
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 January 1, 2025.


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 All-Cap Opportunities Fund—Z Class	PNZAX

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

C00-042 1/1/2025


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
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 Equity Fund	IEMFX


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


T. Rowe Price Small-Cap Index Fund	TRSYX
T. Rowe Price Small-Cap Index Fund—I Class	TRCSX
T. Rowe Price Small-Cap Index Fund—Z Class	TRZIX
T. Rowe Price Total Equity Market Index Fund	POMIX
T. Rowe Price U.S. Limited Duration TIPS Index Fund	TLDTX
T. Rowe Price U.S. Limited Duration TIPS Index Fund—I Class	TLDUX
T. Rowe Price U.S. Limited Duration TIPS Index Fund—Z Class	TLDZX
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.
T. Rowe Price Inflation Protected Bond Fund	PRIPX
T. Rowe Price Inflation Protected Bond Fund—I Class	TIIPX
T. Rowe Price Inflation Protected Bond Fund—Z Class	TRZHX
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Floating Rate Fund	RPIFX
T. Rowe Price Institutional Floating Rate Fund—F Class	PFFRX
T. Rowe Price Institutional Floating Rate Fund—Z Class	TRAZX
T. Rowe Price Institutional High Yield Fund	TRHYX
T. Rowe Price Institutional 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


T. Rowe Price Dynamic Global Bond Fund	RPIEX
T. Rowe Price Dynamic Global Bond Fund—Advisor Class	PAIEX
T. Rowe Price Dynamic Global Bond Fund—I Class	RPEIX
T. Rowe Price Dynamic Global Bond Fund—Z Class	TRDZX
T. Rowe Price Emerging Europe Fund	TREMX
T. Rowe Price Emerging Europe Fund—I Class	TTEEX
T. Rowe Price Emerging Europe Fund—Z Class	TRZEX
T. Rowe Price Emerging Markets Bond Fund	PREMX
T. Rowe Price Emerging Markets Bond Fund—Advisor Class	PAIKX
T. Rowe Price Emerging Markets Bond Fund—I Class	PRXIX
T. Rowe Price Emerging Markets Bond Fund—Z Class	TREZX
T. Rowe Price Emerging Markets Corporate Bond Fund	TRECX
T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class	PACEX
T. Rowe Price Emerging Markets Corporate Bond Fund—I Class	TECIX
T. Rowe Price Emerging Markets Discovery Stock Fund	PRIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class	PAIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—I Class	REVIX
T. Rowe Price Emerging Markets Discovery Stock Fund—Z Class	TRFZX
T. Rowe Price Emerging Markets Local Currency Bond Fund	PRELX
T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class	PAELX
T. Rowe Price Emerging Markets Local Currency Bond Fund—I Class	TEIMX
T. Rowe Price Emerging Markets Local Currency Bond Fund—Z Class	TRZFX
T. Rowe Price Emerging Markets Stock Fund	PRMSX
T. Rowe Price Emerging Markets Stock Fund—I Class	PRZIX
T. Rowe Price Emerging Markets Stock Fund—Z Class	TRGZX
T. Rowe Price European Stock Fund	PRESX
T. Rowe Price European Stock Fund—I Class	TEUIX
T. Rowe Price European Stock Fund—Z Class	TRZPX
T. Rowe Price Global Consumer Fund	PGLOX
T. Rowe Price Global Growth Stock Fund	RPGEX
T. Rowe Price Global Growth Stock Fund—Advisor Class	PAGLX
T. Rowe Price Global Growth Stock Fund—I Class	RGGIX
T. Rowe Price Global High Income Bond Fund	RPIHX
T. Rowe Price Global High Income Bond Fund—Advisor Class	PAIHX
T. Rowe Price Global High Income Bond Fund—I Class	RPOIX
T. Rowe Price Global Impact Equity Fund	TGPEX
T. Rowe Price Global Impact Equity Fund—I Class	TGBLX
T. Rowe Price Global Industrials Fund	RPGIX
T. Rowe Price Global Industrials Fund—I Class	TRGAX
T. Rowe Price Global Stock Fund	PRGSX
T. Rowe Price Global Stock Fund—Advisor Class	PAGSX
T. Rowe Price Global Stock Fund—I Class	TRGLX
T. Rowe Price International Bond Fund	RPIBX
T. Rowe Price International Bond Fund—Advisor Class	PAIBX


T. Rowe Price International Bond Fund—I Class	RPISX
T. Rowe Price International Bond Fund—Z Class	TRLZX
T. Rowe Price International Bond Fund (USD Hedged)	TNIBX
T. Rowe Price International Bond Fund (USD Hedged)—Advisor Class	TTABX
T. Rowe Price International Bond Fund (USD Hedged)—I Class	TNBMX
T. Rowe Price International Bond Fund (USD Hedged)—Z Class	TRMZX
T. Rowe Price International Disciplined Equity Fund	PRCNX
T. Rowe Price International Disciplined Equity Fund—Advisor Class	PRNCX
T. Rowe Price International Disciplined Equity Fund—I Class	RICIX
T. Rowe Price International Discovery Fund	PRIDX
T. Rowe Price International Discovery Fund—I Class	TIDDX
T. Rowe Price International Discovery Fund—Z Class	TRZKX
T. Rowe Price International Stock Fund	PRITX
T. Rowe Price International Stock Fund—Advisor Class	PAITX
T. Rowe Price International Stock Fund—I Class	PRIUX
T. Rowe Price International Stock Fund—R Class	RRITX
T. Rowe Price International Stock Fund—Z Class	TRNZX
T. Rowe Price International Value Equity Fund	TRIGX
T. Rowe Price International Value Equity Fund—Advisor Class	PAIGX
T. Rowe Price International Value Equity Fund—I Class	TRTIX
T. Rowe Price International Value Equity Fund—R Class	RRIGX
T. Rowe Price International Value Equity Fund—Z Class	TROZX
T. Rowe Price Japan Fund	PRJPX
T. Rowe Price Japan Fund—I Class	RJAIX
T. Rowe Price Japan Fund—Z Class	TRZJX
T. Rowe Price Latin America Fund	PRLAX
T. Rowe Price Latin America Fund—I Class	RLAIX
T. Rowe Price Latin America Fund—Z Class	TRZYX
T. Rowe Price New Asia Fund	PRASX
T. Rowe Price New Asia Fund—I Class	PNSIX
T. Rowe Price New Asia Fund—Z Class	TRZNX
T. Rowe Price Overseas Stock Fund	TROSX
T. Rowe Price Overseas Stock Fund—Advisor Class	PAEIX
T. Rowe Price Overseas Stock Fund—I Class	TROIX
T. Rowe Price Overseas Stock Fund—Z Class	TRZSX
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund	PIEQX
T. Rowe Price International Equity Index Fund—Z Class	TLIEX
T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.
T. Rowe Price Limited Duration Inflation Focused Bond Fund	TRBFX
T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class	TRLDX
T. Rowe Price Limited Duration Inflation Focused Bond Fund—Z Class	TRPZX


T. ROWE PRICE MID-CAP GROWTH FUND, INC.
T. Rowe Price Mid-Cap Growth Fund	RPMGX
T. Rowe Price Mid-Cap Growth Fund—Advisor Class	PAMCX
T. Rowe Price Mid-Cap Growth Fund—I Class	RPTIX
T. Rowe Price Mid-Cap Growth Fund—R Class	RRMGX
T. Rowe Price Mid-Cap Growth Fund—Z Class	TRQZX
T. ROWE PRICE MID-CAP VALUE FUND, INC.
T. Rowe Price Mid-Cap Value Fund	TRMCX
T. Rowe Price Mid-Cap Value Fund—Advisor Class	TAMVX
T. Rowe Price Mid-Cap Value Fund—I Class	TRMIX
T. Rowe Price Mid-Cap Value Fund—R Class	RRMVX
T. Rowe Price Mid-Cap Value Fund—Z Class	TRTZX
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. Rowe Price 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


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


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


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


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


T. Rowe Price Georgia Tax-Free Bond Fund	GTFBX
T. Rowe Price Georgia Tax-Free Bond Fund—I Class	TBGAX
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	PRMDX
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund—I Class	TRMUX
T. Rowe Price Maryland Tax-Free Bond Fund	MDXBX
T. Rowe Price Maryland Tax-Free Bond Fund—I Class	TFBIX
T. Rowe Price Maryland Tax-Free Money Fund	TMDXX
T. Rowe Price Maryland Tax-Free Money Fund—I Class	TWNXX
T. Rowe Price New Jersey Tax-Free Bond Fund	NJTFX
T. Rowe Price New Jersey Tax-Free Bond Fund—I Class	TRJIX
T. Rowe Price New York Tax-Free Bond Fund	PRNYX
T. Rowe Price New York Tax-Free Bond Fund—I Class	TRYIX
T. Rowe Price Virginia Tax-Free Bond Fund	PRVAX
T. Rowe Price Virginia Tax-Free Bond Fund—I Class	TFBVX
T. ROWE PRICE SUMMIT FUNDS, INC. (SUMMIT INCOME FUNDS)
T. Rowe Price Cash Reserves Fund	TSCXX
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (SUMMIT MUNICIPAL FUNDS)
T. Rowe Price Summit Municipal Income Fund	PRINX
T. Rowe Price Summit Municipal Income Fund—Advisor Class	PAIMX
T. Rowe Price Summit Municipal Income Fund—I Class	PRIMX
T. Rowe Price Summit Municipal Intermediate Fund	PRSMX
T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class	PAIFX
T. Rowe Price Summit Municipal Intermediate Fund—I Class	PRTMX
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (TAX-EFFICIENT FUNDS)
T. Rowe Price Tax-Efficient Equity Fund	PREFX
T. Rowe Price Tax-Efficient Equity Fund—I Class	TEEFX
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.
T. Rowe Price Tax-Exempt Money Fund	PTEXX
T. Rowe Price Tax-Exempt Money Fund—I Class	TERXX
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Tax-Free High Yield Fund	PRFHX
T. Rowe Price Tax-Free High Yield Fund—Advisor Class	PATFX
T. Rowe Price Tax-Free High Yield Fund—I Class	PTYIX
T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund	PRTAX
T. Rowe Price Tax-Free Income Fund—Advisor Class	PATAX
T. Rowe Price Tax-Free Income Fund—I Class	TFILX
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Short-Intermediate Fund	PRFSX
T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class	PATIX
T. Rowe Price Tax-Free Short-Intermediate Fund—I Class	TTSIX


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

Mailing Address:

T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, Maryland 21202
1-800-638-5660

This SAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. Rowe Price Investment Services, Inc. (Investment Services), the Corporation’s principal underwriter (Distributor). If you would like a prospectus, 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.

PART I – TABLE OF CONTENTS

Page


Management of the Funds	18
Principal Holders of Securities	65
Investment Adviser and Investment Management Agreements	191
Third-Party Arrangements	239
Distributor for the Funds	244

Page


Portfolio Transactions	249
Portfolio Turnover	261
Securities Lending Activities	264
Independent Registered Public Accounting Firm	269
Part II	270

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.

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


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date

Africa & Middle East Fund	International Equity	Oct 31	Oct 31	Apr 30	January 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	January 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	March 1
Cash Reserves Fund	Taxable Money	Oct 31	Oct 31	Apr 30	January 1
China Evolution Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	January 1
Communications & Technology Fund	Equity	Dec 31	Dec 31	June 30	March 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	January 1

Emerging Markets Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date

Emerging Markets Corporate Bond Fund	International Bond	Dec 31	Dec 31	June 30	March 1
Emerging Markets Discovery Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	January 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	January 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	January 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	January 1

Global Consumer Fund	Equity	Dec 31	Dec 31	June 30	May 1

Global Growth Stock Fund	Equity	Oct 31	Oct 31	Apr 30	January 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	January 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	January 1
Global Technology Fund	Equity	Dec 31	Dec 31	June 30	May1
Global Value Equity Fund	Equity	Oct 31	Oct 31	Apr 30	January 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 Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	January 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 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	March 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	January 1
International Discovery Fund	International Equity	Oct 31	Oct 31	Apr 30	January 1
International Equity Index Fund	International Equity	Oct 31	Oct 31	Apr 30	January 1
International Stock Fund	International Equity	Oct 31	Oct 31	Apr 30	January 1
International Value Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	January 1
Japan Fund	International Equity	Oct 31	Oct 31	Apr 30	January 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date

Latin America Fund	International Equity	Oct 31	Oct 31	Apr 30	January 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	January 1
New Asia Fund	International Equity	Oct 31	Oct 31	Apr 30	January 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	January 1
QM U.S. Bond Index Fund	Index Bond	Oct 31	Oct 31	Apr 30	January 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	March 1
Retirement Income 2025 Fund	Multi Asset	Dec 31	Dec 31	June 30	March 1
Science & Technology Fund	Equity	Dec 31	Dec 31	June 30	March 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
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


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
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	January 1
Summit Municipal Intermediate Fund	Tax-Free Bond	Oct 31	Oct 31	Apr 30	January 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	March 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	March 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

MANAGEMENT OF THE FUNDS

The officers and directors of the Price Funds are listed on the following pages. Unless otherwise noted, the address of each officer and director is 100 East Pratt Street, Baltimore, Maryland 21202.

Each fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Boards elect the funds’ officers and are responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland, and other applicable laws. The directors who are also employees or officers of T. Rowe Price are considered to be “interested” directors as defined in Section 2(a)(19) of the 1940 Act because of their relationships with T. Rowe Price and its affiliates. Each interested director and officer (except as indicated in the tables setting forth the directors’ and officers’ principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards held five regularly scheduled formal meetings during calendar year 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, Paul F. McBride, Mark J. Parrell, 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.

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 30 years of experience as a senior executive in the mortgage banking field, including building both mortgage insurance and services businesses. Most recently, Ms. Bazemore served as president and chief executive officer of the Federal Home Loan Bank of San Francisco (March 2021 to June 2024) 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) for which she has served as the Audit Committee Chair since May 2023; 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

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. She currently serves as a director of The Haven Day Shelter and is Treasurer for Madison House – a UVA-affiliated student volunteer organization. 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 was a member of the Joint Audit Committee from August 2019 through August 2024. 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. Mr. Parrell has served as a member of the Joint Audit Committee since August 6, 2024.

David Oestreicher has served as an interested director of all Price Funds since July 2018. He is the general counsel for T. Rowe Price Group, Inc. and a member of the firm’s management committee. Mr. Oestreicher serves as a member of the Board of Governors for the Investment Company Institute (ICI), and previously served as the chair of the ICI’s international committee. He is on the Mutual Insurance Company Board of Governors, where he serves as a member of its executive committee and chair of its risk management committee. He also served on the board of the Investment Adviser Association and 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 Investments 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 of Deere & Company (NYSE: DE), 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 of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years

Teresa Bryce Bazemore 1959 191 portfolios	President and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to 2024) 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 191 portfolios	Vice President for Finance, University of Virginia (2015 to 2023)	None


Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years

Bruce W. Duncan 1951 191 portfolios	President, Chief Executive Officer, and Director, CyrusOne, Inc. (2020 to 2021); Chair of the Board (2016 to 2020), and President (2009 to 2016), First Industrial Realty Trust, owner and operator of industrial properties; Member, Investment Company Institute Board of Governors (2017 to 2019); Member, Independent Directors Council Governing Board (2017 to 2019); Senior Advisor, KKR (2018 to 2022)	CyrusOne, Inc. (2020 to 2021); First Industrial Realty Trust (2016 to 2020); Boston Properties (2016 to present); Marriott International, Inc. (2016 to 2020)
Robert J. Gerrard, Jr. 1952 191 portfolios	Chair of the Board, all funds (July 2018 to present)	None
Paul F. McBride 1956 191 portfolios	Advisory Board member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018)	None
Mark J. Parrell 1966 191 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 191 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 March 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 of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Directorships of Public Companies and Other Investment Companies During Past Five Years

David Oestreicher 1967 191 portfolios	Director, Vice President, and Secretary, T. Rowe Price, Director and Secretary, Price Investment Management; Vice President and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc., Price International; Vice President, Price Hong Kong, Price Japan, and Price Singapore; General Counsel, Vice President, and Secretary, T. Rowe Price Group, Inc.; Chair of the Board, Chief Executive Officer, President, and Secretary, T. Rowe Price Trust Company Principal Executive Officer and President, all funds	None
Eric L. Veiel, CFA 1972 191 portfolios	Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Trust Company	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.

Term of Office and Length of Time Served

The directors serve until retirement, resignation, or election of a successor. The following table shows the year from which each director has served on each fund’s Board (or that of the corporation of which the fund is a series of).


