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STATEMENT OF ADDITIONAL INFORMATION

 

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

The date of this Statement of Additional Information is May 1, 2019.

   

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 CAPITAL APPRECIATION FUND, INC.

 

T. Rowe Price Capital Appreciation Fund

PRWCX

T. Rowe Price Capital Appreciation Fund—Advisor Class

PACLX

T. Rowe Price Capital Appreciation Fund—I Class

TRAIX

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

 

T. Rowe Price Capital Opportunity Fund

PRCOX

T. Rowe Price Capital Opportunity Fund—Advisor Class

PACOX

T. Rowe Price Capital Opportunity Fund—I Class

PCCOX

T. Rowe Price Capital Opportunity Fund—R Class

RRCOX

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 CREDIT OPPORTUNITIES FUND, INC.

 

T. Rowe Price Credit Opportunities Fund

PRCPX

T. Rowe Price Credit Opportunities Fund—Advisor Class

PAOPX

T. Rowe Price Credit Opportunities Fund—I Class

TCRRX

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

 

T. Rowe Price Diversified Mid-Cap Growth Fund

PRDMX

T. Rowe Price Diversified Mid-Cap Growth Fund—I Class

RPTTX

C00-042 5/1/19


   

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 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 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 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 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 GOVERNMENT MONEY FUND, INC.

 

T. Rowe Price Government Money Fund

PRRXX

T. Rowe Price Government Money Fund—I Class

TTGXX

T. ROWE PRICE GROWTH & INCOME FUND, INC.

 

T. Rowe Price Growth & Income Fund

PRGIX

T. Rowe Price Growth & Income Fund—I Class

TGTIX

2


   

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 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 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 Extended Equity Market Index Fund

PEXMX

T. Rowe Price Mid-Cap Index Fund

N/A

T. Rowe Price Mid-Cap Index Fund—I Class

N/A

T. Rowe Price Small-Cap Index Fund

N/A

T. Rowe Price Small-Cap Index Fund—I Class

N/A

T. Rowe Price Total Equity Market Index Fund

POMIX

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 INSTITUTIONAL EQUITY FUNDS, INC. (“INSTITUTIONAL EQUITY FUNDS”)

 

T. Rowe Price Institutional Large-Cap Core Growth Fund

TPLGX

T. Rowe Price Institutional Large-Cap Growth Fund

TRLGX

T. Rowe Price Institutional Large-Cap Value Fund

TILCX

T. Rowe Price Institutional Mid-Cap Equity Growth Fund

PMEGX

T. Rowe Price Institutional Small-Cap Stock Fund

TRSSX

T. Rowe Price Institutional U.S. Structured Research Fund

TRISX

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

 

T. Rowe Price Institutional Cash Reserves Fund

ICFXX

T. Rowe Price Institutional Core Plus Fund

TICPX

T. Rowe Price Institutional Floating Rate Fund

RPIFX

T. Rowe Price Institutional Floating Rate Fund—F Class

PFFRX

T. Rowe Price Institutional High Yield Fund

TRHYX

T. Rowe Price Institutional Long Duration Credit Fund

RPLCX

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

 

T. Rowe Price Institutional Africa & Middle East Fund

TRIAX

T. Rowe Price Institutional Emerging Markets Bond Fund

TREBX

3


   

T. Rowe Price Institutional Emerging Markets Equity Fund

IEMFX

T. Rowe Price Institutional Frontier Markets Equity Fund

PRFFX

T. Rowe Price Institutional Global Focused Growth Equity Fund

TRGSX

T. Rowe Price Institutional Global Growth Equity Fund

RPIGX

T. Rowe Price Institutional Global Value Equity Fund

PRIGX

T. Rowe Price Institutional International Core Equity Fund

TRCEX

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

RPICX

T. Rowe Price Institutional International Growth Equity Fund

PRFEX

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

 

T. Rowe Price Intermediate Tax-Free High Yield Fund

PRIHX

T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class

PRAHX

T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class

TFHAX

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

 

T. Rowe Price Africa & Middle East Fund

TRAMX

T. Rowe Price Africa & Middle East Fund—I Class

PRAMX

T. Rowe Price 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 Dynamic Credit Fund

RPIDX

T. Rowe Price Dynamic Credit Fund—I Class

RPELX

T. Rowe Price Dynamic Global Bond Fund

RPIEX

T. Rowe Price Dynamic Global Bond Fund—Advisor Class

PAIEX

T. Rowe Price Dynamic Global Bond Fund—I Class

RPEIX

T. Rowe Price Emerging Europe Fund

TREMX

T. Rowe Price Emerging Europe Fund—I Class

TTEEX

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 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 (formerly T. Rowe Price Emerging Markets Value Stock Fund)

PRIJX

T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class (formerly T. Rowe Price Emerging Markets Value Stock Fund—Advisor Class)

PAIJX

T. Rowe Price Emerging Markets Discovery Stock Fund—I Class (formerly T. Rowe Price Emerging Markets Value Stock Fund—I Class)

REVIX

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 Stock Fund

PRMSX

T. Rowe Price Emerging Markets Stock Fund—I Class

PRZIX

T. Rowe Price European Stock Fund

PRESX

T. Rowe Price European Stock Fund—I Class

TEUIX

T. Rowe Price Global Consumer Fund

PGLOX

4


   

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 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 (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 Disciplined Equity Fund (formerly T. Rowe Price International Concentrated Equity Fund)

PRCNX

T. Rowe Price International Disciplined Equity Fund—Advisor Class (formerly T. Rowe Price International Concentrated Equity Fund—Advisor Class)

PRNCX

T. Rowe Price International Disciplined Equity Fund—I Class (formerly T. Rowe Price International Concentrated 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 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 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 Japan Fund

PRJPX

T. Rowe Price Japan Fund—I Class

RJAIX

T. Rowe Price Latin America Fund

PRLAX

T. Rowe Price Latin America Fund—I Class

RLAIX

T. Rowe Price New Asia Fund

PRASX

T. Rowe Price New Asia Fund —I Class

PNSIX

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 INTERNATIONAL INDEX FUND, INC.

