statement of additional information - T. Rowe Price

statement of additional information - T. Rowe Price

STATEMENT OF ADDITIONAL INFORMATION This is the Statement of Additional Information for all of the funds listed below. It is divided into two parts (P...

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STATEMENT OF ADDITIONAL INFORMATION This is the Statement of Additional Information 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 funds in the T. Rowe Price family of funds (“Price Funds”). The date of this Statement of Additional Information (“SAI”) is May 1, 2016. T. ROWE PRICE BALANCED FUND, INC. (RPBAX) T. Rowe Price Balanced Fund—I Class (RBAIX) T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. (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 CALIFORNIA TAX-FREE INCOME TRUST California Tax-Free Bond Fund (PRXCX) California Tax-Free Money Fund (PCTXX) 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. (PRCOX) T. Rowe Price Capital Opportunity Fund—Advisor Class (PACOX) T. Rowe Price Capital Opportunity Fund—R Class (RRCOX) T. ROWE PRICE CORPORATE INCOME FUND, INC. (PRPIX) T. Rowe Price Corporate Income Fund—I Class (TICCX) T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC. (PRCPX) T. Rowe Price Credit Opportunities Fund—Advisor Class (PAOPX) T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC. (PRDMX) T. ROWE PRICE DIVIDEND GROWTH FUND, INC. (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 (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. (PRISX) T. ROWE PRICE FLOATING RATE FUND, INC. (PRFRX) T. Rowe Price Floating Rate Fund—Advisor Class (PAFRX) T. ROWE PRICE GLOBAL ALLOCATION FUND, INC. (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. (formerly T. Rowe Price Strategic Income Fund, Inc.) (PRSNX) T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class (formerly T. Rowe Price Strategic Income Fund—Advisor Class) (PRSAX) T. Rowe Price Global Multi-Sector Bond Fund—I Class (PGMSX) T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC. (TRGRX) T. Rowe Price Global Real Estate Fund—Advisor Class (PAGEX) T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC. (PRGTX) T. ROWE PRICE GNMA FUND (PRGMX) T. ROWE PRICE GROWTH & INCOME FUND, INC. (PRGIX) T. ROWE PRICE GROWTH STOCK FUND, INC. (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. (PRHSX) T. Rowe Price Health Sciences Fund—I Class (THISX)

C00-042 5/1/16

T. ROWE PRICE HIGH YIELD FUND, INC. (PRHYX) T. Rowe Price High Yield Fund—Advisor Class (PAHIX) T. Rowe Price High Yield Fund—I Class (PRHIX) 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 T. Rowe Price Mid-Cap Index Fund—I Class T. Rowe Price Small-Cap Index Fund T. Rowe Price Small-Cap Index Fund—I Class T. Rowe Price Total Equity Market Index Fund (POMIX) T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. (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 Core Plus Fund (TICPX) T. Rowe Price Institutional Core Plus Fund—F Class (PFCPX) T. Rowe Price Institutional Credit Opportunities Fund (TRXPX) T. Rowe Price Institutional Floating Rate Fund (RPIFX) T. Rowe Price Institutional Floating Rate Fund—F Class (PFFRX) T. Rowe Price Institutional Global Multi-Sector Bond Fund (RPGMX) 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) 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 Bond Fund (RPIIX) T. Rowe Price Institutional International Concentrated Equity Fund (RPICX) T. Rowe Price Institutional International Core Equity Fund (TRCEX) T. Rowe Price Institutional International Growth Equity Fund (PRFEX) T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC. (PRIHX) T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class (PRAHX) T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund (TRAMX) T. Rowe Price Asia Opportunities Fund (TRAOX) T. Rowe Price Asia Opportunities Fund—Advisor Class (PAAOX) T. Rowe Price Emerging Europe Fund (TREMX) 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 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)

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T. Rowe Price Emerging Markets Stock Fund (PRMSX) T. Rowe Price Emerging Markets Stock Fund—I Class (PRZIX) T. Rowe Price Emerging Markets Value Stock Fund (PRIJX) T. Rowe Price Emerging Markets Value Stock Fund—Advisor Class (PAIJX) T. Rowe Price European Stock Fund (PRESX) T. Rowe Price Global Consumer Fund (PGLOX) T. Rowe Price Global Growth Stock Fund (RPGEX) T. Rowe Price Global Growth Stock Fund—Advisor Class (PAGLX) T. Rowe Price Global 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 Stock Fund (PRGSX) T. Rowe Price Global Stock Fund—Advisor Class (PAGSX) T. Rowe Price Global Unconstrained Bond Fund (RPIEX) T. Rowe Price Global Unconstrained Bond Fund—Advisor Class (PAIEX) T. Rowe Price Global Unconstrained Bond Fund—I Class (RPEIX) 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 Concentrated Equity Fund (PRCNX) T. Rowe Price International Concentrated Equity Fund—Advisor Class (PRNCX) T. Rowe Price International Discovery Fund (PRIDX) T. Rowe Price International Discovery Fund—I Class (TIDDX) T. Rowe Price International Growth & Income Fund (TRIGX) T. Rowe Price International Growth & Income Fund—Advisor Class (PAIGX) T. Rowe Price International Growth & Income Fund—I Class (TRTIX) T. Rowe Price International Growth & Income Fund—R Class (RRIGX) 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 Japan Fund (PRJPX) T. Rowe Price Latin America Fund (PRLAX) 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) T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC. (formerly T. Rowe Price Inflation Focused Bond Fund, Inc.) (TRBFX) T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class (TRLDX) T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC. (PRMTX) T. Rowe Price Media & Telecommunications Fund—I Class (TTMIX) T. ROWE PRICE MID-CAP GROWTH FUND, INC. (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. (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)

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T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (“Multi-Sector Account Portfolios”) T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T. Rowe Price Floating Rate Multi-Sector Account Portfolio T. Rowe Price High Yield Multi-Sector Account Portfolio T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio T. ROWE PRICE 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. (PRNEX) T. Rowe Price New Era Fund—I Class (TRNEX) T. ROWE PRICE NEW HORIZONS FUND, INC. (PRNHX) T. Rowe Price New Horizons Fund—I Class (PRJIX) T. ROWE PRICE NEW INCOME FUND, INC. (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) 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 PRIME RESERVE FUND, INC. (PRRXX) T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC. (formerly T. Rowe Price Diversified Small-Cap Growth Fund, 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 (formerly T. Rowe Price Diversified SmallCap Growth Fund) (PRDSX) 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. (PRAFX) T. Rowe Price Real Assets Fund—I Class (PRIKX) T. ROWE PRICE REAL ESTATE FUND, INC. (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 Investment Fund (“TRP Government Reserve Investment Fund”) T. Rowe Price Reserve Investment Fund (“TRP Reserve Investment Fund”) T. Rowe Price Short-Term Government Reserve Fund T. Rowe Price Short-Term Reserve Fund T. ROWE PRICE RETIREMENT FUNDS, INC. (“Retirement Funds”) T. Rowe Price Retirement 2005 Fund (TRRFX) T. Rowe Price Retirement 2005 Fund—Advisor Class (PARGX) T. Rowe Price Retirement 2005 Fund—R Class (RRTLX) T. Rowe Price Retirement 2010 Fund (TRRAX) T. Rowe Price Retirement 2010 Fund—Advisor Class (PARAX) T. Rowe Price Retirement 2010 Fund—R Class (RRTAX)

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T. Rowe Price Retirement 2015 Fund (TRRGX) T. Rowe Price Retirement 2015 Fund—Advisor Class (PARHX) T. Rowe Price Retirement 2015 Fund—R Class (RRTMX) T. Rowe Price Retirement 2020 Fund (TRRBX) T. Rowe Price Retirement 2020 Fund—Advisor Class (PARBX) T. Rowe Price Retirement 2020 Fund—R Class (RRTBX) T. Rowe Price Retirement 2025 Fund (TRRHX) T. Rowe Price Retirement 2025 Fund—Advisor Class (PARJX) T. Rowe Price Retirement 2025 Fund—R Class (RRTNX) T. Rowe Price Retirement 2030 Fund (TRRCX) T. Rowe Price Retirement 2030 Fund—Advisor Class (PARCX) T. Rowe Price Retirement 2030 Fund—R Class (RRTCX) T. Rowe Price Retirement 2035 Fund (TRRJX) T. Rowe Price Retirement 2035 Fund—Advisor Class (PARKX) T. Rowe Price Retirement 2035 Fund—R Class (RRTPX) T. Rowe Price Retirement 2040 Fund (TRRDX) T. Rowe Price Retirement 2040 Fund—Advisor Class (PARDX) T. Rowe Price Retirement 2040 Fund—R Class (RRTDX) T. Rowe Price Retirement 2045 Fund (TRRKX) T. Rowe Price Retirement 2045 Fund—Advisor Class (PARLX) T. Rowe Price Retirement 2045 Fund—R Class (RRTRX) T. Rowe Price Retirement 2050 Fund (TRRMX) T. Rowe Price Retirement 2050 Fund—Advisor Class (PARFX) T. Rowe Price Retirement 2050 Fund—R Class (RRTFX) T. Rowe Price Retirement 2055 Fund (TRRNX) T. Rowe Price Retirement 2055 Fund—Advisor Class (PAROX) T. Rowe Price Retirement 2055 Fund—R Class (RRTVX) T. Rowe Price Retirement 2060 Fund (TRRLX) T. Rowe Price Retirement 2060 Fund—Advisor Class (TRRYX) T. Rowe Price Retirement 2060 Fund—R Class (TRRZX) T. Rowe Price Retirement 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 Target 2005 Fund (formerly T. Rowe Price Target Retirement 2005 Fund) (TRARX) T. Rowe Price Target 2005 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2005 Fund—Advisor Class) (PANRX) T. Rowe Price Target 2005 Fund—I Class (TFRRX) T. Rowe Price Target 2010 Fund (formerly T. Rowe Price Target Retirement 2010 Fund) (TRROX) T. Rowe Price Target 2010 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2010 Fund—Advisor Class) (PAERX) T. Rowe Price Target 2010 Fund—I Class (TORFX) T. Rowe Price Target 2015 Fund (formerly T. Rowe Price Target Retirement 2015 Fund) (TRRTX) T. Rowe Price Target 2015 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2015 Fund—Advisor Class) (PAHRX) T. Rowe Price Target 2015 Fund—I Class (TTRTX)

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T. Rowe Price Target 2020 Fund (formerly T. Rowe Price Target Retirement 2020 Fund) (TRRUX) T. Rowe Price Target 2020 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2020 Fund—Advisor Class) (PAIRX) T. Rowe Price Target 2020 Fund—I Class (TTURX) T. Rowe Price Target 2025 Fund (formerly T. Rowe Price Target Retirement 2025 Fund) (TRRVX) T. Rowe Price Target 2025 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2025 Fund—Advisor Class) (PAJRX) T. Rowe Price Target 2025 Fund—I Class (TRVVX) T. Rowe Price Target 2030 Fund (formerly T. Rowe Price Target Retirement 2030 Fund) (TRRWX) T. Rowe Price Target 2030 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2030 Fund—Advisor Class) (PAKRX) T. Rowe Price Target 2030 Fund—I Class (TWRRX) T. Rowe Price Target 2035 Fund (formerly T. Rowe Price Target Retirement 2035 Fund) (RPGRX) T. Rowe Price Target 2035 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2035 Fund—Advisor Class) (PATVX) T. Rowe Price Target 2035 Fund—I Class (TPGPX) T. Rowe Price Target 2040 Fund (formerly T. Rowe Price Target Retirement 2040 Fund) (TRHRX) T. Rowe Price Target 2040 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2040 Fund—Advisor Class) (PAHHX) T. Rowe Price Target 2040 Fund—I Class (TRXRX) T. Rowe Price Target 2045 Fund (formerly T. Rowe Price Target Retirement 2045 Fund) (RPTFX) T. Rowe Price Target 2045 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2045 Fund—Advisor Class) (PAFFX) T. Rowe Price Target 2045 Fund—I Class (TRFWX) T. Rowe Price Target 2050 Fund (formerly T. Rowe Price Target Retirement 2050 Fund) (TRFOX) T. Rowe Price Target 2050 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2050 Fund—Advisor Class) (PAOFX) T. Rowe Price Target 2050 Fund—I Class (TOORX) T. Rowe Price Target 2055 Fund (formerly T. Rowe Price Target Retirement 2055 Fund) (TRFFX) T. Rowe Price Target 2055 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2055 Fund—Advisor Class) (PAFTX) T. Rowe Price Target 2055 Fund—I Class (TRPPX) T. Rowe Price Target 2060 Fund (formerly T. Rowe Price Target Retirement 2060 Fund) (TRTFX) T. Rowe Price Target 2060 Fund—Advisor Class (formerly T. Rowe Price Target Retirement 2060 Fund—Advisor Class) (TRTGX) T. Rowe Price Target 2060 Fund—I Class (TTOIX) T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC. (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. (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 SMALL-CAP STOCK FUND, INC. (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. (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)

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T. ROWE PRICE STATE TAX-FREE INCOME TRUST Georgia Tax-Free Bond Fund (GTFBX) Maryland Short-Term Tax-Free Bond Fund (PRMDX) Maryland Tax-Free Bond Fund (MDXBX) Maryland Tax-Free Money Fund (TMDXX) New Jersey Tax-Free Bond Fund (NJTFX) New York Tax-Free Bond Fund (PRNYX) New York Tax-Free Money Fund (NYTXX) Virginia Tax-Free Bond Fund (PRVAX) T. ROWE PRICE SUMMIT FUNDS, INC. (“Summit Income Funds”) T. Rowe Price Summit 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 Intermediate Fund (PRSMX) T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class (PAIFX) T. Rowe Price Summit Municipal Money Market Fund (TRSXX) T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (“Tax-Efficient Funds”) T. Rowe Price Tax-Efficient Equity Fund (PREFX) T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC. (PTEXX) T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC. (PRFHX) T. Rowe Price Tax-Free High Yield Fund—Advisor Class (PATFX) T. ROWE PRICE TAX-FREE INCOME FUND, INC. (PRTAX) T. Rowe Price Tax-Free Income Fund—Advisor Class (PATAX) T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC. (PRFSX) T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class (PATIX) T. Rowe Price Tax-Free Ultra Short-Term Bond Fund (PRTUX) T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC. (PBDIX) T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC. (TRULX) T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class (PAULX) T. ROWE PRICE U.S. TREASURY FUNDS, INC. (“U.S. Treasury Funds”) U.S. Treasury Intermediate Fund (PRTIX) U.S. Treasury Long-Term Fund (PRULX) U.S. Treasury Money Fund (PRTXX) T. ROWE PRICE VALUE FUND, INC. (TRVLX) T. Rowe Price Value Fund—Advisor Class (PAVLX) T. Rowe Price Value Fund—I Class (TRPIX)

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. The Corporate Income Fund—I Class, Global Allocation Fund—I Class, Global Consumer Fund, Global Multi-Sector Bond Fund—I Class, Health Sciences Fund—I Class, High Yield Fund—I Class, Inflation Protected Bond Fund—I Class, International Discovery Fund—I Class, Limited Duration Inflation Focused Bond Fund—I Class, Media & Telecommunications Fund—I Class, New Asia Fund—I Class, New Income Fund—I Class, Personal Strategy Balanced Fund—I Class, Personal Strategy Growth Fund—I Class, Personal Strategy Income Fund—I Class, QM Global Equity Fund, QM Global Equity Fund—Advisor Class, QM Global Equity Fund—I Class, QM U.S. Small & Mid-Cap Core Equity Fund, QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class, QM U.S. Small & Mid-Cap Core Equity Fund—

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I Class, QM U.S. Small-Cap Growth Equity Fund—I Class, QM U.S. Value Equity Fund, QM U.S. Value Equity Fund—Advisor Class, QM U.S. Value Equity Fund—I Class, Retirement I 2005 Fund—I Class, Retirement I 2010 Fund—I Class, Retirement I 2015 Fund—I Class, Retirement I 2020 Fund—I Class, Retirement I 2025 Fund—I Class, Retirement I 2030 Fund—I Class, Retirement I 2035 Fund—I Class, Retirement I 2040 Fund—I Class, Retirement I 2045 Fund—I Class, Retirement I 2050 Fund—I Class, Retirement I 2055 Fund—I Class, Retirement I 2060 Fund—I Class, Retirement Balanced I Fund—I Class, Science & Technology Fund—I Class, Short-Term Bond Fund—I Class, Short-Term Government Reserve Fund, Target 2005 Fund—I Class, Target 2010 Fund—I Class, Target 2015 Fund—I Class, Target 2020 Fund—I Class, Target 2025 Fund—I Class, Target 2030 Fund—I Class, Target 2035 Fund—I Class, Target 2040 Fund—I Class, Target 2045 Fund—I Class, Target 2050 Fund—I Class, Target 2055 Fund—I Class, Target 2060 Fund—I Class, and Tax–Free Ultra Short–Term Bond Fund 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.

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PART I – TABLE OF CONTENTS Page Management of the Funds Principal Holders of Securities

20 106

Investment Management Agreements Third Party Arrangements

193 223

Page Distributor for the Funds Portfolio Transactions Independent Registered Public Accounting Firm Part II

230 234 264 265

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”) Standard & Poor’s Ratings Services (“S&P”) T. Rowe Price Associates, Inc. (“T. Rowe Price”) T. Rowe Price Hong Kong Limited (“Price Hong Kong”) T. Rowe Price International Ltd (“T. Rowe Price International”) T. Rowe Price Singapore Private Ltd. (“Price Singapore”) Investor Class The Investor Class is generally designed for individual investors, but is also available to 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. Advisor Class The Advisor Class is designed to be sold only through brokers, dealers, banks, insurance companies, and other financial intermediaries that provide various distribution and administrative services. The Advisor Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary. I Class The I Class generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, intermediaries maintaining omnibus accounts, and certain other accounts. I Class shares are designed to be sold to corporations; endowments and foundations; charitable trusts; investment companies; defined benefit and defined contribution retirement plans; broker-dealers; registered investment advisers; banks and bank trust programs; Section 529 college savings plans; pooled investment vehicles; institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority; and certain individuals meeting the investment minimum or other specific criteria. R Class The R Class is designed to be sold only through various third-party intermediaries that offer employersponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others. The R Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.

9

Institutional Funds The Institutional Funds (other than their F Class shares) generally require a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans and certain investors maintaining omnibus accounts. Institutional Funds are designed for institutional investors, which typically include corporations, banks, pension and other retirement plans, trust and investment companies, and certain other financial intermediaries. Institutional Funds may be purchased directly through T. Rowe Price or through a financial intermediary. F Class The F Class 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. 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 Africa & Middle East Asia Opportunities Asia Opportunities Fund— Advisor Class Balanced Balanced Fund—I Class Blue Chip Growth Blue Chip Growth Fund— Advisor Class Blue Chip Growth Fund— I Class Blue Chip Growth Fund— R Class California Tax-Free Bond California Tax-Free Money Capital Appreciation Capital Appreciation Fund— Advisor Class Capital Appreciation Fund— I Class Capital Opportunity Capital Opportunity Fund— Advisor Class

Fund Category International Equity International Equity

Fiscal Year End Oct 31 Oct 31

Annual Report Date Oct 31 Oct 31

Semiannual Report Date Apr 30 Apr 30

Prospectus Date March 1 March 1

International Equity Asset Allocation Asset Allocation Equity

Oct 31 Dec 31 Dec 31 Dec 31

Oct 31 Dec 31 Dec 31 Dec 31

Apr 30 June 30 June 30 June 30

March 1 May 1 May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity State Tax-Free Bond State Tax-Free Money Equity

Dec 31 Feb 28

Dec 31 Feb 28

June 30 Aug 30

May 1 July 1

Feb 28 Dec 31

Feb 28 Dec 31

Aug 30 June 30

July 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

10

Fund Capital Opportunity Fund— R Class Corporate Income Corporate Income Fund— I Class Credit Opportunities Credit Opportunities Fund— Advisor Class Diversified Mid-Cap Growth Dividend Growth Dividend Growth Fund— Advisor Class Dividend Growth Fund— I Class Emerging Europe Emerging Markets Bond Emerging Markets Bond Fund—Advisor Class Emerging Markets Bond Fund—I Class Emerging Markets Corporate Bond Emerging Markets Corporate Bond Fund—Advisor Class Emerging Markets Corporate Bond Fund—I Class Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Currency Bond Emerging Markets Local Currency Bond Fund— Advisor Class Emerging Markets Local Currency Bond Fund— I Class Emerging Markets Local Multi-Sector Account Portfolio Emerging Markets Stock Emerging Markets Stock Fund—I Class Emerging Markets Value Stock Emerging Markets Value Stock Fund—Advisor Class Equity Income Equity Income Fund— Advisor Class Equity Income Fund— I Class Equity Income Fund— R Class

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Equity Taxable Bond

Dec 31 May 31

Dec 31 May 31

June 30 Nov 30

May 1 Oct 1

Taxable Bond Taxable Bond

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Taxable Bond Equity Equity

May 31 Dec 31 Dec 31

May 31 Dec 31 Dec 31

Nov 30 June 30 June 30

Oct 1 May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity International Equity International Bond

Dec 31 Oct 31 Dec 31

Dec 31 Oct 31 Dec 31

June 30 Apr 30 June 30

May 1 March 1 May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond International Equity

Dec 31 Oct 31

Dec 31 Oct 31

June 30 Apr 30

May 1 March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity Equity

Oct 31 Dec 31

Oct 31 Dec 31

Apr 30 June 30

March 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

11

Fund Equity Index 500 Equity Index 500 Fund— I Class European Stock Extended Equity Market Index Financial Services Floating Rate Floating Rate Fund—Advisor Class Floating Rate Multi-Sector Account Portfolio Georgia Tax-Free Bond Global Allocation Global Allocation Fund— Advisor Class Global Allocation Fund— I Class Global Consumer Global Growth Stock Global Growth Stock Fund—Advisor Class Global High Income Bond Global High Income Bond Fund—Advisor Class Global High Income Bond Fund—I Class Global Industrials Global Multi-Sector Bond Global Multi-Sector Bond Fund—Advisor Class Global Multi-Sector Bond Fund—I Class Global Real Estate Global Real Estate Fund— Advisor Class Global Stock Global Stock Fund—Advisor Class Global Technology Global Unconstrained Bond Global Unconstrained Bond Fund—Advisor Class Global Unconstrained Bond Fund—I Class GNMA TRP Government Reserve Investment Growth & Income Growth Stock Growth Stock Fund— Advisor Class Growth Stock Fund—I Class

Fund Category Index Equity

Fiscal Year End Dec 31

Annual Report Date Dec 31

Semiannual Report Date June 30

Prospectus Date May 1

Index Equity International Equity

Dec 31 Oct 31

Dec 31 Oct 31

June 30 Apr 30

May 1 March 1

Index Equity Equity Taxable Bond

Dec 31 Dec 31 May 31

Dec 31 Dec 31 May 31

June 30 June 30 Nov 30

May 1 May 1 Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Taxable Bond State Tax-Free Bond Asset Allocation

Feb 28 Feb 28 Oct 31

Feb 28 Feb 28 Oct 31

Aug 30 Aug 30 Apr 30

July 1 July 1 March 1

Asset Allocation

Oct 31

Oct 31

Apr 30

March 1

Asset Allocation International Equity International Equity

Oct 31 Dec 31 Oct 31

Oct 31 Dec 31 Oct 31

Apr 30 June 30 Apr 30

March 1 May 1 March 1

International Equity International Bond

Oct 31 Dec 31

Oct 31 Dec 31

Apr 30 June 30

March 1 May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond International Equity Taxable Bond

Dec 31 Dec 31 May 31

Dec 31 Dec 31 May 31

June 30 June 30 Nov 30

May 1 May 1 Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Taxable Bond International Equity

May 31 Dec 31

May 31 Dec 31

Nov 30 June 30

Oct 1 May 1

International Equity International Equity

Dec 31 Oct 31

Dec 31 Oct 31

June 30 Apr 30

May 1 March 1

International Equity Equity International Bond

Oct 31 Dec 31 Dec 31

Oct 31 Dec 31 Dec 31

Apr 30 June 30 June 30

March 1 May 1 May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond Taxable Bond

Dec 31 May 31

Dec 31 May 31

June 30 Nov 30

May 1 Oct 1

Taxable Money Equity Equity

May 31 Dec 31 Dec 31

May 31 Dec 31 Dec 31

Nov 30 June 30 June 30

Oct 1 May 1 May 1

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

12

Fund Growth Stock Fund— R Class Health Sciences Health Sciences Fund— I Class High Yield High Yield Fund—Advisor Class High Yield Fund—I Class High Yield Multi-Sector Account Portfolio Inflation Protected Bond Inflation Protected Bond Fund—I Class Institutional Africa & Middle East Institutional Core Plus Institutional Core Plus Fund—F Class Institutional Credit Opportunities Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Floating Rate Institutional Floating Rate Fund—F Class Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global MultiSector Bond Institutional Global Value Equity Institutional High Yield Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Long Duration Credit

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity Taxable Bond

Dec 31 May 31

Dec 31 May 31

June 30 Nov 30

May 1 Oct 1

Taxable Bond Taxable Bond

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Taxable Bond Taxable Bond

Feb 28 May 31

Feb 28 May 31

Aug 30 Nov 30

July 1 Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

International Equity Taxable Bond

Oct 31 May 31

Oct 31 May 31

Apr 30 Nov 30

March 1 Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Equity Taxable Bond

Oct 31 May 31

Oct 31 May 31

Apr 30 Nov 30

March 1 Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Bond

May 31

May 31

Nov 30

Oct 1

International Equity Taxable Bond

Oct 31 May 31

Oct 31 May 31

Apr 30 Nov 30

March 1 Oct 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

13

Fund Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research Intermediate Tax-Free High Yield Intermediate Tax-Free High Yield Fund—Advisor Class International Bond International Bond Fund— Advisor Class International Bond Fund— I Class International Concentrated Equity International Concentrated Equity Fund—Advisor Class International Discovery International Discovery Fund—I Class International Equity Index International Growth & Income International Growth & Income Fund—Advisor Class International Growth & Income Fund—I Class International Growth & Income Fund—R Class International Stock International Stock Fund— Advisor Class International Stock Fund— I Class International Stock Fund— R Class Investment-Grade Corporate Multi-Sector Account Portfolio Japan Latin America Limited Duration Inflation Focused Bond Limited Duration Inflation Focused Bond Fund—I Class Maryland Short-Term TaxFree Bond Maryland Tax-Free Bond Maryland Tax-Free Money Media & Telecommunications

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Tax-Free Bond International Bond

Feb 28 Dec 31

Feb 28 Dec 31

Aug 30 June 30

July 1 May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond

Dec 31

Dec 31

June 30

May 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity International Equity

Oct 31 Oct 31

Oct 31 Oct 31

Apr 30 Apr 30

March 1 March 1

International Equity International Equity

Oct 31 Oct 31

Oct 31 Oct 31

Apr 30 Apr 30

March 1 March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity International Equity

Oct 31 Oct 31

Oct 31 Oct 31

Apr 30 Apr 30

March 1 March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

Taxable Bond International Equity International Equity

Feb 28 Oct 31 Oct 31

Feb 28 Oct 31 Oct 31

Aug 30 Apr 30 Apr 30

July 1 March 1 March 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

State Tax-Free Bond State Tax-Free Bond State Tax-Free Money

Feb 28 Feb 28

Feb 28 Feb 28

Aug 30 Aug 30

July 1 July 1

Feb 28

Feb 28

Aug 30

July 1

Equity

Dec 31

Dec 31

June 30

May 1

14

Fund Media & Telecommunications Fund— I Class Mid-Cap Growth Mid-Cap Growth Fund— Advisor Class Mid-Cap Growth Fund— I Class Mid-Cap Growth Fund— R Class Mid-Cap Index Mid-Cap Index Fund— I Class Mid-Cap Value Mid-Cap Value Fund— Advisor Class Mid-Cap Value Fund— I Class Mid-Cap Value Fund— R Class Mortgage-Backed Securities Multi-Sector Account Portfolio New America Growth New America Growth Fund—Advisor Class New America Growth Fund—I Class New Asia New Asia Fund—I Class New Era New Era Fund—I Class New Horizons New Horizons Fund—I Class New Income New Income Fund—Advisor Class New Income Fund—I Class New Income Fund—R Class New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Overseas Stock Overseas Stock Fund— Advisor Class Overseas Stock Fund— I Class Personal Strategy Balanced Personal Strategy Balanced Fund—I Class Personal Strategy Growth Personal Strategy Growth Fund—I Class

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Index Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Index Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Taxable Bond Equity

Feb 28 Dec 31

Feb 28 Dec 31

Aug 30 June 30

July 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity International Equity International Equity Equity Equity Equity Equity Taxable Bond

Dec 31 Oct 31 Oct 31 Dec 31 Dec 31 Dec 31 Dec 31 May 31

Dec 31 Oct 31 Oct 31 Dec 31 Dec 31 Dec 31 Dec 31 May 31

June 30 Apr 30 Apr 30 June 30 June 30 June 30 June 30 Nov 30

May 1 March 1 March 1 May 1 May 1 May 1 May 1 Oct 1

Taxable Bond Taxable Bond Taxable Bond State Tax-Free Bond State Tax-Free Bond State Tax-Free Money International Equity

May 31 May 31 May 31 Feb 28 Feb 28

May 31 May 31 May 31 Feb 28 Feb 28

Nov 30 Nov 30 Nov 30 Aug 30 Aug 30

Oct 1 Oct 1 Oct 1 July 1 July 1

Feb 28 Oct 31

Feb 28 Oct 31

Aug 30 Apr 30

July 1 March 1

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity Asset Allocation

Oct 31 May 31

Oct 31 May 31

Apr 30 Nov 30

March 1 Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

15

Fund Personal Strategy Income Personal Strategy Income Fund—I Class Prime Reserve QM Global Equity QM Global Equity Fund— Advisor Class QM Global Equity Fund— I Class QM U.S. Small & Mid-Cap Core Equity QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class QM U.S. Small & Mid-Cap Core Equity Fund—I Class QM U.S. Small-Cap Growth Equity QM U.S. Small-Cap Growth Equity Fund—I Class QM U.S. Value Equity QM U.S. Value Equity Fund—Advisor Class QM U.S. Value Equity Fund—I Class Real Assets Real Assets Fund—I Class Real Estate Real Estate Fund—Advisor Class Real Estate Fund—I Class TRP Reserve Investment Retirement 2005 Retirement 2005 Fund— Advisor Class Retirement 2005 Fund— R Class Retirement 2010 Retirement 2010 Fund— Advisor Class Retirement 2010 Fund— R Class Retirement 2015 Retirement 2015 Fund— Advisor Class Retirement 2015 Fund— R Class Retirement 2020 Retirement 2020 Fund— Advisor Class Retirement 2020 Fund— R Class Retirement 2025

Fund Category Asset Allocation

Fiscal Year End May 31

Annual Report Date May 31

Semiannual Report Date Nov 30

Prospectus Date Oct 1

Asset Allocation Taxable Money Equity

May 31 May 31 Dec 31

May 31 May 31 Dec 31

Nov 30 Nov 30 June 30

Oct 1 Oct 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Equity Equity Equity

Dec 31 Dec 31 Dec 31 Dec 31

Dec 31 Dec 31 Dec 31 Dec 31

June 30 June 30 June 30 June 30

May 1 May 1 May 1 May 1

Equity Equity Taxable Money Asset Allocation

Dec 31 Dec 31 May 31 May 31

Dec 31 Dec 31 May 31 May 31

June 30 June 30 Nov 30 Nov 30

May 1 May 1 Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

16

Fund Retirement 2025 Fund— Advisor Class Retirement 2025 Fund— R Class Retirement 2030 Retirement 2030 Fund— Advisor Class Retirement 2030 Fund— R Class Retirement 2035 Retirement 2035 Fund— Advisor Class Retirement 2035 Fund— R Class Retirement 2040 Retirement 2040 Fund— Advisor Class Retirement 2040 Fund— R Class Retirement 2045 Retirement 2045 Fund— Advisor Class Retirement 2045 Fund— R Class Retirement 2050 Retirement 2050 Fund— Advisor Class Retirement 2050 Fund— R Class Retirement 2055 Retirement 2055 Fund— Advisor Class Retirement 2055 Fund— R Class Retirement 2060 Retirement 2060 Fund— Advisor Class Retirement 2060 Fund— R Class Retirement Balanced Retirement Balanced Fund— Advisor Class Retirement Balanced Fund— R Class Retirement I 2005 Fund— I Class Retirement I 2010 Fund— I Class Retirement I 2015 Fund— I Class Retirement I 2020 Fund— I Class Retirement I 2025 Fund— I Class

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Asset Allocation

May 31 May 31

May 31 May 31

Nov 30 Nov 30

Oct 1 Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

17

Fund Retirement I 2030 Fund— I Class Retirement I 2035 Fund— I Class Retirement I 2040 Fund— I Class Retirement I 2045 Fund— I Class Retirement I 2050 Fund— I Class Retirement I 2055 Fund— I Class Retirement I 2060 Fund— I Class Retirement Balanced I Fund—I Class Science & Technology Science & Technology Fund—Advisor Class Science & Technology Fund—I Class Short-Term Bond Short-Term Bond Fund— Advisor Class Short-Term Bond Fund— I Class Short-Term Government Reserve Short-Term Reserve Small-Cap Index Small-Cap Index Fund— I Class Small-Cap Stock Small-Cap Stock Fund— Advisor Class Small-Cap Stock Fund— I Class Small-Cap Value Small-Cap Value Fund— Advisor Class Small-Cap Value Fund— I Class Spectrum Growth Spectrum Income Spectrum International Summit Cash Reserves Summit Municipal Income Summit Municipal Income Fund—Advisor Class Summit Municipal Intermediate Summit Municipal Intermediate Fund—Advisor Class

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Asset Allocation Equity

May 31 Dec 31

May 31 Dec 31

Nov 30 June 30

Oct 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Taxable Bond

Dec 31 May 31

Dec 31 May 31

June 30 Nov 30

May 1 Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Taxable Bond Taxable Bond Index Equity

May 31 May 31 Dec 31

May 31 May 31 Dec 31

Nov 30 Nov 30 June 30

Oct 1 Oct 1 May 1

Index Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Equity

Dec 31 Dec 31

Dec 31 Dec 31

June 30 June 30

May 1 May 1

Equity

Dec 31

Dec 31

June 30

May 1

Equity Asset Allocation Asset Allocation Asset Allocation Taxable Money Tax-Free Bond

Dec 31 Dec 31 Dec 31 Dec 31 Oct 31 Oct 31

Dec 31 Dec 31 Dec 31 Dec 31 Oct 31 Oct 31

June 30 June 30 June 30 June 30 Apr 30 Apr 30

May 1 May 1 May 1 May 1 March 1 March 1

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

18

Fund Summit Municipal Money Market Target 2005 Target 2005 Fund—Advisor Class Target 2005 Fund—I Class Target 2010 Target 2010 Fund—Advisor Class Target 2010 Fund—I Class Target 2015 Target 2015 Fund—Advisor Class Target 2015 Fund—I Class Target 2020 Target 2020 Fund—Advisor Class Target 2020 Fund—I Class Target 2025 Target 2025 Fund—Advisor Class Target 2025 Fund—I Class Target 2030 Target 2030 Fund—Advisor Class Target 2030 Fund—I Class Target 2035 Target 2035 Fund—Advisor Class Target 2035 Fund—I Class Target 2040 Target 2040 Fund—Advisor Class Target 2040 Fund—I Class Target 2045 Target 2045 Fund—Advisor Class Target 2045 Fund—I Class Target 2050 Target 2050 Fund—Advisor Class Target 2050 Fund—I Class Target 2055 Target 2055 Fund—Advisor Class Target 2055 Fund—I Class Target 2060 Target 2060 Fund—Advisor Class Target 2060 Fund—I Class Tax-Efficient Equity Tax-Exempt Money Tax-Free High Yield

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Tax-Free Money Asset Allocation

Oct 31 May 31

Oct 31 May 31

Apr 30 Nov 30

March 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Asset Allocation

May 31 May 31 May 31

May 31 May 31 May 31

Nov 30 Nov 30 Nov 30

Oct 1 Oct 1 Oct 1

Asset Allocation Asset Allocation Equity Tax-Free Money Tax-Free Bond

May 31 May 31 Feb 28 Feb 28 Feb 28

May 31 May 31 Feb 28 Feb 28 Feb 28

Nov 30 Nov 30 Aug 30 Aug 30 Aug 30

Oct 1 Oct 1 July 1 July 1 July 1

19

Fund Tax-Free High Yield Fund— Advisor Class Tax-Free Income Tax-Free Income Fund— Advisor Class Tax-Free Short-Intermediate Tax-Free Short-Intermediate Fund—Advisor Class Tax-Free Ultra Short-Term Bond Total Equity Market Index U.S. Bond Enhanced Index U.S. Large-Cap Core U.S. Large-Cap Core Fund— Advisor Class U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money Ultra Short-Term Bond Value Value Fund—Advisor Class Value Fund—I Class Virginia Tax-Free Bond

Fund Category

Fiscal Year End

Annual Report Date

Semiannual Report Date

Prospectus Date

Tax-Free Bond Tax-Free Bond

Feb 28 Feb 28

Feb 28 Feb 28

Aug 30 Aug 30

July 1 July 1

Tax Free Bond Tax-Free Bond

Feb 28 Feb 28

Feb 28 Feb 28

Aug 30 Aug 30

July 1 July 1

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Tax-Free Bond Index Equity Index Bond Equity

Feb 28 Dec 31 Oct 31 Dec 31

Feb 28 Dec 31 Oct 31 Dec 31

Aug 30 June 30 Apr 30 June 30

July 1 May 1 March 1 May 1

Equity Taxable Bond Taxable Bond Taxable Money Taxable Bond Equity Equity Equity State Tax-Free Bond

Dec 31 May 31 May 31 May 31 May 31 Dec 31 Dec 31 Dec 31 Feb 28

Dec 31 May 31 May 31 May 31 May 31 Dec 31 Dec 31 Dec 31 Feb 28

June 30 Nov 30 Nov 30 Nov 30 Nov 30 June 30 June 30 June 30 Aug 30

May 1 Oct 1 Oct 1 Oct 1 Oct 1 May 1 May 1 May 1 July 1

MANAGEMENT OF THE FUNDS The officers and directors (the term “director” is used to refer to directors or trustees, as applicable) 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/Trustees (“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 or Massachusetts, and other applicable laws. At least 75% of each Board’s members are independent 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 normally hold five regularly scheduled formal meetings during each calendar year. 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 Board. 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 Committee of Independent Directors, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs. Edward C. Bernard, an inside director, serves as the Chairman of the Board of each fund. The independent directors of each fund have designated a Lead Independent Director, who functions as a liaison between the Chairman of the Board and the other independent directors. The Lead Independent Director presides at all

20

executive sessions of the independent directors, reviews and provides input on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. Anthony W. Deering currently serves as 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 Committee of Independent Directors, which consists of all of the independent directors of the funds, is responsible for, among other things, seeking, reviewing and selecting candidates to fill 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 Lead Independent Director serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for director. 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. Shareholders should submit their recommendations to the secretary of the funds. The committee met nine times in 2015 in conjunction with the full Board. The Joint Audit Committee consists of only independent directors. The current members of the committee are Bruce W. Duncan, Robert J. Gerrard, Jr., Paul F. McBride, and Cecilia E. Rouse. Mr. Gerrard serves as chairman of the committee and Mr. Duncan 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 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; and (6) any accounting questions relating to particular areas of the Price Funds’ operations 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 three times in 2015. The Executive Committee, which consists of each fund’s inside directors, has been authorized by its respective Board 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 took action by written consent on behalf of three funds during 2015. Like other mutual funds, the funds are subject to 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 members of the advisers’ Risk Management Oversight Committee on the significant risks inherent to the advisers’ business, including aggregate investment risks, reputational risk, business continuity 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

21

investment sub-advisers 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, has led to the conclusion that each director should serve on the Boards of the Price Funds. Attributes common to all directors include the ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the funds’ management and counsel and the various service providers to the funds, and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the actual service and commitment of the directors during their tenure on the funds’ Boards is taken into consideration in concluding that each should continue to serve. A director’s ability to perform his or her duties effectively may have been attained through his or her educational background or professional training; business, consulting, public service, or academic positions; experience from service as a director of the Price Funds, public companies, non-profit entities, or other organizations; or other experiences. Each director brings a diverse perspective to the Boards. Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each director that led to the conclusion that he or she should serve as a director. Edward C. Bernard has been an inside director and Chairman of the Board of all the Price Funds since 2006. Mr. Bernard has more than 25 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 as chairman (from 2009 to 2011) and is currently the vice chairman of the board of governors of the Investment Company Institute, the national trade association for the mutual fund industry. William R. Brody has been an independent director of the Price Funds since 2009. Dr. Brody has substantial experience in the public health and research fields, as well as academia. He previously served as president of the Johns Hopkins University, as well as on the boards of John Hopkins University, Johns Hopkins Health System, Salk Institute for Biological Studies, BioMed Realty Trust, IBM, and Novartis. He has also served on the boards of a number of other private companies and non-profit entities, including Mesa Biotech, Kool Smiles, Novamed, Stanford University, Standard Healthcare, and the Commonwealth Fund, which funds health services research. Anthony W. Deering has been an independent director of the Price Funds for more than 30 years. He currently serves as the Lead Independent Director and was a member of the Joint Audit Committee until September 2014. Mr. Deering brings a wealth of financial services and investment management experience to the Boards. He is the former chair and chief executive officer of the Rouse Company and has also served on the boards of a number of public companies, including Deutsche Bank North America, Vornado Realty Trust, Brixmor Real Estate Investment Trust, Mercantile Bank, and Under Armour. He has also served on the boards of a number of private companies and non-profit entities, including the Investment Company Institute, Baltimore Museum of Art, Parks & People Foundation, The Rouse Company Foundation, and The Charlesmead Foundation among others. Donald W. Dick, Jr. had been an independent director of the Price Funds for more than 30 years. He has significant investment and business experience from serving as a principal in a private equity firm and has previously served on the boards of manufacturing, construction, publishing, and advertising companies in the U.S. and Europe. Mr. Dick retired as independent director of the Price Funds on December 31, 2015.

22

Bruce W. Duncan has substantial experience in the fields of commercial real estate and property management. He currently serves as president, chief executive officer, director, and chairman of the board of First Industrial Realty Trust and has held a variety of senior roles and board positions with Starwood Hotels & Resorts. 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. Robert J. Gerrard, Jr. has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and currently serves as a member of the Joint Audit Committee. 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 as general counsel to Scripps Networks. Karen N. Horn had been an independent director of the Price Funds for more than 10 years. Ms. Horn has substantial experience in the financial services industry and the arts. She is a limited partner and senior managing director of Brock Capital Group, and has served on the boards of a number of public companies, including Eli Lilly, Simon Property Group, the Federal National Mortgage Association, and Norfolk Southern. She has also served on the boards of a number of private companies and non-profit entities, including the National Bureau of Economic Research, Council on Foreign Relations, and the Florence Griswold Museum. Ms. Horn retired as independent director of the Price Funds on December 31, 2015. Paul F. McBride has served in various management and senior leadership roles with the Black & Decker Corporation and General Electric Company. He serves on the advisory board of Vizzia Technologies. He led businesses in the materials, industrial, and consumer durable segments. He also has significant global experience. He has served on the boards of a number of private and non-profit entities, including Dunbar Armored, Gilman School, and Living Classrooms Foundation. 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. Brian C. Rogers has been an inside director of the domestic equity and international Price Funds for more than 20 years. Mr. Rogers has served in a variety of senior leadership roles since joining T. Rowe Price in 1982. Prior to that, he was employed by Bankers Trust Company. In addition to his various offices held with T. Rowe Price and its affiliates, he is a Chartered Financial Analyst and serves as a member of the T. Rowe Price Asset Allocation Committee. 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 board of MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor, and as a member of numerous entities, including the American Economic Association, National Bureau of Economic Research, 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 trustee of Loyola University of Chicago, and 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, and Hudson Pacific Properties. Mark R. Tercek has been an independent director of the Price Funds since 2009 and served as chairman of the Joint Audit Committee until September 2014. He brings substantial financial services experience to the boards. He was a managing director of Goldman Sachs and is currently president and chief executive officer of The Nature Conservancy.

23

Edward A. Wiese was elected as an inside director of the domestic fixed income Price Funds in 2015. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He currently serves as the Director of Fixed Income for T. Rowe Price and as the Chairperson of the T. Rowe Price Fixed Income Steering Committee, as well as a portfolio manager for various short-term bond and low duration domestic bond strategies. 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 William R. Brody, M.D., Ph.D. 1944 185 portfolios Anthony W. Deering 1945 185 portfolios

Donald W. Dick, Jr.* 1943 182 portfolios Bruce W. Duncan 1951 185 portfolios

Robert J. Gerrard, Jr. 1952 185 portfolios Karen N. Horn* 1943 182 portfolios

Paul F. McBride 1956 185 portfolios

Principal Occupation(s) During Past 5 Years President and Trustee, Salk Institute for Biological Studies (2009 to present); Director, BioMed Realty Trust (2013 to 2016); Chairman of the Board, Mesa Biotech, a molecular diagnostic company (March 2016 to present) Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director, Brixmor Real Estate Investment Trust (2012 to present); Director and Advisory Board Member, Deutsche Bank North America (2004 to present)

Principal, EuroCapital Partners, LLC, an acquisition and management advisory firm (1995 to present) President, Chief Executive Officer, and Director (2009 to present), and Chairman of the Board (January 2016 to present), First Industrial Realty Trust, owner and operator of industrial properties; Chairman of the Board (2005 to present) and Director (1999 to present), Starwood Hotels & Resorts, hotel and leisure company Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to present) Limited Partner and Senior Managing Director, Brock Capital Group, an advisory and investment banking firm (2004 to present)

Advisory Board Member, Vizzia Technologies (2015 to present)

24

Directorships of Public Companies and Other Investment Companies During Past 5 Years Novartis, Inc. (2009 to 2014); IBM (2007 to present) Under Armour (2008 to present); Brixmor Real Estate Investment Trust (2012 to present); Vornado Real Estate Investment Trust (2004 to 2012); Deutsche Bank North America (2004 to present) None None

None

Eli Lilly and Company (1987 to present); Simon Property Group (2004 to present); Norfolk Southern (2008 to present) None

Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director Cecilia E. Rouse, Ph.D. 1963 185 portfolios

John G. Schreiber 1946 185 portfolios

Principal Occupation(s) During Past 5 Years 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 Program (2011 to present) and Board Member (2015 to present), National Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession (2012 to present) and Vice President (2015 to present), American Economic Association Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Co-founder, Partner, and Co-Chairman 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 (2013 to present); Director, Hudson Pacific Properties (2014 to 2016) President and Chief Executive Officer, The Nature Conservancy (2008 to present)

Directorships of Public Companies and Other Investment Companies During Past 5 Years None

General Growth Properties, Inc. (2010 to 2013)

Mark R. Tercek None 1957 185 portfolios * Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds. (a) All information about the independent directors was current as of December 31, 2015, except for the number of portfolios overseen, which is current as of the date of this SAI. 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. Mr. Bernard has served as a director of all Price Funds and has been Chairman of the Board for all Price Funds since 2006. Mr. Rogers has served as director of certain Price Funds since 2006. Mr. Wiese has served as director of certain Price Funds since 2015. 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.

25

Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director Edward C. Bernard 1956 185 portfolios

Brian C. Rogers; CFA, CIC 1955 131 portfolios

Edward A. Wiese; CFA 1959 54 portfolios

Principal Occupation(s) During Past 5 Years

Directorships of Public Companies

None Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board, Director, and President, T. Rowe Price Investment Services, Inc.; Chairman of the Board and Director, T. Rowe Price Retirement Plan Services, Inc. and T. Rowe Price Services, Inc.; Chairman of the Board, Chief Executive Officer, Director, and President, T. Rowe Price International and T. Rowe Price Trust Company Chairman of the Board, all funds None Chief Investment Officer, Director, and Vice President, T. Rowe Price; Chairman of the Board, Chief Investment Officer, Director, and Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust Company President, Institutional Equity Funds; Director and Vice President, Personal Strategy Funds; Vice President, Equity Income Fund, Retirement Funds, Spectrum Funds, and Value Fund Vice President, T. Rowe Price, T. Rowe Price Group, None Inc., T. Rowe Price International, and T. Rowe Price Trust Company

President, Short-Term Bond Fund and Multi-Sector Account Portfolios; Vice President, California TaxFree Income Trust, State Tax-Free Income Trust, Tax-Exempt Money Fund, and Tax-Free ShortIntermediate Fund (a) All information about the inside directors was current as of December 31, 2015, 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 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”); 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 share classes (collectively the “TRFs”). The Spectrum Funds, RDFs, Retirement I Funds, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually a “Fund-of-Funds,” and where the policies that apply to the RDFs, Retirement I Funds, and TRFs are identical, the RDFs, Retirement I Funds, and TRFs may be referred to collectively as “Retirement Date Funds.”