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	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	2	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


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
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
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	2013	2013	2013	2023	2021
Small-Cap Stock Fund	1	2018	2023	2013	2012	2013	2023	2021
Small-Cap Value Fund	1	2018	2023	2013	2012	2013	2023	2021
Spectrum Funds	3	2018	2023	2013	2012	2013	2023	2021
Spectrum Funds II	3	2018	2023	2013	2012	2013	2023	2021
State Tax-Free Funds	8	2018	2023	2013	2013	2013	2023	2021
Summit Income Funds	1	2018	2023	2013	2013	2013	2023	2021
Summit Municipal Funds	2	2018	2023	2013	2013	2013	2023	2021
Tax-Efficient Funds	1	2018	2023	2013	2012	2013	2023	2021
Tax-Exempt Money Fund	1	2018	2023	2013	2013	2013	2023	2021
Tax-Free High Yield Fund	1	2018	2023	2013	2013	2013	2023	2021
Tax-Free Income Fund	1	2018	2023	2013	2013	2013	2023	2021
Tax-Free Short-Intermediate Fund	1	2018	2023	2013	2013	2013	2023	2021
Total Return Fund	1	2018	2023	2016	2016	2016	2023	2021
U.S. Equity Research Fund	1	2018	2023	2013	2012	2013	2023	2021
U.S. Large-Cap Core Fund	1	2018	2023	2013	2012	2013	2023	2021
U.S. Treasury Funds	3	2018	2023	2013	2013	2013	2023	2021
Value Fund	1	2018	2023	2013	2012	2013	2023	2021


Corporation	Number of Portfolios	Interested Directors
Corporation	Number of Portfolios	Oestreicher	Veiel
All-Cap Opportunities Fund	1	2018	2022
Balanced Fund	1	2018	2022
Blue Chip Growth Fund	1	2018	2022
Capital Appreciation Fund	2	2018	2022
Communications & Technology Fund	1	2018	2022
Corporate Income Fund	1	2018	2022
Credit Opportunities Fund	1	2018	2022
Diversified Mid-Cap Growth Fund	1	2018	2022
Dividend Growth Fund	1	2018	2022
Equity Funds	6	2018	2022
Equity Income Fund	1	2018	2022
Financial Services Fund	1	2018	2022
Floating Rate Fund	1	2018	2022
Global Allocation Fund	1	2018	2022
Global Funds	2	2018	2022
Global Multi-Sector Bond Fund	1	2018	2022
Global Real Estate Fund	1	2018	2022
Global Technology Fund	1	2018	2022
GNMA Fund	1	2018	2022
Government Money Fund	1	2018	2022
Growth Stock Fund	1	2018	2022
Health Sciences Fund	1	2018	2022
High Yield Fund	2	2018	2022
Index Trust	6	2018	2022
Inflation Protected Bond Fund	1	2018	2022
Institutional Income Funds	3	2018	2022
Integrated Equity Funds	4	2018	2022
Intermediate Tax-Free High Yield Fund	1	2018	2022
International Funds	28	2018	2022
International Index Fund	1	2018	2022
Limited Duration Inflation Focused Bond Fund	1	2018	2022
Mid-Cap Growth Fund	1	2018	2022
Mid-Cap Value Fund	1	2018	2022
Multi-Sector Account Portfolios	1	2018	2022
Multi-Strategy Total Return Fund	1	2018	2022
New Era Fund	1	2018	2022
New Horizons Fund	1	2018	2022
New Income Fund	1	2018	2022
QM U.S. Bond Index Fund	1	2018	2022
Real Assets Fund	1	2018	2022
Real Estate Fund	1	2018	2022


Corporation	Number of Portfolios	Interested Directors
Corporation	Number of Portfolios	Oestreicher	Veiel
TRP Reserve Funds	3	2018	2022
Retirement Funds	42	2018	2022
Science & Technology Fund	1	2018	2022
Short-Term Bond Fund	3	2018	2022
Small-Cap Stock Fund	1	2018	2022
Small-Cap Value Fund	1	2018	2022
Spectrum Funds	3	2018	2022
Spectrum Funds II	3	2018	2022
State Tax-Free Funds	8	2018	2022
Summit Income Funds	1	2018	2022
Summit Municipal Funds	2	2018	2022
Tax-Efficient Funds	1	2018	2022
Tax-Exempt Money Fund	1	2018	2022
Tax-Free High Yield Fund	1	2018	2022
Tax-Free Income Fund	1	2018	2022
Tax-Free Short-Intermediate Fund	1	2018	2022
Total Return Fund	1	2018	2022
U.S. Equity Research Fund	1	2018	2022
U.S. Large-Cap Core Fund	1	2018	2022
U.S. Treasury Funds	3	2018	2022
Value Fund	1	2018	2022

The below tables set forth certain information, as of November 30, 2024, concerning each person deemed to be an officer of the Price Funds.

Officers


Name	Position Held With Each Fund
David Oestreicher*	President, Interested Director, and Principal Executive Officer
Alan S. Dupski	Principal Financial Officer, Vice President, and Treasurer
Richard Sennett	Assistant Treasurer

Savonne L. Ferguson	Chief Compliance Officer and Vice President

Jean-Marc Corredor	Vice President
Cheryl Hampton	Vice President
Benjamin Kersse	Vice President
Paul J. Krug	Vice President
Robert P. McDavid	Vice President and Anti-Money Laundering (AML) Officer
Fran M. Pollack-Matz	Vice President and Secretary
Ellen York	Vice President
Cheryl L. Emory	Assistant Secretary

* Further biographical information for David Oestreicher can be found under the heading “MANAGEMENT OF THE FUNDS.”


WeiName, Year of Birth, and Principal Occupation(s) During Past Five Years	Position Held With Each Fund

Jean-Marc Corredor, 1976 Vice President, T. Rowe Price, Price Investment Management, Price International, T. Rowe Price Group, Inc., T. Rowe Price Retirement Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company	Vice President
Alan S. Dupski, CPA, 1982 Vice President, Price Investment Management, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Principal Financial Officer, Vice President, and Treasurer
Cheryl L. Emory, 1963 Vice President and Assistant Secretary, T. Rowe Price; Assistant Secretary, Price Investment Management, Price International, Price Hong Kong, Price Investment Services, Price Singapore, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Trust Company	Assistant Secretary

Savonne L. Ferguson, Esq., 1973 Chief Compliance Officer and Vice President, T. Rowe Price and Price Investment Management; formerly, Senior Vice President, Chief Compliance Officer and Associate General Counsel, Neuberger Berman (to 2024)	Chief Compliance Officer and Vice President
Cheryl Hampton, CPA, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; formerly Tax Director, Invesco Ltd. (to 2021)	Vice President

Benjamin Kersse, CPA, 1989 Vice President, T. Rowe Price and T. Rowe Price Trust Company	Vice President

Paul J. Krug, CPA, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Vice President
Robert P. McDavid, 1972 Vice President, T. Rowe Price, Price Investment Management, Price Investment Services, and T. Rowe Price Trust Company	Vice President and AML Officer
Fran M. Pollack-Matz, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company	Vice President and Secretary
Richard Sennett, CPA, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	Assistant Treasurer
Ellen York, 1988 Vice President, Price Investment Management, Price International, T. Rowe Price, and T. Rowe Price Trust Company	Vice President

Directors’ Compensation

Effective January 1, 2024, each independent director is paid $395,000 annually for his or her service on the Boards. Prior to July 24, 2023, the Board had an Advisory Board that consisted of Ms. Bianchetto and Mr. Parrell. Advisory Board members were paid $375,000 annually for his or her service on the Advisory Board. On July 24, 2023, Ms. Bianchetto and Mr. Parrell were elected as independent directors of the Price Funds. The chair of the Boards, an independent director, receives an additional $180,000 annually for serving in this capacity. An independent director serving on the Joint Audit Committee receives an additional $30,000 annually for his or her service and the chair of the Joint Audit Committee receives an additional $35,000 for his or her service. An independent director serving as a member of a Special Committee of the Independent Directors receives an additional $1,500 per meeting of the Special Committee (currently, no Special Committees have been assigned by the Boards). All of these fees are allocated to each fund on a pro-rata basis based on each fund’s net assets relative to the other funds.

The following table shows the total compensation that was received by the independent directors in the calendar year 2023, unless otherwise indicated. The independent directors of the funds do not receive any pension or retirement benefits from the funds or from T. Rowe Price. In addition, the officers and interested directors of the funds do not receive any compensation or benefits from the funds for their service.


Directors	Total Compensation
Bazemore	$429,200
Bianchetto	351,250
Duncan	375,000
Gerrard	570,000
McBride	413,750
Parrell	375,000
Walker	397,500

The following table shows the amounts paid by each fund to the independent directors based on accrued compensation in the calendar year 2023, unless otherwise indicated:


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
Africa & Middle East Fund	$54	$42	$47	$72	$52	$47	$50
All-Cap Opportunities Fund	4,609	3,848	4,039	6,140	4,467	4,039	4,291
Asia Opportunities Fund	55	43	48	72	52	48	50
Balanced Fund	2,081	1,699	1,818	2,763	2,005	1,818	1,926
Blue Chip Growth Fund	26,544	21,710	23,188	35,246	25,578	23,188	24,577
California Tax-Free Bond Fund	339	278	296	451	327	296	314
Capital Appreciation and Income Fund (a)	2	—	2	3	2	—	2
Capital Appreciation Fund	24,970	20,620	21,847	33,207	24,131	21,847	23,178
Cash Reserves Fund	2,253	1,849	1,969	2,994	2,174	1,969	2,088
China Evolution Equity Fund	28	22	24	37	26	24	25
Communications & Technology Fund	3,358	2,777	2,938	4,465	3,244	2,938	3,117
Corporate Income Fund	272	221	238	361	262	238	252
Credit Opportunities Fund	54	45	47	72	52	47	50
Diversified Mid-Cap Growth Fund	938	772	820	1,246	905	820	870
Dividend Growth Fund	10,815	8,873	9,452	14,367	10,430	9,452	10,021
Dynamic Credit Fund	69	67	64	98	74	64	69
Dynamic Global Bond Fund	2,156	1,754	1,882	2,860	2,075	1,882	1,993
Emerging Europe Fund	20	17	18	27	20	18	19
Emerging Markets Bond Fund	1,979	1,609	1,729	2,627	1,906	1,729	1,831
Emerging Markets Corporate Bond Fund	188	151	164	249	181	164	173
Emerging Markets Local Currency Bond Fund	185	150	162	245	178	162	171
Emerging Markets Discovery Stock Fund	2,151	1,749	1,878	2,854	2,070	1,878	1,989
Emerging Markets Stock Fund	3,144	2,497	2,739	4,164	3,015	2,739	2,896
Equity Income Fund	8,425	6,807	7,352	11,175	8,104	7,352	7,783
Equity Index 500 Fund	12,678	10,465	11,089	16,855	12,243	11,089	11,764
European Stock Fund	480	393	419	636	461	419	444
Extended Equity Market Index Fund (b)	432	352	377	573	416	377	400
Financial Services Fund	666	521	580	882	639	580	613
Floating Rate Fund	1,841	1,475	1,606	2,441	1,769	1,606	1,698
Georgia Tax-Free Bond Fund	204	166	178	270	196	178	188
Global Allocation Fund	459	369	399	607	439	399	422
Global Consumer Fund	24	19	21	32	23	21	22
Global Growth Stock Fund	493	404	430	654	475	430	456
Global High Income Bond Fund	139	114	122	185	134	122	129
Global Impact Equity Fund	10	8	8	13	9	8	9
Global Industrials Fund	92	77	80	122	89	80	85
Global Multi-Sector Bond Fund	636	518	556	845	614	556	589
Global Real Estate Fund	40	32	35	53	38	35	37
Global Stock Fund	2,675	2,204	2,340	3,556	2,584	2,340	2,482


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
Global Technology Fund	1,714	1,421	1,499	2,278	1,655	1,499	1,591
Global Value Equity Fund	54	45	47	72	52	47	50
GNMA Fund	492	400	429	653	474	429	455
Government Money Fund	5,274	4,365	4,616	7,016	5,099	4,616	4,896
Government Reserve Fund	8,033	6,457	7,026	10,680	7,756	7,026	7,452
Growth Stock Fund	23,160	19,096	20,234	30,756	22,321	20,234	21,460
Health Sciences Fund	7,746	6,245	6,755	10,267	7,441	6,755	7,150
Hedged Equity Fund	345	337	318	483	365	318	343
High Yield Fund	3,480	2,839	3,040	4,621	3,354	3,040	3,222
Inflation Protected Bond Fund	263	209	229	348	252	229	242
Institutional Emerging Markets Equity Fund (b)	431	342	375	571	413	375	397
Institutional Floating Rate Fund (b)	2,153	1,717	1,877	2,854	2,068	1,877	1,984
Institutional High Yield Fund (b)	813	663	710	1,080	784	710	753
Institutional Large-Cap Core Growth Fund	1,524	1,222	1,329	2,019	1,463	1,329	1,406
Institutional Long Duration Credit Fund (b)	26	22	23	35	25	23	24
Institutional Mid-Cap Equity Growth Fund	2,506	2,047	2,189	3,327	2,414	2,189	2,319
Institutional Small-Cap Stock Fund	2,160	1,739	1,883	2,862	2,073	1,883	1,992
Integrated Global Equity Fund	14	11	12	18	13	12	13
Integrated U.S. Large-Cap Value Equity Fund	16	13	14	21	15	14	15
Integrated U.S. Small-Cap Growth Equity Fund	3,589	2,946	3,134	4,764	3,457	3,134	3,323
Integrated U.S. Small-Mid Cap Core Equity Fund	177	146	155	235	171	155	164
Intermediate Tax-Free High Yield Fund	39	32	34	51	37	34	36
International Bond Fund	480	393	419	637	462	419	444
International Bond Fund (USD Hedged)	2,905	2,374	2,538	3,858	2,801	2,538	2,690
International Disciplined Equity Fund	148	124	129	197	143	129	138
International Discovery Fund	3,197	2,598	2,789	4,239	3,073	2,789	2,954
International Equity Index Fund (b)	390	326	341	518	376	341	362
International Stock Fund	7,080	5,776	6,180	9,394	6,813	6,180	6,548
International Value Equity Fund	5,222	4,257	4,560	6,931	5,029	4,560	4,831
Japan Fund	216	175	189	287	208	189	200
Latin America Fund	203	165	178	270	196	178	188
Large-Cap Growth Fund	8,298	6,891	7,262	11,039	8,023	7,262	7,710
Large-Cap Value Fund	1,632	1,317	1,424	2,164	1,570	1,424	1,507
Limited Duration Inflation Focused Bond Fund	3,569	2,931	3,120	4,743	3,444	3,120	3,308
Maryland Short-Term Tax-Free Bond Fund	78	64	68	104	75	68	72
Maryland Tax-Free Bond Fund	1,100	895	960	1,460	1,059	960	1,017
Maryland Tax-Free Money Fund	49	39	42	64	47	42	45
Mid-Cap Growth Fund	14,387	11,765	12,563	19,096	13,855	12,563	13,314
Mid-Cap Index Fund	57	48	50	77	56	50	54
Mid-Cap Value Fund	6,591	5,358	5,752	8,743	6,340	5,752	6,092
Mortgage-Backed Securities Multi-Sector Account Portfolio (b)	—	—	—	—	—	—	—
Multi-Strategy Total Return Fund	168	136	146	223	161	146	155
New Asia Fund	1,350	1,092	1,175	1,786	1,292	1,175	1,243
New Era Fund	1,460	1,168	1,273	1,935	1,403	1,273	1,347
New Horizons Fund	11,838	9,676	10,334	15,707	11,393	10,334	10,951
New Income Fund	7,849	6,407	6,859	10,426	7,569	6,859	7,268
New Jersey Tax-Free Bond Fund	168	137	147	224	162	147	156
New York Tax-Free Bond Fund	212	172	185	281	204	185	196
Overseas Stock Fund	10,866	8,915	9,497	14,436	10,482	9,497	10,071
QM U.S. Bond Index Fund	612	500	535	813	590	535	567
Real Assets Fund	3,733	3,087	3,277	4,981	3,629	3,277	3,477
Real Estate Fund	483	382	421	639	463	421	444


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
Retirement 2005 Fund (b)	1,333	1,082	1,164	1,769	1,283	1,164	1,232
Retirement 2010 Fund (b)	5,176	4,188	4,516	6,864	4,976	4,516	4,781
Retirement 2015 Fund (b)	8,146	6,632	7,112	10,810	7,841	7,112	7,534
Retirement 2020 Fund (b)	6,001	4,899	5,241	7,967	5,781	5,241	5,554
Retirement 2025 Fund (b)	827	671	722	1,097	795	722	764
Retirement 2030 Fund (b)	2,008	1,628	1,753	2,664	1,932	1,753	1,856
Retirement 2035 Fund (b)	5,878	4,768	5,129	7,796	5,653	5,129	5,432
Retirement 2040 Fund (b)	5,400	4,409	4,716	7,169	5,202	4,716	4,998
Retirement 2045 Fund (b)	470	381	410	624	452	410	434
Retirement 2050 Fund (b)	3,646	2,982	3,185	4,841	3,513	3,185	3,376
Retirement 2055 Fund (b)	3,230	2,644	2,822	4,289	3,112	2,822	2,991
Retirement 2060 Fund (b)	1,973	1,619	1,724	2,620	1,902	1,724	1,828
Retirement 2065 Fund (b)	815	675	713	1,084	788	713	757
Retirement Balanced Fund (b)	78	66	68	104	76	68	73
Retirement Blend 2005 Fund (b)	5	4	4	6	4	4	4
Retirement Blend 2010 Fund (b)	5	5	5	7	5	5	5
Retirement Blend 2015 Fund (b)	10	9	9	14	10	9	10
Retirement Blend 2020 Fund (b)	38	33	34	51	38	34	36
Retirement Blend 2025 Fund (b)	56	48	49	75	55	49	52
Retirement Blend 2030 Fund (b)	58	51	51	78	57	51	55
Retirement Blend 2035 Fund (b)	58	51	51	78	57	51	55
Retirement Blend 2040 Fund (b)	49	42	43	66	48	43	46
Retirement Blend 2045 Fund (b)	39	34	34	52	38	34	37
Retirement Blend 2050 Fund (b)	31	27	27	41	30	27	29
Retirement Blend 2055 Fund (b)	17	15	15	23	17	15	16
Retirement Blend 2060 Fund (b)	8	7	7	11	8	7	8
Retirement Blend 2065 Fund (b)	6	5	5	8	6	5	6
Retirement Income 2020 Fund (b)	67	55	59	89	65	59	62
Retirement Income 2025 Fund (c)	67	55	59	89	65	59	62
Science & Technology Fund	3,284	2,759	2,876	4,372	3,179	2,876	3,057
Short Duration Income Fund	24	19	21	32	23	21	22
Short-Term Bond Fund	2,336	1,893	2,039	3,100	2,249	2,039	2,159
Small-Cap Index Fund	57	47	50	75	55	50	53
Small-Cap Stock Fund	4,389	3,575	3,832	5,825	4,225	3,832	4,059
Small-Cap Value Fund	5,118	4,138	4,465	6,787	4,921	4,465	4,727
Spectrum Conservative Allocation Fund	1,031	838	900	1,368	992	900	953
Spectrum Diversified Equity Fund (b)	1,793	1,465	1,566	2,381	1,728	1,566	1,660
Spectrum Income Fund (b)	2,953	2,400	2,578	3,919	2,843	2,578	2,731
Spectrum International Equity Fund (b)	741	601	647	983	713	647	685
Spectrum Moderate Allocation Fund	1,039	842	906	1,378	999	906	960
Spectrum Moderate Growth Allocation Fund	1,521	1,245	1,329	2,020	1,465	1,329	1,408
Summit Municipal Income Fund	1,136	931	993	1,509	1,095	993	1,052
Summit Municipal Intermediate Fund	2,685	2,189	2,345	3,565	2,587	2,345	2,484
Target 2005 Fund (b)	24	20	21	32	23	21	23
Target 2010 Fund (b)	35	28	31	47	34	31	32
Target 2015 Fund (b)	83	67	72	110	80	72	77
Target 2020 Fund (b)	154	125	135	205	148	135	143
Target 2025 Fund (b)	240	196	210	319	232	210	223
Target 2030 Fund (b)	271	222	237	361	262	237	251
Target 2035 Fund (b)	227	186	198	301	219	198	210
Target 2040 Fund (b)	191	157	167	254	185	167	177
Target 2045 Fund (b)	178	146	156	236	172	156	165
Target 2050 Fund (b)	140	116	123	186	135	123	130
Target 2055 Fund (b)	102	84	89	136	99	89	95
Target 2060 Fund (b)	55	46	48	73	53	48	51
Target 2065 Fund (b)	8	7	7	10	8	7	7
Tax-Efficient Equity Fund	389	323	340	517	376	340	361
Tax-Exempt Money Fund	330	269	288	438	318	288	305
Tax-Free High Yield Fund	1,792.2	1,441.4	1,562.5	2,375.0	1,720.8	1,562.5	1,652.6
Tax-Free Income Fund	1,138	929	993	1,510	1,095	993	1,052
Tax-Free Short-Intermediate Fund	866	697	755	1,148	832	755	799
Total Equity Market Index Fund (b)	1,012	832	885	1,345	977	885	938


