Berghuis	President
		John F. Wakeman	Executive Vice President
		Francisco Alonso	Vice President
		Donald J. Easley	Vice President
		Peter (Matt) Mahon	Vice President
		Robert J. Marcotte	Vice President
		Brad Moldin	Vice President
		Rohit Pandey	Vice President
		Simon Paterson	Vice President
		Vivek Rajeswaran	Vice President
		Emily Scudder	Vice President
		Courtney Sheldon	Vice President
		Jon Davis Wood	Vice President
		Ashley R. Woodruff	Vice President
		Nina Xu	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Mid-Cap Value Fund		Vincent Michael DeAugustino	President
		Stephanie Beebe	Vice President
		Christopher W. Carlson	Vice President
		Richard de los Reyes	Vice President
		Vincent Michael DeAugustino	Vice President
		Ryan S. Hedrick	Vice President
		Nina P. Jones	Vice President
		Josepha Kaufman	Vice President
		Priyal Maniar	Vice President
		Heather K. McPherson	Vice President
		John (Teddy) Oaks	Vice President
		Andy Peters	Vice President
		Melanie A. Abate Rizzo	Vice President
		Gabriel Solomon	Vice President
		(For remaining officers, refer to the “All funds” table)
Multi-Sector Account Portfolios		Steven E. Boothe	President
	Emerging Markets Corporate Multi-Sector Account Portfolio	Michael F. Connelly	Executive Vice President
	Emerging Markets Local Multi-Sector Account Portfolio	Ramon Roberto de Castro	Executive Vice President
	Floating Rate Multi-Sector Account Portfolio	Stephen M. Finamore	Executive Vice President
	High Yield Multi-Sector Account Portfolio	Andrew J. Keirle	Executive Vice President
	Investment-Grade Corporate Multi-Sector Account Portfolio	Samy B. Muaddi	Executive Vice President
	Mortgage-Backed Securities Multi-Sector Account Portfolio	Siby Thomas	Executive Vice President
		Mariel Abreu	Vice President
		Scott Edwin Ackerman	Vice President
		Roy H. Adkins	Vice President
		Stephen L. Bartolini	Vice President
		Jason A. Bauer	Vice President
		Peter Ivanov Botoucharov	Vice President
		Tala Boulos	Vice President
		Christopher P. Brown	Vice President
		Shiu Tak (Sheldon) Chan	Vice President
		Carolyn Hoi Che Chu	Vice President
		Michael Patrick Daley	Vice President
		Justin T. Gerbereux	Vice President
		Aaron Gifford	Vice President
		Michael J. Grogan	Vice President
		Shaoyu Guo	Vice President
		Richard L. Hall	Vice President
		Arif Husain	Vice President
		Christopher J. Kushlis	Vice President
		Michael Lambe	Vice President
		Paul M. Massaro	Vice President
		Michael J. McGonigle	Vice President
		Ivan Morozov	Vice President
		Razan Nasser	Vice President
		Ka Yi Claire Ng	Vice President
		Alexander S. Obaza	Vice President
		Kenneth Antony Orchard	Vice President


Fund	Name	Position Held With Fund
	Miso Park	Vice President
	Rodney M. Rayburn	Vice President
	Theodore E. Robson	Vice President
	Brian A. Rubin	Vice President
	Jeanny Silva	Vice President
	David Stanley	Vice President
	Ju Yen Tan	Vice President
	Robert D. Thomas	Vice President
	Michael J. Trivino	Vice President
	Wesley Ross Trowbridge	Vice President
	Willem Visser	Vice President
	Lauren T. Wagandt	Vice President
	Bineesha Wickremarachchi	Vice President
	Rebecca Willey	Vice President
	James Woodward	Vice President
	Lei Zhu	Vice President
	(For remaining officers, refer to the “All funds” table)
Multi-Strategy Total Return Fund	Richard de los Reyes	Co-President
	Stefan Hubrich	Co-President
	Arif Husain	Vice President
	John D. Linehan	Vice President
	Sebastien Page	Vice President
	Charles M. Shriver	Vice President
	Justin Thomson	Vice President
	(For remaining officers, refer to the “All funds” table)
New Era Fund	Shinwoo Kim	President
	Richard de los Reyes	Vice President
	Shawn T. Driscoll	Vice President
	Ryan S. Hedrick	Vice President
	Jonathan R. Hussey	Vice President
	Vineet Khanna	Vice President
	Priyal Maniar	Vice President
	Ryan Martyn	Vice President
	Kevin Mastalerz	Vice President
	Heather K. McPherson	Vice President
	John Corbin Qian	Vice President
	Duncan Scott	Vice President
	Thomas Alexander Shelmerdine	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
New Horizons Fund	Joshua K. Spencer	President
	Ziad Bakri	Vice President
	Harishankar Balkrishna	Vice President
	Stephanie Beebe	Vice President
	Christina Brathwaite	Vice President
	Christopher W. Carlson	Vice President
	Shaun Michael Currie	Vice President
	Gregory Dunham	Vice President
	Jon Michael Friar	Vice President
	Nabil Hanano	Vice President
	Ross MacMillan	Vice President
	Maria Aimee Muller	Vice President
	Dante Pearson	Vice President
	Dhiren Shah	Vice President
	Weijie (Vivian) Si	Vice President
	Alan Tu	Vice President
	(For remaining officers, refer to the “All funds” table)
New Income Fund	Stephen L. Bartolini	Co-President
	Saurabh Sud	Co-President
	Jason A. Bauer	Vice President
	Steven E. Boothe	Vice President
	Christopher P. Brown	Vice President
	Ramon Roberto de Castro	Vice President
	Anna Alexandra Dreyer	Vice President
	Geoffrey M. Hardin	Vice President
	Robert M. Larkins	Vice President
	Matthew Lawton	Vice President
	Samy B. Muaddi	Vice President
	Lauren T. Wagandt	Vice President
	(For remaining officers, refer to the “All funds” table)
QM U.S. Bond Index Fund	Robert M. Larkins	President
	Stephen L. Bartolini	Vice President
	Christopher P. Brown	Vice President
	Amit Deshpande	Vice President
	Anna Alexandra Dreyer	Vice President
	Yongheon Lee	Vice President
	Lauren T. Wagandt	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Real Assets Fund		Richard Coghlan	Co-President
		Christopher Faulkner-MacDonagh	Co-President
		E. Frederick Bair	Vice President
		Richard de los Reyes	Vice President
		Matthew A. Howell	Vice President
		Nina P. Jones	Vice President
		Shinwoo Kim	Vice President
		Sebastien Page	Vice President
		Robert A. Panariello	Vice President
		John Corbin Qian	Vice President
		Michael K. Sewell	Vice President
		Charles M. Shriver	Vice President
		J. Zachary Wood	Vice President
		(For remaining officers, refer to the “All funds” table)
Real Estate Fund		Nina P. Jones	President
		Thomas J. Huber	Vice President
		Gregg Korondi	Vice President
		Philip A. Nestico	Vice President
		Dante Pearson	Vice President
		Jane K. Rivers	Vice President
		Theodore E. Robson	Vice President
		Weijie (Vivian) Si	Vice President
		Preeta Ragavan Srinivasan	Vice President
		Charlene Wong	Vice President
		(For remaining officers, refer to the “All funds” table)
TRP Reserve Investment Funds		Douglas D. Spratley	President
	Government Reserve Fund	Matthew W. Novak	Executive Vice President
	Short-Term Fund	Bradley R. Raglin	Executive Vice President
	Short-Term Government Fund	Kathryn A. Floyd	Vice President
	Transition Fund	Cheryl A. Mickel	Vice President
	Treasury Reserve Fund	Rachel Protzman	Vice President
		Kevin Reilly	Vice President
		Peter J. Roehrig	Vice President
		William Evan Scheiner	Vice President
		Chen Shao	Vice President
		Neil Smith	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Michael T. Wehn	Vice President
		Arnold N. Welsh Jr.	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Retirement Funds		Kimberly E. DeDominicis	Co-President
	Retirement 2005 Fund	Andrew G. Jacobs Van Merlen	Co-President
	Retirement 2010 Fund	Wyatt A. Lee	Co-President
	Retirement 2015 Fund	Stephen L. Bartolini	Vice President
	Retirement 2020 Fund	Richard de los Reyes	Vice President
	Retirement 2025 Fund	David J. Eiswert	Vice President
	Retirement 2030 Fund	Arif Husain	Vice President
	Retirement 2035 Fund	Paul M. Massaro	Vice President
	Retirement 2040 Fund	Matthew W. Novak	Vice President
	Retirement 2045 Fund	Sebastien Page	Vice President
	Retirement 2050 Fund	Robert A. Panariello	Vice President
	Retirement 2055 Fund	Darren Scheinberg	Vice President
	Retirement 2060 Fund	Charles M. Shriver	Vice President
	Retirement 2065 Fund	Guido F. Stubenrauch	Vice President
	Retirement Balanced Fund	Justin Thomson	Vice President
	Retirement Balanced I Fund—I Class	James A. Tzitzouris Jr.	Vice President
	Retirement Blend 2005 Fund	Justin P. White	Vice President
	Retirement Blend 2010 Fund
	Retirement Blend 2015 Fund
	Retirement Blend 2020 Fund
	Retirement Blend 2025 Fund
	Retirement Blend 2030 Fund
	Retirement Blend 2035 Fund
	Retirement Blend 2040 Fund
	Retirement Blend 2045 Fund
	Retirement Blend 2050 Fund
	Retirement Blend 2055 Fund
	Retirement Blend 2060 Fund
	Retirement Blend 2065 Fund
	Retirement I 2005 Fund—I Class
	Retirement I 2010 Fund—I Class
	Retirement I 2015 Fund—I Class
	Retirement I 2020 Fund—I Class
	Retirement I 2025 Fund—I Class
	Retirement I 2030 Fund—I Class
	Retirement I 2035 Fund—I Class
	Retirement I 2040 Fund—I Class
	Retirement I 2045 Fund—I Class
	Retirement I 2050 Fund—I Class
	Retirement I 2055 Fund—I Class
	Retirement I 2060 Fund—I Class
	Retirement I 2065 Fund—I Class
	Retirement Income 2020 Fund
	Target 2005 Fund
	Target 2010 Fund
	Target 2015 Fund
	Target 2020 Fund
	Target 2025 Fund


