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 September 6, 2024.
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 and Income Fund |
PRCFX |
T. Rowe Price Capital Appreciation and Income Fund—I Class |
PRCHX |
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 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 |
C00-042 9/6/2024
T. Rowe Price Diversified Mid-Cap Growth Fund—I Class |
RPTTX |
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 |
2
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 |
3
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 Long Duration Credit Fund |
RPLCX |
T. ROWE PRICE INTEGRATED EQUITY FUNDS, INC. |
|
T. Rowe Price Integrated Global Equity Fund |
TQGEX |
T. Rowe Price Integrated Global Equity Fund—I Class |
TQGIX |
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund |
TQMVX |
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—Advisor Class |
TQVAX |
T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund—I Class |
TQVIX |
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund |
PRDSX |
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class |
TQAAX |
T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund—I Class |
TQAIX |
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund |
TQSMX |
T. Rowe Price Integrated 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 |
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—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 Credit Fund—Z Class |
TRCDX |
4
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 |
5
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 |
6
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 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—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 |
7
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (TRP RESERVE FUNDS) |
|
T. Rowe Price Government Reserve 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—I Class |
TRAJX |
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—I Class |
TRPUX |
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—I Class |
TRUBX |
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—I Class |
TRDBX |
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—I Class |
TREHX |
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—I Class |
TRFHX |
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—I Class |
TRFJX |
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—I Class |
TRHDX |
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—I Class |
TRIKX |
T. Rowe Price Retirement 2045 Fund—R Class |
RRTRX |
8
T. Rowe Price Retirement 2050 Fund |
TRRMX |
T. Rowe Price Retirement 2050 Fund—Advisor Class |
PARFX |
T. Rowe Price Retirement 2050 Fund—I Class |
TRJLX |
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—I Class |
TRJMX |
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—I Class |
TRLNX |
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—I Class |
TRMOX |
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—I Class |
TRJWX |
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 |
TBLJX |
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 |
TRBSX |
T. Rowe Price Retirement Blend 2050 Fund—I Class |
TBLLX |
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 |
9
T. Rowe Price Retirement Blend 2065 Fund |
TRBPX |
T. Rowe Price Retirement Blend 2065 Fund—I Class |
TBLOX |
T. Rowe Price Retirement Income 2020 Fund |
TRLAX |
T. Rowe Price Retirement Income 2020 Fund—I Class |
TRABX |
T. Rowe Price Retirement Income 2025 Fund |
TRAVX |
T. Rowe Price Retirement Income 2025 Fund—I Class |
TRATX |
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 |
10
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 |
TPPAX |
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 |
11
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 |
12
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, annual or semiannual shareholder report for a fund, or other fund documents or information, 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 Form N-CSR, when available, are incorporated into this SAI by reference.
13
PART I – TABLE OF CONTENTS
Page
Page
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 Australia Limited (Price Australia)
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
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.
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.
14
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.
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 |
Annual Report Date |
Semiannual |
Prospectus |
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 |
Multi-Asset |
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 29 |
Feb 29 |
Aug 30 |
May 1 |
Capital Appreciation and Income Fund |
Multi-Asset |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Capital Appreciation Fund |
Multi-Asset |
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 |
August 1 |
Credit Opportunities Fund |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
August 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 |
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 |
15
Fund |
Fund Category |
Fiscal |
Annual Report Date |
Semiannual |
Prospectus |
Emerging Markets Corporate Bond Fund |
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 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 |
August 1 |
Georgia Tax-Free Bond Fund |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
Global Allocation Fund |
Multi-Asset |
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 |
August 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 |
August 1 |
Government Money Fund |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
August 1 |
Government Reserve Fund |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
August 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 |
August 1 |
Inflation Protected Bond Fund |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
August 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 |
August 1 |
Institutional High Yield Fund |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
August 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 |
August 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 |
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 29 |
Feb 29 |
Aug 30 |
May 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 |
16
Fund |
Fund Category |
Fiscal |
Annual Report Date |
Semiannual |
Prospectus |
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 |
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 |
August 1 |
Maryland Short-Term Tax-Free Bond Fund |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
Maryland Tax-Free Bond Fund |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
Maryland Tax-Free Money Fund |
State Tax-Free Money |
Feb 29 |
Feb 29 |
Aug 30 |
May 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 29 |
Feb 29 |
Aug 30 |
May 1 |
Multi-Strategy Total Return Fund |
Multi-Asset |
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 |
August 1 |
New Jersey Tax-Free Bond Fund |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
New York Tax-Free Bond Fund |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 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 |