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
Total Return Fund	332	272	290	441	320	290	307
Transition Fund	31	30	29	44	33	29	31
Treasury Reserve Fund	1,406	1,129	1,225	1,862	1,348	1,225	1,298
U.S. Equity Research Fund	5,760	4,680	5,021	7,631	5,529	5,021	5,318
U.S. High Yield Fund	214	174	187	284	206	187	198
U.S. Large-Cap Core Fund	5,462	4,616	4,802	7,299	5,323	4,802	5,107
U.S. Limited Duration TIPS Index Fund	789	650	690	1,049	762	690	732
U.S. Treasury Intermediate Index Fund	415	338	363	551	400	363	384
U.S. Treasury Long-Term Index Fund	2,334	1,910	2,039	3,099	2,249	2,039	2,161
U.S. Treasury Money Fund	6,889	5,607	6,014	9,141	6,632	6,014	6,372
Ultra Short-Term Bond Fund	1,224	976	1,067	1,622	1,176	1,067	1,128
Value Fund	13,660	11,076	11,922	18,122	13,142	11,922	12,627
Virginia Tax-Free Bond Fund	628	510	548	833	604	548	580

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

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

Directors’ Holdings in the Price Funds

The following tables set forth the Price Funds holdings of the current independent and interested directors, as of December 31, 2023, unless otherwise indicated.


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Africa & Middle East Fund	None	None	None	None	None	None	None
Africa & Middle East Fund—I Class	None	None	None	None	None	None	None
All-Cap Opportunities Fund	None	None	None	$50,001-$100,000	None	None	None
All-Cap Opportunities Fund—Advisor Class	None	None	None	None	None	None	None
All-Cap Opportunities Fund—I Class	None	None	None	$50,001-$100,000	Over $100,000	None	None
Asia Opportunities Fund	None	None	None	None	None	None	None
Asia Opportunities Fund—Advisor Class	None	None	None	None	None	None	None
Asia Opportunities Fund—I Class	None	None	None	None	None	None	None
Balanced Fund	None	None	None	None	None	None	None
Balanced Fund—I Class	None	None	None	None	None	None	None
Blue Chip Growth Fund	Over $100,000	None	None	$10,001-$50,000	None	None	None
Blue Chip Growth Fund—Advisor Class	None	None	None	None	None	None	None
Blue Chip Growth Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
Blue Chip Growth Fund—R Class	None	None	None	None	None	None	None
California Tax-Free Bond Fund	None	None	None	None	None	None	None
California Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
Capital Appreciation and Income Fund	None	None	None	None	None	None	None
Capital Appreciation and Income Fund—I Class	None	None	None	None	None	None	None
Capital Appreciation Fund	None	None	None	$10,001-$50,000	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Capital Appreciation Fund—Advisor Class	None	None	None	None	None	None	None
Capital Appreciation Fund—I Class	None	None	None	Over $100,000	Over $100,000	None	None
Cash Reserves Fund	None	None	None	Over $100,000	None	None	None
China Evolution Equity Fund	None	None	None	$10,001-$50,000	None	None	None
China Evolution Equity Fund—I Class	None	None	None	None	None	None	None
Communications & Technology Fund	None	None	None	$10,001-$50,000	None	None	None
Communications & Technology Fund—I Class	None	None	None	Over $100,000	None	None	None
Corporate Income Fund	None	None	None	None	None	None	None
Corporate Income Fund—I Class	None	None	None	None	None	None	None
Credit Opportunities Fund	None	None	None	None	None	None	None
Credit Opportunities Fund—Advisor Class	None	None	None	None	None	None	None
Credit Opportunities Fund—I Class	None	None	None	None	None	None	None
Diversified Mid-Cap Growth Fund	None	None	None	$10,001-$50,000	None	None	None
Diversified Mid-Cap Growth Fund—I Class	None	None	None	None	None	None	None
Dividend Growth Fund	None	None	None	None	None	None	Over $100,000
Dividend Growth Fund—Advisor Class	None	None	None	None	None	None	None
Dividend Growth Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
Dynamic Credit Fund	None	None	None	None	None	None	None
Dynamic Credit Fund—I Class	None	None	None	None	None	None	None
Dynamic Credit Fund—Z Class	None	None	None	None	None	None	None
Dynamic Global Bond Fund	None	None	None	None	None	None	None
Dynamic Global Bond Fund—Advisor Class	None	None	None	None	None	None	None
Dynamic Global Bond Fund—I Class	None	None	None	None	None	None	None
Dynamic Global Bond Fund—Z Class	None	None	None	None	None	None	None
Emerging Europe Fund	None	None	None	None	None	None	None
Emerging Europe Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Bond Fund	None	None	None	None	None	None	$10,001-$50,000
Emerging Markets Bond Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Bond Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Bond Fund—Z Class	None	None	None	None	None	None	None
Emerging Markets Corporate Bond Fund	None	None	None	None	None	None	None
Emerging Markets Corporate Bond Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Corporate Bond Fund—I Class	None	None	None	None	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Emerging Markets Discovery Stock Fund	None	None	None	$10,001-$50,000	None	None	None
Emerging Markets Discovery Stock Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Discovery Stock Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Discovery Stock Fund—Z Class	None	None	None	None	None	None	None
Emerging Markets Local Currency Bond Fund	Over $100,000	None	None	None	None	None	None
Emerging Markets Local Currency Bond Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Local Currency Bond Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Stock Fund	None	None	None	$1-$10,000	None	None	None
Emerging Markets Stock Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Stock Fund—Z Class	None	None	None	None	None	None	None
Equity Income Fund	None	None	None	$10,001-$50,000	None	None	None
Equity Income Fund—Advisor Class	None	None	None	None	None	None	None
Equity Income Fund—I Class	None	None	None	None	None	None	None
Equity Income Fund—R Class	None	None	None	None	None	None	None
Equity Index 500 Fund	None	None	None	None	None	None	$50,001-$100,000
Equity Index 500 Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
European Stock Fund	None	None	None	None	None	None	None
European Stock Fund—I Class	None	None	None	None	None	None	None
Extended Equity Market Index Fund	None	None	None	$10,001-$50,000	None	None	None
Financial Services Fund	None	None	None	$10,001-$50,000	None	None	None
Financial Services Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
Floating Rate Fund	None	None	None	None	None	None	$10,001-$50,000
Floating Rate Fund—Advisor Class	None	None	None	None	None	None	None
Floating Rate Fund—I Class	None	None	None	None	None	None	None
Floating Rate Fund—Z Class	None	None	None	None	None	None	None
Georgia Tax-Free Bond Fund	None	None	None	None	None	None	None
Georgia Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
Global Allocation Fund	None	None	None	None	None	None	None
Global Allocation Fund—Advisor Class	None	None	None	None	None	None	None
Global Allocation Fund—I Class	None	None	None	None	None	None	None
Global Consumer Fund	None	None	None	$10,001-$50,000	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Global Growth Stock Fund	None	None	None	None	None	None	None
Global Growth Stock Fund—Advisor Class	None	None	None	None	None	None	None
Global Growth Stock Fund—I Class	None	None	None	None	None	None	None
Global High Income Bond Fund	None	None	None	None	None	None	None
Global High Income Bond Fund—Advisor Class	None	None	None	None	None	None	None
Global High Income Bond Fund—I Class	None	None	None	None	None	None	None
Global Industrials Fund	None	None	None	None	None	None	None
Global Industrials Fund—I Class	None	None	None	None	None	$10,001-$50,000	None
Global Multi-Sector Bond Fund	None	None	None	None	None	None	None
Global Multi-Sector Bond Fund—Advisor Class	None	None	None	None	None	None	None
Global Multi-Sector Bond Fund—I Class	None	None	None	None	None	None	None
Global Real Estate Fund	None	None	None	None	None	None	None
Global Real Estate Fund—Advisor Class	None	None	None	None	None	None	None
Global Real Estate Fund—I Class	None	None	None	None	None	None	None
Global Stock Fund	None	None	None	$10,001-$50,000	None	None	$50,001-$100,000
Global Stock Fund—Advisor Class	None	None	None	None	None	None	None
Global Stock Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
Global Technology Fund	None	None	None	Over $100,000	None	None	None
Global Technology Fund—I Class	None	None	None	Over $100,000	None	None	None
Global Value Equity Fund	None	None	None	None	None	None	None
Global Value Equity Fund—I Class	None	None	None	None	None	None	None
GNMA Fund	None	None	None	$1-$10,000	None	None	None
GNMA Fund—I Class	None	None	None	None	None	None	None
Government Money Fund	None	None	None	None	None	None	None
Government Money Fund—I Class	None	None	None	None	None	None	None
Government Reserve Fund	None	None	None	None	None	None	None
Growth Stock Fund	None	None	None	$10,001-$50,000	None	None	None
Growth Stock Fund—Advisor Class	None	None	None	None	None	None	None
Growth Stock Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
Growth Stock Fund—R Class	None	None	None	None	None	None	None
Health Sciences Fund	None	None	None	$10,001-$50,000	None	None	None
Health Sciences Fund—I Class	None	None	None	Over $100,000	Over $100,000	None	None
Hedged Equity Fund	None	None	None	None	None	None	None
Hedged Equity Fund—I Class	None	None	None	None	None	None	None
Hedged Equity Fund—Z Class	None	None	None	None	None	None	None
High Yield Fund	None	None	None	None	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
High Yield Fund—Advisor Class	None	None	None	None	None	None	None
High Yield Fund—I Class	None	None	None	None	None	None	None
Inflation Protected Bond Fund	None	None	None	None	None	None	$10,001-$50,000
Inflation Protected Bond Fund—I Class	None	None	None	None	None	None	None
Institutional Emerging Markets Equity Fund	None	None	None	None	None	None	None
Institutional Floating Rate Fund	None	None	None	None	None	None	None
Institutional Floating Rate Fund—F Class	None	None	None	None	None	None	None
Institutional Floating Rate Fund—Z Class	None	None	None	None	None	None	None
Institutional High Yield Fund	None	None	None	None	None	None	None
Institutional Large-Cap Core Growth Fund	None	None	None	None	None	None	None
Institutional Long Duration Credit Fund	None	None	None	None	None	None	None
Institutional Mid-Cap Equity Growth Fund	None	None	None	None	None	None	None
Institutional Small-Cap Stock Fund	None	None	None	None	None	None	None
Integrated Global Equity Fund	None	None	None	None	None	None	None
Integrated Global Equity Fund—I Class	None	None	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund	None	None	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class	None	None	None	None	None	None	None
Integrated U.S. Large-Cap Value Equity Fund—I Class	None	None	None	None	None	None	None
Integrated U.S. Small-Cap Growth Equity Fund	None	None	None	None	None	None	None
Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class	None	None	None	None	None	None	None
Integrated U.S. Small-Cap Growth Equity Fund—I Class	None	None	None	None	None	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund	None	None	None	$1-$10,000	None	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class	None	None	None	None	None	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—I Class	None	None	None	None	None	None	None
Intermediate Tax-Free High Yield Fund	None	None	None	None	None	None	None
Intermediate Tax-Free High Yield Fund—I Class	None	None	None	None	None	None	None
International Bond Fund	None	None	None	None	None	None	None
International Bond Fund—Advisor Class	None	None	None	None	None	None	None
International Bond Fund—I Class	None	None	None	None	None	None	None
International Bond Fund—Z Class	None	None	None	None	None	None	None
International Bond Fund (USD Hedged)	None	None	None	None	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
International Bond Fund (USD Hedged)—Advisor Class	None	None	None	None	None	None	None
International Bond Fund (USD Hedged)—I Class	None	None	None	None	None	None	None
International Bond Fund (USD Hedged)—Z Class	None	None	None	None	None	None	None
International Disciplined Equity Fund	None	None	None	None	None	None	None
International Disciplined Equity Fund—Advisor Class	None	None	None	None	None	None	None
International Disciplined Equity Fund—I Class	None	None	None	None	None	None	None
International Discovery Fund	None	None	None	None	None	None	None
International Discovery Fund—I Class	None	None	None	None	None	None	None
International Equity Index Fund	None	None	None	None	None	None	None
International Equity Index Fund—Z Class	None	None	None	None	None	None	None
International Stock Fund	None	None	None	$1-$10,000	None	None	None
International Stock Fund—Advisor Class	None	None	None	None	None	None	None
International Stock Fund—I Class	None	None	None	None	None	None	None
International Stock Fund—R Class	None	None	None	None	None	None	None
International Stock Fund—Z Class	None	None	None	None	None	None	None
International Value Equity Fund	None	None	None	None	None	Over $100,000	None
International Value Equity Fund—Advisor Class	None	None	None	None	None	None	None
International Value Equity Fund—I Class	None	None	None	None	None	None	None
International Value Equity Fund—R Class	None	None	None	None	None	None	None
International Value Equity Fund—Z Class	None	None	None	None	None	None	None
Japan Fund	None	None	None	None	None	None	None
Japan Fund—I Class	None	None	None	None	None	None	None
Latin America Fund	None	None	None	None	None	None	None
Latin America Fund—I Class	None	None	None	None	None	None	None
Large-Cap Growth Fund	None	None	None	$10,001-$50,000	None	None	None
Large-Cap Growth Fund—I Class	None	None	None	None	None	None	None
Large-Cap Value Fund	None	None	None	None	None	None	None
Large-Cap Value Fund—I Class	None	None	None	$10,001-$50,000	None	None	None
Limited Duration Inflation Focused Bond Fund	None	None	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund—I Class	None	None	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund—Z Class	None	None	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund	None	None	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None