Fund		Name	Position Held With Fund
	Target 2030 Fund
	Target 2035 Fund
	Target 2040 Fund
	Target 2045 Fund
	Target 2050 Fund
	Target 2055 Fund
	Target 2060 Fund
	Target 2065 Fund
		(For remaining officers, refer to the “All funds” table)
Science & Technology Fund		Kennard W. Allen	President
		Bill Bai	Vice President
		Stephanie Beebe	Vice President
		Gregory Dunham	Vice President
		David J. Eiswert	Vice President
		Paul Greene II	Vice President
		Sam Johnson	Vice President
		Lu (Jacqueline) Liu	Vice President
		Ross MacMillan	Vice President
		Anna Nussbaum	Vice President
		Dominic Rizzo	Vice President
		Frank Shi	Vice President
		Joshua K. Spencer	Vice President
		James Stillwagon	Vice President
		Alan Tu	Vice President
		Anthony Bruce Wang	Vice President
		(For remaining officers, refer to the “All funds” table)
Short Term Bond Funds		Cheryl A. Mickel	President
	Short Duration Income	Steven M. Kohlenstein	Executive Vice President
	Short-Term Bond Fund	Alexander S. Obaza	Executive Vice President
	Ultra Short-Term Bond Fund	Michael F. Reinartz	Executive Vice President
		Austin Applegate	Vice President
		Christopher P. Brown	Vice President
		Shiu Tak (Sheldon) Chan	Vice President
		Jason T. Collins	Vice President
		Michael F. Connelly	Vice President
		Ramon Roberto de Castro	Vice President
		Levent Demirekler	Vice President
		Charles B. Hill	Vice President
		Matthew Lawton	Vice President
		Samy B. Muaddi	Vice President
		Rachel Protzman	Vice President
		Michael K. Sewell	Vice President
		Chen Shao	Vice President
		Douglas D. Spratley	Vice President
		Siby Thomas	Vice President
		Lauren T. Wagandt	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Small-Cap Stock Fund		Francisco Alonso	President
		Christopher T. Fortune	Vice President
		Daniel Biros Hirsch	Vice President
		Peter (Matt) Mahon	Vice President
		Robert J. Marcotte	Vice President
		Rekha Marda	Vice President
		Curt J. Organt	Vice President
		Simon Paterson	Vice President
		Robert T. Quinn	Vice President
		Sal Rais	Vice President
		Alexander Paul Roik	Vice President
		Stephen Roseberry	Vice President
		John David Wagner	Vice President
		Nina Xu	Vice President
		Yan Zhang	Vice President
		(For remaining officers, refer to the “All funds” table)
Small-Cap Value Fund		John David Wagner	President
		Francisco Alonso	Vice President
		Paul Cho	Vice President
		Dean Ebozue	Vice President
		Christopher T. Fortune	Vice President
		Christian M. O'Neill	Vice President
		Curt J. Organt	Vice President
		Simon Paterson	Vice President
		Robert T. Quinn	Vice President
		Alexander Paul Roik	Vice President
		Farris G. Shuggi	Vice President
		Nina Xu	Vice President
		(For remaining officers, refer to the “All funds” table)
Spectrum Funds		Charles M. Shriver	Co-President
	Spectrum Diversified Equity Fund	Toby M. Thompson	Co-President
	Spectrum Income Fund	Stephen L. Bartolini	Vice President
	Spectrum International Equity Fund	Richard de los Reyes	Vice President
		David J. Eiswert	Vice President
		Arif Husain	Vice President
		Wyatt A. Lee	Vice President
		Paul M. Massaro	Vice President
		Christina Dove Noonan	Vice President
		Sebastien Page	Vice President
		Robert A. Panariello	Vice President
		Amelia Seman	Vice President
		Guido F. Stubenrauch	Vice President
		Justin Thomson	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Spectrum Funds II		Charles M. Shriver	Co-President
	Spectrum Conservative Allocation Fund	Toby M. Thompson	Co-President
	Spectrum Moderate Allocation Fund	E. Frederick Bair	Vice President
	Spectrum Moderate Growth Allocation Fund	Stephen L. Bartolini	Vice President
		Richard de los Reyes	Vice President
		David J. Eiswert	Vice President
		Arif Husain	Vice President
		Wyatt A. Lee	Vice President
		Paul M. Massaro	Vice President
		Raymond A. Mills	Vice President
		Christina Dove Noonan	Vice President
		Sebastien Page	Vice President
		Robert A. Panariello	Vice President
		Amelia Seman	Vice President
		Guido F. Stubenrauch	Vice President
		Justin Thomson	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
State Tax-Free Funds		James M. Murphy	President
	California Tax-Free Bond Fund	Austin Applegate	Executive Vice President
	Georgia Tax-Free Bond Fund	Charles B. Hill	Executive Vice President
	Maryland Short-Term Tax-Free Bond Fund	Konstantine B. Mallas	Executive Vice President
	Maryland Tax-Free Bond Fund	Douglas D. Spratley	Executive Vice President
	Maryland Tax-Free Money Fund	Timothy G. Taylor	Executive Vice President
	New Jersey Tax-Free Bond Fund	Colin T. Bando	Vice President
	New York Tax-Free Bond Fund	Daniel Chihorek	Vice President
	Virginia Tax-Free Bond Fund	Davis Collins	Vice President
		Sarah J. Engle	Vice President
		Thomas Dylan Jones	Vice President
		Matthew T Larkin	Vice President
		John Leard	Vice President
		James T. Lynch	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)
Summit Income Funds		Douglas D. Spratley	President
	Cash Reserves Fund	Davis Collins	Vice President
		Cheryl A. Mickel	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Summit Municipal Funds		James M. Murphy	President
	Summit Municipal Income Fund	Austin Applegate	Executive Vice President
	Summit Municipal Intermediate Fund	Charles B. Hill	Executive Vice President
		Konstantine B. Mallas	Executive Vice President
		Ralph Lee Arnold Jr.	Vice President
		Colin T. Bando	Vice President
		Daniel Chihorek	Vice President
		Davis Collins	Vice President
		Sarah J. Engle	Vice President
		Thomas Dylan Jones	Vice President
		Michael Kane	Vice President
		Matthew T Larkin	Vice President
		John Leard	Vice President
		James T. Lynch	Vice President
		Timothy G. Taylor	Vice President
		(For remaining officers, refer to the “All funds” table)
Tax-Efficient Funds		Donald J. Peters	President
	Tax-Efficient Equity Fund	Kennard W. Allen	Vice President
		Ziad Bakri	Vice President
		Kate Hobbs	Vice President
		Anna Nussbaum	Vice President
		Weijie (Vivian) Si	Vice President
		Matthew J. Snowling	Vice President
		James Stillwagon	Vice President
		Steven Strycula	Vice President
		Anthony Bruce Wang	Vice President
		Mark R. Weigman	Vice President
		(For remaining officers, refer to the “All funds” table)
Tax-Exempt Money Fund		Douglas D. Spratley	President
		Davis Collins	Vice President
		Cheryl A. Mickel	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
Tax-Free High Yield Fund	James M. Murphy	President
	Ralph Lee Arnold Jr.	Executive Vice President
	Colin T. Bando	Executive Vice President
	Daniel Chihorek	Vice President
	Sarah J. Engle	Vice President
	Charles B. Hill	Vice President
	Thomas Dylan Jones	Vice President
	Michael Kane	Vice President
	Konstantine B. Mallas	Vice President
	Timothy G. Taylor	Vice President
	(For remaining officers, refer to the “All funds” table)
Tax-Free Income Fund	Konstantine B. Mallas	Co-President
	Timothy G. Taylor	Co-President
	Austin Applegate	Vice President
	Ralph Lee Arnold Jr.	Vice President
	Sarah J. Engle	Vice President
	Charles B. Hill	Vice President
	Thomas Dylan Jones	Vice President
	Matthew T Larkin	Vice President
	James T. Lynch	Vice President
	James M. Murphy	Vice President
	(For remaining officers, refer to the “All funds” table)
Tax-Free Short-Intermediate Fund	Charles B. Hill	President
	Austin Applegate	Vice President
	Thomas Dylan Jones	Vice President
	John Leard	Vice President
	James T. Lynch	Vice President
	(For remaining officers, refer to the “All funds” table)
Total Return Fund	Christopher P. Brown	Co-President
	Anna Alexandra Dreyer	Co-President
	Stephen L. Bartolini	Vice President
	Jason A. Bauer	Vice President
	Robert M. Larkins	Vice President
	Yongheon Lee	Vice President
	Pradeep Manikonda	Vice President
	Kenneth Antony Orchard	Vice President
	Saurabh Sud	Vice President
	Christopher J. Temple	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
U.S. Equity Research Fund		Ann M. Holcomb	Co-President
		Jason Nogueira	Co-President
		Jason Benjamin Polun	Co-President
		Jason Adams	Vice President
		Kennard W. Allen	Vice President
		Christopher W. Carlson	Vice President
		Joseph B. Fath	Vice President
		Jon Michael Friar	Vice President
		Alexa M. Gagliardi	Vice President
		Ryan S. Hedrick	Vice President
		Weijie (Vivian) Si	Vice President
		Matthew J. Snowling	Vice President
		James Stillwagon	Vice President
		Anthony Bruce Wang	Vice President
		Justin P. White	Vice President
		(For remaining officers, refer to the “All funds” table)
U.S. Large-Cap Core Fund		Shawn T. Driscoll	President
		Stephanie Beebe	Vice President
		Ryan S. Hedrick	Vice President
		Kate Hobbs	Vice President
		Jacob H. Kann	Vice President
		Kevin Mastalerz	Vice President
		John (Teddy) Oaks	Vice President
		Jason Benjamin Polun	Vice President
		John Corbin Qian	Vice President
		Dhiren Shah	Vice President
		Daniel Shear	Vice President
		Weijie (Vivian) Si	Vice President
		Steven Strycula	Vice President
		(For remaining officers, refer to the “All funds” table)
U.S. Treasury Funds		Andrew C. McCormick	President
	U.S. Treasury Intermediate Index Fund	Michael K. Sewell	Executive Vice President
	U.S. Treasury Long-Term Index Fund	Douglas D. Spratley	Executive Vice President
	U.S. Treasury Money Fund	Stephen L. Bartolini	Vice President
		Geoffrey M. Hardin	Vice President
		Cheryl A. Mickel	Vice President
		Rachel Protzman	Vice President
		Chen Shao	Vice President
		Jeanny Silva	Vice President
		Christopher J. Temple	Vice President
		Mitch Unger	Vice President
		Blerina Uruci	Vice President
		Kyeonta Williams	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
Value Fund	Ryan S. Hedrick	President
	Shawn T. Driscoll	Vice President
	Jon Michael Friar	Vice President
	Amanda Ho	Vice President
	Jill Jortner	Vice President
	Josepha Kaufman	Vice President
	Jason Leblang	Vice President
	William Ledley	Vice President
	John D. Linehan	Vice President
	Gregory Locraft	Vice President
	Heather K. McPherson	Vice President
	Anna Nussbaum	Vice President
	Melanie A. Abate Rizzo	Vice President
	Lee Sandquist	Vice President
	Charlotte Wang	Vice President
	(For remaining officers, refer to the “All funds” table)

Below is a table that sets forth certain information, as of May 31, 2023, regarding each person deemed to be an officer of the Price Funds.