26

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-ofFunds arrangements that operate in a similar manner to the Spectrum Funds. The TRFs and Retirement I Funds do not rely on this Exemptive Order since they do not operate in a similar manner to the other Fundsof-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 of the expenses of each underlying Price Fund in which the Funds-of-Funds invest. The TRFs and Retirement I Funds 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 TRFs and Retirement I Funds 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-ofFunds 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 or trust of which the fund is a part). Independent Directors Number of portfolios

Brody

Deering

Dick

Duncan

Gerrard

Horn

McBride

Rouse

Schreiber

Tercek

Balanced

1

2009

2001

1991

2013

2012

2003

2013

2012

2001

2009

Blue Chip Growth California Tax-Free Income Trust

1

2009

2001

1993

2013

2012

2003

2013

2012

2001

2009

2

2009

1986

2001

2013

2013

2003

2013

2013

1992

2009

Capital Appreciation

1

2009

2001

1986

2013

2012

2003

2013

2012

2001

2009

Capital Opportunity

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Corporate Income

1

2009

1995

2001

2013

2013

2003

2013

2013

1995

2009

Credit Opportunities

1

2014

2014

2014

2014

2014

2014

2014

2014

2014

2014

Corporation/Trust

27

Independent Directors Number of portfolios

Brody

Deering

Dick

Duncan

Gerrard

Horn

McBride

Rouse

Schreiber

Tercek

1

2009

2003

2003

2013

2012

2003

2013

2012

2003

2009

Dividend Growth

1

2009

2001

1992

2013

2012

2003

2013

2012

2001

2009

Equity Income

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Financial Services

1

2009

2001

1996

2013

2012

2003

2013

2012

2001

2009

Floating Rate

1

2011

2011

2011

2013

2013

2011

2013

2013

2011

2011

Global Allocation Global Multi-Sector Bond

1

2013

2013

2013

2013

2013

2013

2013

2013

2013

2013

1

2009

2008

2008

2013

2013

2008

2013

2013

2008

2009

Corporation/Trust Diversified Mid-Cap Growth

Global Real Estate

1

2009

2008

2008

2013

2012

2008

2013

2012

2008

2009

Global Technology

1

2009

2001

2000

2013

2012

2003

2013

2012

2001

2009

GNMA

1

2009

1985

2001

2013

2013

2003

2013

2013

1992

2009

Growth & Income

1

2009

2001

1982

2013

2012

2003

2013

2012

2001

2009

Growth Stock

1

2009

2001

1980

2013

2012

2003

2013

2012

2001

2009

Health Sciences

1

2009

2001

1995

2013

2012

2003

2013

2012

2001

2009

High Yield

1

2009

1984

2001

2013

2013

2003

2013

2013

1992

2009

Index Trust Inflation Protected Bond

5

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

1

2009

2002

2002

2013

2013

2003

2013

2013

2002

2009

Institutional Equity

6

2009

2001

1996

2013

2012

2003

2013

2012

2001

2009

Institutional Income Institutional International Intermediate TaxFree High Yield

6

2009

2002

2002

2013

2013

2003

2013

2013

2002

2009

11

2009

1991

1989

2013

2012

2003

2013

2012

2001

2009

1

2014

2014

2014

2014

2014

2014

2014

2014

2014

2014

International

24

2009

1991

1988

2013

2012

2003

2013

2012

2001

2009

International Index Limited Duration Inflation Focused Bond Media & Telecommunications

1

2009

2000

2000

2013

2012

2003

2013

2012

2001

2009

1

2009

2006

2006

2013

2013

2006

2013

2013

2006

2009

1

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

Mid-Cap Growth

1

2009

2001

1992

2013

2012

2003

2013

2012

2001

2009

Mid-Cap Value Multi-Sector Account Portfolios

1

2009

2001

1996

2013

2012

2003

2013

2012

2001

2009

6

2012

2012

2012

2013

2013

2012

2013

2013

2012

2012

New America Growth

1

2009

2001

1985

2013

2012

2003

2013

2012

2001

2009

New Era

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

New Horizons

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

New Income

1

2009

1980

2001

2013

2013

2003

2013

2013

1992

2009

Personal Strategy

3

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Prime Reserve Quantitative Management

1

2009

1979

2001

2013

2013

2003

2013

2013

1992

2009

4

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

Real Assets

1

2010

2010

2010

2013

2012

2010

2013

2012

2010

2010

28

Independent Directors

Corporation/Trust

Number of portfolios

Brody

Deering

Dick

Duncan

Gerrard

Horn

McBride

Rouse

Schreiber

Tercek

Real Estate

1

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

TRP Reserve

4

2009

1997

2001

2013

2013

2003

2013

2013

1997

2009

Retirement Science & Technology

38

2009

2002

2002

2013

2012

2003

2013

2012

2002

2009

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Short-Term Bond

2

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

Small-Cap Stock

1

2009

2001

1992

2013

2012

2003

2013

2012

2001

2009

Small-Cap Value

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Spectrum State Tax-Free Income Trust

3

2009

2001

1999

2013

2012

2003

2013

2012

2001

2009

8

2009

1986

2001

2013

2013

2003

2013

2013

1992

2009

Summit Income

1

2009

1993

2001

2013

2013

2003

2013

2013

1993

2009

Summit Municipal

3

2009

1993

2001

2013

2013

2003

2013

2013

1993

2009

Tax-Efficient

1

2009

2001

1997

2013

2012

2003

2013

2012

2001

2009

Tax-Exempt Money

1

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

Tax-Free High Yield

1

2009

1984

2001

2013

2013

2003

2013

2013

1992

2009

Tax-Free Income Tax-Free ShortIntermediate U.S. Bond Enhanced Index

1

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

2

2009

1983

2001

2013

2013

2003

2013

2013

1992

2009

1

2009

2000

2001

2013

2013

2003

2013

2013

2000

2009

U.S. Large-Cap Core

1

2009

2009

2009

2013

2012

2009

2013

2012

2009

2009

U.S. Treasury

3

2009

1989

2001

2013

2013

2003

2013

2013

1992

2009

Value

1

2009

2001

1994

2013

2012

2003

2013

2012

2001

2009

Inside Directors

Number of portfolios

Bernard

Rogers

Wiese

Balanced

1

2006

2006



Blue Chip Growth California Tax-Free Income Trust

1

2006

2006



2

2006



2015

Capital Appreciation

1

2006

2006



Capital Opportunity

1

2006

2013



Corporate Income

1

2006



2015

Credit Opportunities

1

2014



2015

Diversified Mid-Cap Growth

1

2006

2013



Dividend Growth

1

2006

2006



Equity Income

1

2006

2006



Financial Services

1

2006

2006



Floating Rate

1

2011



2015

Global Allocation

1

2013

2013



Global Multi-Sector Bond

1

2008



2015

Corporation/Trust

29

Inside Directors

Number of portfolios

Bernard

Rogers

Wiese

Global Real Estate

1

2008

2008



Global Technology

1

2006

2006



GNMA

1

2006



2015

Growth & Income

1

2006

2006



Growth Stock

1

2006

2006



Health Sciences

1

2006

2013



High Yield

1

2006



2015

Index Trust

5

2006

2006



Inflation Protected Bond

1

2006



2015

Corporation/Trust

Institutional Equity

6

2006

2006



Institutional Income

6

2006



2015

Institutional International Intermediate Tax-Free High Yield

11

2006

2006



1

2014



2015

International

24

2006

2006



International Index Limited Duration Inflation Focused Bond

1

2006

2006



1

2006



2015

Media & Telecommunications

1

2006

2006



Mid-Cap Growth

1

2006

2006



Mid-Cap Value

1

2006

2006



Multi-Sector Account Portfolios

6

2012



2015

New America Growth

1

2006

2013



New Era

1

2006

2006



New Horizons

1

2006

2013



New Income

1

2006



2015

Personal Strategy

3

2006

2006



Prime Reserve

1

2006



2015

Quantitative Management

4

2006

2013



Real Assets

1

2010

2010



Real Estate

1

2006

2006



TRP Reserve

4

2006



2015

Retirement

38

2006

2006



Science & Technology

1

2006

2013



Short-Term Bond

2

2006



2015

Small-Cap Stock

1

2006

2013



Small-Cap Value

1

2006

2013



Spectrum

3

2006

2006



State Tax-Free Income Trust

8

2006



2015

Summit Income

1

2006



2015

Summit Municipal

3

2006



2015

Tax-Efficient

1

2006

2006



30

Inside Directors

Number of portfolios

Bernard

Rogers

Wiese

Tax-Exempt Money

1

2006



2015

Tax-Free High Yield

1

2006



2015

Tax-Free Income

1

2006



2015

Tax-Free Short-Intermediate

2

2006



2015

U.S. Bond Enhanced Index

1

2006



2015

U.S. Large-Cap Core

1

2009

2009



U.S. Treasury

3

2006



2015

Value

1

2006

2006



Corporation/Trust

Officers Fund All funds

Name Darrell N. Braman Paul J. Krug David Oestreicher John W. Ratzesberger Deborah D. Seidel Jeffrey T. Zoller Catherine D. Mathews Shannon Hofher Rauser John R. Gilner

Fund Balanced

Blue Chip Growth

Name Charles M. Shriver Kimberly E. DeDominicis Anna A. Dreyer Mark S. Finn Robert M. Larkins Wyatt A. Lee Raymond A. Mills Sebastien Page Larry J. Puglia Guido F. Stubenrauch Toby M. Thompson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the “All funds” table) Larry J. Puglia Ziad Bakri Peter J. Bates Ryan N. Burgess Eric L. DeVilbiss Shawn T. Driscoll Paul D. Greene II Ryan S. Hedrick Thomas J. Huber George A. Marzano Vivek Rajeswaran Robert W. Sharps Taymour R. Tamaddon (For remaining officers, refer to the “All funds” table)

31

Position Held With Fund Vice President and Secretary Vice President Vice President Vice President Vice President Vice President Treasurer and Vice President Assistant Secretary Chief Compliance Officer Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund California Tax-Free Income Trust California Tax-Free Bond California Tax-Free Money

Capital Appreciation

Capital Opportunity

Name Hugh D. McGuirk Joseph K. Lynagh Konstantine B. Mallas Steven G. Brooks M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Marcy M.Lash Alan D. Levenson Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas Edward A. Wiese (For remaining officers, refer to the “All funds” table) David R. Giroux Shawn T. Driscoll Jon M. Friar Paul D. Greene II Nina P. Jones Vidya Kadiyam Steven D. Krichbaum John D. Linehan Paul M. Massaro Sudhir Nanda Farris G. Shuggi Gabriel Solomon Taymour R. Tamaddon Susan G. Troll Tamara P. Wiggs (For remaining officers, refer to the “All funds” table) Ann M. Holcomb Jason B. Polun Eric L. Veiel Kennard W. Allen Peter J. Bates Ryan N. Burgess Christopher W. Carlson Donald J. Easley Joseph B. Fath Mark S. Finn Steven D. Krichbaum Jennifer Martin Jeffrey Rottinghaus Thomas H. Watson Justin P. White (For remaining officers, refer to the “All funds” table)

32

Position Held With Fund President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Co-President Co-President Co-President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Corporate Income

Credit Opportunities

Diversified Mid-Cap Growth

Dividend Growth

Name David A. Tiberii Steve Boothe Steven G. Brooks Michael P. Daley Michael J. Grogan Michael Lambe Matthew Lawton Samy B. Muaddi Alexander S. Obaza Miso Park Vernon A. Reid, Jr. Theodore E. Robson Elliot J. Shue Scott D. Solomon Kimberly A Stokes Robert D. Thomas Lauren T. Wagandt J. Howard Woodward (For remaining officers, refer to the “All funds” table) Rodney M. Rayburn Michael F. Blandino Christopher P. Brown, Jr. Andrew P. Jamison James M. Murphy Brian A. Rubin Jamie Shin Robert D. Thomas Siby Thomas Michael J. Trivino Lauren T. Wagandt (For remaining officers, refer to the “All funds” table) Donald J. Peters Donald J. Easley Jason Adams Kennard W. Allen Peter J. Bates Brian W.H. Berghuis Eric L. DeVilbiss Stephon A. Jackson Sudhir Nanda Timothy E. Parker John F. Wakeman Rouven J. Wool-Lewis (For remaining officers, refer to the “All funds” table) Thomas J. Huber Peter J. Bates Andrew S. Davis Jon M. Friar Ryan Hedrick David M. Lee Jeffrey Rottinghaus Weijie Si Gabriel Solomon John M. Williams Jon D. Wood (For remaining officers, refer to the “All funds” table)

33

Position Held With Fund President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Equity Income

Financial Services

Floating Rate

Global Allocation

Name John D. Linehan Jason Adams Vinit Agrawal Andrew M. Brooks Mark S. Finn David R. Giroux Ryan Hedrick Shinwoo Kim Daniel Martino George Marzano Heather K. McPherson Kyle Rasbach Brian C. Rogers Matthew J. Snowling (For remaining officers, refer to the “All funds” table) Gabriel Solomon Vincent DeAugustino Stephen M. Finamore Christopher T. Fortune Jon M. Friar Nina P. Jones Yoichiro Kai Gregory Locraft Andrew C. McCormick Ian C. McDonald Jason B. Polun Matthew J. Snowling Mitchell J.K. Todd Susan G. Troll Zenon Voyiatzis Tamara P. Wiggs (For remaining officers, refer to the “All funds” table) Mark J. Vaselkiv Paul M. Massaro Brian E. Burns Michael F. Connelly Stephen M. Finamore Justin T. Gerbereux David R. Giroux Steven C. Huber Michael J. McGonigle Brian A. Rubin Thomas E. Tewksbury Thea N. Williams (For remaining officers, refer to the “All funds” table) Charles M. Shriver Stephen L. Bartolini Robert L. Harlow Steven C. Huber Stefan Hubrich Robert M. Larkins Sebastien Page Robert A. Panariello Darrell Riley Toby M. Thompson Richard T. Whitney (For remaining officers, refer to the “All funds” table)

34

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Global Multi-Sector Bond

Global Real Estate

Global Technology

GNMA

Name Steven C. Huber Steve Boothe Michael J. Conelius Quentin S. Fitzsimmons Arif Husain Andrew J. Keirle Paul M. Massaro Andrew C. McCormick Samy B. Muaddi Kenneth A. Orchard David Stanley Ju Yen Tan (For remaining officers, refer to the “All funds” table) Nina P. Jones Harishankar Balkrishna Richard N. Clattenburg Tetsuji Inoue Jai Kapadia David M. Lee Robert J. Marcotte Daniel A. McCulley Raymond A. Mills Philip A. Nestico Viral S. Patel Preeta Ragavan (For remaining officers, refer to the “All funds” table) Joshua K. Spencer Kennard W. Allen Christopher W. Carlson David J. Eiswert Henry M. Ellenbogen Paul D. Greene II Jacqueline Liu Heather K. McPherson Tobias F. Mueller Corey D. Shull Michael F. Sola Alan Tu Thomas H. Watson Alison Mei Ling Yip (For remaining officers, refer to the “All funds” table) Andrew C. McCormick Anil K. Andhavarapu Brian J. Brennan Christopher P. Brown, Jr. Ramon R. de Castro Keir R. Joyce Martin G. Lee Alan D. Levenson Michael K. Sewell John D. Wells Rick Zhang Steven M. Kohlenstein Victor M. Weinblatt (For remaining officers, refer to the “All funds” table)

35

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President

Fund Growth & Income

Growth Stock

Health Sciences

High Yield

Index Trust Equity Index 500 Extended Equity Market Index Mid-Cap Index Small-Cap Index Total Equity Market Index

Name Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn Paul D. Greene II John D. Linehan Robert W. Sharps Gabriel Solomon (For remaining officers, refer to the “All funds” table) Joseph B. Fath Andrew S. Davis Eric L. DeVilbiss Shawn T. Driscoll Greg Dunham David J. Eiswert Jon M. Friar Paul D. Greene II Daniel Martino Robert W. Sharps Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the “All funds” table) Taymour R. Tamaddon Ziad Bakri Melissa C. Gallagher John Hall Adam Poussard Kyle Rasbach Jon D. Wood Rouven J. Wool-Lewis (For remaining officers, refer to the “All funds” table) Mark J. Vaselkiv Jason A. Bauer Andrew M. Brooks Michael F. Connelly Michael Della Vedova Carson R. Dickson Stephen M. Finamore Justin T. Gerbereux Andrew P. Jamison Paul M. Massaro Brian A. Rubin Jamie Shin Thomas E. Tewksbury Michael J. Trivino Thea N. Williams (For remaining officers, refer to the “All funds” table) Ken D. Uematsu E. Frederick Bair Neil Smith Craig A. Thiese Michael T. Wehn (For remaining officers, refer to the “All funds” table)

36

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President

Fund Inflation Protected Bond

Institutional Equity Funds Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research

Institutional Income Funds Institutional Core Plus Institutional Credit Opportunities Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit

Name Daniel O. Shackelford Stephen L. Bartolini Brian J. Brennan Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Michael F. Reinartz Rebecca L. Setcavage Scott D. Solomon (For remaining officers, refer to the “All funds” table) Brian C. Rogers Brian W.H. Berghuis Mark S. Finn Ann M. Holcomb John D. Linehan Gregory A. McCrickard Heather K. McPherson Jason B. Polun Larry J. Puglia Robert W. Sharps Eric L. Veiel J. David Wagner John F. Wakeman (For remaining officers, refer to the “All funds” table) Mark J. Vaselkiv Brian J. Brennan Steven C. Huber Paul M. Massaro Rodney M. Rayburn David A. Tiberii Stephen L. Bartolini Jason A. Bauer Michael F. Blandino Steve Boothe Andrew M. Brooks Christopher P. Brown, Jr. Brian E. Burns Michael J. Conelius Michael F. Connelly Michael P. Daley Stephen M. Finamore Quentin S. Fitzsimmons Justin T. Gerbereux David R. Giroux Michael J. Grogan Arif Husain Andrew P. Jamison Andrew J. Keirle Michael Lambe Robert M. Larkins Andrew C. McCormick Michael J. McGonigle Samy B. Muaddi James M. Murphy Alexander S. Obaza Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian A. Rubin Daniel O. Shackelford Jamie Shin

37

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund

Name

Scott D. Solomon David Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas Michael J. Trivino Lauren T. Wagandt Thea N. Williams J. Howard Woodward (For remaining officers, refer to the “All funds” table) Institutional International Funds Christopher D. Alderson Institutional Africa & Middle East Oliver D.M. Bell Institutional Emerging Markets Bond R. Scott Berg Institutional Emerging Markets Equity Richard N. Clattenburg Institutional Frontier Markets Equity Michael J. Conelius Institutional Global Focused Growth David J. Eiswert Equity Arif Husain Institutional Global Growth Equity Andrew J. Keirle Institutional Global Value Equity Sebastien Mallet Institutional International Bond Raymond A. Mills Institutional International Concentrated Joshua Nelson Equity Jason Nogueira Institutional International Core Equity Kenneth A. Orchard Institutional International Growth Equity Gonzalo Pangaro Federico Santilli Ulle Adamson Roy H. Adkins Paulina Amieva Malik S. Asif Harishankar Balkrishna Sheena L. Barbosa Peter J. Bates Steve Boothe Peter I. Botoucharov Tala Boulos Carolyn Hoi Che Chu Archibald Ciganer Albeniz Michael Della Vedova Richard de los Reyes Laurent Delgrande Shawn T. Driscoll Bridget A. Ebner Mark S. Finn Quentin S. Fitzsimmons Paul D. Greene II Benjamin Griffiths Amanda B. Hall Richard L. Hall Nabila Hanano Steven C Huber Stefan Hubrich Randal S. Jenneke Nina P. Jones Yoichiro Kai Jai Kapadia Christopher J. Kushlis Mark J. Lawrence Christopher C. Loop Anh Lu Jonathan H.W. Matthews

38

Position Held With Fund Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund

Intermediate Tax-Free High Yield

International Funds Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Local Currency Bond Emerging Markets Stock Emerging Markets Value Stock European Stock Global Consumer Global Growth Stock Global High Income Bond Global Industrials Global Stock Global Unconstrained Bond International Bond International Concentrated Equity International Discovery International Growth & Income International Stock Japan Latin America New Asia

Name Eric C. Moffett Tobias Mueller Sudhir Nanda Sridhar Nishtala Michael D. Oh Oluwaseun A. Oyegunle Sebastian Schrott Robert W. Sharps John C.A. Sherman Robert W. Smith Gabriel Solomon Joshua K. Spencer David Stanley Taymour R. Tamaddon Ju Yen Tan Dean Tenerelli Eric L. Veiel Verena E. Wachnitz Dai Wang Christopher S. Whitehouse J. Howard Woodward Ernest C. Yeung (For remaining officers, refer to the “All funds” table) James M. Murphy R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Dylan Jones Marianna Korpusova Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the “All funds” table) Christopher D. Alderson Ulle Adamson Peter J. Bates Oliver D.M. Bell R. Scott Berg Archibald Ciganer Albeniz Richard N. Clattenburg Michael J. Conelius Michael Della Vedova David J. Eiswert Arif Husain Andrew J. Keirle Anh Lu Jonathan H.W. Matthews Raymond A. Mills Eric C. Moffett Samy B. Muaddi Joshua Nelson Jason Nogueira Kenneth A. Orchard Gonzalo Pangaro Christopher J. Rothery Federico Santilli Dean Tenerelli

39

Position Held With Fund Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President

Fund Overseas Stock

Name Justin Thomson Mark J. Vaselkiv Verena E. Wachnitz Ernest C. Yeung Jason Adams Roy H. Adkins Syed H. Ali Paulina Amieva Malik S. Asif Harishankar Balkrishna Sheena L. Barbosa Luis M. Baylac Steve Boothe Peter I. Botoucharov Tala Boulos Ryan N. Burgess Sheldon Chan Andrew Chang Tak Yiu Cheng Carolyn Hoi Che Chu Michael F. Connelly Andrew S. Davis Richard de los Reyes Laurent Delgrande Shawn T. Driscoll Bridget A. Ebner Henry M. Ellenbogen Ryan W. Ferro Mark S. Finn Quentin S. Fitzsimmons Melissa C. Gallagher Justin T. Gerbereux Alastair McKinlay Gilmour Vishnu Vardhan Gopal Joel Grant Paul D. Greene II Benjamin Griffiths Amanda B. Hall Richard L. Hall Nabil Hanano Steven C. Huber Stefan Hubrich Tetsuji Inoue Michael Jacobs Randal S. Jenneke Prashant G. Jeyaganesh Nina P. Jones Yoichiro Kai Jai Kapadia Christopher J. Kushlis Shengrong Lau Mark J. Lawrence Jacqueline Liu Christopher C. Loop Oxana Lyalina Sebastien Mallet Ryan Martyn Jihong Min Tobias Mueller Jared T. Murphy Philip A. Nestico Michael Niedzielski

40

Position Held With Fund Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund

International Index Fund International Equity Index

Limited Duration Inflation Focused Bond

Name Sridhar Nishtala Michael D. Oh Curt J. Organt Paul T. O’Sullivan Oluwaseun A. Oyegunle Vivek Rajeswaran Melanie A.Rizzo David L. Rowlett Mariel Santiago Sebastian Schrott Jeneiv Shah Robert W. Sharps John C.A. Sherman Robert W. Smith Gabriel Solomon Eunbin Song Joshua K. Spencer David Stanley Taymour R. Tamaddon Ju Yen Tan Sin Dee Tan Siby Thomas Mitchell J.K. Todd Kes Visuvalingam David J. Wallack Dai Wang Hiroshi Watanabe Christopher S. Whitehouse Clive M. Williams J. Howard Woodward Marta Yago Benjamin T. Yeagle Alison Mei Ling Yip Wenli Zheng (For remaining officers, refer to the “All funds” table) Neil Smith E. Frederick Bair Craig A. Thiese Ken D. Uematsu Michael T. Wehn (For remaining officers, refer to the “All funds” table) Daniel O. Shackelford Stephen L. Bartolini Brian J. Brennan Jerome A. Clark Geoffrey M. Hardin Wyatt A. Lee Andrew C. McCormick Cheryl A. Mickel Vernon A. Reid, Jr. Michael F. Reinartz Rebecca L. Setcavage Scott D. Solomon (For remaining officers, refer to the “All funds” table)

41

Position Held With Fund Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Media & Telecommunications

Name

Paul D. Greene II Paul Y. Cho Greg Dunham David J. Eiswert Henry M. Ellenbogen Joseph B. Fath Jacqueline Liu Daniel Martino Jeffrey R. Nathan Philip A. Nestico Corey D. Shull Verena E. Wachnitz Justin P. White Christopher S. Whitehouse Ernest C. Yeung Wenli Zheng (For remaining officers, refer to the “All funds” table) Mid-Cap Growth Brian W.H. Berghuis John F. Wakeman Kennard W. Allen Ira W. Carnahan Shawn T. Driscoll Donald J. Easley Henry M. Ellenbogen Joseph B. Fath Robert J. Marcotte Vicek Rajeswaran Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the “All funds” table) Mid-Cap Value David J. Wallack Heather K. McPherson Ryan N. Burgess Christopher W. Carlson Richard de los Reyes Henry M. Ellenbogen Mark S. Finn Ryan S. Hedrick Gregory A. McCrickard Gabriel Solomon J. David Wagner Justin P. White John M. Williams (For remaining officers, refer to the “All funds” table) Multi-Sector Account Portfolios Edward A. Wiese Emerging Markets Corporate Multi-Sector Steve Boothe Account Portfolio Andrew J. Keirle Emerging Markets Local Multi-Sector Paul M. Massaro Account Portfolio Andrew C. McCormick Floating Rate Multi-Sector Account Samy B. Muaddi Portfolio Mark J. Vaselkiv High Yield Multi-Sector Account Portfolio Roy H. Adkins Investment-Grade Corporate Multi-Sector Anil K. Andhavarapu Account Portfolio Peter I. Botoucharov Mortgage-Backed Securities Multi-Sector Tala Boulos Account Portfolio Brian J. Brennan Steven G. Brooks Christopher P. Brown, Jr. Brian E. Burns Sheldon Chan Carolyn Hoi Che Chu

42

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund

New America Growth

Name Michael J. Conelius Michael F. Connelly Michael P. Daley Ramon R. de Castro Stephen M. Finamore Justin T. Gerbereux Michael J. Grogan Richard L. Hall Steven C. Huber Arif Husain Keir R. Joyce Christopher J. Kushlis Michael Lambe Martin G. Lee Alan D. Levenson Christopher C. Loop Michael J. McGonigle Alexander S. Obaza Michael D. Oh Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian A. Rubin Mariel Santiago Michael K. Sewell Daniel O. Shackelford Scott D. Solomon David Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas David A. Tiberii Lauren T. Wagandt John D. Wells Thea N. Williams J. Howard Woodward Steven M. Kohlenstein (For remaining officers, refer to the “All funds” table) Justin P. White Ziad Bakri Brian W.H. Berghuis Eric L. DeVilbiss Shawn T. Driscoll Ian C. McDonald Curt J. Organt David L. Rowlett Robert W. Sharps Taymour R. Tamaddon Craig A. Thiese Thomas H. Watson (For remaining officers, refer to the “All funds” table)

43

Position Held With Fund Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund New Era

New Horizons

New Income

Name Shawn T. Driscoll Syed H. Ali Ryan N. Burgess Richard de los Reyes Christopher Driessen Donald J. Easley Mark S. Finn Ryan S. Hedrick Shinwoo Kim Ryan Martyn Heather K. McPherson Christian M. O’Neill Timothy E. Parker Vivek Rajeswaran Thomas A. Shelmerdine Craig A. Thiese David J. Wallack John M. Williams (For remaining officers, refer to the “All funds” table) Henry M. Ellenbogen Francisco M. Alonso Preston G. Athey Ziad Bakri Brian W.H. Berghuis Michael F. Blandino Christopher W. Carlson Eric L. DeVilbiss Anouk Dey Barry Henderson Timothy E. Parker Adam Poussard Corey D. Shull Michael F. Sola Joshua K. Spencer Justin Thomson Alan Tu J. David Wagner (For remaining officers, refer to the “All funds” table) Daniel O. Shackelford Stephen L. Bartolini Steve Boothe Brian J. Brennan Christopher P. Brown, Jr. Michael J. Grogan Geoffrey M. Hardin Steven C. Huber Robert M. Larkins Alan D. Levenson Andrew C. McCormick Vernon A. Reid, Jr. Rebecca L. Setcavage David A. Tiberii (For remaining officers, refer to the “All funds” table)

44

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Personal Strategy Funds Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income

Prime Reserve

Quantitative Management QM Global Equity QM U.S. Small & Mid-Cap Core Equity QM U.S. Small-Cap Growth Equity QM U.S. Value Equity Real Assets

Real Estate

Name Charles M. Shriver Christopher D. Alderson E. Frederick Bair Jerome A. Clark Kimberly E. DeDominicis Mark S. Finn David R. Giroux Ian D. Kelson Wyatt A. Lee Raymond A. Mills Sebastien Page Larry J. Puglia Brian C. Rogers Daniel O. Shackelford Robert W. Sharps Guido F. Stubenrauch Toby M. Thompson Justin Thomson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the “All funds” table) Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the “All funds” table) Sudhir Nanda Boyko D. Atanassov Prashant G. Jeyaganesh Farris G. Shuggi Vinit Agrawal Vidya Kadiyam (For remaining officers, refer to the “All funds” table) Wyatt A. Lee E. Frederick Bair Stephen L. Bartolini Richard de los Reyes Shawn T. Driscoll Stefan Hubrich Nina P. Jones David M. Lee Daniel O. Shackelford Charles M. Shriver Richard T. Whitney (For remaining officers, refer to the “All funds” table) David M. Lee Thomas J. Huber Nina P. Jones Daniel A. McCulley Philip A. Nestico Preeta Ragavan Theodore E. Robson Weijie Si (For remaining officers, refer to the “All funds” table)

45

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund TRP Reserve Funds Government Reserve Investment Reserve Investment Short-Term Government Reserve Short-Term Reserve

Retirement Funds Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement 2050 Retirement 2055 Retirement 2060 Retirement Balanced Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class Retirement I 2015 Fund—I Class Retirement I 2020 Fund—I Class Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class Retirement I 2045 Fund—I Class Retirement I 2050 Fund—I Class Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Target 2005 Target 2010 Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055 Target 2060

Name Joseph K. Lynagh Steven G. Brooks M. Helena Condez G. Richard Dent Stephani A. Gentile March M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the “All funds” table) Jerome A. Clark Wyatt A. Lee Christopher D. Alderson Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Brian C. Rogers Daniel O. Shackelford Robert W. Sharps Charles M. Shriver Guido F. Stubenrauch Justin Thomson James Tzitzouris Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the “All funds” table)

46

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Science & Technology

Short-Term Bond Ultra Short-Term Bond

Small-Cap Stock

Small-Cap Value

Name Kennard W. Allen Brian W.H. Berghuis Greg Dunham David J. Eiswert Paul D. Greene II Tobias F. Mueller Emily C. Scudder Michael F. Sola Joshua K. Spencer Alan Tu Thomas H. Watson Alison Mei Ling Yip (For remaining officers, refer to the “All funds” table) Edward A. Wiese Joseph K. Lynagh Michael F. Reinartz Steven G. Brooks Jason T. Collins M. Helena Condez Levent Demirekler Michael J. Grogan Geoffrey M. Hardin Charles B. Hill Keir R. Joyce Andrew C. McCormick Cheryl A. Mickel Alexander S. Obaza Vernon A. Reid, Jr. Chen Shao Douglas D. Spratley John D. Wells Steven M. Kohlenstein (For remaining officers, refer to the “All funds” table) Gregory A. McCrickard Francisco M. Alonso Andrew S. Davis Christopher T. Fortune Robert J. Marcotte Curt J. Organt Timothy E. Parker Charles G. Pepin Robert T. Quinn Michael F. Sola Joshua K. Spencer J. David Wagner Rouven J. Wool-Lewis (For remaining officers, refer to the “All funds” table) J. David Wagner Francisco M. Alonso Preston G. Athey Andrew S. Davis Christopher T. Fortune Ryan S. Hedrick Nina P. Jones Gregory A. McCrickard Curt J. Organt Timothy E. Parker Robert T. Quinn Farris G. Shuggi (For remaining officers, refer to the “All funds” table)

47

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Spectrum Funds Spectrum Growth Spectrum Income Spectrum International

State Tax-Free Income Trust Georgia Tax-Free Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Virginia Tax-Free Bond

Summit Income Funds Summit Cash Reserves

Name Charles M. Shriver Christopher D. Alderson Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Sebastien Page Brian C. Rogers Daniel O. Shackelford Robert W. Sharps Guido F. Stubenrauch Toby M. Thompson Justin Thomson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the “All funds” table) Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. Colin T. Bando M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Dylan Jones Marianna Korpusova Marcy M. Lash Alan D. Levenson James T. Lynch James M. Murphy Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas Edward A. Wiese (For remaining officers, refer to the “All funds” table) Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the “All funds” table)

48

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Summit Municipal Funds Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market

Tax-Efficient Funds Tax-Efficient Equity

Tax-Exempt Money

Name Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Dylan Jones Marianna Korpusova Marcy M. Lash Alan D. Levenson James T. Lynch Cheryl A. Mickel James M. Murphy Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas (For remaining officers, refer to the “All funds” table) Donald J. Peters Kennard W. Allen Ziad Bakri Andrew S. Davis Greg Dunham Donald J. Easley Timothy E. Parker Taymour R. Tamaddon Alan Tu Mark R. Weigman (For remaining officers, refer to the “All funds” table) Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Chen Shao Douglas D. Spratley Robert D. Thomas Edward A. Wiese (For remaining officers, refer to the “All funds” table)

49

Position Held With Fund President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund Tax-Free High Yield

Tax-Free Income

Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond

U.S. Bond Enhanced Index

Name James M. Murphy R. Lee Arnold, Jr. Austin Applegate Colin T. Bando G. Richard Dent Sarah J. Engle Charles B. Hill Dylan Jones Marianna Korpusova Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the “All funds” table) Konstantine B. Mallas R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Marcy M. Lash James T. Lynch Hugh D. McGuirk James M. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the “All funds” table) Charles B. Hill Austin Applegate M. Helena Condez G. Richard Dent Charles E. Emrich Dylan Jones Marianna Korpusova Marcy M. Lash Joseph K. Lynagh James T. Lynch Konstantine B. Mallas Hugh D. McGuirk Chen Shao Timothy G. Taylor Edward A. Wiese (For remaining officers, refer to the “All funds” table) Robert M. Larkins Stephen L. Bartolini Brian J. Brennan Christopher P. Brown Martin G. Lee Andrew C. McCormick Daniel O. Shackelford Scott D. Solomon David A. Tiberii (For remaining officers, refer to the “All funds” table)

50

Position Held With Fund President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Fund U.S. Large-Cap Core

U.S. Treasury Funds U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money

Value

Name Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn Paul D. Greene II John D. Linehan Robert W. Sharps Gabriel Solomon (For remaining officers, refer to the “All funds” table) Brian J. Brennan Joseph K. Lynagh Stephen L. Bartolini M. Helena Condez G. Richard Dent Stephanie A. Gentile Geoffrey M. Hardin Marcy M. Lash Alan D. Levenson Andrew C. McCormick Cheryl A. Mickel Rebecca L. Setcavage Daniel O. Shackelford Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the “All funds” table) Mark S. Finn Peter J. Bates Jason A. Bauer Ira W. Carnahan Andrew S. Davis Joel Grant John D. Linehan Daniel Martino Heather K. McPherson Christian O’Neill Brian C. Rogers Weijie Si Joshua K. Spencer Tamara P. Wiggs Jon D. Wood (For remaining officers, refer to the “All funds” table)

Position Held With Fund President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Officers

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Jason R. Adams, 1979 Vice President T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst, Caxton Associates (to 2015) Ulle Adamson, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

Vice President, Diversified Mid-Cap Growth Fund, Equity Income Fund, and International Funds

51

Executive Vice President, International Funds; Vice President, Institutional International Funds Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Vinit Agrawal, 1987 Vice President, T. Rowe Price Christopher D. Alderson, 1962 Company’s Representative and Vice President, Price Hong Kong; Vice President, Price Singapore; Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. Syed H. Ali, 1970 Vice President, Price Singapore and T. Rowe Price Group, Inc. Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, Equity Income Fund and Quantitative Management Funds President, Institutional International Funds and International Funds; Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds

Francisco M. Alonso, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Anil K. Andhavarapu, 1980 Vice President, T. Rowe Price Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. R. Lee Arnold, Jr., 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA

Vice President, International Funds and New Era Fund President, Science & Technology Fund; Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Global Technology Fund, Mid-Cap Growth Fund, and Tax-Efficient Funds Vice President, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund Vice President, Institutional International Funds and International Funds Vice President, GNMA Fund and Multi-Sector Account Portfolios Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund Vice President, Institutional International Funds and International Funds

Malik S. Asif, 1981 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, student, The University of Chicago Booth School of Business (to 2012) Boyko D. Atanassov, 1969 Executive Vice President, Quantitative Management Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Funds Vice President, New Horizons Fund and Small-Cap Preston G. Athey, 1949 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Value Fund T. Rowe Price Trust Company; CFA, CIC E. Frederick Bair, 1969 Executive Vice President, Index Trust; Vice Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and President, International Index Fund, Personal T. Rowe Price Trust Company; CFA, CPA Strategy Funds, and Real Assets Fund Vice President, Blue Chip Growth Fund, Health Ziad Bakri, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Sciences Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds M.D., CFA Vice President, Global Real Estate Fund, Harishankar Balkrishna, 1983 Institutional International Funds, and International Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Funds International Colin T. Bando, 1987 Vice President, State Tax-Free Income Trust and Vice President, T. Rowe Price; formerly Senior Analyst, PFM Tax-Free High Yield Fund Group in New York (to 2014); CFA Sheena L. Barbosa, 1983 Vice President, Institutional International Funds Vice President, Price Hong Kong and T. Rowe Price Group, Inc. and International Funds

52

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Stephen L. Bartolini, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Vice President, Global Allocation Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, New Income Fund, Real Assets Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, U.S. LargeCap Core Fund, and Value Fund Vice President, High Yield Fund, Institutional Income Funds, and Value Fund Vice President, International Funds

Peter J. Bates, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Jason A. Bauer, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Luis M. Baylac, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Oliver D.M. Bell, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International R. Scott Berg, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Brian W.H. Berghuis, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA Michael F. Blandino, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Steve Boothe, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Peter I. Botoucharov, 1965 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Director – EMEA Macroeconomic Research and Strategy (to 2012) Tala Boulos, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, CEEMEA Corporate Credit Research, Deutsche Bank (to 2013) Darrell N. Braman, 1963 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc.

53

Executive Vice President, Institutional International Funds and International Funds Executive Vice President, Institutional International Funds and International Funds President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund Vice President, Credit Opportunities Fund, Institutional Income Funds, and New Horizons Fund Executive Vice President, Corporate Income Fund and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and New Income Fund Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President and Secretary, all funds

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Brian J. Brennan, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA

President, U.S. Treasury Funds; Executive Vice President, Institutional Income Funds; Vice President, GNMA Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund Vice President, Equity Income Fund, High Yield Fund, and Institutional Income Funds Vice President, California Tax-Free Income Trust, Corporate Income Fund, Multi-Sector Account Portfolios, TRP Reserve Funds, and Short-Term Bond Fund Vice President, Credit Opportunities Fund, GNMA Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, International Funds, Mid-Cap Value Fund, and New Era Fund Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Andrew M. Brooks, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Steven G. Brooks, 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Christopher P. Brown, Jr., 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Ryan N. Burgess, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Brian E. Burns, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, Capital Opportunity Fund, Global Technology Fund, Mid-Cap Value Fund, and New Horizons Fund Vice President, Mid-Cap Growth Fund and Value Fund

Ira W. Carnahan, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Sheldon Chan, 1981 Vice President, International Funds and MultiVice President, Price Hong Kong and T. Rowe Price Group, Inc. Sector Account Portfolios Andrew Chang, 1983 Vice President, International Funds Vice President, T. Rowe Price Group, Inc. Vice President, International Funds Tak Yiu Cheng, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA, CPA Vice President, Media & Telecommunications Paul Y. Cho, 1986 Fund Employee, T. Rowe Price; student, The Wharton School, University of Pennsylvania (to 2015); formerly Investment Analyst, Maverick Capital (to 2013) Carolyn Hoi Che Chu, 1974 Vice President, Institutional International Funds, Vice President, Price Hong Kong and T. Rowe Price Group, Inc. International Funds, and Multi-Sector Account Portfolios Executive Vice President, International Funds; Vice Archibald Ciganer Albeniz, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price President, Institutional International Funds International; CFA Jerome A. Clark, 1961 President, Retirement Funds; Vice President, Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Limited Duration Inflation Focused Bond Fund and T. Rowe Price Investment Services, Inc., and T. Rowe Price Personal Strategy Funds Trust Company; CFA Richard N. Clattenburg, 1979 Executive Vice President, Institutional International Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Funds and International Funds; Vice President, Group, Inc., and T. Rowe Price International; CFA Global Real Estate Fund

54

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Jason T. Collins, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. M. Helena Condez, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, Short-Term Bond Fund

Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, TaxExempt Money Fund, Tax-Free Income Fund, TaxFree Short-Intermediate Fund, and U.S. Treasury Funds Michael J. Conelius, 1964 Executive Vice President, Institutional International Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Funds and International Funds; Vice President, T. Rowe Price International, and T. Rowe Price Trust Company; Global Multi-Sector Bond Fund, Institutional CFA Income Funds, and Multi-Sector Account Portfolios Michael F. Connelly, 1977 Vice President, Floating Rate Fund, High Yield Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Fund, Institutional Income Funds, International CFA Funds, and Multi-Sector Account Portfolios Michael P. Daley, 1981 Vice President, Corporate Income Fund, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Institutional Income Funds, and Multi-Sector Account Portfolios Andrew S. Davis, 1978 Vice President, Dividend Growth Fund, Growth Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Stock Fund, International Funds, Small-Cap Stock Fund, Small-Cap Value Fund, Tax-Efficient Funds, and Value Fund Vincent DeAugustino, 1983 Vice President, Financial Services Fund Vice President, T. Rowe Price; P&C Insurance Director, Keefe Bruyette & Woods (to 2012) Ramon R. de Castro, 1966 Vice President, GNMA and Multi-Sector Account Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Portfolios formerly Chief Operating Officer, Amherst Advisory & Management, LLC (to 2012) Vice President, Balanced Fund, Personal Strategy Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Funds, Retirement Funds, and Spectrum Funds T. Rowe Price International Vice President, Institutional International Funds, Richard de los Reyes, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and International Funds, Mid-Cap Value Fund, New Era Fund, and Real Assets Fund T. Rowe Price Trust Company Laurent Delgrande, 1971 Vice President, Institutional International Funds Vice President, T. Rowe Price Group, Inc. and T. Rowe Price and International Funds International; formerly Portfolio Manager, Fidelity International Limited (to 2014) Executive Vice President, International Funds; Vice Michael Della Vedova, 1969 President, High Yield Fund and Institutional Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Funds International Levent Demirekler, 1974 Vice President, Short-Term Bond Fund Vice President, T. Rowe Price G. Richard Dent, 1960 Vice President, California Tax-Free Income Trust, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, TaxFree High Yield Fund, Tax-Free Income Fund, TaxFree Short-Intermediate Fund, and U.S. Treasury Funds

55

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Eric L. DeVilbiss, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Growth Stock Fund, New America Growth Fund, and New Horizons Fund Vice President, New Horizons Fund

Anouk Dey, 1986 Employee, T. Rowe Price Vice President, High Yield Fund Carson R. Dickson, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA Anna A. Dreyer, 1981 Vice President, Balanced Fund Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Vice President, New Era Fund Christopher Driessen, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Executive Director, Goldman Sachs Asset Management (to 2014) President, New Era Fund; Vice President, Blue Shawn T. Driscoll, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Chip Growth Fund, Capital Appreciation Fund, Growth & Income Fund, Growth Stock Fund, T. Rowe Price Trust Company Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, Real Assets Fund, and U.S. LargeCap Core Fund Vice President, Growth Stock Fund, Media & Greg Dunham, 1974 Telecommunications Fund, Science & Technology Vice President, T. Rowe Price Group; formerly Analyst, Funds, and Tax-Efficient Funds Goldman Sachs (to 2015); CFA Executive Vice President, Diversified Mid-Cap Donald J. Easley, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Growth Fund; Vice President, Capital Opportunity Fund, Mid-Cap Growth Fund, New Era Fund, and CFA Tax-Efficient Funds Bridget A. Ebner, 1970 Vice President, Institutional International Funds Vice President, T. Rowe Price and T. Rowe Price Group, Inc. and International Funds Executive Vice President, Institutional International David J. Eiswert, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Funds and International Funds; Vice President, Global Technology Fund, Growth Stock Fund, T. Rowe Price International; CFA Media & Telecommunications Fund, and Science & Technology Fund President, New Horizons Fund; Vice President, Henry M. Ellenbogen, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Global Technology Fund, International Funds, Media & Telecommunications Fund, Mid-Cap T. Rowe Price Trust Company Growth Fund, and Mid-Cap Value Fund Charles E. Emrich, 1961 Vice President, California Tax-Free Income Trust, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund Vice President, California Tax-Free Income Trust, Sarah J. Engle, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Intermediate Tax-Free High Yield Fund, State TaxFree Income Trust, Summit Municipal Funds, Taxformerly Program Examiner and Policy Analyst, Office of Free High Yield Fund, and Tax-Free Income Fund Management & Budget (to 2012) Joseph B. Fath, 1971 President, Growth Stock Fund; Vice President, Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Capital Opportunity Fund, Growth & Income T. Rowe Price Trust Company; CPA Fund, Media & Telecommunications Fund, MidCap Growth Fund, and U.S. Large-Cap Core Fund

56

Position(s) Held With Fund(s)

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Vice President, International Funds Ryan W. Ferro, 1985 Vice President, T. Rowe Price; formerly, student, Tucker School of Business at Dartmouth (to 2014); Director, Corporate Development, ModusLink Global Solutions, Inc. (to 2012) Stephen M. Finamore, 1976 Vice President, Financial Services Fund, Floating Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Rate Fund, High Yield Fund, Institutional Income CPA Funds, and Multi-Sector Account Portfolios President, Value Fund; Executive Vice President, Mark S. Finn, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Institutional Equity Funds; Vice President, Balanced Fund, Capital Opportunity Fund, Equity T. Rowe Price Trust Company; CFA, CPA Income Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Personal Strategy Funds, and U.S. Large-Cap Core Fund Vice President, Global Multi-Sector Bond Fund, Quentin S. Fitzsimmons, 1968 Institutional Income Funds, Institutional Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Funds, and International Funds International; formerly Portfolio Manager, Royal Bank of Scotland Group (to 2015); Executive Director, Threadneedle Investment, Ltd. (to 2012) Christopher T. Fortune, 1973 Vice President, Financial Services Fund, Small-Cap Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Stock Fund, and Small-Cap Value Fund Jon M. Friar, 1982 Vice President, Capital Appreciation Fund, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Dividend Growth Fund, Financial Services Fund, and Growth Stock Fund Vice President, Health Sciences Fund and Melissa C. Gallagher, 1974 International Funds Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Stephanie A. Gentile, 1956 Vice President, California Tax-Free Income Trust, Vice President, T. Rowe Price; formerly Director, Credit Suisse Prime Reserve Fund, TRP Reserve Funds, State Securities (to 2014); CFA Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds Justin T. Gerbereux, 1975 Vice President, Floating Rate Fund, High Yield Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Fund, Institutional Income Funds, International T. Rowe Price Trust Company; CFA Funds, and Multi-Sector Account Portfolios Alastair Mckinlay Gilmour, 1981 Vice President, International Funds Vice President, Price Hong Kong and T. Rowe Price Group, Inc. John R. Gilner, 1961 Chief Compliance Officer, all funds Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc. David R. Giroux, 1975 President, Capital Appreciation Fund; Vice Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and President, Equity Income Fund, Floating Rate T. Rowe Price Trust Company; CFA Fund, Institutional Income Funds, Personal Strategy Funds, Retirement Funds, and Spectrum Funds Vishnu Vardhan Gopal, 1979 Vice President, International Funds Vice President, Price Hong Kong and T. Rowe Price Group, Inc. Vice President, International Funds and Value Joel Grant, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Fund formerly Analyst, Fidelity International (to 2014)

57

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Paul D. Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Science & Technology Fund, and U.S. Large-Cap Core Fund Vice President, Institutional International Funds and International Funds

Benjamin Griffiths, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Michael J. Grogan, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; CFA Amanda B. Hall, 1985 Vice President, T. Rowe Price International; formerly Investment Analyst, Bill Gates Investments (to 2012); student, Stanford Graduate School of Business (to 2014) CFA John Hall, 1977 Employee, T. Rowe Price; formerly Assistant Professor of Medicine, Johns Hopkins University School of Medicine (to 2013) Richard L. Hall, 1979 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; formerly Financial Attaché, U.S. Department of Treasury, International Affairs Division (to 2012) Nabil Hanano, 1984 Employee, T. Rowe Price; Senior Equity Research Associates, Raymond James (to 2012); CFA Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Robert L. Harlow, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CAIA, CFA Ryan S. Hedrick, 1980 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; formerly Analyst, Davidson Kempner Capital Management (to 2013); CFA Barry Henderson, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Charles B. Hill, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Ann M. Holcomb, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA

58

Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund Vice President, Institutional International Funds and International Funds Vice President, Health Sciences Fund

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President, Institutional International Funds and International Funds Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds Vice President, Global Allocation Fund Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Equity Income Fund, Mid-Cap Value Fund, New Era Fund, and Small-Cap Value Fund Vice President, New Horizons Fund President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Income Trust and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Steven C. Huber, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA, FSA

President, Global Multi-Sector Bond Fund; Executive Vice President, Institutional Income Funds; Vice President, Floating Rate Fund, Global Allocation Fund, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and New Income Fund President, Dividend Growth Fund; Vice President, Blue Chip Growth Fund, and Real Estate Fund

Thomas J. Huber, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA Stefan Hubrich, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA Arif Husain, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Director/Head of UK and Euro Fixed Income, AllianceBernstein (to 2013); CFA Tetsuji Inoue, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Equity Sales, JP Morgan Chase Securities Ltd. (to 2012) Stephon A. Jackson, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Michael Jacobs, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, JP Morgan Asset Management (to 2013) Andrew P. Jamison, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Dylan Jones, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Nina P. Jones, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA

Vice President, Global Allocation Fund, Institutional International Funds, International Funds, and Real Assets Fund Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios Vice President, Global Real Estate Fund and International Funds Vice President, Diversified Mid-Cap Growth Fund Vice President, International Funds

Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds Vice President, Institutional International Funds and International Funds Executive Vice President, Quantitative Management Funds; Vice President, International Funds Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund President, Global Real Estate Fund; Vice President, Capital Appreciation Fund, Financial Services Fund, Institutional International Funds, International Funds, Real Assets Fund, Real Estate Fund, and Small-Cap Value Fund Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund

Keir R. Joyce, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Vidya Kadiyam, 1980 Vice President, Capital Appreciation Fund and Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Quantitative Management Funds Vice President, Financial Services Fund, Yoichiro Kai, 1973 Institutional International Funds, and International Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Funds International Jai Kapadia, 1982 Vice President, Global Real Estate Fund, Vice President, Price Hong Kong and T. Rowe Price Group, Inc. Institutional International Funds, and International Funds

59

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

Executive Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Global MultiSector Bond Fund and Institutional Income Funds Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds

Ian D. Kelson, 1956 Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Steven M. Kohlenstein, 1987 Assistant Vice President, T. Rowe Price Marianna Korpusova, 1984 Vice President, T. Rowe Price, formerly, student, The University of Chicago (to 2014); Associate, PricewaterhouseCoopers (to 2012); CFA Steven D. Krichbaum, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Paul J. Krug, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA Christopher J. Kushlis, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Michael Lambe, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Robert M. Larkins, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly, student, The Wharton School, University of Pennsylvania (to 2012) Mark J. Lawrence, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Matthew Lawton, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA David M. Lee, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA Martin G. Lee, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

60

Vice President, Equity Income Fund and New Era Fund Assistant Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund Vice President, Capital Appreciation Fund and Capital Opportunity Fund Vice President, all funds Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios President, U.S. Bond Enhanced Index Fund; Vice President, Balanced Fund, Global Allocation Fund, Institutional Income Funds, and New Income Fund Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Funds, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, TaxFree High Yield Fund, Tax-Free Income Fund, TaxFree Short-Intermediate Fund, and U.S. Treasury Funds Vice President, International Funds

Vice President, Institutional International Funds and International Funds Vice President, Corporate Income Fund President, Real Estate Fund; Vice President, Dividend Growth Fund, Global Real Estate Fund, and Real Assets Fund Vice President, GNMA Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund

Position(s) Held With Fund(s)

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

President, Real Assets Fund; Executive Vice President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, and Personal Strategy Funds Alan D. Levenson, 1958 Vice President, California Tax-Free Income Trust, Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; GNMA Fund, Inflation Protected Bond Fund, Ph.D. Multi-Sector Account Portfolios, New Income Fund, Prime Reserve Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds President, Equity Income Fund; Executive Vice John D. Linehan, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and President, Institutional Equity Funds; Vice President, Capital Appreciation Fund, Growth & T. Rowe Price Trust Company; CFA Income Fund, U.S. Large-Cap Core Fund, and Value Fund Vice President, Global Technology Fund, Jacqueline L. Liu, 1979 International Funds, and Media & Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Investment Analyst, Fidelity International Hong Telecommunications Fund Kong Limited (to 2014) Gregory Locraft, 1971 Vice President, Financial Services Fund Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Vice President, Institutional International Funds, Christopher C. Loop, 1966 International Funds, and Multi-Sector Account Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Portfolios International; CFA Anh Lu, 1968 Executive Vice President, International Funds; Vice Vice President, Price Hong Kong and T. Rowe Price Group, Inc. President, Institutional International Funds Vice President, International Funds Oxana Lyalina, 1987 Employee, T. Rowe Price; Senior Analyst, Goldman Sachs International (to 2013) President, Prime Reserve Fund, TRP Reserve Joseph K. Lynagh, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Funds, Summit Income Funds, and Tax-Exempt Money Fund; Executive Vice President, California T. Rowe Price Trust Company; CFA Tax-Free Income Trust, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Municipal Funds, and U.S. Treasury Funds; Vice President, Tax-Free Short-Intermediate Fund James T. Lynch, 1983 Vice President, State Tax-Free Income Trust, Vice President, T. Rowe Price; CFA Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund Konstantine B. Mallas, 1963 President, Tax-Free Income Fund; Executive Vice Vice President, T. Rowe Price and T. Rowe Price Group, Inc. President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, and TaxFree Short-Intermediate Fund Executive Vice President, Institutional International Sebastien Mallet, 1974 Funds; Vice President, International Funds Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Robert J. Marcotte, 1962 Vice President, Global Real Estate Fund, Mid-Cap Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Growth Fund, and Small-Cap Stock Fund Jennifer Martin, 1972 Vice President, Capital Opportunity Fund Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Wyatt A. Lee, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA

61

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Daniel Martino, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Ryan Martyn, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International George A. Marzano, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, Equity Income Fund, Growth Stock Fund, Media & Telecommunications Fund, and Value Fund Vice President, International Funds and New Era Fund

Paul M. Massaro, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA Catherine D. Mathews, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company Jonathan H.W. Matthews, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

Gregory A. McCrickard, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA Daniel A. McCulley, 1987 Employee, T. Rowe Price Ian C. McDonald, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Hugh D. McGuirk, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Heather K. McPherson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA Cheryl A. Mickel, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA

62

Vice President, Blue Chip Growth Fund, Equity Income Fund, U.S. Bond Enhanced Index Fund, and U.S. Large-Cap Core Fund Executive Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios; Vice President, Capital Appreciation Fund, Global Multi-Sector Bond Fund, and High Yield Fund Treasurer and Vice President, all funds Executive Vice President, International Funds; Vice President, Institutional International Funds President, GNMA Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Financial Services Fund, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, New Income Fund, Short-Term Bond Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Mid-Cap Value Fund and Small-Cap Value Fund Vice President, Global Real Estate Fund and Real Estate Fund Vice President, Financial Services Fund and New America Growth Fund Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund Executive Vice President, Institutional Equity Funds and Mid-Cap Value Fund; Vice President, Equity Income Fund, Global Technology Fund, New Era Fund, and Value Fund Vice President, Limited Duration Inflation Focused Bond Fund, Prime Reserve Fund, TRP Reserve Funds, Short-Term Bond Fund, Summit Income Funds, Summit Municipal Funds, and U.S. Treasury Funds

Position(s) Held With Fund(s)

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Executive Vice President, Institutional International Raymond A. Mills, 1960 Funds and International Funds; Vice President, Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; Balanced Fund, Global Real Estate Fund, and Personal Strategy Funds Ph.D., CFA Vice President, International Funds Jihong Min, 1979 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly Financial Analyst, Geosphere Capital Management, Singapore (to 2012) Eric C. Moffett, 1974 Executive Vice President, International Funds; Vice Vice President, Price Hong Kong and T. Rowe Price Group, Inc. President, Institutional International Funds Executive Vice President, International Funds and Samy B. Muaddi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Multi-Sector Account Portfolios; Vice President, Corporate Income Fund, Global Multi-Sector Bond CFA Fund, and Institutional Income Funds Tobias F. Mueller, 1980 Vice President, Global Technology Fund, Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Institutional International Funds, International International Funds, and Science & Technology Fund President, Intermediate Tax-Free High Yield Fund James M. Murphy, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; and Tax-Free High Yield Fund; Vice President, Credit Opportunities Fund, Institutional Income CFA Funds, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund Jared Murphy, 1986 Vice President, International Funds Employee, T. Rowe Price; formerly, student, Stanford Graduate School of Business (to 2015); Associate, ShawSpring Partners (to 2013) Linda A. Murphy, 1959 Vice President, California Tax-Free Income Trust, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Intermediate Tax-Free High Yield Fund, State TaxFree Income Trust, Summit Municipal Funds, and Tax-Free High Yield Fund President, Quantitative Management Funds; Vice Sudhir Nanda, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, and Institutional Ph.D., CFA International Funds Vice President, Media & Telecommunications Jeffrey R. Nathan, 1985 Fund Employee, T. Rowe Price; Independent Consultant, Hedge Fund; Vice President, Atlas holdings, LLC (to 2012) Joshua Nelson, 1977 Executive Vice President, Institutional International Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Funds and International Funds Philip A. Nestico, 1976 Vice President, Global Real Estate Fund, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. International Funds, Media & Telecommunications Fund, and Real Estate Fund Michael Niedzielski, 1979 Vice President, International Funds Vice President T. Rowe Price Group, Inc. and T. Rowe Price International; Manager and Analyst, Fidelity Investments, Boston and London Offices (to 2015) Sridhar Nishtala, 1975 Vice President, Institutional International Funds Vice President, Price Singapore and T. Rowe Price Group, Inc. and International Funds Executive Vice President, Institutional International Jason Nogueira, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Funds and International Funds CFA Alexander S. Obaza, 1981 Vice President, Corporate Income Fund, Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Institutional Income Funds, Multi-Sector Account T. Rowe Price Trust Company Portfolios, and Short-Term Bond Fund

63

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

David Oestreicher, 1967 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; Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Vice President and Secretary, T. Rowe Price and T. Rowe Price International; Vice President, Price Hong Kong and Price Singapore Michael D. Oh, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Christian M. O’Neill, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Lord Abbett & Company, LLC (to 2013) Kenneth A. Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

Vice President, all funds

Curt J. Organt, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Paul T. O’Sullivan, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Oluwaseun A. Oyegunle, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, student, The Wharton School, University of Pennsylvania (to 2013); Summer Investment Analyst, T. Rowe Price International (2012); Analyst, Asset & Resource Management Limited (to 2012); CFA Sebastien Page, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Gonzalo Pangaro, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Miso Park, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Timothy E. Parker, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Viral S. Patel, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Charles G. Pepin, 1966 Director, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

64

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President, New Era Fund and Value Fund Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios Vice President, International Funds, New America Growth Fund, Small-Cap Stock Fund, and SmallCap Value Fund Vice President, International Funds Vice President, Institutional International Funds and International Funds

Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds Vice President, Global Allocation Fund Executive Vice President, Institutional International Funds and International Funds Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios Vice President, Diversified Mid-Cap Growth Fund, New Era Fund, New Horizons Fund, Small-Cap Stock Fund, Small-Cap Value Fund, and TaxEfficient Funds Vice President, Global Real Estate Fund Vice President, Small-Cap Stock Fund President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds

Position(s) Held With Fund(s)

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds; Vice President, Financial Services Fund Vice President, Health Sciences Fund and New Horizons Fund President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund and Personal Strategy Funds Robert T. Quinn, Jr., 1972 Vice President, Small-Cap Stock Fund and SmallVice President, T. Rowe Price and T. Rowe Price Group, Inc. Cap Value Fund Preeta Ragavan, 1987 Vice President, Global Real Estate Fund and Real Vice President, T. Rowe Price; formerly Intern (to 2013) Estate Fund Vivek Rajeswaran, 1985 Vice President, Blue-Chip Growth Fund, Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; International Funds, Mid-Cap Growth Fund, and formerly, student, Columbia Business School (to 2012) New Era Fund Vice President, Equity Income Fund and Health Kyle Rasbach, 1980 Vice President, T. Rowe Price; formerly Vice President, Cowen Sciences Fund and Company (to 2013) Vice President, all funds John W. Ratzesberger, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; formerly North American Head of Listed Derivatives Operation, Morgan Stanley (to 2013) Shannon H. Rauser, 1987 Assistant Secretary, all funds Employee, T. Rowe Price President, Credit Opportunities Fund; Executive Rodney M. Rayburn, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Vice President, Institutional Income Funds formerly Managing Director, Värde Partners (to 2014); CFA Vernon A. Reid, Jr., 1954 Vice President, Corporate Income Fund, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, and ShortTerm Bond Fund Executive Vice President, Short-Term Bond Fund; Michael F. Reinartz, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Vice President, Inflation Protected Bond Fund and Limited Duration Inflation Focused Bond Fund T. Rowe Price Trust Company Darrell M. Riley, 1958 Vice President, Global Allocation Fund Vice President, T Rowe Price Group, Inc. Melanie A. Rizzo, 1982 Vice President, International Funds Employee, T. Rowe Price Theodore E. Robson, 1965 Vice President, Corporate Income Fund, Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Institutional Income Funds, Multi-Sector Account T. Rowe Price Trust Company; CFA Portfolios, and Real Estate Fund Executive Vice President, International Funds Christopher J. Rothery, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International President, Growth & Income Fund and U.S. LargeJeffrey Rottinghaus, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Cap Core Fund; Vice President, Capital Opportunity Fund and Dividend Growth Fund T. Rowe Price Trust Company; CPA David L. Rowlett, 1975 Vice President, International Funds and New Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; America Growth Fund CFA Jason B. Polun, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA Adam Poussard, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Larry J. Puglia, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA

65

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Brian A. Rubin, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA Mariel Santiago, 1981 Vice President, T. Rowe Price; Equity Research Analyst, HSBC Securities, Inc.; (pending resume) Federico Santilli, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Emily C. Scudder, 1985 Employee, T. Rowe Price; formerly, student, The Wharton School, University of Pennsylvania; (to 2015); Equity Research Associate, BMO Capital Markets (to 2013); CFA, CPA Deborah D. Seidel, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. Rebecca L. Setcavage, 1982 Vice President, T. Rowe Price

Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios Vice President, International Funds and MultiSector Account Portfolios

Michael K. Sewell, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Daniel O. Shackelford, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA

Jeneiv Shah, 1980 Vice President, T. Rowe Price International; CFA Chen Shao, 1980 Vice President, T. Rowe Price

Robert W. Sharps, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA

Thomas A. Shelmerdine, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Investment Committee Member, Myer Family Company Holdings Limited (to 2012)

66

Executive Vice President, Institutional International Funds and International Funds Vice President, Institutional International Funds and International Funds Vice President, Science & Technology Fund

Vice President, all funds

Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Horizons Fund, and U.S. Treasury Funds Vice President, GNMA Fund and Multi-Sector Account Portfolios President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, and New Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, Personal Strategy Funds, Real Assets Fund, Retirement Funds, Spectrum Funds, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds Vice President, International Funds Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, TaxExempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free ShortIntermediate Fund, and U.S. Treasury Funds Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, New America Growth Fund, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and U.S. Large-Cap Core Fund Vice President, New Era Fund

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

John C.A. Sherman, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Jamie Shin, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Charles M. Shriver, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA

Vice President, Institutional International Funds and International Funds

Elliot J. Shue, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Farris G. Shuggi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Corey D. Shull, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Weijie Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group; formerly, student, Harvard Business School (to 2012) Neil Smith, 1972 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International Robert W. Smith, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company Matthew J. Snowling, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Michael F. Sola, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Scott D. Solomon, 1981 Vice President, T. Rowe Price; CFA

Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds; Vice President, Real Assets Fund and Retirement Funds Vice President, Corporate Income Fund Executive Vice President, Quantitative Management Funds; Vice President, Capital Appreciation Fund and Small-Cap Value Fund Vice President, Global Technology Fund, Media & Telecommunications Fund and New Horizons Fund Vice President, Dividend Growth Fund, Real Estate Fund, and Value Fund President, International Index Fund; Vice President, Index Trust Vice President, Institutional International Funds, International Funds, and Retirement Funds Vice President, Equity Income Fund and Financial Services Fund Vice President, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Small-Cap Stock Fund President, Financial Services Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, and U.S. Large-Cap Core Fund Vice President, Corporate Income Fund, Institutional Income Funds, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund Vice President, International Funds

Eunbin Song, 1980 Vice President, Price Singapore and T. Rowe Price Group, Inc.; CFA President, Global Technology Fund; Vice President, Joshua K. Spencer, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Institutional International Funds, International CFA Funds, New Horizons Fund, Science & Technology Fund, Small-Cap Stock Fund, and Value Fund

67

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Douglas D. Spratley, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Funds, ShortTerm Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios Vice President, Capital Appreciation Fund and TaxEfficient Funds

David A. Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Kimberly A. Stokes, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. William J. Stromberg, 1960 Director and President, T. Rowe Price; Director, Chief Executive Officer, and President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price International; CFA Guido F. Stubenrauch, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Taymour R. Tamaddon, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA

Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Sin Dee Tan, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Timothy G. Taylor, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Thomas E. Tewksbury, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company Craig A. Thiese, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

68

Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, and Tax-Efficient Funds Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President, International Funds Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State TaxFree Income Trust, Summit Municipal Funds, TaxFree High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund Executive Vice President, International Funds; Vice President, Institutional International Funds Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and MultiSector Account Portfolios Vice President, Index Trust, International Index Fund, New America Growth Fund, and New Era Fund Vice President, California Tax-Free Income Trust, Corporate Income Fund, Credit Opportunities Fund, Institutional Income Funds, Multi-Sector Account Portfolios, Prime Reserve Fund, State TaxFree Income Trust, Summit Income Funds, Summit Municipal Funds, TRP Reserve Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, Credit Opportunities Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds

Toby M. Thompson, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Director of Investments, I.A.M. National Pension Fund (to 2012); CFA, CAIA Executive Vice President, International Funds; Vice Justin Thomson, 1968 President, New Horizons Fund, Personal Strategy Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Funds, Retirement Funds, and Spectrum Funds International President, Corporate Income Fund; Executive Vice David A. Tiberii, 1965 President, Institutional Income Funds; Vice Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; President, Multi-Sector Account Portfolios, New Income Fund and U.S. Bond Enhanced Index Fund CFA Mitchell J.K. Todd, 1974 Vice President, Financial Services Fund and Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Funds International Michael J. Trivino, 1981 Vice President, Credit Opportunities Fund, High Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Yield Fund, and Institutional Income Funds Vice President, Capital Appreciation Fund and Susan G. Troll, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Financial Services Fund CPA Vice President, Global Technology Fund, New Alan Tu, 1985 Vice President, T. Rowe Price; formerly Intern, T. Rowe Price Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds (to 2013); student, University of Chicago Booth School of Business (to 2014); Ananda Capital Management, Analyst (to 2012) James Tzitzouris, 1974 Vice President, Retirement Funds Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. President, Index Trust; Vice President, Ken D. Uematsu, 1969 International Index Fund Vice President, T. Rowe Price and T. Rowe Price Trust Company; CFA President, Floating Rate Fund, High Yield Fund, Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and and Institutional Income Funds; Executive Vice President, International Funds and Multi-Sector T. Rowe Price Trust Company Account Portfolios; Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds Co-President, Capital Opportunity Fund; Executive Eric L. Veiel, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Vice President, Institutional Equity Funds; Vice President, Institutional International Funds T. Rowe Price Trust Company; CFA Vice President, International Funds Kes Visuvalingam, 1968 Director, Responsible Officer, and Vice President, Price Hong Kong; Director, Chief Executive Officer, and Vice President, Price Singapore; and Vice President, T. Rowe Price Group, Inc.; CFA Zenon Voyiatzis, 1971 Vice President, Financial Services Fund Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Managing Director, UBS Global Asset Management (to 2015) Verena E. Wachnitz, 1978 Executive Vice President, International Funds; Vice Vice President, T. Rowe Price Group, Inc. and T. Rowe Price President, Institutional International Funds and International; CFA Media & Telecommunications Fund

69

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, Corporate Income Fund, Credit Opportunities Fund, Institutional Income Funds, and Multi-Sector Account Portfolios President, Small-Cap Value Fund; Vice President, Institutional Equity Funds, Mid-Cap Value Fund, New Horizons Fund, and Small-Cap Stock Fund Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund and Institutional Equity Funds President, Mid-Cap Value Fund; Vice President, International Funds and New Era Fund

J. David Wagner, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA John F. Wakeman, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. David J. Wallack, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company Dai Wang, 1989 Employee, T. Rowe Price; formerly, student Harvard Business School (to 2014); Analyst, Goldman Sachs (to 2012) Hiroshi Watanabe, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA Thomas H. Watson, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Michael T. Wehn, 1984 Assistant Vice President, T. Rowe Price Mark R. Weigman, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC Victor M. Weinblatt, 1988 Assistant Vice President, T. Rowe Price;(pending resume) John D. Wells, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, Institutional International Funds and International Funds Vice President, International Funds Vice President, Capital Opportunity Fund, Global Technology Fund, New America Growth Fund, and Science & Technology Fund Vice President, Index Trust and International Index Fund Assistant Vice President, Tax-Efficient Funds Vice President, GNMA Fund

Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund President, New America Growth Fund; Vice President, Capital Opportunity Fund, Growth Stock Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and Mid-Cap Value Fund Vice President, Institutional International Funds, Christopher S. Whitehouse, 1972 International Funds, and Media & Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Telecommunications Fund International Vice President, Balanced Fund, Global Allocation Richard T. Whitney, 1958 Fund, Personal Strategy Funds, Real Assets Fund, Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; Retirement Funds, and Spectrum Funds CFA Tamara P. Wiggs, 1979 Vice President, Capital Appreciation Fund, Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Financial Services Fund, and Value Fund Vice President, International Funds Clive M. Williams, 1966 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International John M. Williams, 1982 Vice President, Dividend Growth Fund, Mid-Cap Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Value Fund, and New Era Fund Thea N. Williams, 1961 Vice President, Floating Rate Fund, High Yield Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and Fund, Institutional Income Funds, and MultiT. Rowe Price Trust Company Sector Account Portfolios

70

Name, Year of Birth, and Principal Occupation(s) During Past 5 Years

Position(s) Held With Fund(s)

Jon D. Wood, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President and Senior Research Analyst, Jeffries & Company, Inc. (to 2013); CFA J. Howard Woodward, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA

Vice President, Dividend Growth Fund and Value Fund Vice President, Corporate Income Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios Vice President, Diversified Mid-Cap Growth Fund, Health Sciences Fund, and Small-Cap Stock Fund

Rouven J. Wool-Lewis, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. Vice President, International Funds Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International Benjamin T. Yeagle, 1978 Vice President, International Funds Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Executive Vice President, International Funds; Vice Ernest C. Yeung, 1979 Director, Responsible Officer, and Vice President, Price Hong President, Institutional International Funds and Kong; Vice President, T. Rowe Price Group, Inc.; CFA Media & Telecommunications Fund Alison Mei Ling Yip, 1966 Vice President, Global Technology Fund, Vice President, Price Hong Kong and T. Rowe Price Group, Inc. International Funds, and Science & Technology Fund Rick Zhang, 1984 Vice President, GNMA Fund Vice President, T. Rowe Price; Vice President, PIMCO (to 2012) (pending resume) Wenli Zheng, 1979 Vice President, International Funds and Media & Vice President, Price Hong Kong and T. Rowe Price Group, Inc. Telecommunications Fund Jeffrey T. Zoller, 1970 Vice President, all funds Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Price Trust Company

Directors’ Compensation

Effective January 1, 2016, each independent director is paid $300,000 annually for his/her service on the funds’ Boards and the chairman of the Committee of Independent Directors is paid an additional $150,000 annually for his/her service as Lead Independent Director. (During 2015, each independent director was paid $270,000 annually for his/her service on the funds’ Boards and the Lead Independent Director was paid an additional $100,000). Effective January 1, 2016, an independent director who serves on the Joint Audit Committee receives $30,000 annually for his/her service as a member of the committee and the Joint Audit Committee chairman receives $40,000 annually for his/her service as chairman of the committee. (During 2015, Joint Audit Committee members were paid $10,000 annually and the Joint Audit Committee chairman was paid $20,000.) All of these fees are allocated to each fund on a pro rata basis based on each fund’s net assets relative to the other funds. The following table shows the total compensation that was received by the independent directors for the 2015 calendar year. The independent directors of the funds do not receive any pension or retirement benefits from the funds or T. Rowe Price. In addition, the officers and inside directors of the funds do not receive any compensation or benefits from the funds for their service. Directors

Total Compensation

Brody

$270,000

Deering (Lead)

376,000

71

Directors

*

Total Compensation

Dick*

270,000

Duncan

280,000

Gerrard

296,000

Horn*

275,000

McBride

286,000

Rouse

286,000

Schreiber

277,000

Tercek 270,000 Mr. Dick and Ms. Horn retired as independent directors of the Price Funds effective December 31, 2015.

The following table shows the amounts paid by each fund to the independent directors based on accrued compensation for the calendar year 2015: Aggregate Compensation From Fund Fund Africa & Middle East Asia Opportunities Balanced

Brody

Duncan Gerrard Horn* McBride Rouse Schreiber Tercek

Deering

Dick*

$77

$107

$77

$80

$85

$78

$82

$82

$79

$77

11

16

11

12

12

11

12

12

12

11

1,669

2,325

1,669

1,731

1,831

1,698

1,769

1,769

1,711

1,669

Blue Chip Growth California Tax-Free Bond California Tax-Free Money

11,623

16,174

11,623

12,053

12,729

11,807

12,299

12,299

11,903

11,623

205

286

205

213

225

209

217

217

210

205

30

41

30

31

33

30

32

32

30

30

Capital Appreciation

9,643

13,429

9,643

10,000

10,572

9,804

10,215

10,215

9,878

9,643

Capital Opportunity

270

376

270

280

296

275

286

286

277

270

Corporate Income Credit Opportunities Diversified Mid-Cap Growth

267

372

267

277

292

271

283

283

273

267

15

21

15

16

16

15

16

16

15

15

182

253

182

189

199

185

193

193

186

182

1,898

2,644

1,898

1,968

2,081

1,930

2,011

2,011

1,945

1,898

71

99

71

74

78

72

76

76

73

71

1,826

2,544

1,826

1,894

2,002

1,857

1,935

1,935

1,871

1,826

54

75

54

56

59

55

57

57

55

54

12

17

12

13

14

13

13

13

13

12

72

100

72

74

79

73

76

76

74

72

15

21

15

16

17

15

16

16

16

15

3,394

4,724

3,394

3,520

3,718

3,449

3,593

3,593

3,477

3,394

1

1

1

1

1

1

1

1

1

1

Dividend Growth Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Corporate MultiSector Account Portfolio(d) Emerging Markets Local Currency Bond Emerging Markets Local Multi-Sector Account Portfolio(d) Emerging Markets Stock Emerging Markets Value Stock

72

Aggregate Compensation From Fund Fund

Brody

Deering

Dick*

Duncan Gerrard Horn* McBride Rouse Schreiber Tercek

Equity Income

11,063

15,431

11,063

11,473

12,155

11,266

11,743

11,743

11,349

11,063

Equity Index 500

10,124

14,098

10,124

10,499

11,099

10,293

10,724

10,724

10,374

10,124

European Stock Extended Equity Market Index

653

908

653

677

714

663

690

690

668

653

309

430

309

320

338

314

327

327

316

309

Financial Services

232

322

232

240

254

235

245

245

237

232

Floating Rate Floating Rate MultiSector Account Portfolio(d) Georgia Tax-Free Bond

216

300

216

224

237

219

229

229

221

216

22

31

22

23

24

23

24

24

23

22

98

137

98

102

108

100

104

104

101

98

47

65

47

49

51

48

50

50

48

47

2

2

0

2

2

0

2

2

2

2

39

54

39

41

43

40

41

41

40

39

9

12

9

9

9

9

9

9

9

9

7

10

7

7

8

7

7

7

7

7

121

169

121

126

133

123

129

129

124

121

95

133

95

99

104

97

101

101

98

95

Global Stock

207

288

207

214

227

210

219

219

212

207

Global Technology Global Unconstrained Bond

804

1,117

804

834

879

815

849

849

822

804

12

17

12

12

13

12

13

13

12

12

GNMA TRP Government Reserve Investment

641

893

641

664

703

652

679

679

657

641

863

1,201

863

895

945

877

913

913

883

863

Growth & Income

637

888

637

661

699

648

676

676

653

637

18,212

25,357

18,212

18,887

19,960

18,512

19,286

19,286

18,660

18,212

Global Allocation Global Consumer(a) Global Growth Stock Global High Income Bond Global Industrials Global Multi-Sector Bond Global Real Estate

Growth Stock Health Sciences

5,735

7,974

5,735

5,947

6,274

5,821

6,063

6,063

5,873

5,735

High Yield High Yield MultiSector Account Portfolio(d) Inflation Protected Bond Institutional Africa & Middle East Institutional Core Plus Institutional Credit Opportunities Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Floating Rate

3,971

5,531

3,971

4,118

4,354

4,038

4,207

4,207

4,070

3,971

8

12

8

9

9

9

9

9

9

8

154

214

154

159

169

156

163

163

158

154

82

114

82

85

90

83

87

87

84

82

236

329

236

245

259

240

251

251

242

236

20

28

20

21

22

21

22

22

21

20

134

186

134

139

147

136

142

142

137

134

396

552

396

411

435

403

420

420

406

396

1,380

1,921

1,380

1,431

1,512

1,403

1,461

1,461

1,413

1,380

73

Aggregate Compensation From Fund Fund Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Multi-Sector Bond Institutional Global Value Equity Institutional High Yield Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity Institutional LargeCap Core Growth Institutional LargeCap Growth Institutional LargeCap Value Institutional Long Duration Credit Institutional MidCap Equity Growth Institutional SmallCap Stock Institutional U.S. Structured Research Intermediate TaxFree High Yield International Bond International Concentrated Equity International Discovery International Equity Index International Growth & Income International Stock Investment-Grade Corporate MultiSector Account Portfolio(d)

Brody

Duncan Gerrard Horn* McBride Rouse Schreiber Tercek

Deering

Dick*

18

25

18

19

20

19

19

19

19

18

37

52

37

39

41

38

39

39

38

37

115

160

115

119

126

117

121

121

118

115

85

119

85

88

93

87

90

90

87

85

4

5

4

4

4

4

4

4

4

4

875

1,220

875

908

961

891

928

928

897

875

132

184

132

137

145

134

140

140

135

132

91

126

91

94

99

92

96

96

93

91

58

80

58

60

63

58

61

61

59

58

28

39

28

29

31

29

30

30

29

28

728

1,012

728

755

796

739

769

769

745

728

5,089

7,082

5,089

5,277

5,574

5,170

5,386

5,386

5,211

5,089

935

1,302

935

970

1,025

950

990

990

958

935

12

16

12

12

13

12

12

12

12

12

2,052

2,855

2,052

2,128

2,247

2,085

2,171

2,171

2,102

2,052

852

1,186

852

883

933

866

902

902

872

852

318

443

318

330

349

323

337

337

326

318

12

16

12

12

13

12

12

12

12

12

1,978

2,752

1,978

2,051

2,166

2,009

2,093

2,093

2,025

1,978

4

5

4

4

4

4

4

4

4

4

1,608

2,237

1,608

1,668

1,760

1,633

1,701

1,701

1,647

1,608

214

298

214

222

235

218

227

227

220

214

4,625

6,435

4,625

4,796

5,065

4,698

4,894

4,894

4,737

4,625

5,710

7,947

5,710

5,921

6,255

5,802

6,044

6,044

5,851

5,710

18

25

18

19

20

19

19

19

19

18

Japan

122

170

122

127

134

124

129

129

125

122

Latin America

252

352

252

261

277

257

268

268

259

252

74

Aggregate Compensation From Fund Fund Limited Duration Inflation Focused Bond Maryland ShortTerm Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money Media & Telecommunications

Brody

Deering

Dick*

Duncan Gerrard Horn* McBride Rouse Schreiber Tercek

2,921

4,067

2,921

3,029

3,201

2,969

3,093

3,093

2,992

2,921

86

121

86

90

95

88

92

92

89

86

825

1,149

825

855

905

839

874

874

845

825

54

76

54

56

60

55

58

58

56

54

1,330

1,852

1,330

1,380

1,458

1,352

1,409

1,409

1,363

1,330

10,211

14,217

10,211

10,589

11,192

10,379

10,814

10,814

10,462

10,211

0

0

0

0

0

0

0

0

0

0

Mid-Cap Value Mortgage-Backed Securities MultiSector Account Portfolio(d) New America Growth

4,822

6,720

4,822

5,000

5,292

4,906

5,113

5,113

4,943

4,822

28

39

28

29

30

28

29

29

29

28

1,768

2,462

1,768

1,833

1,938

1,798

1,873

1,873

1,812

1,768

New Asia

1,587

2,214

1,587

1,646

1,743

1,616

1,685

1,685

1,631

1,587

New Era

1,342

1,871

1,342

1,391

1,474

1,366

1,424

1,424

1,376

1,342

New Horizons

6,410

8,926

6,410

6,647

7,026

6,516

6,789

6,789

6,568

6,410

11,403

15,888

11,403

11,825

12,511

11,600

12,087

12,087

11,689

11,403

137

192

137

143

151

140

146

146

141

137

177

247

177

184

195

180

188

188

182

177

29

41

29

31

32

30

31

31

30

29

Overseas Stock Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income

4,259

5,925

4,259

4,417

4,663

4,326

4,506

4,506

4,362

4,259

826

1,150

826

856

906

840

875

875

846

826

663

924

663

688

727

674

703

703

680

663

600

836

600

623

658

610

636

636

615

600

Prime Reserve QM Global Equity (b) QM U.S. Small & Mid-Cap Core Equity (c) QM U.S. Small-Cap Growth Equity QM U.S. Value Equity (c)

2,627

3,661

2,627

2,725

2,882

2,672

2,785

2,785

2,693

2,627

3

5

0

3

4

0

3

3

3

3

4

6

0

4

4

0

4

4

4

4

587

814

587

609

640

594

619

619

600

587

3

4

0

3

3

0

3

3

3

3

Real Assets

1,824

2,541

1,824

1,892

2,000

1,855

1,933

1,933

1,869

1,824

Real Estate TRP Reserve Investment

2,117

2,951

2,117

2,195

2,325

2,155

2,246

2,246

2,169

2,117

7,889

11,002

7,889

8,181

8,665

8,033

8,373

8,373

8,090

7,889

Retirement 2005

669

932

669

694

734

680

709

709

685

669

Retirement 2010

2,526

3,520

2,526

2,620

2,772

2,570

2,678

2,678

2,589

2,526

Retirement 2015

4,080

5,684

4,080

4,231

4,476

4,150

4,325

4,325

4,182

4,080

Mid-Cap Growth Mid-Cap Index

New Income New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money

75

Aggregate Compensation From Fund Fund

Brody

Deering

Dick*

Duncan Gerrard Horn* McBride Rouse Schreiber Tercek

Retirement 2020

10,147

14,130

10,147

10,523

11,124

10,316

10,748

10,748

10,397

10,147

Retirement 2025

7,188

10,006

7,188

7,455

7,876

7,305

7,610

7,610

7,364

7,188

Retirement 2030

9,745

13,566

9,745

10,105

10,678

9,904

10,318

10,318

9,984

9,745

Retirement 2035

5,267

7,330

5,267

5,462

5,769

5,351

5,575

5,575

5,395

5,267

Retirement 2040

6,728

9,365

6,728

6,977

7,371

6,837

7,122

7,122

6,893

6,728

Retirement 2045

3,026

4,210

3,026

3,138

3,314

3,074

3,202

3,202

3,099

3,026

Retirement 2050

2,273

3,162

2,273

2,358

2,488

2,308

2,404

2,404

2,328

2,273

Retirement 2055

727

1,010

727

754

795

738

768

768

744

727

Retirement 2060

12

16

12

12

13

12

12

12

12

12

1,415

1,973

1,415

1,467

1,554

1,440

1,501

1,501

1,451

1,415

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1,510

2,103

1,510

1,566

1,656

1,536

1,600

1,600

1,548

1,510

2,464

3,436

2,464

2,555

2,706

2,508

2,614

2,614

2,526

2,464

0

0

0

0

0

0

0

0

0

0

Retirement Balanced Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class Retirement I 2015 Fund—I Class Retirement I 2020 Fund—I Class Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class Retirement I 2045 Fund—I Class Retirement I 2050 Fund—I Class Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Science & Technology Short-Term Bond Short-Term Government Reserve Short-Term Reserve

733

1,015

733

760

797

741

771

771

748

733

Small-Cap Index

0

0

0

0

0

0

0

0

0

0

Small-Cap Stock

3,698

5,154

3,698

3,835

4,058

3,763

3,921

3,921

3,792

3,698

Small-Cap Value

3,437

4,791

3,437

3,564

3,774

3,498

3,646

3,646

3,524

3,437

Spectrum Growth

1,565

2,181

1,565

1,623

1,717

1,592

1,659

1,659

1,605

1,565

Spectrum Income Spectrum International Summit Cash Reserves

2,551

3,555

2,551

2,646

2,799

2,595

2,705

2,705

2,615

2,551

488

679

488

506

535

496

517

517

500

488

2,043

2,849

2,043

2,119

2,243

2,080

2,168

2,168

2,094

2,043

76

Aggregate Compensation From Fund Fund Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market

Brody

Duncan Gerrard Horn* McBride Rouse Schreiber Tercek

Deering

Dick*

409

569

409

424

448

416

433

433

419

409

1,624

2,263

1,624

1,684

1,782

1,652

1,721

1,721

1,664

1,624

79

110

79

82

87

80

84

84

81

79

Target 2005

7

10

7

7

8

7

8

8

7

7

Target 2010

15

21

15

16

17

16

16

16

16

15

Target 2015

41

57

41

42

45

42

43

43

42

41

Target 2020

51

70

51

53

55

51

54

54

52

51

Target 2025

40

56

40

42

44

41

42

42

41

40

Target 2030

41

57

41

42

44

41

43

43

42

41

Target 2035

24

34

24

25

27

25

26

26

25

24

Target 2040

19

27

19

20

21

20

20

20

20

19

Target 2045

13

18

13

13

14

13

14

14

13

13

Target 2050

7

9

7

7

7

7

7

7

7

7

Target 2055

4

6

4

5

5

4

5

5

5

4

Target 2060

1

2

1

1

1

1

1

1

1

1

Tax-Efficient Equity

72

101

72

75

79

74

77

77

74

72

Tax-Exempt Money

387

538

387

401

424

393

410

410

396

387

Tax-Free High Yield

1,367

1,905

1,367

1,418

1,500

1,391

1,449

1,449

1,401

1,367

Tax-Free Income Tax-Free ShortIntermediate Tax-Free Ultra Short-Term Bond Total Equity Market Index U.S. Bond Enhanced Index

1,038

1,448

1,038

1,077

1,140

1,057

1,102

1,102

1,064

1,038

853

1,189

853

885

936

868

905

905

875

853

0

0

0

0

0

0

0

0

0

0

480

668

480

498

526

488

508

508

492

480

244

340

244

253

268

249

259

259

250

244

U.S. Large-Cap Core U.S. Treasury Intermediate U.S. Treasury LongTerm

50

70

50

52

55

51

53

53

51

50

160

223

160

166

175

163

169

169

164

160

141

196

141

146

155

143

149

149

144

141

77

Aggregate Compensation From Fund Fund

Brody

U.S. Treasury Money Ultra Short-Term Bond

Deering

Dick*

Duncan Gerrard Horn* McBride Rouse Schreiber Tercek

840

1,170

840

871

921

854

890

890

860

840

220

307

220

228

241

224

233

233

225

220

Value 9,108 12,683 9,108 9,445 9,984 9,259 9,647 9,647 Virginia Tax-Free Bond 407 567 407 422 446 414 431 431 * Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds. (a) Estimated for the period June 28, 2016, through December 31, 2016. (b) Estimated for the period April 16, 2016, through December 31, 2016. (c) Estimated for the period February 27, 2016, through December 31, 2016. (d) Director’s fees were paid by T. Rowe Price on behalf of the fund.

9,333

9,108

417

407

Directors’ Holdings in the Price Funds The following tables set forth the Price Fund holdings of the current independent and inside directors, as of December 31, 2015, unless otherwise indicated. Aggregate Holdings, All Price Funds

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

Balanced Balanced Fund—I Class

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

Blue Chip Growth Blue Chip Growth Fund—Advisor Class Blue Chip Growth Fund—I Class Blue Chip Growth Fund—R Class California Tax-Free Bond California Tax-Free Money

None

None

Africa & Middle East Asia Opportunities Asia Opportunities Fund—Advisor Class

Capital Appreciation Capital Appreciation Fund—Advisor Class Capital Appreciation Fund—I Class Capital Opportunity Capital Opportunity Fund—Advisor Class

None

None

None

None

None

None

None $50,001$100,000

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None $50,001$100,000

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

78

Aggregate Holdings, All Price Funds Capital Opportunity Fund—R Class Corporate Income Corporate Income Fund—I Class Credit Opportunities Fund Credit Opportunities Fund—Advisor Class Diversified Mid-Cap Growth Dividend Growth Dividend Growth Fund—Advisor Class Dividend Growth Fund—I Class Emerging Europe Emerging Markets Bond Emerging Markets Bond Fund— Advisor Class Emerging Markets Bond Fund—I Class Emerging Markets Corporate Bond Emerging Markets Corporate Bond Fund—Advisor Class Emerging Markets Corporate Bond Fund—I Class Emerging Markets Corporate MultiSector Account Portfolio Emerging Markets Local Currency Bond Emerging Markets Local Currency Bond Fund— Advisor Class Emerging Markets Local Currency Bond Fund—I Class Emerging Markets Local Multi-Sector Account Portfolio Emerging Markets Stock Emerging Markets Stock Fund—I Class

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

79

Aggregate Holdings, All Price Funds Emerging Markets Value Stock Emerging Markets Value Stock Fund— Advisor Class Equity Income Equity Income Fund—Advisor Class Equity Income Fund—I Class Equity Income Fund—R Class Equity Index 500 Equity Index 500 Fund—I Class

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $50,001$100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None $1$10,000

None

None

None

None

None

None

None

None

None

None

European Stock Extended Equity Market Index

None

None

None

None

None

None

None

None

Financial Services

None

None

Floating Rate Floating Rate Fund—Advisor Class Floating Rate MultiSector Account Portfolio Georgia Tax-Free Bond Global Allocation Global Allocation Fund—Advisor Class Global Growth Stock Global Growth Stock Fund— Advisor Class Global High Income Bond Global High Income Bond Fund— Advisor Class Global High Income Bond Fund—I Class Global Industrials Global Multi-Sector Bond Global Multi-Sector Bond Fund— Advisor Class

None

None over $100,000

None

Global Real Estate

None

None

None

None

None

None

None $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $1$10,000

None

None

None

None

None

80

Aggregate Holdings, All Price Funds

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $50,001$100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

GNMA TRP Government Reserve Investment

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

Growth & Income

None

None $50,001$100,000

None

None

None

None

None

None $10,001$50,000

None

Growth Stock Growth Stock Fund—Advisor Class Growth Stock Fund—I Class Growth Stock Fund—R Class

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

Health Sciences

None

None

None over $100,000

High Yield High Yield Fund— Advisor Class High Yield Fund—I Class High Yield MultiSector Account Portfolio Inflation Protected Bond Inflation Protected Bond Fund—I Class Institutional Africa & Middle East Institutional Core Plus Institutional Core Plus Fund—F Class Institutional Credit Opportunities Fund

None

None

None

Global Real Estate Fund—Advisor Class Global Stock Global Stock Fund—Advisor Class Global Technology Global Unconstrained Bond Global Unconstrained Bond Fund—Advisor Class Global Unconstrained Bond Fund—I Class

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None $50,001$100,000

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

81

None

Aggregate Holdings, All Price Funds Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Floating Rate Institutional Floating Rate Fund—F Class Institutional Frontiers Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Multi-Sector Bond Institutional Global Value Equity Institutional High Yield Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity Institutional LargeCap Core Growth Institutional LargeCap Growth Institutional LargeCap Value Institutional Long Duration Credit Institutional MidCap Equity Growth Institutional SmallCap Stock Institutional U.S. Structured Research Intermediate TaxFree High Yield Intermediate TaxFree High Yield— Advisor Class International Bond

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

82

Aggregate Holdings, All Price Funds

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

Japan

None

None

None

None

None

None

None

None

Latin America Limited Duration Inflation Focused Bond Limited Duration Inflation Focused Bond Fund—I Class Maryland ShortTerm Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money

None

None

None

None

None

None

None

None

None over $100,000 over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

International Bond Fund—Advisor Class International Bond Fund—I Class International Concentrated Equity International Concentrated Equity—Advisor Class International Discovery International Discovery Fund—I Class International Equity Index International Growth & Income International Growth & Income Fund—Advisor Class International Growth & Income Fund—I Class International Growth & Income Fund—R Class International Stock International Stock Fund—Advisor Class International Stock Fund—I Class International Stock Fund—R Class Investment Grade Multi-Sector Account Portfolio

83

None

Aggregate Holdings, All Price Funds Media & Telecommunications Mid-Cap Growth Mid-Cap Growth Fund—Advisor Class Mid-Cap Growth Fund—I Class Mid-Cap Growth Fund—R Class Mid-Cap Index Mid-Cap Index Fund—I Class Mid-Cap Value Mid-Cap Value Fund—Advisor Class Mid-Cap Value Fund—I Class Mid-Cap Value Fund—R Class Mortgage-Backed Securities MultiSector Account Portfolio New America Growth New America Growth Fund— Advisor Class New America Growth Fund—I Class New Asia New Asia Fund—I Class New Era New Era Fund—I Class New Horizons New Horizons Fund—I Class New Income New Income Fund—Advisor Class New Income Fund—I Class New Income Fund—R Class New Jersey Tax-Free Bond New York Tax-Free Bond

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

None None

None None

None None

None None

Gerrard over $100,000 $50,001$100,000 None

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None None

None None

None None

None None

None None

None

None

None

None

over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None $1$10,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None $50,001$100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

84

Aggregate Holdings, All Price Funds New York Tax-Free Money Overseas Stock Overseas Stock Fund—Advisor Class Overseas Stock Fund—I Class Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $50,001$100,000

None

None

None

None

None

None

None

None

None $10,001$50,000 $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $10,001$50,000

None

None None

None over $100,000 $10,001$50,000 None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None over $100,000

None

None

None

Prime Reserve QM U.S. Small-Cap Growth Equity Real Assets Real Assets Fund—I Class

None

None

None

None

None

Real Estate Real Estate Fund— Advisor Class Real Estate Fund—I Class TRP Reserve Investment Retirement 2005 Retirement 2005 Fund—Advisor Class Retirement 2005 Fund—R Class Retirement 2010 Retirement 2010 Fund—Advisor Class Retirement 2010 Fund—R Class

None

None

None

None

None $1$10,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None over $100,000

None

None

None

None

None

None

None

None

None

None

None $50,001$100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $50,001$100,000

None

Retirement 2020 Retirement 2020 Fund—Advisor Class Retirement 2020 Fund—R Class

None $50,001$100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

Retirement 2025

None

None

None

None

None $50,001$100,000

None

None

None

None

None

Retirement 2015 Retirement 2015 Fund—Advisor Class Retirement 2015 Fund—R Class

85

Aggregate Holdings, All Price Funds Retirement 2025 Fund—Advisor Class Retirement 2025 Fund—R Class Retirement 2030 Retirement 2030 Fund—Advisor Class Retirement 2030 Fund—R Class Retirement 2035 Retirement 2035 Fund—Advisor Class Retirement 2035 Fund—R Class Retirement 2040 Retirement 2040 Fund—Advisor Class Retirement 2040 Fund—R Class Retirement 2045 Retirement 2045 Fund—Advisor Class Retirement 2045 Fund—R Class Retirement 2050 Retirement 2050 Fund—Advisor Class Retirement 2050 Fund—R Class Retirement 2055 Retirement 2055 Fund—Advisor Class Retirement 2055 Fund—R Class Retirement 2060 Retirement 2060 Fund—Advisor Class Retirement 2060 Fund—R Class Retirement Balanced Retirement Balanced Fund—Advisor Class Retirement Balanced Fund—R Class Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

86

Aggregate Holdings, All Price Funds Retirement I 2015 Fund—I Class Retirement I 2020 Fund—I Class Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class Retirement I 2045 Fund—I Class Retirement I 2050 Fund—I Class Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Science & Technology Science & Technology Fund— Advisor Class Short-Term Bond Short-Term Bond Fund—Advisor Class Short-Term Bond Fund—I Class Short-Term Government Reserve Short-Term Reserve Small-Cap Index Small-Cap Index Fund—I Class Small-Cap Stock Small-Cap Stock Fund—Advisor Class Small-Cap Stock Fund—I Class Small-Cap Value Small-Cap Value Fund—Advisor Class Small-Cap Value Fund—I Class Spectrum Growth Spectrum Income Spectrum International

Independent Directors Brody over $100,000

Deering over $100,000

Dick* over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

Schreiber over $100,000

Tercek over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $1$10,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

87

Aggregate Holdings, All Price Funds Summit Cash Reserves Summit Municipal Income Summit Municipal Income Fund— Advisor Class Summit Municipal Intermediate Summit Municipal Intermediate Fund—Advisor Class Summit Municipal Money Market Target 2005 Target 2005 Fund— Advisor Class Target 2010 Target 2010 Fund— Advisor Class Target 2015 Target 2015 Fund— Advisor Class Target 2020 Target 2020 Fund— Advisor Class Target 2025 Target 2025 Fund— Advisor Class Target 2030 Target 2030 Fund— Advisor Class Target 2035 Target 2035 Fund— Advisor Class Target 2040 Target 2040 Fund— Advisor Class Target 2045 Target 2045 Fund— Advisor Class Target 2050 Target 2050 Fund— Advisor Class Target 2055 Target 2055 Fund— Advisor Class Target 2060 Target 2060 Fund— Advisor Class Tax-Efficient Equity Tax-Exempt Money Tax-Free High Yield Tax-Free High Yield Fund—Advisor Class

Independent Directors Brody over $100,000

Deering over $100,000

Duncan over $100,000

Gerrard over $100,000

Horn* over $100,000

McBride over $100,000

Rouse over $100,000

None

Dick* over $100,000 over $100,000

Schreiber over $100,000 over $100,000 over $100,000

Tercek over $100,000 over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None over $100,000

None

None

None

None

None

None

None

None

None

None

None None

None $50,001$100,000 None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None

None

None

None

None

None

None

None

None None None over $100,000

None

None

None

None

None

None

None

None

None

None

None

88

None

None

None

Independent Directors

Aggregate Holdings, All Price Funds Tax-Free Income Tax-Free Income Fund—Advisor Class Tax-Free ShortIntermediate Tax-Free ShortIntermediate Fund—Advisor Class Tax-Free Ultra Short-Term Bond Total Equity Market Index U.S. Bond Enhanced Index U.S. Large-Cap Core U.S. Large-Cap Core Fund—Advisor Class U.S. Treasury Intermediate U.S. Treasury LongTerm U.S. Treasury Money Ultra Short-Term Bond Value Value Fund— Advisor Class Value Fund—I Class Virginia Tax-Free Bond *

Brody over $100,000 None

Deering over $100,000 None

Dick* over $100,000 None

Duncan over $100,000 None

Gerrard over $100,000 None

Horn* over $100,000 None

McBride over $100,000 None

Rouse over $100,000 None

Schreiber over $100,000 None

Tercek over $100,000 None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $10,001$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None over $100,000 over $100,000 $1$10,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None None

None None

None None

None None

None

None

None

None

Bernard

Rogers

Wiese

over $100,000 None None

over $100,000 None None

over $100,000 None None

None None None None

None None None None

None None None None

None None

None None

$10,001-$50,000 None

None None None

None None None

None None None

89

None

None

Inside Directors

Africa & Middle East Asia Opportunities Asia Opportunities Fund— Advisor Class Balanced Balanced Fund—I Class Blue Chip Growth Blue Chip Growth Fund— Advisor Class Blue Chip Growth Fund—I Class Blue Chip Growth Fund—R Class California Tax-Free Bond California Tax-Free Money

None

None over $100,000

Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds.

Aggregate Holdings, All Price Funds

None

None

Inside Directors Aggregate Holdings, All Price Funds Capital Appreciation Capital Appreciation Fund— Advisor Class Capital Appreciation Fund—I Class Capital Opportunity Capital Opportunity Fund— Advisor Class Capital Opportunity Fund—R Class Credit Opportunities Credit Opportunities Fund— Advisor Class Corporate Income Corporate Income Fund—I Class Diversified Mid-Cap Growth Dividend Growth Dividend Growth Fund— Advisor Class Dividend Growth Fund—I Class Emerging Europe Emerging Markets Bond Emerging Markets Bond Fund— Advisor Class Emerging Markets Bond Fund—I Class Emerging Markets Corporate Bond Emerging Markets Corporate Bond Fund—Advisor Class Emerging Markets Corporate Bond Fund—I Class Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Currency Bond Emerging Markets Local Currency Bond Fund—Advisor Class Emerging Markets Local Currency Bond Fund—I Class Emerging Markets Local MultiSector Account Portfolio Emerging Markets Stock Emerging Markets Stock Fund— I Class Emerging Markets Value Stock Emerging Markets Value Stock Fund—Advisor Class Equity Income Equity Income Fund—Advisor Class Equity Income Fund—I Class Equity Income Fund—R Class Equity Index 500 Equity Index 500 Fund—I Class

Bernard

Rogers

Wiese

over $100,000 over $100,000

over $100,000 None

over $100,000 None

None

None

None

None None

None None

None None

None

None

None

None None

None None

None None

None None None None None

None over $100,000 None None None

None None None None None

None None None None

None None None None

None None None $10,001-$50,000

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None $50,001-$100,000

None None

None None

None None

None None

None None

None $50,001-$100,000

None over $100,000

None None

None None None None None

None None None None None

None None None None None

90

Inside Directors Aggregate Holdings, All Price Funds European Stock Extended Equity Market Index Financial Services Floating Rate Floating Rate Fund—Advisor Class Floating Rate Multi-Sector Account Portfolio Georgia Tax-Free Bond Global Allocation Global Allocation Fund— Advisor Class Global Growth Stock Global Growth Stock Fund— Advisor Class Global High Income Bond Global High Income Bond Fund—Advisor Class Global High Income Bond Fund—I Class Global Industrials Global Multi-Sector Bond Global Multi-Sector Bond Fund—Advisor Class Global Real Estate Global Real Estate Fund— Advisor Class Global Stock Global Stock Fund—Advisor Class Global Technology Global Unconstrained Bond Global Unconstrained Bond Fund—Advisor Class Global Unconstrained Bond Fund—I Class GNMA TRP Government Reserve Investment Growth & Income Growth Stock Growth Stock Fund—Advisor Class Growth Stock Fund—I Class Growth Stock Fund—R Class Health Sciences High Yield High Yield Fund—Advisor Class High Yield Fund—I Class High Yield Multi-Sector Account Portfolio Inflation Protected Bond Inflation Protected Bond Fund— I Class Institutional Africa & Middle East

Bernard

Rogers

Wiese

over $100,000 None None None None

over $100,000 None None None None

over $100,000 None None None None

None

None

None

None None None

None None None

None None None

None None

None None

None None

None None

None None

None over $100,000

None

None

None

None None None

None None None

None None None

None None

None None

None None

None over $100,000

None None

None $10,001-$50,000

None None None

None None None

None $10,001-$50,000 over $100,000

None

None

None

None None

None None

None None

None None over $100,000

None None None

None None None

None None None None $10,001-$50,000 None None

None None None None None None None

None None None over $100,000 None None None

None None

None None

None None

None

None

None

None

None

None

91

Inside Directors Aggregate Holdings, All Price Funds Institutional Credit Opportunities Institutional Core Plus Institutional Core Plus Fund—F Class Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Floating Rate Institutional Floating Rate Fund—F Class Institutional Frontiers Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Multi-Sector Bond Institutional Global Value Equity Institutional High Yield Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Long Duration Credit Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research Intermediate Tax-Free High Yield Intermediate Tax Free High Yield—Advisor Class International Bond International Bond Fund— Advisor Class International Bond Fund—I Class International Concentrated Equity International Concentrated Fund—Advisor Class International Discovery International Discovery Fund—I Class International Equity Index International Growth & Income

Bernard

Rogers

Wiese

over $100,000

over $100,000

over $100,000

None None

None None

None None

None

None

None

None

None

None

None None

None over $100,000

None over $100,000

None

None

None

None

None

None

over $100,000

over $100,000

None

None

None

None

None None None None

None None None None

None None None None

None

None

None

None

None

None

None

None

None

None None None

None None None

None None None

None

None

None

over $100,000 $10,001-$50,000

None None

None None

None None

None None

None None

None None

None None

None None

None

None

None

None

None

None

None

None

None

None $10,001-$50,000

None None

None None

None None None

None None None

None $1-$10,000 None

92

Inside Directors Aggregate Holdings, All Price Funds International Growth & Income Fund—Advisor Class International Growth & Income Fund—I Class International Growth & Income Fund—R Class International Stock International Stock Fund— Advisor Class International Stock Fund—I Class International Stock Fund—R Class Investment Grade Multi-Sector Account Portfolio Japan Latin America Limited Duration Inflation Focused Bond Limited Duration Inflation Focused Bond Fund—I Class Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money Media & Telecommunications Mid-Cap Growth Mid-Cap Growth Fund—Advisor Class Mid-Cap Growth Fund—I Class Mid-Cap Growth Fund—R Class Mid-Cap Index Mid-Cap Index Fund—I Class Mid-Cap Value Mid-Cap Value Fund—Advisor Class Mid-Cap Value Fund—I Class Mid-Cap Value Fund—R Class Mortgage-Backed Securities Multi-Sector Account Portfolio New America Growth New America Growth Fund— Advisor Class New America Growth Fund—I Class New Asia New Asia Fund—I Class New Era New Era Fund—I Class New Horizons New Horizons Fund—I Class New Income New Income Fund—Advisor Class New Income Fund—I Class New Income Fund—R Class

Bernard

Rogers

Wiese

over $100,000

over $100,000

over $100,000

None

None

None

None

None

None

None $10,001-$50,000

None None

None $1-$10,000

None

None

None

None

None

None

None

None

None

None None None

None None None

None None None

None

None

None

None

None

None

None None None None None

None None None over $100,000 None

None None $10,001-$50,000 None None

None None None None None None

None None None None None None

None None None None None None

None None None

None None None

None None None

None None

None None

None None

None

None

None

None over $100,000 None None None $10,001-$50,000 None None

None None None None None None None $50,001-$100,000

None None None None None None None None

None None None

None None None

None None None

93

Inside Directors Aggregate Holdings, All Price Funds New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Overseas Stock Overseas Stock Fund—Advisor Class Overseas Stock Fund—I Class Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income Prime Reserve QM U.S. Small-Cap Growth Equity Real Assets Real Assets Fund—I Class Real Estate Real Estate Fund—Advisor Class Real Estate Fund—I Class TRP Reserve Investment Retirement 2005 Retirement 2005 Fund—Advisor Class Retirement 2005 Fund—R Class Retirement 2010 Retirement 2010 Fund—Advisor Class Retirement 2010 Fund—R Class Retirement 2015 Retirement 2015 Fund—Advisor Class Retirement 2015 Fund—R Class Retirement 2020 Retirement 2020 Fund—Advisor Class Retirement 2020 Fund—R Class Retirement 2025 Retirement 2025 Fund—Advisor Class Retirement 2025 Fund—R Class Retirement 2030 Retirement 2030 Fund—Advisor Class Retirement 2030 Fund—R Class Retirement 2035 Retirement 2035 Fund—Advisor Class Retirement 2035 Fund—R Class Retirement 2040 Retirement 2040 Fund—Advisor Class Retirement 2040 Fund—R Class Retirement 2045 Retirement 2045 Fund—Advisor Class

Bernard

Rogers

Wiese

over $100,000 None None None None

over $100,000 None None None None

over $100,000 None None None None

None None None None None over $100,000

None None None None None over $100,000

None None None None None $1-$10,000

None None None over $100,000 None None None None

None None None None None None None None

None None None None None None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None

None

None

94

Inside Directors Aggregate Holdings, All Price Funds Retirement 2045 Fund—R Class Retirement 2050 Retirement 2050 Fund—Advisor Class Retirement 2050 Fund—R Class Retirement 2055 Retirement 2055 Fund—Advisor Class Retirement 2055 Fund—R Class Retirement 2060 Retirement 2060 Fund—Advisor Class Retirement 2060 Fund—R Class Retirement Balanced Retirement Balanced Fund— Advisor Class Retirement Balanced Fund—R Class Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class Retirement I 2015 Fund—I Class Retirement I 2020 Fund—I Class Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class Retirement I 2045 Fund—I Class Retirement I 2050 Fund—I Class Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Science & Technology Science & Technology Fund— Advisor Class Short-Term Bond Short-Term Bond Fund— Advisor Class Short-Term Bond Fund—I Class Short-Term Government Reserve Short-Term Reserve Small-Cap Index Small-Cap Index Fund—I Class Small-Cap Stock Small-Cap Stock Fund—Advisor Class Small-Cap Stock Fund—I Class Small-Cap Value Small-Cap Value Fund—Advisor Class Small-Cap Value Fund—I Class Spectrum Growth Spectrum Income Spectrum International

Bernard

Rogers

Wiese

over $100,000 None None

over $100,000 None None

over $100,000 None None

None None over $100,000

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None None None

None

None

None

None None None None None None None None None None None None None

None None None None None None None None None None None None None

None None None None None None None None None None None None None

None over $100,000

None over $100,000

None over $100,000

None over $100,000

None None

None over $100,000

None None None None None None None

None None None None None None None

None None None None None None None

None None $10,001-$50,000

None None None

None None None

None None over $100,000 over $100,000 over $100,000

None None None over $100,000 None

None None None None None

95

Inside Directors Aggregate Holdings, All Price Funds Summit Cash Reserves Summit Municipal Income Summit Municipal Income Fund—Advisor Class Summit Municipal Intermediate Summit Municipal Intermediate Fund—Advisor Class Summit Municipal Money Market Target 2005 Target 2005 Fund—Advisor Class Target 2010 Target 2010 Fund—Advisor Class Target 2015 Target 2015 Fund—Advisor Class Target 2020 Target 2020 Fund—Advisor Class Target 2025 Target 2025 Fund—Advisor Class Target 2030 Target 2030 Fund—Advisor Class Target 2035 Target 2035 Fund—Advisor Class Target 2040 Target 2040 Fund—Advisor Class Target 2045 Target 2045 Fund—Advisor Class Target 2050 Target 2050 Fund—Advisor Class Target 2055 Target 2055 Fund—Advisor Class Target 2060 Target 2060 Fund—Advisor Class Tax-Efficient Equity Tax-Exempt Money Tax-Free High Yield Tax-Free High Yield Fund— Advisor Class Tax-Free Income Tax-Free Income Fund—Advisor Class Tax-Free Short-Intermediate Tax-Free Short-Intermediate Fund–Advisor Class

Bernard

Rogers

Wiese

over $100,000 over $100,000 None

over $100,000 over $100,000 None

over $100,000 over $100,000 None

None None

None None

None None

None

None

None

over $100,000 None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None

None None None None

None None None None

None None None None

None None

None None

None None

None None

None None

None None

None

None

None

96

Inside Directors Aggregate Holdings, All Price Funds Tax-Free Ultra Short-Term Bond Total Equity Market Index U.S. Bond Enhanced Index U.S. Large-Cap Core U.S. Large-Cap Core Fund— Advisor Class U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money Ultra Short-Term Bond Value Value Fund—Advisor Class Value Fund—I Class Virginia Tax-Free Bond

Bernard

Rogers

Wiese

over $100,000 None over $100,000 over $100,000 None

over $100,000 None None None None

over $100,000 None $10,001-$50,000 None None

None None None None None None None None None

None None None None None $50,001-$100,000 None None None

None None None None None None None None None

Portfolio Managers’ Holdings in the Price Funds The following tables set forth the Price Fund holdings of each fund’s portfolio manager, who serves as chairman of the fund’s Investment Advisory Committee and has day-to-day responsibility for managing the fund and executing the fund’s investment program. One column shows the dollar range of shares beneficially owned in the fund for which he or she serves as portfolio manager, as of the end of that fund’s fiscal year, and the other column shows the dollar range of shares beneficially owned in all funds within the T. Rowe Price family of funds, as of December 31 of the prior year. Shares of the Price Funds are frequently held by T. Rowe Price employees, including portfolio managers, through participation in the T. Rowe Price 401(k) plan. However, starting in 2012, the T. Rowe Price 401(k) plan has periodically replaced certain Price Funds in the eligible investment lineup with similarly managed Institutional Price Funds and T. Rowe Price common trust funds, which operate much like mutual funds but are exempt from registration under the federal securities laws. As a result, the range of fund holdings shown in the tables may have decreased for those portfolio managers who manage a Price Fund that is no longer offered as part of the T. Rowe Price 401(k) plan even though the portfolio manager may now invest in the Institutional Price Fund or T. Rowe Price common trust fund within the same investment strategy.

Fund Africa & Middle East Asia Opportunities Balanced Blue Chip Growth (b) Capital Appreciation (b) Capital Opportunity

Corporate Income Credit Opportunities Diversified Mid-Cap Growth Dividend Growth Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond

Portfolio Manager

Range of Fund Holdings as of Fund’s Fiscal Yeara

All Funds Range as of 12/31/15

Oliver D.M. Bell Eric C. Moffett Charles M. Shriver Larry J. Puglia David R. Giroux Ann M. Holcomb Jason B. Polun Eric L. Veiel David A. Tiberii Rodney M. Rayburn Donald J. Easley Donald J. Peters Thomas J. Huber Ulle Adamson Michael J. Conelius Samy B. Muaddi

None over $1,000,000 $100,001–$500,000 over $1,000,000 over $1,000,000 $100,001–$500,000 None None $100,001–$500,000 None(c) $500,001–$1,000,000 over $1,000,000 $500,001–$1,000,000 None $50,001–$100,000 $10,001–$50,000

None over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 $100,001–$500,000 over $1,000,000 over $1,000,000 over $1,000,000 None over $1,000,000 $100,001–$500,000

97

Fund Emerging Markets Local Currency Bond Emerging Markets Stock Emerging Markets Value Stock Equity Income Equity Index 500 (b) European Stock Extended Equity Market Index Financial Services Floating Rate Global Allocation Global Consumer Global Growth Stock (b) Global High Income Bond Global Industrials Global Multi-Sector Bond Global Real Estate Global Stock (b) Global Technology Global Unconstrained Bond GNMA Growth & Income(b) Growth Stock (b) Health Sciences High Yield Inflation Protected Bond Intermediate Tax-Free High Yield International Bond International Concentrated Equity International Discovery International Equity Index International Growth & Income International Stock (b) Japan Latin America Limited Duration Inflation Focused Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money Media & Telecommunications Mid-Cap Growth Mid-Cap Value (b) New America Growth New Asia New Era New Horizons (b)

Portfolio Manager

Range of Fund Holdings as of Fund’s Fiscal Yeara

All Funds Range as of 12/31/15

Andrew Keirle Gonzalo Pangaro Ernest C. Yeung John D. Linehan Ken D. Uematsu(d) Dean Tenerelli Ken D. Uematsu(d) Gabriel Solomon Paul M. Massaro Charles M. Shriver Jason Nogueira R. Scott Berg Michael Della Vedova Mark J. Vaselkiv Peter J. Bates Steven C. Huber Nina P. Jones David J. Eiswert Joshua K. Spencer Arif Husain Andrew C. McCormick Jeffrey Rottinghaus Joseph B. Fath Ziad Bakri(f) Taymour R. Tamaddon Mark J. Vaselkiv Daniel O. Shackelford James M. Murphy Arif Husain Kenneth A. Orchard(g) Federico Santilli Justin Thomson Neil Smith(h) Jonathan H.W. Matthews Richard N. Clattenburg Archibald Ciganer Verena E. Wachnitz Daniel O. Shackelford

$10,001–$50,000 over $1,000,000 $100,001–$500,000 $500,001–$1,000,000 $1–$10,000 None $50,001–$100,000 $10,001–$50,000 $50,001–$100,000 $100,001–$500,000 (e) over $1,000,000 None None $500,001–$1,000,000 None $10,001–$50,000 over $1,000,000 over $1,000,000 None $100,001–$500,000 None None $1–$10,000 $500,001–$1,000,000 None $50,001–$100,000 $50,001–$100,000 None None None $500,001–$1,000,000 None $10,001–$50,000 None None $100,001–$500,000 None

$10,001–$50,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $500,001–$1,000,000 None 500,001–$1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 (e) over $1,000,000 None over $1,000,000 over $1,000,000 $500,001–$1,000,000 $500,001–$1,000,000 over $1,000,000 over $1,000,000 None over $1,000,000 over $1,000,000 over $1,000,000 $500,001–$1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 None None None over $1,000,000 None $10,001–$50,000 None None $100,001–$500,000 over $1,000,000

Charles B. Hill Hugh D. McGuirk Joseph K. Lynagh Paul D. Greene II Brian W.H. Berghuis David J. Wallack Justin White(i) Anh Lu Shawn T. Driscoll Henry M. Ellenbogen

$10,001–$50,000 over $1,000,000 $1–$10,000 $100,001–$500,000 over $1,000,000 None None $500,001–$1,000,000 $100,001–$500,000 $100,001–$500,000

over $1,000,000 over $1,000,000 over $1,000,000 $500,001–$1,000,000 over $1,000,000 over $1,000,000 $100,001–$500,000 over $1,000,000 over $1,000,000 over $1,000,000

98

Fund New Income Overseas Stock (b) Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income Prime Reserve QM Global Equity QM U.S. Small & Mid-Cap Core Equity QM U.S. Small-Cap Growth Equity QM U.S. Value Equity Real Assets (b) Real Estate Science & Technology Short-Term Bond Small-Cap Stock Small-Cap Value(b) Spectrum Growth Spectrum Income Spectrum International Summit Cash Reserves Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market Tax- Efficient Equity Tax- Exempt Money Tax- Free High Yield Tax- Free Income Tax- Free Short-Intermediate Tax- Free Ultra Short-Term Bond Total Equity Market Index

Portfolio Manager

Range of Fund Holdings as of Fund’s Fiscal Yeara

All Funds Range as of 12/31/15

Daniel O. Shackelford Raymond A. Mills Charles M. Shriver Charles M. Shriver Charles M. Shriver Joseph K. Lynagh Sudhir Nanda

$10,001–$50,000 None $10,001–$50,000 $100,001–$500,000 $1–$10,000 $10,001–$50,000 (j)

over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 $500,001–$1,000,000

Boyko D. Atanassov Sudhir Nanda Farris G. Shuggi Wyatt A. Lee David M. Lee Kennard W. Allen Michael F. Reinartz Edward A. Wiese Gregory A. McCrickard(l) J. David Wagner Charles M. Shriver Charles M. Shriver Charles M. Shriver Joseph K. Lynagh Konstantine B. Mallas Charles B. Hill Joseph K. Lynagh Donald J. Peters Joseph K. Lynagh James M. Murphy Konstantine B. Mallas Charles B. Hill Joseph K. Lynagh Ken D. Uematsu(d) Robert M. Larkins Jeffrey Rottinghaus Brian J. Brennan Brian J. Brennan Joseph K. Lynagh Joseph K. Lynagh Mark S. Finn

(k) $100,001–$500,000 (k) $1–$10,000 $100,001–$500,000 over $1,000,000 None $500,001–$1,000,000 $500,001–$1,000,000 $100,001–$500,000 $100,001–$500,000 $100,001–$500,000 $100,001–$500,000 $1–$10,000 $100,001–$500,000 $500,001–$1,000,000 None over $1,000,000 $10,001–$50,000 $100,001–$500,000 $100,001–$500,000 $1–$10,000 (m) $1–$10,000 None over $1,000,000 $10,001–$50,000 $10,001–$50,000 $1–$10,000 $100,001–$500,000 over $1,000,000

None $500,001–$1,000,000 None over $1,000,000 over $1,000,000 over $1,000,000 $500,001–$1,000,000 over $1,000,000 over $1,000,000 $500,001–$1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 $500,001–$1,000,000 $100,001–$500,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000

U.S. Bond Enhanced Index (b) U.S. Large-Cap Core U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money Ultra Short-Term Bond Value (b) (a) See table beginning on page 8 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 8.