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


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


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Retirement 2030 Fund—R Class	None	None	None	None	None	None	None
Retirement 2035 Fund	None	None	None	$10,001-$50,000	None	None	None
Retirement 2035 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2035 Fund—I Class	None	None	None	None	None	None	None
Retirement 2035 Fund—R Class	None	None	None	None	None	None	None
Retirement 2040 Fund	None	None	None	$10,001-$50,000	None	None	None
Retirement 2040 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2040 Fund—I Class	None	None	None	None	None	None	None
Retirement 2040 Fund—R Class	None	None	None	None	None	None	None
Retirement 2045 Fund	None	None	None	None	None	None	None
Retirement 2045 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2045 Fund—I Class	None	None	None	None	None	None	None
Retirement 2045 Fund—R Class	None	None	None	None	None	None	None
Retirement 2050 Fund	None	None	None	None	None	None	None
Retirement 2050 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2050 Fund—I Class	None	None	None	None	None	None	None
Retirement 2050 Fund—R Class	None	None	None	None	None	None	None
Retirement 2055 Fund	None	None	None	None	None	None	None
Retirement 2055 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2055 Fund—I Class	None	None	None	None	None	None	None
Retirement 2055 Fund—R Class	None	None	None	None	None	None	None
Retirement 2060 Fund	None	None	None	None	None	None	None
Retirement 2060 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2060 Fund—I Class	None	None	None	None	None	None	None
Retirement 2060 Fund—R Class	None	None	None	None	None	None	None
Retirement 2065 Fund	None	None	None	None	None	None	None
Retirement 2065 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2065 Fund—I Class	None	None	None	None	None	None	None
Retirement 2065 Fund—R Class	None	None	None	None	None	None	None
Retirement Balanced Fund	None	None	None	None	None	None	None
Retirement Balanced Fund—Advisor Class	None	None	None	None	None	None	None
Retirement Balanced Fund—I Class	None	None	None	None	None	None	None
Retirement Balanced Fund—R Class	None	None	None	None	None	None	None
Retirement Blend 2005 Fund	None	None	None	None	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Retirement Blend 2005 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2010 Fund	None	None	None	None	None	None	None
Retirement Blend 2010 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2015 Fund	None	None	None	None	None	None	None
Retirement Blend 2015 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2020 Fund	None	None	None	None	None	None	None
Retirement Blend 2020 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2025 Fund	None	None	None	None	None	None	None
Retirement Blend 2025 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2030 Fund	None	None	None	None	None	None	None
Retirement Blend 2030 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2035 Fund	None	None	None	None	None	None	None
Retirement Blend 2035 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2040 Fund	None	None	None	None	None	None	None
Retirement Blend 2040 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2045 Fund	None	None	None	None	None	None	None
Retirement Blend 2045 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2050 Fund	None	None	None	None	None	None	None
Retirement Blend 2050 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2055 Fund	None	None	None	None	None	None	None
Retirement Blend 2055 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2060 Fund	None	None	None	None	None	None	None
Retirement Blend 2060 Fund—I Class	None	None	None	None	None	None	None
Retirement Blend 2065 Fund	None	None	None	None	None	None	None
Retirement Blend 2065 Fund—I Class	None	None	None	None	None	None	None
Retirement Income 2020 Fund	None	None	None	None	None	None	None
Retirement Income 2020 Fund—I Class	None	None	None	None	None	None	None
Retirement Income 2025 Fund	None	None	None	None	None	None	None
Retirement Income 2025 Fund—I Class	None	None	None	None	None	None	None
Science & Technology Fund	None	None	None	$10,001-$50,000	None	None	None
Science & Technology Fund—Advisor Class	None	None	None	None	None	None	None
Science & Technology Fund—I Class	None	None	None	$50,001-$100,000	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Short Duration Income Fund	None	None	None	None	None	None	None
Short Duration Income Fund—I Class	None	None	None	None	None	None	None
Short-Term Bond Fund	None	None	None	None	None	None	None
Short-Term Bond Fund—Advisor Class	None	None	None	None	None	None	None
Short-Term Bond Fund—I Class	None	None	None	None	None	None	None
Small-Cap Index Fund	None	None	None	None	None	None	None
Small-Cap Index Fund—I Class	None	None	None	None	None	None	None
Small-Cap Index Fund—Z Class	None	None	None	None	None	None	None
Small-Cap Stock Fund	None	None	None	$1-$10,000	None	None	None
Small-Cap Stock Fund—Advisor Class	None	None	None	None	None	None	None
Small-Cap Stock Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
Small-Cap Stock Fund—Z Class	None	None	None	None	None	None	None
Small-Cap Value Fund	None	None	None	$10,001-$50,000	None	None	$10,001-$50,000
Small-Cap Value Fund—Advisor Class	None	None	None	None	None	None	None
Small-Cap Value Fund—I Class	None	None	None	None	None	None	None
Small-Cap Value Fund—Z Class	None	None	None	None	None	None	None
Spectrum Conservative Allocation Fund	None	None	None	None	None	None	None
Spectrum Conservative Allocation Fund—I Class	None	None	None	None	None	None	None
Spectrum Diversified Equity Fund	None	None	None	None	None	None	None
Spectrum Diversified Equity Fund—I Class	None	None	None	None	None	None	None
Spectrum Income Fund	None	None	None	None	None	None	None
Spectrum Income Fund—I Class	None	None	None	None	None	None	None
Spectrum International Equity Fund	None	None	None	None	None	None	None
Spectrum International Equity Fund—I Class	None	None	None	None	None	None	None
Spectrum Moderate Allocation Fund	None	None	None	None	None	None	None
Spectrum Moderate Allocation Fund—I Class	None	None	None	$10,001-$50,000	None	None	None
Spectrum Moderate Growth Allocation Fund	None	None	None	None	None	None	None
Spectrum Moderate Growth Allocation Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
Summit Municipal Income Fund	None	None	None	None	None	None	None
Summit Municipal Income Fund—Advisor Class	None	None	None	None	None	None	None
Summit Municipal Income Fund—I Class	None	None	None	None	None	None	None
Summit Municipal Intermediate Fund	None	None	None	None	None	None	None
Summit Municipal Intermediate Fund—Advisor Class	None	None	None	None	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Summit Municipal Intermediate Fund—I Class	None	None	None	None	None	None	None
Target 2005 Fund	None	None	None	None	None	None	None
Target 2005 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2005 Fund—I Class	None	None	None	None	None	None	None
Target 2010 Fund	None	None	None	None	None	None	None
Target 2010 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2010 Fund—I Class	None	None	None	None	None	None	None
Target 2015 Fund	None	None	None	None	None	None	None
Target 2015 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2015 Fund—I Class	None	None	None	None	None	None	None
Target 2020 Fund	None	None	None	None	None	None	None
Target 2020 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2020 Fund—I Class	None	None	None	None	None	None	None
Target 2025 Fund	None	None	None	None	None	None	None
Target 2025 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2025 Fund—I Class	None	None	None	None	None	None	None
Target 2030 Fund	None	None	None	None	None	None	None
Target 2030 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2030 Fund—I Class	None	None	None	None	None	None	None
Target 2035 Fund	None	None	None	None	None	None	None
Target 2035 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2035 Fund—I Class	None	None	None	None	None	None	None
Target 2040 Fund	None	None	None	None	None	None	None
Target 2040 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2040 Fund—I Class	None	None	None	None	None	None	None
Target 2045 Fund	None	None	None	None	None	None	None
Target 2045 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2045 Fund—I Class	None	None	None	None	None	None	None
Target 2050 Fund	None	None	None	None	None	None	None
Target 2050 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2050 Fund—I Class	None	None	None	None	None	None	None
Target 2055 Fund	None	None	None	None	None	None	None
Target 2055 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2055 Fund—I Class	None	None	None	None	None	None	None
Target 2060 Fund	None	None	None	None	None	None	None
Target 2060 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2060 Fund—I Class	None	None	None	None	None	None	None
Target 2065 Fund	None	None	None	$10,001-$50,000	None	None	None
Target 2065 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2065 Fund—I Class	None	None	None	None	None	None	None
Tax-Efficient Equity Fund	None	None	None	None	None	None	None
Tax-Efficient Equity Fund—I Class	None	None	None	None	None	None	None
Tax-Exempt Money Fund	None	None	None	None	None	None	None
Tax-Exempt Money Fund—I Class	None	None	None	None	None	None	None
Tax-Free High Yield Fund	None	None	None	None	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Tax-Free High Yield Fund—Advisor Class	None	None	None	None	None	None	None
Tax-Free High Yield Fund—I Class	None	None	None	None	None	None	None
Tax-Free Income Fund	None	None	None	None	None	None	None
Tax-Free Income Fund—Advisor Class	None	None	None	None	None	None	None
Tax-Free Income Fund—I Class	None	None	None	None	None	None	None
Tax-Free Short-Intermediate Fund	None	None	None	None	None	None	None
Tax-Free Short-Intermediate Fund—Advisor Class	None	None	None	None	None	None	None
Tax-Free Short-Intermediate Fund—I Class	None	None	None	None	None	None	None
Total Equity Market Index Fund	None	None	None	None	None	None	None
Total Return Fund	None	None	None	None	None	None	$10,001-$50,000
Total Return Fund—Advisor Class	None	None	None	None	None	None	None
Total Return Fund—I Class	None	None	None	None	None	None	None
Treasury Reserve Fund	None	None	None	None	None	None	None
U.S. Equity Research Fund	None	None	None	$10,001-$50,000	None	None	None
U.S. Equity Research Fund—Advisor Class	None	None	None	None	None	None	None
U.S. Equity Research Fund—I Class	None	None	None	$50,001-$100,000	None	None	None
U.S. Equity Research Fund—R Class	None	None	None	None	None	None	None
U.S. Equity Research Fund—Z Class	None	None	None	None	None	None	None
U.S. High Yield Fund	None	None	None	None	None	None	None
U.S. High Yield Fund—Advisor Class	None	None	None	None	None	None	None
U.S. High Yield Fund—I Class	None	None	None	None	None	None	None
U.S. Large-Cap Core Fund	None	None	None	$10,001-$50,000	None	None	None
U.S. Large-Cap Core Fund—Advisor Class	None	None	None	None	None	None	None
U.S. Large-Cap Core Fund—I Class	None	None	None	$10,001-$50,000	None	None	None
U.S. Large-Cap Core Fund—Z Class	None	None	None	None	None	None	None
U.S. Limited Duration TIPS Index Fund	None	None	None	None	None	None	None
U.S. Limited Duration TIPS Index Fund—I Class	None	None	None	None	None	None	None
U.S. Limited Duration TIPS Index Fund—Z Class	None	None	None	None	None	None	None
U.S. Treasury Intermediate Index Fund	None	None	None	None	None	None	None
U.S. Treasury Intermediate Index Fund—I Class	None	None	None	None	None	None	None
U.S. Treasury Intermediate Index Fund—Z Class	None	None	None	None	None	None	None
U.S. Treasury Long-Term Index Fund	None	None	None	None	None	None	None
U.S. Treasury Long-Term Index Fund—I Class	None	None	None	None	None	None	None