Officers


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Mariel Abreu, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds and Multi-Sector Account Portfolios
Scott Edwin Ackerman, 1987 Vice President, T. Rowe Price		Vice President, GNMA Fund and Multi-Sector Account Portfolios
Jason Adams, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, International Funds; Vice President, All-Cap Opportunities Fund, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Equity Income Fund, and U.S. Equity Research Fund
Ulle Adamson, CFA, 1979 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds
Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Archibald Ciganer Albeniz, CFA, 1976 Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.		Executive Vice President, International Funds
Syed Haider Ali, 1970 Vice President, Price Hong Kong, Price Singapore, and T. Rowe Price Group, Inc.		Vice President, International Funds
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Science & Technology Fund; Vice President, Diversified Mid-Cap Growth Fund, Global Funds, Global Technology Fund, International Funds, Tax-Efficient Funds, and U.S. Equity Research Fund
Francisco Alonso, 1978 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Small-Cap Stock Fund; Executive Vice President, Equity Funds; Vice President, Mid-Cap Growth Fund and Small-Cap Value Fund
Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds
Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Ralph Lee Arnold, Jr., CFA, CPA, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, Summit Municipal Funds and Tax-Free Income Fund
Zachary Baca, 1990 Vice President, T. Rowe Price; formerly Associate, Rock Springs Capital (to 2020)		Vice President, Health Sciences Fund
Bill Bai, 1985 Vice President, Price Hong Kong and T. Rowe Price Group; formerly Executive Director and Senior Analyst, Destination Partners Asset Management (to 2019)		Vice President, Science & Technology Fund
E. Frederick Bair, CFA, CPA, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, International Index Fund, Real Assets Fund, and Spectrum Funds II
Ziad Bakri, M.D., CFA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Health Sciences Fund; Vice President, All-Cap Opportunities Fund, Blue Chip Growth Fund, Equity Income Fund, International Funds, New Horizons Fund, and Tax-Efficient Funds
Harishankar Balkrishna, 1983 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds; Vice President, New Horizons Fund
Colin T. Bando, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, State Tax-Free Funds and Summit Municipal Funds
Sheena L. Barbosa, 1983 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		Vice President, International Funds
Stephen L. Bartolini, CFA, 1977 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Co-President, New Income Fund; Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, QM U.S. Bond Index Fund, Retirement Funds, Spectrum Funds, Spectrum Funds II, Total Return Fund, and U.S. Treasury Funds
Peter J. Bates, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Dividend Growth Fund
Jason A. Bauer, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, Multi-Sector Account Portfolios, New Income Fund, and Total Return Fund
Luis Martin Baylac, 1982 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds
Stephanie Beebe, 1990 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, The Wharton School, University of Pennsylvania (to 2020); summer intern, T. Rowe Price (2018); Investment Banking Associate, Bank of America Merrill Lynch (to 2018)		Vice President, Diversified Mid-Cap Growth Fund, Global Technology Fund, Mid-Cap Value Fund, New Horizons Fund, Science & Technology Fund, and U.S. Large-Cap Core Fund
Benjamin Bell, Ph.D., 1990 Employee, T. Rowe Price; formerly Analyst, Catalio Capital Management (to 2021); Postdoctoral Fellow, Johns Hopkins Drug Discovery Center (to 2021); student, Johns Hopkins School of Medicine (to 2019)		Vice President, Health Sciences Fund
Robert Scott Berg, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, International Funds
Brian W.H. Berghuis, CFA, 1958 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Mid-Cap Growth Fund; Executive Vice President, Equity Funds
Steven E. Boothe, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Multi-Sector Account Portfolios; Co-President, Corporate Income Fund; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and New Income Fund
Peter Ivanov Botoucharov, 1965 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Tala Boulos, 1984 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Christina Brathwaite, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, JP Morgan Securities (to 2019)		Vice President, New Horizons Fund
Christopher P. Brown, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, Total Return Fund; Vice President, Global Multi-Sector Bond Fund, GNMA Fund, International Funds, Multi-Sector Account Portfolios, New Income Fund, QM U.S. Bond Index Fund, and Short-Term Bond Fund
Armando (Dino) Capasso, 1974 Chief Compliance Officer and Vice President, T. Rowe Price and Price Investment Management; Vice President, T. Rowe Price Group, Inc.; formerly, Chief Compliance Officer, PGIM Investments LLC and AST Investment Services, Inc. (ASTIS) (to 2022); Chief Compliance Officer, PGIM Retail Funds complex and Prudential Insurance Funds (to 2022); Vice President and Deputy Chief Compliance Officer, PGIM Investments LLC and ASTIS (to 2019)		Chief Compliance Officer, all funds
Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Global Technology Fund, Mid-Cap Value Fund, New Horizons Fund, and U.S. Equity Research Fund
Shiu Tak (Sheldon) Chan, 1981 Vice President, Price International and T. Rowe Price Group, Inc.		Vice President, International Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund
Andrew Chang, 1983 Vice President, Price Singapore and T. Rowe Price Group, Inc.		Vice President, International Funds
Daniel Chihorek, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund
Paul Cho, 1986 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund and Small-Cap Value Fund
Elias Chrysostomou, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Financials Sector Specialist, Lazard Asset Management (to 2019)		Vice President, Financial Services Fund
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Vincent Chung, 1988 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Investment Analyst/Trader, Observatory Capital Management LLP (to 2019)		Vice President, Global Multi-Sector Bond Fund and International Funds
Richard N. Clattenburg, CFA, 1979 Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company		Executive Vice President, International Funds; Vice President, Global Real Estate Fund
David L. Clewell, 1984 Vice President, T. Rowe Price, Price Japan, and T. Rowe Price Group, Inc.		Vice President, Global Allocation Fund
Richard Coghlan, Ph.D., 1961 Vice President, Price Japan, T. Rowe Price, and T. Rowe Price Group, Inc.		Co-President, Real Assets Fund
Davis Collins, CFA, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, and Tax-Exempt Money Fund
Jason T. Collins, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, Short-Term Bond Fund
Michael F. Connelly, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Floating Rate Fund, Global Multi-Sector Bond Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Short-Term Bond Fund
David Corris, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head of Disciplined Equities and Portfolio Manager, Bank of Montreal Global Asset Management (to 2021)		Executive Vice President, Integrated Equity Funds; Vice President, Equity Income Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Colin Cotton, M.D., 1993 Employee, T. Rowe Price; formerly student, University of Cincinnati College of Medicine (to 2022); Business Development Analyst intern, CinRx Pharma (to 2018)		Vice President, Health Sciences Fund
Shaun Michael Currie, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, All-Cap Opportunities Fund and New Horizons Fund
Michael Patrick Daley, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Anne Daub, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund
Ramon Roberto de Castro, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, GNMA Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, and Short-Term Bond Fund
Richard de los Reyes, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Co-President, Multi-Strategy Total Return Fund; Vice President, International Funds, Mid-Cap Value Fund, New Era Fund, Real Assets Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Vincent Michael DeAugustino, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Mid-Cap Value Fund, Vice President, Financial Services Fund
Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company		Co-President, Retirement Funds
Maron Deering, 1980 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Principal, Maplewood Capital, LLC (to 2020)		Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Michael Della Vedova, 1969 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds; Vice President, High Yield Fund (serves only with respect to the High Yield Fund)
Levent Demirekler, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Short-Term Bond Fund
Iona Dent, CFA, 1991 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds
Amit Deshpande, CFA, FRM, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Institutional Income Funds and QM U.S. Bond Index Fund
Eric L. DeVilbiss, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Growth Stock Fund
Christina Dove Noonan, 1988 Vice President, T. Rowe Price		Vice President, Balanced Fund, Global Allocation Fund, Spectrum Fund, and Spectrum Funds II
Maria Elena Drew, 1973 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Funds and International Funds
Anna Alexandra Dreyer, Ph.D., CFA, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, Total Return Fund; Vice President, New Income Fund and QM U.S. Bond Index Fund
Shawn T. Driscoll, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, U.S. Large-Cap Core Fund, Vice President, Dividend Growth Fund, Global Technology Fund, Growth Stock Fund, International Funds, and New Era Fund
Gregory Dunham, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group		Vice President, Communications & Technology Fund, Global Technology Fund, New Horizons Fund, and Science & Technology Fund
Alan S. Dupski, CPA, 1982 Vice President, Price Investment Management, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Principal Financial Officer, Vice President, and Treasurer, all funds
Donald J. Easley, CFA, 1971 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund and Mid-Cap Growth Fund
Bridget A. Ebner, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Global Funds and International Funds
Dean Ebozue, 1992 Employee, T. Rowe Price; formerly student, Columbia Business School (to 2021); Investment Consultant, Morgan Stanley (to 2019)		Vice President, Small-Cap Value Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
David J. Eiswert, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, International Funds; Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, Retirement Funds, Science & Technology Fund, Spectrum Funds, and Spectrum Funds II
Sarah J. Engle, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund
Matthew Fanandakis, CFA, 1983 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Joseph B. Fath, CPA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Growth Stock Fund; Vice President, Communications & Technology Fund and U.S. Equity Research Fund
Christopher Faulkner-MacDonagh, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Co-President, Real Assets Fund
Dawei Feng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		Vice President, International Funds
Stephen M. Finamore, CFA, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, Multi-Sector Account Portfolios; Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), and Institutional Income Funds
Quentin S. Fitzsimmons, 1968 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds, Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, and Limited Duration Inflation Focused Bond Fund
Kathryn A. Floyd, CFA, 1982 Employee, T. Rowe Price		Vice President, Government Money Fund and TRP Reserve Investment Funds
Christopher T. Fortune, 1973 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Daniel Fox, CFA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund)
Jon Michael Friar, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Financial Services Fund, Growth Stock Fund, New Horizons Fund, U.S. Equity Research Fund, and Value Fund
Matthew Frustaci, 1990 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly student, The Wharton School, University of Pennsylvania (to 2020); summer intern, T. Rowe Price (2019)		Vice President, Capital Appreciation Fund
Alexa M. Gagliardi, 1988 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, U.S. Equity Research Fund
Pengquin George Gao, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Integrated Equity Funds
Justin T. Gerbereux, CFA, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios
Aaron Gifford, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
David R. Giroux, CFA, 1975 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Capital Appreciation Fund
Gregg Gola, CFA, 1965 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Vishnu Vardhan Gopal, 1979 Vice President, Price International and T. Rowe Price Group, Inc.		Vice President, International Funds
Chris Graff, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Partner -Investment Team, Sequoia Capital Global Equities (to 2020)		Vice President, All-Cap Opportunities Fund, Communications & Technology Fund, and Growth Stock Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Joel Grant, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds
Gary J. Greb, 1961 Vice President, Price Investment Management, T. Rowe Price, Price International, and T. Rowe Trust Company		Vice President, all funds
Paul Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Blue Chip Growth Fund; Executive Vice President, Equity Funds; Vice President, Communications & Technology Fund, Growth Stock Fund, and Science & Technology Fund
Benjamin Griffiths, CFA, 1977 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds
Michael J. Grogan, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.		Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Shaoyu Guo, 1992 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Economist, JP Morgan (to 2020)		Vice President, International Funds and Multi-Sector Account Portfolios
Nina Gupta, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Sector Head, Allianz Global Investors (to 2021); Senior Analyst, Portables Partners (to 2014)		Vice President, Financial Services Fund
John Hall, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Health Sciences Fund
Richard L. Hall, 1979 Vice President, T. Rowe Price and T. Rowe Price Group Inc.		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Cheryl Hampton, CPA, 1969 Vice President, T. Rowe Price; formerly Tax Director, Invesco Ltd. (to 2021); Vice President, Oppenheimer Funds, Inc. (to 2019)		Vice President, all funds
Nabil Hanano, CFA, 1984 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, All-Cap Opportunities Fund, International Funds, and New Horizons Fund
Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, and U.S. Treasury Funds
Robert Lovette Harlow, CAIA, CFA, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Global Allocation Fund
Ryan S. Hedrick, CFA, 1980 Vice President, T. Rowe Price, T. Rowe Price Group Inc., and T. Rowe Price Trust Company		President, Value Fund; Vice President, Dividend Growth Fund, Equity Income Fund, Mid-Cap Value Fund, New Era Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund
Charles B. Hill, CFA, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund
Daniel Biros Hirsch, CFA, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Small-Cap Stock Fund
Amanda Ho, 1993 Employee, T. Rowe Price; formerly summer intern, T. Rowe Price (to 2020); Revenue Strategy, Senior Analyst, Snap, Inc. (to 2019)		Vice President, Health Sciences Fund and Value Fund
Kate Hobbs, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Portfolio Manager, Millennium Partners (to 2020); Senior Analyst, Citadel LLC, Aptigon Capital (to 2018)		Vice President, All-Cap Opportunities Fund, Blue Chip Growth Fund, Equity Income Fund, Health Sciences Fund, Tax-Efficient Funds, and U.S. Large-Cap Core Fund
Ann M. Holcomb, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Co-President, U.S. Equity Research Fund
Jeffrey Holford, Ph.D., ACA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, All-Cap Opportunities Fund, Health Sciences Fund, and International Funds
Matthew A. Howell, IMC, 1974 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Real Assets Fund
Thomas J. Huber, CFA, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Dividend Growth Fund; Vice President, Real Estate Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Stefan Hubrich, Ph.D., CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, Multi-Strategy Total Return Fund; Vice President, Global Allocation Fund and International Funds
Arif Husain, CFA, 1972 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds; Vice President, Global Funds, Global Multi-Sector Bond Fund, Multi-Sector Account Portfolios, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Jonathan R. Hussey, CFA, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Equity Income Fund and New Era Fund
Michael T. Hyland, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund)
Stephon Jackson, CFA, 1962 Director and President, Price Investment Management; Vice President, T. Rowe Price Group, Inc.		Co-President, Equity Funds and High Yield Fund (serves only with respect to the High Yield Fund)
Andrew G. Jacobs Van Merlen, 1978 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company		Co-President, Retirement Funds