(b) The portfolio manager invests in a similarly managed T. Rowe Price common trust fund within the T. Rowe Price 401(k) plan. (c) On July 8, 2015, Rodney M. Rayburn replaced Paul A. Karpers as the fund’s portfolio manager. The range of fund holdings is as of July 31, 2015. (d) Ken D. Uematsu became the fund’s sole portfolio manager on May 1, 2016. (e) The fund’s expected inception date is June 27, 2016, therefore the range of fund holdings is not yet available. (f)

On April 1, 2016, Ziad Bakri became co-portfolio manager of the fund. Effective July 1, 2016, Mr. Tammadon will step down as co-portfolio manager and Mr. Bakri will become the sole portfolio manager of the fund.

99

(g) On December 31, 2015, Kenneth A. Orchard became co-portfolio manager of the fund. (h)

Neil Smith became the fund’s sole portfolio manager on March 1, 2016.

(i)

On April 1, 2016, Justin White replaced Daniel Martino as portfolio manager of the fund.

(j)

The fund incepted on April 15, 2016, therefore the range of fund holdings is not yet available.

(k) The fund incepted on February 26, 2016, therefore the range of fund holdings is not yet available. (l)

On October 1, 2016, Frank M. Alonso will replace Gregory A McCrickard as the fund’s portfolio manager.

(m) The fund has not incepted, therefore the range of fund holdings is not yet available. The following funds may be purchased only by institutional investors.

Fund

Portfolio Manager

Institutional Africa & Middle East Institutional Core Plus Institutional Credit Opportunities Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Floating Rate Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Multi-Sector Bond Institutional Global Value Equity Institutional High Yield

Oliver D.M. Bell Brian J. Brennan Rodney M. Rayburn Michael J. Conelius Gonzalo Pangaro Paul M. Massaro Oliver D.M. Bell David J. Eiswert R. Scott Berg Steven C. Huber Sebastien Mallet Mark J. Vaselkiv

Institutional International Bond

Arif Husain Kenneth A. Orchard Federico Santilli

Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity Institutional Large Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value

Institutional Long Duration Credit Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research

Raymond A. Mills Richard N. Clattenburg Larry J. Puglia Robert W. Sharps(d) Mark S. Finn John D. Linehan Heather K. McPherson David A. Tiberii Brian W.H. Berghuis Gregory A. McCrickard(e) Ann M. Holcomb Jason B. Polun Eric L. Veiel

Range of Fund Holdings as of Fund’s Fiscal Yeara

All Funds Range as of 12/31/15

None $10,001–$50,000 $1–$10,000(b) $100,001–$500,000 None $10,001–$50,000 None $500,001–$1,000,000 over $1,000,000 $500,001–$1,000,000 None $500,001– $1,000,000(c) None None None

None over $1,000,000 $100,001–$500,000 over $1,000,000 over $1,000,000 over $1,000,000 None over $1,000,000 over $1,000,000 $500,001–$1,000,000 None over $1,000,000

None None None over $1,000,000 $100,001–$500,000 $100,001–$500,000 over $1,000,000 None over $1,000,000 over $1,000,000

over $1,000,000 None over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000

None None None

over $1,000,000 over $1,000,000 over $1,000,000

None None None

(a) See table beginning on page 8 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 8. (b) On July 8, 2015, Rodney M. Rayburn replaced Paul A. Karpers as the fund’s portfolio manager. The range of fund holdings is as of July 31, 2015. (c) On July 8, 2015, Mark J. Vaselkiv replaced Paul A. Karpers as the fund’s portfolio manager. The range of fund holdings is as of July 31, 2015. (d) On January 1, 2017, Taymour R. Tamaddon will replace Robert W. Sharps as the fund’s portfolio manager. (e) On October 1, 2016, Frank M. Alonso will replace Gregory A McCrickard as the fund’s portfolio manager.

100

The following funds are designed for persons residing in the indicated state. The portfolio managers reside in Maryland.

Fund

Portfolio Manager

All Funds Range as of 12/31/15

Range of Fund Holdings as of Fund’s Fiscal Yeara

Konstantine B. Mallas None California Tax-Free Bond Joseph K. Lynagh None California Tax-Free Money Hugh D. McGuirk None Georgia Tax-Free Bond Konstantine B. Mallas None New Jersey Tax-Free Bond Konstantine B. Mallas None New York Tax-Free Bond Joseph K. Lynagh None New York Tax-Free Money Hugh D. McGuirk None Virginia Tax-Free Bond (a) See table beginning on page 8 for the fiscal year of the funds. The range of fund holdings as of updated concurrently with each fund’s prospectus date as shown in the table beginning on page 8.

over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 over $1,000,000 the fund’s fiscal year is

The following funds are designed such that a single individual would normally select one fund based on that person’s expected retirement date.

Fund Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement 2050 Retirement 2055 Retirement 2060 Retirement Balanced Retirement I 2005 Fund— I Class Retirement I 2010 Fund— I Class Retirement I 2015 Fund— I Class

Portfolio Manager

Range of Fund Holdings as of Fund’s Fiscal Yeara

All Funds Range as of 12/31/15

Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark (b) Wyatt A. Lee (b) Jerome A. Clark Wyatt A. Lee Jerome A. Clark (b) Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee

None None(c) None None(c) None None(c) None None(c) None None(c) None None(c) None $10,001–$50,000(c) None $100,001–$500,000(c) None None(c) None None(c) None None(c) None None(c) None None(c) (d) (d) (d) (d) (d) (d)

$100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000

101

Fund Retirement I 2020 Fund— I Class Retirement I 2025 Fund— I Class Retirement I 2030 Fund— I Class Retirement I 2035 Fund— I Class Retirement I 2040 Fund— I Class Retirement I 2045 Fund— I Class Retirement I 2050 Fund— I Class Retirement I 2055 Fund— I Class Retirement I 2060 Fund— I Class Retirement Balanced I Fund—I Class Target 2005 Target 2010 Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055 Target 2060

Portfolio Manager

Range of Fund Holdings as of Fund’s Fiscal Yeara

All Funds Range as of 12/31/15

Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee Jerome A. Clark Wyatt A. Lee

(d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) (d) None None None None None None None None None None None None None None None None None None None None None None None None

$100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000 $100,001–$500,000 over $1,000,000

(a) See table beginning on page 8 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 8. (b) The portfolio manager invests in a similarly managed T. Rowe Price common trust fund within the T. Rowe Price 401(k) plan. (c) On August 1, 2015, Wyatt A. Lee joined Jerome A. Clark as co-portfolio manager of the fund. The range of fund holdings is as of July 31, 2015. (d) The fund incepted on September 29, 2015, therefore the range of fund holdings is not yet available.

102

The following funds are not available for direct purchase by members of the public. Range of Fund Holdings as of Fund’s Fiscal Yeara

All Funds Range as of 12/31/15

Fund Portfolio Manager Emerging Markets Corporate MultiSamy B. Muaddi None $100,001–$500,000 Sector Account Portfolio Emerging Markets Local Multi-Sector Andrew Keirle None $10,001–$50,000 Account Portfolio Floating Rate Multi-Sector Account Paul M. Massaro None over $1,000,000 Portfolio Joseph K. Lynagh None over $1,000,000 TRP Government Reserve Investment High Yield Multi-Sector Account Mark J. Vaselkiv None over $1,000,000 Portfolio Investment-Grade Corporate MultiDavid A. Tiberii None over $1,000,000 Sector Account Portfolio Ken D. Uematsu None $500,001–$1,000,000 Mid-Cap Index Mortgage-Backed Securities Multi-Sector Andrew C. McCormick None over $1,000,000 Account Portfolio Joseph K. Lynagh None over $1,000,000 TRP Reserve Investment Joseph K. Lynagh (b) over $1,000,000 Short-Term Government Reserve Fund Joseph K. Lynagh None over $1,000,000 Short-Term Reserve Fund Ken D. Uematsu None $500,001–$1,000,000 Small-Cap Index (a) See table beginning on page 8 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 8. (b) The fund has not incepted.

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

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and Price Hong Kong, Price Singapore, and T. Rowe Price International, as appropriate), evaluate performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper index (e.g., Large-Cap Growth) set forth in the total returns table in the fund’s prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee (as described under the “Disclosure of Fund Portfolio Information” section) and is the same as the selection presented to the directors of the Price Funds in their regular review of fund performance. Performance is primarily measured on a pretax basis though tax efficiency is considered and is especially important for the Tax-Efficient Equity Fund. Compensation is viewed with a long-term time horizon. The more consistent a manager’s performance over time, the higher the compensation opportunity. The increase or decrease in a fund’s assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed-income funds, a fund’s expense ratio is usually taken into account. Contribution to T. Rowe Price’s overall investment process is an important consideration as well. Leveraging ideas and investment insights across the global investment platform, working effectively with and mentoring others, and other contributions to our clients, the firm or our culture are important components of T. Rowe Price’s long-term success and are highly valued. All employees of T. Rowe Price, including portfolio managers, participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through

103

an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, receive supplemental medical/hospital reimbursement benefits. This compensation structure is used when evaluating the performance of all portfolios (including the Price Funds) managed by the portfolio manager. Assets Under Management The following table sets forth the number and total assets of the mutual funds and accounts managed by the Price Funds’ portfolio managers as of the most recent fiscal year end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all managers of those funds. There are no accounts for which the advisory fee is based on the performance of the account. Registered Investment Companies Portfolio Manager Ulle Adamson Kennard Allen Boyko D. Atanassov (a) Ziad Bakri (b) Peter J. Bates Oliver D.M. Bell R. Scott Berg Brian W.H. Berghuis Brian J. Brennan Archibald Ciganer Jerome A. Clark Richard N. Clattenburg Michael J. Conelius Michael Della Vedova Shawn T. Driscoll Donald J. Easley David J. Eiswert Henry M. Ellenbogen Joseph B. Fath Mark S. Finn David R. Giroux Paul D. Greene II Charles B. Hill Ann M. Holcomb Steven C. Huber Thomas J. Huber Arif Husain Nina P. Jones Andrew Keirle Robert M. Larkins David M. Lee Wyatt A. Lee John D. Linehan

Other Pooled Investment Vehicles

Other Accounts

Number

Total Assets

Number

Total Assets

Number

Total Assets

1 4 1 — 1 2 3 8 5 1 76 4 2 0 2 1 4 1 11 7 7 1 3 5 2 2 5 1 2 3 2 40 14

160,292,701 4,610,277,480 9,940,999 — 16,095,069 315,555,771 436,543,560 39,155,546,545 1,327,466,586 316,242,513 150,159,915,058 14,541,849,508 4,721,659,412 — 3,155,773,151 512,818,742 731,431,997 15,387,593,776 60,247,282,046 33,904,490,764 37,611,319,102 3,573,158,297 6,175,334,826 5,266,679,198 533,250,560 5,354,937,377 39,344,874,218 233,707,364 189,243,271 616,142,718 5,850,110,781 140,208,726,043 38,939,563,915

1 0 0 — 0 2 9 2 2 3 29 1 6 3 1 0 5 1 1 6 1 1 2 8 1 0 13 1 1 2 0 28 6

6,427,751 — — — — 18,096,491 1,954,682,080 1,670,149,850 263,231,945 294,773,9223 32,013,003,068 1,622,974,766 2,168,115,877 1,767,680,486 250,330,120 — 1,499,383,173 1,554,286,559 5,101,688,611 9,038,672,285 344,139,319 307,945,384 366,912,223 4,347,612,801 342,723,612 — 1,433,939,585 37,412,483 10,730,587 1,338,591,298 — 32,711,967,058 6,989,387,557

0 0 0 — 0 0 6 7 8 1 5 1 0 0 3 2 5 8 7 26 0 0 6 24 2 1 0 0 0 13 0 0 30

— — — — — — 1,228,688,500 1,771,289,413 2,188,601,724 37,278,323 3,434,089,029 237,272,186 — — 137,056,943 48,510,090 2,039,896,726 1,745,481,281 1,843,507,893 3,690,417,092 — — 1,793,371,736 9,064,206,297 253,776,832 100,498,968 — — — 1,591,094,950 — — 4,569,933,435

104

Registered Investment Companies Portfolio Manager Anh Lu Joseph K. Lynagh Konstantine B. Mallas Sebastien Mallet Paul M. Massaro Jonathan H.W. Matthews Andrew C. McCormick Gregory A. McCrickard Hugh D. McGuirk Heather K. McPherson Raymond A. Mills Eric C. Moffett Samy B. Muaddi James M. Murphy Sudhir Nanda Kenneth A. Orchard Gonzalo Pangaro Donald J. Peters Jason B. Polun Larry J. Puglia Rodney M. Rayburn (c) Michael F. Reinartz Christopher J. Rothery Jeffrey Rottinghaus Federico Santilli Daniel O. Shackelford Robert W. Sharps Charles M. Shriver Farris G. Shuggi (a) Neil Smith Gabriel Solomon Joshua K. Spencer Taymour R. Tamaddon Dean Tenerelli Justin Thomson David A. Tiberii Ken D. Uematsu Mark J. Vaselkiv Eric L. Veiel Verena E. Wachnitz J. David Wagner David J. Wallack Justin White (d) Edward A. Wiese

Other Pooled Investment Vehicles

Other Accounts

Number

Total Assets

Number

Total Assets

Number

Total Assets

1 13 5 2 3 1 3 3 3 4 6 1 2 2 3 2 1 5 6 10 2 8 1 2 2 6 7 27 1 1 1 2 5 1 1 6 6 4 6 1 6 3 — 8

2,768,051,409 39,413,418,878 4,807,581,958 12,173,063 4,005,972,931 11,641,629,896 1,760,017,683 10,596,516,982 3,279,458,956 7,314,277,624 13,104,846,173 28,496,135 140,779,778 3,391,486,955 3,981,921,678 5,620,504,936 8,734,776,138 2,287,471,076 13,733,801,597 41,666,671,714 54,011,355 10,345,721,575 3,404,785 1,756,542,444 249,263,320 40,490,728,518 19,330,925,241 38,798,265,153 6,941,870 526,814,432 632,718,708 2,811,161,121 16,543,854,353 1,747,023,022 4,221,706,318 1,273,580,165 26,938,946,053 9,108,343,232 13,733,801,597 494,879,265 8,470,514,717 12,598,869,462 — 10,345,721,575

2 3 0 0 1 1 0 3 0 4 2 1 3 0 0 1 5 0 7 7 1 1 1 2 0 2 7 5 0 1 0 2 1 4 2 2 2 5 7 2 1 1 — 1

762,664,235 854,884,767 — — 53,854,670 1,667,833,587 — 1,021,555,400 — 1,881,819,815 1,913,480,887 2,059,501 292,586,107 — — 466,901,015 4,507,960,941 — 13,196,942,688 6,891,658,094 21,345,087 4,903,919,692 0 167,354,558 — 2,040,817,876 2,852,658,439 1,945,387,486 — 481,254,677 — 750,280,321 809,505,547 1,248,713,296 514,048,641 120,099,920 5,468,374,113 2,493,002,541 13,196,942,688 41,778,630 646,593,013 1,049,713,706 — 4,903,919,692

2 3 4 0 6 0 1 3 12 24 3 0 0 0 0 0 5 14 24 17 0 12 1 0 0 9 56 0 0 0 0 1 1 1 3 6 0 2 24 0 2 1 — 12

381,068,702 16,061,417 85,257,845 — 2,690,689,285 — 16,150,099 749,120,196 718,697,508 3,267,969,854 1,444,412,332 — — — — — 1,515,580,225 1,901,077,035 9,064,206,297 5,088,319,184 — 3,257,225,155 0 — — 1,300,847,447 13,387,187,409 — — — — 366,714,927 189,202,550 99,239,979 242,177,972 3,404,427,038 — 574,968,469 9,064,206,297 — 184,337,216 16,787,412 — 3,257,225,155

105

Registered Investment Companies Portfolio Manager

Number

Total Assets

Other Pooled Investment Vehicles Number

Total Assets

Other Accounts Number

Total Assets

0 — 0 — 0 — Ernest C. Yeung (a) The individual assumed portfolio management responsibilities of a mutual fund on February 26, 2016. The information on other managed accounts is as of February 29, 2016. (b) The individual assumed co-portfolio management responsibilities of a mutual fund on April 1, 2016. The information on other managed accounts is not yet available. (c) The individual assumed portfolio management responsibilities of a mutual fund on July 8, 2015. The information on accounts managed is as of December 31, 2015. (d) The individual assumed portfolio management responsibilities of a mutual fund on April 1, 2016. The information on other managed accounts is not yet available. Conflicts of Interest Portfolio managers at T. Rowe Price and its affiliates typically manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds and common trust funds. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe Price and its affiliates have adopted brokerage and trade allocation policies and procedures which they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts for multiple clients. Also, as disclosed under the “Portfolio Manager Compensation” section, the portfolio managers’ compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager. Please see the “Portfolio Transactions” section of this SAI for more information on our brokerage and trade allocation policies.

The Price Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on mutual funds, including the Price Funds. T. Rowe Price manages the Morningstar retirement plan and T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. In addition, Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates.

PRINCIPAL HOLDERS OF SECURITIES As of December 31, 2015, none of the independent directors or their immediate family members owned beneficially or of record any securities of T. Rowe Price (the Price Fund’s investment adviser), Investment Services (the Price Funds’ distributor), or any person controlling, controlled by, or under common control with T. Rowe Price or Investment Services. As of March 31, 2016, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund (or class), except as shown in the following table. Fund

%

Asia Opportunities

5.3

Global Allocation

2.7

Global Growth Stock

3.3

Global High Income Bond Fund—I Class

42.5

Global Industrials

5.1

Global Stock

1.3

106

Fund

%

Institutional Global Focused Growth Equity

4.8

Maryland Short-Term Tax-Free Bond

4.2

Summit Cash Reserves

4.5

Summit Municipal Money Market

2.8

Tax-Efficient Equity

4.7

107

As of March 31, 2016, the following shareholders of record owned more than 5% of the outstanding shares of the indicated funds and/or classes. FUND AFRICA & MIDDLE EAST FUND

ASIA OPPORTUNITIES FUND

ASIA OPPORTUNITIES FUND—ADVISOR CLASS BALANCED FUND

BALANCED FUND—I CLASS

SHAREHOLDER CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT 211 MAIN STREET SAN FRANCISCO CA 94105-1905

% 5.34

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

5.10

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT 100 EAST PRATT ST BALTIMORE MD 21202-1009 T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT PO BOX 17215 BALTIMORE MD 21297-1215 HERMAN & WALTER SAMUELSON FOUNDATION INC 409 WASHINGTON AVE STE 900 TOWSON MD 21204-4905

7.83

25.99(a)

96.93(a) 33.60(b)

19.59

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

64.80(c)

WJY & CO 235 - 6TH AVENUE SOUTH CLINTON NATIONAL BANK TRUST DEPT CLINTON IA 52732-4333

7.43

108

FUND BLUE CHIP GROWTH FUND

BLUE CHIP GROWTH FUND—ADVISOR CLASS

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

% 7.36

EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729

5.32

FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 2801 MARKET ST SAINT LOUIS MO 63103-2523

6.66

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

13.99

T ROWE PRICE RET PLAN SVCS TR BLUE CHIP GROWTH FUND ATTN ASSET RECONCILATIONS PO BOX 17215 BALTIMORE MD 21297-1215 CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

6.77

GREAT-WEST TRUST CO. FBO EMPLOYEE BENEFITS CLIENTS ATTN MUTUAL FUND TRADING 2T2 8515 E ORCHARD RD ENGLEWOOD CO 80111-5002

5.20

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

15.76

109

19.49

FUND BLUE CHIP GROWTH FUND—I CLASS

BLUE CHIP GROWTH FUND—R CLASS

CALIFORNIA TAX-FREE BOND FUND

SHAREHOLDER MARIL & CO FBO NG C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY SUITE 1000 GREEN BAY WI 54304-5280

% 45.91(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

19.37

SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUND ADMINISTRATOR C/O SECURIAN TRUST COMPANY ONE FREEDOM VALLEY DR OAKS PA 19456-9989 DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS 711 HIGH ST DES MOINES IA 50392-0001

6.38

7.63

NATIONWIDE LIFE INSURANCE COMPANY NACO C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029

5.83

NFS LLC FEBO STATE STREET BANK TRUST CO TTEE VARIOUS RETIREMENT PLANS 440 MAMARONECK AVE HARRISON NY 10528-2418

6.52

STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

19.43

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

110

8.72

10.96

FUND CAPITAL APPRECIATION FUND

CAPITAL APPRECIATION FUND—ADVISOR CLASS

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

% 11.48

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

11.47

PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT G 5900 O STREET LINCOLN NE 68510-2234

6.73

CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

31.69(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

24.50

111

5.42

FUND CAPITAL APPRECIATION FUND—I CLASS

SHAREHOLDER BANK OF ANN ARBOR 0 125 S FIFTH AVENUE P O BOX 8009 ANN ARBOR MI 48107-8009

% 9.74

GERSTNER FAMILY FOUNDATION 20 OLD POST RD ARMONK NY 10504-1314

5.65

LOUIS V. GERSTNER JR.

7.60

MERCER TRUST COMPANY TTEE ATTN DC PLAN ADMIN MS N-1-H FBO THE PENN MUTUAL AGENTS RETIREMENT PLAN

7.06

MERCER TRUST COMPANY TTEE ATTN DC PLAN ADMIN MS N-1-H FBO THE PENN MUTUAL RETIREMENT AND SAVINGS PLAN

17.86

MERCER TRUST COMPANY TTEE FBO THE PENN MUTUAL AGENTS 401K PLAN ATTN DC PLAN ADMIN MS N-1-H 1 INVESTORS WAY NORWOOD MA 02062-1599

5.85

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.58

TD AMERITRADE INC FBO OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226

27.36(c)

112

FUND CAPITAL OPPORTUNITY FUND

CAPITAL OPPORTUNITY FUND—ADVISOR CLASS

SHAREHOLDER MAC & CO ATTN MUTUAL FUND OPERATIONS PO BOX 3198 525 WILLIAM PENN PLACE PITTSBURGH PA 15230-3198

% 11.79

MCWOOD & CO PO BOX 29522 RALEIGH NC 27626-0522

13.65

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

12.76

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.70

FIIOC AS AGENT FBO SHEPHERD ELECTRIC COMPANY INC 401K AND PROFIT SHARING PLAN 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987

27.86(c)

RELIANCE TRUST COMPANY FBO RETIREMENT PLANS SERVICED BY METLIFE C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

29.10(c)

113

15.68

FUND CAPITAL OPPORTUNITY FUND—R CLASS

CORPORATE INCOME FUND

CORPORATE INCOME FUND—I CLASS

CREDIT OPPORTUNITIES FUND CREDIT OPPORTUNITIES FUND—ADVISOR CLASS

SHAREHOLDER CAPITAL BANK & TRUST COMPANY TTEE F MACHINERY SYSTEMS INC EMPLOYEES PSP 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

% 16.94

CAPITAL BANK & TRUST COMPANY TTEE F JEFF WYLER AUTO FAMILY INC RSP 401K

17.50

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

19.34

NFS LLC FEBO RELIANCE TRUST CO TTEE/CUST FOR TRS FBO VARIOUS RET PLANS 1150 S OLIVE ST LOS ANGELES CA 90015-2211

6.02

RELIANCE TRUST CO., CUSTODIAN FBO MASSMUTUAL OMNIBUS PPL/SMF PO BOX 48529 ATLANTA GA 30362-1529 SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT CHARLES A MORRIS ELISE D MORRIS JT TEN T O D 3 LAURELFORD CT COCKEYSVILLE MD 21030-2236

5.13

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

114

45.73(d)

80.05(c)

19.95 58.75(a) 20.04

79.96(a)

FUND DIVERSIFIED MID-CAP GROWTH FUND DIVIDEND GROWTH FUND

DIVIDEND GROWTH FUND—ADVISOR CLASS

DIVIDEND GROWTH FUND—I CLASS

EMERGING EUROPE FUND

SHAREHOLDER PERSHING LLC EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

% 5.65 11.25

MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS

9.65

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

23.31

10.68

MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FLOOR JERSEY CITY NJ 07311

5.43

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS CHARLES A MORRIS ELISE D MORRIS JT TEN T O D

54.51(c)

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

115

39.89(c)

54.79(c)

6.83

FUND EMERGING MARKETS BOND FUND

EMERGING MARKETS BOND FUND—ADVISOR CLASS

SHAREHOLDER RETIREMENT PORTFOLIO 2010 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

% 5.14

RETIREMENT PORTFOLIO 2015 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

7.61

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

17.05

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

10.62

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

11.20

SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT PERSHING LLC

11.19

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

85.71(a)

116

14.29

FUND EMERGING MARKETS BOND FUND—I CLASS

EMERGING MARKETS CORPORATE BOND FUND

SHAREHOLDER RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

% 13.00

RETIREMENT I 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

6.28

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

9.43

TARGET 2015 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

8.09

TARGET 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

9.00

TARGET 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

6.39

TARGET 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING MCWOOD & CO

6.31

38.60(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

27.12(a)

TD AMERITRADE INC FBO OUR CUSTOMERS

6.03

117

FUND EMERGING MARKETS CORPORATE BOND FUND—ADVISOR CLASS

EMERGING MARKETS CORPORATE BOND FUND—I CLASS

EMERGING MARKETS CORPORATE MULTI-SECTOR ACCOUNT PORTFOLIO

EMERGING MARKETS LOCAL CURRENCY BOND FUND

EMERGING MARKETS LOCAL CURRENCY BOND FUND— ADVISOR CLASS

EMERGING MARKETS LOCAL CURRENCY BOND FUND—I CLASS

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

% 16.50

MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS

12.65

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

8.55

PERSHING LLC

14.12

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

32.06(a)

TD AMERITRADE INC FBO OUR CUSTOMERS CHARLES A MORRIS ELISE D MORRIS JT TEN T O D

16.12 80.16(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CBE OF NEW BRUNSWICK EM BOND MAP 440 KING ST STE 680 FREDERICTON NB E3B 5H8 CANADA

19.84

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

46.42(a)

45.02(c)

81.06(d)

14.74

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

82.73(a)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

17.31

TD AMERITRADE INC FBO OUR CUSTOMERS

76.63(c)

118

6.06

FUND EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

SHAREHOLDER CBE OF NEW BRUNSWICK EM LOCAL MAP

% 59.31(c)

38.06(a)

EMERGING MARKETS STOCK FUND

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

10.08

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

10.50

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

8.90

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

12.77

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

7.72

EMERGING MARKETS STOCK FUND—I CLASS

EMERGING MARKETS VALUE STOCK FUND EMERGING MARKETS VALUE STOCK FUND—ADVISOR CLASS EQUITY INCOME FUND

7.41

76.46(c)

45.38(a) 96.22(a) 8.21

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

8.36

T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT

8.76

119

FUND EQUITY INCOME FUND—ADVISOR CLASS

EQUITY INCOME FUND—I CLASS

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

% 6.09

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

49.19(c)

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-0001 MERCER TRUST COMPANY TTEE ATTN DC PLAN ADMIN MS N2D FBO STRUCTURETONE ORGANIZATION 401(K) PROFIT SHARING PLAN

5.44

8.54

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

13.39

PERSHING LLC

9.96

TD AMERITRADE INC FBO OUR CUSTOMERS

31.38(c)

120

FUND EQUITY INCOME FUND—R CLASS

SHAREHOLDER AMERICAN UNITED LIFE AMERICAN UNIT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

% 6.41

AMERICAN UNITED LIFE SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS

18.28

DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

8.27

HARTFORD LIFE INSURANCE CO SEPARATE ACCOUNT ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999

11.12

NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCTG

5.91

121

FUND EQUITY INDEX 500 FUND

SHAREHOLDER RETIREMENT PORTFOLIO 2010 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

% 5.41

RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.00

RETIREMENT PORTFOLIO 2015 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

8.49

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

18.27

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

11.24

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

12.03

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.07

122

FUND EQUITY INDEX 500 FUND—I CLASS

EUROPEAN STOCK FUND

SHAREHOLDER RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

% 16.75

RETIREMENT I 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

8.02

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

12.11

RETIREMENT I 2040 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

5.35

TARGET 2015 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

7.90

TARGET 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

8.42

TARGET 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.66

12.89

COMMONFUND STRATEGIC SOLUTIONS GLOBAL EQUITY LLC ATTN: MIKE DEVANNY 15 OLD DANBURY RD WILTON CT 06897-2500

6.24

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

7.87

PERSHING LLC

6.11

SPECTRUM INTERNATIONAL FUND T ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT

15.31

123

FUND EXTENDED EQUITY MARKET INDEX FUND

FINANCIAL SERVICES FUND

FLOATING RATE FUND

FLOATING RATE FUND—ADVISOR CLASS

SHAREHOLDER T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT

% 6.44

TD AMERITRADE INC FBO OUR CUSTOMERS NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

6.21

T ROWE PRICE SERVICES INC FBO EDUCATION TRUST OF ALASKA PORTFOLIO FUTURE TRENDS ATTN DAWN WAGNER FIXED INCOME 100 E PRATT ST 7TH FLOOR BALTIMORE MD 21202-1009

5.54

VANGUARD FIDUCIARY TRUST COMPANY T ROWE PRICE RETAIL CLASS FUNDS ATTN OUTSIDE FUNDS PO BOX 2600 VM 613 VALLEY FORGE PA 19482-2600 NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.44

PERSHING LLC

7.58

SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

44.95(d)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

66.82(c)

PERSHING LLC

14.46

RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING ATTN MUTUAL FUND OPS MANAGER 60 S 6TH ST # STREET-P08 MINNEAPOLIS MN 55402-4413

5.57

124

5.01

5.77

6.97

FUND FLOATING RATE MULTI-SECTOR ACCOUNT PORTFOLIO

GEORGIA TAX-FREE BOND FUND

GLOBAL ALLOCATION FUND

GLOBAL ALLOCATION FUND—ADVISOR CLASS

SHAREHOLDER CBE OF NEW BRUNSWICK FLOATING RATE MAP

% 45.60(c)

ILLINOIS STUDENT ASSISTANCE COMMISSION ATTN: KENT CUSTER 1755 LAKE COOK RD DEERFIELD IL 60015-5209

5.19

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

44.80(a)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

16.75

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

7.41

PERSHING LLC

15.15

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

16.31

UBS WM USA OMNI ACCOUNT M/F ATTN: DEPARTMENT MANAGER 1000 HARBOR BLVD 5TH FLOOR WEEHAWKEN NJ 07086-6761 CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.16

27.97(c)

10.07

16.59

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091

16.42

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

39.91(c)

PERSHING LLC

19.71

125

FUND GLOBAL ALLOCATION FUND—I CLASS GLOBAL GROWTH STOCK FUND —ADVISOR CLASS

GLOBAL HIGH INCOME BOND FUND GLOBAL HIGH INCOME BOND FUND—ADVISOR CLASS

GLOBAL HIGH INCOME BOND FUND—I CLASS

GLOBAL INDUSTRIALS FUND

SHAREHOLDER T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

% 100.00(a)

MARK SMITH & GREGG DEVILBISS TTEE F KENTNER SELLERS LLP PSP C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

32.20(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

10.51

PERSHING LLC

10.36

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT LPL FINANCIAL SERVICES 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968

33.85(a)

10.44

50.42(a) 5.39

PERSHING LLC

18.26

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

69.32(a)

TRUSTEES OF T ROWE PRICE U.S. RETIREMENT PROGRAM ATTN FINANCIAL REPORTING DEPT P O BOX 89000 BALTIMORE MD 21289-0001 T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

126

42.06(a)

57.94(c)

42.55(a)

FUND GLOBAL MULTI-SECTOR BOND FUND

GLOBAL MULTI-SECTOR BOND FUND—ADVISOR CLASS

GLOBAL MULTI-SECTOR BOND FUND—I CLASS GLOBAL REAL ESTATE FUND

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

% 6.28

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.53

TD AMERITRADE INC FBO OUR CUSTOMERS CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT

6.38

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

14.04

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

42.67(c)

PERSHING LLC T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

23.21 100.00(a)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.38

PERSHING LLC

7.05

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

5.61

TD AMERITRADE INC FBO OUR CUSTOMERS

10.51

127

13.77

13.58

FUND GLOBAL REAL ESTATE FUND—ADVISOR CLASS

GLOBAL STOCK FUND

GLOBAL STOCK FUND—ADVISOR CLASS

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

% 44.90(c)

GREAT-WEST LIFE & ANNUITY FBO FUTURE FUNDS II 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

5.10

GREAT-WEST TRUST CO. EMPLOYEE BENEFITS CLIENTS 401K

19.17

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS JP MORGAN AS DIRECTED TRUSTEE FOR ERNST & YOUNG DEFINED BENEFIT RETIREMENT PLAN TRUST ATTN: PHYLLIS MANCINI 4 NEW YORK PLZ FL 15 NEW YORK NY 10004-2413

11.10

5.82

T ROWE PRICE RPS INC OMNIBUS PO BOX 17215 BALTIMORE MD 21297-1215 CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.37

FIIOC AS AGENT FBO REDAPT SYSTEMS INC 401K PSP

8.60

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

21.44

MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

24.70

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

16.65

128

18.55

FUND GLOBAL TECHNOLOGY FUND

GLOBAL UNCONSTRAINED BOND FUND GLOBAL UNCONSTRAINED BOND FUND—ADVISOR CLASS

GLOBAL UNCONSTRAINED BOND FUND—I CLASS

GNMA FUND

GROWTH & INCOME FUND

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

% 8.47

FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

5.39

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.59

PERSHING LLC T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

6.80 66.45(a)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

17.27

TRUSTEES OF T ROWE PRICE U.S. RETIREMENT PROGRAM ATTN FINANCIAL REPORTING DEPT SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT

129

79.05(c)

41.85(a)

58.15(c)

36.03(d)

5.98

FUND GROWTH STOCK FUND

GROWTH STOCK FUND—ADVISOR CLASS

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

% 5.00

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

7.06

RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.12

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.11

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.72

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

9.71

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

6.58

T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.68

VANTAGETRUST - NAV C/O ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET NE WASHINGTON DC 20002-4239

7.44

130

33.60(c)

FUND GROWTH STOCK FUND—I CLASS

GROWTH STOCK FUND—R CLASS

SHAREHOLDER CHARLES SCHWAB & CO INC ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151

% 23.75

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

7.66

PRUDENTIAL BANK & TRUST FSB TTEE SAN FRANCISCO EMPLOYEE'S RETIREMENT SYSTEM INVESTMENT 280 TRUMBULL ST HARTFORD CT 06103-3509 DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

7.90

5.23

HARTFORD LIFE INSURANCE CO SEPARATE ACCOUNT ATTN UIT OPERATIONS

7.05

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

16.53

SUNTRUST BANK FBO VARIOUS SUNTRUST OMNIBUS ACCOUNTS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

7.86

UMB BANK NA SFR FBO FIDUCIARY FOR TAX DEFERRED ACCOUNTS GROUP 1 SW SECURITY BENEFIT PL TOPEKA KS 66636-0001

7.43

131

FUND HEALTH SCIENCES FUND

HEALTH SCIENCES FUND—I CLASS HIGH YIELD FUND

HIGH YIELD FUND—ADVISOR CLASS

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

% 6.30

JOHN HANCOCK LIFE INSURANCE CO USA RPS TRADING OPS ST-4 601 CONGRESS STREET BOSTON MA 02210-2804

8.33

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

7.56

100.00(a) 9.39

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.62

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.96

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

6.27

SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT PFPC INC AS AGENT FOR PFPC TRUST FBO MORNINGSTAR WRAP PROGRAM CUSTOMERS 760 MOORE RD KING OF PRUSSIA PA 19406-1212

12.43

CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

10.01

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

55.88(c)

PERSHING LLC

5.38

132

6.01

FUND HIGH YIELD FUND—I CLASS

SHAREHOLDER NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR BALTIMORE EQUITABLE INSURANCE ATTN SHARON V WOODWARD 100 N CHARLES ST BALTIMORE MD 21201-3808

% 92.31(c)

ILLINOIS STUDENT ASSISTANCE COMMISSION ATTN: KENT CUSTER

20.99

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

67.83(a)

SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT

8.56

6.07

INFLATION PROTECTED BOND FUND—I CLASS

T ROWE PRICE RPS INC OMNIBUS ACCOUNT SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUND ADMIN C/O MELLON BANK

61.23(a)

INSTITUTIONAL AFRICA & MIDDLE EAST FUND

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS NORTHERN TRUST AS CUSTODIAN FBO JOHN E FETZER INSTITUTE PO BOX 92956 CHICAGO IL 60675-0001

6.18

SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUND ADMIN C/O MELLON BANK

7.68

UNIVERSITY OF ARKANSAS FOUNDATION INC 535 W RESEARCH CENTER BLVD STE 120 FAYETTEVILLE AR 72701-6944

12.71

HIGH YIELD MULTI-SECTOR ACCOUNT PORTFOLIO

INFLATION PROTECTED BOND FUND

133

11.18

8.68

38.77(c)

67.79(c)

FUND INSTITUTIONAL CORE PLUS FUND

INSTITUTIONAL CORE PLUS FUND—F CLASS

SHAREHOLDER BAND & CO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958

% 5.76

JEANETTE STUMP & JAMES CARNEY & HOWARD KLINE TRS SPECIAL METALS CORPORATION RETIREE BENEFIT TRUST 60 BLVD OF THE ALLIES FL 5 PITTSBURGH PA 15222-1209

7.18

JP MORGAN CHASE BANK TRUSTEE FOR THE STATE OF CALIFORNIA SAVINGS PLUS PROGRAM 4 NEW YORK PLZ FL 15 NEW YORK NY 10004-2413

39.80(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

14.64

THE CHURCH FOUNDATION EPISCOPAL DIOCESE OF PENNSYLVANIA 3717 CHESTNUT ST APT 300 PHILADELPHIA PA 19104-3168 LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

8.76

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

12.49

RAYMOND JAMES & ASSOC INC FBO CARMELLA COPPOLA

7.72

RAYMOND JAMES & ASSOC INC FBO THELMA J YUREK & RICHARD A YUREK TTEE THELMA J YUREK LIV TRUST

24.80

RAYMOND JAMES & ASSOC INC CSDN FBO GLORIA H KEENAN IRA RANDAL KEENAN OR TIMOTHY KEENAN POA

8.35

RAYMOND JAMES & ASSOC INC CSDN FBO KELLEY A ROPER IRA LAUREN E BERGSTROM POA

10.34

134

26.66(c)

FUND INSTITUTIONAL CREDIT OPPORTUNITIES FUND

INSTITUTIONAL EMERGING MARKETS BOND FUND

INSTITUTIONAL EMERGING MARKETS EQUITY FUND

SHAREHOLDER BOWMAN & CO C/O T ROWE PRICE ASSOC ATTN: HIGH YIELD FUND

% 9.40

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

88.52(a)

LADYBIRD & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY INCOME FD

30.63(d)

LADYBUG & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY BALANCED FD

26.24(d)

LAKESIDE & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY GROWTH FUND GOLDMAN SACHS & CO EXCLUSIVE BENEFIT OF CUSTOMERS 85 BROAD ST NEW YORK NY 10004-2434

10.70

LADYBUG & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY BALANCED FD

8.57

LAKESIDE & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY GROWTH FUND

9.34

MAC & CO MUTUAL FUND OPS

7.70

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST MIP C105 SPRINGFIELD MA 01111-0002

6.08

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.17

WELLS FARGO BANK NA FBO OMNIBUS ACCOUNT CASH/CASH

18.74

135

19.51

8.81

FUND INSTITUTIONAL FLOATING RATE FUND

INSTITUTIONAL FLOATING RATE FUND—F CLASS

INSTITUTIONAL FRONTIER MARKETS EQUITY FUND

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

% 9.81

DPERS - FLOATING RATE FUND ACCT ATTN LINDA DREW ASHFORD CONSULTING GROUP 1 WALKERS MILL RD PO BOX 4644 WILMINGTON DE 19807-4644

11.15

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.36

TUNA & CO C/O T ROWE PRICE ASSOC ATTN NEW INCOME FUND

10.35

WELLS FARGO BANK NA FBO OMNIBUS ACCOUNT CASH/CASH CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

19.58 6.52

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

6.07

SAXON & CO

13.22

TD AMERITRADE INC FBO OUR CUSTOMERS CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT

7.90

SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUNDS ADMIN C/O CHOATE HALL & STEWART

48.77(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

42.84(a)

136

7.15

FUND INSTITUTIONAL GLOBAL FOCUSED GROWTH EQUITY FUND

INSTITUTIONAL GLOBAL GROWTH EQUITY FUND

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

% 10.34

NORTHERN TRUST AS CUSTODIAN FBO HARRY & JEANETTE WEINBERG FOUNDATION

67.60(c)

TRUSTEES OF T ROWE PRICE U.S. RETIREMENT PROGRAM ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT

22.07

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

38.81(c)

NATIONAL MERIT SCHOLARSHIP CORPORATION 1560 SHERMAN AVENUE STE 200 EVANSTON IL 60201-4816

6.10

SAXON & CO P O BOX 7780-1888 PHILADELPHIA PA 19182-0001

10.95

STATE STREET BANK AND TRUST AS TTEE FOR MASTER TRUST FOR DEFINED BENEFIT PLANS OF SYNGENTA CORP 801 PENNSYLVANIA AVE KANSAS CITY MO 64105-1307

12.68

137

17.27

FUND INSTITUTIONAL GLOBAL MULTI-SECTOR BOND FUND

INSTITUTIONAL GLOBAL VALUE EQUITY FUND

INSTITUTIONAL HIGH YIELD FUND

SHAREHOLDER JPMORGAN CHASE BANK, N. A. AS CUSTODIAN FBO 4 CHASE METROTECH CENTER, 6TH FLR BROOKLYN NY 11245-0003

% 9.34

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

44.14(c)

NORTHERN TRUST AS CUSTODIAN FBO HARRY & JEANETTE WEINBERG FOUNDATION

26.11(c)

ST PAUL TEACHERS RETIREMENT FUND ASSOCIATION 1619 DAYTON AVE STE 309 SAINT PAUL MN 55104-7640 T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

15.44

92.09(a)

TRUSTEES OF T ROWE PRICE U.S. RETIREMENT PROGRAM ATTN FINANCIAL REPORTING DEPT BREAD & CO C/O T ROWE PRICE ASSOC ATTN BALANCED FUND

7.91

GOLDMAN SACHS & CO EXCLUSIVE BENEFIT OF CUSTOMERS

11.14

LADYBIRD & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY INCOME FD

5.86

LADYBUG & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY BALANCED FD

5.02

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

10.28

TUNA & CO C/O T ROWE PRICE ASSOC ATTN NEW INCOME FUND

24.39

138

8.62

FUND INSTITUTIONAL INTERNATIONAL BOND FUND

INSTITUTIONAL INTERNATIONAL CONCENTRATED EQUITY FUND

INSTITUTIONAL INTERNATIONAL CORE EQUITY FUND

SHAREHOLDER LADYBIRD & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY INCOME FD

% 25.84(d)

LADYBUG & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY BALANCED FD

22.08

LAKESIDE & CO C/O T ROWE PRICE ASSOC ATTN PERS STRATEGY GROWTH FUND

8.87

PERSHING LLC

5.67

TD AMERITRADE INC FBO OUR CUSTOMERS COLUMBIA TRUST PARTNERS PO BOX 1012 SALEM OR 97308-1012

25.44(c) 11.64

NORTHERN TRUST AS CUSTODIAN FBO HARRY & JEANETTE WEINBERG FOUNDATION

21.69

PERSHING LLC

31.14(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT BREAD & CO C/O T ROWE PRICE ASSOC ATTN BALANCED FUND

22.62

DEKALB COUNTY PENSION PLAN 1300 COMMERCE DRIVE 4TH FLOOR DECATUR GA 30030-3222

66.60(c)

MAC & CO ATTN MUTUAL FUND OPS

15.43

WELLS FARGO BANK NA FBO NPPD FOREIGN EQUITY FUND

9.06

139

5.15

FUND INSTITUTIONAL INTERNATIONAL GROWTH EQUITY FUND

INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

INSTITUTIONAL LARGE-CAP GROWTH FUND

SHAREHOLDER BNA FOREIGN EQUITY FUND ATTN MR ROBERT SHEW 1801 S BELL ST ARLINGTON VA 22202-4506

% 25.56(c)

BRICS & CO FBO LINK BELT PENSION - T ROWE PRICE 14201 NORTH DALLAS PARKWAY 13TH FL TX1-J165 DALLAS TX 75254-2916

19.41

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

23.36

SAXON & CO

8.64

THE CHURCH FOUNDATION EPISCOPAL DIOCESE OF PENNSYLVANIA NATIONAL FINANCIAL SVCS CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS RUSS LENNON

16.32 37.05(c)

VANGUARD FIDUCIARY TRUST COMPANY T ROWE INSTITUTIONAL CLASS ATTN OUTSIDE FUNDS/SCOTT GELLERT PO BOX 2600 L-24 VALLEY FORGE PA 19482-2600 BANK OF AMERICA NA TRUSTEE FOR THE BANK OF AMERICA 401K PLAN 700 LOUISIANA ST HOUSTON TX 77002-2700

11.31

CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.17

EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS

10.37

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

14.44

140

10.31

FUND INSTITUTIONAL LARGE-CAP VALUE FUND

INSTITUTIONAL LONG DURATION CREDIT FUND

INSTITUTIONAL SMALL-CAP STOCK FUND

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

% 7.21

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

48.87(c)

TIAA-CREF TRUST CO. FSB CUST/TTEE FBO RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748 BAND & CO C/O US BANK NA

8.26

INVESTMENT COMPANY INSTITUTE ATTN: MARK DELCOCO 1401 H ST NW STE 1200 WASHINGTON DC 20005-2110

19.04

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

14.67

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

44.06(a)

NORTHERN TRUST COMPANY TR FBO PFIZER SAVINGS AND INVESTMENT PLAN DTD 01/01/98 PO BOX 92994 CHICAGO IL 60675-0001

13.36

PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL 720 MUFG UNION BANK, N.A. 400 CALIFORNIA ST FL 10 SAN FRANCISCO CA 94104-1318

6.18

VANGUARD FIDUCIARY TRUST COMPANY T ROWE INSTITUTIONAL CLASS ATTN OUTSIDE FUNDS/SCOTT GELLERT

19.79

141

21.71

43.58(c)

FUND INSTITUTIONAL U.S. STRUCTURED RESEARCH FUND

INTERMEDIATE TAX-FREE HIGH YIELD FUND

SHAREHOLDER CAPINCO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958

% 6.50

GREAT-WEST TRUST COMPANY LLC TTEE/C FBO DEFINED BENEFIT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

5.78

JOHN HANCOCK TRUST COMPANY 690 CANTON STREET WESTWOOD MA 02090-2321

5.25

MAC & CO ATTN MUTUAL FUND OPS

6.13

MCWOOD & CO

8.65

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

18.36

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS

6.08

WELLS FARGO BANK NA FBO UCARE MINNESOTA 13145604 PO BOX 1533 MINNEAPOLIS MN 55480-1533

10.57

WELLS FARGO BANK NA FBO PHP-T ROWE PRIC INSTL STRUCTRD RSRC CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

14.11 8.81

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

59.51(a)

TD AMERITRADE INC FBO OUR CUSTOMERS

5.34

142

FUND INTERMEDIATE TAX-FREE HIGH YIELD FUND—ADVISOR CLASS

INTERNATIONAL BOND FUND

SHAREHOLDER CETERA INVESTMENT SVCS (FBO) STEVEN G CAPLIN 3699 RIMVIEW DR SANTA CLARA UT 84765-5197

% 12.14

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

36.82(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

7.20

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

40.06(a) 15.65

RETIREMENT PORTFOLIO 2015 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

6.30

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

14.06

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

8.79

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

9.23

SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT

11.57

143

FUND INTERNATIONAL BOND FUND—ADVISOR CLASS

INTERNATIONAL BOND FUND—I CLASS

SHAREHOLDER LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

% 9.46

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

39.06(c)

PERSHING LLC

15.46

VOYA INSTITUTIONAL TRUST COMPANY 1 ORANGE WAY B3N WINDSOR CT 06095-4774 RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

9.73

RETIREMENT I 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

6.96

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

10.48

TARGET 2015 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

9.17

TARGET 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

10.18

TARGET 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

7.26

TARGET 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

7.11

144

14.47

FUND INTERNATIONAL CONCENTRATED EQUITY FUND

INTERNATIONAL CONCENTRATED EQUITY FUND—ADVISOR CLASS

INTERNATIONAL DISCOVERY FUND

INTERNATIONAL DISCOVERY FUND—I CLASS

INTERNATIONAL EQUITY INDEX FUND

SHAREHOLDER LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

% 19.26

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

17.32

T ROWE PRICE TRUST CO CUST FOR THE ROTH IRA OF JAMES C DAWSON CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.41

PERSHING LLC

19.56

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

59.68(a)

EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS

10.32

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

12.33

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

5.45 18.42

VANGUARD FIDUCIARY TRUST COMPANY 401K CLIENTS ATTN INVESTMENT SERVICES PO BOX 2600 VALLEY FORGE PA 19482-2600 MARYLAND COLLEGE INVESTMENT PLAN GLOBAL EQUITY MARKET INDEX ATTN FUND ACCOUNTING 100 E PRATT ST FL 7 BALTIMORE MD 21202-1009

55.04(c)

T ROWE PRICE RPS INC OMNIBUS

145

16.78

10.88

11.22

5.94

FUND INTERNATIONAL GROWTH & INCOME FUND

INTERNATIONAL GROWTH & INCOME FUND—ADVISOR CLASS

SHAREHOLDER RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

% 12.48

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

13.13

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

11.02

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

15.89

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.57

RETIREMENT PORTFOLIO 2045 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT AMERICAN UNITED LIFE AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS

5.99

6.23

CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

7.49

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

16.40

PERSHING LLC

20.70

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

23.19

146

FUND INTERNATIONAL GROWTH & INCOME FUND—I CLASS

INTERNATIONAL GROWTH & INCOME FUND—R CLASS

SHAREHOLDER RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

% 8.92

RETIREMENT I 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

5.80

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

11.91

RETIREMENT I 2040 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

9.88

TD AMERITRADE INC FBO OUR CUSTOMERS AMERICAN UNITED LIFE SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS

9.57

DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

9.16

EMJAY CORPORATION CUSTODIAN FBO PLANS OF GREAT WEST FINANCIAL 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

6.86

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

42.27(c)

147

12.10

FUND INTERNATIONAL STOCK FUND

INTERNATIONAL STOCK FUND—ADVISOR CLASS

INTERNATIONAL STOCK FUND—I CLASS

SHAREHOLDER EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS

% 10.22

RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.30

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.75

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

8.21

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

11.85

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

7.12

95.99(c)

9.65

RETIREMENT I 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

6.28

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

12.93

RETIREMENT I 2040 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

10.70

148

FUND INTERNATIONAL STOCK FUND—R CLASS

INVESTMENT-GRADE CORPORATE MULTI-SECTOR ACCOUNT PORTFOLIO

JAPAN FUND

SHAREHOLDER AMERICAN UNITED LIFE AMERICAN UNIT TRUST ATTN SEPARATE ACCOUNTS

% 6.02

AMERICAN UNITED LIFE SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS

25.78(c)

AXA EQUITABLE FOR SA NO 65 500 PLAZA DR FL 7 SECAUCUS NJ 07094-3619

5.38

CAPITAL BANK & TRUST COMPANY TTEE PATTCO LLC 401K C/O FASCORE LLC

10.58

DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

14.93

NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCTG ALLEN & COMPANY 711 5TH AVE FL 9 NEW YORK NY 10022-3168

7.98 18.77

BALTIMORE EQUITABLE INSURANCE ATTN SHARON V WOODWARD

17.04

CBE OF NEW BRUNSWICK IG CORPORATE MAP

13.67

ILLINOIS STUDENT ASSISTANCE COMMISSION ATTN: KENT CUSTER

32.20(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

18.31

MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

19.65

SPECTRUM INTERNATIONAL FUND T ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT

24.32

149

5.51

FUND LATIN AMERICA FUND

LIMITED DURATION INFLATION FOCUSED BOND FUND

MARYLAND SHORT-TERM TAX-FREE BOND FUND

MARYLAND TAX-FREE BOND FUND

MARYLAND TAX-FREE MONEY FUND

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

% 6.41

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.10

PERSHING LLC RETIREMENT INCOME PORTFOLIO T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

7.21 12.54

RETIREMENT PORTFOLIO 2010 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

12.30

RETIREMENT PORTFOLIO 2015 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

14.72

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

22.71

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

8.79

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.00

9.82

PERSHING LLC CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

6.16 7.55

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS KEITH A. LEE

5.06

WARREN S TEITELBAUM TR THE WARREN S TEITELBAUM REV TRUST

150

8.70 7.62

FUND MEDIA & TELECOMMUNICATIONS FUND

MEDIA & TELECOMMUNICATIONS FUND—I CLASS MID-CAP GROWTH FUND

MID-CAP GROWTH FUND—ADVISOR CLASS

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

% 5.80

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.83

T ROWE PRICE TRUST CO INC MEDIA & TELECOMMUNICATION FUND T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

6.67

NATIONAL FINANCIAL SERV CORP FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