Aggregate Holdings	Independent Directors
All Price Funds	Bazemore	Bianchetto	Duncan	Gerrard	McBride	Parrell	Walker
	Over $100,000	$50,001-$100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
U.S. Treasury Long-Term Index Fund—Z Class	None	None	None	None	None	None	None
U.S. Treasury Money Fund	None	$1-$10,000	None	None	None	None	None
U.S. Treasury Money Fund—I Class	None	None	None	None	None	None	None
U.S. Treasury Money Fund—Z Class	None	None	None	None	None	None	None
Ultra Short-Term Bond Fund	None	None	None	$1-$10,000	None	None	None
Ultra Short-Term Bond Fund—I Class	None	None	None	None	None	None	None
Value Fund	None	None	None	$50,001-$100,000	None	$50,001-$100,000	None
Value Fund—Advisor Class	None	None	None	None	None	None	None
Value Fund—I Class	None	None	None	None	None	None	None
Value Fund—Z Class	None	None	None	None	None	None	None
Virginia Tax-Free Bond Fund	None	None	None	None	None	None	None
Virginia Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
Africa & Middle East Fund	None	None
Africa & Middle East Fund—I Class	None	None
All-Cap Opportunities Fund	None	Over $100,000
All-Cap Opportunities Fund—Advisor Class	None	None
All-Cap Opportunities Fund—I Class	None	Over $100,000
Asia Opportunities Fund	None	None
Asia Opportunities Fund—Advisor Class	None	None
Asia Opportunities Fund—I Class	None	None
Balanced Fund	None	None
Balanced Fund—I Class	None	None
Blue Chip Growth Fund	None	None
Blue Chip Growth Fund—Advisor Class	None	None
Blue Chip Growth Fund—I Class	$50,001-$100,000	None
Blue Chip Growth Fund—R Class	None	None
California Tax-Free Bond Fund	None	None
California Tax-Free Bond Fund—I Class	None	None
Capital Appreciation and Income Fund	None	None
Capital Appreciation and Income Fund—I Class	None	None
Capital Appreciation Fund	None	None
Capital Appreciation Fund—Advisor Class	None	None
Capital Appreciation Fund—I Class	None	None
Cash Reserves Fund	None	None
China Evolution Equity Fund	None	None
China Evolution Equity Fund—I Class	None	None
Communications & Technology Fund	None	None
Communications & Technology Fund—I Class	None	None
Corporate Income Fund	None	None
Corporate Income Fund—I Class	None	None
Credit Opportunities Fund	None	None
Credit Opportunities Fund—Advisor Class	None	None
Credit Opportunities Fund—I Class	None	None
Diversified Mid-Cap Growth Fund	None	None
Diversified Mid-Cap Growth Fund—I Class	None	None
Dividend Growth Fund	None	None
Dividend Growth Fund—Advisor Class	None	None
Dividend Growth Fund—I Class	None	Over $100,000
Dynamic Credit Fund	None	None
Dynamic Credit Fund—I Class	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
Dynamic Credit Fund—Z Class	None	None
Dynamic Global Bond Fund	None	None
Dynamic Global Bond Fund—Advisor Class	None	None
Dynamic Global Bond Fund—I Class	None	None
Dynamic Global Bond Fund—Z Class	None	None
Emerging Europe Fund	None	None
Emerging Europe Fund—I Class	None	None
Emerging Markets Bond Fund	None	None
Emerging Markets Bond Fund—Advisor Class	None	None
Emerging Markets Bond Fund—I Class	None	None
Emerging Markets Bond Fund—Z Class	None	None
Emerging Markets Corporate Bond Fund	None	None
Emerging Markets Corporate Bond Fund—Advisor Class	None	None
Emerging Markets Corporate Bond Fund—I Class	None	None
Emerging Markets Discovery Stock Fund	None	None
Emerging Markets Discovery Stock Fund—Advisor Class	None	None
Emerging Markets Discovery Stock Fund—I Class	None	None
Emerging Markets Discovery Stock Fund—Z Class	None	None
Emerging Markets Local Currency Bond Fund	None	None
Emerging Markets Local Currency Bond Fund—Advisor Class	None	None
Emerging Markets Local Currency Bond Fund—I Class	None	None
Emerging Markets Stock Fund	None	None
Emerging Markets Stock Fund—I Class	None	None
Emerging Markets Stock Fund—Z Class	None	None
Equity Income Fund	$50,001-$100,000	None
Equity Income Fund—Advisor Class	None	None
Equity Income Fund—I Class	$50,001-$100,000	None
Equity Income Fund—R Class	None	None
Equity Index 500 Fund	None	None
Equity Index 500 Fund—I Class	None	None
European Stock Fund	None	None
European Stock Fund—I Class	None	None
Extended Equity Market Index Fund	None	None
Financial Services Fund	None	None
Financial Services Fund—I Class	None	None
Floating Rate Fund	None	None
Floating Rate Fund—Advisor Class	None	None
Floating Rate Fund—I Class	None	Over $100,000
Floating Rate Fund—Z Class	None	None
Georgia Tax-Free Bond Fund	None	None
Georgia Tax-Free Bond Fund—I Class	None	None
Global Allocation Fund	None	None
Global Allocation Fund—Advisor Class	None	None
Global Allocation Fund—I Class	None	None
Global Consumer Fund	None	None
Global Growth Stock Fund	None	None
Global Growth Stock Fund—Advisor Class	None	None
Global Growth Stock Fund—I Class	None	None
Global High Income Bond Fund	None	None
Global High Income Bond Fund—Advisor Class	None	None
Global High Income Bond Fund—I Class	None	None
Global Industrials Fund	None	None
Global Industrials Fund—I Class	None	None
Global Multi-Sector Bond Fund	None	None
Global Multi-Sector Bond Fund—Advisor Class	None	None
Global Multi-Sector Bond Fund—I Class	None	None
Global Real Estate Fund	None	None
Global Real Estate Fund—Advisor Class	None	None
Global Real Estate Fund—I Class	None	None
Global Stock Fund	None	None
Global Stock Fund—Advisor Class	None	None
Global Stock Fund—I Class	None	None
Global Technology Fund	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
Global Technology Fund—I Class	None	None
Global Value Equity Fund	None	None
Global Value Equity Fund—I Class	None	None
GNMA Fund	None	None
GNMA Fund—I Class	None	None
Government Money Fund	$50,001-$100,000	None
Government Money Fund—I Class	Over $100,000	None
Government Reserve Fund	None	None
Growth Stock Fund	None	None
Growth Stock Fund—Advisor Class	None	None
Growth Stock Fund—I Class	None	None
Growth Stock Fund—R Class	None	None
Health Sciences Fund	None	None
Health Sciences Fund—I Class	None	None
Hedged Equity Fund	None	None
Hedged Equity Fund—I Class	None	None
Hedged Equity Fund—Z Class	None	None
High Yield Fund	$10,001-$50,000	None
High Yield Fund—Advisor Class	None	None
High Yield Fund—I Class	None	None
Inflation Protected Bond Fund	None	None
Inflation Protected Bond Fund—I Class	None	None
Institutional Emerging Markets Equity Fund	None	None
Institutional Floating Rate Fund	None	None
Institutional Floating Rate Fund—F Class	None	None
Institutional Floating Rate Fund—Z Class	None	None
Institutional High Yield Fund	None	None
Institutional Large-Cap Core Growth Fund	None	None
Institutional Long Duration Credit Fund	None	None
Institutional Mid-Cap Equity Growth Fund	None	None
Institutional Small-Cap Stock Fund	None	None
Integrated Global Equity Fund	None	None
Integrated Global Equity Fund—I Class	None	None
Integrated U.S. Large-Cap Value Equity Fund	None	None
Integrated U.S. Large-Cap Value Equity Fund—Advisor Class	None	None
Integrated U.S. Large-Cap Value Equity Fund—I Class	None	None
Integrated U.S. Small-Cap Growth Equity Fund	None	None
Integrated U.S. Small-Cap Growth Equity Fund—Advisor Class	None	None
Integrated U.S. Small-Cap Growth Equity Fund—I Class	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—Advisor Class	None	None
Integrated U.S. Small-Mid Cap Core Equity Fund—I Class	None	None
Intermediate Tax-Free High Yield Fund	None	None
Intermediate Tax-Free High Yield Fund—I Class	None	Over $100,000
International Bond Fund	None	None
International Bond Fund—Advisor Class	None	None
International Bond Fund—I Class	None	None
International Bond Fund—Z Class	None	None
International Bond Fund (USD Hedged)	None	None
International Bond Fund (USD Hedged)—Advisor Class	None	None
International Bond Fund (USD Hedged)—I Class	None	None
International Bond Fund (USD Hedged)—Z Class	None	None
International Disciplined Equity Fund	None	None
International Disciplined Equity Fund—Advisor Class	None	None
International Disciplined Equity Fund—I Class	None	None
International Discovery Fund	None	None
International Discovery Fund—I Class	None	None
International Equity Index Fund	None	None
International Equity Index Fund—Z Class	None	None
International Stock Fund	None	None
International Stock Fund—Advisor Class	None	None
International Stock Fund—I Class	None	None
International Stock Fund—R Class	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
International Stock Fund—Z Class	None	None
International Value Equity Fund	None	None
International Value Equity Fund—Advisor Class	None	None
International Value Equity Fund—I Class	None	None
International Value Equity Fund—R Class	None	None
International Value Equity Fund—Z Class	None	None
Japan Fund	None	None
Japan Fund—I Class	None	None
Latin America Fund	None	None
Latin America Fund—I Class	None	None
Large-Cap Growth Fund	None	None
Large-Cap Growth Fund—I Class	None	None
Large-Cap Value Fund	None	None
Large-Cap Value Fund—I Class	None	None
Limited Duration Inflation Focused Bond Fund	None	None
Limited Duration Inflation Focused Bond Fund—I Class	None	None
Limited Duration Inflation Focused Bond Fund—Z Class	None	None
Maryland Short-Term Tax-Free Bond Fund	None	None
Maryland Short-Term Tax-Free Bond Fund—I Class	None	None
Maryland Tax-Free Bond Fund	None	None
Maryland Tax-Free Bond Fund—I Class	None	None
Maryland Tax-Free Money Fund	None	None
Maryland Tax-Free Money Fund—I Class	None	None
Mid-Cap Growth Fund	None	$50,001-$100,000
Mid-Cap Growth Fund—Advisor Class	None	None
Mid-Cap Growth Fund—I Class	$50,001-$100,000	None
Mid-Cap Growth Fund—R Class	None	None
Mid-Cap Growth Fund—Z Class	None	None
Mid-Cap Index Fund	None	None
Mid-Cap Index Fund—I Class	None	None
Mid-Cap Index Fund—Z Class	None	None
Mid-Cap Value Fund	$10,001-$50,000	None
Mid-Cap Value Fund—Advisor Class	None	None
Mid-Cap Value Fund—I Class	None	None
Mid-Cap Value Fund—R Class	None	None
Mid-Cap Value Fund—Z Class	None	None
Mortgage-Backed Securities Multi-Sector Account Portfolio	None	None
Multi-Strategy Total Return Fund	None	None
Multi-Strategy Total Return Fund—I Class	None	None
New Asia Fund	None	None
New Asia Fund—I Class	None	None
New Era Fund	None	None
New Era Fund—I Class	None	None
New Horizons Fund	None	None
New Horizons Fund—I Class	None	None
New Horizons Fund—Z Class	None	None
New Income Fund	None	None
New Income Fund—Advisor Class	None	None
New Income Fund—I Class	$50,001-$100,000	None
New Income Fund—R Class	None	None
New Income Fund—Z Class	None	None
New Jersey Tax-Free Bond Fund	None	None
New Jersey Tax-Free Bond Fund—I Class	None	None
New York Tax-Free Bond Fund	None	None
New York Tax-Free Bond Fund—I Class	None	None
Overseas Stock Fund	None	None
Overseas Stock Fund—Advisor Class	None	None
Overseas Stock Fund—I Class	None	None
Overseas Stock Fund—Z Class	None	None
QM U.S. Bond Index Fund	None	None
QM U.S. Bond Index Fund—I Class	None	None
QM U.S. Bond Index Fund—Z Class	None	None
Real Assets Fund	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
Real Assets Fund—I Class	None	None
Real Assets Fund—Z Class	None	None
Real Estate Fund	None	None
Real Estate Fund—Advisor Class	None	None
Real Estate Fund—I Class	None	None
Retirement 2005 Fund	None	None
Retirement 2005 Fund—Advisor Class	None	None
Retirement 2005 Fund—I Class	None	None
Retirement 2005 Fund—R Class	None	None
Retirement 2010 Fund	None	None
Retirement 2010 Fund—Advisor Class	None	None
Retirement 2010 Fund—I Class	None	None
Retirement 2010 Fund—R Class	None	None
Retirement 2015 Fund	None	None
Retirement 2015 Fund—Advisor Class	None	None
Retirement 2015 Fund—I Class	None	None
Retirement 2015 Fund—R Class	None	None
Retirement 2020 Fund	Over $100,000	None
Retirement 2020 Fund—Advisor Class	None	None
Retirement 2020 Fund—I Class	None	None
Retirement 2020 Fund—R Class	None	None
Retirement 2025 Fund	$10,001-$50,000	None
Retirement 2025 Fund—Advisor Class	None	None
Retirement 2025 Fund—I Class	None	None
Retirement 2025 Fund—R Class	None	None
Retirement 2030 Fund	None	None
Retirement 2030 Fund—Advisor Class	None	None
Retirement 2030 Fund—I Class	None	None
Retirement 2030 Fund—R Class	None	None
Retirement 2035 Fund	None	None
Retirement 2035 Fund—Advisor Class	None	None
Retirement 2035 Fund—I Class	None	None
Retirement 2035 Fund—R Class	None	None
Retirement 2040 Fund	None	None
Retirement 2040 Fund—Advisor Class	None	None
Retirement 2040 Fund—I Class	None	None
Retirement 2040 Fund—R Class	None	None
Retirement 2045 Fund	None	None
Retirement 2045 Fund—Advisor Class	None	None
Retirement 2045 Fund—I Class	None	None
Retirement 2045 Fund—R Class	None	None
Retirement 2050 Fund	None	None
Retirement 2050 Fund—Advisor Class	None	None
Retirement 2050 Fund—I Class	None	None
Retirement 2050 Fund—R Class	None	None
Retirement 2055 Fund	None	None
Retirement 2055 Fund—Advisor Class	None	None
Retirement 2055 Fund—I Class	None	None
Retirement 2055 Fund—R Class	None	None
Retirement 2060 Fund	None	None
Retirement 2060 Fund—Advisor Class	None	None
Retirement 2060 Fund—I Class	$10,001-$50,000	None
Retirement 2060 Fund—R Class	None	None
Retirement 2065 Fund	None	None
Retirement 2065 Fund—Advisor Class	None	None
Retirement 2065 Fund—I Class	None	None
Retirement 2065 Fund—R Class	None	None
Retirement Balanced Fund	None	None
Retirement Balanced Fund—Advisor Class	None	None
Retirement Balanced Fund—I Class	None	None
Retirement Balanced Fund—R Class	None	None
Retirement Blend 2005 Fund	None	None
Retirement Blend 2005 Fund—I Class	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
Retirement Blend 2010 Fund	None	None
Retirement Blend 2010 Fund—I Class	None	None
Retirement Blend 2015 Fund	None	None
Retirement Blend 2015 Fund—I Class	None	None
Retirement Blend 2020 Fund	None	None
Retirement Blend 2020 Fund—I Class	None	None
Retirement Blend 2025 Fund	None	None
Retirement Blend 2025 Fund—I Class	None	None
Retirement Blend 2030 Fund	None	None
Retirement Blend 2030 Fund—I Class	None	None
Retirement Blend 2035 Fund	None	None
Retirement Blend 2035 Fund—I Class	None	None
Retirement Blend 2040 Fund	None	None
Retirement Blend 2040 Fund—I Class	None	None
Retirement Blend 2045 Fund	None	None
Retirement Blend 2045 Fund—I Class	None	None
Retirement Blend 2050 Fund	None	None
Retirement Blend 2050 Fund—I Class	None	None
Retirement Blend 2055 Fund	None	None
Retirement Blend 2055 Fund—I Class	None	None
Retirement Blend 2060 Fund	None	None
Retirement Blend 2060 Fund—I Class	None	None
Retirement Blend 2065 Fund	None	None
Retirement Income 2020 Fund	None	None
Science & Technology Fund	None	None
Science & Technology Fund—Advisor Class	None	None
Science & Technology Fund—I Class	None	None
Short Duration Income Fund	None	None
Short Duration Income Fund—I Class	None	None
Short-Term Bond Fund	None	None
Short-Term Bond Fund—Advisor Class	None	None
Short-Term Bond Fund—I Class	None	None
Small-Cap Index Fund	None	None
Small-Cap Index Fund—I Class	None	None
Small-Cap Index Fund—Z Class	None	None
Small-Cap Stock Fund	$10,001-$50,000	None
Small-Cap Stock Fund—Advisor Class	None	None
Small-Cap Stock Fund—I Class	None	None
Small-Cap Stock Fund—Z Class	None	None
Small-Cap Value Fund	None	None
Small-Cap Value Fund—Advisor Class	None	None
Small-Cap Value Fund—I Class	None	None
Small-Cap Value Fund—Z Class	None	None
Spectrum Conservative Allocation Fund	$1-$10,000	None
Spectrum Conservative Allocation Fund—I Class	None	None
Spectrum Diversified Equity Fund	None	None
Spectrum Diversified Equity Fund—I Class	None	None
Spectrum Income Fund	$1-$10,000	None
Spectrum Income Fund—I Class	None	None
Spectrum International Equity Fund	None	None
Spectrum International Equity Fund—I Class	None	None
Spectrum Moderate Allocation Fund	None	None
Spectrum Moderate Allocation Fund—I Class	None	None
Spectrum Moderate Growth Allocation Fund	None	None
Spectrum Moderate Growth Allocation Fund—I Class	None	None
Summit Municipal Income Fund	None	None
Summit Municipal Income Fund—Advisor Class	None	None
Summit Municipal Income Fund—I Class	None	None
Summit Municipal Intermediate Fund	None	None
Summit Municipal Intermediate Fund—Advisor Class	None	None
Summit Municipal Intermediate Fund—I Class	None	None
Target 2005 Fund	None	None
Target 2005 Fund—Advisor Class	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
Target 2005 Fund—I Class	None	None
Target 2010 Fund	None	None
Target 2010 Fund—Advisor Class	None	None
Target 2010 Fund—I Class	None	None
Target 2015 Fund	None	None
Target 2015 Fund—Advisor Class	None	None
Target 2015 Fund—I Class	None	None
Target 2020 Fund	None	None
Target 2020 Fund—Advisor Class	None	None
Target 2020 Fund—I Class	None	None
Target 2025 Fund	None	None
Target 2025 Fund—Advisor Class	None	None
Target 2025 Fund—I Class	None	None
Target 2030 Fund	None	None
Target 2030 Fund—Advisor Class	None	None
Target 2030 Fund—I Class	None	None
Target 2035 Fund	None	None
Target 2035 Fund—Advisor Class	None	None
Target 2035 Fund—I Class	None	None
Target 2040 Fund	None	None
Target 2040 Fund—Advisor Class	None	None
Target 2040 Fund—I Class	None	None
Target 2045 Fund	None	None
Target 2045 Fund—Advisor Class	None	None
Target 2045 Fund—I Class	None	None
Target 2050 Fund	None	None
Target 2050 Fund—Advisor Class	None	None
Target 2050 Fund—I Class	None	None
Target 2055 Fund	None	None
Target 2055 Fund—Advisor Class	None	None
Target 2055 Fund—I Class	None	None
Target 2060 Fund	None	None
Target 2060 Fund—Advisor Class	None	None
Target 2060 Fund—I Class	None	None
Target 2065 Fund	None	None
Target 2065 Fund—Advisor Class	None	None
Target 2065 Fund—I Class	None	None
Tax-Efficient Equity Fund	None	None
Tax-Efficient Equity Fund—I Class	None	None
Tax-Exempt Money Fund	None	None
Tax-Exempt Money Fund—I Class	None	None
Tax-Free High Yield Fund	None	None
Tax-Free High Yield Fund—Advisor Class	None	None
Tax-Free High Yield Fund—I Class	None	None
Tax-Free Income Fund	None	None
Tax-Free Income Fund—Advisor Class	None	None
Tax-Free Income Fund—I Class	None	None
Tax-Free Short-Intermediate Fund	None	None
Tax-Free Short-Intermediate Fund—Advisor Class	None	None
Tax-Free Short-Intermediate Fund—I Class	None	None
Total Equity Market Index Fund	None	None
Total Return Fund	None	None
Total Return Fund—Advisor Class	None	None
Total Return Fund—I Class	None	None
Treasury Reserve Fund	None	None
U.S. Equity Research Fund	None	None
U.S. Equity Research Fund—Advisor Class	None	None
U.S. Equity Research Fund—I Class	None	None
U.S. Equity Research Fund—R Class	None	None
U.S. Equity Research Fund—Z Class	None	None
U.S. High Yield Fund	None	None
U.S. High Yield Fund—Advisor Class	None	None
U.S. High Yield Fund—I Class	None	None


Aggregate Holdings	Interested Directors
All Price Funds	Oestreicher	Veiel
	Over $100,000	Over $100,000
U.S. Large-Cap Core Fund	None	None
U.S. Large-Cap Core Fund—Advisor Class	None	None
U.S. Large-Cap Core Fund—I Class	None	None
U.S. Large-Cap Core Fund—Z Class	None	None
U.S. Limited Duration TIPS Index Fund	None	None
U.S. Limited Duration TIPS Index Fund—I Class	None	None
U.S. Limited Duration TIPS Index Fund—Z Class	None	None
U.S. Treasury Intermediate Index Fund	None	None
U.S. Treasury Intermediate Index Fund—I Class	None	None
U.S. Treasury Intermediate Index Fund—Z Class	None	None
U.S. Treasury Long-Term Index Fund	None	None
U.S. Treasury Long-Term Index Fund—I Class	None	None
U.S. Treasury Long-Term Index Fund—Z Class	None	None
U.S. Treasury Money Fund	Over $100,000	Over $100,000
U.S. Treasury Money Fund—I Class	None	None
U.S. Treasury Money Fund—Z Class	None	None
Ultra Short-Term Bond Fund	None	None
Ultra Short-Term Bond Fund—I Class	None	None
Value Fund	None	None
Value Fund—Advisor Class	None	None
Value Fund—I Class	None	None
Value Fund—Z Class	None	None
Virginia Tax-Free Bond Fund	None	None
Virginia Tax-Free Bond Fund—I Class	None	None
Value Fund—Advisor Class	None	None
Value Fund—I Class	None	None
Value Fund—Z Class	None	None
Virginia Tax-Free Bond Fund	None	None
Virginia Tax-Free Bond Fund—I Class	None	None

Portfolio Managers’ Holdings in the Price Funds

The following tables set forth the dollar range of equity securities beneficially owned by each Price Fund’s portfolio manager as of each Price Fund’s most recently completed fiscal year-end, unless otherwise indicated. Portfolio managers are encouraged to invest in the Price Funds they manage to align their interests with those of fund shareholders. Exceptions may arise when, for example, tax considerations or the nature of the fund make the investment inappropriate for the portfolio manager.

Holdings in the investment strategy include investments in the applicable Price Fund, as well as all investment portfolios that are managed by the same portfolio manager and have investment objectives, policies, and strategies that are substantially similar to those of the fund. Substantially similar portfolios may include other Price Funds (such as institutional funds), T. Rowe Price common trust funds, and non-U.S. pooled investment vehicles, such as Société d’Investissement à Capital Variable Funds (SICAVs).

The state tax-free funds are designed to be sold to persons residing in the state referenced in the fund’s name. Since the portfolio managers of the state tax-free funds reside in Maryland, they do not typically invest in funds designed to provide tax benefits for residents of other states.


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 2/29/24	Range of Holdings in Investment Strategy as of 2/29/24
California Tax-Free Bond Fund	Austin Applegate	None	$100,001–$500,000
Georgia Tax-Free Bond Fund	Timothy G. Taylor	None	$100,001–$500,000
Intermediate Tax-Free High Yield Fund	James M. Murphy	$100,001-$500,000	$100,001-$500,000
Maryland Short-Term Tax-Free Bond Fund	Charles B. Hill James T. Lynch (a)	$1–$10,000 (a)	$1–$10,000 (a)
Maryland Tax-Free Bond Fund	Timothy G. Taylor	$100,001–$500,000	$100,001–$500,000


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 2/29/24	Range of Holdings in Investment Strategy as of 2/29/24
Maryland Tax-Free Money Fund(b)	Alexander S. Obaza Douglas D. Spratley Chen Shao (b)	None None (b)	None None (b)
Mortgage-Backed Securities Multi-Sector Account Portfolio(c)	Ramon Roberto de Castro	None	$10,001–$50,000
New Jersey Tax-Free Bond Fund	Timothy G. Taylor	None	$100,001-$500,000
New York Tax-Free Bond Fund	Timothy G. Taylor	None	$100,001-$500,000
Tax-Efficient Equity Fund	Donald J. Peters	Over $1,000,000	Over $1,000,000
Tax-Exempt Money Fund(b)	Alexander S. Obaza Douglas D. Spratley Chen Shao (b)	None None (b)	None None (b)
Tax-Free High Yield Fund	James M. Murphy	$500,001–$1,000,000	$500,001–$1,000,000
Tax-Free Income Fund	Timothy G. Taylor	$1–$10,000	$1–$10,000
Tax-Free Short-Intermediate Fund	Charles B. Hill James T. Lynch (a)	None (a)	None (a)
Virginia Tax-Free Bond Fund	Timothy G. Taylor	None	$100,001–$500,000

(a) Effective June 30, 2024, Mr. Lynch became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(b) Effective June 1, 2024, Mr. Shao became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective December 31, 2024, Mr. Spratley will step down as co-portfolio manager of the fund.

(c) The fund is not available for direct purchase by members of the public; therefore, the portfolio manager is not permitted to invest directly in the fund.