Michael Jacobs, 1971 Vice President, Price Japan, T. Rowe Price Group, Inc., and Price International		Vice President, International Funds
Randal Spero Jenneke, 1971 Vice President, T. Rowe Price Group, Inc.		Vice President, International Funds
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Integrated Equity Funds
Sam Johnson, 1992 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, and Science & Technology Fund
Rachel D. Jonas, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund
Nina P. Jones, CPA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Real Estate Fund; Vice President, Financial Services Fund, Global Real Estate Fund, International Funds, Mid-Cap Value Fund, and Real Assets Fund
Thomas Dylan Jones, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund
Jill Jortner, 1977 Vice President, T. Rowe Price; formerly Research Analyst, Iridian Asset Management (to 2022)		Vice President, Growth Stock Fund, Health Sciences Fund, and Value Fund
Yoichiro Kai, 1973 Vice President, Price Singapore, T. Rowe Price Group, Inc., and Price International		Vice President, International Funds
Michael Kane, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst, GW&K Investments (to 2019)		Vice President, Intermediate Tax-Free High Yield Fund, Summit Municipal Funds, and Tax-Free High Yield Fund
Jacob H. Kann, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds and U.S. Large-Cap Core Fund
Jai Kapadia, 1982 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		President, Global Real Estate Fund; Vice President, International Funds
Josepha Kaufman, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Senior Analyst, Epoch Investment Partners (to 2021)		Vice President, Mid-Cap Value Fund and Value Fund
Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Global Funds and Global Multi-Sector Bond Fund
Benjamin Kersse, CPA, 1989 Vice President, T. Rowe Price		Vice President, all funds
Vineet Khanna, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, New Era Fund
Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, New Era Fund; Vice President, Equity Income Fund and Real Assets Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Takanori Kobayashi, 1981 Vice President, Price Japan, T. Rowe Price Group, Inc., and Price International		Vice President, Financial Services Fund, Global Real Estate Fund, and International Funds
Steven M. Kohlenstein, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Short-Term Bond Fund; Vice President, Global Multi-Sector Bond Fund
Gregg Korondi, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, LaSalle Investment Management Securities (to 2019)		Vice President, Global Real Estate Fund and Real Estate Fund
Steven D. Krichbaum, 1977 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund
Paul J. Krug, CPA, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, all funds
Christopher J. Kushlis, CFA, 1976 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
Karim Laib, CFA, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Equity Analyst, Blackrock, Inc. (to 2022); Equity Analyst, Global Equity Research (to 2017)		Vice President, Financial Services Fund
Michael Lambe, CFA, 1977 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Matthew T. Larkin, 1983 Vice President, T. Rowe Price		Vice President, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Income Fund
Robert M. Larkins, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, QM U.S. Bond Index Fund; Executive Vice President, Institutional Income Funds; Vice President, Balanced Fund, Global Allocation Fund, New Income Fund, and Total Return Fund
Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc.		Vice President, Financial Services Fund and International Funds
Matthew Lawton, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund, New Income Fund, and Short-Term Bond Fund
John Leard, CFA, 1985 Assistant Vice President, T. Rowe Price		Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund
Jason Leblang, 1991 Employee, T. Rowe Price; formerly student, The University of Chicago Booth School of Business (to 2021); Vice President-U.S. Institutional Equity Sales, Bank of America Merrill Lynch (to 2019)		Vice President, Value Fund
William Ledley, CFA, 1992 Employee, T. Rowe Price; formerly student, Columbia Business School (to 2022); Research Associate, Capital Group (to 2020); Equity Research Associate, Cowen and Company (to 2018)		Vice President, Value Fund
Wyatt A. Lee, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Co-President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, Spectrum Funds, and Spectrum Funds II
Yongheon Lee, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Institutional Income Funds, QM U.S. Bond Index Fund, and Total Return Fund
John D. Linehan, CFA, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Equity Income Fund; Executive Vice President, Equity Funds; Vice President, Multi-Strategy Total Return Fund and Value Fund
Lu (Jacqueline) Liu, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Global Technology Fund, International Funds, and Science & Technology Fund
Gregory Locraft, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Equity Income Fund, Financial Services Fund, and Value Fund
Johannes Loefstrand, 1988 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Kevin Patrick Loome, CFA, 1967 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Executive Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund); Vice President, Capital Appreciation Fund
Jodi Love, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Jennison Associates LLC (to 2019)		Vice President, Blue Chip Growth Fund and Growth Stock Fund
Anh Thi Lu, 1968 Vice President, Price Hong Kong, Price International, and T. Rowe Price Group, Inc.		Executive Vice President, International Funds; Vice President, Global Funds
James T. Lynch, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund
Ross MacMillan, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, RBC Capital Markets (to 2019)		Vice President, Communications & Technology Fund, Diversified Mid-Cap Growth Fund, Global Technology Fund, Growth Stock Fund, New Horizons Fund, and Science & Technology Fund
Peter (Matt) Mahon, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Mid-Cap Growth Fund and Small-Cap Stock Fund
Konstantine B. Mallas, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, Tax-Free Income Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund
Sebastien Mallet, 1974 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, Global Funds; Vice President, International Funds
Priyal Maniar, CFA, 1991 Vice President, T. Rowe Price and T. Rowe Price Group, Inc; formerly Senior Research Analyst, Brandywine Global (to 2021); Financial Institutions Group Analyst, BlackRock (to 2014)		Vice President, Diversified Mid-Cap Growth Fund, Mid-Cap Value Fund, and New Era Fund
Pradeep Manikonda, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Total Return Fund
Robert J. Marcotte, 1962 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Mid-Cap Growth Fund and Small-Cap Stock Fund
Rekha Marda, 1987 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Small-Cap Stock Fund
Jennifer O’Hara Martin, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Communications & Technology Fund, Global Technology Fund, and International Funds
Ryan Martyn, 1979 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds and New Era Fund
George Marzano, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Blue Chip Growth Fund and Equity Income Fund
Paul M. Massaro, CFA, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Floating Rate Fund; Executive Vice President, Institutional Income Funds; Vice President, High Yield Fund (serves only with respect to the High Yield Fund), Multi-Sector Account Portfolios, Retirement Funds, Spectrum Funds, and Spectrum Fund II
Kevin Mastalerz, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, New Era Fund and U.S. Large-Cap Core Fund
Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Institutional Income Funds and U.S. Treasury Funds; Co-President, High Yield Fund
Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Heather K. McPherson, CPA, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Equity Income Fund, Mid-Cap Value Fund, New Era Fund, and Value Fund
Colin McQueen, 1967 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Senior Investment Manager, Global Equities, Sanlam FOUR Investments UK Limited (to 2019)		Executive Vice President, International Funds
Sean P. McWilliams, 1988 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Equity Funds; Vice President, Global Allocation Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Cheryl A. Mickel, CFA, 1967 Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Short-Term Bond Fund; Vice President, Government Money Fund, TRP Reserve Investment Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Raymond A. Mills, Ph.D., CFA, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company		Executive Vice President, International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Spectrum Funds II
Jihong Min, 1979 Vice President, Price Singapore and T. Rowe Price Group, Inc.		Executive Vice President, International Funds; Vice President, Financial Serviced Fund
Eric C. Moffett, 1974 Vice President, Price Singapore and T. Rowe Price Group, Inc.		Executive Vice President, Global Funds and International Funds
Brad Moldin, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Equity Research Analyst, Fidelity Investments (to 2019)		Vice President, Mid-Cap Growth Fund
Ivan Morozov, CFA, 1987 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds and Multi-Sector Account Portfolios
Samy B. Muaddi, CFA, 1984 Vice President, T. Rowe Price, Price International, T. Rowe Price Group, Inc., and T. Rowe Trust Company		Executive Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, Institutional Income Funds, New Income Fund, and Short-Term Bond Fund
Tobias Fabian Mueller, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds; Vice President, Global Funds
Maria Aimee Muller, 1986 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, New Horizons Fund
Rinald Murataj, Ph.D., 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Integrated Equity Funds
James M. Murphy, CFA, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund; Vice President, Tax-Free Income Fund
Sudhir Nanda, Ph.D., CFA, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Integrated Equity Funds; Vice President, Diversified Mid-Cap Growth Fund
Razan Nasser, 1985 Vice President, T. Rowe Price Group, Inc. and Price International; formerly Senior Economist, HSBC Bank Middle East Ltd (to 2019)		Vice President, International Funds and Multi-Sector Account Portfolios
Joshua Nelson, 1977 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company		Co-President, Equity Funds
Philip A. Nestico, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Communications & Technology Fund, Global Real Estate Fund, and Real Estate Fund
Ka Yi Claire Ng, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Multi-Sector Account Portfolios
Todd Nocella, CFA, 1981 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Jason Nogueira, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, U.S. Equity Research Fund
Matthew W. Novak, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, TRP Reserve Investment Funds; Vice President, Retirement Funds
Anna Nussbaum, CFA, 1994 Employee, T. Rowe Price; formerly Equity Research Associate, William Blair & Company (to 2020)		Vice President, Global Technology Fund, Science & Technology Fund, Tax-Efficient Funds, and Value Fund
John (Teddy) Oaks, CFA, 1992 Employee, T. Rowe Price		Vice President, Financial Services Fund, Mid-Cap Value Fund, and U.S. Large-Cap Core Fund
Alexander S. Obaza, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, Short-Term Bond Fund; Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Christian M. O’Neill, 1969 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Small-Cap Value Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Kenneth Antony Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and Price International		President, Global Multi-Sector Bond Fund; Executive Vice President, International Funds; Vice President, Global Funds, Multi-Sector Account Portfolios, and Total Return Fund
Curt J. Organt, CFA, 1968 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Oluwaseun Oyegunle, CFA, 1984 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds; Vice President, Global Funds
Sebastien Page, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Balanced Fund, Multi-Strategy Total Return Fund, Real Assets Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Global Allocation Fund, Real Assets Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Rohit Pandey, 1974 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Equity Analyst, Jennison Associates (to 2019)		Vice President, Mid-Cap Growth Fund
Miso Park, CFA, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Simon Paterson, 1978 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Partner, Senior Equity Analyst, Brown Advisory (to 2020)		Vice President, Capital Appreciation Fund, Mid-Cap Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund
Dante Pearson, 1990 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, All-Cap Opportunities Fund, New Horizons Fund, and Real Estate Fund
Walter Charles Peppelman, 1989 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; formerly summer intern, T. Rowe Price (to 2019)		Vice President, Corporate Income Fund
Andy Peters, 1988 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Equity Income Fund and Mid-Cap Value Fund
Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds
Fran M. Pollack-Matz, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price Hong Kong, Price International, Price Singapore, T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc.		Vice President and Secretary, all funds
Jason Benjamin Polun, CFA, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Co-President, U.S. Equity Research Fund; Vice President, U.S. Large-Cap Core Fund
Rachel Protzman, 1988 Vice President, T. Rowe Price		Vice President, Government Money Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Jordan S. Pryor, 1991 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Integrated Equity Funds
John Corbin Qian, 1989 Vice President, T. Rowe Price International and T. Rowe Price Group, Inc.		Vice President, New Era Fund, Real Assets Fund, and U.S. Large-Cap Core Fund
Robert T. Quinn, 1972 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Bradley R. Raglin, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, TRP Reserve Investment Funds
Sal Rais, M.D., CFA, 1983 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Research Analyst, Rock Springs Capital L.P. (to 2021); Senior Analyst, Nexthera Capital L.P. (to 2019); Analyst, Balyasny Asset Management L.P. (to 2018)		Vice President Capital Appreciation Fund and Small-Cap Stock Fund
Vivek Rajeswaran, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund and Mid-Cap Growth Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Shannon Hofher Rauser, 1987 Assistant Vice President, T. Rowe Price		Assistant Secretary, all funds
Rodney M. Rayburn, CFA, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Credit Opportunities Fund; Executive Vice President, High Yield Fund (serves only with respect to the High Yield Fund) and Institutional Income Funds; Vice President, Balanced Fund and Multi-Sector Account Portfolios
Todd Reese, 1990 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds
Kevin Reilly, 1991 Employee, T. Rowe Price		Vice President, Government Money Fund and TRP Reserve Investment Funds
Michael F. Reinartz, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, Short-Term Bond Fund
Jane K. Rivers, CFA, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Real Estate Fund
Dominic Rizzo, 1993 Vice President, T. Rowe Price Group, Inc. and Price International		President, Global Technology Fund; Vice President, All-Cap Opportunities Fund and Science & Technology Fund
Melanie A. Abate Rizzo, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Dividend Growth Fund, Equity Income Fund, International Funds, Mid-Cap Value Fund, and Value Fund
Theodore E. Robson, CFA, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Real Estate Fund
Peter J. Roehrig, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, TRP Reserve Investment Funds
Alexander Paul Roik, CFA, 1991 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Executive Vice President, Equity Funds; Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Stephen Roseberry, CFA, 1975 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Core Research Analyst, JP Morgan Asset Management (to 2021); Research Analyst, Surveyor Capital (to 2016)		Vice President, Small-Cap Stock Fund
David L. Rowlett, CFA, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds
Brian A. Rubin, CPA, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios
Lee Sandquist, 1992 Vice President, T. Rowe Price; formerly Analyst, Citadel (to 2022); Equity Research Assistant Vice President, Barclays (to 2019)		Vice President, Value Fund
Federico Santilli, CFA, 1974 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, Global Funds and International Funds
Darren Scheinberg, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Retirement Funds
William Evan Scheiner, 1984 Assistant Vice President, T. Rowe Price		Vice President, TRP Reserve Investment Funds
Nikolaj Schmidt, 1975 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Multi-Sector Bond Fund and International Funds
Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds
Duncan Scott, 1993 Employee, T. Rowe Price; formerly Equity Research Analyst, Deutsche Bank AG, London (to 2019)		Vice President, New Era Fund
Emily Scudder, CFA, CPA, 1985 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Mid-Cap Growth Fund
Amelia Seman, CFA, 1969 Vice President, T. Rowe Price and Investment Services		Vice President, Balanced Fund, Spectrum Funds, and Spectrum Funds II