 

T. Rowe Price International Equity Index Fund

PIEQX

5


   

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 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 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 MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (“MULTI-SECTOR ACCOUNT PORTFOLIOS”)

 

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

N/A

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

N/A

T. Rowe Price Floating Rate Multi-Sector Account Portfolio

N/A

T. Rowe Price High Yield Multi-Sector Account Portfolio

N/A

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

N/A

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

N/A

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

 

T. Rowe Price Multi-Strategy Total Return Fund

TMSRX

T. Rowe Price Multi-Strategy Total Return Fund—Advisor Class

TMSAX

T. Rowe Price Multi-Strategy Total Return Fund—I Class

TMSSX

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

 

T. Rowe Price New America Growth Fund

PRWAX

T. Rowe Price New America Growth Fund—Advisor Class

PAWAX

T. Rowe Price New America Growth Fund—I Class

PNAIX

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 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 PERSONAL STRATEGY FUNDS, INC. (“PERSONAL STRATEGY FUNDS”)

 

T. Rowe Price Personal Strategy Balanced Fund

TRPBX

T. Rowe Price Personal Strategy Balanced Fund—I Class

TPPAX

6


   

T. Rowe Price Personal Strategy Growth Fund

TRSGX

T. Rowe Price Personal Strategy Growth Fund—I Class

TGIPX

T. Rowe Price Personal Strategy Income Fund

PRSIX

T. Rowe Price Personal Strategy Income Fund—I Class

PPIPX

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

 

T. Rowe Price QM Global Equity Fund

TQGEX

T. Rowe Price QM Global Equity Fund—Advisor Class

TQGAX

T. Rowe Price QM Global Equity Fund—I Class

TQGIX

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund

TQSMX

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

TQSAX

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—I Class

TQSIX

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund

PRDSX

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—Advisor Class

TQAAX

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—I Class

TQAIX

T. Rowe Price QM U.S. Value Equity Fund

TQMVX

T. Rowe Price QM U.S. Value Equity Fund—Advisor Class

TQVAX

T. Rowe Price QM U.S. Value Equity Fund—I Class

TQVIX

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 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

N/A

T. Rowe Price Short-Term Fund

N/A

T. Rowe Price Short-Term Government Fund

N/A

T. Rowe Price Treasury Reserve Fund

N/A

T. ROWE PRICE RETIREMENT FUNDS, INC. (“RETIREMENT FUNDS”)

 

T. Rowe Price Retirement 2005 Fund

TRRFX

T. Rowe Price Retirement 2005 Fund—Advisor Class

PARGX

T. Rowe Price Retirement 2005 Fund—R Class

RRTLX

T. Rowe Price Retirement 2010 Fund

TRRAX

T. Rowe Price Retirement 2010 Fund—Advisor Class

PARAX

T. Rowe Price Retirement 2010 Fund—R Class

RRTAX

T. Rowe Price Retirement 2015 Fund

TRRGX

T. Rowe Price Retirement 2015 Fund—Advisor Class

PARHX

T. Rowe Price Retirement 2015 Fund—R Class

RRTMX

T. Rowe Price Retirement 2020 Fund

TRRBX

T. Rowe Price Retirement 2020 Fund—Advisor Class

PARBX

T. Rowe Price Retirement 2020 Fund—R Class

RRTBX

7


   

T. Rowe Price Retirement 2025 Fund

TRRHX

T. Rowe Price Retirement 2025 Fund—Advisor Class

PARJX

T. Rowe Price Retirement 2025 Fund—R Class

RRTNX

T. Rowe Price Retirement 2030 Fund

TRRCX

T. Rowe Price Retirement 2030 Fund—Advisor Class

PARCX

T. Rowe Price Retirement 2030 Fund—R Class

RRTCX

T. Rowe Price Retirement 2035 Fund

TRRJX

T. Rowe Price Retirement 2035 Fund—Advisor Class

PARKX

T. Rowe Price Retirement 2035 Fund—R Class

RRTPX

T. Rowe Price Retirement 2040 Fund

TRRDX

T. Rowe Price Retirement 2040 Fund—Advisor Class

PARDX

T. Rowe Price Retirement 2040 Fund—R Class

RRTDX

T. Rowe Price Retirement 2045 Fund

TRRKX

T. Rowe Price Retirement 2045 Fund—Advisor Class

PARLX

T. Rowe Price Retirement 2045 Fund—R Class

RRTRX

T. Rowe Price Retirement 2050 Fund

TRRMX

T. Rowe Price Retirement 2050 Fund—Advisor Class

PARFX

T. Rowe Price Retirement 2050 Fund—R Class

RRTFX

T. Rowe Price Retirement 2055 Fund

TRRNX

T. Rowe Price Retirement 2055 Fund—Advisor Class

PAROX

T. Rowe Price Retirement 2055 Fund—R Class

RRTVX

T. Rowe Price Retirement 2060 Fund

TRRLX

T. Rowe Price Retirement 2060 Fund—Advisor Class

TRRYX

T. Rowe Price Retirement 2060 Fund—R Class

TRRZX

T. Rowe Price Retirement Balanced Fund

TRRIX

T. Rowe Price Retirement Balanced Fund—Advisor Class

PARIX

T. Rowe Price Retirement Balanced Fund—R Class

RRTIX

T. Rowe Price Retirement I 2005 Fund—I Class

TRPFX

T. Rowe Price Retirement I 2010 Fund—I Class

TRPAX

T. Rowe Price Retirement I 2015 Fund—I Class

TRFGX

T. Rowe Price Retirement I 2020 Fund—I Class

TRBRX

T. Rowe Price Retirement I 2025 Fund—I Class

TRPHX

T. Rowe Price Retirement I 2030 Fund—I Class

TRPCX

T. Rowe Price Retirement I 2035 Fund—I Class

TRPJX

T. Rowe Price Retirement I 2040 Fund—I Class

TRPDX

T. Rowe Price Retirement I 2045 Fund—I Class

TRPKX

T. Rowe Price Retirement I 2050 Fund—I Class

TRPMX

T. Rowe Price Retirement I 2055 Fund—I Class

TRPNX

T. Rowe Price Retirement I 2060 Fund—I Class

TRPLX

T. Rowe Price Retirement Balanced I Fund—I Class

TRPTX

T. Rowe Price Retirement Income 2020 Fund

TRLAX

T. Rowe Price Target 2005 Fund

TRARX

T. Rowe Price Target 2005 Fund—Advisor Class

PANRX

T. Rowe Price Target 2005 Fund—I Class

TFRRX

8


   

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 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-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 Ultra Short-Term Bond Fund

TRBUX

T. Rowe Price Ultra Short-Term Bond Fund—I Class

TRSTX

9


   

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 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 SPECTRUM FUND, INC. (“SPECTRUM FUNDS”)

 

Spectrum Growth Fund

PRSGX

Spectrum Income Fund

RPSIX

Spectrum International Fund

PSILX

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 California Tax-Free Money Fund

PCTXX

T. Rowe Price California Tax-Free Money Fund—I Class

TCBXX

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 New York Tax-Free Money Fund

NYTXX

T. Rowe Price New York Tax-Free Money Fund—I Class

TRNXX

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 Summit Municipal Money Market Fund

TRSXX

10


   

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. BOND ENHANCED INDEX FUND, INC.