Multi-Asset |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Real Estate Fund |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Retirement 2005 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2010 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2015 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2020 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2025 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2030 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2035 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2040 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2045 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2050 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2055 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2060 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement 2065 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Balanced Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2005 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2010 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2015 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2020 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2025 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2030 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2035 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2040 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2045 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2050 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2055 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2060 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Blend 2065 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Retirement Income 2020 Fund |
Multi-Asset |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Retirement Income 2025 Fund |
Multi Asset |
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 |
August 1 |
Short-Term Bond Fund |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
August 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 |
17
Fund |
Fund Category |
Fiscal |
Annual Report Date |
Semiannual |
Prospectus |
Spectrum Conservative Allocation Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Spectrum Diversified Equity Fund |
Multi-Asset |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Spectrum Income Fund |
Multi-Asset |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Spectrum International Equity Fund |
Multi-Asset |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Spectrum Moderate Allocation Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Spectrum Moderate Growth Allocation Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 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 |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2010 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2015 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2020 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2025 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2030 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2035 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2040 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2045 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2050 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2055 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2060 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Target 2065 Fund |
Multi-Asset |
May 31 |
May 31 |
Nov 30 |
August 1 |
Tax-Efficient Equity Fund |
Equity |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
Tax-Exempt Money Fund |
Tax-Free Money |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
Tax-Free High Yield Fund |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
Tax-Free Income Fund |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
Tax-Free Short-Intermediate Fund |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 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 |
August 1 |
Transition Fund |
Other |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Treasury Reserve Fund |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
August 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 |
August 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 |
August 1 |
U.S. Treasury Intermediate Index Fund |
Index Bond |
May 31 |
May 31 |
Nov 30 |
August 1 |
U.S. Treasury Long-Term Index Fund |
Index Bond |
May 31 |
May 31 |
Nov 30 |
August 1 |
U.S. Treasury Money Fund |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
August 1 |
Ultra Short-Term Bond Fund |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
August 1 |
Value Fund |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
Virginia Tax-Free Bond Fund |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
May 1 |
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
18
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 2023. 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 2023.
The Joint Audit Committee consists of only independent directors. The current members of the committee are Melody Bianchetto, Robert J. Gerrard, Jr., Paul F. McBride, and Kellye L. Walker. Mr. McBride 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 2023.
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 not called upon to take action on behalf of the funds during 2023.
19
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.
Prior to July 24, 2023, the directors had an Advisory Board which consisted of Melody Bianchetto and Mark J. Parrell. Advisory Board members served in a consultative capacity to the Board. As such, Ms. Bianchetto and Mr. Parrell participated in Board discussions and reviewed Board materials relating to the T. Rowe Price Funds. Advisory Board members were not eligible to vote on any matter presented to the Boards and had no power to act on behalf of or bind the directors or any committee of the Board. Ms. Bianchetto and Mr. Parrell were elected to serve as independent directors of all Price Funds at a joint shareholder meeting held on July 24, 2023. The Advisory Board was terminated upon their election.
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 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 that led to the conclusion that he or she should serve as a director.
Teresa Bryce Bazemore has over 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) in which capacity she also serves as a director of the FHLBanks Office of Finance; 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 was the chair of the Joint Audit Committee from August 2019 to October 2023. 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
20
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 served as a member of the Board’s Advisory Committee from February 24, 2023 until July 24, 2023, at which point she was elected as an independent director of all Price Funds. Ms. Bianchetto has served as a member of the Joint Audit Committee since October 1, 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 from January 2009 until September 2016, and chief executive officer from January 2009 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. In September 2023, Mr. Duncan became Chair of the compensation 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. He has been an independent director of the Price Funds since October 2013.
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; became a member of the Joint Audit Committee in February 2022 and Chair of the Joint Audit Committee in October 2023. 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. Mr. Parrell also currently serves as the Treasurer of Nareit, 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 served as a member of the Board’s Advisory Committee from January 1, 2023 until July 24, 2023, at which point he was elected as an independent director of all Price Funds.