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Richard Sennett, CPA, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Assistant Treasurer, all funds
Michael K. Sewell, 1982 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Inflation Protected Bond Fund; Executive Vice President, Index Trust and U.S. Treasury Funds; Vice President, Global Allocation Fund, Real Assets Fund, and Short-Term Bond Fund
Dhiren Shah, CFA, 1991 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly summer analyst, Elliott Management Corporation (to 2019)		Vice President, New Horizons Fund and U.S. Large-Cap Core Fund
Chen Shao, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Government Money Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Robert W. Sharps, 1971 Director and chair, T. Rowe Price; Director, Price Investment Management and T. Rowe Price Group, Inc., Vice President, T. Rowe Price Trust Company		Vice President, Growth Stock Fund
Daniel Shear, 1992 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, The University of Chicago Booth School of Business (to 2020); summer intern, T. Rowe Price (2019)		Vice President, All-Cap Opportunities Fund, Communications & Technology Fund, Equity Income Fund, and U.S. Large-Cap Core Fund
Courtney Sheldon, CFA, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Director and Senior Research Analyst, Allianz Global Investors (to 2021)		Vice President, Mid-Cap Growth Fund
Thomas Alexander Shelmerdine, 1977 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, New Era Fund
Bin Shen, CFA, 1987 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds
John Carl A. Sherman, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds
Frank Shi, 1992 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Equity Research Analyst, Nezu Asia Capital Management (to 2019)		Vice President, Global Technology Fund and Science & Technology Fund
Charles M. Shriver, CFA, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company		Co-President, Balanced Fund, Global Allocation Fund, Spectrum Funds, and Spectrum Funds II; Vice President, Multi-Strategy Total Return Fund, Real Assets Fund, and Retirement Funds
Elliot J. Shue, CFA, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund
Farris G. Shuggi, 1984 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund and Small-Cap Value Fund
Weijie (Vivian) Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, International Funds: Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, New Horizons Fund, Real Estate Fund, Tax-Efficient Funds, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund
Mike Signore, 1987 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund
Latika Signorelli, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly Partner, Portfolio Manager and Senior Research Analyst, Franklin Templeton Investments (to 2020)		Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)
Jeanny Silva, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and U.S. Treasury Funds
Neil Smith, 1972 Vice President, Price Hong Kong, Price Japan, Price Singapore, T. Rowe Price Group, Inc., and Price International		President, Index Trust and International Index Fund; Vice President, TRP Reserve Investment Funds
Tyrone Smith, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Matthew J. Snowling, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Financial Services Fund; Vice President, Equity Income Fund, Tax-Efficient Funds, and U.S. Equity Research Fund
Brian Solomon, CFA, 1986 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Equity Funds; Vice President, Dividend Growth Fund, Financial Services Fund, Global Funds, and Mid-Cap Value Fund
Scott D. Solomon, CFA, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, International Funds
Joshua K. Spencer, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, New Horizons Fund; Vice President, Global Technology Fund, International Funds, and Science & Technology Fund
Douglas D. Spratley, CFA, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Government Money Fund, TRP Reserve Investment Funds, Summit Income Funds, and Tax-Exempt Money Fund; Executive Vice President, State Tax-Free Funds and U.S. Treasury Funds; Vice President, Short-Term Bond Fund
Preeta Ragavan Srinivasan, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Equity Income Fund, Financial Services Fund, Global Real Estate Fund, and Real Estate Fund
David Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds and Multi-Sector Account Portfolios
Matthew Stevenson, 1991 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly student, Columbia Business School (to 2019)		Vice President, Capital Appreciation Fund
James Stillwagon, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Communications & Technology Fund; Vice President, Blue Chip Growth Fund, Global Technology Fund, Science & Technology Fund, Tax-Efficient Funds, and U.S. Equity Research Fund
Mark Stodden, CFA, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund
Peter Stournaras, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Chief Portfolio Strategist JP Morgan Private Bank (to 2020); Private Consultant and Advisor, Pteleos Consulting (to 2018)		President, Integrated Equity Funds
Steven Strycula, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Sellside Equity Research- Executive Director, UBS Investment Bank (to 2020)		Vice President, Dividend Growth Fund, Equity Income Fund, Tax-Efficient Funds, and U.S. Large-Cap Core Fund
Guido F. Stubenrauch, CFA, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Balanced Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Pranay Subedi, CFA, 1990 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, The University of Chicago Booth School of Business (to 2019)		Vice President, Corporate Income Fund
Saurabh Sud, CFA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, New Income Fund; Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund and Total Return Fund
Taymour R. Tamaddon, CFA, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, Equity Funds; Vice President, Global Technology Fund, Growth Stock Fund, Health Sciences Fund, and International Funds
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Multi-Sector Bond Fund, International Funds, and Multi-Sector Account Portfolios
Sin Dee Tan, CFA, 1979 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds
Timothy G. Taylor, CFA, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, Tax-Free Income Fund; Executive Vice President, State Tax-Free Funds; Vice President, Summit Municipal Funds and Tax-Free High Yield Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Christopher J. Temple, CFA, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Total Return Fund, and U.S. Treasury Funds
Craig A. Thiese, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Price International		Vice President, International Index Fund
Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, and Short-Term Bond Fund
Toby M. Thompson, CAIA, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International, and T. Rowe Price Trust Company		Co-President, Balanced Fund, Global Allocation Fund, Spectrum Funds, and Spectrum Funds II
Justin Thomson, 1968 Director, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.; Director and Vice President, Price International		President, Global Funds and International Funds; Vice President, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Chen Tian, 1993 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund
Reena Tilva, CFA, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund)
Kim Tracey, 1969 Vice President, T. Rowe Price Group, Inc.		Vice President, Global Real Estate Fund
Michael J. Trivino, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios
Wesley Ross Trowbridge, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Adam Trusley, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Citadel LLC (to 2020); Analyst, Brigade Capital Management LLC (to 2018)		Vice President, Credit Opportunities Fund
Alan Tu, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Blue Chip Growth Fund, Communications & Technology Fund, New Horizons Fund, and Science & Technology Fund
James A. Tzitzouris, Jr., Ph.D., 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Retirement Funds
Mitch Unger, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Corporate Income Fund, Government Money Fund, TRP Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Blerina Uruci, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior U.S. Economist, Barclays Capital (to 2022)		Vice President, Government Money Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, TRP Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Pavel Vedrov, 1990 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Real Estate Fund
Rupinder Vig, 1979 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds
Willem Visser, 1979 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds and Multi-Sector Account Portfolios
Christopher Vost, CFA, 1989 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, International Funds
Zenon Voyiatzis, 1971 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Financial Services Fund and International Funds
Verena Wachnitz, CFA, 1978 Vice President, T. Rowe Price Group, Inc. and Price International		Executive Vice President, International Funds; Vice President, Global Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Co-President, Corporate Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, QM U.S. Bond Index Fund, and Short-Term Bond Fund
John David Wagner, CFA, 1974 Vice President, Price Investment Management, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		President, Small-Cap Value Fund; Vice President, Small-Cap Stock Fund
John F. Wakeman, 1962 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Executive Vice President, Mid-Cap Growth Fund; Vice President, Equity Funds
Anthony Bruce Wang, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, All-Cap Opportunities Fund, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Global Technology Fund, Science & Technology Fund, Tax-Efficient Funds, and U.S. Equity Research Fund
Charlotte Wang, 1994 Employee, T. Rowe Price; formerly student, Harvard Business School (to 2022); Investment Associate, TPG Sixth Street Partners (to 2018)		Vice President, Value Fund
Megan Warren, 1968 OFAC Sanctions Compliance Officer and Vice President, Price Investment Management; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company		Vice President, all funds
Hiroshi Watanabe, CFA, 1975 Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.		Vice President, International Funds
Michael T. Wehn, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Index Fund and TRP Reserve Investment Funds
Mark R. Weigman, CFA, CIC, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Vice President, Tax-Efficient Funds
Ari Weisband, 1992 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, All-Cap Opportunities Fund, Financial Services Fund, and Global Technology Fund
Arnold N. Welsh, Jr., 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, TRP Reserve Investment Funds
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, All-Cap Opportunities Fund; Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Growth Stock Fund, Retirement Funds, Spectrum Funds, Spectrum Funds II, and U.S. Equity Research Fund
Bineesha Wickremarachchi, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Tamara P. Wiggs, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund
Rebecca Willey, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
Kyeonta Williams, 1992 Assistant Vice President, T. Rowe Price; formerly Institutional Salesman, Wells Fargo Securities (to 2021); Sales Assistant, Wells Fargo Securities (to 2018)		Vice President, Government Money Fund, TRP Reserve investment Funds, State Tax-Free Funds, Summit Income Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Charlene Wong, 1992 Vice President, T. Rowe Price		Vice President, Global Real Estate Fund and Real Estate Fund
J. Zachary Wood, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Real Assets Fund
Jon Davis Wood, CFA, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund and Mid-Cap Growth Fund
Ashley R. Woodruff, CFA, 1979 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund and Mid-Cap Growth Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
James Woodward, CFA, 1974 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios
Nina Xu, 1987 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, Mid-Cap Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and Price International		Vice President, Global Funds, Global Real Estate Fund, and International Funds
David Alan Yatzeck, 1981 Vice President, T. Rowe Price and T. Rowe Price Group		Vice President, Credit Opportunities Fund
Benjamin T. Yeagle, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, International Funds
Ernest C. Yeung, CFA, 1979 Director and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.		Executive Vice President, International Funds; Vice President, Global Funds
Yan Zhang, 1990 Vice President, Price Investment Management and T. Rowe Price Group, Inc.; formerly student, The University of Chicago Booth School of Business (to 2019)		Vice President, Small-Cap Stock Fund
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		Executive Vice President, International Funds
Lei Zhu, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Analyst/Assistant Portfolio Manager/Trading Analyst, Metacapital Management (to 2020)		Vice President, GNMA Fund and Multi-Sector Account Portfolios
Douglas Zinser, 1975 Vice President, Price Investment Management and T. Rowe Price Group, Inc.		Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Directors’ and Advisory Board Members’ Compensation

Each independent director and Advisory Board member is paid $375,000 annually for his or her service on the Boards or Advisory Board, as applicable. The chair of the Boards, an independent director, receives an additional $165,000 annually for serving in this capacity. An independent director serving on the Joint Audit Committee receives an additional $30,000 annually for his or her service and the chair of the Joint Audit Committee receives an additional $35,000 for his or her service. An independent director serving as a member of a Special Committee of the Independent Directors receives an additional $1,500 per meeting of the Special Committee (currently, no Special Committees have been assigned by the Boards). All of these fees are allocated to each fund on a pro-rata basis based on each fund’s net assets relative to the other funds.