 

T. Rowe Price U.S. Bond Enhanced Index Fund

PBDIX

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. TREASURY FUNDS, INC. (“U.S. TREASURY FUNDS”)

 

U.S. Treasury Intermediate Fund

PRTIX

U.S. Treasury Intermediate Fund—I Class

PRKIX

U.S. Treasury Long-Term Fund

PRULX

U.S. Treasury Long-Term Fund—I Class

PRUUX

U.S. Treasury Money Fund

PRTXX

U.S. Treasury Money Fund—I Class

TRGXX

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

11


Mailing Address:

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

This SAI is not a prospectus but should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. Rowe Price Investment Services, Inc. (“Investment Services”).

Each fund’s financial statements for its most recent fiscal period and the Report of Independent Registered Public Accounting Firm are included in each fund’s annual or semiannual report and incorporated by reference into this SAI. Dynamic Credit Fund, Dynamic Credit Fund—I Class, Short-Term Government Fund, Summit Municipal Income Fund—I Class, and Summit Municipal Intermediate Fund—I Class have not been in operation long enough to have complete financial statements.

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

12


PART I – TABLE OF CONTENTS

Page

   

Management of the Funds

18

Principal Holders of Securities

101

Investment Management Agreements

214

Third-Party Arrangements

252

Distributor for the Funds

260

Page

   

Portfolio Transactions

264

Securities Lending Activities

293

Independent Registered Public Accounting Firm

298

Part II

299

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 Associates, Inc. (“T. Rowe Price”)

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

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

T. Rowe Price International Ltd (“T. Rowe Price International”)

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

While many Price Funds are offered in more than one share class, not all 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 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 generally requires a $1 million initial investment minimum, although the minimum generally is waived for financial intermediaries, retirement plans, and certain institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority. I Class shares are generally designed to be sold to retirement plans, financial intermediaries, and other institutional investors, as well as individuals meeting the investment minimum or other specific criteria. The I Class may be purchased directly through T. Rowe Price or through a financial intermediary.

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

13


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 Funds

Most of the T. Rowe Price institutional funds are available only in a single share class (referred to as the “Institutional Class”). The Institutional Class (other than their F Class shares) generally requires a $1,000,000 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 an intermediary.

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

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

PART I

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

           

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Africa & Middle East Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Asia Opportunities Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Balanced Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Blue Chip Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

California Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

California Tax-Free Money Fund

State Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Capital Appreciation Fund

Equity

Dec 31

Dec 31

June 30

May 1

Capital Opportunity Fund

Equity

Dec 31

Dec 31

June 30

May 1

Cash Reserves Fund

Taxable Money

Oct 31

Oct 31

Apr 30

March 1

Communications & Technology Fund

Equity

Dec 31

Dec 31

June 30

May 1

Corporate Income Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Credit Opportunities Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Diversified Mid-Cap Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Dividend Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Dynamic Credit Fund

Taxable Bond

Dec 31

Dec 31

June 30

May 1

Dynamic Global Bond Fund

Taxable Bond

Dec 31

Dec 31

June 30

May 1

Emerging Europe Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Emerging Markets Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Corporate Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Corporate Multi-Sector Account Portfolio

International Bond

Dec 31

Dec 31

June 30

May 1

14


           

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Emerging Markets Discovery Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Emerging Markets Local Currency Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Local Multi-Sector Account Portfolio

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Equity Income Fund

Equity

Dec 31

Dec 31

June 30

May 1

Equity Index 500 Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

European Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Extended Equity Market Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Financial Services Fund

Equity

Dec 31

Dec 31

June 30

May 1

Floating Rate Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Floating Rate Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Georgia Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Global Allocation Fund

Asset Allocation

Oct 31

Oct 31

Apr 30

March 1

Global Consumer Fund

Equity

Dec 31

Dec 31

June 30

May 1

Global Growth Stock Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Global High Income Bond Fund

Taxable Bond

Dec 31

Dec 31

June 30

May 1

Global Industrials Fund

Equity

Dec 31

Dec 31

June 30

May 1

Global Multi-Sector Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Global Real Estate Fund

Equity

Dec 31

Dec 31

June 30

May 1

Global Stock Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Global Technology Fund

Equity

Dec 31

Dec 31

June 30

May 1

GNMA Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Government Money Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Government Reserve Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Growth & Income Fund

Equity

Dec 31

Dec 31

June 30

May 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

High Yield Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

High Yield Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Inflation Protected Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Africa & Middle East Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Cash Reserves Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Institutional Core Plus Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Emerging Markets Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Institutional Emerging Markets Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Floating Rate Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Frontier Markets Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Global Focused Growth Equity Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Global Growth Equity Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Global Value Equity Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional High Yield Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional International Core Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional International Disciplined Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional International Growth Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

15


           

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Institutional Large-Cap Core Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Large-Cap Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Large-Cap Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Long Duration Credit Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Mid-Cap Equity Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Small-Cap Stock Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional U.S. Structured Research Fund

Equity

Dec 31

Dec 31

June 30

May 1

Intermediate Tax-Free High Yield Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

International Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond Fund (USD Hedged)

International Bond

Dec 31

Dec 31

June 30

May 1

International Disciplined Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Discovery Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity Index Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Value Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Investment-Grade Corporate Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Japan Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Latin America Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Limited Duration Inflation Focused Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Maryland Short-Term Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Maryland Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Maryland Tax-Free Money Fund

State Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Mid-Cap Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Mortgage-Backed Securities Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Multi-Strategy Total Return Fund

Asset Allocation

Oct 31

Oct 31

Apr 30

March 1

New America Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

New Asia Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

New Era Fund

Equity

Dec 31

Dec 31

June 30

May 1

New Horizons Fund

Equity

Dec 31

Dec 31

June 30

May 1

New Income Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

New Jersey Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

New York Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

New York Tax-Free Money Fund

State Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Overseas Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Personal Strategy Balanced Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Personal Strategy Growth Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Personal Strategy Income Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

QM Global Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

QM U.S. Small & Mid-Cap Core Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

QM U.S. Small-Cap Growth Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

QM U.S. Value Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

Real Assets Fund

Equity

Dec 31

Dec 31

June 30

May 1

Real Estate Fund

Equity

Dec 31

Dec 31

June 30

May 1

Retirement 2005 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

16


           