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 5/31/24	Range of Holdings in Investment Strategy as of Fund's Fiscal Year as of 5/31/24
Corporate Income Fund	Steve Boothe	$100,001-$500,000	$100,001-$500,000
	Lauren T. Wagandt	None	None
Credit Opportunities Fund	Rodney M. Rayburn	over $1,000,000	over $1,000,000
Floating Rate Fund	Paul M. Massaro	$100,001-$500,000	$100,001-$500,000
Global Multi-Sector Bond Fund	Kenneth A. Orchard	$100,001-$500,000	$100,001-$500,000
GNMA Fund	Ramon Roberto de Castro	$10,001-$50,000	$10,001-$50,000
Government Money Fund	Alexander S. Obaza	None	None
Government Reserve	Douglas D. Spratley	None	$50,001-$100,000
Fund(a)(b)	Alexander S. Obaza	None	None
High Yield Fund	Rodney M. Rayburn	None	$100,001-$500,000
Inflation Protected Bond Fund	Amit Deshpande Robert M. Larkins Yongheon Lee	(c) (c) (c)	(c) (c) (c)
Institutional Floating Rate Fund	Paul M. Massaro	$100,001-$500,000	$100,001-$500,000
Institutional High Yield Fund	Rodney M. Rayburn	$100,001-$500,000	$100,001-$500,000
Institutional Long Duration Credit Fund	Amit Deshpande Robert M. Larkins Yongheon Lee	(c) None (c)	(c) None (c)
Limited Duration Inflation Focused Bond Fund	Amit Deshpande Robert M. Larkins Yongheon Lee	(c) (c) (c)	(c) (c) (c)
New Income Fund	Christopher P. Brown	(d)	(d)
	Anna Alexandra Dreyer	(d)	(d)
Retirement 2005 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000
Retirement 2010 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000
Retirement 2015 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 5/31/24	Range of Holdings in Investment Strategy as of Fund's Fiscal Year as of 5/31/24
Retirement 2020 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000
Retirement 2025 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000
Retirement 2030 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000
Retirement 2035 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	$100,001-$500,000	over $1,000,000
Retirement 2040 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	$500,001-$1,000,000	over $1,000,000
Retirement 2045 Fund	Kimberly E. DeDominicis	$500,001-$1,000,000	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000
Retirement 2050 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	over $1,000,000	over $1,000,000
Retirement 2055 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	$500,001-$1,000,000	over $1,000,000
Retirement 2060 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	over $1,000,000	over $1,000,000
Retirement 2065 Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	$500,001-$1,000,000	over $1,000,000
Retirement Balanced Fund	Kimberly E. DeDominicis	None	over $1,000,000
	Andrew Jacobs van Merlen	None	over $1,000,000
	Wyatt A. Lee	None	over $1,000,000
Retirement Blend 2005 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2010 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2015 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2020 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2025 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2030 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2035 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2040 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2045 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2050 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 5/31/24	Range of Holdings in Investment Strategy as of Fund's Fiscal Year as of 5/31/24
Retirement Blend 2055 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2060 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Retirement Blend 2065 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Short Duration Income Fund	Steven M. Kohlenstein	$50,001-$100,000	$50,001-$100,000
	Cheryl A. Mickel	$500,001-$1,000,000	$500,001-$1,000,000
Short-Term Bond Fund	Michael F. Reinartz	$100,001-$500,000	$100,001-$500,000
	Steven M. Kohlenstein	$1-$10,000	$1-$10,000
Spectrum Conservative Allocation Fund	Christina Dove Noonan Charles M. Shriver	(e) $100,001-$500,000	(e) $100,001-$500,000
	Toby M. Thompson	$500,001-$1,000,000	$500,001-$1,000,000
Spectrum Moderate Allocation Fund	Christina Dove Noonan Charles M. Shriver	(e) $100,001-$500,000	(e) $100,001-$500,000
	Toby M. Thompson	$100,001-$500,000	$100,001-$500,000
Spectrum Moderate Growth Allocation Fund	Christina Dove Noonan Charles M. Shriver	(e) $100,001-$500,000	(e) $100,001-$500,000
	Toby M. Thompson	$100,001-$500,000	$100,001-$500,000
Target 2005 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2010 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2015 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2020 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2025 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2030 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2035 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2040 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2045 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2050 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2055 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2060 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Target 2065 Fund	Kimberly E. DeDominicis	None	None
	Andrew Jacobs van Merlen	None	None
	Wyatt A. Lee	None	None
Total Return Fund	Christopher P. Brown Jr.	$100,001-$500,000	$100,001-$500,000
	Anna Alexandra Dreyer	$100,001-$500,000	$100,001-$500,000
Treasury Reserve Fund(a)(b)	Douglas D. Spratley	None	$50,001-$100,000


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 5/31/24	Range of Holdings in Investment Strategy as of Fund's Fiscal Year as of 5/31/24
	Alexander S. Obaza	None	None
U.S. High Yield Fund	Kevin Patrick Loome	None	None
U.S. Limited Duration TIPS Index Fund	Amit Deshpande Robert M. Larkins Yongheon Lee	(c) (c) (c)	(c) (c) (c)
U.S. Treasury Intermediate Index Fund	Amit Deshpande Robert M. Larkins Yongheon Lee	(c) (c) (c)	(c) (c) (c)
U.S. Treasury Long-Term Index Fund	Amit Deshpande Robert M. Larkins Yongheon Lee	(c) (c) (c)	(c) (c) (c)
U.S. Treasury Money Fund	Alexander S. Obaza	$1-$10,000	$1-$10,000
Ultra Short-Term Bond Fund	Alexander S. Obaza	$100,001-$500,000	$100,001-$500,000

(a) The fund is not available for direct purchase by members of the public; therefore, the portfolio manager is not permitted to invest directly in the fund.

(b) Effective June 30, 2024, Mr. Deshpande, Mr. Larkins, and Mr. Lee became co-portfolio managers of the fund. Therefore, the range of fund holdings is not yet available.

(c) Effective June 30, 2024, Mr. Deshpande and Mr. Lee became co-portfolio managers of the fund. Therefore, the range of fund holdings is not yet available.

(d) Effective July 18, 2024, Mr. Brown and Ms. Dreyer became co-portfolio managers of the fund. Therefore, the range of fund holdings is not yet available.

(e) Effective January 1, 2025, Ms. Noonan became co-portfolio managers of the fund. Therefore, the range of fund holdings is not yet available.


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 10/31/24	Range of Holdings in Investment Strategy as of 10/31/24
Africa & Middle East Fund	Oluwaseun Oyegunle	$100,001-$500,000	$100,001-$500,000
Asia Opportunities Fund	Jihong Min	None	None
Cash Reserves Fund	Alexander S. Obaza	None	None
China Evolution Equity Fund	Wenli Zheng	over $1,000,000	over $1,000,000
Emerging Europe Fund	Ulle Adamson Oliver Douglas Martin Bell	None (a)	None (a)
Emerging Markets Discovery Stock Fund	Ernest C. Yeung	over $1,000,000	over $1,000,000
Emerging Markets Stock Fund	Eric C. Moffett	over $1,000,000	over $1,000,000
European Stock Fund	Sebastian Schrott	None	None
Global Allocation Fund	Charles M. Shriver	over $1,000,000	over $1,000,000
	Toby M. Thompson Christina Dove Noonan	$100,001-$500,000 None	$100,001-$500,000 None
Global Growth Stock Fund	Robert Scott Berg	over $1,000,000	over $1,000,000
Global Impact Equity Fund	Harishankar Balkrishna	None	None
Global Stock Fund	David J. Eiswert	over $1,000,000	over $1,000,000
Global Value Equity Fund	Sebastien Mallet	over $1,000,000	over $1,000,000
Institutional Emerging Markets Equity Fund	Eric C. Moffett	None	over $1,000,000
International Disciplined Equity Fund	Federico Santilli	$100,001-$500,000	$100,001-$500,000
International Discovery Fund	Benjamin Griffiths Hiroshi Watanabe Wenli Zheng	over $1,000,000 None None	over $1,000,000 None None
International Equity Index Fund	Neil Smith	None	None
International Stock Fund	Richard N. Clattenburg	over $1,000,000	over $1,000,000
International Value Equity Fund	Colin McQueen	$100,001-$500,000	$100,001-$500,000
Japan Fund	Hiroshi Watanabe	None	None
Latin America Fund	Verena E. Wachnitz	$500,001-$1,000,000	$500,001-$1,000,000
Multi-Strategy Total Return	Christopher Faulkner-MacDonagh	$50,001-$100,000	$50,001-$100,000
Fund	Stefan Hubrich	$500,001-$1,000,000	$500,001-$1,000,000
New Asia Fund	Anh Lu	None	over $1,000,000
Overseas Stock Fund	Elias Chrysostomou	None	None


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 10/31/24	Range of Holdings in Investment Strategy as of 10/31/24
QM U.S. Bond Index Fund	Amit Deshpande Robert M. Larkins Yongheon Lee	None $10,001-$50,000 $10,001-$50,000	None $10,001-$50,000 $10,001-$50,000
Summit Municipal Income Fund	Austin Applegate	$100,001-$500,000	$100,001-$500,000
Summit Municipal Intermediate Fund	Charles B. Hill James T. Lynch	over $1,000,000 None	over $1,000,000 $1-$10,000

(a) Effective September 30, 2024, Mr. Bell became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 12/31/23	Range of Holdings in Investment Strategy as of 12/31/23
All-Cap Opportunities Fund	Justin P. White	Over $1,000,000	Over $1,000,000
Balanced Fund	Christina Dove Noonan Charles M. Shriver Toby M. Thompson	(a) $100,001-$500,000 $100,001-$500,000	(a) $100,001-$500,000 $100,001-$500,000
Blue Chip Growth Fund	Paul D. Greene II	None	Over $1,000,000
Capital Appreciation Fund	David R. Giroux	Over $1,000,000	Over $1,000,000
Communications & Technology Fund	Daniel Shear James Stillwagon (b)	(b) $100,001-$500,000	(b) $100,001-$500,000
Diversified Mid-Cap Growth Fund	Donald J. Peters	Over $1,000,000	Over $1,000,000
Dividend Growth Fund	Thomas J. Huber	Over $1,000,000	Over $1,000,000
Dynamic Credit Fund(c)	Steven E. Boothe Kenneth Antony Orchard	Over $1,000,000 (c)	Over $1,000,000 (c)
Dynamic Global Bond Fund	Adam Marden Scott D. Solomon	(d) None	(d) $100,001-$500,000
Emerging Markets Bond Fund	Samy B. Muaddi	$500,001-$1,000,000	$500,001-$1,000,000
Emerging Markets Corporate Bond Fund(e)	Shiu Tak (Sheldon) Chan Siby Thomas	(e) $500,001-$1,000,000	(e) $500,001-$1,000,000
Emerging Markets Local Currency Bond Fund	Andrew J. Keirle	$100,001-$500,000	$100,001-$500,000
Equity Income Fund	John D. Linehan	Over $1,000,000	Over $1,000,000
Equity Index 500 Fund	Neil Smith	None	None
Extended Equity Market Index Fund	Neil Smith	None	None
Financial Services Fund	Matthew J. Snowling Gregory Locraft	$100,001-$500,000 (f)	$100,001-$500,000 (f)
Global Consumer Fund	Ann M. Holcomb Weijie (Vivian) Si	(g) None	(g) None
Global High Income Bond Fund	Michael F. Connelly Michael Della Vedova Samy B. Muaddi	over $1,000,000 $100,001-$500,000 over $1,000,000	Over $1,000,000 $100,001-$500,000 over $1,000,000
Global Industrials Fund	Jason Adams	None	None
Global Real Estate Fund	Jai Kapadia	None	$50,001-$100,000
Global Technology Fund	Dominic Rizzo	$500,001-$1,000,000	$500,001-$1,000,000
Growth Stock Fund	Joseph B. Fath (h) James Stillwagon	Over $1,000,000 (h)	Over $1,000,000 (h)
Health Sciences Fund	Ziad Bakri	$500,001-$1,000,000	$500,001-$1,000,000
Hedged Equity Fund	Sean P. McWilliams	None	None
Institutional Large-Cap Core Growth Fund	Paul D. Greene II	None	Over $1,000,000
Institutional Mid-Cap Equity Growth Fund	Brian W.H. Berghuis Donald J. Easley Ashely R. Woodruff	Over $1,000,000 (i) (i)	Over $1,000,000 (i) (i)


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 12/31/23	Range of Holdings in Investment Strategy as of 12/31/23
Institutional Small-Cap Stock Fund	Alexander Paul Roik	Over $1,000,000	Over $1,000,000
Integrated Global Equity Fund	David Corris Prashant G. Jeyaganesh Jordan S. Pryor Joseph Wolfe	$50,001-$100,000 $10,001-$50,000 $10,001-$50,000 (j)	$50,001-$100,000 $10,001-$50,000 $10,001-$50,000 (j)
Integrated U.S. Large-Cap Value Equity Fund	David Corris Prashant G. Jeyaganesh Joseph Wolfe	$100,001-$500,000 $10,001-$50,000 (j)	$100,001-$500,000 $10,001-$50,000 (j)
Integrated U.S. Small-Cap Growth Equity Fund	David Corris Prashant G. Jeyaganesh	(k) (k)	(k) (k)
Integrated U.S. Small-Mid Cap Core Equity Fund	David Corris Prashant G. Jeyaganesh	$100,001-$500,000 $50,001-$100,000	$100,001-$500,000 $50,001-$100,000
International Bond Fund	Andrew J. Keirle Kenneth Antony Orchard	None None	None None
International Bond Fund (USD Hedged)	Andrew J. Keirle Kenneth Antony Orchard	None None	None None
Large-Cap Growth Fund	Jon Michael Friar Taymour R. Tamaddon	(l) Over $1,000,000	(l) Over $1,000,000
Large-Cap Value Fund	John D. Linehan Gabriel Solomon	Over $1,000,000 Over $1,000,000	Over $1,000,000 Over $1,000,000
Mid-Cap Growth Fund	Brian W.H. Berghuis Donald J. Easley Ahley R. Woodruff	Over $1,000,000 (i) (i)	Over $1,000,000 (i) (i)
Mid-Cap Index Fund(m)	Neil Smith	None	None
Mid-Cap Value Fund	Vincent Michael DeAugustino	$500,001–$1,000,000	Over $1,000,000
New Era Fund	Shinwoo Kim Richard de los Reyes	$100,001-$500,000 (n)	$100,001-$500,000 (n)
New Horizons Fund	Joshua K. Spencer	over $1,000,000	Over $1,000,000
Real Assets Fund	Richard Coghlan Christopher Faulkner-MacDonagh	$100,001-$500,000 None	$100,001-$500,000 $50,001-$100,000
Real Estate Fund	Gregg Korondi	$100,001-$500,000	$100,001-$500,000
Retirement Income 2020 Fund(o)	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Retirement Income 2025 Fund(o)	Kimberly E. DeDominicis Andrew G. Jacobs Van Merlen Wyatt A. Lee	None None None	None None None
Science & Technology Fund	Anthony Bruce Wang	$500,001-$1,000,000	$500,001-$1,000,000
Small-Cap Index Fund(m)	Neil Smith	None	None
Small-Cap Stock Fund	Alexander Paul Roik	$500,001-$1,000,000	Over $1,000,000
Small-Cap Value Fund	John David Wagner	$100,001–$500,000	Over $1,000,000
Spectrum Diversified Equity Fund	Christina Dove Noonan Charles M. Shriver Toby M. Thompson	(a) $500,001-$1,000,000 $10,001-$50,000	(a) $500,001-$1,000,000 $10,001-$50,000
Spectrum Income Fund	Christina Dove Noonan Charles M. Shriver Toby M. Thompson	(a) $100,001-$500,000 $50,001-$10,000	(a) $100,001-$500,000 $50,001-$10,000
Spectrum International Equity Fund	Christina Dove Noonan Charles M. Shriver Toby M. Thompson	(a) $100,001-$500,000 $10,001-$50,000	(a) $100,001-$500,000 $10,001-$50,000
Transition Fund(m)	Matthew W. Novak Bradley R. Raglin	None None	None None
Total Equity Market Index Fund	Neil Smith	None	None
U.S. Equity Research Fund	Ann M. Holcomb Jason Nogueira Jason Benjamin Polun	Over $1,000,000 Over $1,000,000 Over $1,000,000	Over $1,000,000 Over $1,000,000 Over $1,000,000
U.S. Large-Cap Core Fund	Shawn T. Driscoll	Over $1,000,000	Over $1,000,000


Fund	Portfolio Manager	Range of Equity Securities in the Fund Beneficially Owned as of 12/31/23	Range of Holdings in Investment Strategy as of 12/31/23
Value Fund	Ryan S. Hedrick	Over $1,000,000	Over $1,000,000

(a) Effective January 1, 2025, Ms. Noonan became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(b) Effective January 1, 2025, Mr. Shear became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective March 31, 2025 Mr. Stillwagon will step down as co-portfolio manager of the fund.

(c) Effective August 6, 2024, Mr. Orchard became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(d) Effective October 16, 2024, Mr. Marden became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(e) Effective September 30, 2024, Shiu Tak (Sheldon) Chan will become co-portfolio manager of the fund and Mr. Muaddi will step down as co-portfolio manager of the fund.

(f) Effective September 1, 2024, Greg Locraft became co-portfolio managers of the fund. Therefore, the range of holdings is not yet available.

(g) Effective December 26, 2024, Ms. Holcomb became the interim portfolio manager of the fund. Ms Si will resume her role as the fund’s portfolio manager on or about March 25, 2025.

(h) Effective January 1, 2025, Mr. Stillwagon became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available. Effective September 30, 2025 Mr. Fath will step down as co-portfolio manager of the fund.

(i) Effective January 1, 2025, Mr. Easley and Ms. Woodruff became co-portfolio managers of the fund. Therefore, the range of holdings are not yet available.

(j) Effective August 1, 2024, Mr. Wolfe became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(k) Effective May 1, 2024, Mr. Corris and Mr. Jeyaganesh became co-portfolio managers of the fund. Therefore, the range of holdings is not yet available.

(l) Effective January 1, 2025, Ms. Friar became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(m) The fund is not available for direct purchase by members of the public; therefore, the portfolio manager is not permitted to invest directly in the fund.

(n) Effective June 1, 2024, Mr. de los Reyes became co-portfolio manager of the fund. Therefore, the range of holdings is not yet available.

(o) The fund is designed to provide a diversified portfolio that becomes more conservative over time based on an expected retirement year.

Portfolio Manager Compensation

Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and Price Australia, Price Hong Kong, Price Singapore, Price Japan, Price International, and Price Investment Management, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund’s prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee (as described under the “Disclosure of Fund Portfolio Information” section) and is the same as the selection presented to the directors of the Price Funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered and is especially important for the Tax-Efficient Equity Fund.

Compensation is viewed with a long-term time horizon. The more consistent a portfolio manager’s performance over time, the higher the compensation opportunity. The increase or decrease in a fund’s assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund’s expense ratio is usually taken into account. Contribution to T. Rowe Price’s overall investment process is an important consideration as well. Leveraging ideas and investment insights across applicable investment platforms; working effectively with and mentoring others; and other contributions to our clients, the firm, or our culture are important components of T. Rowe Price’s long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, can participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group, and certain vice presidents of T. Rowe Price Group receive supplemental medical/hospital reimbursement benefits.