The following table shows the total compensation that was received by the independent directors in the calendar year 2022, unless otherwise indicated. The independent directors of the funds do not receive any pension or retirement benefits from the funds or from T. Rowe Price. In addition, the officers and interested directors of the funds do not receive any compensation or benefits from the funds for their service.


Directors	Total Compensation
Bazemore	$395,000
Daniels*	370,000
Duncan	340,000
Gerrard	535,000
McBride	340,000
Walker	55,667

* Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.

The following table shows the amounts paid by each fund to the independent directors based on accrued compensation in the calendar year 2022, unless otherwise indicated:


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Africa & Middle East Fund	$74	$20	$63	$96	$68	$63
All-Cap Opportunities Fund	3,745	1,105	3,191	4,851	3,427	3,191
Asia Opportunities Fund	82	28	70	106	75	70
Balanced Fund	2,176	665	1,855	2,819	1,991	1,855
Blue Chip Growth Fund	34,533	11,911	29,435	44,760	31,555	29,435
California Tax-Free Bond Fund	309	93	263	400	282	263
Capital Appreciation Fund	23,332	6,717	19,885	30,221	21,355	19,885
Capital Appreciation and Income Fund (a)	2.07	—	1.77	2.68	1.91	1.91
Cash Reserves Fund	1,930	468	1,644	2,499	1,768	1,644
China Evolution Equity Fund	31	10	27	40	29	27
Communications & Technology Fund	3,862	1,327	3,292	5,006	3,529	3,292
Corporate Income Fund	295	92	251	382	270	251
Credit Opportunities Fund	44	13	37	57	40	37
Diversified Mid-Cap Growth Fund	926	291	790	1,200	847	790
Dividend Growth Fund	9,706	2,758	8,272	12,573	8,884	8,272
Dynamic Credit Fund	18	5	15	23	16	15
Dynamic Global Bond Fund	2,229	576	1,900	2,887	2,042	1,900
Emerging Europe Fund	26	15	22	34	24	22
Emerging Markets Bond Fund	1,943	585	1,656	2,517	1,777	1,656
Emerging Markets Corporate Bond Fund	316	109	269	409	289	269
Emerging Markets Corporate Multi-Sector Account Portfolio (b)	—	—	—	—	—	—
Emerging Markets Local Currency Bond Fund	182	55	155	236	167	155
Emerging Markets Discovery Stock Fund	1,945	558	1,657	2,517	1,781	1,657
Emerging Markets Local Multi-Sector Account Portfolio (b)	—	—	—	—	—	—
Emerging Markets Stock Fund	4,027	1,339	3,432	5,216	3,682	3,432
Equity Income Fund	8,663	2,491	7,383	11,218	7,930	7,383
Equity Index 500 Fund	12,741	4,195	10,859	16,508	11,651	10,859
European Stock Fund	483	158	412	626	441	412
Extended Equity Market Index Fund	469	152	400	608	429	400
Financial Services Fund	856	277	730	1,108	784	730
Floating Rate Fund	2,274	606	1,938	2,942	2,084	1,938
Floating Rate Multi-Sector Account Portfolio (b)	—	—	—	—	—	—
Georgia Tax-Free Bond Fund	212	64	180	274	194	180
Global Allocation Fund	508	151	433	658	465	433
Global Consumer Fund	34	13	29	43	31	29
Global Growth Stock Fund	563	189	480	730	515	480


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Global High Income Bond Fund	135	40	115	175	124	115
Global Impact Equity Fund	8	2	7	11	8	7
Global Industrials Fund	87	33	74	113	80	74
Global Multi-Sector Bond Fund	751	228	640	972	687	640
Global Real Estate Fund	49	16	42	63	45	42
Global Stock Fund	2,774	941	2,365	3,595	2,536	2,365
Global Technology Fund	2,359	950	2,011	3,059	2,152	2,011
Global Value Equity Fund	18	4	15	23	16	15
GNMA Fund	479	140	408	620	438	408
Government Money Fund	4,819	1,276	4,108	6,246	4,410	4,108
Government Reserve Fund	9,181	3,070	7,823	11,882	8,402	7,823
Growth Stock Fund	25,701	8,543	21,907	36,293	23,065	21,907
Health Sciences Fund	7,864	2,271	6,703	10,190	7,196	6,703
Hedged Equity Fund (c)	464	—	395	600	427	427
High Yield Fund	3,530	1,038	3,009	4,573	3,230	3,009
High Yield Multi-Sector Account Portfolio (b)	—	—	—	—	—	—
Inflation Protected Bond Fund	353	100	301	457	323	301
Institutional Emerging Markets Bond Fund	192	59	164	228	145	164
Institutional Emerging Markets Equity Fund	615	221	524	796	561	524
Institutional Floating Rate Fund	3,012	867	2,566	3,898	2,758	2,566
Institutional High Yield Fund	834	250	711	1,080	763	711
Institutional International Disciplined Equity Fund	148	46	126	191	135	126
Institutional Large-Cap Core Growth Fund	2,171	750	1,850	2,813	1,984	1,850
Institutional Long Duration Credit Fund	13	5	11	17	12	11
Institutional Mid-Cap Equity Growth Fund	2,622	838	2,235	3,399	2,397	2,235
Institutional Small-Cap Stock Fund	2,395	732	2,042	3,103	2,192	2,042
Integrated Global Equity Fund	11	4	10	15	10	10
Integrated U.S. Large-Cap Value Equity Fund	19	6	17	25	18	17
Integrated U.S. Small-Mid Cap Core Equity Fund	138	33	117	178	126	117
Integrated U.S. Small-Cap Growth Equity Fund	3,602	1,141	3,070	4,667	3,294	3,070
Intermediate Tax-Free High Yield Fund	31	9	27	41	29	27
International Bond Fund	493	160	420	639	451	420
International Bond Fund (USD Hedged)	2,690	767	2,293	3,484	2,462	2,293
International Disciplined Equity Fund	149	49	127	193	136	127
International Discovery Fund	3,605	1,223	3,072	4,671	3,294	3,072
International Equity Index Fund	313	92	267	405	286	267


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
International Stock Fund	6,171	1,829	5,259	7,993	5,646	5,259
International Value Equity Fund	5,361	1,687	4,568	6,942	4,904	4,568
Investment-Grade Corporate Multi-Sector Account Portfolio (b)	—	—	—	—	—	—
Japan Fund	280	109	239	363	256	239
Latin America Fund	191	52	163	248	175	163
Large-Cap Growth Fund	8,671	2,890	7,391	11,238	7,925	7,391
Large-Cap Value Fund	1,670	485	1,423	2,164	1,528	1,423
Limited Duration Inflation Focused Bond Fund	4,101	1,269	3,495	5,310	3,752	3,495
Maryland Short-Term Tax-Free Bond Fund	79	21	67	102	72	67
Maryland Tax-Free Bond Fund	1,174	354	1,001	1,521	1,074	1,001
Maryland Tax-Free Money Fund	48	11	41	62	44	41
Mid-Cap Growth Fund	14,417	4,414	12,287	18,680	13,186	12,287
Mid-Cap Index Fund	44	12	37	57	40	37
Mid-Cap Value Fund	6,653	1,956	5,670	8,616	6,090	5,670
Mortgage-Backed Securities Multi-Sector Account Portfolio (b)	—	—	—	—	—	—
Multi-Strategy Total Return Fund	178	51	151	230	163	151
New Asia Fund	1,461	473	1,246	1,893	1,336	1,246
New Era Fund	1,520	411	1,295	1,967	1,392	1,295
New Horizons Fund	12,994	4,404	11,076	16,840	11,877	11,076
New Income Fund	8,360	2,550	7,125	10,829	7,647	7,125
New Jersey Tax-Free Bond Fund	197	60	168	256	181	168
New York Tax-Free Bond Fund	222	66	189	288	203	189
Overseas Stock Fund	9,586	2,878	8,169	12,415	8,771	8,169
QM U.S. Bond Index Fund	619	193	527	801	566	527
Real Assets Fund	2,764	591	2,355	3,579	2,533	2,355
Real Estate Fund	704	221	600	912	644	600
Retirement 2005 Fund	524	159	447	679	479	447
Retirement 2010 Fund	1,451	441	1,237	1,880	1,327	1,237
Retirement 2015 Fund	2,213	676	1,886	2,867	2,024	1,886
Retirement 2020 Fund	5,838	1,805	4,976	7,865	5,340	4,976
Retirement 2025 Fund	6,444	1,980	5,492	8,347	5,894	5,492
Retirement 2030 Fund	8,598	2,623	7,327	11,138	7,865	7,327
Retirement 2035 Fund	5,521	1,684	4,705	7,152	5,051	4,705
Retirement 2040 Fund	6,202	1,910	5,286	8,035	5,674	5,286
Retirement 2045 Fund	3,685	1,127	3,140	4,773	3,371	3,140
Retirement 2050 Fund	3,231	987	2,754	4,185	2,956	2,754
Retirement 2055 Fund	1,881	560	1,603	2,436	1,721	1,603
Retirement 2060 Fund	673	188	573	871	616	573
Retirement 2065 Fund	42	9	36	54	39	36