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Retirement 2010 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2015 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2020 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2025 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2030 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2035 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2040 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2045 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2050 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2055 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2060 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement Balanced Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement Income 2020 Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Science & Technology Fund

Equity

Dec 31

Dec 31

June 30

May 1

Short-Term Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Short-Term Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Short-Term Government Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Small-Cap Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Small-Cap Stock Fund

Equity

Dec 31

Dec 31

June 30

May 1

Small-Cap Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Spectrum Growth Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Spectrum Income Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Spectrum International Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Summit Municipal Income Fund

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Intermediate Fund

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Money Market Fund

Tax-Free Money

Oct 31

Oct 31

Apr 30

March 1

Target 2005 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2010 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2015 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2020 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2025 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2030 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2035 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2040 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2045 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2050 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2055 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2060 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Tax-Efficient Equity Fund

Equity

Feb 28

Feb 28

Aug 30

July 1

Tax-Exempt Money Fund

Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Tax-Free High Yield Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Tax-Free Income Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Tax-Free Short-Intermediate Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Total Equity Market Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Total Return Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Treasury Reserve Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

U.S. Bond Enhanced Index Fund

Index Bond

Oct 31

Oct 31

Apr 30

March 1

U.S. High Yield Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

U.S. Large-Cap Core Fund

Equity

Dec 31

Dec 31

June 30

May 1

U.S. Treasury Intermediate Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

U.S. Treasury Long-Term Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

U.S. Treasury Money Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Ultra Short-Term Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Virginia Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

17


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. At least 75% of each Board’s members are independent of the Boards of T. Rowe Price and its affiliates. The directors who are also employees or officers of T. Rowe Price are considered to be inside or interested directors because of their relationships with T. Rowe Price and its affiliates. Each inside director and officer (except as indicated in the tables setting forth the directors’ and officers’ principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards held five regularly scheduled formal meetings during calendar year 2018. 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, a Joint Nominating and Governance Committee, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs.

Robert J. Gerrard, Jr., an independent director, began serving as the Chairman of the Board of each fund Price Fund on July 25, 2018. The Chairman presides at all shareholder meetings, 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. Prior to July 25, 2018, Edward C. Bernard, who was an inside director, served as the Chairman of the Board of each fund, and the independent directors had designated a Lead Independent Director (who functioned as a liaison between the Chairman and the other independent directors). Until Mr. Gerrard was appointed Chairman, John G. Schreiber had served as interim Lead Independent Director of each Board. Each fund’s Board has determined that its leadership and committee structure is appropriate because the Board believes that it sets the proper tone for the relationship between the fund, on the one hand, and T. Rowe Price or its affiliates and the fund’s other principal service providers, on the other, and facilitates the exercise of the Board’s independent judgment in evaluating and managing the relationships. In addition, the structure efficiently allocates responsibility among committees and the full Board. The same independent directors currently serve on the Boards of all of the Price Funds. This approach is designed to provide effective governance by exposing the independent directors to a wider range of business issues and market trends, allowing the directors to better share their knowledge, background, and experience and permitting the Boards to operate more efficiently, particularly with respect to matters common to all Price Funds.

The Joint Nominating and Governance Committee, which was previously named the Committee of Independent Directors, 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 Chairman of the Board of the Price Funds serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for independent directors. Nominees, like current directors, will be considered based on 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. Nominees will be considered in light of their individual experience, qualifications, attributes, or skills. 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 Committee of Independent Directors (which was renamed the Joint Nominating and Governance Committee on July 25, 2018) formally met one time in 2018.

The Joint Audit Committee consists of only independent directors. The current members of the committee are Teresa Bryce Bazemore, Bruce W. Duncan, Paul F. McBride, and Cecilia E. Rouse. Mr. Duncan serves as chairman of the committee and is considered an “audit committee financial expert,” as defined by the SEC. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds three regular meetings during each fiscal year. Two of the

18


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 Price Funds’ operations, accounting service provider performance, or the operations of parties dealing with the Price Funds, as circumstances indicate. A third meeting is devoted primarily to a review of the risk management program of the funds’ investment adviser. The Joint Audit Committee met five times in 2018.

The Executive Committee, which consists of each fund’s interested directors, has been authorized by the Boards to exercise all powers of the Boards of the funds in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Executive Committee must be approved in advance by one independent director and reviewed after the fact by the full Board. The Executive Committee for each fund does not hold regularly scheduled meetings. The Executive Committee was not called upon to take any action on behalf of any funds during 2018.

From time to time, the independent directors may create a special committee (“Special Committee”) comprised of independent directors, whose purpose is to review certain limited topics that require in-depth consideration outside of the Boards’ regular review. The Bank of New York Mellon (“BNY Mellon”) Special Committee was established in 2014 to review matters relating to the transition of fund accounting services from T. Rowe Price to BNY Mellon and the Fund Accounting Agreement between the Price Funds and BNY Mellon. The members of the BNY Mellon Special Committee are Robert J. Gerrard, Paul F. McBride (chair) and Cecilia E. Rouse. The BNY Mellon Special Committee met once during 2017. The Section 15(c) Special Committee was established in 2015 to review matters relating to the outsourcing to Broadridge Financial Solutions of the advisory contract renewal reporting pursuant to Section 15(c) under the 1940 Act. The members of the Section 15(c) Special Committee are Robert J. Gerrard, Paul F. McBride (chair), and John G. Schreiber. The Section 15(c) Special Committee met once during 2018.

Like other mutual funds, the Price Funds are subject to various risks, including investment, compliance, operational, and valuation risks, among others. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. The Board, directly or through its committees, interacts with and reviews reports from, among others, the investment adviser or its affiliates, the funds’ Chief Compliance Officer, the funds’ independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks faced by the funds and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from the Chief Risk Officer and members of the adviser’s Risk Management Oversight Committee on the significant risks inherent to the adviser’s business, including aggregate investment risks, reputational risk, business continuity risk, technology and cyber-security 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. An investment in a Price Fund may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers or trading counterparties. Although the funds attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result. Processes and controls developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks may be simply beyond any control of the funds, T. Rowe Price and its affiliates, or other service providers.

Each director’s experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, 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

19


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.