This compensation structure is used when evaluating the performance of all portfolios (including the Price Funds) managed by the portfolio manager.

Assets Under Management

The following table sets forth the number and total assets of the registered investment companies, other pooled investment vehicles, and other accounts managed by the portfolio managers as of the most recent fiscal year-end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all co-portfolio managers of those funds. There are no accounts for which the advisory fee is based on the performance of the account.


	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Jason Adams	1	$198,834,577	0	—	0	—
Ulle Adamson	1	61,107,643	0	—	0	—
Archibald Ciganer Albeniz	1	402,442,533	8	685,556,174	1	268,570,353
Austin Applegate	4	8,144,248,939	7	626,003,651	1	235,200,963
Ziad Bakri	5	16,762,338,924	3	2,617,529,026	0	—
Harishankar Balkrishna	1	20,843,739	5	141,194,546	0	—
Robert Scott Berg	1	1,115,727,372	20	10,913,725,011	0	—
Oliver Douglas Martin Bell	1	61,107,643	0	—	1
Brian W.H. Berghuis	9	51,002,596,330	6	12,529,443,324	3	704,675,283
Steven E. Boothe	2	541,982,415	8	8,808,503,802	7	9,931,228,571
Christopher P. Brown	2	758,981,082	2	254,377,123	8	9,734,845,812
Shiu Tak (Sheldon) Chan	0	—	1	28,231,374	1	223,799,787
Elias Chrysostomou	10	32,388,696,584	4	20,652,838,379	4	1,614,230,162
Richard N. Clattenburg	4	13,841,237,619	3	10,114,703,883	0	—
Richard Coghlan	2	10,016,912,136	3	12,605,101,590	3	118,705
Michael F. Connelly	1	348,044,213	8	1,370,577,728	1	39,168,176
David Corris	4	3,992,271,054	1	3,403,308,636	3	29,588,096
Ramon Roberto de Castro	2	1,098,949,456	0	—	0	—
Vincent Michael DeAugustino	6	16,771,606,734	3	7,720,950,551	1	109,606
Richard del los Reyes	3	3,468,634,659	3	184,315,215	1	114,277
Kimberly E. DeDominicis	61	184,568,282,098	141	299,677,490,979	0	—
Michael Della Vedova	1	348,044,213	7	1,376,738,730	0	—
Amit Deshpande	14	26,321,468,518	15	19,207,526,758	2	376,465,499
Anna Alexandra Dreyer	2	758,981,082	2	254,377,123	0	—
Shawn T. Driscoll	3	19,862,399,430	7	20,959,421,245	1	4,244,707
Donald J. Easley (b)	—	—	—	—	—	—
David J. Eiswert	1	6,837,558,224	45	25,302,320,194	7	3,903,494,231
Joseph B. Fath	9	67,978,490,486	6	35,778,158,243	4	798,531,250
Christopher Faulkner-MacDonagh	8	18,957,673,243	7	15,409,569,661	1	7,191,121
Stephen M. Finamore	1	10,564,057	1	1,137,776,859	0	—
Quentin S. Fitzsimmons	4	11,360,495,918	25	8,630,100,567	1	483,581,934
Jon Michael Friar (b)	—	—	—	—	—	—
David R. Giroux	9	90,219,871,793	1	899,066,776	0	—
Paul D. Greene II	9	74,783,855,497	25	25,636,860,984	2	874,777,403
Benjamin Griffiths	1	5,992,778,769	4	1,132,457,934	2	99,096,830
Ryan S. Hedrick	5	34,863,182,544	7	30,054,661,476	2	331,684,595
Charles B. Hill	4	5,998,715,563	2	150,362,927	5	1,594,717,612
Ann M. Holcomb	4	27,420,517,787	34	28,624,982,752	4	8,023,086,556
Thomas J. Huber	3	25,287,023,396	1	183,094,937	4	287,480,663
Stefan Hubrich	0	—	0	—	0	—


	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Andrew G. Jacobs Van Merlen	61	199,511,454,853	80	290,841,474,178	0	—
Prashant G. Jeyaganesh	3	599,461,356	0	—	3	29,588,096
Jai Kapadia	1	72,983,774	1	24,806,938	0	—
Andrew J. Keirle	8	15,067,137,641	3	5,187,427,690	0	—
Shinwoo Kim	3	3,248,576,629	3	168,741,121	1	102,391
Steven M. Kohlenstein	7	8,323,754,655	2	9,155,714,405	2	327,420,415
Gregg Korondi	1	854,829,311	0	—	0	—
Robert M. Larkins	8	18,365,132,053	15	18,169,604,875	2	376,465,499
Wyatt A. Lee	61	187,123,467,873	80	275,722,000,527	0	—
Yongheon Lee	14	26,321,468,518	15	19,207,526,758	2	376,465,499
John D. Linehan	17	36,178,092,566	33	24,210,484,715	11	2,579,769,459
Kevin Patrick Loome	5	1,460,227,659	5	824,670,422	0	—
Anh Thi Lu	1	1,994,218,056	3	1,082,598,733	0	—
James T. Lynch	4	5,998,715,563	2	150,362,927	25	1,644,709,210
Sebastien Mallet	1	144,214,375	5	1,203,997,888	0	—
Paul M. Massaro	3	8,125,277,517	9	3,025,664,830	9	4,008,477,472
Hugh D. McGuirk	3	4,757,455,511	0	—	14	810,952,257
Heather K. McPherson	6	12,831,799,108	9	2,473,462,128	18	4,619,266,723
Colin McQueen	3	12,538,566,595	1	14,840,071,006	0	—
Sean P. McWilliams	4	5,505,302,369	1	3,403,308,636	2	28,802,421
Cheryl A. Mickel	1	55,003,356	1	15,362,674,789	1	132,232,049
Jihong Min	1	86,868,411	2	160,882,625	0	—
Eric C. Moffett	5	6,334,873,749	4	6,499,879,137	1	244,738,280
Samy B. Muaddi	9	8,511,623,905	18	7,259,397,656	6	2,477,198,033
James M. Murphy	5	6,657,209,648	0	—	0	—
Christina Dove Noonan (a)	—	—	—	—	—	—
Jason Nogueira	7	31,006,670,564	34	39,744,715,349	5	8,033,623,752
Matthew W. Novak	1	20,697,968	0	—	0	—
Alexander S. Obaza	10	53,617,608,834	2	10,856,781,118	3	8,057,087
Kenneth Antony Orchard	4	8,966,306,542	10	6,489,645,603	2	3,894,452,257
Oluwaseun Oyegunle	1	95,719,903	0	—	0	—
Donald J. Peters	8	6,179,791,848	7	2,211,095,621	4	275,662,339
Jason Benjamin Polun	7	31,006,670,564	35	42,499,845,226	5	8,033,623,752
Jordan S. Pryor	1	38,808,618	0	—	2	18,337,478
Bradley R. Raglin	1	20,697,968	0	—	0	—
Rodney M. Rayburn	6	9,233,238,410	2	3,932,913,432	0	—
Michael F. Reinartz	6	8,268,751,299	3	9,537,081,123	2	327,420,415
Dominic Rizzo	1	4,400,190,561	6	3,478,094,894	2	519,560,326
Alexander Paul Roik	4	14,166,171,807	5	6,171,421,209	1	77,774,221
Federico Santilli	2	515,128,182	1	305	2	2,381,901
Sebastian Schrott	2	981,918,980	10	374,392,138	2	213,793,411
Chen Shao	3	1,706,768,867	0	—	3	14,857,767
Daniel Shear (b)	—	—	—	—	—	—
Charles M. Shriver	15	42,731,744,836	25	9,845,311,343	4	254,729,741
Farris G. Shuggi	1	20,929,138	0	—	1	12,059,888
Weijie (Vivian) Si	1	43,991,510	0	—	0	—


	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Neil Smith	8	38,942,482,274	7	38,942,482,274	0	—
Matthew J. Snowling	1	1,343,748,069	0	—	0	—
Gabriel Solomon	6	8,805,137,159	18	5,864,814,994	7	2,402,118,463
Scott D. Solomon	1	3,907,516,686	7	5,791,594,776	0	—
Joshua K. Spencer	2	25,215,993,517	10	7,031,807,475	2	51,692,133
Douglas D. Spratley	8	47,829,723,700	2	10,754,441,019	3	14,857,767
James Stillwagon	1	8,410,877,489	1	1,099,820,861	0	—
Taymour R. Tamaddon	8	28,406,659,624	63	32,061,787,571	13	5,631,055,987
Timothy G. Taylor	6	7,020,579,741	1	6,940,249	0	—
Siby Thomas	4	824,092,700	3	2,233,937,885	6	2,609,943,734
Toby M. Thompson	10	35,012,472,830	28	9,575,517,775	33	249,179,945
Verena Wachnitz	1	356,544,080	0	—	0	—
Lauren T. Wagandt	1	541,979,908	5	7,590,196,040	1	434,861,705
John David Wagner	4	11,167,754,554	5	5,665,526,995	0	—
Anthony Bruce Wang	3	10,200,936,856	1	76,435,059	0	—
Hiroshi Watanabe	2	6,268,284,300	10	1,516,004,405	2	99,096,830
Justin P. White	2	13,207,136,349	6	3,664,263,294	1	128,551
Joseph Wolfe	—	—	—	—	—	—
Ashley R. Woodruff (b)	—	—	—	—	—	—
Ernest C. Yeung	3	5,016,025,852	5	4,979,845,508	0	—
Wenli Zheng	2	6,041,812,085	6	1,309,411,099	4	132,652,845

(a) The individual will assume co-portfolio management responsibilities of a mutual fund on September 30, 2024.

(b) The individual assumed co-portfolio management responsibilities of a mutual fund on January 1, 2025.

Conflicts of Interest

Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, exchange-traded funds, business development companies, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, private funds, and common trust funds. T. Rowe Price also provides non-discretionary advice to institutional investors in the form of delivery of model portfolios. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that they believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe Price and its affiliates have adopted brokerage and trade allocation policies and procedures that they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts. Investments made by a fund and the results achieved by a fund at any given time are not expected to be the same as those made by other funds for which T. Rowe Price acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a fund. This may be attributable to a wide variety of factors, including, but not limited to, large shareholder purchases or redemptions or specific investment restrictions. Please see the “Portfolio Transactions” section of this SAI for more information about our brokerage and trade allocation policies. Also, as disclosed under the “Portfolio Manager Compensation” section, the portfolio managers’ compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager.

The Price Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on funds, including the Price Funds. T. Rowe Price acts as subadviser to two mutual funds offered by Morningstar. T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates. The Price Funds may generally not purchase shares of stock issued by T. Rowe Price Group, Inc. However, a T. Rowe Price Index Fund is permitted to make such purchases to the extent T. Rowe Price Group, Inc. is represented in the benchmark index the fund is designed to track.

T. Rowe Price and its affiliates furnish investment management and advisory services to numerous clients in addition to the Price Funds, and T. Rowe Price or its affiliates may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which have performance or higher fees paid to T. Rowe Price), which may be the same as or different from those made to the Fund. In addition, T. Rowe Price, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale T. Rowe Price recommends to the Price Funds. In addition, T. Rowe Price may refrain from rendering any advice or services concerning securities of companies of which any of T. Rowe Price’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which T. Rowe Price or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material nonpublic information.

Additional potential conflicts may be inherent in our use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer’s capital structure, including circumstances in which one or more clients may own private securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer. For example, a client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, is involved in a merger or acquisition or a going private transaction, decisions over the terms of any workout or transaction will raise conflicts of interests. While it is appropriate for different clients to hold investments in different parts of the same issuer’s capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, as the securities they hold will likely have different voting rights, dividend or repayment priorities or other features that could be in conflict with one another. Clients should be aware that conflicts will not necessarily be resolved in favor of their interests.

In some cases, T. Rowe Price or its affiliates may refrain from taking certain actions or making certain investments on behalf of clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory actions or other implications for T. Rowe Price or its affiliates, or may sell investments for certain clients, in such case potentially disadvantaging the clients on whose behalf the actions are not taken, investments not made, or investments sold. In other cases, T. Rowe Price or its affiliates may take actions in order to mitigate legal risks to T. Rowe Price or its affiliates, even if disadvantageous to a client.

Conflicts such as those described above may also occur between clients on the one hand, and T. Rowe Price or its affiliates, on the other. These conflicts will not always be resolved in the favor of the client. In addition, conflicts may exist between different clients of T. Rowe Price or its affiliates. T. Rowe Price and one or more of its affiliates may operate autonomously from each other and may take actions that are adverse to other clients managed by an affiliate. In some cases, T. Rowe Price or its affiliates will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect T. Rowe Price or its affiliates’ clients. Additional potential conflicts may be inherent in our use of multiple strategies. Regulatory requirements may prohibit T. Rowe Price or its affiliates from investing in certain companies on behalf of some of their clients, including the Price Funds, while at the same time not prohibiting T. Rowe Price or its affiliates from making those same investments on behalf of other clients that are not subject to such requirements. T. Rowe Price or its affiliates’ ability to negotiate certain rights, remedies, or take other actions on behalf of the Price Funds with respect to an investment also may be limited in situations in which an affiliate of the Price Funds (or certain other interested persons) have a direct or indirect interest in the same issuer. When permitted by applicable law, other clients of T. Rowe Price or its affiliates, on the one hand, and one or more Price Funds, on the other hand, may invest in or extend credit to different classes of securities or different parts of the capital structure of a single issuer. T. Rowe Price or its affiliates may pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of themselves or one or more clients other than the Price Funds with respect to an issuer in which a Price Fund has invested, and such actions (or refraining from action) may have a material adverse effect on such Price Fund. In addition, as a result of regulatory requirements or otherwise, in situations in which T. Rowe Price clients (including the Price Funds) hold positions in multiple parts of the capital structure of an issuer, T. Rowe Price or its affiliates may not pursue certain actions that may otherwise be available. T. Rowe Price and its affiliates address these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, T. Rowe Price may determine to rely on one or more information barriers between different advisers, business units, or portfolio management teams, or to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of a client. In these

situations, investment personnel are mindful of potentially conflicting interests of our clients with investments in different parts of an issuer’s capital structure and seek to take appropriate measures to ensure that the interests of all clients are fairly represented. As a result of the various conflicts and related issues described in this paragraph, a Price Fund could sustain losses during periods in which T. Rowe Price or its affiliates and other clients of T. Rowe Price or its affiliates achieve profits generally or with respect to particular holdings, or could achieve lower profits or higher losses than would have been the case had the conflicts described above not existed.

PRINCIPAL HOLDERS OF SECURITIES

As of December 31, 2023, none of the independent directors or their immediate family members owned beneficially or of record any securities of T. Rowe Price (the Price Funds’ investment adviser), Investment Services (the Price Funds’ distributor), or any person controlling, controlled by, or under common control with T. Rowe Price or Investment Services.

As of November 30, 2024, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund.

As of November 30, 2024, the following shareholders of record owned more than 5% of the outstanding shares of the indicated funds and/or classes.

2/29 Fiscal Year Funds


FUND	SHAREHOLDER	%
CALIFORNIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	17.97
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT
	211 MAIN STREET
	SAN FRANCISCO CA 94105-1905

	MLPF&S FOR THE SOLE BENEFIT OF	6.92
	ITS CUSTOMERS
	4800 DEERLAKE DR E 3RD FL
	JACKSONVILLE FL 32246-6484

	NATIONAL FINANCIAL SERVICES	38.07(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	499 WASHINGTON BLVD FL 5
	JERSEY CITY NJ 07310-2010
CALIFORNIA TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	10.16
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	SEI PRIVATE TRUST COMPANY	17.12
	C/O MELLON BANK
	1 FREEDOM VALLEY DR
	OAKS PA 19456-9989
GEORGIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	12.00
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	MARIL & CO FBO 5A	6.53
	C/O RELIANCE TRUST COMPANY WI
	MAILCODE: BD1N - ATTN MF
	4900 W BROWN DEER RD
	MILWAUKEE WI 53223-2422

	NATIONAL FINANCIAL SERVICES	42.05(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
GEORGIA TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	15.34
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	SEI PRIVATE TRUST COMPANY	35.31(a)
	C/O TRUST


FUND	SHAREHOLDER	%
MARYLAND SHORT-TERM TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	17.26
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	11.38
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	19.32
	1 PERSHING PLZ
	JERSEY CITY NJ 07399-0002
MARYLAND SHORT-TERM TAX-FREE BOND FUND—	CHARLES SCHWAB & CO INC	8.89
I CLASS	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS
MARYLAND TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	12.26
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	MORGAN STANLEY SMITH BARNEY LLC	6.23
	FOR THE EXCL BENEFIT OF ITS CUST
	1 NEW YORK PLZ FL 12
	NEW YORK NY 10004-1965

	NATIONAL FINANCIAL SERVICES	22.10
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	5.53
MARYLAND TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	8.40
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS
MARYLAND TAX-FREE MONEY FUND	LPL FINANCIAL	5.13
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES	12.75
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RBC CAPITAL MARKETS LLC	15.87
	MUTUAL FUND OMNIBUS PROCESSING
	OMNIBUS
	ATTN MUTUAL FUND OPS MANAGER
	250 NICOLLET MALL STE 1400
	MINNEAPOLIS MN 55401-1931
MARYLAND TAX-FREE MONEY FUND—I CLASS	BARBARA T TICE T O D	8.78

	MARY JOHN MILLER	14.29
	JAMES D MILLER JT TEN


FUND	SHAREHOLDER	%
MORTGAGE-BACKED SECURITIES MULTI-SECTOR	BALTIMORE EQUITABLE SOCIETY	6.19
ACCOUNT PORTFOLIO	ATTN MARY HARLEE
	100 N CHARLES ST STE 640
	BALTIMORE MD 21201-3808