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
21
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 previously served as the 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 (now known as the Division of Trading and Markets) 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 senior vice president, chief legal officer and worldwide public affairs at Deere & Company, and is a seasoned senior executive with over 30 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 has served as an independent director of the Price Funds since November 8, 2021, and became a member of the Joint Audit Committee in April 2023.
In addition, the following tables provide biographical information for the directors, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years. 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(a)
Name,
Year of Birth, and Number |
Principal
Occupation(s) |
Directorships
of Public |
Teresa Bryce Bazemore 1959 193 portfolios |
President and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present) and director of the FHLBanks Office of Finance; 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 193 portfolios |
Vice President for Finance, University of Virginia (2015 to 2023) |
None |
Bruce W. Duncan 1951 193 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) |
22
Name,
Year of Birth, and Number |
Principal
Occupation(s) |
Directorships
of Public |
Robert J. Gerrard, Jr. 1952 193 portfolios |
Chair of the Board, all funds (July 2018 to present) |
None |
Paul F. McBride 1956 193 portfolios |
Advisory Board member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018) |
None |
Mark J. Parrell 1966 193 portfolios |
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, Treasurer of Nareit (2023), 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 |
Kellye L. Walker 1966 193 portfolios |
Senior Vice President, Chief Legal Officer and Worldwide Public Affairs, Deere & Company (April 2024 to present); Executive Vice President and Chief Legal Officer, Eastman Chemical Company (April 2020 to April 2024); 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, 2023, 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 |
Principal
Occupation(s) |
Directorships
of Public |
David Oestreicher 1967 193 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 Australia, 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 |
23
Name,
Year of Birth, and Number |
Principal
Occupation(s) |
Directorships
of Public |
Eric L. Veiel, CFA 1972 193 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, 2023, 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, and their respective shares classes (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, and Retirement Blend 2065 Fund, and their respective shares classes (collectively, the “Retirement Blend Funds”); Retirement Income 2020 Fund and Retirement Income 2025 Fund, and their respective share classes (collectively, the “Retirement Income Funds”); 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 Funds, Retirement Income Funds, 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 Funds, Retirement Income Funds, and TRFs are identical, the RDFs, Retirement Blend Funds, Retirement Income Funds, 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.
24
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 | ||||||
Bazemore |
Bianchetto |
Duncan |
Gerrard |
McBride |
Parrell |
Walker | ||
All-Cap Opportunities Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Balanced Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Blue Chip Growth Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Capital Appreciation Fund |
2 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Communications & Technology Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Corporate Income Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Credit Opportunities Fund |
1 |
2018 |
2023 |
2014 |
2014 |
2014 |
2023 |
2021 |
Diversified Mid-Cap Growth Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Dividend Growth Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Equity Funds |
6 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Equity Income Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Financial Services Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Floating Rate Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Global Allocation Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Global Funds |
4 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Global Multi-Sector Bond Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Global Real Estate Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Global Technology Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
GNMA Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Government Money Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Growth Stock Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Health Sciences Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
High Yield Fund |
2 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Index Trust |
6 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Inflation Protected Bond Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Institutional Income Funds |
3 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Integrated Equity Funds |
4 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Intermediate Tax-Free High Yield Fund |
1 |
2018 |
2023 |
2014 |
2014 |
2014 |
2023 |
2021 |
International Funds |
28 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
International Index Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Limited Duration Inflation Focused Bond Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Mid-Cap Growth Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Mid-Cap Value Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Multi-Sector Account Portfolios |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
25
Corporation |
Number of Portfolios |
Independent Directors | ||||||
Bazemore |
Bianchetto |
Duncan |
Gerrard |
McBride |
Parrell |
Walker | ||
Multi-Strategy Total Return Fund |
1 |
2018 |
2023 |
2017 |
2017 |
2017 |
2023 |
2021 |
New Era Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
New Horizons Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
New Income Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
QM U.S. Bond Index Fund |
1 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Real Assets Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Real Estate Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
TRP Reserve Funds |
3 |
2018 |
2023 |
2013 |
2013 |
2013 |
2023 |
2021 |
Retirement Funds |
42 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Science & Technology Fund |
1 |
2018 |
2023 |
2013 |
2012 |
2013 |
2023 |
2021 |
Short-Term Bond Fund |
3 |
2018 |
2023 |