At a special joint shareholder meeting held on July 25, 2018 (the “Shareholder Meeting”), shareholders of all Price Funds elected four directors to each fund’s Board, two inside directors and two independent directors. Shareholders elected (1) Teresa Bryce Bazemore and Ronald J. Daniels, each of whom had been serving as an independent director on the Boards of all of the Price Funds, to continue serving on the Boards of all of the Price Funds; (2) Edward A. Wiese, who had been serving as an inside director for all of the domestic fixed income Price Funds, to continue serving on the Boards of the domestic fixed income funds; (3) Robert W. Sharps, who had been serving as an inside director for all of the equity and international fixed income Price Funds, to continue to serving on the Boards of the equity and international fixed income funds; and (4) David Oestreicher to begin serving as an inside director on the Boards of all of the Price Funds. The remaining directors were not nominated for election at the Shareholder Meeting as they were previously elected by each fund’s shareholders at a shareholder meeting held on October 22, 2013. It was agreed at the Shareholder Meeting that all of the remaining directors, other than Edward C. Bernard, would continue serving on the Boards. At the conclusion of a meeting of the Boards that immediately followed the Shareholder Meeting, Mr. Bernard resigned from his role as director and Chairman of the Boards and the Board appointed Robert J. Gerrard, Jr., independent director, as Chairman of the Board of all Price Funds for a 5 year term.

Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each current director, as well as former directors who served on the Board during 2018, that led to the conclusion that he or she should serve as a director.

Edward C. Bernard (served as Chairman of the Boards until July 25, 2018) served as an inside director and Chairman of the Board of all the Price Funds from 2006 until July 25, 2018. Mr. Bernard resigned from his role as a director and Chairman of the Boards of all the Price Funds on July 25, 2018, and he retired from T. Rowe Price on December 31, 2018. He also served as a director and nonexecutive vice-chairman of the board of T. Rowe Price Group, Inc. until April 2019. Mr. Bernard has more than 30 years of experience in the investment management industry, all of which have been with T. Rowe Price. In addition to his responsibilities with T. Rowe Price and the Price Funds, Mr. Bernard served until 2018 on the Board of Governors of the Investment Company Institute (“ICI”), the national trade association for the mutual fund industry, and he served as its chairman (from 2009 to 2011) and vice chairman (from 2011 through 2013).

Teresa Bryce Bazemore has more than 25 years of experience as a senior executive in the mortgage banking field, including building both mortgage insurance and services businesses. From July 2008 through April 2017, Ms. Bazemore served as the President of Radian Guaranty where she oversaw the strategic planning, business development, and operations of the mortgage insurance business line. Prior to Radian Guaranty, she was Senior Vice President, General Counsel, and Secretary for Nexstar Financial Corporation, and General Counsel of the mortgage banking line of business at Bank of America. Ms. Bazemore currently serves on the Board of Directors of the Federal Home Loan Bank of Pittsburgh and of Chimera Investment Corporation. She has been an independent director of the Price Funds since January 2018.

Ronald J. Daniels is the 14th president of Johns Hopkins University, a position he has held since 2009. In that role, he serves as the chair of the Executive Committee of Johns Hopkins Medicine and is a professor in the Department of Political Science. Previously, he was provost and professor of law at the University of Pennsylvania and dean and James M. Tory Professor of Law at the University of Toronto. He has been an independent director of the Price Funds since January 2018.

Bruce W. Duncan has substantial experience in the field of commercial real estate. He currently serves as chairman of the Board of First Industrial Realty Trust, and he served as president until September 2016 and chief executive officer until December 2016. In November 2018, Mr. Duncan became a senior advisor to KKR. 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 the compensation committee of Boston Properties. In September 2016, Mr. Duncan became a member of the board of Marriott International, Inc. and is currently a member of the audit committee 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; and in July 2017, he became the chairman of the Joint Audit Committee.

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Robert J. Gerrard, Jr. was appointed as Chairman of the Boards of all Price Funds effective July 25, 2018. He has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and served as the Chairman of the Joint Audit Committee from September 2014 to July 2017. He became Chairman of the Price Funds in July 2018. 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.

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 and, in September 2014, he became a member of the Joint Audit Committee.

David Oestreicher was elected as an inside director of all Price Funds on July 25, 2018. He is the chief legal counsel for T. Rowe Price and a member of the firm’s management committee. David serves as a member of the ICI Mutual Insurance Company Board of Governors, a member of its executive committee and chairman of its risk management committee. He also serves as a director on the board of the Investment Adviser Association and previously served as the chairman of its legal and regulatory committee. In addition, he previously served as the chairman of the international committee of the ICI. Before joining T. Rowe Price in 1997, Mr. Oestreicher was special counsel in the Division of Market Regulation with the SEC.

Cecilia E. Rouse has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and became a member of the Joint Audit Committee in September 2014. Dr. Rouse has extensive experience in the fields of higher education and economic research. She has served in a variety of roles at Princeton University, including as a dean, professor, and leader of economic research. She has also served on the boards of: MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor; the National Bureau of Economic Research, a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals; the Council on Foreign Relations, a United States nonprofit think tank specializing in U.S. foreign policy and international affairs; and The Pennington School, an independent co-educational school. She is, or has been, a member of numerous entities, including the American Economic Association, National Academy of Education, and the Association of Public Policy and Management Policy Council.

John G. Schreiber has been an independent director of the Price Funds for more than 20 years and served as a member of the Joint Audit Committee until September 2015. He has significant experience investing in real estate transactions and brings substantial financial services and investment management experience to the Boards. He is the president of Centaur Capital Partners, Inc. and a retired partner and co-founder of Blackstone Real Estate Advisors. He previously served as chairman and chief executive officer of JMB Urban Development Co. and executive vice president of JMB Realty Corporation. Mr. Schreiber currently serves on the boards of JMB Realty Corporation, Brixmor Property Group, Hilton Worldwide, and is a trustee of Loyola University of Chicago. He is a past board member of Urban Shopping Centers, Inc., Host Hotels & Resorts, Inc., The Rouse Company, General Growth Properties, AMLI Residential Properties Trust, Blackstone Mortgage Trust, Invitation Homes, and Hudson Pacific Properties.

Robert W. Sharps has been an inside director of the domestic equity and international Price Funds since April 2017 and was appointed as an inside director of all other Price Funds effective January 1, 2019. Mr. Sharps served as the co-head of Global Equities at T. Rowe Price until February 2018, at which point he became the Head of Investments. He has served as the Group Chief Investment Officer for T. Rowe Price since April 2017. He is also a member of the T. Rowe Price Management Committee, Management Compensation Committee, International Steering Committee, Equity Steering Committee, Asset Allocation Committee, Product Strategy Committee, and Fixed Income Steering Committee, and he serves as the chair of the Investment Management Steering Committee. Prior to joining T. Rowe Price in 1997, Mr. Sharps was a senior consultant at KPMG Peat Marwick. In addition to his various offices held with T. Rowe Price and its affiliates, Mr. Sharps is a Chartered Financial Analyst.