	GENERAL DYNAMICS CORP 401K	93.81(a)
	PLAN MASTER TRUST CP
	11011 SUNSET HILLS RD
	RESTON VA 20190-5311
NEW JERSEY TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	9.49
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL	6.87
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES	46.10(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
NEW JERSEY TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	8.30
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	SAXON & CO	8.05
	PO BOX 94597
	CLEVELAND OH 44101-4597
NEW YORK TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	15.36
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	MORGAN STANLEY SMITH BARNEY LLC	5.28
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES	14.95
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
NEW YORK TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	9.96
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS


FUND	SHAREHOLDER	%
TAX-EFFICIENT EQUITY FUND	CHARLES SCHWAB & CO INC	17.92
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL	8.23
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES	19.94
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	9.10
TAX-EFFICIENT EQUITY FUND—I CLASS	CHARLES SCHWAB & CO INC	9.23
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	PERSHING LLC	5.52
TAX-EXEMPT MONEY FUND	PERSHING LLC	14.22
TAX-FREE HIGH YIELD FUND	CHARLES SCHWAB & CO INC	9.24
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	GOLDMAN SACHS & CO	27.62(a)
	C/O MUTUAL FUNDS OPS
	222 S MAIN ST
	SALT LAKE CITY UT 84101-2199

	NATIONAL FINANCIAL SERVICES	9.08
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	9.25
TAX-FREE HIGH YIELD FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	7.69
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	62.88(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	21.99


FUND	SHAREHOLDER	%
TAX-FREE HIGH YIELD FUND—I CLASS	BAND & CO C/O US BANK NA	18.86
	1555 N RIVERCENTER DR STE 302
	MILWAUKEE WI 53212-3958

	CHARLES SCHWAB & CO INC	5.45
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	EDWARD D JONES & CO	6.67
	FOR THE BENEFIT OF CUSTOMERS
	12555 MANCHESTER RD
	SAINT LOUIS MO 63131-3729

	NATIONAL FINANCIAL SERVICES	5.04
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT
TAX-FREE INCOME FUND	CHARLES SCHWAB & CO INC	11.70
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL	9.30
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES	10.46
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RAYMOND JAMES	10.13
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTN COURTNEY WALLER
	880 CARILLON PKWY
	ST PETERSBURG FL 33716-1100
TAX-FREE INCOME FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	24.72
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	61.00(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS


FUND	SHAREHOLDER	%
TAX-FREE INCOME FUND—I CLASS	J.P. MORGAN SECURITIES LLC	5.03
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	4 CHASE METROTECH CTR
	BROOKLYN NY 11245-0003

	NATIONAL FINANCIAL SERVICES	9.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT

	SEI PRIVATE TRUST COMPANY	5.67
	ATTN MUTUAL FUNDS
	C/O M&T BANK

	SEI PRIVATE TRUST COMPANY	21.75
	C/O M&T BANK
	ATTN MUTUAL FUNDS
TAX-FREE SHORT-INTERMEDIATE FUND	CHARLES SCHWAB & CO INC	12.24
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	9.90
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	OLTRUST & CO. - CASH	6.27
	123 MAIN ST 3RD FLOOR
	EVANSVILLE IN 47708-2400

	WELLS FARGO CLEARING SERVICES LLC	38.44(a)
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
	2801 MARKET ST
	SAINT LOUIS MO 63103-2523
TAX-FREE SHORT-INTERMEDIATE FUND—	MORGAN STANLEY SMITH BARNEY LLC	15.36
ADVISOR CLASS	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES	68.06(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	14.90


FUND	SHAREHOLDER	%
TAX-FREE SHORT-INTERMEDIATE FUND—I CLASS	CHARLES SCHWAB & CO INC	5.27
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	CHARLES SCHWAB & CO INC	10.69
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	EDWARD D JONES & CO	14.23
	FOR THE BENEFIT OF CUSTOMERS

	NATIONAL FINANCIAL SERVICES	5.36
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	12.01
VIRGINIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC	13.30
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	28.70(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	8.17

	RAYMOND JAMES	5.69
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
VIRGINIA TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	18.33
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS


(a)	At the level of ownership indicated, the shareholder may be able to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote.

5/31 Fiscal Year Funds


FUND	SHAREHOLDER	%
CORPORATE INCOME FUND	CHARLES SCHWAB & CO INC	6.76
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	6.22
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
CORPORATE INCOME FUND—I CLASS	T ROWE PRICE RPS INC	5.50
	FBO TRP PLAN
	T ROWE PRICE CORP INCOME I
	PO BOX 17215
	BALTIMORE MD 21297-1215


FUND	SHAREHOLDER	%
CORPORATE INCOME FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(a)
	T. ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
CREDIT OPPORTUNITIES FUND	CHARLES SCHWAB & CO INC	27.74(b)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL	15.28
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES	8.40
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	15.17
CREDIT OPPORTUNITIES FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	12.73
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	PERSHING LLC	83.79(b)
CREDIT OPPORTUNITIES FUND—I CLASS	CHARLES SCHWAB & CO INC	44.73(b)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	FIRST DAKOTA NATIONAL BANK TRUST	5.44
	101 N MAIN AVE STE 201
	SIOUX FALLS SD 57104-6411


FUND	SHAREHOLDER	%
FLOATING RATE FUND	CHARLES SCHWAB & CO INC	15.38
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL	10.90
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	MLPF&S FOR THE SOLE BENEFIT OF	5.79
	ITS CUSTOMERS

	MORGAN STANLEY SMITH BARNEY LLC	5.84
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES	18.63
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	5.02

	UBS WM USA	6.59
	SPEC CDY A/C EXL BEN CUSTOMERS
	OF UBSFI
	1000 HARBOR BLVD
	WEEHAWKEN NJ 07086-6761

	WELLS FARGO CLEARING SERVICES LLC	9.26
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS


FUND	SHAREHOLDER	%
FLOATING RATE FUND—ADVISOR CLASS	AMERITAS LIFE INSURANCE CORP	7.02
	SEPARATE ACCOUNT G-2
	ATTN VARIABLE TRADES
	5900 O ST
	LINCOLN NE 68510-2234

	CHARLES SCHWAB & CO INC	7.87
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	CHARLES SCHWAB & CO INC	30.32(b)
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	MLPF&S FOR THE SOLE BENEFIT OF	9.55
	ITS CUSTOMERS

	NATIONAL FINANCIAL SERVICES	21.16
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	7.67
FLOATING RATE FUND—I CLASS	CHARLES SCHWAB & CO INC	30.84(b)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES LLC	5.91
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT
FLOATING RATE FUND—Z CLASS	RETIREMENT PORTFOLIO 2020	12.18
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2025	14.70
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2030	17.81
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2035	8.31
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	SPECTRUM INCOME FUND	28.88(a)
	T. ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT


FUND	SHAREHOLDER	%
GLOBAL MULTI-SECTOR BOND FUND	CHARLES SCHWAB & CO INC	9.85
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	CHARLES SCHWAB & CO INC	5.20
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	LPL FINANCIAL	9.87
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	MORGAN STANLEY SMITH BARNEY LLC	9.88
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES	16.10
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	8.86

	RAYMOND JAMES	9.19
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
GLOBAL MULTI-SECTOR BOND FUND—	CHARLES SCHWAB & CO INC	6.36
ADVISOR CLASS	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	CHARLES SCHWAB & CO INC	10.46
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES	62.28(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
GLOBAL MULTI-SECTOR BOND FUND—I CLASS	CHARLES SCHWAB & CO INC	22.37
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	6.96
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPT

	PERSHING LLC	28.51(b)
GNMA FUND	CHARLES SCHWAB & CO INC	5.66
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT


FUND	SHAREHOLDER	%
GNMA FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(a)
	T. ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
GOVERNMENT MONEY FUND	T ROWE PRICE ASSOCIATES INC	23.99
	ATTN FINANCIAL REPORTING DEPT
GOVERNMENT RESERVE FUND	BRIDGE & CO	5.25
	C/O T ROWE PRICE ASSOC
	ATTN NEW HORIZONS FUND

	JPMORGAN CHASE BANK AS AGENT	9.66
	FOR INSTITUTIONAL FUNDS
	ATTN AMANDA MORLEY
	500 STANTON CHRISTIANA RD
	OPS 4 FL 3
	NEWARK DE 19713-2105

	SEAMILE & CO	19.08
	C/O T ROWE PRICE ASSOC
	ATTN CAPITAL APPREC FUND

	STATE STREET BANK AND TRUST AS	24.77
	CO AGENT FOR T ROWE INSTITUTIONAL FUNDS
	1 LINCOLN ST
	BOSTON MA 02111-2901
HIGH YIELD FUND	CHARLES SCHWAB & CO INC	11.57
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES	10.69
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RBC CAPITAL MARKETS LLC	6.11
	MUTUAL FUND OMNIBUS PROCESSING
	OMNIBUS
HIGH YIELD FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC	11.15
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	MORGAN STANLEY SMITH BARNEY LLC	8.90
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES	49.57(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	VOYA INSTITUTIONAL TRUST COMPANY	6.21
	1 ORANGE WAY B3N
	WINDSOR CT 06095-4774


FUND	SHAREHOLDER	%
HIGH YIELD FUND—I CLASS	EDWARD D JONES & CO	41.40(b)
	FOR THE BENEFIT OF CUSTOMERS

	FUBON LIFE INSURANCE CO.,	7.31
	LTD.-FIXED INCOME
	14F., NO.108, SEC.1, DUN HUA S. RD.
	TAIPEI, 105
HIGH YIELD FUND—Z CLASS	RETIREMENT PORTFOLIO 2015	5.10
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2020	12.97
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2025	14.81
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2030	17.88
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2035	8.78
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	SPECTRUM INCOME FUND	25.99(a)
	T. ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
INFLATION PROTECTED BOND FUND	NATIONAL FINANCIAL SERVICES	19.14
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC	9.13
	OMNIBUS ACCOUNT
	INFLATION PROTECTED BOND
INFLATION PROTECTED BOND FUND—I CLASS	BREAD & CO	10.56
	C/O T ROWE PRICE ASSOC
	ATTN BALANCED FUND

	CHARLES SCHWAB & CO INC	8.35
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LADYBIRD & CO	5.09
	C/O T ROWE PRICE ASSOC
	ATTN TRP SPECTRUM CONSERV ALLOC


FUND	SHAREHOLDER	%
INFLATION PROTECTED BOND FUND—Z CLASS	SPECTRUM INCOME FUND	100.00(a)
	T. ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
INSTITUTIONAL FLOATING RATE FUND—F CLASS	CHARLES SCHWAB & CO INC	9.59
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL	14.49
	OMNIBUS CUSTOMER ACCOUNT
	ATTN MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES	60.81(b)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
INSTITUTIONAL FLOATING RATE FUND	CHARLES SCHWAB & CO INC	17.67
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES LLC	15.81
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SEAMILE & CO	23.21
	C/O T ROWE PRICE ASSOC
	ATTN CAPITAL APPREC FUND

	WELLS FARGO BANK NA FBO	6.43
	OMNIBUS ACCOUNT CASH
	PO BOX 1533
	MINNEAPOLIS MN 55480-1533
INSTITUTIONAL FLOATING RATE FUND—Z CLASS	TUNA AND COMPANY	100.00(b)
	C/O T ROWE PRICE ASSOCIATES INC
	ATTN NEW INCOME FUND
INSTITUTIONAL HIGH YIELD FUND	BREAD & CO	12.15
	C/O T ROWE PRICE ASSOC
	ATTN BALANCED FUND

	FACTORY MUTUAL INSURANCE CO	10.36
	270 CENTRAL AVE
	JOHNSTON RI 02919-4923

	GOLDMAN SACHS & CO	8.35
	EXCLUSIVE BENEFIT OF CUSTOMERS
	85 BROAD ST
	NEW YORK NY 10004-2434

	NATIONAL FINANCIAL SERVICES	22.65
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS


FUND	SHAREHOLDER	%
INSTITUTIONAL LONG DURATION CREDIT FUND	BAND & CO C/O US BANK NA	8.84

	CHARLES SCHWAB & CO INC	82.49(b)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT
LIMITED DURATION INFLATION FOCUSED BOND	CHARLES SCHWAB & CO INC	13.32
FUND	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	PERSHING LLC	24.11
LIMITED DURATION INFLATION FOCUSED BOND	PERSHING LLC	9.80
FUND—I CLASS
	T ROWE PRICE SERVICES INC FBO	46.84(b)
	EDUCATION TRUST OF ALASKA
	ENROLLMENT PORTFOLIO

	T ROWE PRICE SERVICES INC FBO	15.62
	EDUCATION TRUST OF ALASKA
	PORTFOLIO 2025-2028
	ATTN DAWN WAGNER FIXED INCOME
LIMITED DURATION INFLATION FOCUSED BOND	RETIREMENT INCOME PORTFOLIO	6.03
FUND—Z CLASS	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2010	7.46
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2015	10.19
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2020	23.57
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2025	24.83
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2030	17.95
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
NEW INCOME FUND	NATIONAL FINANCIAL SERVICES	6.28
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC	7.22


FUND	SHAREHOLDER	%
NEW INCOME FUND—ADVISOR CLASS	EMPOWER TRUST FBO	14.01
	EMPLOYEE BENEFITS CLIENTS 401K
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002

	MORGAN STANLEY SMITH BARNEY LLC	5.29
	FOR THE EXCL BENEFIT OF ITS CUST

	PERSHING LLC	15.53

	STATE STREET BANK AND TRUST AS	8.12
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VANTAGEPOINT ROTH IRA	5.77
	C/O MISSIONSQUARE RETIREMENT
	777 NORTH CAPITOL STREET, NE
	WASHINGTON DC 20002-4239

	VANTAGEPOINT TRADITIONAL IRA	20.83
	C/O MISSIONSQUARE RETIREMENT
NEW INCOME FUND—I CLASS	EDUCATION TRUST OF ALASKA	8.68
	PORTFOLIO 2024
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME

	EDUCATION TRUST OF ALASKA	6.10
	PORTFOLIO 2027
	C/O T ROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME

	EDWARD D JONES & CO	7.19
	FOR THE BENEFIT OF CUSTOMERS

	PERSHING LLC	20.35

	T ROWE PRICE SERVICES INC FBO	7.11
	EDUCATION TRUST OF ALASKA
	PORTFOLIO FOR EDUCATION TODAY


FUND	SHAREHOLDER	%
NEW INCOME FUND—R CLASS	MATRIX TRUST COMPANY CUST. FBO	17.07
	FAMILY HOME OFFICE LLC 401(K) PLAN
	717 17TH ST STE 1300
	DENVER CO 80202-3304

	NATIONWIDE TRUST CO FSB	12.87
	C/O IPO PORTFOLIO ACCTG
	PO BOX 182029
	COLUMBUS OH 43218-2029

	STATE STREET BANK AND TRUST AS	59.45(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
NEW INCOME FUND—Z CLASS	RETIREMENT PORTFOLIO 2040	7.29
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2015	5.60
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2020	14.67
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2025	18.19
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2030	23.52
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT

	RETIREMENT PORTFOLIO 2035	13.01
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
RETIREMENT 2005 FUND	NATIONAL FINANCIAL SERVICES	10.62
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC	8.16
	OMNIBUS ACCOUNT


FUND	SHAREHOLDER	%
RETIREMENT 2005 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SVCS CORP	9.77
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSS LENNON

	RELIANCE TRUST COMPANY FBO	12.53
	RETIREMENT PLANS SERVICED BY METLIFE
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002

	VANTAGEPOINT ROTH IRA	5.31
	C/O MISSIONSQUARE RETIREMENT

	VANTAGEPOINT TRADITIONAL IRA	36.55(b)
	C/O MISSIONSQUARE RETIREMENT
RETIREMENT 2005 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	9.41
	500 PLAZA DR FL 7
	SECAUCUS NJ 07094-3619

	STATE STREET BANK AND TRUST AS	61.08(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO	14.01
RETIREMENT 2010 FUND	NATIONAL FINANCIAL SERVICES	12.44
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS


FUND	SHAREHOLDER	%
RETIREMENT 2010 FUND—ADVISOR CLASS	EMPOWER TRUST COMPANY LLC	11.36
	EMPOWER BENEFIT PLANS
	8515 E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002

	LINCOLN FINANCIAL GROUP TRUST CO	7.50
	FBO ROLLOVER IRA PLANS
	1 GRANITE PL
	CONCORD NH 03301-3258

	NATIONAL FINANCIAL SERVICES	7.11
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	TIAA TRUST, N.A. AS CUST/TTEE	5.72
	OF RETIREMENT PLANS
	RECORDKEPT BY TIAA
	ATTN FUND OPERATIONS
	8500 ANDREW CARNEGIE BLVD
	CHARLOTTE NC 28262-8500

	VANTAGEPOINT TRADITIONAL IRA	5.33
	C/O MISSIONSQUARE RETIREMENT
RETIREMENT 2010 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	5.10

	STATE STREET BANK AND TRUST AS	52.51(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT 2015 FUND	NATIONAL FINANCIAL SERVICES	12.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC	6.36
	OMNIBUS ACCOUNT
RETIREMENT 2015 FUND—ADVISOR CLASS	LINCOLN FINANCIAL GROUP TRUST CO	9.79
	FBO ROLLOVER IRA PLANS

	NATIONAL FINANCIAL SVCS CORP	14.06
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSS LENNON

	VALIC SEPARATE ACCOUNT A	10.32
	2727-A ALLEN PKWY 4 D-1
	HOUSTON TX 77019-2107

	VANTAGEPOINT TRADITIONAL IRA	8.25
	C/O MISSIONSQUARE RETIREMENT


FUND	SHAREHOLDER	%
RETIREMENT 2015 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65	9.68

	STATE STREET BANK AND TRUST AS	50.36(b)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO	9.30
RETIREMENT 2020 FUND	CHARLES SCHWAB & CO INC	5.36
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT