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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 May 30, 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 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 5/30/2023
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 |
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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. |
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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 |
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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. |
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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 |
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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 |
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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 |
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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 |
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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) |
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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) |
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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 |
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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 |
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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 |
10
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 |
11
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 |
12
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 |
13
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.
14
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 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.
15
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 | Annual
Report | 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 | 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 |
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 |
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 |
16
Fund | Fund Category | Fiscal | Annual
Report | Semiannual | Prospectus |
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 |
Integrated U.S. Large-Cap Value Equity Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
17
Fund | Fund Category | Fiscal | Annual
Report | Semiannual | Prospectus |
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 |
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 |
18
Fund | Fund Category | Fiscal | Annual
Report | Semiannual | Prospectus |
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 |