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Retirement Balanced Fund	910	274	775	1,178	832	775
Retirement Blend 2005 Fund	2	0	2	2	2	2
Retirement Blend 2010 Fund	2	0	2	3	2	2
Retirement Blend 2015 Fund	4	0	3	5	4	3
Retirement Blend 2020 Fund	13	1	11	17	12	11
Retirement Blend 2025 Fund	21	2	18	28	20	18
Retirement Blend 2030 Fund	18	1	16	24	17	16
Retirement Blend 2035 Fund	20	3	17	26	18	17
Retirement Blend 2040 Fund	17	2	15	22	16	15
Retirement Blend 2045 Fund	13	2	11	17	12	11
Retirement Blend 2050 Fund	9	1	7	11	8	7
Retirement Blend 2055 Fund	5	1	4	6	4	4
Retirement Blend 2060 Fund	2	0	1	2	2	1
Retirement Blend 2065 Fund	1	0	1	1	1	1
Retirement I 2005 Fund—I Class	148	43	126	192	136	126
Retirement I 2010 Fund—I Class	444	130	379	575	407	379
Retirement I 2015 Fund—I Class	785	232	669	1,016	718	669
Retirement I 2020 Fund—I Class	2,627	221	2,239	3,402	2,404	2,239
Retirement I 2025 Fund—I Class	3,667	1,069	3,125	4,749	3,356	3,125
Retirement I 2030 Fund—I Class	4,910	1,407	4,184	6,359	4,494	4,184
Retirement I 2035 Fund—I Class	3,595	1,034	3,064	4,657	3,291	3,064
Retirement I 2040 Fund—I Class	3,934	1,136	3,352	5,095	3,600	3,352
Retirement I 2045 Fund—I Class	2,783	800	2,372	3,605	2,548	2,372
Retirement I 2050 Fund—I Class	2,645	750	2,255	3,427	2,422	2,255
Retirement I 2055 Fund—I Class	1,510	421	1,287	1,956	1,382	1,287
Retirement I 2060 Fund—I Class	673	177	574	872	617	574
Retirement I 2065 Fund—I Class	36	6	31	47	33	31
Retirement Balanced I Fund—I Class	248	68	211	321	227	211
Retirement Income 2020 Fund	62	18	53	81	57	53
Science & Technology Fund	3,068	1,041	2,615	3,975	2,803	2,615
Short Duration Income Fund	23	7	20	30	21	20
Short-Term Fund	0	0	0	0	0	0
Short-Term Bond Fund	2,465	684	2,100	3,192	2,256	2,100
Short-Term Government Fund	—	—	—	—	—	—
Small-Cap Index Fund	45	11	38	58	41	38
Small-Cap Stock Fund	4,521	1,382	3,853	5,857	4,136	3,853
Small-Cap Value Fund	5,657	1,718	4,821	7,328	5176,	4,821
Spectrum Conservative Allocation Fund	1,103	332	940	1,429	1,009	940
Spectrum Diversified Equity Fund	1,817	553	1,548	2,354	1,662	1,548
Spectrum Income Fund	3,058	894	2,607	3,961	2,799	2,607


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels*	Duncan	Gerrard	McBride	Walker
Spectrum International Equity Fund	801	260	683	1,037	732	683
Spectrum Moderate Allocation Fund	1,133	348	966	1,468	1,037	966
Spectrum Moderate Growth Allocation Fund	1,601	492	1,364	2,074	1,464	1,364
Summit Municipal Income Fund	1,148	380	978	1,487	1,050	978
Summit Municipal Intermediate Fund	2,896	873	2,468	3,751	2,649	2,468
Target 2005 Fund	27	8	23	35	25	23
Target 2010 Fund	36	11	31	47	33	31
Target 2015 Fund	89	26	76	115	81	76
Target 2020 Fund	164	49	140	212	150	140
Target 2025 Fund	239	71	204	310	219	204
Target 2030 Fund	261	76	222	338	239	222
Target 2035 Fund	204	58	174	264	186	174
Target 2040 Fund	176	52	150	228	161	150
Target 2045 Fund	156	44	133	202	143	133
Target 2050 Fund	119	35	102	154	109	102
Target 2055 Fund	83	24	71	108	76	71
Target 2060 Fund	40	11	34	52	37	34
Target 2065 Fund	4	1	4	6	4	4
Tax-Efficient Equity Fund	367	115	312	475	335	312
Tax-Exempt Money Fund	300	79	256	389	275	256
Tax-Free High Yield Fund	2,242	709	1,911	2,905	2,051	1,911
Tax-Free Income Fund	1,145	357	976	1,483	1,047	976
Tax-Free Short-Intermediate Fund	949	267	809	1,229	868	809
Total Equity Market Index Fund	1,001	312	853	1,298	915	853
Total Return Fund	304	83	259	393	278	259
Transition Fund	—	—	—	—	—	—
Treasury Reserve Fund	1,502	427	1,280	1,945	1,376	1,280
U.S. Equity Research Fund	5,382	1.287	4,586	6,967	4,934	4,586
U.S. High Yield Fund	240	77	204	311	219	204
U.S. Large-Cap Core Fund	3,240	803	2,762	4,198	2,968	2,762
U.S. Limited Duration TIPS Index Fund	754	206	643	976	690	643
U.S. Treasury Intermediate Index Fund	394	113	335	510	360	335
U.S. Treasury Long-Term Index Fund	1,975	463	1,683	2,558	1,810	1,683
U.S. Treasury Money Fund	5,916	1,424	5,042	7,661	5,421	5,042
Ultra Short-Term Bond Fund	1,722	533	1,467	2,230	1,574	1,467
Value Fund	15,445	4,758	13,163	20,007	14,130	13,163
Virginia Tax-Free Bond Fund	701	218	598	909	642	598

* Effective April 27, 2022, Mr. Daniels resigned from his role as independent director of the Price Funds.

(a) Estimated for the period October 1, 2023 through December 31, 2023.

(b) Directors’ fees were paid by T. Rowe Price on behalf of the fund.

Directors’ Holdings in the Price Funds

The following tables set forth the Price Fund holdings of the current independent and interested directors, as of December 31, 2022, unless otherwise indicated.