Mark R. Tercek (served as an independent director until February 15, 2019) served as an independent director of the Price Funds from 2009, and as a member of the Joint Audit Committee from July 2017, until his resignation from the Board and the Joint Audit Committee on February 15, 2019. Mark Tercek is CEO (2008 to present) of The Nature Conservancy (TNC), the global conservation organization known for its intense focus on collaboration and getting things

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done for the benefit of people and nature. He is the author of the Washington Post and Publisher’s Weekly bestselling book Nature’s Fortune: How Business and Society Thrive by Investing in Nature. Mark was Partner and Managing Director for Goldman Sachs (1984 to 2008), where he spent 24 years and launched the firm’s Environmental Markets Group. Inspired by the opportunity to help businesses, governments and environmental organizations work together in new, innovative ways, Mark left Goldman Sachs in 2008 to head up The Nature Conservancy. Mark served on the New York State 2100 Commission, which was created in the wake of Superstorm Sandy to advise Governor Andrew Cuomo and the state on how to make infrastructure more resilient to future storms. Mark is a member of several boards and councils, including the President’s Advisory Council for Resources for the Future, the Nicholas Institute for Environmental Policy Solutions, Harvard Business School's Social Enterprise Initiative, the China Council for International Cooperation on Environment and Development (CCICED), the Rockefeller Foundation Economic Council on Planetary Health, Acumen, the Science for Nature and People Partnership (SNAPP), and NatureVest. He also serves on the Williams College Board of Trustees. Mark earned an M.B.A. from Harvard in 1984 and a B.A. from Williams College in 1979.

Edward A. Wiese (served as an inside director of the domestic fixed income Price Funds until December 31, 2018) served as an inside director of the domestic fixed income Price Funds from 2015 until his resignation from the Board effective December 31, 2018. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He previously served as the director of fixed income for T. Rowe Price and as the chairman of the T. Rowe Price Fixed Income Steering Committee until December 2018, and served as a portfolio manager for various short-term bond and low-duration domestic bond strategies until December 2016. Mr. Wiese expects to retire from T. Rowe Price in 2019.

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

Independent Directors(a)

     

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

Principal Occupation(s)
During Past Five Years

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

Teresa Bryce Bazemore

1959

188 portfolios

President, Radian Guaranty (2008 to 2017); Chief Executive Officer, Bazemore Consulting LLC (2018 to present)

Chimera Investment Corporation (2017 to present); Federal Home Loan Bank of Pittsburgh (2017 to present)

Ronald J. Daniels

1959

188 portfolios

President, The Johns Hopkins University(b) and Professor, Political Science Department, The Johns Hopkins University (2009 to present)

Lyndhurst Holdings (2015 to present)

Bruce W. Duncan

1951

188 portfolios

Chief Executive Officer and Director (January 2009 to December 2016), Chairman of the Board (January 2016 to present), and President (January 2009 to September 2016), First Industrial Realty Trust, owner and operator of industrial properties; Chairman of the Board (2005 to September 2016) and Director (1999 to September 2016), Starwood Hotels & Resorts, a hotel and leisure company; Member, Investment Company Institute Board of Governors (2017 to present); Member, Independent Directors Council Governing Board (2017 to present); Senior Advisor, KKR (November 2018 to present)

First Industrial Realty Trust (January 2016 to present); Starwood Hotels & Resorts (1999 to September 2016); Boston Properties (May 2016 to present); Marriott International, Inc. (September 2016 to present)

Robert J. Gerrard, Jr.

1952

188 portfolios

Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to January 2016)

Chairman of the Board, all funds (since July 2018)

None

Paul F. McBride

1956

188 portfolios

Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018)

None

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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

Cecilia E. Rouse, Ph.D.

1963

188 portfolios

Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Director, MDRC, a nonprofit education and social policy research organization (2011 to present); Member of National Academy of Education (2010 to present); Research Associate of Labor Studies Program at the National Bureau of Economic Research (2011 to 2015); Board Member of the National Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession of the American Economic Association (2012 to 2018); Vice President (2015 to 2016), Board Member, American Economic Association (2018 to present)

None

John G. Schreiber

1946

188 portfolios

Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Cofounder, Partner, and Cochairman of the Investment Committee, Blackstone Real Estate Advisors, L.P. (1992 to 2015); Director, Blackstone Mortgage Trust, a real estate finance company (2012 to 2016); Director and Chairman of the Board, Brixmor Property Group, Inc. (2013 to present); Director, Hilton Worldwide (2007 to present); Director, Hudson Pacific Properties (2014 to 2016); Director, Invitation Homes (2014 to 2017); Director, JMB Realty Corporation (1980 to present)

Blackstone Mortgage Trust (2012 to 2016); Hilton Worldwide (2007 to present); Brixmor Property Group, Inc. (2013 to present); Hudson Pacific Properties (2014 to 2016)

Mark R. Tercek(c)

1957

0 portfolios

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

None

(a) All information about the independent directors was current as of February 19, 2019, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.

(b) William J. Stromberg, President and Chief Executive Officer of T. Rowe Price Group, Inc. (the parent company of the Price Funds’ investment adviser), has served on the Board of Trustees of Johns Hopkins University since 2014 and is a member of the Johns Hopkins University Board’s Compensation Committee.

(c) Effective February 15, 2019, Mr. Tercek resigned from his role as independent director of the Price Funds.

Inside Directors(a)

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

The Boards invite nominations from the funds’ investment adviser for persons to serve as inside directors, and the Board reviews and approves these nominations. Each of the current inside directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. Edward C. Bernard, who retired from T. Rowe Price on December 31, 2018, had served as a director of all Price Funds and had been chairman of the Board for all Price Funds since 2006. On July 25, 2018, Mr. Bernard resigned from his role as a director of all Price Funds upon the election of David Oestreicher to ensure that each Board has only two interested directors. He also resigned from his role as Chairman of the Boards of all Price Funds and was replaced by Robert J. Gerrard, Jr., an independent director. Robert W. Sharps has served as inside director of the domestic fixed income Price Funds since January 1, 2019, and all other Price Funds since April 1, 2017. For each fund, the two inside directors serve as members of the fund’s Executive Committee. In addition, specific experience with respect to the inside directors’ occupations and directorships of public companies and other investment companies are set forth in the following table.

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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

David Oestreicher

1967

188 portfolios

Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President and Secretary, T. Rowe Price, Price Hong Kong, and T. Rowe Price International; Vice President, Price Japan and Price Singapore

Principal Executive Officer and Executive Vice President, all funds

None

Robert W. Sharps, CFA, CPA*

1971

188 portfolios

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

President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, Multi-Strategy Total Return Fund, New America Growth Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds

None

* Mr. Sharps replaced Edward A. Wiese as director of the domestic fixed income Price Funds effective January 1, 2019.

(a) All information about the inside directors was current as of December 31, 2018, 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 Growth Fund, Spectrum Income Fund, and Spectrum International Fund (collectively, the “Spectrum Funds”); Retirement 2005 Fund, Retirement 2010 Fund, Retirement 2015 Fund, Retirement 2020 Fund, Retirement 2025 Fund, Retirement 2030 Fund, Retirement 2035 Fund, Retirement 2040 Fund, Retirement 2045 Fund, Retirement 2050 Fund, Retirement 2055 Fund, Retirement 2060 Fund, and Retirement Balanced Fund, and their respective share classes (collectively, the “RDFs”); Retirement I 2005 Fund, Retirement I 2010 Fund, Retirement I 2015 Fund, Retirement I 2020 Fund, Retirement I 2025 Fund, Retirement I 2030 Fund, Retirement I 2035 Fund, Retirement I 2040 Fund, Retirement I 2045 Fund, Retirement I 2050 Fund, Retirement I 2055 Fund, Retirement I 2060 Fund, and Retirement Balanced I Fund (collectively the, “Retirement I Funds”); Retirement Income 2020 Fund; and Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, and Target 2060 Fund, and their respective share classes (collectively, the “TRFs”). The Spectrum Funds, RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually as a “Fund-of-Funds,” and where the policies that apply to the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are identical, the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs may be referred to collectively as “Target Date Funds.”

In generally exercising their responsibilities, the Boards, among other things, will refer to the policies, conditions, and guidelines included in an Exemptive Application (and accompanying Notice and Order) originally granted by the SEC in connection with the creation and operation of the Spectrum Funds. The RDFs rely on this same Exemptive Application and Order because the order was designed to cover any Fund-of-Funds arrangements that operate in a similar manner to the Spectrum Funds. The Retirement I Funds, Retirement Income 2020 Fund, and TRFs do not rely on this Exemptive Order since they bear their own operating expenses and do not operate in a similar manner to the other Funds-of-Funds.

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

24


of the expenses of each underlying Price Fund in which the Funds-of-Funds invest. The Retirement I Funds, Retirement Income 2020 Fund, and TRFs also do not pay an investment management fee and will indirectly bear their proportionate share of the expenses of each underlying Price Fund in which they invest. However, the Retirement I Funds, Retirement Income 2020 Fund, and TRFs pay their own operating expenses at the Fund-of-Fund level.

A majority of the directors of the Funds-of-Funds are independent of T. Rowe Price and its affiliates. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the underlying Price Funds. Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of 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 such a possibility arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.

Term of Office and Length of Time Served

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

                   

Corporation

Number of Portfolios

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Balanced Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Blue Chip Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Capital Appreciation Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Capital Opportunity Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Communications & Technology Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Corporate Income Fund

1

2018

2018

2013

2013

2013

2013

1995

2009

Credit Opportunities Fund

1

2018

2018

2014

2014

2014

2014

2014

2014

Diversified Mid-Cap Growth Fund

1

2018

2018

2013

2012

2013

2012

2003

2009

Dividend Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Equity Income Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Financial Services Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Floating Rate Fund

1

2018

2018

2013

2013

2013

2013

2011

2011

Global Allocation Fund

1

2018

2018

2013

2013

2013

2013

2013

2013

Global Multi-Sector Bond Fund

1

2018

2018

2013

2013

2013

2013

2008

2009

Global Real Estate Fund

1

2018

2018

2013

2012

2013

2012

2008

2009

Global Technology Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

GNMA Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Government Money Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Growth & Income Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Growth Stock Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Health Sciences Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

High Yield Fund

2

2018

2018

2013

2013

2013

2013

1992

2009

Index Trust

5

2018

2018

2013

2012

2013

2012

2001

2009

Inflation Protected Bond Fund

1

2018

2018

2013

2013

2013

2013

2002

2009

25


                   

Corporation

Number of Portfolios

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Institutional Equity Funds

6

2018

2018

2013

2012

2013

2012

2001

2009

Institutional Income Funds

5

2018

2018

2013

2013

2013

2013

2002

2009

Institutional International Funds

10

2018

2018

2013

2012

2013

2012

2001

2009

Intermediate Tax-Free High Yield Fund

1

2018

2018

2014

2014

2014

2014

2014

2014

International Funds

26

2018

2018

2013

2012

2013

2012

2001

2009

International Index Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Limited Duration Inflation Focused Bond Fund

1

2018

2018

2013

2013

2013

2013

2006

2009

Mid-Cap Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Mid-Cap Value Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Multi-Sector Account Portfolios

6

2018

2018

2013

2013

2013

2013

2012

2012

Multi-Strategy Total Return Fund

1

2018

2018

2017

2017

2017

2017

2017

2017

New America Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

New Era Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

New Horizons Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

New Income Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Personal Strategy Funds

3

2018

2018

2013

2012

2013

2012

2001

2009

Quantitative Management Funds

4

2018

2018

2013

2012

2013

2012

2001

2009

Real Assets Fund

1

2018

2018

2013

2012

2013

2012

2010

2010

Real Estate Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

TRP Reserve Funds

4

2018

2018

2013

2013

2013

2013

1997

2009

Retirement Funds

39

2018

2018

2013

2012

2013

2012

2002

2009

Science & Technology Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Short-Term Bond Fund

2

2018

2018

2013

2013

2013

2013

1992

2009

Small-Cap Stock Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Small-Cap Value Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Spectrum Fund

3

2018

2018

2013

2012

2013

2012

2001

2009

State Tax-Free Funds

10

2018

2018

2013

2013

2013

2013

1992

2009

Summit Income Funds

1

2018

2018

2013

2013

2013

2013

1993

2009

Summit Municipal Funds

3

2018

2018

2013

2013

2013

2013

1993

2009

Tax-Efficient Funds

1

2018

2018

2013

2012

2013

2012

2001

2009

Tax-Exempt Money Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Tax-Free High Yield Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Tax-Free Income Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Tax-Free Short-Intermediate Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Total Return Fund

1

2018

2018

2016

2016

2016

2016

2016

2016

U.S. Bond Enhanced Index Fund

1

2018

2018

2013

2013

2013

2013

2000

2009

U.S. Large-Cap Core Fund

1

2018

2018

2013

2012

2013

2012

2009

2009

26


                   

Corporation

Number of Portfolios

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

U.S. Treasury Funds

3

2018

2018

2013

2013

2013

2013

1992

2009

Value Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.

                 

Corporation

Number of Portfolios

Inside Directors

Oestreicher

Sharps

Balanced Fund

1

2018

2017

Blue Chip Growth Fund

1

2018

2017

Capital Appreciation Fund

1

2018

2017

Capital Opportunity Fund

1

2018

2017

Communications & Technology Fund

1

2018

2017

Corporate Income Fund

1

2018

2019

Credit Opportunities Fund

1

2018

2019

Diversified Mid-Cap Growth Fund

1

2018

2017

Dividend Growth Fund

1

2018

2017

Equity Income Fund

1

2018

2017

Financial Services Fund

1

2018

2017

Floating Rate Fund

1

2018

2019

Global Allocation Fund

1

2018

2017

Global Multi-Sector Bond Fund

1

2018

2019

Global Real Estate Fund

1

2018

2017

Global Technology Fund

1

2018

2017

GNMA Fund

1

2018

2019

Government Money Fund

1

2018

2019

Growth & Income Fund

1

2018

2017

Growth Stock Fund

1

2018

2017

Health Sciences Fund

1

2018

2017

High Yield Fund

2

2018

2019

Index Trust

5

2018

2017

Inflation Protected Bond Fund

1

2018

2019

Institutional Equity Funds

6

2018

2017

Institutional Income Funds

5

2018

2019

Institutional International Funds

10

2018

2017

Intermediate Tax-Free High Yield Fund

1

2018

2019

International Funds

26

2018

2017

International Index Fund

1

2018

2017

Limited Duration Inflation Focused Bond Fund

1

2018

2019

Mid-Cap Growth Fund

1

2018

2017

Mid-Cap Value Fund

1

2018

2017

27


               

Corporation

Number of Portfolios

Inside Directors

Oestreicher

Sharps

Multi-Sector Account Portfolios

6

2018

2019

Multi-Strategy Total Return Fund

1

2018

2017

New America Growth Fund

1

2018

2017

New Era Fund

1

2018

2017

New Horizons Fund

1

2018

2017

New Income Fund

1

2018

2019

Personal Strategy Funds

3

2018

2017

Quantitative Management Funds

4

2018

2017

Real Assets Fund

1

2018

2017

Real Estate Fund

1

2018

2017

TRP Reserve Funds

4

2018

2019

Retirement Funds

39

2018

2017

Science & Technology Fund

1

2018

2017

Short-Term Bond Fund

2

2018

2019

Small-Cap Stock Fund

1

2018

2017

Small-Cap Value Fund

1

2018

2017

Spectrum Fund

3

2018

2017

State Tax-Free Funds

10

2018

2019

Summit Income Funds

1

2018

2019

Summit Municipal Funds

3

2018

2019

Tax-Efficient Funds

1

2018

2017

Tax-Exempt Money Fund

1

2018

2019

Tax-Free High Yield Fund

1

2018

2019

Tax-Free Income Fund

1

2018

2019

Tax-Free Short-Intermediate Fund

1

2018

2019

Total Return Fund

1

2018

2019

U.S. Bond Enhanced Index Fund

1

2018

2019

U.S. Large-Cap Core Fund

1

2018

2017

U.S. Treasury Funds

3

2018

2019

Value Fund

1

2018

2017

28


Below is a table that sets forth certain information, as of April 4, 2019, concerning each person deemed to be an officer of the Price Funds.

Officers

     

Fund

Name

Position Held
With Fund

All funds

David Oestreicher

Director, Principal Executive Officer, and Executive Vice President

 

Darrell N. Braman

Vice President and Secretary

 

Gary J. Greb

Vice President

 

Paul J. Krug

Vice President

 

John W. Ratzesberger

Vice President

 

Megan Warren

Vice President

 

Catherine D. Mathews

Principal Financial Officer, Vice President, and Treasurer

 

Shannon Hofher Rauser

Assistant Secretary

 

John R. Gilner

Chief Compliance Officer

Below is a table that sets forth certain information, organized by fund, concerning each person deemed to be an officer of each fund. Information is provided as of April 4, 2019.

                           

Fund

Name

Position Held
With Fund

Balanced Fund

Charles M. Shriver

President

 

 

 

Kimberly E. DeDominicis

Vice President

 

 

 

Anna A. Dreyer

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Robert M. Larkins

Vice President

 

 

 

Wyatt A. Lee

Vice President

 

 

 

Raymond A. Mills

Vice President

 

 

 

Sebastien Page

Vice President

 

 

 

Larry J. Puglia

Vice President

 

 

 

Guido F. Stubenrauch

Vice President

 

 

 

Toby M. Thompson

Vice President

 

 

 

Mark J. Vaselkiv

Vice President

 

 

 

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

 

Blue Chip Growth Fund

Larry J. Puglia

President

 

 

 

Jason R. Adams

Vice President

 

 

 

Ziad Bakri

Vice President

 

 

 

Peter J. Bates

Vice President

 

 

 

Eric L. DeVilbiss

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Thomas J. Huber

Vice President

 

 

 

George A. Marzano

Vice President

 

 

 

Vivek Rajeswaran

Vice President

 

 

 

David L. Rowlett

Vice President

 

 

 

Robert W. Sharps

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Rouven J. Wool-Lewis

Vice President

 

 

 

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

 

29


         

Fund

Name

Position Held
With Fund

Capital Appreciation Fund

David R. Giroux

President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Jon M. Friar

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Nina P. Jones

Vice President

 

 

 

Vidya Kadiyam

Vice President

 

 

 

Paul M. Massaro

Vice President

 

 

 

Sudhir Nanda

Vice President

 

 

 

Adam Poussard

Vice President

 

 

 

Jeffrey Rottinghaus

Vice President

 

 

 

Farris G. Shuggi

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Tamara P. Wiggs

Vice President

 

 

 

John M. Williams

Vice President

 

 

 

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

 

Capital Opportunity Fund

Ann M. Holcomb

Co-President

 

 

 

Joshua Nelson

Co-President

 

 

 

Jason B. Polun

Co-President