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Africa & Middle East Fund	None	None	None	None	None
Africa & Middle East Fund—I Class	None	None	None	None	None
All-Cap Opportunities Fund	None	None	$50,001-$100,000	None	None
All-Cap Opportunities Fund—Advisor Class	None	None	None	None	None
All-Cap Opportunities Fund—I Class	None	None	$10,001–$50,000	Over $100,000	None
Asia Opportunities Fund	None	None	None	None	None
Asia Opportunities Fund—Advisor Class	None	None	None	None	None
Asia Opportunities Fund—I Class	None	None	None	None	None
Balanced Fund	None	None	None	None	None
Balanced Fund—I Class	None	None	None	None	None
Blue Chip Growth Fund	Over $100,000	None	$10,001–$50,000	None	None
Blue Chip Growth Fund—Advisor Class	None	None	None	None	None
Blue Chip Growth Fund—I Class	None	None	$50,001-$100,000	None	None
Blue Chip Growth Fund—R Class	None	None	None	None	None
California Tax-Free Bond Fund	None	None	None	None	None
California Tax-Free Bond Fund—I Class	None	None	None	None	None
Capital Appreciation Fund	None	None	$10,001–$50,000	None	None
Capital Appreciation Fund—Advisor Class	None	None	None	None	None
Capital Appreciation Fund—I Class	None	None	Over $100,000	Over $100,000	None
Cash Reserves Fund	None	None	None	None	None
China Evolution Equity Fund	None	None	$10,001–$50,000	None	None
China Evolution Equity Fund—I Class	None	None	None	None	None
Communications & Technology Fund	None	None	$10,001–$50,000	None	None
Communications & Technology Fund—I Class	None	None	Over $100,000	None	None
Corporate Income Fund	None	None	None	None	None
Corporate Income Fund—I Class	None	None	None	None	None
Credit Opportunities Fund	None	None	None	None	None
Credit Opportunities Fund—Advisor Class	None	None	None	None	None
Credit Opportunities Fund—I Class	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Diversified Mid-Cap Growth Fund	None	None	$10,001–$50,000	None	None
Diversified Mid-Cap Growth Fund—I Class	None	None	None	None	None
Dividend Growth Fund	None	None	None	None	Over $100,000
Dividend Growth Fund—Advisor Class	None	None	None	None	None
Dividend Growth Fund—I Class	None	None	$10,001–$50,000	None	None
Dynamic Credit Fund	None	None	None	None	None
Dynamic Credit Fund—I Class	None	None	None	None	None
Dynamic Global Bond Fund	None	None	None	None	None
Dynamic Global Bond Fund—Advisor Class	None	None	None	None	None
Dynamic Global Bond Fund—I Class	None	None	None	None	None
Dynamic Global Bond Fund—Z Class	None	None	None	None	None
Emerging Europe Fund	None	None	None	None	None
Emerging Europe Fund—I Class	None	None	None	None	None
Emerging Markets Bond Fund	None	None	None	None	$10,001–$50,000
Emerging Markets Bond Fund—Advisor Class	None	None	None	None	None
Emerging Markets Bond Fund—I Class	None	None	None	None	None
Emerging Markets Bond Fund—Z Class	None	None	None	None	None
Emerging Markets Corporate Bond Fund	None	None	$1–$10,000	None	None
Emerging Markets Corporate Bond Fund—Advisor Class	None	None	None	None	None
Emerging Markets Corporate Bond Fund—I Class	None	None	None	None	None
Emerging Markets Corporate Multi-Sector Account Portfolio	None	None	None	None	None
Emerging Markets Discovery Stock Fund	None	None	$10,001–$50,000	None	None
Emerging Markets Discovery Stock Fund—Advisor Class	None	None	None	None	None
Emerging Markets Discovery Stock Fund—I Class	None	None	None	None	None
Emerging Markets Discovery Stock Fund—Z Class	None	None	None	None	None
Emerging Markets Local Currency Bond Fund	Over $100,000	None	None	None	None
Emerging Markets Local Currency Bond Fund—Advisor Class	None	None	None	None	None
Emerging Markets Local Currency Bond Fund—I Class	None	None	None	None	None
Emerging Markets Local Multi-Sector Account Portfolio	None	None	None	None	None
Emerging Markets Stock Fund	None	Over $100,000	$1–$10,000	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Emerging Markets Stock Fund—I Class	None	None	$10,001–$50,000	None	None
Emerging Markets Stock Fund—Z Class	None	None	None	None	None
Equity Income Fund	None	None	$10,001–$50,000	None	None
Equity Income Fund—Advisor Class	None	None	None	None	None
Equity Income Fund—I Class	None	None	None	None	None
Equity Income Fund—R Class	None	None	None	None	None
Equity Index 500 Fund	None	None	None	None	$50,001-$100,000
Equity Index 500 Fund—I Class	None	None	None	None	None
European Stock Fund	None	None	None	None	None
European Stock Fund—I Class	None	None	None	None	None
Extended Equity Market Index Fund	None	None	$10,001–$50,000	None	None
Financial Services Fund	None	None	$50,001-$100,000	None	None
Financial Services Fund—I Class	None	None	$50,001-$100,000	None	None
Floating Rate Fund	None	None	None	None	$10,001–$50,000
Floating Rate Fund—Advisor Class	None	None	None	None	None
Floating Rate Fund—I Class	None	None	None	None	None
Floating Rate Fund—Z Class	None	None	None	None	None
Floating Rate Multi-Sector Account Portfolio	None	None	None	None	None
Georgia Tax-Free Bond Fund	None	None	None	None	None
Georgia Tax-Free Bond Fund—I Class	None	None	None	None	None
Global Allocation Fund	None	None	None	None	None
Global Allocation Fund—Advisor Class	None	None	None	None	None
Global Allocation Fund—I Class	None	None	$10,001–$50,000	None	None
Global Consumer Fund	None	None	$10,001–$50,000	None	None
Global Growth Stock Fund	None	None	None	None	None
Global Growth Stock Fund—Advisor Class	None	None	None	None	None
Global Growth Stock Fund—I Class	None	None	None	None	None
Global High Income Bond Fund	None	None	None	None	None
Global High Income Bond Fund—Advisor Class	None	None	None	None	None
Global High Income Bond Fund—I Class	None	None	None	None	None
Global Industrials Fund	None	None	$10,001-$50,000	None	None
Global Industrials Fund—I Class	None	None	None	None	None
Global Multi-Sector Bond Fund	None	None	None	None	None
Global Multi-Sector Bond Fund—Advisor Class	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Global Multi-Sector Bond Fund—I Class	None	None	None	None	None
Global Real Estate Fund	None	None	None	None	None
Global Real Estate Fund—Advisor Class	None	None	None	None	None
Global Real Estate Fund—I Class	None	None	None	None	None
Global Stock Fund	None	None	$10,001–$50,000	None	$50,001-$100,000
Global Stock Fund—Advisor Class	None	None	None	None	None
Global Stock Fund—I Class	None	None	$50,001-$100,000	None	None
Global Technology Fund	None	None	$10,001–$50,000	None	None
Global Technology Fund—I Class	None	None	Over $100,000	None	None
Global Value Equity Fund	None	None	None	None	None
Global Value Equity Fund—I Class	None	None	None	None	None
GNMA Fund	None	None	$1–$10,000	None	None
GNMA Fund—I Class	None	None	None	None	None
Government Money Fund	None	None	None	None	None
Government Money Fund—I Class	None	None	None	None	None
Government Reserve Fund	None	None	None	None	None
Growth Stock Fund	None	None	$10,001-$50,000	None	None
Growth Stock Fund—Advisor Class	None	None	None	None	None
Growth Stock Fund—I Class	None	None	Over $100,000	None	None
Growth Stock Fund—R Class	None	None	None	None	None
Health Sciences Fund	None	None	$10,001-$50,000	None	None
Health Sciences Fund—I Class	None	None	Over $100,000	Over $100,000	None
High Yield Fund	None	None	None	None	None
High Yield Fund—Advisor Class	None	None	None	None	None
High Yield Fund—I Class	None	None	None	None	None
High Yield Multi-Sector Account Portfolio	None	None	None	None	None
Inflation Protected Bond Fund	None	None	None	None	$10,001-$50,000
Inflation Protected Bond Fund—I Class	None	None	None	None	None
Institutional Emerging Markets Bond Fund	None	None	None	None	None
Institutional Emerging Markets Equity Fund	None	None	None	None	None
Institutional Floating Rate Fund	None	None	None	None	None
Institutional Floating Rate Fund—F Class	None	None	None	None	None
Institutional Floating Rate Fund—Z Class	None	None	None	None	None
Institutional High Yield Fund	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Institutional High Yield Fund—Z Class	None	None	None	None	None
Institutional International Disciplined Equity Fund	None	None	None	None	None
Institutional Large-Cap Core Growth Fund	None	None	None	None	None
Institutional Long Duration Credit Fund	None	None	None	None	None
Institutional Mid-Cap Equity Growth Fund	None	None	None	None	None
Institutional Small-Cap Stock Fund	None	None	None	None	None
Integrated Global Equity Fund	None	None	None	None	None
Integrated Global Equity Fund—Advisor Class	None	None	None	None	None
Integrated Global Equity Fund—I Class	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund—I Class	None	None	None	None	None
Integrated U.S. Small-Cap Growth Equity Fund	None	None	$1–$10,000	None	None
Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class	None	None	None	None	None
Integrated U.S. Small-Cap Growth Equity Fund—I Class	None	None	None	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund	None	None	$1–$10,000	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class	None	None	None	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—I Class	None	None	None	None	None
Intermediate Tax-Free High Yield Fund	None	None	None	None	None
Intermediate Tax-Free High Yield Fund—Advisor Class	None	None	None	None	None
Intermediate Tax-Free High Yield Fund—I Class	None	None	None	None	None
International Bond Fund	None	None	None	None	None
International Bond Fund—Advisor Class	None	None	None	None	None
International Bond Fund—I Class	None	None	None	None	None
International Bond Fund—Z Class	None	None	None	None	None
International Bond Fund (USD Hedged)	None	None	None	None	None
International Bond Fund (USD Hedged)—Advisor Class	None	None	None	None	None
International Bond Fund (USD Hedged)—I Class	None	None	None	None	None
International Bond Fund (USD Hedged)—Z Class	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
International Disciplined Equity Fund	None	None	None	None	None
International Disciplined Equity Fund—Advisor Class	None	None	None	None	None
International Disciplined Equity Fund—I Class	None	None	None	None	None
International Discovery Fund	None	None	$1–$10,000	None	None
International Discovery Fund—I Class	None	None	None	None	None
International Equity Index Fund	None	None	None	None	None
International Equity Index Fund—Z Class	None	None	None	None	None
International Stock Fund	None	None	$1–$10,000	None	None
International Stock Fund—Advisor Class	None	None	None	None	None
International Stock Fund—I Class	None	None	None	None	None
International Stock Fund—R Class	None	None	None	None	None
International Stock Fund—Z Class	None	None	None	None	None
International Value Equity Fund	None	None	None	None	None
International Value Equity Fund—Advisor Class	None	None	None	None	None
International Value Equity Fund—I Class	None	None	None	None	None
International Value Equity Fund—R Class	None	None	None	None	None
International Value Equity Fund—Z Class	None	None	None	None	None
Investment Grade Multi-Sector Account Portfolio	None	None	None	None	None
Japan Fund	None	None	$1–$10,000	None	None
Japan Fund—I Class	None	None	None	None	None
Latin America Fund	None	None	None	None	None
Latin America Fund—I Class	None	None	None	None	None
Large-Cap Growth Fund	None	None	$10,001-$50,000	None	None
Large-Cap Growth Fund—I Class	None	None	None	None	None
Large-Cap Value Fund	None	None	$10,001-$50,000	None	None
Large-Cap Value Fund—I Class	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund—I Class	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund—Z Class	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund—I Class	None	None	None	None	None
Maryland Tax-Free Bond Fund	None	None	None	None	None
Maryland Tax-Free Bond Fund—I Class	None	None	None	None	None
Maryland Tax-Free Money Fund	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Maryland Tax-Free Money Fund—I Class	None	None	None	None	None
Mid-Cap Growth Fund	None	None	None	None	$10,001–$50,000
Mid-Cap Growth Fund—Advisor Class	None	None	None	None	None
Mid-Cap Growth Fund—I Class	None	None	$10,001–$50,000	None	None
Mid-Cap Growth Fund—R Class	None	None	None	None	None
Mid-Cap Growth Fund—Z Class	None	None	None	None	None
Mid-Cap Index Fund	None	None	None	None	None
Mid-Cap Index Fund—I Class	None	None	None	None	None
Mid-Cap Index Fund—Z Class	None	None	None	None	None
Mid-Cap Value Fund	None	None	None	None	None
Mid-Cap Value Fund—Advisor Class	None	None	None	None	None
Mid-Cap Value Fund—I Class	None	None	$50,001-$100,000	None	None
Mid-Cap Value Fund—R Class	None	None	None	None	None
Mid-Cap Value Fund—Z Class	None	None	None	None	None
Mortgage-Backed Securities Multi-Sector Account Portfolio	None	None	None	None	None
Multi-Strategy Total Return Fund	None	None	None	None	None
Multi-Strategy Total Return Fund—Advisor Class	None	None	None	None	None
Multi-Strategy Total Return Fund—I Class	None	None	None	None	None
New Asia Fund	None	None	None	None	None
New Asia Fund—I Class	None	None	None	None	None
New Era Fund	None	None	$1–$10,000	None	None
New Era Fund—I Class	None	None	None	None	None
New Horizons Fund	None	None	None	None	None
New Horizons Fund—I Class	None	None	Over $100,000	None	None
New Horizons Fund—Z Class	None	None	None	None	None
New Income Fund	None	None	None	None	None
New Income Fund—Advisor Class	None	None	None	None	None
New Income Fund—I Class	None	None	None	None	None
New Income Fund—R Class	None	None	None	None	None
New Income Fund—Z Class	None	None	None	None	None
New Jersey Tax-Free Bond Fund	None	None	None	None	None
New Jersey Tax-Free Bond Fund—I Class	None	None	None	None	None
New York Tax-Free Bond Fund	None	None	None	None	None
New York Tax-Free Bond Fund—I Class	None	None	None	None	None
Overseas Stock Fund	None	None	None	None	$50,001–$100,000
Overseas Stock Fund—Advisor Class	None	None	None	None	None
Overseas Stock Fund—I Class	None	None	$50,001–$100,000	None	None
Overseas Stock Fund—Z Class	None	None	None	None	None
QM U.S. Bond Index Fund	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
QM U.S. Bond Index Fund—I Class	None	None	None	None	None
QM U.S. Bond Index Fund—Z Class	None	None	None	None	None
Real Assets Fund	None	None	None	None	None
Real Assets Fund—I Class	None	None	$10,001–$50,000	None	None
Real Assets Fund—Z Class	None	None	None	None	None
Real Estate Fund	None	None	None	None	None
Real Estate Fund—Advisor Class	None	None	None	None	None
Real Estate Fund—I Class	None	None	None	None	None
Retirement 2005 Fund	None	None	None	None	None
Retirement 2005 Fund—Advisor Class	None	None	None	None	None
Retirement 2005 Fund—R Class	None	None	None	None	None
Retirement 2010 Fund	None	None	None	None	None
Retirement 2010 Fund—Advisor Class	None	None	None	None	None
Retirement 2010 Fund—R Class	None	None	None	None	None
Retirement 2015 Fund	None	None	None	None	None
Retirement 2015 Fund—Advisor Class	None	None	None	None	None
Retirement 2015 Fund—R Class	None	None	None	None	None
Retirement 2020 Fund	None	None	$10,001–$50,000	None	None
Retirement 2020 Fund—Advisor Class	None	None	None	None	None
Retirement 2020 Fund—R Class	None	None	None	None	None
Retirement 2025 Fund	None	None	$10,001–$50,000	None	None
Retirement 2025 Fund—Advisor Class	None	None	None	None	None
Retirement 2025 Fund—R Class	None	None	None	None	None
Retirement 2030 Fund	None	None	$10,001–$50,000	None	None
Retirement 2030 Fund—Advisor Class	None	None	None	None	None
Retirement 2030 Fund—R Class	None	None	None	None	None
Retirement 2035 Fund	None	None	$10,001–$50,000	None	None
Retirement 2035 Fund—Advisor Class	None	None	None	None	None
Retirement 2035 Fund—R Class	None	None	None	None	None
Retirement 2040 Fund	None	None	$10,001–$50,000	None	None
Retirement 2040 Fund—Advisor Class	None	None	None	None	None
Retirement 2040 Fund—R Class	None	None	None	None	None
Retirement 2045 Fund	None	None	None	None	None
Retirement 2045 Fund—Advisor Class	None	None	None	None	None
Retirement 2045 Fund—R Class	None	None	None	None	None
Retirement 2050 Fund	None	None	None	None	None
Retirement 2050 Fund—Advisor Class	None	None	None	None	None
Retirement 2050 Fund—R Class	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Duncan	Gerrard	McBride	Walker
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Retirement 2055 Fund	None	None	$1-$10,000	None	None
Retirement 2055 Fund—Advisor Class	None	None	None	None	None
Retirement 2055 Fund—R Class	None	None	None	None	None
Retirement 2060 Fund	None	None	$1-$10,000	None	None
Retirement 2060 Fund—Advisor Class	None	None	None	None	None
Retirement 2060 Fund—R Class	None	None	None	None	None
Retirement 2065 Fund	None	None	None	None	None
Retirement 2065 Fund—Advisor Class	None	None	None	None	None
Retirement 2065 Fund—R Class	None	None	None	None	None
Retirement Balanced Fund	None	None	None	None	None
Retirement Balanced Fund—Advisor Class	None	None	None	None	None
Retirement Balanced Fund—R Class	None	None	None	None	None
Retirement Blend 2005 Fund	None	None	None	None	None
Retirement Blend 2005 Fund—I Class	None	None	None	None	None
Retirement Blend 2010 Fund	None	None	None	None	None
Retirement Blend 2010 Fund—I Class	None	None	None	None	None
Retirement Blend 2015 Fund	None	None	None	None	None
Retirement Blend 2015 Fund—I Class	None	None	None	None	None
Retirement Blend 2020 Fund	None	None	None	None	None
Retirement Blend 2020 Fund—I Class	None	None	None	None	None
Retirement Blend 2025 Fund	None	None	None	None	None
Retirement Blend 2025 Fund—I Class	None	None	None	None	None
Retirement Blend 2030 Fund	None	None	None	None	None
Retirement Blend 2030 Fund—I Class	None	None	None	None	None
Retirement Blend 2035 Fund	None	None	None	None	None
Retirement Blend 2035 Fund—I Class	None	None	None	None	None
Retirement Blend 2040 Fund	None	None	None	None	None
Retirement Blend 2040 Fund—I Class	None	None	None	None	None
Retirement Blend 2045 Fund	None	None