13.14

T ROWE PRICE TRUST CO ATTN: ASSET RECONCILIATIONS ING NATIONAL TRUST AS TRUSTEE FOR THE ADP TOTALSOURCE RETIREMENT SAVINGS PLAN 30 BRAINTREE HILL OFFICE PARK BRAINTREE MA 02184-8747

12.97

100.00(a) 6.82

10.91

MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

10.13

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

26.81(c)

NATIONWIDE TRUST COMPANY FSB FBO PARTICIPATING RETIREMENT PLANS C/O IPO PORTFOLIO ACCTG

9.26

151

FUND MID-CAP GROWTH FUND—I CLASS

MID-CAP GROWTH FUND—R CLASS

MID-CAP INDEX FUND MID-CAP INDEX FUND—I CLASS MID-CAP VALUE FUND

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

% 33.40(c)

FIRST NATIONAL TRUST COMPANY 532 MAIN STREET SUITE 7 JOHNSTOWN PA 15901-2093

5.14

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR AMERICAN UNITED LIFE SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS

19.58

LINCOLN RETIREMENT SERVICES COMPANY FBO VITAS HEALTHCARE CORPORATION 40 PO BOX 7876 FORT WAYNE IN 46801-7876

7.97

NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCTG

14.46

SUNTRUST BANK FBO VARIOUS SUNTRUST OMNIBUS ACCOUNTS

11.85

VOYA RETIREMENT INS & ANNUITY CO 1 ORANGE WAY B3N WINDSOR CT 06095-4774 T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

10.71

14.24

100.00(a) 100.00(a) 8.60

RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.44

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.51

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

6.71

152

FUND MID-CAP VALUE FUND—ADVISOR CLASS

MID-CAP VALUE FUND—I CLASS

MID-CAP VALUE FUND—R CLASS

MORTGAGE-BACKED SECURITIES MULTI-SECTOR ACCOUNT PORTFOLIO

NEW AMERICA GROWTH FUND

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

% 45.30(c)

SAXON & CO MARIL & CO FBO NG C/O BMO HARRIS NA ATTN MF

5.21 16.13

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCTG

28.19(c)

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

40.66(c)

VOYA RETIREMENT INS & ANNUITY CO ALLEN & COMPANY

7.42 15.02

BALTIMORE EQUITABLE INSURANCE ATTN SHARON V WOODWARD

13.33

ILLINOIS STUDENT ASSISTANCE COMMISSION ATTN: KENT CUSTER

25.12(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

12.16

XCEL ENERGY INC. ATTN: GREG ZICK 414 NICOLLET MALL MINNEAPOLIS MN 55401-1993 CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

34.37(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

19.50

T ROWE PRICE TRUST CO ATTN TRPS INST CONTROL DEPT

6.90

153

20.55

10.63

FUND NEW AMERICA GROWTH FUND—ADVISOR CLASS

NEW AMERICA GROWTH FUND—I CLASS

NEW ASIA FUND

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

% 15.13

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

18.67

SANTA BARBARA CNTY TREAS TX COLL TT FBO SANTA BARBARA COUNTY DCP C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

5.25

VRSCO FBO AIGFSB CUST TTEE FBO WAKEMED RET SAV PLAN 403B 2929 ALLEN PKWY STE A6-20 HOUSTON TX 77019-7117 MATRIX TRUST CO AS TTEE FBO NORTH STAR UTILITIES GROUP 401K PO BOX 52129 PHOENIX AZ 85072-2129

13.25

10.25

SECTRUS 37 S RIVER ST AURORA IL 60506-4173

66.32(c)

TD AMERITRADE TRUST COMPANY ATTN HOUSE PO BOX 17748 DENVER CO 80217-0748 CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

15.18

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.84

SPECTRUM INTERNATIONAL FUND T ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT

5.20

154

7.02

FUND NEW ASIA FUND—I CLASS

NEW ERA FUND

NEW ERA FUND—I CLASS

SHAREHOLDER CHARLES A MORRIS ELISE D MORRIS JT TEN T O D

% 42.46(c)

GEORGE K MOSS JOYCE L MOSS JT WROS 435 E 52ND ST NEW YORK NY 10022-6445

8.35

SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUND ADMINISTRATOR C/O GLENS FALLS BANK

11.28

SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUND ADMIN C/O MELLON BANK CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

18.92

8.26

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS CRYSTAL BRIDGES MUSEUM OF AMERICAN ART INC 600 MUSEUM WAY BENTONVILLE AR 72712-4947

13.17

JOHN S AND JAMES L KNIGHT FOUNDATION WACHOVIA FINANCIAL CENTER STE 3300 200 SOUTH BISCAYNE BOULEVARD MIAMI FL 33131-2310

17.15

MEYER MEMORIAL TR RUKAIYAH ADAMS CHIEF INV OFFICER 425 NW 10TH AVE STE 400 PORTLAND OR 97209-3128

12.06

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

39.60(c)

155

9.74

FUND NEW HORIZONS FUND

NEW HORIZONS FUND—I CLASS

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

% 10.43

T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT INVESTORS BANK & TRUST TR FBO BOARD OF TRUSTEES FOR THE ELEVATOR CONSTRUCTORS ANNUITY & 401K RETIREMENT PLAN 200 CLARENDON ST BOSTON MA 02116-5045

10.72

MORI & CO 922 WALNUT ST MAILSTOP TBTS 2 KANSAS CITY MO 64106-1802

9.48

NABANK & CO PO BOX 2180 TULSA OK 74101-2180

5.56

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

40.66(c)

156

6.84

FUND NEW INCOME FUND

NEW INCOME FUND—ADVISOR CLASS

SHAREHOLDER JP MORGAN CLEARING CORP OMNIBUS ACC FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 3 CHASE METROTECH CENTER 3RD FLOOR MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0001

% 7.24

RETIREMENT PORTFOLIO 2010 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

5.61

RETIREMENT PORTFOLIO 2015 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

8.16

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

18.29

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

11.60

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

12.26

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

5.17

7.27

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.82

PERSHING LLC

16.91

WTRISC CO IRA OMNIBUS ACCT C/O ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE WASHINGTON DC 20002-4239

14.93

157

FUND NEW INCOME FUND—I CLASS

NEW INCOME FUND—R CLASS

NEW JERSEY TAX-FREE BOND FUND

SHAREHOLDER RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

% 11.84

RETIREMENT I 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

5.75

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

8.70

TARGET 2015 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

7.43

TARGET 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

8.17

TARGET 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

5.87

TARGET 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING EMJAY CORPORATION CUSTODIAN FBO PLANS OF GREAT WEST FINANCIAL

5.72

20.48

LINCOLN RETIREMENT SERVICES COMPANY FBO MENTAL HEALTH SVCS 401K

5.02

NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCTG

16.01

PAUL HEIDBRINK FBO PAUL R HEIDBRINK 401(K) PROFIT SHAR

7.07

STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

19.26

158

20.99

FUND NEW YORK TAX-FREE BOND FUND

NEW YORK TAX-FREE MONEY FUND OVERSEAS STOCK FUND

OVERSEAS STOCK FUND—ADVISOR CLASS

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

% 5.37

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS H MARK GLASBERG PAULA D GLASBERG JT TEN T O D RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

6.71

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

13.33

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

11.23

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

16.16

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.76

RETIREMENT PORTFOLIO 2045 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT PERSHING LLC

6.08

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

159

12.90 12.67

6.19 93.81(a)

FUND OVERSEAS STOCK FUND—I CLASS

PERSONAL STRATEGY BALANCED FUND

PERSONAL STRATEGY BALANCED FUND—I CLASS PERSONAL STRATEGY GROWTH FUND

PERSONAL STRATEGY GROWTH FUND—I CLASS PERSONAL STRATEGY INCOME FUND

PERSONAL STRATEGY INCOME FUND—I CLASS

SHAREHOLDER MORI & CO

% 20.54

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

8.89

RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

7.43

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

9.92

RETIREMENT I 2040 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT MAC & CO MUTUAL FUND OPERATIONS

8.22

7.18

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.89

T ROWE PRICE TRUST CO TR BALANCED ATTN ASSET RECONCILIATION

11.70

TAYNIK & CO C/O STATE STREET BANK 1200 CROWN COLONY DR QUINCY MA 02169-0938 T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.66

T ROWE PRICE TRUST CO TR ATTN GROWTH ASSET T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

160

100.00(a) 9.23

9.52 100.00(a) 7.31

100.00(a)

FUND PRIME RESERVE FUND

QM U.S. SMALL & MID-CAP CORE EQUITY FUND QM U.S. SMALL & MID-CAP CORE EQUITY FUND—ADVISOR CLASS QM U.S. SMALL & MID-CAP CORE EQUITY FUND—I CLASS QM U.S. SMALL-CAP GROWTH EQUITY FUND

QM U.S. SMALL-CAP GROWTH EQUITY FUND—I CLASS QM U.S. VALUE EQUITY FUND QM U.S. VALUE EQUITY FUND—ADVISOR CLASS QM U.S. VALUE EQUITY FUND—I CLASS

SHAREHOLDER T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

% 5.60

T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.69

MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

7.58

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

11.34

PERSHING LLC T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

9.35 100.00(a)

161

96.98(a) 100.00(a) 100.00(a) 10.80

97.23(a) 100.00(a) 100.00(a)

FUND REAL ASSETS FUND

REAL ASSETS FUND—I CLASS

SHAREHOLDER RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

% 12.78

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

14.04

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

11.58

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

16.66

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.98

RETIREMENT PORTFOLIO 2045 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

6.18

6.80

RETIREMENT I 2020 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

9.82

RETIREMENT I 2025 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

6.37

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

13.25

RETIREMENT I 2040 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

11.01

TARGET 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING

5.13

162

FUND REAL ESTATE FUND

REAL ESTATE FUND—ADVISOR CLASS

REAL ESTATE FUND—I CLASS

RETIREMENT 2005 FUND

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

% 7.66

FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

5.42

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

11.16

PERSHING LLC

15.15

SAXON & CO NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.05 45.01(c)

RELIANCE TRUST COMPANY FBO INSPER 401K PO BOX 48529 ATLANTA GA 30362-1529 BAND & CO C/O US BANK NA

19.52

11.38

BANK OF ANN ARBOR

28.99(c)

CHARLES A MORRIS ELISE D MORRIS JT TEN T O D

18.85

HEARTRUCO 1202 27TH ST S PO BOX 9135 FARGO ND 58106-9135

13.82

TD AMERITRADE INC FBO OUR CUSTOMERS NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

6.88

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

16.46

163

20.00

FUND RETIREMENT 2005 FUND—ADVISOR CLASS

RETIREMENT 2005 FUND—R CLASS

SHAREHOLDER JOHN HANCOCK TRUST COMPANY

% 5.37

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

33.23(c)

TAYNIK & CO C/O INVESTORS BANK & TRUST PO BOX 9130 BOSTON MA 02117-9130 AXA EQUITABLE FOR SA NO 65

5.39

6.79

NFS LLC FEBO STATE STREET BANK TRUST CO TTEE VARIOUS RETIREMENT PLANS

54.52(c)

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

16.00 16.22

14.57

RETIREMENT 2010 FUND—ADVISOR CLASS

T ROWE PRICE RPS INC OMNIBUS ACCOUNT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

9.34

RETIREMENT 2010 FUND—R CLASS

TAYNIK & CO C/O INVESTORS BANK & TRUST NFS LLC FEBO STATE STREET BANK TRUST CO TTEE VARIOUS RETIREMENT PLANS STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT

26.32(c)

TAYNIK & CO C/O STATE STREET BANK NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.65

RETIREMENT 2010 FUND

RETIREMENT 2015 FUND

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

164

16.68

7.09

20.23

22.89

FUND RETIREMENT 2015 FUND—ADVISOR CLASS

RETIREMENT 2015 FUND—R CLASS

RETIREMENT 2020 FUND

RETIREMENT 2020 FUND—ADVISOR CLASS

RETIREMENT 2020 FUND—R CLASS

RETIREMENT 2025 FUND

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

% 23.60

RELIANCE TRUST COMPANY FBO RETIREMENT PLANS SERVICED BY METLIFE AXA EQUITABLE FOR SA NO 65

7.46 5.81

NFS LLC FEBO STATE STREET BANK TRUST CO TTEE VARIOUS RETIREMENT PLANS

6.79

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

21.61

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

17.21 23.01

T ROWE PRICE RPS INC OMNIBUS ACCOUNT MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY ATTN RS FUND OPERATIONS

24.91

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

18.34

TAYNIK & CO C/O INVESTORS BANK & TRUST STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT

7.22

TAYNIK & CO C/O STATE STREET BANK

6.54

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

5.31 25.45(c)

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

29.12(e)

165

5.73

28.01(c)

FUND RETIREMENT 2025 FUND—ADVISOR CLASS

RETIREMENT 2025 FUND—R CLASS

RETIREMENT 2030 FUND

RETIREMENT 2030 FUND—ADVISOR CLASS

RETIREMENT 2030 FUND—R CLASS

RETIREMENT 2035 FUND

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

% 23.86

RELIANCE TRUST COMPANY FBO RETIREMENT PLANS SERVICED BY METLIFE AXA EQUITABLE FOR SA NO 65

7.45 6.53

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

24.98

TAYNIK & CO C/O STATE STREET BANK

5.00

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

17.19 24.03

T ROWE PRICE RPS INC OMNIBUS ACCOUNT MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY ATTN RS FUND OPERATIONS

25.79(e)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

17.93

TAYNIK & CO C/O INVESTORS BANK & TRUST MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY ATTN RS FUND OPERATIONS

7.70

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

32.48(c)

TAYNIK & CO C/O STATE STREET BANK NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

6.40

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

166

5.92

5.19

26.96(c)

28.65(e)

FUND RETIREMENT 2035 FUND—ADVISOR CLASS

RETIREMENT 2035 FUND—R CLASS

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

% 22.99

RELIANCE TRUST COMPANY FBO RETIREMENT PLANS SERVICED BY METLIFE AXA EQUITABLE FOR SA NO 65

5.77 5.95

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

27.11(c)

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

16.45 25.30(c)

T ROWE PRICE RPS INC OMNIBUS ACCOUNT MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY ATTN RS FUND OPERATIONS

24.74

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

17.25

TAYNIK & CO C/O INVESTORS BANK & TRUST

7.41

6.14

RETIREMENT 2040 FUND—R CLASS

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT

RETIREMENT 2045 FUND

TAYNIK & CO C/O STATE STREET BANK NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

RETIREMENT 2040 FUND

RETIREMENT 2040 FUND—ADVISOR CLASS

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

167

5.16

34.93(c)

5.59 27.61(c)

29.44(e)

FUND RETIREMENT 2045 FUND—ADVISOR CLASS

RETIREMENT 2045 FUND—R CLASS

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

% 25.91(c)

RELIANCE TRUST COMPANY FBO RETIREMENT PLANS SERVICED BY METLIFE STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT

6.45 29.84(c)

TAYNIK & CO C/O STATE STREET BANK

5.22

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

16.17 29.21(c)

T ROWE PRICE RPS INC OMNIBUS ACCOUNT FIFTH THIRD BANK TR FBO CINTAS PARTNERS PLAN ATTN MICHELLE HODGEMAN 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45202-3191

23.55

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY ATTN RS FUND OPERATIONS

5.20

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

19.99

7.50

RETIREMENT 2050 FUND—R CLASS

TAYNIK & CO C/O INVESTORS BANK & TRUST STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT

6.01

RETIREMENT 2055 FUND

TAYNIK & CO C/O STATE STREET BANK NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

RETIREMENT 2050 FUND

RETIREMENT 2050 FUND—ADVISOR CLASS

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

168

6.88

37.09(c)

26.03(c)

29.82(e)

FUND RETIREMENT 2055 FUND—ADVISOR CLASS

RETIREMENT 2055 FUND—R CLASS

RETIREMENT 2060 FUND

RETIREMENT 2060 FUND—ADVISOR CLASS

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

% 28.26(c)

RELIANCE TRUST COMPANY FBO RETIREMENT PLANS SERVICED BY METLIFE AXA EQUITABLE FOR SA NO 65

6.45 5.17

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

34.91(c)

VOYA RETIREMENT INS & ANNUITY CO DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

13.44 5.31

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

27.01(c)

T ROWE PRICE RPS INC OMNIBUS ACCOUNT DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

23.30 7.31

FIFTH THIRD BANK TTEE VARIOUS FASCORE LLC RECORDKEPT PLAN C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

6.06

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

38.42(c)

TAYNIK & CO C/O STATE STREET BANK

5.16

VALIC SEPARATE ACCOUNT A 2727-A ALLEN PKWY 4 D-1 HOUSTON TX 77009

6.35

169

FUND RETIREMENT 2060 FUND—R CLASS

RETIREMENT BALANCED FUND

RETIREMENT BALANCED FUND—ADVISOR CLASS

RETIREMENT BALANCED FUND—R CLASS

SHAREHOLDER STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT NATIONAL FINANCIAL SERV CORP FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

% 56.47(c)

11.59

T ROWE PRICE RPS INC OMNIBUS ACCOUNT FIFTH THIRD BANK TR FBO CINTAS PARTNERS PLAN ATTN MICHELLE HODGEMAN

13.19

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY ATTN RS FUND OPERATIONS

6.59

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

12.35

TAYNIK & CO C/O INVESTORS BANK & TRUST PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL 701 NEPC - TAFT HARTLEY IRONWORKERS PO BOX 30124 SALT LAKE CTY UT 84130-0124

6.24

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

170

5.58

12.56

38.52(c)

FUND RETIREMENT BALANCED I FUND—I CLASS

SHAREHOLDER JOHN HANCOCK TRUST COMPANY

% 5.00

JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN 4 NEW YORK PLZ NEW YORK NY 10004-2413

23.24

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

25.94(c)

NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING FBO PARTICIPATING PLANS

7.48

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

9.06

JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

26.93(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

35.73(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

5.67

THE NORTHERN TRUST CO AS TRUSTEE FBO PILKINGTON NORTH AMERICA RETIREMENT PLAN TRUST 801 S CANAL ST CHICAGO IL 60607-4715

19.99

171

FUND RETIREMENT I 2010 FUND—I CLASS

RETIREMENT I 2015 FUND—I CLASS

RETIREMENT I 2020 FUND—I CLASS

SHAREHOLDER JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

% 17.40

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

20.14

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS EMJAY CORPORATION CUSTODIAN FBO PLANS OF GREAT WEST FINANCIAL

14.18

9.47

JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

25.87(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

17.32

NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING FBO PARTICIPATING PLANS JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

7.51

LINCOLN RETIREMENT SERVICES COMPANY FBO READING HEALTH SYSTEM 403B PLAN

6.52

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

17.42

NATIONWIDE TRUST COMPANY FSB FBO PARTICIPATING PLANS C/O IPO PORTFOLIO ACCOUNTING

6.24

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS

15.58

172

15.04

FUND RETIREMENT I 2025 FUND—I CLASS

RETIREMENT I 2030 FUND—I CLASS

SHAREHOLDER EMJAY CORPORATION CUSTODIAN FBO PLANS OF GREAT WEST FINANCIAL

% 8.48

JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

25.21(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

16.10

NATIONWIDE TRUST COMPANY FSB C?O IPO PORTFOLIO ACCOUNTING FBO PARTICIPATING PLANS JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

9.15

9.45

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

17.33

NATIONWIDE TRUST COMPANY FSB FBO PARTICIPATING PLANS C/O IPO PORTFOLIO ACCOUNTING

6.17

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS

21.36

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

6.04

173

FUND RETIREMENT I 2035 FUND—I CLASS

RETIREMENT I 2040 FUND—I CLASS

SHAREHOLDER EMJAY CORPORATION CUSTODIAN FBO PLANS OF GREAT WEST FINANCIAL

% 7.35

JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

21.03

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

18.14

NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING FBO PARTICIPATING PLANS

7.15

VOYA INSTITUTIONAL TRUST COMPANY AS TRUSTEE/ CUSTODIAN FOR CORE MARKET RETIREMENT PLANS 30 BRAINTREE HILL OFFICE PARK BRAINTREE MA 02184-8747 JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

5.12

6.90

LINCOLN RETIREMENT SERVICES COMPANY FBO READING HEALTH SYSTEM 403B PLAN

8.34

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

16.10

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS

21.89

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

7.01

174

FUND RETIREMENT I 2045 FUND—I CLASS

RETIREMENT I 2050 FUND—I CLASS

SHAREHOLDER EMJAY CORPORATION CUSTODIAN FBO PLANS OF GREAT WEST FINANCIAL

% 5.76

JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

19.48

LINCOLN RETIREMENT SERVICES COMPANY FBO READING HEALTH SYSTEM 403B PLAN

5.16

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

20.85

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS

6.14

VOYA INSTITUTIONAL TRUST COMPANY AS TRUSTEE/ CUSTODIAN FOR CORE MARKET RETIREMENT PLANS NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

6.20

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS

25.74(c)

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

6.12

THE NORTHERN TRUST CO AS TRUSTEE FBO PILKINGTON NORTH AMERICA RETIREMENT PLAN TRUST

7.23

175

16.87

FUND RETIREMENT I 2055 FUND—I CLASS

RETIREMENT I 2060 FUND—I CLASS

SCIENCE & TECHNOLOGY FUND

SHAREHOLDER CBNA AS CUSTODIAN FBO HAMILTON CAVANAUGH RETMT PLANS 6 RHOADS DR STE 7 UTICA NY 13502-6317

% 6.67

DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

6.81

EMJAY CORPORATION CUSTODIAN FBO PLANS OF GREAT WEST FINANCIAL

5.05

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

25.21(c)

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS

7.07

VOYA INSTITUTIONAL TRUST COMPANY AS TRUSTEE/ CUSTODIAN FOR CORE MARKET RETIREMENT PLANS JPMORGAN CHASE BANK TRUSTEE FBO AMERADA HESS CORP EMPLOYEE SAVINGS & STOCK BONUS 401K PLAN

11.58

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

15.26

STATE STREET BANK & TRUST CO AS CUSTODIAN FOR MML FBO ITS CLIENTS

12.86

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

12.21

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE RPS INC OMNIBUS

17.04

176

10.83

14.54

FUND SCIENCE & TECHNOLOGY FUND—ADVISOR CLASS

SCIENCE & TECHNOLOGY FUND—I CLASS SHORT-TERM BOND FUND

SHORT-TERM BOND FUND—ADVISOR CLASS

SHAREHOLDER JOHN HANCOCK LIFE INSURANCE CO USA RPS TRADING OPS ST-4 T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

% 86.57(c)

100.00(a) 8.84

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.79

SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.07

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

47.68(c)

PERSHING LLC

5.17

RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER

6.36

TD AMERITRADE INC FBO OUR CUSTOMERS

10.34

177

12.85

FUND SHORT-TERM BOND FUND—I CLASS

SHORT-TERM RESERVE FUND

SMALL-CAP INDEX FUND SMALL-CAP INDEX FUND—I CLASS SMALL-CAP STOCK FUND

SHAREHOLDER BAND & CO C/O US BANK NA

% 9.88

GOLDEY-BEACOM COLLEGE ENDOWMENT FUND ATTN: KRISTINE M SANTOMAURO 4701 LIMESTONE RD WILMINGTON DE 19808-1993

6.99

JEANETTE STUMP & JAMES CARNEY & HOWARD KLINE TRS SPECIAL METALS CORPORATION RETIREE BENEFIT TRUST

12.27

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL JPMORGAN CHASE BANK AS AGENT FOR INSTITUTIONAL FUNDS ATTN AMANDA MORLEY 500 STANTON CHRISTIANA RD OPS 4 FL 3 NEWARK DE 19713-2105

17.29

STATE STREET BANK & TRUST CO AGENT FOR T ROWE INSTITUTIONAL FUNDS T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT MINNESOTA STATE RETIREMENT SYSTEM DEFINED CONTRIBUTION PLANS 60 EMPIRE DR STE 300 SAINT PAUL MN 55103-3000

31.31(c)

68.46(c) 100.00(a) 100.00(a) 6.93

NATIONAL FINANCIAL SERV CORP FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

10.07

T ROWE PRICE TRUST CO INC T R P O T C FUND ATTN R P S CONTROL DEPT

6.46

178

FUND SMALL-CAP STOCK FUND—ADVISOR CLASS

SMALL-CAP STOCK FUND—I CLASS

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

% 9.58

DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

7.10

HORACE MANN LIFE INS COMPANY SEPARATE ACCOUNT 1 HORACE MANN PLZ SPRINGFIELD IL 62715-0002

6.45

MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

5.16

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

21.48

VANGUARD FIDUCIARY TRUST COMPANY T ROWE PRICE ADVISOR CLASS FUNDS ATTN OUTSIDE FUNDS P O BOX 2900 VALLEY FORGE PA 19482-2900

6.13

WELLS FARGO BANK FBO FBO VARIOUS RETIREMENT PLANS CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

15.27 5.24

DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

25.47(c)

FIRST NATIONAL TRUST COMPANY

8.55

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

5.22

179

FUND SMALL-CAP VALUE FUND

SMALL-CAP VALUE FUND—ADVISOR CLASS

SMALL-CAP VALUE FUND—I CLASS

SPECTRUM GROWTH FUND SPECTRUM INCOME FUND

SUMMIT CASH RESERVES FUND

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

% 5.17

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

5.60

T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS MORI & CO

11.92 9.82

6.55

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT, 4TH FLOOR

11.82

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

5.24

STATE OF WYOMING TTEE FBO THE WRS DCP C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

19.11

TD AMERITRADE INC FBO OUR CUSTOMERS T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT MARYLAND COLLEGE INVESTMENT PLAN PORTFOLIO 2021 ATTN FUND ACCOUNTING

5.45 7.80 5.49

T ROWE PRICE TRUST CO INC ATTN: TRPS INST CONTROL DEPT T ROWE PRICE INTERNATIONAL LTD ATTN ANDREW CARTER 60 QUEEN VICTORIA STREET LONDON EC4N 4T2 UNITED KINGDOM

8.45

T ROWE PRICE TRUST CO ATTN ASSET RECONCILIATIONS

7.78

180

5.73

FUND SUMMIT MUNICIPAL INCOME FUND

SUMMIT MUNICIPAL INCOME FUND—ADVISOR CLASS

SHAREHOLDER EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

% 16.26

FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

5.15

JP MORGAN CLEARING CORP OMNIBUS ACC FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

5.01

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

7.46

SAXON & CO LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

13.65 31.67(c)

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

25.97(c)

PERSHING LLC

21.00

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

10.94

181

FUND SUMMIT MUNICIPAL INTERMEDIATE FUND

SUMMIT MUNICIPAL INTERMEDIATE FUND—ADVISOR CLASS

SUMMIT MUNICIPAL MONEY MARKET FUND

TARGET 2005 FUND

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

% 11.33

EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

18.05

FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

9.88

JP MORGAN CLEARING CORP OMNIBUS ACC FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

14.09

MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS

6.52

PERSHING LLC

5.24

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

6.79 42.48(c)

CITBANCO A PARTNERSHIP DRAWER 1227 STORM LAKE IA 50588-1227

7.60

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

37.77(c)

PERSHING LLC JAMES A C KENNEDY C/O T ROWE PRICE

8.56 6.70

JAMES S. RIEPE T ROWE PRICE TRUST CO CUST FOR THE IRA OF NANCY T MOY

7.66 6.35

182

FUND TARGET 2005 FUND—ADVISOR CLASS

TARGET 2005 FUND—I CLASS TARGET 2010 FUND

TARGET 2010 FUND—ADVISOR CLASS

TARGET 2010 FUND—I CLASS TARGET 2015 FUND TARGET 2015 FUND—ADVISOR CLASS

TARGET 2015 FUND—I CLASS

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

% 58.00(c)

RELIANCE TRUST CO TTEE ADP ACCESS LARGE MARKET 401K 1100 ABERNATHY RD ATLANTA GA 30328-5620

19.54

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE RPS INC OMNIBUS ACCOUNT

21.52 100.00(a) 7.60

TD AMERITRADE TRUST COMPANY ATTN HOUSE NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

5.44

RELIANCE TRUST CO TTEE ADP ACCESS LARGE MARKET 401K T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE RPS INC OMNIBUS ACCOUNT GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002

32.02(c)

63.05(c)

100.00(a) 8.69 28.75(c)

GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K

12.34

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

48.12(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

5.00

183

100.00(a)

FUND TARGET 2020 FUND

TARGET 2020 FUND—ADVISOR CLASS

TARGET 2020 FUND—I CLASS TARGET 2025 FUND

TARGET 2025 FUND—ADVISOR CLASS

TARGET 2025 FUND—I CLASS

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

% 7.83

T ROWE PRICE RPS INC OMNIBUS ACCOUNT GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING

18.13 7.85

GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K

11.79

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

29.81(c)

RELIANCE TRUST CO TTEE ADP ACCESS LARGE MARKET 401K T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

45.49(c) 100.00(a) 6.42

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

23.44

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING

7.53 30.50(c)

GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K

19.63

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

35.91(c)

RELIANCE TRUST CO TTEE ADP ACCESS LARGE MARKET 401K T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

8.50

184

100.00(a)

FUND TARGET 2030 FUND

TARGET 2030 FUND—ADVISOR CLASS

TARGET 2030 FUND—I CLASS TARGET 2035 FUND

TARGET 2035 FUND—ADVISOR CLASS

TARGET 2035 FUND—I CLASS

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

% 13.17

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

34.00(e)

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING

5.15 10.11

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

36.46(c)

RELIANCE TRUST CO TTEE ADP ACCESS LARGE MARKET 401K T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

45.30(c) 100.00(a) 11.47

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

32.58(e)

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING

8.64 22.68

GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K

14.80

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

57.22(c)

185

100.00(a)

FUND TARGET 2040 FUND

TARGET 2040 FUND—ADVISOR CLASS

TARGET 2040 FUND—I CLASS TARGET 2045 FUND

TARGET 2045 FUND—ADVISOR CLASS

SHAREHOLDER NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

% 13.72

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

36.40(e)

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS ASCENSUS TRUST COMPANY FBO JOSEPH S THOMPSON, DDS, PC 401(K) PO BOX 10758 FARGO ND 58106-0758

5.02 7.42

GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING

18.87

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

62.51(c)

100.00(a) 10.50

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

33.92(e)

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING

13.27 15.00

GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K

7.78

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

62.59(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

5.02

186

FUND TARGET 2045 FUND—I CLASS TARGET 2050 FUND

TARGET 2050 FUND—ADVISOR CLASS

TARGET 2050 FUND—I CLASS TARGET 2055 FUND

TARGET 2055 FUND—ADVISOR CLASS

TARGET 2055 FUND—I CLASS

SHAREHOLDER T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

% 100.00(a)

T ROWE PRICE RPS INC OMNIBUS ACCOUNT GREAT WEST TRUST CO LLC FBO RECORDKEEPING FOR VARIOUS BENEFIT PL OMNIPUTNAM C/O MUTUAL FUND TRADING

25.60(e)

15.40

8.50

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

59.56(c)

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

20.43

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL

5.98 100.00(a) 7.09

T ROWE PRICE RPS INC OMNIBUS ACCOUNT

27.66(e)

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K

8.31 7.59

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

70.40(c)

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

10.58

187

100.00(a)

FUND TARGET 2060 FUND

TARGET 2060 FUND—ADVISOR CLASS

TARGET 2060 FUND—I CLASS TAX-EXEMPT MONEY FUND

SHAREHOLDER T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

% 26.67(a)

T ROWE PRICE TRUST CO CUST FOR THE IRA OF SUSAN A BRUEMMER (DCD) CHANCE A BRUEMMER (BENE)

6.10

T ROWE PRICE TRUST CO CUST FOR THE ROLLOVER IRA OF JEFFERY LU CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

7.06

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

17.28

RELIANCE TRUST CO., CUSTODIAN FBO MASSMUTUAL OMNIBUS PPL/SMF

10.35

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

26.15(a)

VOYA INSTITUTIONAL TRUST COMPANY AS TRUSTEE OR CUSTODIAN FOR CORE MARKET RETIRMENT PLANS T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT EDWARD D JONES & CO SHAREHOLDER ACCOUNTING ATTN MUTUAL FUND

26.98(c)

14.21

100.00(a) 26.85(c)

PERSHING LLC FOR EXCLUSIVE BENEFIT OF TRP MONEY FUND CUSTOMER ACCOUNTS

7.38

SUSAN A FEITH

5.37

188

FUND TAX-FREE HIGH YIELD FUND

TAX-FREE HIGH YIELD FUND—ADVISOR CLASS

TAX-FREE INCOME FUND

TAX-FREE INCOME FUND—ADVISOR CLASS

TAX-FREE SHORT-INTERMEDIATE FUND

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

% 10.61

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

7.71

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

7.65

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

15.62

75.69(c)

6.72

93.19(c)

17.73

FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

12.08

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

7.02

PERSHING LLC

5.96

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

9.27

TD AMERITRADE INC FBO OUR CUSTOMERS

5.99

189

FUND TAX-FREE SHORT-INTERMEDIATE FUND—ADVISOR CLASS

TOTAL EQUITY MARKET INDEX FUND

TRP GOVERNMENT RESERVE INVESTMENT FUND

TRP RESERVE INVESTMENT FUND

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

% 14.02

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

52.79(c)

PERSHING LLC EDUCATION TRUST OF ALASKA TOTAL EQUITY MARKET INDEX PORTFOLIO C/O T ROWE PRICE ASSOCIATES ATTN DAWN WAGNER FIXED INCOME

20.20 8.44

MARYLAND COLLEGE INVESTMENT PLAN GLOBAL EQUITY MARKET INDEX ATTN FUND ACCOUNTING BARNACLESAIL C/O T ROWE PRICE ASSOC ATTN MID CAP GROWTH FUND

9.17

51.55(d)

BRIDGESAIL & CO C/O T ROWE PRICE ASSOC ATTN SCIENCE & TECHNOLOGY FD

14.85

HEIRLOOM & CO C/O T ROWE PRICE ASSOC ATTN MEDIA & TELECOMM FD

5.28

T ROWE PRICE RETIREMENT PLAN SERVICE INC ATTN RPS CASH GROUP 4555 PAINTERS MILL ROAD OWINGS MILLS MD 21117-4903 SEAMILE & CO C/O T ROWE PRICE ASSOC ATTN CAPITAL APPREC FUND

8.30

18.81

T ROWE PRICE MANAGED GIC STABLE VALUE FUND T ROWE PRICE ASSOCIATES INC

5.46

TUNA & CO C/O T ROWE PRICE ASSOC ATTN NEW INCOME FUND

12.61

190

FUND U.S. BOND ENHANCED INDEX FUND

U.S. LARGE-CAP CORE FUND

U.S. LARGE-CAP CORE FUND—ADVISOR CLASS

U.S. TREASURY INTERMEDIATE FUND

U.S. TREASURY LONG-TERM FUND

U.S. TREASURY MONEY FUND

ULTRA SHORT-TERM BOND FUND

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

% 9.65

T ROWE PRICE RPS INC OMNIBUS NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

8.68

PERSHING LLC

7.49

T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.12

7.21

29.92(c)

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING

5.30

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

42.78(c)

PERSHING LLC MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS

13.91 5.34

SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT

6.68

T ROWE PRICE TRUST CO ATTN TRPS INST CONTROL DEPT SPECTRUM INCOME FUND T. ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT DCGT AS TTEE AND/OR CUST ATTN NPIO TRADE DESK FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS T ROWE PRICE ASSOCIATES ATTN FINANCIAL REPORTING DEPT

5.48

191

29.61(d)

6.17

41.02(a)

FUND VALUE FUND

VALUE FUND—ADVISOR CLASS

SHAREHOLDER RETIREMENT PORTFOLIO 2040 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

% 15.24

RETIREMENT PORTFOLIO 2020 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

8.18

RETIREMENT PORTFOLIO 2025 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

9.43

RETIREMENT PORTFOLIO 2030 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

16.01

RETIREMENT PORTFOLIO 2035 T ROWE PRICE ASSOCIATES ATT FUND ACCOUNTING DEPT

10.85

RETIREMENT PORTFOLIO 2045 T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

7.38

RETIREMENT PORTFOLIO 2050 T ROWE PRICE ASSOCIATES ATTN: FUND ACCOUNTING DEPT CHARLES SCHWAB & CO INC REINVEST ACCOUNT ATTN MUTUAL FUND DEPT

5.81

11.95

MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER

10.56

NATIONAL FINANCIAL SERVICES FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

38.05(c)

VOYA INSTITUTIONAL TRUST COMPANY

6.55

192

FUND VALUE FUND—I CLASS

VIRGINIA TAX-FREE BOND FUND

(a)

(b) (c) (d) (e)

SHAREHOLDER NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

% 5.48

RETIREMENT I 2030 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

8.41

RETIREMENT I 2040 FUND T ROWE PRICE ASSOCIATES ATTN FUND ACCOUNTING DEPT

8.44

WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS VOYA INSTITUTIONAL TRUST COMPANY

5.41 6.82

CHARLES SCHWAB & CO INC 13.34 REINVEST ACCOUNT ATTN MUTUAL FUND DEPT T. Rowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares owned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception that provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership indicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders for vote. T. Rowe Price Trust Company is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Trust Company is not the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Trust Company and are normally voted by various retirement plans and retirement plan participants. At the level of ownership indicated, the shareholder may be able to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote. The indicated percentage of the outstanding shares of this fund are owned by another T. Rowe Price fund and held in the nominee name indicated. Shares of the fund are “echo-voted” by the T. Rowe Price fund that owns the shares in the same proportion that the shares of the underlying fund are voted by other shareholders. T. Rowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly owned subsidiary of T Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is not the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and are normally voted by various retirement plans and retirement plan participants.

INVESTMENT MANAGEMENT AGREEMENTS T. Rowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each fund. For certain Price Funds, T. Rowe Price has entered into an investment subadvisory agreement with T. Rowe Price International, Price Hong Kong, and/or Price Singapore. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are hereinafter referred to collectively as “Investment Managers.” T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. T. Rowe Price International is a wholly owned subsidiary of T. Rowe Price. Price Hong Kong and Price Singapore are wholly owned subsidiaries of T. Rowe Price International. Investment Management Services

Under the Investment Management Agreements, T. Rowe Price is responsible for supervising and overseeing investments of the funds in accordance with the funds’ investment objectives, programs, and restrictions as provided in the funds’ prospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain

193

corporate administrative services, including: maintaining the funds’ corporate existence and corporate records; registering and qualifying fund shares under federal laws; monitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed by the funds such as the funds’ custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination of such agent’s activities; and permitting employees of the Investment Managers to serve as officers, directors, and committee members of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a sub-advisory agreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally responsible for effecting all security transactions, including the negotiation of commissions and the allocation of principal business and portfolio brokerage. With respect to the Africa & Middle East, Emerging Europe, Emerging Markets Local Currency Bond, Emerging Markets Stock, European Stock, Global Growth Stock, Global High Income Bond, Global MultiSector Bond, Global Unconstrained Bond, Institutional Africa & Middle East, Institutional Emerging Markets Equity, Institutional Frontier Markets Equity, Institutional Global Growth Equity, Institutional Global Value Equity, Institutional International Bond, Institutional International Concentrated Equity, Institutional Global Multi-Sector Bond, Institutional International Growth Equity, International Bond, International Concentrated Equity, International Discovery, International Growth & Income, International Equity Index, International Stock, Japan, Latin America, and New Asia Funds, and the Emerging Markets Local Multi-Sector Account Portfolio, T. Rowe Price has entered into a sub-advisory agreement with T. Rowe Price International under which, subject to the supervision of T. Rowe Price, T. Rowe Price International is authorized to trade securities and make discretionary investment decisions on behalf of each fund. Under the sub-advisory agreement, T. Rowe Price International is responsible for effecting all securities transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage. For Global Multi-Sector Bond Fund, T. Rowe Price International’s discretionary investment decisions and trading execution are limited to the fund’s international investment-grade fixed income investments in developed markets. With respect to the Japan Fund and the Japanese investments of the International Discovery Fund, T. Rowe Price has entered into a sub-advisory agreement with the Tokyo Branch of T. Rowe Price International (“TRPITokyo”) under which, subject to the supervision of T. Rowe Price, TRPI-Tokyo is authorized to trade Japanese securities and make discretionary investment decisions on behalf of each fund’s Japanese investments. With respect to the Asia Opportunities, Emerging Markets Value Stock, Global Stock, Institutional International Global Focused Equity Growth, International Discovery, and New Asia Funds, T. Rowe Price has entered into a sub-advisory agreement with Price Hong Kong under which, subject to the supervision of T. Rowe Price, Price Hong Kong is authorized to trade securities and make certain discretionary investment decisions on behalf of each fund. Under the sub-advisory agreement, Price Hong Kong is responsible for selecting the funds’ investments in the Asia-Pacific region and effecting security transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage. The Investment Management Agreements also provide that T. Rowe Price, and its directors, officers, employees, and certain other persons performing specific functions for the funds, will be liable to the funds only for losses resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of duty. The sub-advisory agreements have a similar provision limiting the liability of the investment sub-adviser for errors, mistakes, and losses other than those caused by its willful misfeasance, bad faith, or gross negligence. Under the Investment Management Agreements (and sub-advisory agreements, if applicable), the Investment Managers are permitted to utilize the services or facilities of others to provide them or the funds with statistical and other factual information, advice regarding economic factors and trends, advice as to occasional transactions in specific securities, and such other information, advice, or assistance as the Investment Managers may deem necessary, appropriate, or convenient for the discharge of their obligations under the Investment Management Agreements (and sub-advisory agreement, if applicable) or otherwise helpful to the funds.

194

Control of Investment Adviser T. Rowe Price Group, Inc. (“Group”) is a publicly owned company and owns 100% of the stock of T. Rowe Price, which in turn owns 100% of T. Rowe Price International, which in turn owns 100% each of Price Hong Kong and Price Singapore. Group was formed in 2000 as a holding company for the T. Rowe Price-affiliated companies. Management Fees

All funds except Index, Institutional, Multi-Sector Account Portfolios, TRP Reserve, Retirement Date, Spectrum, Summit Income, and Summit Municipal Funds The funds pay T. Rowe Price a fee (“Fee”) which consists of two components: a Group Management Fee (“Group Fee”) and an Individual Fund Fee (“Fund Fee”). The Fee is paid monthly to T. Rowe Price on the first business day of the next succeeding calendar month and is calculated as described next. The monthly Group Fee (“Monthly Group Fee”) is the sum of the daily Group Fee accruals (“Daily Group Fee Accruals”) for each month. The Daily Group Fee Accrual for any particular day is computed by multiplying the Price Funds’ group fee accrual as determined below (“Daily Price Funds’ Group Fee Accrual”) by the ratio of the Price Funds’ net assets for that day to the sum of the aggregate net assets of the Price Funds for that day. The Daily Price Funds’ Group Fee Accrual for any particular day is calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the annualized Daily Price Funds’ Group Fee Accrual for that day as determined in accordance with the following schedule: 0.480% 0.450% 0.420% 0.390% 0.370% 0.360%

First $1 billion Next $1 billion Next $1 billion Next $1 billion Next $1 billion Next $2 billion

0.350% 0.340% 0.330% 0.320% 0.310% 0.305%

Next $2 billion Next $5 billion Next $10 billion Next $10 billion Next $16 billion Next $30 billion

0.300% 0.295% 0.290% 0.285% 0.280% 0.275% 0.270%

Next $40 billion Next $40 billion Next $60 billion Next $80 billion Next $100 billion Next $100 billion Thereafter

For the purpose of calculating the Group Fee, the Price Funds include all the mutual funds distributed by Investment Services (excluding the Retirement Date Funds, Spectrum Funds, TRP Reserve Funds, and any Index or private label mutual funds). For the purpose of calculating the Daily Price Funds’ Group Fee Accrual for any particular day, the net assets of each Price Fund are determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business. The monthly Fund Fee (“Monthly Fund Fee”) is the sum of the daily Fund Fee accruals (“Daily Fund Fee Accruals”) for each month. The Daily Fund Fee Accrual for any particular day is computed by multiplying the fraction of one (1) over the number of calendar days in the year by the individual fund fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with the fund’s prospectus as of the close of business on the previous business day on which the fund was open for business. The individual fund fees are listed in the following tables: Fund

Fee %

Africa & Middle East Asia Opportunities Balanced Blue Chip Growth California Tax-Free Bond California Tax-Free Money Capital Appreciation Capital Opportunity Corporate Income

0.75 0.50 0.15 0.30(a) 0.10 0.10 0.30 0.20 0.15

195

Fund

Fee %

Credit Opportunities Diversified Mid-Cap Growth Dividend Growth Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Local Currency Bond Emerging Markets Stock Emerging Markets Value Stock Equity Income European Stock Financial Services Floating Rate Georgia Tax-Free Bond Global Allocation Global Consumer Global Growth Stock Global High Income Bond Global Industrials Global Multi-Sector Bond Global Real Estate Global Stock Global Technology Global Unconstrained Bond GNMA Growth & Income Growth Stock Health Sciences High Yield Inflation Protected Bond Intermediate Tax-Free High Yield International Bond International Concentrated Equity International Discovery International Growth & Income International Stock Japan Latin America Limited Duration Inflation Focused Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money Media & Telecommunications Mid-Cap Growth Mid-Cap Value

196

0.35 0.35 0.20 0.75 0.45 0.50 0.45 0.75 0.75 0.25(b) 0.50 0.35 0.30 0.10 0.40 0.40 0.35 0.30 0.40 0.20 0.40 0.35 0.45 0.20 0.15 0.25 0.25(b) 0.35 0.30 0.05 0.20 0.35 0.35 0.75 0.35 0.35 0.50 0.75 0.05 0.10 0.10 0.10 0.35 0.35(c) 0.35

Fund

Fee %

New America Growth New Asia New Era New Horizons New Income New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Overseas Stock Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income Prime Reserve QM Global Equity QM U.S. Small & Mid-Cap Core Equity QM U.S. Small-Cap Growth Equity QM U.S. Value Equity Real Assets Real Estate Science & Technology Short-Term Bond Small-Cap Stock Small-Cap Value Tax-Efficient Equity Tax-Exempt Money Tax-Free High Yield Tax-Free Income Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond U.S. Large-Cap Core U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money Ultra Short-Term Bond Value Virginia Tax-Free Bond (a) (b) (c) (d) (e)

0.35 0.50 0.25 0.35 0.15(d) 0.10 0.10 0.10 0.35 0.25 0.30 0.15 0.05 0.25 0.35 0.35 0.20 0.35 0.30 0.35 0.10 0.45 0.35 0.35 0.10 0.30 0.15 0.10 0.08 0.25 0.00 0.00 0.00 0.08 0.35(e) 0.10

On assets up to $15 billion and 0.255% on assets above $15 billion. On assets up to $15 billion and 0.2125% on assets above $15 billion. On assets up to $15 billion and 0.30% on assets above $15 billion. On assets up to $20 billion and 0.1275% on assets equal to or greater than $20 billion. On assets up to $20 billion and 0.2975% on assets equal to or greater than $20 billion.

197

Index, Institutional, Summit Income, and Summit Municipal Funds The following funds pay T. Rowe Price an annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund. Fund

Fee %

Equity Index 500 Institutional Africa & Middle East Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research Mid-Cap Index Small-Cap Index

0.10 1.00 1.10 0.65 0.65 0.65 0.65 0.65 0.70 0.55 0.55 0.55 0.60 0.65 0.50 0.12 0.14

The following funds (“Single Fee Funds”) pay T. Rowe Price a single annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund. Fund

Fee %

Extended Equity Market Index Institutional Core Plus Institutional Emerging Markets Bond Institutional Credit Opportunities Institutional Emerging Markets Equity Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional International Bond Institutional Long Duration Credit International Equity Index Summit Cash Reserves Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market Total Equity Market Index U.S. Bond Enhanced Index

0.35 0.40 0.70 0.65 1.10 0.55 0.50 0.50 0.55 0.45 0.45 0.45 0.50 0.50 0.45 0.30 0.30

The Investment Management Agreement between each Single Fee Fund and T. Rowe Price provides that T. Rowe Price will pay all expenses of each fund’s operations except for interest; taxes; brokerage

198

commissions, and other charges incident to the purchase, sale, or lending of the fund’s portfolio securities; and such non-recurring or extraordinary expenses that may arise, including the costs of actions, suits, or proceedings to which the fund is a party and the expenses the fund may incur as a result of its obligation to provide indemnification to its officers, directors, and agents. However, the Boards for the funds reserve the right to impose additional fees against shareholder accounts to defray expenses which would otherwise be paid by T. Rowe Price under the Investment Management Agreement. The Boards do not anticipate levying such charges; such a fee, if charged, may be retained by the funds or paid to the Investment Managers. The Fee is paid monthly to T. Rowe Price on the first business day of the next succeeding calendar month and is the sum of the Daily Fee accruals for each month. The Daily Fee accrual for any particular day is calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the appropriate Fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business. Multi-Sector Account Portfolios, Retirement Date Funds, Spectrum Funds, and TRP Reserve Funds None of these funds pays T. Rowe Price an investment management fee. Investment Sub-advisory Agreements Pursuant to each of the sub-advisory agreements that T. Rowe Price has entered into on behalf of a Price Fund (other than the Emerging Markets Local Multi-Sector Account Portfolio), T. Rowe Price may pay the investment subadviser up to 60% of the management fee that T. Rowe Price receives from that fund. Management Fee Compensation The following table sets forth the total management fees, if any, paid to the Investment Managers by each fund, during the fiscal years indicated:

Fiscal Year Ended Fund California Tax-Free Bond California Tax-Free Money Floating Rate Multi-Sector Account Portfolio Georgia Tax-Free Bond High Yield Multi-Sector Account Portfolio Intermediate Tax-Free High Yield(b) Investment-Grade Corporate Multi-Sector Account Portfolio Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money Mortgage-Backed Securities Multi-Sector Account Portfolio New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Tax-Efficient Equity Tax-Exempt Money Tax-Free High Yield(b)

2/28/15

2/28/14

2/28/13

$1,804,000 314,000 (a) 895,000 (a)

$1,628,000 322,000 (a) 893,000 (a)

$1,586,000 329,000 (a) 903,000 (a)

47,000

(c)

(c)

(a) 863,000 7,741,000

(a) 882,000 7,753,000

(a) 885,000 8,186,000

508,000

499,000

497,000

(a) 1,254,000 1,700,000

(a) 1,170,000 1,628,000

(a) 1,148,000 1,703,000

299,000 983,000 3,703,000 17,870,000

322,000 810,000 3,623,000 14,365,000

326,000 624,000 3,432,000 14,083,000

199

Fiscal Year Ended Fund

2/28/15

2/28/14

2/28/13

11,410,000

12,392,000

13,543,000

Tax-Free Short-Intermediate(b) 8,086,000 Tax-Free Ultra Short-Term Bond (c) Virginia Tax-Free Bond 3,737,000 (a) The fund does not pay an investment management fee.

7,729,000 (c) 3,684,000

7,419,000 (c) 3,907,000

Tax-Free Income(b)

(b) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets. (c) Prior to commencement of operations. Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

Corporate Income(a) Credit Opportunities(a) Floating Rate(a) Global Multi-Sector Bond(a) GNMA TRP Government Reserve Investment

$2,781,000 228,000 2,785,000 1,424,000 7,197,000 (c)

$2,529,000 15,000 1,802,000 1,209,000 6,937,000 (c)

$2,968,000 (b) 603,000 1,392,000 8,015,000 (c)

High Yield(a) Inflation Protected Bond(a) Institutional Core Plus(a)(d) Institutional Credit Opportunities Institutional Floating Rate(a)(d) Institutional Global Multi-Sector Bond

58,235,000 1,332,000 2,141,000 464,000 18,910,000 761,000

56,896,000 1,297,000 1,351,000 14,000 17,642,000 140,000

55,350,000 1,928,000 892,000 (b) 12,608,000 (b)

11,884,000 100,000 34,077,000 120,420,000 11,116,000 9,388,000

14,170,000 65,000 26,197,000 98,208,000 10,532,000 8,304,000

13,599,000 (b) 19,018,000 90,186,000 9,410,000 7,093,000

6,315,000 22,470,000 (c) (c) (c) (c)

5,613,000 22,405,000 (c) (c) (c) (c)

4,946,000 19,992,000 (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

Institutional High Yield(d) Institutional Long Duration Credit Limited Duration Inflation Focused Bond(a) New Income(a) Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income Prime Reserve TRP Reserve Investment Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045

200

Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

Retirement 2050

(c)

(c)

(c)

Retirement 2055 Retirement 2060 Retirement Balanced Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class Retirement I 2015 Fund—I Class

(c) (c) (c) (b) (b) (b)

(c) (b) (c) (b) (b) (b)

(c) (b) (c) (b) (b) (b)

Retirement I 2020 Fund—I Class Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class Retirement I 2045 Fund—I Class

(b) (b) (b) (b) (b) (b)

(b) (b) (b) (b) (b) (b)

(b) (b) (b) (b) (b) (b)

(b) (b) (b) (b) 25,029,000 (b)

(b) (b) (b) (b) 25,151,000 (b)

(b) (b) (b) (b) 26,635,000 (b)

Short-Term Reserve Target 2005 Target 2010 Target 2015 Target 2020 Target 2025

(c) (c) (c) (c) (c) (c)

(c) (b) (b) (b) (b) (b)

(c) (b) (b) (b) (b) (b)

Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055

(c) (c) (c) (c) (c) (c)

(b) (b) (b) (b) (b) (b)

(b) (b) (b) (b) (b) (b)

Retirement I 2050 Fund—I Class Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Short-Term Bond(a) Short-Term Government Reserve

Target 2060 (c) (b) (b) U.S. Treasury Intermediate 1,100,000 1,111,000 1,642,000 U.S. Treasury Long-Term 1,016,000 978,000 1,534,000 U.S. Treasury Money 5,951,000 5,944,000 5,618,000 Ultra Short-Term Bond 2,145,000 1,585,000 271,000 (a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets. (b) Prior to commencement of operations. (c) The fund does not pay an investment management fee. (d) The fee includes investment and administrative expenses.

201

Fiscal Year Ended Fund

10/31/15

10/31/14

10/31/13

Africa & Middle East

$2,051,000

$2,127,000

$1,714,000

Asia Opportunities(a) Emerging Europe Emerging Markets Stock(a) Emerging Markets Value Stock(a) European Stock Global Allocation(a)

62,000 1,914,000 86,623,000 12,000 12,572,000 761,000

62,000 3,148,000 76,506,000 (b) 13,472,000 472,000

(b) 4,156,000 74,566,000 (b) 6,994,000 129,000

Global Growth Stock(a) Global Stock(a) Institutional Africa & Middle East Institutional Emerging Markets Equity(c) Institutional Frontier Markets Equity Institutional Global Focused Growth Equity

622,000 3,269,000 2,112,000 10,763,000 461,000 575,000

564,000 3,184,000 2,242,000 11,165,000 2,000 588,000

500,000 3,107,000 1,683,000 11,106,000 (b) 1,052,000

1,837,000 60,000 1,431,000 885,000 487,000 54,000

1,125,000 64,000 590,000 595,000 595,000 4,000

798,000 55,000 55,000 461,000 664,000 (b)

International Discovery(a) International Equity Index(c) International Growth & Income(a) International Stock(a) Japan Latin America

40,917,000 2,605,000 72,757,000 90,186,000 2,384,000 6,837,000

38,133,000 2,723,000 61,730,000 81,500,000 2,478,000 10,891,000

32,101,000 2,172,000 45,084,000 69,045,000 1,863,000 15,990,000

New Asia(a) Overseas Stock(a) Summit Cash Reserves(c) Summit Municipal Income(a)(c) Summit Municipal Intermediate(a)(c) Summit Municipal Money Market(c)

32,174,000 66,838,000 22,901,000 5,056,000 20,072,000 877,000

32,956,000 54,658,000 27,243,000 4,184,000 17,245,000 846,000

37,272,000 38,682,000 25,538,000 4,113,000 12,445,000 888,000

Institutional Global Growth Equity Institutional Global Value Equity Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity International Concentrated Equity(a)

U.S. Bond Enhanced Index(c) 1,823,000 1,716,000 2,077,000 (a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets. (b) Prior to commencement of operations. (c) The fee includes investment management fees and administrative expenses. Fiscal Year Ended Fund Balanced(a) Blue Chip Growth(a)

12/31/15 $18,170,000 165,888,000

202

12/31/14 $18,176,000 141,866,000

12/31/13 $16,318,000 108,419,000

Fiscal Year Ended Fund Capital Appreciation(a) Capital Opportunity(a) Diversified Mid-Cap Growth Dividend Growth(a) Emerging Markets Bond(a) Emerging Markets Corporate Bond(a) Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Currency Bond(a) Emerging Markets Local Multi-Sector Account Portfolio

12/31/15

12/31/14

12/31/13

141,909,000

126,636,000

98,302,000

3,248,000 2,967,000 23,129,000 33,766,000 1,040,000

3,225,000 2,174,000 20,942,000 32,526,000 962,000

2,508,000 1,625,000 17,281,000 29,399,000 539,000

(c)

(c)

(c)

1,325,000

565,000

437,000

(c)

(c)

(c)

Equity Income(a) Equity Index 500(a) Extended Equity Market Index(b) Financial Services Global Consumer Global High Income Bond(a)

140,603,000 25,084,000 2,893,000 3,729,000 (d) 137,000

157,225,000 22,318,000 2,982,000 3,355,000 (d) (d)

145,835,000 17,920,000 2,274,000 3,281,000 (d) (d)

Global Industrials Global Real Estate(a) Global Technology Global Unconstrained Bond(a) Growth & Income Growth Stock(a)

117,000 1,649,000 15,414,000 153,000 8,526,000 233,803,000

117,000 1,382,000 9,371,000 (d) 8,086,000 218,346,000

14,000 1,394,000 5,783,000 (d) 7,182,000 185,883,000

92,442,000 2,316,000 1,834,000 10,166,000 70,001,000 12,843,000

63,054,000 2,188,000 1,634,000 6,827,000 59,247,000 11,017,000

45,024,000 1,831,000 1,101,000 4,351,000 41,104,000 7,366,000

Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research International Bond(a) Media & Telecommunications Mid-Cap Growth(a)

30,581,000 13,857,000 3,914,000 31,748,000 21,321,000 156,850,000

27,442,000 10,755,000 3,694,000 32,124,000 21,015,000 147,713,000

21,569,000 8,603,000 3,096,000 32,733,000 17,569,000 131,629,000

Mid-Cap Index(a) Mid-Cap Value(a) New America Growth(a) New Era(a) New Horizons(a) QM Global Equity(a)

(d) 75,979,000 28,057,000 17,608,000 101,887,000 (d)

(d) 77,399,000 27,754,000 23,977,000 99,719,000 (d)

(d) 68,332,000 26,375,000 24,189,000 82,332,000 (d)

(d)

(d)

(d)

Health Sciences Institutional Emerging Markets Bond(b) Institutional International Bond(b) Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value

QM U.S. Small & Mid-Cap Core Equity(a)

203

Fiscal Year Ended Fund QM U.S. Small-Cap Growth Equity

12/31/15

12/31/14

12/31/13

9,942,000

5,356,000

3,731,000

QM U.S. Value Equity(a) Real Assets(a) Real Estate(a) Science & Technology(a) Small-Cap Index(a) Small-Cap Stock(a)

(d) 29,069,000 31,036,000 23,947,000 (d) 67,139,000

(d) 26,844,000 26,647,000 22,859,000 (d) 73,860,000

(d) 21,111,000 22,547,000 18,353,000 (d) 66,844,000

Small-Cap Value(a) Spectrum Growth Spectrum Income Spectrum International Total Equity Market Index(b) U.S. Large-Cap Core(a)

53,605,000 (c) (c) (c) 3,933,000 717,000

62,212,000 (c) (c) (c) 3,619,000 486,000

58,418,000 (c) (c) (c) 2,971,000 345,000

Value(a) 143,436,000 131,016,000 102,361,000 (a) The fund has multiple classes. The management fee is allocated to each class based on relative net assets. (b) The fee includes investment management fees and administrative expenses. (c) The fund does not pay an investment management fee. (d) Prior to commencement of operations. Expense Limitations and Reimbursements The following charts set forth contractual expense ratio limitations and the periods for which they are effective. The first chart sets forth the expense limitations for each fund and class except I Classes. For each fund and class (except I Classes), T. Rowe Price has agreed to bear any fund expenses (other than interest, taxes, brokerage, and other expenditures that are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and acquired fund fees) which would cause the fund’s ratio of expenses to average daily net assets to exceed the indicated percentage limitation. Fees waived and expenses borne by T. Rowe Price are subject to reimbursement by the funds through the indicated reimbursement date, provided no reimbursement will be made if it would result in a fund’s expense ratio exceeding its applicable limitation.

The second chart, described in more detail at the beginning of the table, sets forth the expense limitations on the operating expenses for each I Class.

Fund

Limitation Period

Expense Ratio Limitation %

Reimbursement Date

Asia Opportunities

May 21, 2014 – February 28, 2017

1.15

(a)

Asia Opportunities Fund—Advisor Class

May 21, 2014 – February 28, 2017

1.25

(a)

California Tax-Free Money(b)

July 1, 2015 – June 30, 2017

0.55

(a)

Capital Opportunity Fund—R Class

May 1, 2014 – April 30, 2016

1.35

April 30, 2018(c)

Credit Opportunities

April 29, 2014 – September 30, 2016

0.90

(a)

Credit Opportunities Fund—Advisor Class

April 29, 2014 – September 30, 2016

1.00

(a)

Emerging Markets Bond Fund—Advisor Class

August 28, 2015 – April 30, 2018

1.20

April 30, 2020(c)

Emerging Markets Corporate Bond(d)

May 1, 2015 – April 30, 2017

1.15

(a)

204

Fund Emerging Markets Corporate Bond Fund— Advisor Class(e) Emerging Markets Local Currency Bond(f) Emerging Markets Local Currency Bond Fund—Advisor Class(g)

Limitation Period

Expense Ratio Limitation %

Reimbursement Date

May 1, 2015 – April 30, 2017

1.25

(a)

May 1, 2016 – April 30, 2018

1.10

(a)

May 1, 2016 – April 30, 2018

1.20

(a)

Emerging Markets Value Stock Emerging Markets Value Stock Fund—Advisor Class

August 24, 2015 – February 28, 2018

1.50

(a)

August 24, 2015 – February 28, 2018

1.65

(a)

Equity Index 500(h)

May 1, 2016 – April 30, 2018

0.30

April 30, 2020(c)

Floating Rate(i)

October 1, 2015 – September 30, 2017

0.85

(a)

Floating Rate Fund—Advisor Class(j)

October 1, 2015 – September 30, 2017

0.95

(a)

Global Allocation(k)

March 1, 2016 – February 28, 2018

1.05

(a)

Global Allocation Fund—Advisor Class(l)

March 1, 2016 – February 28, 2018

1.15

(a)

Global Growth Stock(m)

March 1, 2015 – February 28, 2017

1.00

(a)

Global Growth Stock Fund—Advisor Class(n)

March 1, 2015 – February 28, 2017

1.10

(a)

Global High Income Bond Global High Income Bond Fund—Advisor Class

January 22, 2015 – April 30, 2017

0.85

(a)

January 22, 2015 – April 30, 2017

1.00

(a)

May 1, 2016 – April 30, 2018

1.05

(a)

October 1, 2015 – September 30, 2017

0.95

(a)

May 1, 2015 – April 30, 2017

1.05

(a)

Global Real Estate Fund—Advisor Class(r)

May 1, 2015 – April 30, 2017

1.15

(a)

Global Stock Fund—Advisor Class(s)

March 1, 2016 – February 28, 2018

1.15

February 29, 2020(c)

Global Unconstrained Bond Global Unconstrained Bond Fund—Advisor Class

January 22, 2015 – April 30, 2017

0.75

(a)

January 22, 2015 – April 30, 2017

0.90

(a)

Inflation Protected Bond(t)

October 1, 2014 – September 30, 2016

0.50

September 30, 2018(c)

Institutional Frontier Markets Equity

September 22, 2014 – February 28, 2017

1.35

(a)

Institutional Global Focused Growth Equity(u)

March 1, 2015 – February 28, 2017

0.75

(a)

Global Industrials(o) Global Multi-Sector Bond Fund—Advisor Class(p) Global Real Estate(q)

Institutional Global Growth Equity(v)

March 1, 2015 – February 28, 2017

0.75

(a)

Institutional Global Value Equity(w) Institutional International Concentrated Equity(x)

March 1, 2016 – February 28, 2018

0.75

(a)

March 1, 2015 – February 28, 2017

0.75

(a)

Institutional International Core Equity(y)

March 1, 2015 – February 28, 2017

0.75

(a)

Institutional International Growth Equity(z)

March 1, 2016 – February 28, 2018

0.75

February 29, 2020(c)

Institutional U.S. Structured Research

May 1, 2014 – April 30, 2016

0.55

(a)

Intermediate Tax-Free High Yield Intermediate Tax-Free High Yield Fund— Advisor Class

July 24, 2014 – June 30, 2017

0.75

(a)

July 24, 2014 – June 30, 2017

0.85

(a)

August 22, 2014 – February 28, 2017

0.90

(a)

International Concentrated Equity International Concentrated Equity Fund— Advisor Class

August 22, 2014 – February 28, 2017

1.00

(a)

International Stock Fund—R Class(aa)

March 1, 2016 – February 28, 2018

1.40

(a)

Limited Duration Inflation Focused Bond

September 1, 2015 - September 30, 2017

0.50

(a)

205

Fund

Limitation Period

Expense Ratio Limitation %

Reimbursement Date

Mid-Cap Index

December 9, 2015 – April 30, 2018

0.32

(a)

New Income Fund—R Class(bb)

October 1, 2014 – September 30, 2016

1.15

(a)

New York Tax-Free Money(cc)

July 1, 2015 – June 30, 2017

0.55

(a)

Overseas Stock Fund—Advisor Class

August 28, 2015 – February 28, 2018

1.10

(a)

QM Global Equity Fund

April 15, 2016 – April 30, 2018

0.79

(a)

QM Global Equity Fund—Advisor Class

April 15, 2016 – April 30, 2018

1.04

(a)

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

February 26, 2016- April 30, 2018

0.89

(a)

February 26, 2016 – April 30, 2018

1.14

(a)

QM U.S. Value Equity Fund

February 26, 2016 – April 30, 2018

0.74

(a)

QM U.S. Value Equity Fund—Advisor Class

February 26, 2016 – April 30, 2018

0.99

(a)

Small-Cap Index Tax-Free Short-Intermediate Fund—Advisor Class(dd)

December 9, 2015 – April 30, 2018

0.34

(a)

July 1, 2015 – June 30, 2017

0.85

(a)

U.S. Large-Cap Core

May 1, 2014 – April 30, 2016

1.15

(a)

U.S. Large-Cap Core Fund—Advisor Class(ee)

May 1, 2016 – April 30, 2018

1.20

(a)

0.35

(a)

Ultra Short-Term Bond(ff) October 1, 2015 – September 30, 2017 (a) No reimbursement will be made more than three years after any waiver or payment.

(b) The California Tax-Free Money Fund previously operated under a 0.55% expense limitation that expired June 30, 2015. (c)

No reimbursement will be made after the reimbursement date or three years after any waiver or payment, whichever is sooner.

(d) The Emerging Markets Corporate Bond Fund previously operated under a 1.15% expense limitation that expired April 30, 2015. (e)

The Emerging Markets Corporate Bond Fund—Advisor Class previously operated under a 1.25% expense limitation that expired April 30, 2015.

(f)

The Emerging Markets Local Currency Bond Fund previously operated under a 1.10% expense limitation that expired April 30, 2016.

(g)

The Emerging Markets Local Currency Bond Fund—Advisor Class previously operated under a 1.20% expense limitation that expired April 30, 2016.

(h) The Equity Index 500 Fund previously operated under a 0.30% expense limitation that expired April 30, 2016. The reimbursement period for this limitation extends through April 30, 2018. (i)

The Floating Rate Fund previously operated under a 0.85% expense limitation that expired September 30, 2015.

(j)

The Floating Rate Fund—Advisor Class previously operated under a 0.95% expense limitation that expired September 30, 2015.

(k) The Global Allocation Fund previously operated under a 1.05% expense limitation that expired February 29, 2016. (l)

The Global Allocation Fund—Advisor Class previously operated under a 1.15% expense limitation that expired February 29, 2016.

(m) The Global Growth Stock Fund previously operated under a 1.00% expense limitation that expired February 28, 2015. (n) The Global Growth Stock Fund—Advisor Class previously operated under a 1.10% expense limitation that expired February 28, 2015. (o) The Global Industrials Fund previously operated under a l.05% expense limitation that expired April 30, 2016. (p) The Global Multi-Sector Bond Fund—Advisor Class previously operated under a 0.95% expense limitation that expired September 30, 2015. The reimbursement period for this limitation extends through September 30, 2017.

206

(q) The Global Real Estate Fund previously operated under a 1.05% expense limitation that expired April 30, 2015. (r)

The Global Real Estate Fund—Advisor Class previously operated under a 1.15% expense limitation that expired April 30, 2015.

(s)

The Global Stock Fund—Advisor Class previously operated under a 1.15% expense limitation that expired February 29, 2016. The reimbursement period for this limitation extends through February 28, 2018.

(t)

The Inflation Protected Bond Fund previously operated under a 0.50% expense limitation that expired September 30, 2014. The reimbursement period for this limitation extends through September 30, 2016.

(u) The Institutional Global Focused Growth Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015. (v)

The Institutional Global Growth Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015.

(w) The Institutional Global Value Equity Fund previously operated under a 0.75% expense limitation that expired February 29, 2016. The reimbursement period for this limitation extends through February 28, 2018. (x)

The Institutional International Concentrated Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015.

(y)

The Institutional International Core Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015.

(z)

The Institutional International Growth Equity Fund previously operated under a 0.75% expense limitation that expired February 29, 2016. The reimbursement period for this limitation extends through February 28, 2018.

(aa) The International Stock Fund—R Class previously operated under a 1.40% expense limitation that expired February 29, 2016. (bb) The New Income Fund—R Class previously operated under a 1.15% expense limitation that expired September 30, 2014. (cc) The New York Tax-Free Money Fund previously operated under a 0.55% expense limitation that expired June 30, 2015. (dd) The Tax-Free Short-Intermediate Fund—Advisor Class previously operated under a 0.85% expense limitation that expired June 30, 2015. (ee) The U.S. Large-Cap Core Fund—Advisor Class previously operated under a 1.20% expense limitation that expired April 30, 2016. (ff) The Ultra Short-Term Bond Fund previously operated under a 0.35% expense limitation that expired September 30, 2015.

The Investment Management Agreements between the funds and T. Rowe Price provide that each fund will bear all expenses of its operations not specifically assumed by the Investment Managers. For the purpose of determining whether a fund is entitled to expense limitation, the expenses of a fund are calculated on a monthly basis. If a fund is entitled to expense limitation, that month’s advisory fee will be reduced or waived, with any adjustment made after the end of the year. Except for the California and New York Tax-Free Funds, each of the above-referenced funds’ limitation also provides that one or more additional expense limitation periods (of the same or different time periods) may be implemented after the expiration of the current expense limitation, and that with respect to any such additional limitation period, the funds may reimburse T. Rowe Price, provided the reimbursement does not result in the funds’ aggregate expenses exceeding the additional expense limitation. No reimbursement may be made by the California and New York Tax-Free Funds unless approved by shareholders.

Asia Opportunities Fund and Asia Opportunities Fund—Advisor Class At October 31, 2015, expenses in the amount of $318,000 were waived/paid. Including these amounts, expenses previously waived/paid in the amount of $458,000 remain subject to repayment. Balanced Fund—I Class At December 31, 2015, less than $1,000 of expenses were waived/paid by the manager and remain subject to repayment.

207

California Tax-Free Money Fund At February 28, 2015, management fees in the amount of $110,000 were waived. Including these amounts, management fees waived in the amount of $309,000 remain subject to repayment. Capital Appreciation Fund—I Class At December 31, 2015, less than $1,000 of expenses were waived/paid by the manager and remain subject to repayment. Capital Opportunity Fund—R Class At December 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. Credit Opportunities Fund and Credit Opportunities Fund—Advisor Class At May 31, 2015, management fees in the amount of $224,000 were waived and expenses in the amount of $125,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $388,000 remain subject to repayment. Emerging Markets Bond Fund—Advisor Class and Emerging Markets Bond Fund—I Class At December 31, 2015, $1,000 of expenses were waived/paid by the manager and remain subject to repayment. Emerging Markets Corporate Bond Fund, Emerging Markets Corporate Bond Fund—Advisor Class, and Emerging Markets Corporate Bond Fund—I Class At December 31, 2015, expenses in the amount of $55,000 were waived/paid. Including these amounts, expenses previously waived/paid by the manager in the amount of $453,000 remain subject to repayment. Emerging Markets Local Currency Bond Fund, Emerging Markets Local Currency Bond Fund— Advisor Class, and Emerging Markets Local Currency Bond Fund—I Class At December 31, 2015, management fees in the amount of $2,000 were repaid. Including these amounts, expenses previously waived/paid by the manager in the amount of $614,000 remain subject to repayment. Emerging Markets Value Stock Fund and Emerging Markets Value Stock Fund—Advisor Class At October 31, 2015, expenses in the amount of $46,000 were waived/paid and remain subject to repayment. Emerging Markets Stock Fund—I Class At October 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. Equity Income Fund—I Class At December 31, 2015, less than $1,000 of expenses were waived/paid by the manager and remain subject to repayment. Equity Index 500 Fund—I Class At December 31, 2015, $1,000 of expenses were waived and remain subject to repayment. Floating Rate Fund and Floating Rate Fund—Advisor Class At May 31, 2015, expenses in the amount of $209,000 were repaid to the manager. Including these amounts, expenses previously reimbursed by the manager in the amount of $258,000 remain subject to repayment. Global Allocation Fund and Global Allocation Fund—Advisor Class At October 31, 2015, expenses in the amount of $166,000 were waived/paid. Including these amounts, expenses previously waived/paid by the manager in the amount of $735,000 remain subject to repayment. Global Growth Stock Fund and Global Growth Stock Fund—Advisor Class At October 31, 2015, expenses in the amount of $148,000 were waived/paid by the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $467,000 remain subject to repayment. Global High Income Bond Fund, Global High Income Bond Fund—Advisor Class, and Global High Income Bond Fund—I Class At December 31, 2015, $314,000 of expenses were waived/paid by the manager and remain subject to repayment. Global Industrials Fund At December 31, 2015, $226,000 of expenses were waived/paid. Including these amounts, expenses previously waived/paid by the manger in the amount of $534,000 remain subject to repayment.

208

Global Multi-Sector Bond Fund—Advisor Class At May 31, 2015, expenses in the amount of $6,000 were reimbursed by the manager. Including these amounts, expenses previously reimbursed by the manager in the amount of $14,000 remain subject to repayment. Global Real Estate Fund and Global Real Estate Fund—Advisor Class At December 31, 2015, $17,000 of expenses were repaid. Including these amounts, expenses previously waived/paid by the manager in the amount of $664,000 remain subject to repayment. Global Stock Fund—Advisor Class At October 31, 2015, expenses in the amount of $2,000 were waived/paid by the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $8,000 remain subject to repayment. Global Unconstrained Bond Fund, Global Unconstrained Bond Fund—Advisor Class, and Global Unconstrained Bond Fund—I Class At December 31, 2015, $297,000 of expenses were waived/paid by the manager and remain subject to repayment. Growth Stock Fund—I Class At December 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. International Bond Fund—I Class At December 31, 2015, less than $1,000 of expenses were waived/paid by the manager and remain subject to repayment. Inflation Protected Bond Fund At May 31, 2015, management fees in the amount of $305,000 were waived. Including these amounts, management fees waived in the amount of $864,000 remain subject to repayment. Institutional Africa & Middle East Fund At October 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. Institutional Frontier Markets Equity Fund At October 31, 2015, expenses in the amount of $203,000 were waived/paid. Including these amounts, expenses previously waived/paid by the manager in the amount of $248,000 remain subject to repayment. Institutional Global Focused Growth Equity Fund At October 31, 2015, expenses in the amount of $182,000 were waived/paid by the manager. Including these amounts, expenses previously waived/paid in the amount of $467,000 remain subject to repayment. Institutional Global Growth Equity Fund At October 31, 2015, expenses in the amount of $51,000 were waived/paid by the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $320,000 remain subject to repayment. Institutional Global Value Equity Fund At October 31, 2015, expenses in the amount of $269,000 were waived/paid by the manager. Including these amounts, management fees waived and expenses previously paid by the manager in the amount of $756,000 remain subject to repayment. Institutional International Concentrated Equity Fund At October 31, 2015, expenses in the amount of $83,000 were waived/paid by the manager. Including these amounts, management fees waived and expenses previously paid by the manager in the amount of $453,000 remain subject to repayment. Institutional International Core Equity Fund At October 31, 2015, expenses in the amount of $176,000 were waived/paid by the manager. Including these amounts, expenses waived/paid in the amount of $503,000 remain subject to repayment. Institutional International Growth Equity Fund At October 31, 2015, expenses in the amount of $245,000 were waived/paid by the manager. Including these amounts, expenses previously waived/paid in the amount of $699,000 remain subject to repayment. Institutional Large-Cap Core Growth Fund At December 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. Institutional U.S. Structured Research Fund At December 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit.

209

Intermediate Tax-Free High Yield Fund At February 28, 2015, management fees in the amount of $47,000 were waived and expenses in the amount of $141,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $188,000 remain subject to repayment. International Concentrated Equity Fund and International Concentrated Equity Fund—Advisor Class At October 31, 2015, expenses in the amount of $331,000 were waived/paid by the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $391,000 remain subject to repayment. International Growth & Income Fund—I Class At October 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. International Stock Fund—I Class At October 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. International Stock Fund—R Class At October 31, 2015, expenses in the amount of $1,000 were repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $3,000 remain subject to repayment. Mid-Cap Value Fund—I Class At December 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. New America Growth Fund—I Class At December 31, 2015, less than $1,000 of expenses were waived/paid by the manager and remain subject to repayment. New Era Fund—I Class At December 31, 2015, there were no amounts subject to repayment. The fund operated below its expense limit. New Income Fund—R Class At May 31, 2015, expenses in the amount of $4,000 were reimbursed by the manager. Including these amounts, expenses previously reimbursed by the manager in the amount of $19,000 remain subject to repayment. New York Tax-Free Money Fund At February 28, 2015, management fees in the amount of $117,000 were waived. Including these amounts, management fees waived in the amount of $321,000 remain subject to repayment. Overseas Stock Fund—Advisor Class and Overseas Stock Fund—I Class At October 31, 2015, expenses in the amount of $1,000 were waived/paid. Including these amounts, expenses previously waived/paid by the manager in the amount of $1,000 remain subject to repayment. Real Assets Fund—I Class At December 31, 2015, $1,000 of expenses were waived/paid by the manager and remain subject to repayment. Real Estate Fund—I Class At December 31, 2015, less than $1,000 of expenses were waived/paid by the manager and remain subject to repayment. Small-Cap Index Fund and Small-Cap Index Fund—I Class At December 31, 2015, $34,000 of expenses were waived/paid by the manager and remain subject to repayment. Small-Cap Value Fund—I Class At December 31, 2015, $1,000 of expenses were waived/paid by the manager and remain subject to repayment. U.S. Large-Cap Core and U.S. Large-Cap Core Growth—Advisor Class At December 31, 2015, expenses in the amount of $111,000 were repaid. Including these amounts, expenses previously waived/paid by the manager in the amount of $0 remain subject to repayment. Ultra Short-Term Bond Fund At May 31, 2015, management fees waived and expenses previously reimbursed by the manager in the amount of $553,000 were waived. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $1,312,000 remain subject to repayment.

210

The following chart sets forth contractual operating expense limitations for the I Class of each fund, if any, and the periods for which they are effective. For each fund, T. Rowe Price has agreed to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. Any expenses paid under the agreement are subject to reimbursement to T. Rowe Price by the fund or class whenever the fund’s I Class Operating Expenses are below 0.05%. However, no reimbursement will be made more than three years after the payment of the I Class Operating Expenses or if such reimbursement would cause the fund’s I Class Operating Expenses to exceed 0.05%. Fund

Limitation Period

Balanced Fund—I Class

December 15, 2015 – April 30, 2018

Blue Chip Growth Fund—I Class

December 15, 2015 – April 30, 2018

Capital Appreciation Fund—I Class

December 15, 2015 – April 30, 2018

Corporate Income Fund—I Class

December 15, 2015 – September 30, 2018

Dividend Growth Fund—I Class

December 15, 2015 – April 30, 2018

Emerging Markets Bond Fund—I Class Emerging Markets Corporate Bond Fund— I Class Emerging Markets Local Currency Bond Fund—I Class

August 28, 2015 – April 30, 2018 December 15, 2015 – April 30, 2018

Emerging Markets Stock Fund—I Class

August 28, 2015 – February 28, 2018

Equity Income Fund—I Class

December 15, 2015 – April 30, 2018

Equity Index 500 Fund—I Class

August 28, 2015 – April 30, 2018

Global Allocation Fund—I Class

March 23, 2016 – February 28, 2018

Global High Income Bond Fund—I Class

August 28, 2015 – April 30, 2018

Global Multi-Sector Bond Fund—I Class

March 23, 2016 – September 30, 2018

Global Unconstrained Bond Fund—I Class

August 28, 2015 – April 30, 2018

Growth Stock Fund—I Class

August 28, 2015 – April 30, 2018

Health Sciences Fund—I Class

March 23, 2016 – April 30, 2018

High Yield Fund—I Class

August 28, 2015 – September 30, 2017

Inflation Protected Bond Fund—I Class

December 15, 2015 – September 30, 2018

International Bond Fund—I Class

August 28, 2015 – April 30, 2018

International Discovery Fund—I Class

December 15, 2015 – February 28, 2018

International Growth & Income Fund—I Class

August 28, 2015 – February 28, 2018

International Stock Fund—I Class Limited Duration Inflation Focused Bond Fund—I Class

August 28, 2015 – February 28, 2018 September 29, 2015 – September 30, 2017

Media & Telecommunications Fund—I Class

March 23, 2016 – April 30, 2018

Mid-Cap Growth Fund—I Class

August 28, 2015 – April 30, 2018

December 15, 2015 – April 30, 2018

Mid-Cap Index Fund—I Class

December 9, 2015 – April 30, 2018

Mid-Cap Value Fund—I Class

August 28, 2015 – April 30, 2018

New Asia Fund—I Class

December 15, 2015 – February 28, 2018

New America Growth Fund—I Class

December 15, 2015 – April 30, 2018

New Era Fund—I Class

December 15, 2015 – April 30, 2018

New Horizons Fund—I Class

August 28, 2015 – April 30, 2018

211

Fund

Limitation Period

New Income Fund—I Class

August 28, 2015 – September 30, 2017

Overseas Stock Fund—I Class

August 28, 2015 – February 28, 2018

Personal Strategy Balanced Fund—I Class

March 23, 2016 – September 30, 2018

Personal Strategy Growth Fund—I Class

March 23, 2016 – September 30, 2018

Personal Strategy Income Fund—I Class

March 23, 2016 – September 30, 2018

QM Global Equity Fund—I Class QM U.S. Small & Mid-Cap Core Equity Fund—I Class QM U.S. Small-Cap Growth Equity Fund—I Class

April 15, 2016 – April 30, 2018 February 26, 2016 – April 30, 2018

QM U.S. Value Equity Fund—I Class

February 26, 2016 – April 30, 2018

Real Assets Fund—I Class

August 28, 2015 – April 30, 2018

Real Estate Fund—I Class

December 15, 2015 – April 30, 2018

Retirement I 2005 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2010 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2015 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2020 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2025 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2030 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2035 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2040 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2045 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2050 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2055 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement I 2060 Fund—I Class

September 29, 2015 – September 30, 2017

Retirement Balanced I Fund—I Class

September 29, 2015 – September 30, 2017

Science & Technology Fund—I Class

March 23, 2016 – April 30, 2018

Short-Term Bond Fund—I Class

December 15, 2015 – September 30, 2018

Target 2005 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2010 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2015 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2020 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2025 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2030 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2035 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2040 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2045 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2050 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2055 Fund—I Class

February 26, 2016 – September 30, 2018

Target 2060 Fund—I Class

February 26, 2016 – September 30, 2018

March 23, 2016 – April 30, 2018

Small-Cap Index Fund—I Class

December 9, 2015 – April 30, 2018

Small-Cap Stock Fund—I Class

August 28, 2015 – April 30, 2018

Small-Cap Value Fund—I Class

August 28, 2015 – April 30, 2018

212

Fund

Limitation Period

Value Fund—I Class

August 28, 2015 – April 30, 2018

Management Related Services

In addition to the management fee, the funds (other than the Single-Fee Funds) pay for the following: shareholder service expenses; custodial, accounting, legal, and audit fees; costs of preparing and printing prospectuses and reports sent to shareholders; registration fees and expenses; proxy and annual meeting expenses (if any); and directors’ fees and expenses. T. Rowe Price Services, Inc. (“Services”), a wholly owned subsidiary of T. Rowe Price, acts as the funds’ transfer and dividend disbursing agent and provides shareholder and administrative services. T. Rowe Price Retirement Plan Services, Inc. (“RPS”), also a wholly owned subsidiary, provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. Pursuant to an agreement between the Price Funds and Services, the fees paid by the funds to Services are based on the costs to Services of providing these services plus a return on capital employed in support of the services. Pursuant to an agreement between applicable Price Funds and RPS, the fees paid to RPS are based on the percentage of Price Fund assets for which RPS provides recordkeeping and sub-transfer agency services. The fees paid to Services and RPS are set forth in each fund’s shareholder report under “Related Party Transactions.” The address for Services and RPS is 100 East Pratt Street, Baltimore, Maryland 21202. T. Rowe Price, under a separate agreement with the Price Funds, provides accounting services to the funds. Prior to August 1, 2015, all accounting services for the Price Funds were generally provided by T. Rowe Price. Effective August 1, 2015, certain accounting services are provided to the Price Funds by T. Rowe Price and certain account services are provided to the Price Funds by The Bank of New York Mellon (“BNYM”), subject to the oversight of T. Rowe Price. The following table shows the fees paid by the funds to T. Rowe Price for accounting services during the fiscal years indicated. Fiscal Year Ended Fund

2/28/15

2/28/14

2/28/13

California Tax-Free Bond California Tax-Free Money

$95,000 95,000

$91,000 91,000

$94,000 94,000

Floating Rate Multi-Sector Account Portfolio Georgia Tax-Free Bond High Yield Multi-Sector Account Portfolio Intermediate Tax-Free High Yield Intermediate Tax-Free High Yield Fund—Advisor Class Investment-Grade Corporate Multi-Sector Account Portfolio Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond

— 95,000 — 100,000

— 91,000 — (a)

— 94,000 — (a)

2,000

(a)

(a)

— 95,000 95,000

— 91,000 112,000

— 94,000 119,000

Maryland Tax-Free Money Mortgage-Backed Securities Multi-Sector Account Portfolio New Jersey Tax-Free Bond New York Tax-Free Bond

95,000

91,000

94,000

— 95,000 95,000

— 91,000 91,000

— 94,000 94,000

95,000 95,000 120,000

91,000 91,000 116,000

94,000 94,000 119,000

New York Tax-Free Money Tax-Efficient Equity Tax-Exempt Money

213

Fiscal Year Ended Fund

2/28/15

2/28/14

2/28/13

Tax-Free High Yield

169,000

161,000

156,000

Tax-Free High Yield Fund—Advisor Class Tax-Free Income Tax-Free Income Fund—Advisor Class Tax-Free Short-Intermediate Tax-Free Short-Intermediate Fund—Advisor Class

574 100,000 45,000 120,000

276 86,000 50,000 111,000

(b) 86,000 54,000 106,000

420

290

(b)

Tax-Free Ultra Short-Term Bond Virginia Tax-Free Bond (a) Prior to commencement of operations.

(a) 95,000

(a) 91,000

(a) 94,000

(b) Less than $1,000. Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

$120,000 (a) 208,000 2,000 163,000 7,000

$132,000 (a) 18,000 (b) 157,000 8,000

$143,000 (a) (a) (a) 159,000 4,000

Global Multi-Sector Bond Global Multi-Sector Bond Fund—Advisor Class Global Multi-Sector Bond Fund—I Class GNMA TRP Government Reserve Investment High Yield

208,000 2,000 (a) 120,000 95,000 188,000

200,000 1,000 (a) 117,000 92,000 180,000

194,000 (b) (a) 118,000 93,000 166,000

High Yield Fund—Advisor Class High Yield Fund—I Class Inflation Protected Bond Inflation Protected Bond Fund—I Class Institutional Core Plus Institutional Core Plus Fund—F Class

22,000 (a) 145,000 (a) 210,000 (b)

22,000 (a) 142,000 (a) 200,000 1,000

29,000 (a) 143,000 (a) 193,000 2,000

Institutional Credit Opportunities Institutional Floating Rate Institutional Floating Rate Fund—F Class Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit

185,000 134,000 36,000 145,000 185,000 120,000

16,000 120,000 45,000 93,000 179,000 131,000

(a) 131,000 49,000 (a) 175,000 (a)

Limited Duration Inflation Focused Bond Limited Duration Inflation Focused Bond Fund— I Class

145,000

142,000

143,000

(a)

(a)

(a)

Corporate Income Corporate Income Fund—I Class Credit Opportunities Credit Opportunities Fund—Advisor Class Floating Rate Floating Rate Fund—Advisor Class

214

Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

New Income

235,000

223,000

214,000

New Income Fund—Advisor Class New Income Fund—I Class New Income Fund—R Class Personal Strategy Balanced Personal Strategy Balanced Fund—I Class Personal Strategy Growth

(b) (a) (b) 185,000 (a) 185,000

(b) (a) (b) 179,000 (a) 179,000

(b) (a) (b) 175,000 (a) 175,000

Personal Strategy Growth Fund—I Class Personal Strategy Income Personal Strategy Income Fund—I Class Prime Reserve TRP Reserve Investment Retirement 2005

(a) 185,000 (a) 120,000 120,000 (c)

(a) 179,000 (a) 117,000 117,000 (c)

(a) 175,000 (a) 118,000 118,000 (c)

Retirement 2005 Fund—Advisor Class Retirement 2005 Fund—R Class Retirement 2010 Retirement 2010 Fund—Advisor Class Retirement 2010 Fund—R Class Retirement 2015

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

Retirement 2015 Fund—Advisor Class Retirement 2015 Fund—R Class Retirement 2020 Retirement 2020 Fund—Advisor Class Retirement 2020 Fund—R Class Retirement 2025

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

Retirement 2025 Fund—Advisor Class Retirement 2025 Fund—R Class Retirement 2030 Retirement 2030 Fund—Advisor Class Retirement 2030 Fund—R Class Retirement 2035

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

Retirement 2035 Fund—Advisor Class Retirement 2035 Fund—R Class Retirement 2040 Retirement 2040 Fund—Advisor Class Retirement 2040 Fund—R Class Retirement 2045

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (c) (c) (c)

Retirement 2045 Fund—Advisor Class Retirement 2045 Fund—R Class Retirement 2050 Retirement 2050 Fund—Advisor Class

(c) (c) (c) (c)

(c) (c) (c) (c)

(c) (c) (c) (c)

215

Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

Retirement 2050 Fund—R Class

(c)

(c)

(c)

Retirement 2055 Retirement 2055 Fund—Advisor Class Retirement 2055 Fund—R Class Retirement 2060 Retirement 2060 Fund—Advisor Class Retirement 2060 Fund—R Class

(c) (c) (c) (c) (c) (c)

(c) (c) (c) (a) (a) (a)

(c) (c) (c) (a) (a) (a)

Retirement Balanced Retirement Balanced Fund—Advisor Class Retirement Balanced Fund—R Class Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class Retirement I 2015 Fund—I Class

(c) (c) (c) (a) (a) (a)

(c) (c) (c) (a) (a) (a)

(c) (c) (c) (a) (a) (a)

Retirement I 2020 Fund—I Class Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class Retirement I 2045 Fund—I Class

(a) (a) (a) (a) (a) (a)

(a) (a) (a) (a) (a) (a)

(a) (a) (a) (a) (a) (a)

Retirement I 2050 Fund—I Class Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Short-Term Bond Short-Term Bond Fund—Advisor Class

(a) (a) (a) (a) 166,000 4,000

(a) (a) (a) (a) 159,000 5,000

(a) (a) (a) (a) 146,000 17,000

Short-Term Bond Fund—I Class Short-Term Government Reserve Short-Term Reserve Target 2005 Target 2005 Fund—Advisor Class Target 2005 Fund—I Class

(a) (a) 185,000 (c) (c) (a)

(a) (a) (a) (c) (c) (a)

(a) (a) (a) (a) (a) (a)

Target 2010 Target 2010 Fund—Advisor Class Target 2010 Fund—I Class Target 2015 Target 2015 Fund—Advisor Class Target 2015 Fund—I Class

(c) (c) (a) (c) (c) (a)

(c) (c) (a) (c) (c) (a)

(a) (a) (a) (a) (a) (a)

Target 2020 Target 2020 Fund—Advisor Class Target 2020 Fund—I Class Target 2025

(c) (c) (a) (c)

(c) (c) (a) (c)

(a) (a) (a) (a)

216

Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

Target 2025 Fund—Advisor Class

(c)

(c)

(a)

Target 2025 Fund—I Class Target 2030 Target 2030 Fund—Advisor Class Target 2030 Fund—I Class Target 2035 Target 2035 Fund—Advisor Class

(a) (c) (c) (a) (c) (c)

(a) (c) (c) (a) (c) (c)

(a) (a) (a) (a) (a) (a)

Target 2035 Fund—I Class Target 2040 Target 2040 Fund—Advisor Class Target 2040 Fund—I Class Target 2045 Target 2045 Fund—Advisor Class

(a) (c) (c) (a) (c) (c)

(a) (c) (c) (a) (c) (c)

(a) (a) (a) (a) (a) (a)

Target 2045 Fund—I Class Target 2050 Target 2050 Fund—Advisor Class Target 2050 Fund—I Class Target 2055 Target 2055 Fund—Advisor Class

(a) (c) (c) (a) (c) (c)

(a) (c) (c) (a) (c) (c)

(a) (a) (a) (a) (a) (a)

Target 2055 Fund—I Class Target 2060 Target 2060 Fund—Advisor Class Target 2060 Fund—I Class U.S. Treasury Intermediate U.S. Treasury Long-Term

(a) (c) (c) (a) 95,000 95,000

(a) (a) (a) (a) 92,000 92,000

(a) (a) (a) (a) 93,000 93,000

U.S. Treasury Money Ultra Short-Term Bond (a) Prior to commencement of operations.

95,000 95,000

92,000 107,000

93,000 57,000

(b) Less than $1,000. (c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.

217

Fiscal Year Ended Fund Africa & Middle East

10/31/15

10/31/14

10/31/13

$153,000

$183,000

$175,000

Asia Opportunities Asia Opportunities Fund—Advisor Class Emerging Europe Emerging Markets Stock Emerging Markets Stock Fund—I Class Emerging Markets Value Stock Emerging Markets Value Stock Fund—Advisor Class European Stock Global Allocation Global Allocation Fund—Advisor Class

141,000 1,000 105,000 153,000 (b) 7,000

74,000 1,000 119,000 183,000 (a) (a)

(a) (a) 116,000 175,000 (a) (a)

(b) 105,000 167,000 5,000

(a) 119,000 203,000 4,000

(a) 116,000 82,000 (b)

Global Allocation Fund—I Class Global Growth Stock Global Growth Stock Fund—Advisor Class Global Stock Global Stock Fund—Advisor Class Institutional Africa & Middle East

(a) 122,000 1,000 123,000 (b) 153,000

(a) 142,000 1,000 143,000 (b) 183,000

(a) 135,000 1,000 136,000 (b) 175,000

Institutional Emerging Markets Equity Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Concentrated Equity

123,000 123,000 105,000 105,000 123,000 105,000

144,000 15,000 119,000 119,000 144,000 119,000

141,000 (a) 116,000 116,000 137,000 116,000

Institutional International Core Equity Institutional International Growth Equity International Concentrated Equity International Concentrated Equity Fund— Advisor Class

105,000 105,000 119,000

119,000 119,000 24,000

116,000 116,000 (a)

5,000

3,000

(a)

International Discovery International Discovery Fund—I Class International Equity Index International Growth & Income International Growth & Income Fund—Advisor Class

123,000 (a) 153,000 139,000

144,000 (a) 183,000 163,000

141,000 (a) 175,000 151,000

2,000

3,000

4,000

International Growth & Income Fund—I Class International Growth & Income Fund—R Class International Stock International Stock Fund—Advisor Class International Stock Fund—I Class

(b) (b) 135,000 7,000 (b)

(a) (b) 163,000 4,000 (a)

(a) 1,000 152,000 4,000 (a)

(b) 86,000

(b) 94,000

(b) 91,000

International Stock Fund—R Class Japan

218

Fiscal Year Ended Fund

10/31/15

10/31/14

10/31/13

Latin America

105,000

119,000

116,000

New Asia New Asia Fund—I Class Overseas Stock Overseas Stock Fund—Advisor Class Overseas Stock Fund—I Class Summit Cash Reserves

123,000 (a) 123,000 (b) (b) 105,000

144,000 (a) 144,000 (a) (a) 119,000

141,000 (a) 141,000 (a) (a) 116,000

Summit Municipal Income Summit Municipal Income Fund—Advisor Class Summit Municipal Intermediate Summit Municipal Intermediate Fund—Advisor Class

105,000 (b) 105,000

118,000 (b) 118,000

111,000 (b) 111,000

(b)

(b)

(b)

Summit Municipal Money Market U.S. Bond Enhanced Index (a) Prior to commencement of operations.

105,000 105,000

119,000 119,000

116,000 116,000

(b) Less than $1,000. Fiscal Year Ended Fund Balanced

12/31/15

12/31/14

12/31/13

$130,000

$185,000

$175,000

Balanced Fund—I Class Blue Chip Growth Blue Chip Growth Fund—Advisor Class Blue Chip Growth Fund—I Class Blue Chip Growth Fund—R Class Capital Appreciation

(a) 95,000 10,000 (a) 2,000 138,000

(a) 128,000 15,000 (a) 2,000 200,000

(a) 115,000 13,000 (a) 2,000 188,000

Capital Appreciation Fund—Advisor Class Capital Appreciation Fund—I Class Capital Opportunity Capital Opportunity Fund—Advisor Class Capital Opportunity Fund—R Class Diversified Mid-Cap Growth

7,000 (a) 118,000 2,000 2,000 78,000

10,000 (a) 166,000 2,000 2,000 95,000

7,000 (a) 151,000 2,000 2,000 90,000

Dividend Growth Dividend Growth Fund—Advisor Class Dividend Growth Fund—I Class Emerging Markets Bond Emerging Markets Bond Fund—Advisor Class Emerging Markets Bond Fund—I Class

88,000 5,000 (a) 130,000 (b) (b)

113,000 7,000 (a) 185,000 (a) (a)

103,000 7,000 (a) 175,000 (a) (a)

Emerging Markets Corporate Bond Emerging Markets Corporate Bond Fund— Advisor Class

121,000

169,000

194,000

(b)

(b)

1,000

219

Fiscal Year Ended Fund Emerging Markets Corporate Bond Fund—I Class Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Currency Bond Emerging Markets Local Currency Bond Fund— Advisor Class Emerging Markets Local Currency Bond Fund— I Class Emerging Markets Local Multi-Sector Account Portfolio

12/31/15

12/31/14

12/31/13

(a)

(a)

(a)

(b) 145,000

(a) 209,000

(a) 193,000

(b)

1,000

2,000

(a)

(a)

(a)

(b)

(a)

(a)

Equity Income Equity Income Fund—Advisor Class Equity Income Fund—I Class Equity Income Fund—R Class Equity Index 500

102,000 4,000 (a) 1,000 107,000

132,000 11,000 (a) 2,000 145,000

117,000 11,000 (a) 1,000 140,000

Equity Index 500 Fund—I Class Extended Equity Market Index Financial Services Global Consumer Global High Income Bond Global High Income Bond Fund—Advisor Class

(b) 107,000 78,000 (a) 128,000 5,000

(a) 145,000 95,000 (a) (a) (a)

(a) 140,000 90,000 (a) (a) (a)

Global High Income Bond Fund—I Class Global Industrials Global Real Estate Global Real Estate Fund—Advisor Class Global Technology Global Unconstrained Bond

(b) 107,000 128,000 17,000 93,000 129,000

(a) 145,000 196,000 14,000 120,000 (a)

(a) 26,000 183,000 12,000 115,000 (a)

Global Unconstrained Bond Fund—Advisor Class Global Unconstrained Bond Fund—I Class Growth & Income Growth Stock Growth Stock Fund—Advisor Class Growth Stock Fund—I Class

4,000 (b) 78,000 109,000 10,000 (b)

(a) (a) 95,000 152,000 14,000 (a)

(a) (a) 90,000 139,000 12,000 (a)

Growth Stock Fund—R Class Health Sciences Health Sciences Fund—I Class Institutional Emerging Markets Bond Institutional International Bond Institutional Large-Cap Core Growth

3,000 107,000 (a) 107,000 107,000 78,000

4,000 145,000 (a) 145,000 145,000 95,000

4,000 175,000 (a) 140,000 140,000 90,000

Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth

78,000 78,000 78,000

95,000 95,000 95,000

90,000 90,000 90,000

220

Fiscal Year Ended Fund

12/31/15

12/31/14

12/31/13

78,000

95,000

90,000

Institutional U.S. Structured Research International Bond International Bond Fund—Advisor Class International Bond Fund—I Class Media & Telecommunications Media & Telecommunications Fund—I Class

93,000 121,000 (b) (b) 93,000 (a)

120,000 168,000 2,000 (a) 120,000 (a)

115,000 155,000 5,000 (a) 115,000 (a)

Mid-Cap Growth Mid-Cap Growth Fund—Advisor Class Mid-Cap Growth Fund—I Class Mid-Cap Growth Fund—R Class Mid-Cap Index Mid-Cap Index Fund—I Class

101,000 5,000 (b) 1,000 6,000 (b)

136,000 7,000 (a) 2,000 (a) (a)

122,000 6,000 (a) 2,000 (a) (a)

Mid-Cap Value Mid-Cap Value Fund—Advisor Class Mid-Cap Value Fund—I Class Mid-Cap Value Fund—R Class New America Growth New America Growth Fund—Advisor Class

99,000 5,000 (b) 3,000 83,000 10,000

131,000 10,000 (a) 4,000 105,000 15,000

118,000 8,000 (a) 4,000 94,000 16,000

New America Growth Fund—I Class New Era New Era Fund—I Class New Horizons New Horizons Fund—I Class QM Global Equity

(a) 78,000 (a) 92,000 (b) (a)

(a) 95,000 (a) 120,000 (a) (a)

(a) 90,000 (a) 115,000 (a) (a)

QM Global Equity Fund—Advisor Class QM Global Equity Fund—I Class QM U.S. Small & Mid-Cap Core Equity QM U.S. Small & Mid-Cap Core Equity Fund—

(a) (a) (a)

(a) (a) (a)

(a) (a) (a)

Advisor Class

(a)

(a)

(a)

(a)

(a)

(a)

78,000

95,000

90,000

(a) (a) (a)

(a) (a) (a)

(a) (a) (a)

(a) 130,000 (b) 115,000 7,000

(a) 185,000 (a) 160,000 10,000

(a) 175,000 (a) 151,000 9,000

Institutional Small-Cap Stock

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

QM U.S. Small-Cap Growth Equity QM U.S. Small-Cap Growth Equity Fund— I Class QM U.S. Value Equity QM U.S. Value Equity Fund—Advisor Class QM U.S. Value Equity Fund—I Class Real Assets Real Assets Fund—I Class Real Estate Real Estate Fund—Advisor Class

221

Fiscal Year Ended Fund

12/31/15

Real Estate Fund—I Class

12/31/14

12/31/13

(a)

(a)

(a)

94,000 14,000 (a) 6,000 (b) 89,000

126,000 19,000 (a) (a) (a) 114,000

118,000 17,000 (a) (a) (a) 105,000

Small-Cap Stock Fund—Advisor Class Small-Cap Stock Fund—I Class Small-Cap Value Small-Cap Value Fund—Advisor Class Small-Cap Value Fund—I Class Spectrum Growth

4,000 (b) 108,000 14,000 (b) (c)

6,000 (a) 145,000 25,000 (a) (c)

5,000 (a) 137,000 23,000 (a) (c)

Spectrum Income Spectrum International Total Equity Market Index U.S. Large-Cap Core U.S. Large-Cap Core Fund—Advisor Class Value

(c) (c) 107,000 90,000 3,000 90,000

(c) (c) 145,000 117,000 3,000 117,000

(c) (c) 140,000 109,000 1,000 108,000

3,000 (b)

3,000 (a)

2,000 (a)

Science & Technology Science & Technology Fund—Advisor Class Science & Technology Fund—I Class Small-Cap Index Small-Cap Index Fund—I Class Small-Cap Stock

Value Fund—Advisor Class Value Fund—I Class (a) Prior to commencement of operations. (b) Less than $1,000.

(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement. 529 Plans

T. Rowe Price is the investment manager of several college savings plans established by states under Section 529 of the Code. Each plan has a number of portfolios that invest in underlying Price Funds including Blue Chip Growth, Emerging Markets Bond, Emerging Markets Stock, Equity Income, Equity Index 500, Extended Equity Market Index, Financial Services, Health Sciences, High Yield, International Bond, International Equity Index, International Growth & Income, International Stock, Limited Duration Inflation Focused Bond, MidCap Growth, Mid-Cap Value, New Horizons, New Income, Overseas Stock, Real Assets, Science & Technology, Short-Term Bond, Small-Cap Stock, Spectrum Income, Summit Cash Reserves, Total Equity Market Index, U.S. Bond Enhanced Index, U.S. Treasury Money, and Value Funds. Each portfolio establishes an omnibus account in the underlying Price Funds. Transfer agent and recordkeeping expenses incurred by the portfolios as a result of transactions by participants in the Section 529 college savings plans that invest in the Price Funds are paid for by the underlying Price Funds under their agreement with their transfer agent, T. Rowe Price Services, Inc. The expenses borne by each underlying Price Fund are set forth in the shareholder report of the underlying fund under “Related Party Transactions.”

222

THIRD PARTY ARRANGEMENTS Administrative Fee Payments

The Price Funds (other than I Class shares, Institutional Funds (except for their F Class shares), Mid-Cap Index Fund, Multi-Sector Account Portfolios, Small-Cap Index Fund, and TRP Reserve Funds) have adopted an administrative fee payment (“AFP”) program that authorizes the funds to make payments for services provided on behalf of the funds. Under the AFP program, payments by a fund (of up to 0.15% of its average daily net assets per year) may be made to retirement plans, retirement plan recordkeepers, insurance companies, banks, and broker-dealers for transfer agency, recordkeeping, and other administrative services. These services include, but are not limited to: transmitting net purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; mailing shareholder confirmations and periodic statements; processing dividend payments; and utilizing telephone services in connection with the above. Under the AFP program, the funds paid the amounts set forth below in calendar year 2015. Fund

Payment

Africa & Middle East Asia Opportunities Balanced Blue Chip Growth California Tax-Free Bond California Tax-Free Money

$69,840 682 1,361,775 21,562,558 154,545 772

Capital Appreciation Capital Opportunity Corporate Income Credit Opportunities Diversified Mid-Cap Growth Dividend Growth

13,245,821 633,454 47,013 1,152 130,629 3,968,383

Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Currency Bond Emerging Markets Local Multi-Sector Account Portfolio Emerging Markets Stock Emerging Markets Value Stock Equity Income Equity Index 500 European Stock Extended Equity Market Index Financial Services Floating Rate

35,973 444,304 135,856 (a) 5,278 (a) 2,052,854 2 16,063,234 945,590 636,523 254,968 197,993 103,799

Floating Rate Multi-Sector Account Portfolio Georgia Tax-Free Bond

223

(a) 82,713

Fund

Payment

Global Allocation Global Consumer Global Growth Stock

30,577 (b) 10,403

Global High Income Bond Global Industrials Global Multi-Sector Bond Global Real Estate Global Stock Global Technology

201 612 67,486 88,846 199,104 1,384,650

Global Unconstrained Bond GNMA TRP Government Reserve Investment Growth & Income Growth Stock Health Sciences

21 131,943 (a) 168,741 17,942,233 8,043,552

High Yield High Yield Multi-Sector Account Portfolio Inflation Protected Bond Institutional Africa & Middle East Institutional Core Plus Institutional Core Plus Fund—F Class

2,644,205

Institutional Credit Opportunities Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Floating Rate Institutional Floating Rate Fund—F Class Institutional Frontier Markets Equity

(a)

(a) 99,615 (a) (a) 310 (a) (a) (a) 989,915 (a)

Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Multi-Sector Bond Institutional Global Value Equity Institutional High Yield Institutional International Bond

(a)

Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value

(a)

Institutional Long Duration Credit Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock

(a)

224

(a) (a) (a) (a) (a) (a) (a) (a) (a) (a) (a) (a)

Fund

Payment

Institutional U.S. Structured Research Intermediate Tax-Free High Yield International Bond International Concentrated Equity International Discovery International Equity Index International Growth & Income International Stock Investment-Grade Corporate Multi-Sector Account Portfolio Japan Latin America Limited Duration Inflation Focused Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money Media & Telecommunications Mid-Cap Growth Mid-Cap Index Mid-Cap Value Mortgage-Backed Securities Multi-Sector Account Portfolio New America Growth New Asia New Era

(a) 3,151 1,876,723 810 2,755,314 173,362 774,789 2,919,986 (a) 60,079 155,645 (c) 52,118 477,453 1,560 1,020,518 13,798,636 (a) 5,082,526 (a) 3,378,033 1,962,055 985,891

New Horizons New Income New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Overseas Stock

9,270,631

Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income Prime Reserve QM Global Equity QM U.S. Small & Mid-Cap Core Equity

1,185,651

QM U.S. Small-Cap Growth Equity QM U.S. Value Equity Real Assets Real Estate TRP Reserve Investment Retirement 2005

1,320,348

5,185,982 116,640 126,526 462 1,659,477 932,205 552,965 80,976 (b) (b) (b) 13,601 4,280,985 (a) (d)

225

Fund

Payment

Retirement 2010 Retirement 2015 Retirement 2020

(d)

Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement 2050

(d)

Retirement 2055 Retirement 2060 Retirement Balanced Science & Technology Short-Term Bond Short-Term Government Reserve

(d)

(d) (d) (d) (d) (d) (d) (d) (d) (d) 657,686 2,936,806 (b)

Short-Term Reserve Small-Cap Index Small-Cap Stock Small-Cap Value Spectrum Growth Spectrum Income

(a) (a) 5,888,523 2,976,349 (d) (d)

Spectrum International Summit Cash Reserves Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market Target 2005

(d) 46,949 1,026,843 4,665,360 763 (e)

Target 2010 Target 2015 Target 2020 Target 2025 Target 2030 Target 2035

(e)

Target 2040 Target 2045 Target 2050 Target 2055 Target 2060 Tax-Efficient Equity

(e)

(e) (e) (e) (e) (e) (e) (e) (e) (e) 24,432

Tax-Exempt Money Tax-Free High Yield Tax-Free Income

363,519 1,702,575 421,306

226

Fund

Payment

Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond Total Equity Market Index

1,301,521 (b) 198,493

U.S. Bond Enhanced Index U.S. Large-Cap Core U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money Ultra Short-Term Bond

155,124 14,849 78,785 40,753 355,533 43,907

Value Virginia Tax-Free Bond (a) (b) (c) (d) (e)

3,296,385

323,728 Not eligible to participate in AFP program. Prior to commencement of operations. Prior to the fund’s participation in the AFP program. Paid by underlying Price Funds pursuant to the Special Servicing Agreement. During 2015, the AFP was paid by underlying Price Funds pursuant to a Special Servicing Agreement. Effective February 1, 2016, the AFP is paid directly by the fund.

Each Advisor and R Class has adopted an AFP program under which various third parties, including third parties receiving 12b-1 payments, may receive payments from the class in addition to 12b-1 fees for providing various recordkeeping, transfer agency, and administrative services to the classes and/or shareholders thereof. These services include, but are not limited to: transmitting net purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; mailing shareholder confirmations and periodic statements; processing dividend payments; and utilizing telephone services in connection with the above. Under this AFP program, the funds paid the amounts set forth below in calendar year 2015. Fund

Payment

Asia Opportunities Fund—Advisor Class Blue Chip Growth Fund—Advisor Class Blue Chip Growth Fund—R Class Capital Appreciation Fund—Advisor Class Capital Opportunity Fund—Advisor Class Capital Opportunity Fund—R Class Credit Opportunities Fund—Advisor Class Dividend Growth Fund—Advisor Class Emerging Markets Bond Fund—Advisor Class Emerging Markets Corporate Bond Fund— Advisor Class Emerging Markets Local Currency Bond Fund— Advisor Class Emerging Markets Value Stock Fund—Advisor Class Equity Income Fund—Advisor Class Equity Income Fund—R Class Floating Rate Fund—Advisor Class Global Allocation Fund—Advisor Class

227

$9 4,071,477 731,000 1,865,293 14,917 13,091 251 355,070 0 757 146 0 1,550,547 410,477 33,017 4,726

Fund

Payment

Global Growth Stock Fund—Advisor Class Global High Income Bond Fund—Advisor Class Global Multi-Sector Bond Fund—Advisor Class Global Real Estate Fund—Advisor Class Global Stock Fund—Advisor Class Global Unconstrained Bond Fund—Advisor Class Growth Stock Fund—Advisor Class Growth Stock Fund—R Class High Yield Fund—Advisor Class Intermediate Tax-Free High Yield Fund—Advisor Class International Bond Fund—Advisor Class International Concentrated Equity Fund— Advisor Class International Growth & Income Fund—Advisor Class International Growth & Income Fund—R Class International Stock Fund—Advisor Class International Stock Fund—R Class Mid-Cap Growth Fund—Advisor Class Mid-Cap Growth Fund—R Class Mid-Cap Value Fund—Advisor Class Mid-Cap Value Fund—R Class New America Growth Fund—Advisor Class New Income Fund—Advisor Class New Income Fund—R Class Overseas Stock Fund—Advisor Class QM Global Equity Fund—Advisor Class QM U.S. Small & Mid-Cap Equity Core Fund— Advisor Class QM U.S. Value Equity Fund—Advisor Class Real Estate Fund—Advisor Class Retirement 2005 Fund—Advisor Class

658 575 8,412 42,924 3,391 1,782 5,480,943 1,496,045 1,489,309 631 34,800 110 234,387 64,945 976,763 12,013 1,785,093 379,532 837,265 406,290 682,321 56,510 10,014 2 (a) (a) (a) 511,971 (b)

Retirement 2005 Fund—R Class Retirement 2010 Fund—Advisor Class Retirement 2010 Fund—R Class Retirement 2015 Fund—Advisor Class Retirement 2015 Fund—R Class Retirement 2020 Fund—Advisor Class

(b)

Retirement 2020 Fund—R Class Retirement 2025 Fund—Advisor Class Retirement 2025 Fund—R Class Retirement 2030 Fund—Advisor Class

(b)

228

(b) (b) (b) (b) (b) (b) (b) (b)

Fund

Payment

Retirement 2030 Fund—R Class Retirement 2035 Fund—Advisor Class Retirement 2035 Fund—R Class

(b)

Retirement 2040 Fund—Advisor Class Retirement 2040 Fund—R Class Retirement 2045 Fund—Advisor Class Retirement 2045 Fund—R Class Retirement 2050 Fund—Advisor Class Retirement 2050 Fund—R Class

(b)

Retirement 2055 Fund—Advisor Class Retirement 2055 Fund—R Class Retirement 2060 Fund—Advisor Class Retirement 2060 Fund—R Class Retirement Balanced Fund—Advisor Class Retirement Balanced Fund—R Class

(b)

Science & Technology Fund—Advisor Class Short-Term Bond Fund—Advisor Class Small-Cap Stock Fund—Advisor Class Small-Cap Value Fund—Advisor Class Summit Municipal Income Fund—Advisor Class Summit Municipal Intermediate Fund—Advisor Class Target 2005 Fund—Advisor Class Target 2010 Fund—Advisor Class Target 2015 Fund—Advisor Class Target 2020 Fund—Advisor Class

(b) (b) (b) (b) (b) (b) (b) (b) (b) (b) (b) (b) 716,512 175,698 523,658 1,337,899 1,818 6,495 (c) (c) (c) (c)

Target 2025 Fund—Advisor Class Target 2030 Fund—Advisor Class Target 2035 Fund—Advisor Class Target 2040 Fund—Advisor Class Target 2045 Fund—Advisor Class Target 2050 Fund—Advisor Class

(c)

Target 2055 Fund—Advisor Class Target 2060 Fund—Advisor Class Tax-Free High Yield Fund—Advisor Class Tax-Free Income Fund—Advisor Class Tax-Free Short-Intermediate Fund—Advisor Class

(c)

(c) (c) (c) (c) (c)

U.S. Large-Cap Core Fund—Advisor Class Value Fund—Advisor Class

(c) 17,132 1,075,152 10,839 8,004

953,882 (a) Prior to commencement of operations. (b) Paid by underlying Price Funds pursuant to the Special Servicing Agreement. (c) During 2015, the AFP was paid by underlying Price Funds pursuant to the Special Servicing Agreement. Effective February 1, 2016, the AFP is paid directly by the fund.

229

Additional Payments to Financial Intermediaries and Other Third Parties (All funds) In addition to the AFP payments made by certain funds and the 12b-1 payments made by each Advisor and R Class, T. Rowe Price and its affiliates may provide expense reimbursements and meeting and marketing support payments (out of their own resources and not as an expense of the funds) to financial intermediaries, such as brokers-dealers, registered investment advisers, banks, insurance companies, and retirement plan recordkeepers, in connection with the sale, distribution, marketing, and/or servicing of the Price Funds.

Such expense reimbursements and meeting support payments may include sponsoring (or co-sponsoring) or providing financial support for industry conferences, client seminars, due diligence meetings, sales presentations, and other third-party sponsored events. The primary focus of these events typically is training and education. These payments will generally vary depending upon the nature of the event and may include financial assistance to intermediaries that enable T. Rowe Price or one of its affiliates to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other attendees. Payments could also represent certain entertainment expenses, such as occasional meal expenses or tickets to sporting events that are not preconditioned on achievement of sales targets. Marketing support payments may be made for a variety of purposes, including but not limited to: advertising and marketing opportunities; building brand awareness and educating intermediaries, clients, and prospects about the Price Funds; placement on an intermediary’s list of offered funds or preferred fund list; gaining access to senior management, sales representatives, or wholesalers of an intermediary; receiving detailed reporting packages (such as periodic sales reporting, sales production results, and data on how T. Rowe Price products, including the Price Funds, are used); and inclusion as a recommended individual retirement account provider on the platform of rollover service providers. Payments may also be made to third parties that help facilitate rollovers from employer-sponsored retirement plans to individual retirement accounts. Reimbursements of retirement plan expenses may be made by T. Rowe Price or its affiliated retirement plan recordkeeper, RPS, in circumstances where the Price Funds are offered as investment options in such plans. These expense reimbursements are provided directly to the retirement plans and are intended to be used by plan sponsors to offset recordkeeping fees that RPS receives for providing sub-transfer agent and administrative services to the Price Funds. The receipt of, or the prospect of receiving, these payments and expense reimbursements from T. Rowe Price and its affiliates may influence intermediaries, plan sponsors and other third parties to offer or recommend Price Funds over other investment options for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation). However, these arrangements do not increase fund expenses and will not change the price that an investor pays for shares of the Price Funds or the amount that a Price Fund receives to invest on behalf of an investor.

DISTRIBUTOR FOR THE FUNDS Investment Services, a Maryland corporation formed in 1980 as a wholly owned subsidiary of T. Rowe Price, serves as distributor for all T. Rowe Price mutual funds on a continuous basis. Investment Services is registered as a broker-dealer under the 1934 Act and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Investment Services is located at the same address as the funds and T. Rowe Price–100 East Pratt Street, Baltimore, Maryland 21202. Investment Services serves as distributor to the funds, pursuant to an Underwriting Agreement (“Underwriting Agreement”), which provides that the funds (other than the Single-Fee Funds) will pay all fees and expenses in connection with necessary state filings; preparing, setting in type, printing, and mailing of prospectuses and reports to shareholders; and issuing shares, including expenses of confirming purchase orders. For the Single-Fee Funds, the Underwriting Agreement provides that Investment Services will pay, or will arrange for others to pay, these fees and expenses.

230

The Underwriting Agreement also provides that Investment Services will pay all fees and expenses in connection with printing and distributing prospectuses and reports for use in offering and selling fund shares; preparing, setting in type, printing, and mailing all sales literature and advertising; Investment Services’ federal and state registrations as a broker-dealer; and offering and selling shares for each fund, except for those fees and expenses specifically assumed by the funds. Investment Services’ expenses are paid by T. Rowe Price. Investment Services acts as the agent of the funds, in connection with the sale of fund shares in the various states in which Investment Services is qualified as a broker-dealer. Under the Underwriting Agreement, Investment Services accepts orders for fund shares at net asset value. Other than as described below with respect to the Advisor and R Class shares, no sales charges are paid by investors or the funds and no compensation is paid to Investment Services. Advisor and R Class Distribution and Shareholder Services Plan The funds’ directors adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to each Advisor and R Class (the “Class”). Each plan provides that the Class may compensate Investment Services or such other persons as the funds or Investment Services designates, to finance any or all of the distribution, shareholder servicing, maintenance of shareholder accounts, and/or other administrative services with respect to Class shares. It is expected that most, if not all, payments under each plan will be made (either directly, or indirectly through Investment Services) to intermediaries other than Investment Services such as brokerdealers, banks, insurance companies, and retirement plan recordkeepers. Under each plan, the Advisor Class pays a fee at the annual rate of up to 0.25% of that class’ average daily net assets and the R Class pays a fee at the annual rate of up to 0.50% of that class’ average net daily assets. Normally, the full amount of the fee is paid to the intermediary on shares sold through that intermediary; however, a lesser amount may be paid. In addition, the fee may be split among intermediaries based on the level of services provided by each. Intermediaries may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing of the Class, as well as for a wide variety of other purposes associated with supporting, distributing, and servicing Class shares. The amount of fees paid by a Class during any year may be more or less than the cost of distribution and other services provided to the Class and its investors. FINRA rules limit the amount of annual distribution and service fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The plan complies with these rules.

The plan requires that Investment Services provide, or cause to be provided, a quarterly written report identifying the amounts expended by each Class and the purposes for which such expenditures were made to the fund directors for their review. Prior to approving the plan, the funds considered various factors relating to the implementation of the plan and determined that there is a reasonable likelihood that the plan will benefit each fund, its Class, and the Class’ shareholders. The fund directors noted that to the extent the plan allows a fund to sell Class shares in markets to which it would not otherwise have access, the plan may result in additional sales of fund shares. This may enable a fund to achieve economies of scale that could reduce expenses. In addition, certain ongoing shareholder services may be provided more effectively by intermediaries with which shareholders have an existing relationship. The plan is renewable from year to year with respect to each fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the fund directors and (2) by a vote of the majority of the funds’ independent directors cast in person at a meeting called for the purpose of voting on such approval. The plan may not be amended to increase materially the amount of fees paid by any Class thereunder unless such amendment is approved by a majority vote of the outstanding shares of such Class and by the fund directors in the manner prescribed by Rule 12b-1 under the 1940 Act. The plan is terminable with respect to a Class at any time by a vote of a majority of the independent directors or by a majority vote of the outstanding shares in the Class.

231

Payments under the 12b-1 plans will still normally be made for funds that are closed to new investors. Such payments are made for the various services provided to existing investors by the intermediaries receiving such payments. The following payments for the fiscal year indicated were made to intermediaries, including broker-dealers and insurance companies, for the distribution, shareholder servicing, maintenance of shareholder accounts, and/or other administrative services under the plan. Fund Intermediate Tax-Free High Yield Fund—Advisor Class Tax-Free High Yield Fund—Advisor Class Tax-Free Income Fund—Advisor Class

Fiscal Year Ended 2/28/15 (a) $25,000 2,010,000

Tax-Free Short-Intermediate Fund—Advisor Class (a) Prior to commencement of operations.

18,000

Fiscal Year Ended 5/31/15

Fund Credit Opportunities Fund—Advisor Class

$1,000

Floating Rate Fund—Advisor Class

45,000

Global Multi-Sector Bond Fund—Advisor Class High Yield Fund—Advisor Class

8,000 2,532,000

New Income Fund—Advisor Class

110,000

New Income Fund—R Class

33,000

Retirement 2005 Fund—Advisor Class

191,000

Retirement 2005 Fund—R Class

450,000

Retirement 2010 Fund—Advisor Class

1,878,000

Retirement 2010 Fund—R Class

2,374,000

Retirement 2015 Fund—Advisor Class

2,045,000

Retirement 2015 Fund—R Class

2,697,000

Retirement 2020 Fund—Advisor Class

8,235,000

Retirement 2020 Fund—R Class

10,370,000

Retirement 2025 Fund—Advisor Class

3,855,000

Retirement 2025 Fund—R Class

5,150,000

Retirement 2030 Fund—Advisor Class

8,092,000

Retirement 2030 Fund—R Class

10,956,000

Retirement 2035 Fund—Advisor Class

2,967,000

Retirement 2035 Fund—R Class

4,120,000

Retirement 2040 Fund—Advisor Class

6,222,000

Retirement 2040 Fund—R Class

7,760,000

Retirement 2045 Fund—Advisor Class

1,733,000

Retirement 2045 Fund—R Class

2,568,000

Retirement 2050 Fund—Advisor Class

2,191,000

Retirement 2050 Fund—R Class

2,975,000

Retirement 2055 Fund—Advisor Class

406,000

Retirement 2055 Fund—R Class

667,000

232

Fiscal Year Ended 5/31/15

Fund Retirement 2060 Fund—Advisor Class

2,000

Retirement 2060 Fund—R Class

3,000

Retirement Balanced Fund—Advisor Class

1,016,000

Retirement Balanced Fund—R Class

1,698,000

Short-Term Bond Fund—Advisor Class

379,000

Target 2005 Fund—Advisor Class

2,000

Target 2010 Fund—Advisor Class

6,000

Target 2015 Fund—Advisor Class

5,000

Target 2020 Fund—Advisor Class

24,000

Target 2025 Fund—Advisor Class

12,000

Target 2030 Fund—Advisor Class

19,000

Target 2035 Fund—Advisor Class

10,000

Target 2040 Fund—Advisor Class

9,000

Target 2045 Fund—Advisor Class

5,000

Target 2050 Fund—Advisor Class

4,000

Target 2055 Fund—Advisor Class

2,000

Target 2060 Fund—Advisor Class

1,000 Fiscal Year Ended 10/31/15

Fund Asia Opportunities Fund—Advisor Class Emerging Markets Value Stock Fund—Advisor Class

$1,000 (a)

Global Allocation Fund—Advisor Class

8,000

Global Growth Stock Fund—Advisor Class

2,000

Global Stock Fund—Advisor Class

5,000

International Concentrated Equity Fund—Advisor Class

1,000

International Growth & Income Fund—Advisor Class

394,000

International Growth & Income Fund—R Class

222,000

International Stock Fund—Advisor Class International Stock Fund—R Class

1,644,000 40,000

Overseas Stock Fund—Advisor Class

(a)

Summit Municipal Income Fund—Advisor Class Summit Municipal Intermediate Fund—Advisor Class (a) Less than $1,000.

3,000 11,000

Fiscal Year Ended 12/31/15

Fund Blue Chip Growth Fund—Advisor Class

$6,789,000

Blue Chip Growth Fund—R Class

2,468,000

Capital Appreciation Fund—Advisor Class

3,114,000

Capital Opportunity Fund—Advisor Class

25,000

Capital Opportunity Fund—R Class

43,000

233

Fiscal Year Ended 12/31/15

Fund Dividend Growth Fund—Advisor Class Emerging Markets Bond Fund—Advisor Class Emerging Markets Corporate Bond Fund—Advisor Class Emerging Markets Local Currency Bond Fund— Advisor Class

604,000 (a) 2,000 1,000

Equity Income Fund—Advisor Class

2,679,000

Equity Income Fund—R Class

1,364,000

Global High Income Bond Fund—Advisor Class Global Real Estate Fund—Advisor Class Global Unconstrained Bond Fund—Advisor Class

2,000 71,000 4,000

Growth Stock Fund—Advisor Class

9,166,000

Growth Stock Fund—R Class

4,967,000

International Bond Fund—Advisor Class

60,000

Mid-Cap Growth Fund—Advisor Class

3,162,000

Mid-Cap Growth Fund—R Class

1,260,000

Mid-Cap Value Fund—Advisor Class

1,390,000

Mid-Cap Value Fund—R Class

1,348,000

New America Growth Fund—Advisor Class

1,167,000

Real Estate Fund—Advisor Class

851,000

QM Global Equity Fund—Advisor Class QM U.S. Small & Mid-Cap Equity Core Fund— Advisor Class

(a) (a)

QM U.S. Value Equity Fund—Advisor Class

(a)

Science & Technology Fund—Advisor Class

1,199,000

Small-Cap Stock Fund—Advisor Class

896,000

Small-Cap Value Fund—Advisor Class

2,310,000

U.S. Large-Cap Core Fund—Advisor Class Value Fund—Advisor Class (a) Prior to commencement of operations.

15,000 1,675,000

PORTFOLIO TRANSACTIONS

Investment or Brokerage Discretion

Decisions with respect to the selection, purchase, and sale of portfolio securities on behalf of the international Price Funds are generally made by T. Rowe Price International, Price Hong Kong, or Price Singapore. Decisions with respect to the selection, purchase, and sale of portfolio securities on behalf of all other Price Funds are generally made by T. Rowe Price. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are responsible for implementing these decisions for the Price Funds, including, where applicable, the negotiation of commissions, the allocation of portfolio brokerage and principal business, and the use of affiliates to assist in routing orders for execution. Price Singapore delegates actual trade execution to the trading desks of T. Rowe Price, T. Rowe Price International, or Price Hong Kong, and may use these affiliated investment advisers for certain other trading-related services.

234

How Broker-Dealers Are Selected With respect to equity and debt securities, T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore may effect principal transactions on behalf of a fund with a broker-dealer that furnishes brokerage and/or research services; designate any such broker-dealer to receive selling concessions, discounts, or other allowances; or otherwise deal with any such broker-dealer in connection with the acquisition of securities in underwritings. T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore may receive research services in connection with brokerage transactions, including designations in fixed-price offerings. Debt Securities

In purchasing and selling debt securities, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore ordinarily place transactions with the issuer or a primary market-maker acting as principal for the securities on a net basis, with no stated brokerage commission being paid by the client, although the price usually includes undisclosed compensation to the market-maker. Debt securities may also be purchased from underwriters at prices which include underwriting fees. Any transactions placed through broker-dealers serving as primary market-makers reflect the spread between the bid and ask prices. Equity Securities

In purchasing and selling equity securities, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore seek to obtain best execution at favorable security prices through responsible broker-dealers and, in the case of agency transactions, at competitive commission rates. However, under certain conditions, higher brokerage commissions may be paid to broker-dealers providing brokerage and research services to T. Rowe Price, T. Rowe Price International, and Price Hong Kong than might be paid to other broker-dealers in accordance with Section 28(e) under the 1934 Act and subsequent guidance from regulators. In selecting broker-dealers to execute the Price Funds’ portfolio transactions, consideration is given to such factors as the price of the security, the rate of the commission, the size and difficulty of the order, the reliability, integrity, general execution, and operational capabilities of competing broker-dealers, their expertise in particular markets, and brokerage and research services provided by them. It is not the policy of T. Rowe Price, T. Rowe Price International, or Price Hong Kong to seek the lowest available commission rate where it is believed that a broker-dealer charging a higher commission rate would offer greater reliability, provide better price, or more efficient execution. As a general practice, transactions involving U.S. equity securities are executed in the primary market with market-makers, or through electronic, “low touch” trading venues. In selecting from among these options, T. Rowe Price generally seeks to select the broker-dealers or electronic venue it believes to be actively and effectively trading the security being purchased or sold. In an effort to obtain best execution, orders for foreign equity securities may be placed through T. Rowe Price International’s or Price Hong Kong’s trading desk. Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the U.S., these commissions are negotiated. Traditionally, commission rates have generally not been negotiated on stock markets outside the U.S. However, an increasing number of overseas stock markets have adopted a system of negotiated rates or ranges of rates, although a small number of markets continue to be subject to an established schedule of minimum commission rates. It is expected that equity securities will ordinarily be purchased in the primary markets, whether over-the-counter (“OTC”) or listed, and that listed securities may be purchased in the OTC market if such market is deemed the primary market. In the case of securities traded on the OTC markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup. In underwritten offerings, the price includes a disclosed, fixed commission or discount. Evaluating the Overall Reasonableness of Brokerage Commissions Paid On a continuing basis, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore seek to determine what levels of commission rates are reasonable in the marketplace for transactions executed on behalf of mutual funds and other institutional clients. In evaluating the reasonableness of commission rates,

235

T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may consider any or all of the following: (a) rates quoted by broker-dealers; (b) the size of a particular transaction, in terms of the number of shares, dollar amount, and number of clients involved; (c) the complexity of a particular transaction in terms of both execution and settlement; (d) the level and type of business conducted with a particular firm over a period of time; (e) the extent to which the broker-dealer has capital at risk in the transaction; (f) historical commission rates; (g) rates paid by other institutional investors based on available public information; and (h) research provided by the broker-dealer. Commissions Paid to Broker-Dealers for Research

Broker-dealers provide a wide range of research services to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore seek best execution on all trades consistent with fiduciary and regulatory requirements. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore have adopted a brokerage allocation policy embodying the concepts of Section 28(e) under the 1934 Act. Section 28(e) permits an investment adviser to cause an account to pay a higher commission to a broker-dealer that also provides research services than the commission another broker-dealer would charge, provided the adviser determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided. An adviser may make such a determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. Therefore, research may not necessarily benefit all accounts paying commissions to such broker-dealers. Broker-dealers may provide proprietary research to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore in connection with brokerage relationships, including fixed income offerings. Certain full service broker-dealers (broker-dealers who provide brokerage and execution services) also furnish “bundled” proprietary research services to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore. “Bundled” research involves an arrangement whereby the underlying commission is informally comprised of both trade execution and other services, most frequently investment research that is intended to assist T. Rowe Price, T. Rowe Price International, Price Hong Kong, and/or Price Singapore with their internal research processes. Such services are typically not offered on a stand-alone basis by brokerdealers. Proprietary research may include research from an affiliate of the broker-dealer and services that provide access to unaffiliated industry experts. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may use full service brokers either directly or through very limited use of “step-outs” or similar transactions with other brokers. Step-out trades, however, are not used to obtain research. In addition, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may use equity brokerage commissions to acquire third-party research from independent research providers and brokerdealers through commission-sharing arrangements (“CSAs”). While Price Singapore does not currently participate in the CSA program, T. Rowe Price, T. Rowe Price International, and Price Hong Kong maintain CSAs with broker-dealers used for a percentage of “low touch” commission business. We generally effect low touch trading through broker-dealers’ electronic venues. We confine the use of CSA credits to obtain only research designed to assist in the investment decision-making process. Our current practice is to not acquire market data services, index data, software and other items with commission dollars, although some of those items are permitted under the SEC’s guidance. Not all clients participate in the CSA program, but the research received through this program is intended to assist T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore with its investment decision making responsibilities regarding its clients overall. Proprietary and independent third-party research is an important component of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore’s investment approach. However, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore rely primarily upon their own research efforts and subject any outside research services to internal analysis before incorporating such outside research into the investment process. As a practical matter, it would not be possible for T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore to generate all the information and varied opinions provided by broker-dealers. To the extent that broker-dealers provide research services of value, T. Rowe

236

Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are relieved of expenses which they might otherwise bear. Broker-dealers and independent research providers generally supply the following types of research to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore: information on the economy, industries, groups of securities, individual companies, statistical information, accounting and tax law interpretations, political developments, legal developments affecting portfolio securities, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance analysis, and analysis of corporate responsibility issues. The research incorporates both domestic and international perspectives. Research services are received primarily in the form of written reports, computer generated data, telephone contacts, and personal meetings with security analysts, corporate and industry executives, and other persons. In addition, research may include the provision of access to unaffiliated individuals with expertise in various industries, businesses, or other related areas. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may receive complimentary and customary fixed income research from various broker-dealers, including broker-dealers with whom fixed income transactions are carried out in accordance with T. Rowe Price’s, T. Rowe Price International’s, Price Hong Kong’s, and Price Singapore’s best execution obligations. Such research, however, is not contingent upon specific trades with the providing broker-dealer. Some research may be incorporated into firm-wide systems or communications, thereby allowing, in some instances, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore to access research obtained through commissions generated by an affiliated investment adviser. At the present time, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore do not recapture commissions, underwriting discounts, or selling-group concessions in connection with debt securities acquired in underwritten offerings. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may, however, have the opportunity to designate a portion of the underwriting spread to broker-dealers that participate in the offering. Directed Brokerage

The Price Funds that invest in U.S. equity securities have adopted a commission recapture program. Under the program, a percentage of commissions generated by the portfolio transactions of those funds is rebated to the funds by the broker-dealers and credited to short-term security gain/loss. Although the Price Funds do not recapture commissions in connection with debt securities acquired in underwritten offerings, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may have the opportunity to designate a portion of the underwriting spread to broker-dealers that participate in the offering. Allocation of Brokerage Commissions T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore have policies of not precommitting a specific amount of business to any broker-dealer over any specific time period. Historically, brokerage placement has been determined, as appropriate, by the needs of a specific transaction such as market-making, availability of a buyer or seller of a particular security, or specialized execution skills. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may choose to allocate brokerage among several broker-dealers that are able to meet the needs of the transaction.

As an ongoing process, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore assess the contributions of the brokerage and research services provided by major broker-dealers and independent research providers in connection with equity transactions, and create a ranking of such brokerdealers. Portfolio managers, research analysts, and the trading department each evaluate the brokerage, execution, and research services they receive from broker-dealers and independent research providers and make judgments as to the quality of such services. In addition, smaller specialty broker-dealers and independent research providers are targeted to receive a suggested dollar amount of equity business based on an assessment of services they provide, subject to the fiduciary duties of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore to seek best execution. Actual commissions received by any firm may not reflect such rankings or suggested targets because brokerage business is allocated on the basis of multiple factors considered in seeking best execution. Accordingly, commission business may be less

237

than the ranking or suggested target, but may also often exceed such suggestions. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore do not exclude a broker-dealer from receiving business because the broker-dealer does not provide research services. Price Singapore uses low touch or execution-only brokers where deemed appropriate. Allocation of brokerage business is monitored on a regularly scheduled basis by appropriate personnel and the T. Rowe Price Equity Brokerage and Trading Control Committee. The T. Rowe Price Fixed Income Brokerage and Trading Control Committee provides similar monitoring and oversight with regard to fixed income trading. Trade Allocation Policies T. Rowe Price, T. Rowe Price International, and Price Hong Kong have developed written trade allocation guidelines for their trading desks. Generally, when the amount of securities available in a public or initial offering or the secondary markets is insufficient to satisfy the volume or price requirements for the participating client portfolios, the guidelines require a pro-rata allocation based upon the relative sizes of the participating client portfolios or the relative sizes of the participating client orders, depending upon the market involved. In allocating trades made on a combined basis, the trading desks seek to achieve the same net unit price of the securities for each participating client. Because a pro-rata allocation may not always adequately accommodate all facts and circumstances, the guidelines provide for exceptions to allocate trades on an adjusted basis, which may include a system-generated random allocation. For example, adjustments may be made: (i) to eliminate de minimis positions or satisfy minimum denomination requirements; (ii) to give priority to accounts with specialized investment policies and objectives; and (iii) to reallocate in light of a participating portfolio’s characteristics (e.g., available cash, industry or issuer concentration, duration, credit exposure). With respect to any private placement transactions, conditions imposed by the issuer or client may limit availability of allocations to client accounts. Miscellaneous

The brokerage allocation policies for T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are generally applied to all of their fully discretionary accounts, which represent a substantial majority of all assets under management. Research services furnished by broker-dealers through which T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore effect securities transactions may be used in servicing all accounts (including non-Price Funds) managed by T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore. Therefore, research services received from broker-dealers that execute transactions for a particular fund will not necessarily be used by T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore in connection with the management of that fund. The Price Funds do not allocate business to any broker-dealer on the basis of its sales of the funds’ shares. However, this does not mean that broker-dealers who purchase fund shares for their clients will not receive business from the fund. Since certain clients of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore could have similar investment objectives and programs to those of a particular Price Fund, T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore may make recommendations to other clients that result in their purchasing or selling securities simultaneously with the fund. As a result, the demand for securities being purchased or the supply of securities being sold may increase, and this could have an adverse effect on the price of those securities. It is the policy of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore not to favor one client over another in making recommendations or in placing orders. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore frequently follow the practice of grouping orders of various clients for execution. Clients should be aware, however, that the grouping of their orders with other clients’ orders may sometimes result in a more favorable price and at other times may result in a less favorable price than if the client orders had not been grouped. Where an aggregate order is executed in a series of transactions at various prices on a given day, each participating client’s proportionate share of such order will reflect the average price paid or received with respect to the total order.

238

T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore, as applicable, may also include orders on behalf of the Price Funds (including affiliated common trust funds), and the not-for-profit entities, T. Rowe Price Foundation, Inc. and The T. Rowe Price Program for Charitable Giving, Inc., in its aggregated orders from time to time. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may give advice and take action for clients, including the Price Funds, which differs from advice given or the timing or nature of action taken for other clients. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are not obligated to initiate transactions for clients in any security that their principals, affiliates, or employees may purchase or sell for their own accounts or for other clients. Purchase and sale transactions may be effected directly among and between non-ERISA client accounts (including affiliated mutual funds), provided no commission is paid to any broker-dealer, the security traded has readily available market quotations, and the transaction is effected at the independent current market price. The Equity and Fixed Income Brokerage and Trading Control Committees are responsible for developing brokerage policies, monitoring their implementation, and resolving any questions that arise in connection with these policies for T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore. T. Rowe Price and its affiliated investment advisers have established a general investment policy that they will ordinarily not make additional purchases of a common stock for their clients (including the Price Funds) if, as a result of such purchases, 10% or more of the outstanding common stock of the issuer would be held by clients in the aggregate. Approval may be given for aggregate ownership up to 20%, and in certain instances, higher amounts. All aggregate ownership decisions are reviewed by the appropriate oversight committee. For purposes of monitoring both of these limits, securities held by clients and clients of affiliated advisers are included. Total Brokerage Commissions

The Price Funds’ bond investments are generally purchased and sold through principal transactions, meaning that a fund normally purchases bonds directly from the issuer or a primary market-maker acting as principal for the bonds, on a net basis. As a result, there is no explicit brokerage commission paid on these transactions, although purchases of new issues from underwriters of bonds typically include a commission or concession paid by the issuer to the underwriter and purchases from dealers serving as market-makers typically include a dealer’s mark-up (i.e., a spread between the bid and the asked prices). Explicit brokerage commissions are paid, however, in connection with opening and closing out futures positions. In addition, the funds do not incur any brokerage commissions when buying and selling shares of other Price Funds or another open-end mutual fund that is not exchange-traded, although a fund will pay brokerage commissions if it purchases or sells shares of an exchange-traded fund. The following tables show the approximate total amount of brokerage commissions paid by each fund for its prior three fiscal years. Since bond purchases do not normally involve the payment of explicit brokerage commissions, the tables generally reflect only the brokerage commissions paid on transactions involving equity securities and futures, if applicable. Fiscal Year Ended Fund

2/28/15

California Tax-Free Bond California Tax-Free Money Floating Rate Multi-Sector Account Portfolio Georgia Tax-Free Bond High Yield Multi-Sector Account Portfolio Intermediate Tax-Free High Yield

239

2/28/14

2/28/13

$95,000 0 114,000 140,000 45,000

$660 0 0 0 0

$0 0 0 0 0

10,000

(a)

(a)

Fiscal Year Ended Fund Investment-Grade Corporate Multi-Sector Account Portfolio Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money Mortgage-Backed Securities Multi-Sector Account Portfolio New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Tax-Efficient Equity

2/28/15

Tax-Exempt Money Tax-Free High Yield Tax-Free Income Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond Virginia Tax-Free Bond (a) Less than $1,000.

2/28/14

2/28/13

56,000

(a)

0

30,000 342,000 1,000

0 0 0

0 0 0

0

(a)

0

71,000 79,000 0 12,000

(a) (a) 0 12,000

0 0 0 14,000

1,000 1,099,000 449,000 230,000 (b) 99,000

0 7,800 2,500 0 (b) 0

0 0 0 0 (b) 0

(b) Prior to commencement of operations. Fiscal Year Ended Fund

5/31/15

Corporate Income Credit Opportunities Floating Rate

5/31/14

5/31/13

$4,340,000 3,646,000 0

$352,000 0 240,000

$2,000 (a) 0

Global Multi-Sector Bond GNMA TRP Government Reserve Investment High Yield Inflation Protected Bond Institutional Core Plus

18,616,000 58,823,000 0 275,032,000 18,860,000 9,529,000

26,574,000 74,533,000 0 365,282,000 9,116,000 9,950,000

18,000 30,000 0 359,000 5,000 4,000

Institutional Credit Opportunities Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit Limited Duration Inflation Focused Bond

10,343,000 0 9,829,000 96,290,000 512,000 383,590,000

0 0 44,400,000 110,899,000 401,000 133,483,000

(a) 0 (a) 80,000 (a) 12,000

New Income Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income

433,827,000 448,437,000 441,470,000 210,828,000

881,817,000 432,260,000 398,932,000 196,377,000

605,000 430,000 386,000 195,000

240

Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

Prime Reserve

0

0

0

TRP Reserve Investment Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement 2050 Retirement 2055

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

Retirement 2060 Retirement Balanced Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class Retirement I 2015 Fund—I Class Retirement I 2020 Fund—I Class

0 0 (a) (a) (a) (a)

(a) 0 (a) (a) (a) (a)

(a) 0 (a) (a) (a) (a)

Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class Retirement I 2045 Fund—I Class Retirement I 2050 Fund—I Class

(a) (a) (a) (a) (a) (a)

(a) (a) (a) (a) (a) (a)

(a) (a) (a) (a) (a) (a)

(a) (a) (a) 47,910,000 (a) 0

(a) (a) (a) 102,097,000 (a) 0

(a) (a) (a) 43,000 (a) 0

Target 2005 Target 2010 Target 2015 Target 2020 Target 2025 Target 2030

0 0 0 0 0 0

0 0 0 0 0 0

(a) (a) (a) (a) (a) (a)

Target 2035 Target 2040 Target 2045 Target 2050

0 0 0 0

0 0 0 0

(a) (a) (a) (a)

Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Short-Term Bond Short-Term Government Reserve Short-Term Reserve

241

Fiscal Year Ended Fund

5/31/15

Target 2055 Target 2060 U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money Ultra Short-Term Bond (a) Prior to commencement of operations.

5/31/14

5/31/13

0

0

(a)

0 6,243,000 8,549,000 0 10,580,000

0 7,809,000 10,628,000 0 569,000

(a) 15,000 0 0 0

Fiscal Year Ended Fund

10/31/15

10/31/14

10/31/13

Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock

$467,000 42,000 378,000 6,457,000

$510,000 16,000 377,000 5,741,000

$336,000 (a) 289,000 6,098,000

Emerging Markets Value Stock European Stock Global Allocation Global Growth Stock Global Stock Institutional Africa & Middle East

14,000 1,608,000 49,000 147,000 772,000 548,000

(a) 2,009,000 28,000 146,000 931,000 556,000

(a) 1,098,000 15,000 144,000 1,130,000 329,000

726,000 333,000 153,000 416,000 7,000 406,000

862,000 9,000 223,000 318,000 8,000 149,000

939,000 (a) 381,000 230,000 6,000 11,000

77,000 50,000 15,000 3,526,000 130,000 7,342,000

34,000 106,000 3,000 3,016,000 59,000 9,200,000

21,000 98,000 (a) 3,453,000 61,000 6,253,000

10,134,000 243,000 837,000 6,215,000 3,929,000 0

11,872,000 196,000 1,190,000 7,208,000 3,703,000 0

11,056,000 420,000 1,168,000 7,222,000 1,888,000 0

0 0

0 0

0 0

Institutional Emerging Markets Equity Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity International Concentrated Equity International Discovery International Equity Index International Growth & Income International Stock Japan Latin America New Asia Overseas Stock Summit Cash Reserves Summit Municipal Income Summit Municipal Intermediate

242

Fiscal Year Ended Fund

10/31/15

10/31/14

10/31/13

Summit Municipal Money Market

0

0

0

U.S. Bond Enhanced Index (a) Prior to commencement of operations.

0

0

0

Fiscal Year Ended Fund Balanced Blue Chip Growth

12/31/15

12/31/14

12/31/13

$1,075,000 5,354,000

$985,000 5,112,000

$826,000 5,392,000

5,263,000 233,000 63,000 724,000 0 0

5,900,000 199,000 52,000 493,000 0 0

5,185,000 175,000 39,000 431,000 0 0

0 0

0 0

0 0

0

0

0

9,025,000 (a) 594,000 125,000 282,000 (b)

2,998,000 454,000 83,000 318,000 (b)

3,846,000 378,000 129,000 385,000 (b)

0 12,000 79,000 (a) 3,826,000 0 671,000 (a)

(b) 8,000 26,000 2,904,000 (b) 162,000

(b) 4,000 96,000 1,239,000 (b) 178,000

Growth Stock Health Sciences Institutional Emerging Markets Bond Institutional International Bond Institutional Large-Cap Core Growth Institutional Large-Cap Growth

9,525,000 2,769,000 0 0 335,000 2,666,000

10,064,000 3,375,000 0 0 259,000 3,286,000

8,492,000 4,165,000 0 0 220,000 2,501,000

Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research International Bond

771,000 1,357,000 897,000 313,000 0

427,000 1,276,000 682,000 250,000 0

187,000 1,485,000 516,000 217,000 0

Capital Appreciation Capital Opportunity Diversified Mid-Cap Growth Dividend Growth Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Currency Bond Emerging Markets Local Multi-Sector Account Portfolio Equity Income Equity Index 500 Extended Equity Market Index Financial Services Global Consumer Global High Income Bond Global Industrials Global Real Estate Global Technology Global Unconstrained Bond Growth & Income

243

Fiscal Year Ended Fund

12/31/15

Media & Telecommunications

12/31/14

12/31/13

351,000

811,000

1,664,000

Mid-Cap Growth Mid-Cap Index Mid-Cap Value New America Growth New Era New Horizons

6,181,000 (c) 9,070,000 1,769,000 3,159,000 5,453,000

6,459,000 (b) 7,483,000 1,880,000 3,846,000 6,722,000

8,476,000 (b) 5,764,000 3,027,000 4,061,000 6,553,000

QM Global Equity QM U.S. Small & Mid-Cap Core Equity QM U.S. Small-Cap Growth Equity (d) QM U.S. Value Equity Real Assets Real Estate

(b) (b) 394,000 (b) 3,406,000 679,000

(b) (b) 155,000 (b) 2,834,000 489,000

(b) (b) 157,000 (b) 3,243,000 280,000

3,049,000 1,000 3,361,000 5,373,000 (a) 0 0

2,431,000 (b) 3,545,000 2,649,000 0 0

3,191,000 (b) 3,180,000 1,006,000 0 0

Science & Technology Small-Cap Index Small-Cap Stock Small-Cap Value Spectrum Growth Spectrum Income

Spectrum International 0 0 0 Total Equity Market Index 73,000 56,000 56,000 U.S. Large-Cap Core 56,000 29,000 26,000 Value 14,749,000 11,454,000 8,765,000 (a) The increase in commissions paid was primarily due to a portfolio manager change curing the prior rascal year, which resulted in a greater repositioning of the portfolio and more frequent trading activity. (b) Prior to commencement of operations. (c) Less than $1,000. (d) The increase in commissions paid was primarily due to a significant increase in the fund’s assets over the prior fiscal year, which required more frequent purchases of securities. Fund Holdings in Securities of Brokers and Dealers

The following lists the funds’ holdings in securities of its regular brokers and dealers as of the end of the fiscal years indicated. (Amounts in 000s) California Tax-Free Bond Fund Fiscal Year Ended 2/28/15 Brokers Bank of America Merrill Lynch

Value of Stock Holdings —

244

Value of Bond Holdings $4,946

California Tax-Free Money Fund Fiscal Year Ended 2/28/15 Brokers JPMorgan Chase Wells Fargo Securities

Value of Stock Holdings — —

Value of Bond Holdings $750 1,200

Intermediate Tax-Free High Yield Fund Fiscal Year Ended 2/28/15 Brokers Bank of America Merrill Lynch Goldman Sachs

Value of Stock Holdings — —

Value of Bond Holdings $125 347

Investment-Grade Corporate Multi-Sector Account Portfolio Fiscal Year Ended 2/28/15 Brokers Bank of America Merrill Lynch Barclays Capital CS First Boston Goldman Sachs JPMorgan Chase Morgan Stanley

Value of Stock Holdings — — — — — —

Value of Bond Holdings $756 488 443 1,475 $662 1,512

Maryland Tax-Free Money Fund Fiscal Year Ended 2/28/15 Brokers Wells Fargo Securities

Value of Stock Holdings —

Value of Bond Holdings $5,800

New York Tax-Free Bond Fund Fiscal Year Ended 2/28/15 Brokers Goldman Sachs

Value of Stock Holdings —

Value of Bond Holdings $2,386

New York Tax-Free Money Fund Fiscal Year Ended 2/28/15 Brokers JPMorgan Chase

Value of Stock Holdings —

Value of Bond Holdings $2,000

Tax-Exempt Money Fund Fiscal Year Ended 2/28/15 Brokers JPMorgan Chase Wells Fargo Securities

Value of Stock Holdings — —

Value of Bond Holdings $59,395 4,475

Tax-Free High Yield Fund Fiscal Year Ended 2/28/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets Goldman Sachs

Value of Stock Holdings — — —

245

Value of Bond Holdings $45,927 24,836 41,372

Tax-Free Income Fund Fiscal Year Ended 2/28/15 Brokers Bank of America Merrill Lynch Goldman Sachs

Value of Stock Holdings — —

Value of Bond Holdings $8,840 26,561

Tax-Free Short-Intermediate Fund Fiscal Year Ended 2/28/15 Brokers Bank of America Merrill Lynch Goldman Sachs

Value of Stock Holdings — —

Value of Bond Holdings $18,490 19,966

Corporate Income Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets, Inc. CS First Boston Corp. Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. Wells Fargo Securities

Value of Stock Holdings — — — — — — —

Value of Bond Holdings $17,592 3,055 1,768 16,235 12,320 24,858 1,633

Floating Rate Fund Fiscal Year Ended 5/31/15 Brokers JPMorgan Chase Morgan Stanley & Co. Inc.

Value of Stock Holdings — —

Value of Bond Holdings 278 1,650

Global Multi-Sector Bond Fund Fiscal Year Ended 5/31/15 Brokers Bank Of America Merrill Lynch Citigroup Global Markets, Inc. CS First Boston Corp. Deutsche Bank Securities JPMorgan Chase Morgan Stanley & Co. Inc. Wells Fargo Securities

Value of Stock Holdings $87 — — — — — —

Value of Bond Holdings $3,645 2,296 651 1,341 2,592 2,515 391

GNMA Fund Fiscal Year Ended 5/31/15 Brokers Wells Fargo Securities

Value of Stock Holdings —

246

Value of Bond Holdings $663

TRP Government Reserve Investment Fund Fiscal Year Ended 5/31/15 Brokers Barclays Capital BNP Paribas Citigroup Global Markets, Inc. CS First Boston Corp. Goldman Sachs & Co. HSBC Securities Inc. JPMorgan Chase

Value of Stock Holdings — — — — — — —

Value of Bond Holdings $91,000 200,000 97,000 104,770 37,000 238,000 19,000

High Yield Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Goldman Sachs & Co. JPMorgan Chase Wells Fargo Securities

Value of Stock Holdings $3,454 — 24,564 5,279

Value of Bond Holdings — $25,012 — —

Inflation Protected Bond Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets, Inc. CS First Boston Corp. JPMorgan Chase Morgan Stanley & Co. Inc.

Value of Stock Holdings — — — — —

Value of Bond Holdings $2,710 121 1,484 2,675 2,067

Institutional Core Plus Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. CS First Boston Corp. Deutsche Bank Securities Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. Wells Fargo Securities

Value of Stock Holdings — — — — — — — — —

Value of Bond Holdings $12,470 3,289 5,600 3,760 1,296 6,131 9,614 8,090 1,300

Institutional Floating Rate Fund Fiscal Year Ended 5/31/15 Brokers Morgan Stanley & Co. Inc.

Value of Stock Holdings —

247

Value of Bond Holdings $5,704

Institutional Global Multi-Sector Bond Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets, Inc. Deutsche Bank Securities JPMorgan Chase Morgan Stanley & Co. Inc. Wells Fargo Securities

Value of Stock Holdings $67 — — — — —

Value of Bond Holdings $1,637 1,757 1,229 2,742 1,241 13

Institutional Long Duration Credit Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. Wells Fargo Securities

Value of Stock Holdings — — — — —

Value of Bond Holdings $786 831 812 1,057 197

Institutional High Yield Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch JPMorgan Chase Wells Fargo Securities

Value of Stock Holdings $987 1,601 1,417

Value of Bond Holdings — — —

Limited Duration Inflation Focused Bond Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. UBS Securities, Inc. Wells Fargo Securities

Value of Stock Holdings — — — — — — — —

Value of Bond Holdings $84,217 9,226 28,633 55,957 44,567 39,747 5,454 21,711

New Income Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. CS First Boston Corp. Deutsche Bank Securities Goldman Sachs & Co. HSBC Securities Inc. JPMorgan Chase Morgan Stanley & Co. Inc. Wells Fargo Securities

Value of Stock Holdings — — — — — — — — — —

248

Value of Bond Holdings $583,226 242,361 275,186 112,407 80,843 418,722 14,066 680,795 603,033 121,832

Personal Strategy Balanced Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. CS First Boston Corp. Deutsche Bank Securities Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. UBS Financial Services Wells Fargo Securities

Value of Stock Holdings $6,222 3,733 10,221 1,654 720 — 10,143 12,262 — $4,628

Value of Bond Holdings $12,615 4,965 5,263 1,636 — 6,482 8,547 8,729 3,790 1,986

Personal Strategy Growth Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. CS First Boston Corp. Deutsche Bank Securities Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. UBS Financial Services Wells Fargo Securities

Value of Stock Holdings $6,719 4,053 10,968 1,864 802 — 10,952 13,168 — 4,997

Value of Bond Holdings $5,199 2,002 1,583 576 — 2,581 3,868 4,094 1,563 897

Personal Strategy Income Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. CS First Boston Corp. Deutsche Bank Securities Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. UBS Financial Services Wells Fargo Securities

Value of Stock Holdings $3,028 1,820 4,894 835 347 — 4,920 5,883 — 2,250

Value of Bond Holdings $10,469 4,122 4,325 1,452 — 4,932 6,991 8,298 2,638 1,623

Prime Reserve Fund Fiscal Year Ended 5/31/15 Brokers CS First Boston Corp. Goldman Sachs & Co. JPMorgan Chase Wells Fargo Securities

Value of Stock Holdings — — — —

249

Value of Bond Holdings $83,725 56,700 65,420 69,906

TRP Reserve Investment Fund Fiscal Year Ended 5/31/15 Brokers Barclays Capital BNP Paribas Citigroup Global Markets, Inc. CS First Boston Corp. Federal Reserve Bank of New York Goldman Sachs & Co. HSBC Securities Inc. JPMorgan Chase

Value of Stock Holdings — — — — — — — —

Value of Bond Holdings $236,000 75,000 535,000 302,580 720,000 520,050 345,000 140,000

Short-Term Bond Fund Fiscal Year Ended 5/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. CS First Boston Corp. Goldman Sachs & Co. Greenwich Capital Markets HSBC Securities Inc. JPMorgan Chase Morgan Stanley & Co. Inc. Wells Fargo Securities

Value of Stock Holdings — — — — — — — — — —

Value of Bond Holdings $146,419 45,740 87,693 23,206 91,473 56,122 16,249 50,753 120,953 99,754

Short-Term Reserve Fund Fiscal Year Ended 5/31/15 Brokers BNP Paribas Barclays Capital CS First Boston Corp.

Value of Stock Holdings — — —

Value of Bond Holdings $25,000 200,000 72,390

Ultra Short-Term Bond Fund Fiscal Year Ended 5/31/15 Brokers Bank Of America Merrill Lynch Barclays Capital BNP Paribas Citigroup Global Markets, Inc. CS First Boston Corp. Deutsche Bank Securities Goldman Sachs & Co. JPMorgan Chase Morgan Stanley & Co. Inc. RBS Securities Wells Fargo Securities

Value of Stock Holdings — — — — — — — — — — —

250

Value of Bond Holdings $7,733 2,004 3,508 4,829 4,000 1,995 9,249 2,093 5,680 3,088 9,793

U.S. Treasury Money Fund Fiscal Year Ended 5/31/15 Brokers Bank Of America Merrill Lynch Barclays Capital Citigroup Global Markets, Inc. CS First Boston Corp. Goldman Sachs & Co. HSBC Securities Inc. JPMorgan Chase

Value of Stock Holdings — — — — — — —

Value of Bond Holdings $47 118 118 71 47 166 28

Africa & Middle East Fund Fiscal Year Ended 10/31/15 Brokers Bank of America Merrill Lynch Capel James HSBC Securities Citigroup Global Markets Deutsche Bank Goldman Sachs Morgan Stanley

Value of Stock Holdings $4,706 10,479 5,402 3,050 3,816 5,758

Value of Bond Holdings — — — — — —

European Stock Fund Fiscal Year Ended 10/31/15 Brokers CS First Boston UBS Investment Bank

Value of Stock Holdings $24,251 26,290

Value of Bond Holdings — —

Global Allocation Fund Fiscal Year Ended 10/31/15 Brokers Bank of America Merrill Lynch Barclays Capital Citigroup Global Markets CS First Boston Deutsche Bank Goldman Sachs Jeffries & Co. JPMorgan Chase Morgan Stanley

Value of Stock Holdings $167 279 613 303 25 — 25 501 568

Value of Bond Holdings $408 150 263 — — 229 — 192 292

Global Growth Stock Fund Fiscal Year Ended 10/31/15 Brokers JPMorgan Chase Morgan Stanley

Value of Stock Holdings $1,789 1,380

Value of Bond Holdings — —

Global Stock Fund Fiscal Year Ended 10/31/15 Brokers JPMorgan Chase Morgan Stanley

Value of Stock Holdings $17,155 12,532

251

Value of Bond Holdings — —

Institutional Africa & Middle East Fund Fiscal Year Ended 10/31/15 Brokers Bank of America Merrill Lynch Citicorp Deutsche Bank Goldman Sachs Morgan Stanley

Value of Stock Holdings $4,633 5,382 3,086 3,811 5,797

Value of Bond Holdings — — — — —

Institutional Frontier Markets Equity Fund Fiscal Year Ended 10/31/15 Brokers Bank of America Merrill Lynch Citibank Deutsche Bank

Value of Stock Holdings $342 655 338

Value of Bond Holdings — — —

Institutional Global Focused Growth Equity Fund Fiscal Year Ended 10/31/15 Brokers JPMorgan Chase Morgan Stanley

Value of Stock Holdings $3,097 2,265

Value of Bond Holdings — —

Institutional Global Growth Equity Fund Fiscal Year Ended 10/31/15 Brokers JPMorgan Chase Morgan Stanley

Value of Stock Holdings $5,137 4,102

Value of Bond Holdings — —

Institutional Global Value Equity Fund Fiscal Year Ended 10/31/15 Brokers Citigroup Global Markets JPMorgan Chase Morgan Stanley

Value of Stock Holdings $145 182 93

Value of Bond Holdings — — —

Institutional International Core Equity Fund Fiscal Year Ended 10/31/15 Brokers CS First Boston Deutsche Bank

Value of Stock Holdings $970 365

Value of Bond Holdings — —

Institutional International Growth Equity Fund Fiscal Year Ended 10/31/15 Brokers CS First Boston

Value of Stock Holdings $660

252

Value of Bond Holdings —

International Concentrated Equity Fund Fiscal Year Ended 10/31/15 Brokers Capel James HSBC Securities

Value of Stock Holdings $177

Value of Bond Holdings —

International Equity Index Fund Fiscal Year Ended 10/31/15 Brokers Barclays Capital Commonwealth Bank of Australia CS First Boston Deutsche Bank Macquarie Equities USA UBS Investment Bank

Value of Stock Holdings $2,268 3,527 1,549 1,474 725 2,668

Value of Bond Holdings — — — — — —

International Growth & Income Fund Fiscal Year Ended 10/31/15 Brokers CS First Boston

Value of Stock Holdings $119,204

Value of Bond Holdings —

International Stock Fund Fiscal Year Ended 10/31/15 Brokers CS First Boston

Value of Stock Holdings $137,415

Value of Bond Holdings —

Overseas Stock Fund Fiscal Year Ended 10/31/15 Brokers CS First Boston Deutsche Bank Macquarie Equities

Value of Stock Holdings $63,484 23,427 82,416

Value of Bond Holdings — — —

Summit Cash Reserves Fund Fiscal Year Ended 10/31/15 Brokers Bank of America Merrill Lynch Bank of New York Mellon Citigroup Global Markets CS First Boston Federal Reserve Bank of New York

Value of Stock Holdings — — — — —

Value of Bond Holdings $42,300 4,203 36,000 49,096 113,000

Summit Municipal Income Fund Fiscal Year Ended 10/31/15 Brokers Goldman Sachs

Value of Stock Holdings —

253

Value of Bond Holdings $4,232

Summit Municipal Intermediate Fund Fiscal Year Ended 10/31/15 Brokers Bank of America Merrill Lynch Goldman Sachs

Value of Stock Holdings — —

Value of Bond Holdings $47,529 29,630

Summit Municipal Money Market Fund Fiscal Year Ended 10/31/15 Brokers JPMorgan Chase Wells Fargo

Value of Stock Holdings — —

Value of Bond Holdings $7,140 600

U.S. Bond Enhanced Index Fund Fiscal Year Ended 10/31/15 Brokers Bank of America Merrill Lynch Barclays Capital BNP Paribas Citigroup Global Markets CS First Boston Deutsche Bank Goldman Sachs JPMorgan Chase Morgan Stanley Wells Fargo

Value of Stock Holdings — — — — — — — — — —

Value of Bond Holdings $5,602 1,608 736 4,693 899 719 5,464 5,169 11,002 1,751

Balanced Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Barclays Capital BNP Paribas Citigroup Global Markets Credit Suisse Deutsche Bank Goldman Sachs J.P. Morgan Chase Morgan Stanley UBS Investment Bank Wells Fargo Securities

Value of Stock Holdings $9,990 3,043 9,188 24,301 4,033 1,633 469 23,316 21,591 — 6,817

Value of Bond Holdings $16,879 1,516 1,358 11,939 3,149 2,991 12,195 17,722 12,752 1,745 2,736

Blue Chip Growth Fund Fiscal Year Ended 12/31/15 Brokers Citigroup Global Markets Morgan Stanley

Value of Stock Holdings $25,606 $331,516

Value of Bond Holdings — —

Capital Appreciation Fund Fiscal Year Ended 12/31/15 Brokers J.P. Morgan Chase

Value of Stock Holdings —

254

Value of Bond Holdings $75,192

Capital Opportunity Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets Goldman Sachs J.P. Morgan Chase Morgan Stanley Wells Fargo

Value of Stock Holdings $3,505 8,590 541 $9,832 3,369 5,820

Value of Bond Holdings — — — — — —

Dividend Growth Fund Fiscal Year Ended 12/31/15 Brokers J.P. Morgan Chase Morgan Stanley

Value of Stock Holdings $97,698 38,284

Value of Bond Holdings — —

Emerging Markets Local MAP Fund Fiscal Year Ended 12/31/15 Brokers Standard Bank

Value of Stock Holdings —

Value of Bond Holdings $225

Equity Income Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets J.P. Morgan Chase Morgan Stanley Wells Fargo

Value of Stock Holdings $395,996 260,820 763,637 312,374 289,467

Value of Bond Holdings — — — — —

Equity Index 500 Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets Goldman Sachs J.P. Morgan Chase Morgan Stanley

Value of Stock Holdings $242,082 213,255 99,221 337,289 66,564

Value of Bond Holdings — — — — —

Extended Equity Market Index Fund Fiscal Year Ended 12/31/15 Brokers Investment Technology Group Stifel Nicolaus

Value of Stock Holdings $232 334

255

Value of Bond Holdings — —

Financial Services Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets J.P. Morgan Chase Morgan Stanley

Value of Stock Holdings $17,122 28,887 25,890 17,426

Value of Bond Holdings — — — —

Global High Income Bond Fund Fiscal Year Ended 12/31/15 Brokers Barclays Capital Citigroup Global Markets Goldman Sachs JPMorgan Chase

Value of Stock Holdings — — — —

Value of Bond Holdings $213 199 198 199

Global Unconstrained Bond Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets Goldman Sachs

Value of Stock Holdings — — —

Value of Bond Holdings $169 173 272

Growth & Income Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch J.P. Morgan Chase Morgan Stanley

Value of Stock Holdings $26,920 50,995 31,167

Value of Bond Holdings — — —

Growth Stock Fund Fiscal Year Ended 12/31/15 Brokers Morgan Stanley

Value of Stock Holdings $460,081

Value of Bond Holdings —

Institutional International Bond Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Barclays Capital BNP Paribas Citigroup Global Markets CS First Boston Goldman Sachs HSBC Securities Morgan Stanley UniCredit

Value of Stock Holdings — — — — — — — — —

256

Value of Bond Holdings $231 1,301 714 716 724 669 988 313 1,906

Institutional Large-Cap Core Growth Fund Fiscal Year Ended 12/31/15 Brokers Citigroup Global Markets Morgan Stanley

Value of Stock Holdings $1,723 $21,993

Value of Bond Holdings — —

Institutional Large-Cap Growth Fund Fiscal Year Ended 12/31/15 Brokers Morgan Stanley

Value of Stock Holdings $321,516

Value of Bond Holdings —

Institutional Large-Cap Value Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup J.P. Morgan Chase Morgan Stanley Wells Fargo

Value of Stock Holdings $60,362 26,134 $87,232 52,451 37,079

Value of Bond Holdings — — — — —

Institutional U.S. Structured Research Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets Goldman Sachs J.P. Morgan Chase Morgan Stanley Wells Fargo

Value of Stock Holdings $3,651 8,996 559 $10,300 3,397 6,077

Value of Bond Holdings — — — — — —

International Bond Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Barclays Capital BNP Paribas Citigroup Global Markets CS First Boston Goldman Sachs HSBC Securities Morgan Stanley

Value of Stock Holdings — — — — — — — —

Value of Bond Holdings $7,268 22,869 10,818 12,547 9,479 5,777 5,877 6,770

New America Growth Fund Fiscal Year Ended 12/31/15 Brokers Citigroup Global Markets Morgan Stanley

Value of Stock Holdings $19,908 21,026

257

Value of Bond Holdings — —

Small-Cap Index Fund Fiscal Year Ended 12/31/15 Brokers Investment Technology Group Stifel Nicolaus

Value of Stock Holdings $2 7

Value of Bond Holdings — —

Total Equity Market Index Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets Goldman Sachs Investment Technology Group Morgan Stanley

Value of Stock Holdings $9,313 8,286 3,724 111 2,599

Value of Bond Holdings — — — — —

U.S. Large-Cap Core Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch J.P. Morgan Chase Morgan Stanley

Value of Stock Holdings $3,543 6,748 4,091

Value of Bond Holdings — — —

Value Fund Fiscal Year Ended 12/31/15 Brokers Bank of America Merrill Lynch Citigroup Global Markets J.P. Morgan Chase Morgan Stanley Wells Fargo

Value of Stock Holdings $284,354 671,891 600,840 522,836 67,026

Value of Bond Holdings — — — —

Portfolio Turnover The portfolio turnover rates for the funds (if applicable) for the fiscal years indicated are as follows:

Fiscal Year Ended Fund

2/28/15

2/28/14

2/28/13

California Tax-Free Bond California Tax-Free Money Floating Rate Multi-Sector Account Portfolio Georgia Tax-Free Bond

5.8% (a)

17.6% (a)

11.3% (a)

54.3 3.0

67.2 10.2

72.8 5.4

High Yield Multi-Sector Account Portfolio Intermediate Tax-Free High Yield Investment-Grade Corporate Multi-Sector Account Portfolio Maryland Short-Term Tax-Free Bond

57.1 5.2

62.2 (b)

68.9 (b)

90.2 19.1

79.2 20.3

99.4 37.2

6.9 (a)

11.5 (a)

11.8 (a)

Maryland Tax-Free Bond Maryland Tax-Free Money

258

Fiscal Year Ended Fund Mortgage-Backed Securities Multi-Sector Account Portfolio New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Tax-Efficient Equity Tax-Exempt Money Tax-Free High Yield Tax-Free Income Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond Virginia Tax-Free Bond (a)

2/28/15

2/28/14

2/28/13

286.7

204.7

180.5

6.9 2.9 (a) 16.8

16.8 9.5 (a) 18.0

13.3 11.1 (a) 28.9

(a) 3.7 8.4 18.7 (b) 6.2

(a) 22.9 13.9 20.0 (b) 9.6

(a) 11.6 10.2 16.8 (b) 11.7

Money funds are not required to show portfolio turnover.

(b) Prior to commencement of operations.

Fiscal Year Ended Fund

5/31/15

5/31/14

Corporate Income Credit Opportunities Floating Rate

48.9% 132.6(a) 55.1

Global Multi-Sector Bond GNMA TRP Government Reserve Investment High Yield Inflation Protected Bond Institutional Core Plus

114.1 430.0(c) (d) 59.2 178.2(e) 149.9

137.8 261.0 (d) 55.9 28.5 131.9

65.8 217.2 (d) 79.9 15.3 127.4

Institutional Credit Opportunities Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit Limited Duration Inflation Focused Bond

240.4(a) 48.0 148.3(a) 66.0 65.0 91.9

9.6 59.1 65.3 58.8 76.2 47.2

(b) 83.3 (b) 80.1 (b) 33.0

New Income Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income Prime Reserve TRP Reserve Investment

144.7 68.6 52.6 73.2 (d) (d)

120.8 53.2 46.0 58.7 (d) (d)

130.9 58.4 46.4 64.8 (d) (d)

13.8 14.3

18.2 19.0

15.7 16.5

Retirement 2005 Retirement 2010

259

44.3% 9.4 40.0

5/31/13 46.8% (b) 69.1

Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

Retirement 2015

14.2

14.7

14.5

Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045

10.3 9.2 9.2 8.1 7.8 7.9

13.6 12.1 12.4 11.5 13.4 15.4

14.2 12.7 13.0 12.3 12.8 10.8

Retirement 2050 Retirement 2055 Retirement 2060 Retirement Balanced Retirement I 2005 Fund—I Class Retirement I 2010 Fund—I Class

6.6 8.3 23.9 15.0 (b) (b)

15.5 20.1 (b) 13.2 (b) (b)

14.1 13.3 (b) 14.3 (b) (b)

Retirement I 2015 Fund—I Class Retirement I 2020 Fund—I Class Retirement I 2025 Fund—I Class Retirement I 2030 Fund—I Class Retirement I 2035 Fund—I Class Retirement I 2040 Fund—I Class

(b) (b) (b) (b) (b) (b)

(b) (b) (b) (b) (b) (b)

(b) (b) (b) (b) (b) (b)

Retirement I 2045 Fund—I Class Retirement I 2050 Fund—I Class Retirement I 2055 Fund—I Class Retirement I 2060 Fund—I Class Retirement Balanced I Fund—I Class Short-Term Bond

(b) (b) (b) (b) (b) 53.2

(b) (b) (b) (b) (b) 45.9

(b) (b) (b) (b) (b) 66.5

Short-Term Government Reserve Short-Term Reserve Target 2005 Target 2010 Target 2015 Target 2020

(b) (f) 32.8 27.2 15.2 14.5

(b) (f) 44.7 20.6 15.2 24.7

(b) (f) (b) (b) (b) (b)

Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050

22.2 14.6 15.4 19.7 16.6 12.7

25.5 10.5 24.8 14.8 11.7 21.3

(b) (b) (b) (b) (b) (b)

Target 2055 Target 2060 U.S. Treasury Intermediate U.S. Treasury Long-Term

29.3 20.5 60.7 45.5

60.0 (b) 33.9 22.7

(b) (b) 34.0 44.5

260

Fiscal Year Ended Fund

5/31/15

5/31/14

5/31/13

(d)

(d)

(d)

U.S. Treasury Money

Ultra Short-Term Bond 127.6 176.4 53.3 (a) The increase in the fund’s portfolio turnover rate resulted from the most recently completed fiscal year being the first full fiscal year that the fund was in operation. (b) Prior to commencement of operations. (c) The increase in the fund’s turnover rate was primarily due to adverse market conditions and certain housing policy changes, which resulted in greater reinvestments from mortgage prepayments and an increased focus on purchasing mortgage-backed securities through the “to-be-announced” (TBA) market. To the extent the fund entered into dollar roll transactions, such transactions were accounted for as both purchases and sales, which also had the effect of increasing the fund’s portfolio turnover rate. (d) Money funds are not required to show portfolio turnover. (e) The increase in the fund’s turnover rate was primarily due to anticipated interest rate changes and adverse market conditions that significantly impacted inflation-linked securities, which resulted in greater portfolio reallocations than prior years. (f)

Funds holding only short-term securities are not required to show portfolio turnover. Fiscal Year Ended Fund

10/31/15

Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock Emerging Markets Value Stock

60.4% 93.0 63.9 15.8 15.6

10/31/14 59.3% 35.4 31.7 23.3 (a)

10/31/13 56.1% (a) 17.1 29.9 (a)

European Stock Global Allocation Global Growth Stock Global Stock Institutional Africa & Middle East Institutional Emerging Markets Equity

47.7 33.5 117.2 136.5 60.3 21.1

58.5 33.4 103.7 137.5 57.8 23.8

48.0 22.4 96.2 156.4 52.2 36.4

Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Concentrated Equity Institutional International Core Equity

48.0 139.8 106.0 99.0 184.0 18.0

7.5 159.7 100.8 88.1 122.2 18.7

(a) 160.0 100.8 80.8 148.3 15.9

Institutional International Growth Equity International Concentrated Equity International Discovery International Equity Index International Growth & Income International Stock

36.1 181.1 39.6 23.2 25.4 32.4

49.8 30.9 41.6 7.0 44.7 39.1

47.7 (a) 50.5 11.9 42.0 44.2

261

Fiscal Year Ended Fund

10/31/15

Japan Latin America New Asia Overseas Stock Summit Cash Reserves Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market U.S. Bond Enhanced Index (a) Prior to commencement of operations.

10/31/14

10/31/13

54.7 23.2 53.2 12.8

38.3 20.5 58.5 8.0

88.7 13.2 49.4 15.2

(b) 16.7 11.8 (b) 122.0(c)

(b) 9.3 5.9 (b) 74.0

(b) 26.5 11.9 (b) 75.0

(b) Money funds are not required to show portfolio turnover. (c) The increase in the fund’s turnover rate was primarily due to an increased focus on purchasing mortgagebacked securities through the “to-be-announced” (TBA) market. To the extent the fund entered into dollar roll transactions, such transactions were accounted for as both purchases and sales, which also had the effect of increasing the fund’s portfolio turnover rate. Fiscal Year Ended Fund Balanced Blue Chip Growth Capital Appreciation Capital Opportunity Diversified Mid-Cap Growth Dividend Growth Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Corporate Multi-Sector Account Portfolio

12/31/15 65.1% 33.1 67.1 40.7

12/31/14 52.9% 32.5 72.0 37.2

12/31/13 54.1% 35.0 57.1 30.9

18.2 24.6 61.5 115.1

27.0 18.6 45.0 105.7

17.7 12.7 45.7 70.0

110.8

105.4

102.1

Emerging Markets Local Currency Bond Emerging Markets Local Multi-Sector Account Portfolio Equity Income

89.6

82.4

82.4

86.1 27.2(a)

99.2 9.7

80.9 9.5

Equity Index 500 Extended Equity Market Index Financial Services Global Consumer Global High Income Bond Global Industrials

10.0 23.0 38.1 (b) 78.9 67.4

5.7 17.1 46.6 (b) (b) 48.8

10.4 21.7 48.7 (b) (b) 6.1

20.5(a) 219.4 183.1

9.3 228.6 (b)

22.9 93.2 (b)

Global Real Estate Global Technology Global Unconstrained Bond

262

Fiscal Year Ended Fund

12/31/15

12/31/14

12/31/13

Growth & Income

76.4(a)

15.2

14.4

Growth Stock Health Sciences Institutional Emerging Markets Bond Institutional International Bond Institutional Large-Cap Core Growth Institutional Large-Cap Growth

37.8 31.0 72.2 63.2 32.7 39.5

36.5 42.2 53.5 90.4 32.8 49.9

34.7 45.7 51.8 82.8 47.3 42.4

Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research International Bond Media & Telecommunications

34.1 39.6 28.3 57.0 60.0 13.5

26.1 29.9 34.7 47.2 73.2 24.7

10.5 34.1 20.1 37.1 74.0 53.8

Mid-Cap Growth Mid-Cap Index Mid-Cap Value New America Growth New Era New Horizons

27.4 0.9(c) 45.8 81.0 76.7 34.1

26.6 (b) 32.2 79.4 61.9 39.9

26.3 (b) 32.0 91.5 54.6 35.3

QM Global Equity QM U.S. Small & Mid-Cap Core Equity QM U.S. Small-Cap Growth Equity QM U.S. Value Equity Real Assets Real Estate

(b) (b) 9.5 (b) 43.0 6.6

(b) (b) 16.8 (b) 42.0 3.3

(b) (b) 12.6 (b) 51.6 3.5

Science & Technology Small-Cap Index Small-Cap Stock Small-Cap Value Spectrum Growth Spectrum Income

82.0 0.9(c) 20.4 32.2(a) 14.6 17.9

80.3 (b) 18.2 16.0 12.3 20.4

71.8 (b) 21.5 5.9 9.7 14.3

Spectrum International 2.1 3.3 4.8 Total Equity Market Index 7.5 5.5 5.9 U.S. Large-Cap Core 57.5 70.7 68.7 Value 68.2 54.0 44.1 (a) The increase in the fund’s portfolio turnover rate was primarily due to a portfolio manager change during the prior fiscal year, which resulted in a greater repositioning of the portfolio and more frequent trading activity. (b) Prior to commencement of operations. (c) For the period December 9, 2015 through December 31, 2015

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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 1900, Baltimore, Maryland 21202, is the independent registered public accounting firm to the funds. The financial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund’s annual report are incorporated into this SAI by reference. A copy of the annual report of each fund with respect to which an inquiry is made will accompany this SAI.

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PART II – TABLE OF CONTENTS Page

Page

Investment Objectives and Policies Risk Factors Portfolio Securities Derivatives Portfolio Management Practices Investment Restrictions Custodian and Fund Accounting Code of Ethics Disclosure of Fund Portfolio Information Pricing of Securities

265 265 288 306 325 328 335 336

Dividends and Distributions In-Kind Redemptions and Purchases Tax Status Capital Stock Organization of the Funds Proxy Voting – Process and Policies Federal Registration of Shares Legal Counsel

342 342 343 347 356 358 361 361

336 339

361 362

Net Asset Value Per Share

341

Ratings of Commercial Paper Ratings of Corporate Debt Securities Ratings of Municipal Notes and Variable Rate Securities

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PART II Part II of this SAI describes risks, policies, and practices that apply to the Price Funds.

INVESTMENT OBJECTIVES AND POLICIES The following information supplements the discussion of the funds’ investment programs and policies discussed in the funds’ prospectuses. You should refer to each fund’s prospectus to determine the types of holdings in which the fund primarily invests. You will then be able to review additional information set forth herein on those types of holdings and their risks, as well as information on other holdings in which the fund may occasionally invest. Shareholder approval is required to substantively change fund objectives. Unless otherwise specified, the investment programs and restrictions of the funds are not fundamental policies. Each funds’ operating policies are subject to change by the funds’ Boards without shareholder approval. The funds’ fundamental policies may not be changed without the approval of at least a majority of the outstanding shares of the fund or, if it is less, 67% of the shares represented at a meeting of shareholders at which the holders of more than 50% of the shares are represented.

RISK FACTORS You may also refer to the sections entitled “Portfolio Securities” and “Portfolio Management Practices” for discussions of the risks associated with the investments and practices described therein as they apply to the funds. Risk Factors of Investing in Foreign Securities General

Foreign securities include both U.S. dollar-denominated and non-U.S. dollar-denominated securities of foreign issuers. Foreign securities include securities issued by companies that are organized under the laws of

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countries other than the U.S. as well as securities that are issued or guaranteed by foreign governments or by foreign supranational entities. They also include securities issued by companies whose principal trading market is in a country other than the U.S. and companies that derive a significant portion of their revenue or profits from foreign businesses, investments or sales, or that have a majority of their assets outside the United States. Foreign securities may be traded on foreign securities exchanges or in the foreign OTC markets. Foreign securities markets generally are not as developed or efficient as those in the United States. Investing in foreign securities, as well as instruments that provide investment exposure to foreign securities and markets, involves risks that are not typically associated with investing in U.S. dollar-denominated securities of domestic issuers. Certain of these risks are inherent in any mutual fund investing in foreign securities, while others relate more to the countries and regions in which the funds may invest. Many of the risks are more pronounced for investments in emerging market countries, such as Russia and many of the countries of Africa, Asia, Eastern Europe, Latin America, and the Middle East. There are no universally accepted criteria used to determine which countries are considered developed markets and which are considered emerging markets. However, the funds rely on the classification made for a particular country by an unaffiliated, third-party data provider. • Political, Social, and Economic Risks

Foreign investments involve risks unique to the local political, economic, tax, and regulatory structures in place, as well as the potential for social instability, military unrest, or diplomatic developments that could prove adverse to the interests of U.S. investors. The economies of many of the countries in which the funds may invest are not as developed as the U.S. economy and individual foreign economies can differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. In addition, war and terrorism have affected many countries, especially those in Africa and the Middle East. Many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline. For example, in 2007 and 2008, the meltdown in the U.S. subprime mortgage market quickly spread throughout global credit markets, triggering a liquidity crisis that affected debt and equity markets around the world. Governments in certain foreign countries continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could have a significant effect on market prices of securities and payment of dividends. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and economic conditions of their trading partners. The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.

• Currency Risks

Investments in foreign securities will normally be denominated in foreign currencies. Accordingly, a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the funds’ holdings denominated in that currency. Generally, when a given currency appreciates against the U.S. dollar (e.g., because the U.S. dollar weakens or the particular foreign currency strengthens), the value of the funds’ securities denominated in that currency will rise. When a given currency depreciates against the U.S. dollar (e.g., because the U.S. dollar strengthens or the particular foreign currency weakens), the value of the funds’ securities denominated in that currency will decline. The value of fund assets may also be affected by losses and other expenses incurred in converting between various currencies in order to purchase and sell foreign securities, and by currency restrictions, exchange control regulations, and currency devaluations. In addition, a change in the value of a foreign currency against the U.S. dollar could result in a change in the amount of income available for distribution. If a portion of a fund’s investment income may be received in foreign currencies, the fund will be required to compute its income in U.S. dollars for distribution to shareholders, and therefore the fund will absorb the cost of currency fluctuations.

• Investment and Repatriation Restrictions

Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions limit and, at times, preclude investment in such countries and increase the cost and expenses of the funds. Investments by foreign investors are subject to a variety of restrictions in many emerging market countries. These restrictions may take the form of prior governmental approval, limits on the amount or type of securities held by foreigners, and limits on the

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types of companies in which foreigners may invest. Additional or different restrictions may be imposed at any time by these or other countries in which the funds invest. In addition, the repatriation of both investment income and capital from several foreign countries is restricted and controlled under certain regulations, including in some cases the need for certain government consents. • Market and Trading Characteristics

Foreign securities markets are generally not as developed or efficient as, and more volatile than, those in the United States. While growing in volume, they usually have substantially less volume than U.S. markets and the funds’ foreign portfolio securities may be less liquid, more difficult to value, and subject to more rapid and erratic price movements than securities of comparable U.S. companies. Foreign securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. Commissions on foreign securities trades are generally higher than commissions on U.S. exchanges, and while there are an increasing number of overseas securities markets that have adopted a system of negotiated rates, a number are still subject to an established schedule of minimum commission rates. There is generally less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than in the United States. Moreover, overall settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the U.S. and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to the funds. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct transactions. Delays in clearance and settlement could result in temporary periods when assets of the funds are uninvested and no return is earned. The inability of a fund to make intended security purchases due to clearance and settlement problems could cause the fund to miss attractive investment opportunities. The inability of a fund to sell portfolio securities due to clearance and settlement problems could result either in losses to the fund due to subsequent declines in the value of the portfolio security or, if the fund has entered into a contract to sell the security, liability to the purchaser. Military unrest, war, terrorism, and other factors could result in securities markets closing unexpectedly for an extended period, during which a fund would lose the ability to either purchase or sell securities traded in that market. Finally, certain foreign markets are open for trading on days when the funds do not calculate their net asset value. Therefore, the values of a fund’s holdings in those markets may be affected on days when shareholders have no access to the fund.

• Depositary Receipts

It is expected that most foreign securities will be purchased in OTC markets or on securities exchanges located in the countries in which the issuers of the various securities are located, provided that is the best available market. However, the funds may also purchase depositary receipts, such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts (“EDRs”), which are certificates evidencing ownership of underlying foreign securities, as alternatives to directly purchasing the foreign securities in their local markets and currencies. An advantage of ADRs, GDRs, and EDRs is that investors do not have to buy shares through the issuing company’s home exchange, which may be difficult or expensive. ADRs, GDRs, and EDRs are subject to many of the same risks associated with investing directly in foreign securities. Generally, ADRs are denominated in U.S. dollars and are designed for use in the U.S. securities markets. The depositaries that issue ADRs are usually U.S. financial institutions, such as a bank or trust company, but the underlying securities are issued by a foreign issuer. GDRs may be issued in U.S. dollars or other currencies and are generally designed for use in securities markets outside the United States. GDRs represent shares of foreign securities that can be traded on the exchanges of the depositary’s country. The issuing depositary, which may be a foreign or a U.S. entity, converts dividends and the share price into the shareholder’s home currency. EDRs are generally issued by a European bank and traded on local exchanges. For purposes of a fund’s investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, an ADR representing ownership of common stock will be treated as common stock.

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• Participation Notes

The funds may gain exposure to securities in certain foreign markets through investments in participation notes (“P-notes”). For instance, a fund may purchase P-notes while it is awaiting approval from a foreign exchange to trade securities directly in that market as well as to invest in foreign markets that restrict foreign investors, such as the funds, from investing directly in individual securities traded on that exchange. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity security. An investment in a P-note involves additional risks beyond the risks normally associated with a direct investment in the underlying security and the P-note’s performance may differ from the underlying security’s performance. While the holder of a P-note is entitled to receive from the broker-dealer or bank any dividends paid by the underlying security, the holder is not entitled to the same rights (e.g., voting rights) as an owner of the underlying stock. P-notes are considered general unsecured contractual obligations of the banks or broker-dealers that issue them as the counterparty. As such, the funds must rely on the creditworthiness of the counterparty for their investment returns on the P-notes and would have no rights against the issuer of the underlying security. There is also no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security. Additionally, issuers of P-notes and the calculation agent may have broad authority to control the foreign exchange rates related to the P-notes and discretion to adjust the P-note’s terms in response to certain events.

• Investment Funds

The funds may invest in investment funds which have been authorized by the governments of certain countries specifically to permit foreign investment in securities of companies listed and traded on the stock exchanges in these respective countries. Investment in these funds is subject to the provisions of the 1940 Act. If a fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses of the fund (including operating expenses and the fees of the investment manager), but also will indirectly bear similar expenses of the underlying investment funds. In addition, the securities of these investment funds may trade at a premium over their net asset value.

• Financial Information and Governance

There is generally less publicly available information about foreign companies when compared to the reports and ratings that are published about companies in the United States. Many foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices, and requirements comparable to those applicable to U.S. companies, and there may be less stringent investor protection and disclosure standards. It also is often more difficult to keep currently informed of corporate actions, which can adversely affect the prices of portfolio securities.

• Taxes

The dividends and interest payable on certain of the funds’ foreign portfolio securities may be subject to foreign withholding taxes, thus reducing the net amount of income available for distribution to the funds’ shareholders. In addition, some governments may impose a tax on purchases by foreign investors of certain securities that trade in their country.

• Higher Costs

Investors should understand that the expense ratios of funds investing primarily in foreign securities can be expected to be higher than funds that invest mainly in domestic securities. Reasons include the higher costs of maintaining custody of foreign securities, higher advisory fee rates paid by funds to investment advisers for researching and selecting foreign securities, and brokerage commission rates and trading costs that tend to be more expensive in foreign markets than in the United States.

• Other Risks

With respect to certain foreign countries, especially emerging markets, there is the possibility of adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of the funds, or diplomatic developments which could affect investments by U.S. persons in those countries. Further, the funds may find it difficult or be unable to enforce ownership rights, pursue legal remedies, or obtain judgments in foreign courts. Evidence of securities ownership may be uncertain in many foreign countries. In many of these countries, the most notable of which is Russia, the ultimate evidence of securities ownership is the share register held by the issuing company or its registrar. While some companies may issue share certificates or provide extracts of the company’s share register, these are not negotiable instruments and are not effective evidence of securities ownership. In an ownership dispute, the company’s share register is controlling.

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• Europe

Europe includes both developed and emerging markets. Europe’s economies are diverse, its governments are decentralized, and its cultures vary widely. Unemployment in Europe has historically been higher than in the U.S. and public deficits have been an ongoing concern in many European countries. Fiscal Constraints Most developed countries in western Europe are members of the European Union (“EU”), and many are also members of the European Economic and Monetary Union (“EMU”). European countries can be significantly affected by the tight fiscal and monetary controls that the EMU imposes on its members and with which candidates for EMU membership are required to comply. Member countries are required to maintain tight controls over inflation, public debt, and budget deficits, and these requirements can severely limit EMU member countries’ ability to implement monetary policy to address local or regional economic conditions. The private and public sectors’ debt problems of a single EU country can pose economic risks to the EU as a whole. The imposition of fiscal and monetary controls by EMU countries can have a significant impact on Europe as a whole. In addition, such controls could prove unsustainable and lead to an abrupt and unexpected elimination of the policy, leading to significant volatility. For instance, the Swiss National Bank had adopted a policy in 2011 to guarantee that the Swiss franc would not be worth more than 1.20 euros. In 2015, the Swiss National Bank determined, with little warning to market participants, that it would no longer cap the Swiss franc’s exchange rate against the euro, which led to significant turmoil throughout the markets not only in Europe but globally. Eurozone Currency Issues While certain EU countries continue to use their own currency, there is a collective group of EU countries, known as the Eurozone, that use the euro as their currency. Although the Eurozone has adopted a common currency and central bank, there is no fiscal union; therefore, money does not automatically flow from countries with surpluses to those with fiscal deficits. Several Eurozone countries continue to face deficits and budget issues, some of which may have negative long-term effects for the economies of not just Eurozone countries but all of Europe. Rising government debt levels could increase market volatility and the probability of a recession, lead to emergency financing for certain countries, and foster increased speculation that certain countries may require bailouts. Eurozone policymakers have previously struggled to agree on solutions to debt crises, which has stressed the European banking system as lending continued to tighten. Similar crises in the future could place additional stress on the banking system and lead to downgrades of European sovereign debt. There continues to be concern over national-level support for the euro, which could lead to the implementation of currency controls, certain countries leaving the EU, or potentially a breakup of the Eurozone and dissolution of the euro. A breakup of the Eurozone, particularly a disorderly breakup, would pose special challenges for the financial markets and could lead to exchange controls and/or market closures. In the event of a Eurozone default or breakup, some of the most significant challenges faced by the funds with euro-denominated holdings and derivatives involving the euro would include diminished market liquidity, operational issues relating to the settlement of trades, difficulty in establishing the fair values of holdings, and the redenomination of holdings into other currencies. • Emerging Europe, Middle East, and Africa

The economies of the countries of emerging Europe, the Middle East, and Africa, sometimes referred to as “EMEA,” are all considered emerging market economies, and they tend to be highly reliant on the exportation of commodities. Political and Military Instability Many formerly communist, eastern European countries have experienced

significant political and economic reform over the past decade, and a continued eastward expansion of the EU could help to further anchor this reform process. However, the democratization process is still relatively new in a number of the smaller states and political turmoil and popular uprisings remain threats. Political risk for Russia remains high and steps that Russia has recently taken and may take in the future to assert its geopolitical influence may increase the tensions in the region and affect economic growth. The U.S. and EU have instituted sanctions against certain Russian officials and Russian entities in response to political and military actions undertaken by Russia. These sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, could result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a significant decline in the value and liquidity of securities issued by Russian companies or the Russian government. Further sanctions against Russia and any retaliatory action by the

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Russian government could result in the immediate freeze of Russian securities, either by issuer, sector, or the Russian markets as a whole, any of which would significantly impair the ability of the funds to buy, sell, or receive proceeds from those securities. Ongoing sanctions, the continued disruption of the Russian economy, or future military actions by Russia could severely impact the performance of any funds that hold Russian securities or derivatives with exposure to Russian securities or currency. Many Middle Eastern economies have little or no democratic tradition and are led by family structures. Opposition parties are often banned, leading to dissidence and militancy. Despite a growing trend toward a democratic process, many African nations have a history of dictatorship, military intervention, and corruption. War, terrorism, and military takeovers could result in a securities market unexpectedly closing for an extended period, which would restrict a fund from selling its securities that are traded in that market. In all parts of EMEA, such developments, if they were to recur, could reverse favorable trends toward economic and market reform, privatization, and removal of trade barriers, and result in significant disruptions in securities markets. Foreign Currency Certain countries in the region may have managed currencies which are pegged to the U.S. dollar or the euro, rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency, which may, in turn, have a disruptive and negative effect on investors. There is no significant foreign exchange market for certain currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies. Energy/Resources Russia, the Middle East, and many African nations are highly reliant on income from oil

sales. Oil prices can have a major impact on these economies. Other commodities such as base and precious metals are also important to these economies. As global supply and demand for commodities fluctuates, the EMEA economies can be significantly impacted by the prices of such commodities. Custody and Settlement Because of the underdeveloped state of Russia’s financial and legal systems, the settlement, clearing, and registration of securities transactions are subject to heightened risks. Equity securities in Russia are issued only in book entry form, and ownership records are maintained in a decentralized fashion by registrars who are under contract with the issuers. Although a fund’s Russian sub-custodian maintains copies of the registrar’s records on its premises, such records may not be legally sufficient to establish ownership of securities. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Although a fund investing in Russian securities seeks to ensure through its custodian that its interest continues to be appropriately recorded, it is possible that a fraudulent act may deprive the fund of its ownership rights or improperly dilute its interest. In addition, it is possible that a registrar could be suspended or its license revoked, which would impact a fund’s holdings at that registrar until the suspension is lifted or the companies’ records are transferred to an alternative registrar. Finally, although applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. • Latin America

The majority of Latin American countries have been characterized at various times by high interest and unemployment rates, inflation, an over-reliance on commodity trades, and government intervention. Inflation Most Latin American countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels. Political Instability and Government Control Certain Latin American countries have been marred by political

uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they were to recur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets. Many Latin American governments have exercised significant influence over their country’s economies, which can have significant effects on companies doing business in Latin America and the securities they issue. These governments have often changed monetary, taxation, credit, tariff, and other policies to alter the direction of

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their economies. Actions to control inflation have involved the setting of wage and price controls, blocking access to bank accounts, imposing exchange controls, and limiting imports. Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Brazilian law provides that whenever a serious imbalance in Brazil’s balance of payments exists or is anticipated, the Brazilian government may impose temporary restrictions on the remittance to foreign investors, such as the funds, of proceeds from the sale of Brazilian securities. Foreign Currency Certain Latin American countries may experience sudden and large adjustments in their

currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries may impose restrictions on the free conversion of their currency into other currencies, including the U.S. dollar. There is no significant foreign exchange market for many Latin American currencies and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies. Sovereign Debt A number of Latin American countries have been among the largest debtors of emerging market countries. There have been moratoria on, and reschedulings of, repayment with respect to these debts. Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies. Foreign Trade Because commodities, such as agricultural products, minerals, oil, and metals, represent a significant percentage of exports of many Latin American countries, the economies of those countries are particularly sensitive to fluctuations in commodity prices, currencies and global demand for commodities. • Japan

The Japanese economy fell into a recession in the late 2000’s due in part to the global economic crisis during that period. This economic recession was likely compounded by an unstable financial sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major issues facing the Japanese economy. Japan’s government has recently implemented significant economic reform aimed at jumpstarting the Japanese economy and boosting the competitiveness of Japanese goods in world markets. Through aggressive monetary easing, temporary fiscal stimulus, and overall structural reform, the program is designed to end the recent cycles of deflation, falling prices, and declining wages. Banking System To help sustain Japan’s economic recovery and improve its economic growth, many believe an overhaul of the nation’s financial institutions is necessary. Banks, in particular, may have to reform themselves to become more competitive. While successful financial sector reform would contribute to Japan’s economic recovery at home and would benefit other economies in Asia, internal conflict over the proper way to reform the banking system currently persists. Natural Disasters Japan has experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity. The risks of such phenomena, and the resulting damage, continue to exist and could have a severe and negative impact on a fund’s holdings in Japanese securities. Japan also has one of the world’s highest population densities. A significant percentage of the total population of Japan is concentrated in the metropolitan areas of Tokyo, Osaka, and Nagoya. Therefore, a natural disaster centered in or very near one of these cities could have a particularly devastating effect on Japan’s financial markets. Japan’s recovery from the recession has been affected by economic distress from the earthquake and resulting tsunami that struck northeastern Japan in March 2011 causing major damage along the coast, including damage to nuclear power plants in the region. Since the earthquake, Japan’s financial markets have fluctuated dramatically. Energy Importation Japan has historically depended on oil for most of its energy requirements. Almost all of

its oil is imported, the majority from the Middle East. In the past, oil prices have had a major impact on the domestic economy, but more recently Japan has worked to reduce its dependence on oil by encouraging energy conservation and use of alternative fuels. In addition, a restructuring of industry, with emphasis shifting from basic industries to processing and assembly type industries, has contributed to the reduction of oil consumption. However, there is no guarantee that this favorable trend will continue. Foreign Trade Overseas trade is important to Japan’s economy and Japan’s economic growth is significantly driven by its exports. Japan has few natural resources and must export to pay for its imports of these basic

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requirements. A significant portion of Japan’s trade is conducted with emerging market countries, almost all of which are located in East and Southeast Asia, and it can be affected by conditions in these other countries and currency fluctuations. Because of the concentration of Japanese exports in highly visible products such as automobiles and technology, and the large trade surpluses ensuing therefrom, Japan has had difficult relations with its trading partners, particularly the United States. Japan’s aging and shrinking population increases the cost of the country’s pension and public welfare system and lowers domestic demand, making Japan even more dependent on exports to sustain its economy. It is possible that trade sanctions or other protectionist measures could impact Japan adversely in both the short term and long term. • Asia (excluding Japan)

Asia includes countries in all stages of economic development, some of which have been characterized at times by over-extension of credit, currency fluctuations, devaluations, restrictions, unstable employment rates, overreliance on exports, and less efficient markets. Currency fluctuations or devaluations in any one country can have a significant effect on the entire region. Furthermore, increased political and social unrest in some Asian countries could cause further economic and market uncertainty in the entire region. Political and Social Instability The political history of some Asian countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they continue to occur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and could result in significant disruption to securities markets. For example, there is a demilitarized border and hostile relations between North and South Korea, and the Taiwanese economy has been affected by security threats from China. China remains a totalitarian country with continuing risk of nationalization, expropriation, or confiscation of property and its legal system is still developing, making it more difficult to obtain or enforce judgments. At times, religious, cultural, and military disputes within and outside India have caused volatility in the Indian securities markets and such disputes could adversely affect the value and liquidity of a fund’s investments in Indian securities in the future. Foreign Currency Certain Asian countries may have managed currencies which are maintained at artificial levels to the U.S. dollar rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Asian countries also may restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for certain currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies. Interrelated Economies and International Trade A number of Asian companies are highly dependent on foreign loans for their operation, some of which may impose strict repayment term schedules and require significant economic and financial restructuring. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. China has had an increasingly significant and positive impact on the region and the global economy, but its continued success depends on its ability to retain the legal and financial policies that have fostered economic freedom and market expansion. China’s central government has historically exercised substantial control over the Chinese economy through administrative regulation and/or state ownership. Despite economic reforms that have resulted in less direct central and local government control over Chinese businesses, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. These activities, which may include central planning, partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors or particular Chinese companies, may adversely affect the public and private sector companies in which a fund invests. The Hong Kong, Taiwanese, and Chinese economies can be dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. These China region economies can also be significantly affected by general social, economic, and political conditions in China and other countries. The willingness and ability of the Chinese government to support the Hong Kong and Chinese economies and markets is uncertain. China has yet to develop comprehensive securities, corporate, or commercial laws, and

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its market is relatively new and undeveloped. Also, foreign investments may be restricted. Changes in government policy could significantly affect the local markets. Investments in Local Chinese Stocks Certain funds may invest in local Chinese securities, referred to as China

A-shares, through the use of a qualified foreign institutional investor (“QFII”) license. The China Securities Regulatory Commission (“CSRC”) has the authority to grant QFII licenses, which allow foreign investments in A-shares on the Shanghai and Shenzhen Stock Exchanges and certain other securities historically not eligible for investment by non-Chinese investors. Each QFII is authorized to invest in China A-shares only up to a specified quota established by the Chinese State Administration of Foreign Exchange (“SAFE”). T. Rowe Price has received a QFII license permitting it to invest a portion of the assets of the Emerging Markets Stock, Institutional Emerging Markets Equity, International Discovery, and New Asia Funds in local Chinese securities. Although the laws of China permit the use of nominee accounts for clients of investment managers who are QFIIs, the Chinese regulators require the securities trading and settlement accounts to be maintained in the name of the QFII on behalf of the funds. Chinese regulators have been made aware that T. Rowe Price is acting as investment manager only and that any assets invested in A-shares belong to the funds. The funds’ custodian bank will maintain a specific sub-account for the A-share investments in the name of each fund. However, there is a risk that creditors of T. Rowe Price may assert that T. Rowe Price, and not the individual fund, is the legal owner of the securities and other assets in the accounts. If a court upholds such an assertion, creditors of T. Rowe Price could seek payment from the funds’ A-share investments. Additional risks include a potential lack of liquidity, greater price volatility, and restrictions on the repatriation of invested capital. Because of low trading volume and various restrictions on the free flow of capital into the A-share market, the A-share market could be less liquid and trading prices of A-shares could be more volatile than other local securities markets. In addition, net realized profits on fund investments in A-shares may only be repatriated under certain conditions and upon the approval of SAFE. Other funds may also invest in certain Shanghai-listed securities (“Stock Connect Securities”) through the Shanghai-Hong Kong Stock Connect (“Stock Connect”), which is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited (“HKEC”), the Shanghai Stock Exchange, and the China Securities Depository and Clearing Corporation Limited (“ChinaClear”) to permit mutual stock market access between mainland China and Hong Kong. Hong Kong Securities Clearing Company Limited (“HKSCC”), a clearing house operated by HKEC, acts as nominee for participants, such as the funds, accessing Stock Connect Securities. Since the relevant regulations governing Stock Connect Securities are relatively new and untested, they are subject to change and there is no certainty as to how they will be applied. In particular, the courts may consider that the nominee or custodian, as registered holder of Stock Connect Securities, has full ownership over the Stock Connect Securities rather than the funds as the underlying beneficial owner. HKSCC, as nominee holder, does not guarantee the title to Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners. Consequently, title to these securities, or the rights associated with them such as participation in corporate actions or shareholder meetings, cannot be assured. In the event ChinaClear defaults, HKSCC’s liabilities under its market contracts with participants will be limited to assisting participants with claims and a fund may not fully recover its losses or the Stock Connect Securities it owns. Recovery of the funds’ property may also be subject to delays and expenses, which may be material. Further, investors are currently able to trade Stock Connect Securities only up to certain daily maximums. Buy order and sell orders offset for purposes of the daily quota, which is applied to all market participants and not specifically to the funds or investment manager. If the daily quota is reached or a stock is recalled from the scope of eligible stocks for trading via the Stock Connect, a fund’s investment program would be adversely impacted. Risk Factors of Investing in Taxable Debt Obligations General

Yields on short-, intermediate-, and long-term debt securities are dependent on a variety of factors, including the general conditions of the money, bond, and foreign exchange markets; the size of a particular offering; the

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maturity of the obligation; and the credit rating of the issue. Debt securities with longer maturities tend to carry higher yields and are generally subject to greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market prices of debt securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of portfolio investments, and a decline in interest rates will generally increase the value of portfolio investments. The ability of funds investing in debt securities to achieve their investment objectives is also dependent on the continuing ability of the issuers of the debt securities in which the funds invest to meet their obligations for the payment of interest and principal when due. After purchase by the funds, a debt security may cease to be rated or its rating may be reduced below the minimum required for purchase by the funds. Neither event will require a sale of such security by the funds. However, such events will be considered in determining whether the funds should continue to hold the security. To the extent that the ratings given by Moody’s, S&P, or others may change as a result of changes in such organizations or their rating systems, the funds will attempt to use comparable ratings as standards for investments in accordance with the investment policies contained in the prospectus. The ratings of Moody’s, S&P, and others represent their opinions as to the quality of securities that they undertake to rate. Ratings are not absolute standards of quality. When purchasing unrated securities, T. Rowe Price, under the supervision of the funds’ Boards, determines whether the unrated security is of a quality comparable to that which the funds are allowed to purchase. Full Faith and Credit Securities

Securities backed by the full faith and credit of the United States (for example, GNMA and U.S. Treasury securities) are generally considered to be among the most, if not the most, creditworthy investments available. While the U.S. government has honored its credit obligations continuously for the last 200 years, political events have, at times, called into question whether the United States would default on its obligations. Such an event would be unprecedented and there is no way to predict its impact on the securities markets or the funds. However, it is very likely that default by the United States would result in losses to the funds. Mortgage Securities

Mortgage-backed securities, including Government National Mortgage Association (“Ginnie Mae” or “GNMA”) securities differ from conventional bonds in that principal is paid back over the life of the security rather than at maturity. As a result, the holder of a mortgage-backed security (i.e., a fund) receives monthly scheduled payments of principal and interest, and may receive unscheduled principal payments representing prepayments on the underlying mortgages. Therefore, GNMA securities may not be an effective means of “locking in” long-term interest rates due to the need for the funds to reinvest scheduled and unscheduled principal payments. The incidence of unscheduled principal prepayments is also likely to increase in mortgage pools owned by the funds when prevailing mortgage loan rates fall below the mortgage rates of the securities underlying the individual pool. The effect of such prepayments in a falling rate environment is to (1) cause the funds to reinvest principal payments at the then lower prevailing interest rate, and (2) reduce the potential for capital appreciation beyond the face amount of the security and adversely affect the return to the funds. Conversely, in a rising interest rate environment, such prepayments can be reinvested at higher prevailing interest rates, which will reduce the potential effect of capital depreciation to which bonds are subject when interest rates rise. When interest rates rise and prepayments decline, GNMA securities become subject to extension risk or the risk that the price of the securities will fluctuate more. In addition, prepayments of mortgage securities purchased at a premium (or discount) will cause such securities to be paid off at par, resulting in a loss (gain) to the funds. T. Rowe Price will actively manage the funds’ portfolios in an attempt to reduce the risk associated with investment in mortgage-backed securities. The market value of adjustable rate mortgage securities (“ARMs”), like other U.S. government securities, will generally vary inversely with changes in market interest rates, declining when interest rates rise and rising when interest rates decline. Because of their periodic adjustment feature, ARMs should be more sensitive to short-term interest rates than long-term rates. They should also display less volatility than long-term mortgage-backed securities. Thus, while having less risk of a decline during periods of rapidly rising rates, ARMs may also have less potential for capital appreciation than other investments of comparable maturities. Interest rate caps on mortgages underlying ARMs may prevent income on the ARMs from increasing to

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prevailing interest rate levels and cause the securities to decline in value. In addition, to the extent ARMs are purchased at a premium, mortgage foreclosures and unscheduled principal prepayments may result in some loss of the holders’ principal investment to the extent of the premium paid. On the other hand, if ARMs are purchased at a discount, both a scheduled payment of principal and an unscheduled prepayment of principal will increase current and total returns and will accelerate the recognition of income that, when distributed to shareholders, will be taxable as ordinary income. High-Yield Securities Special Risks of Investing in Junk Bonds The following special considerations are additional risk factors of

funds investing in lower-rated securities. • Lower-Rated Debt Securities

An economic downturn or increase in interest rates is likely to have a greater negative effect on this market, the value of lower-rated debt securities in the funds’ portfolios, the funds’ net asset value, and the ability of the bonds’ issuers to repay principal and interest, meet projected business goals, and obtain additional financing than on higher-rated securities. These circumstances also may result in a higher incidence of defaults than with respect to higher-rated securities. Investment in funds which invest in lower-rated debt securities is more risky than investment in shares of funds which invest only in higher-rated debt securities.

• Sensitivity to Interest Rate and Economic Changes

Prices of lower-rated debt securities may be more sensitive to adverse economic changes or corporate developments than higher-rated investments. Debt securities with longer maturities, which may have higher yields, may increase or decrease in value more than debt securities with shorter maturities. Market prices of lower-rated debt securities structured as zero-coupon or pay-in-kind securities are affected to a greater extent by interest rate changes and may be more volatile than securities which pay interest periodically and in cash. Where it deems it appropriate and in the best interests of fund shareholders, the funds may incur additional expenses to seek recovery on a debt security on which the issuer has defaulted and to pursue litigation to protect the interests of security holders of its portfolio companies.

• Liquidity and Valuation

Because the market for lower-rated securities may be thinner and less active than for higher-rated securities, there may be market price volatility for these securities and limited liquidity in the resale market. Nonrated securities are usually not as attractive to as many buyers as rated securities are, a factor which may make nonrated securities less marketable. These factors may have the effect of limiting the availability of the securities for purchase by the funds and may also limit the ability of the funds to sell such securities at their fair value, either to meet redemption requests or in response to changes in the economy or the financial markets. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt securities, especially in a thinly traded market. To the extent the funds own or may acquire illiquid or restricted lower-rated securities, these securities may involve special registration responsibilities, liabilities, costs, and liquidity and valuation difficulties. Changes in values of debt securities which the funds own will affect its net asset value per share. If market quotations are not readily available for the funds’ lower-rated or nonrated securities, these securities will be valued by a method that the funds’ Boards believe accurately reflects fair value. Judgment plays a greater role in valuing lower-rated debt securities than with respect to securities for which more external sources of quotations and last sale information are available.

• Taxation

Special tax considerations are associated with investing in lower-rated debt securities structured as zero-coupon or pay-in-kind securities. The funds accrue income on these securities prior to the receipt of cash payments. The funds must distribute substantially all of its income to its shareholders to qualify for passthrough treatment under the tax laws and may, therefore, have to dispose of portfolio securities to satisfy distribution requirements.

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Risk Factors of Investing in Municipal Securities General

Yields on municipal securities are dependent on a variety of factors, including the general conditions of the money market and the municipal bond market, the size of a particular offering, the maturity of the obligations, and the rating of the issue. Municipal securities with longer maturities tend to produce higher yields and are generally subject to potentially greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market prices of municipal securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of portfolio investments, and a decline in interest rates will generally increase the value of portfolio investments. The ability of all the funds to achieve their investment objectives is also dependent on the continuing ability of the issuers of municipal securities in which the funds invest to meet their obligations for the payment of interest and principal when due. The ratings of Moody’s, S&P, and Fitch represent their opinions as to the quality of municipal securities which they undertake to rate. Ratings are not absolute standards of quality; consequently, municipal securities with the same maturity, coupon, and rating may have different yields. There are variations in municipal securities, both within a particular classification and between classifications, depending on numerous factors. In 2010, Moody’s and Fitch recalibrated their ratings of municipal securities so they could use a single ratings scale for both municipal and corporate debt securities. This resulted in upgrades to ratings of certain municipal issuers based on the change in methodology and not on improvements in credit quality. It should also be pointed out that, unlike other types of investments, offerings of municipal securities have traditionally not been subject to regulation by, or registration with, the SEC, although there have been proposals which would provide for regulation in the future. The federal bankruptcy statutes relating to the debts of political subdivisions and authorities of states of the United States provide that, in certain circumstances, such subdivisions or authorities may be authorized to initiate bankruptcy proceedings without prior notice to or consent of creditors, which proceedings could result in material and adverse changes in the rights of holders of their obligations. Proposals have been introduced in Congress to restrict or eliminate the federal income tax exemption for interest on municipal securities, and similar proposals may be introduced in the future. Proposed “Flat Tax” and “Value Added Tax” proposals would also have the effect of eliminating the tax preference for municipal securities. Some of the past proposals would have applied to interest on municipal securities issued before the date of enactment, which would have adversely affected their value to a material degree. If such a proposal were enacted, the availability of municipal securities for investment by the funds and the value of a fund’s portfolio would be affected and, in such an event, the funds would reevaluate their investment objectives and policies. The lowering of income tax rates, including lowering tax rates on dividends and capital gains, could have a negative impact on the desirability of owning municipal securities. Although the banks and securities dealers with which the funds will transact business will be banks and securities dealers that T. Rowe Price believes to be financially sound, there can be no assurance that they will be able to honor their obligations to the funds with respect to such transactions. Municipal Bond Insurance The funds may purchase insured bonds from time to time. Municipal bond

insurance provides an unconditional and irrevocable guarantee that the insured bond’s principal and interest will be paid when due. Insurance does not guarantee the price of the bond. The guarantee is purchased from a private, nongovernmental insurance company. There are two types of insured securities that may be purchased by the funds: bonds carrying either (1) new issue insurance; or (2) secondary insurance. New issue insurance is purchased by the issuer of a bond in an effort to improve the bond’s credit rating. By meeting the insurer’s standards and paying an insurance premium based on the bond’s principal value, the issuer may be able to obtain a higher credit rating for the bond. The credit rating assigned to an insured municipal bond will usually reflect the financial strength of the issuer or insurer, whichever is higher. Once purchased, municipal bond insurance cannot be canceled, and the protection it affords continues as long as the bonds are outstanding and the insurer remains solvent. The funds may also purchase bonds that carry secondary insurance purchased by an investor after a bond’s original issuance. Such policies insure a security for the remainder of its term. Generally, the funds expect that

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portfolio bonds carrying secondary insurance will have been insured by a prior investor. However, the funds may, on occasion, purchase secondary insurance on their own behalf. Each of the municipal bond insurance companies has established reserves to cover estimated losses. Both the method of establishing these reserves and the amount of the reserves vary from company to company. The risk that a municipal bond insurance company may experience a claim extends over the life of each insured bond. Municipal bond insurance companies are obligated to pay a bond’s interest and principal when due if the issuing entity defaults on the insured bond. Defaults on insured municipal bonds have been fairly low to date, but certain of these insurers’ ratings have been downgraded and they are no longer insuring newly issued bonds. It is possible that there could be additional insurer downgrades and that default rates on insured bonds could increase substantially, which could further deplete an insurer’s loss reserves and adversely affect the ability of a municipal bond insurer to pay claims to holders of insured bonds, such as the funds. The inability of an insurer to pay a particular claim, or a downgrade of the insurer’s rating, could adversely affect the values of all the bonds it insures despite the quality of the underlying issuer. The number of municipal bond insurers is relatively small and, therefore, a significant amount of a municipal bond fund’s assets may be insured by a single issuer. High-Yield Securities Lower-quality bonds, commonly referred to as “junk bonds,” are regarded as

predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Because investment in low- and lower-medium-quality bonds involves greater investment risk, to the extent the funds invest in such bonds, achievement of their investment objectives will be more dependent on T. Rowe Price’s credit analysis than would be the case if the funds were investing in higher-quality bonds. High-yield bonds may be more susceptible to real or perceived adverse economic conditions than investmentgrade bonds. A projection of an economic downturn or higher interest rates, for example, could cause a decline in high-yield bond prices because the advent of such events could lessen the ability of highly leveraged issuers to make principal and interest payments on their debt securities. In addition, the secondary trading market for high-yield bonds may be less liquid than the market for higher-grade bonds, which can adversely affect the ability of the funds to dispose of their portfolio securities. Bonds for which there is only a “thin” market can be more difficult to value because objective pricing data may be less available and judgment would therefore play a greater role in the valuation process. Risk Factors of Investing in Taxable and Tax-Free Money Market Funds

The T. Rowe Price money market funds will limit their purchases of portfolio instruments to those U.S. dollardenominated securities which the funds’ Boards determine present minimal credit risk and which are eligible securities as defined in Rule 2a-7 under the 1940 Act. Through October 13, 2016, eligible securities are generally securities which have been rated (or whose issuer has been rated or whose issuer has comparable securities rated) in one of the two highest short-term rating categories (which may include sub-categories) by nationally recognized statistical rating organizations (“NRSROs”) or, in the case of any instrument that is not so rated, is of comparable high quality as determined by T. Rowe Price pursuant to written guidelines established under the supervision of the funds’ Boards. In addition, the funds may treat certain variable and floating rate instruments with demand features as short-term securities pursuant to Rule 2a-7 under the 1940 Act. Effective October 14, 2016, Rule 2a-7 will no longer reference credit ratings but will continue to require money market funds to purchase securities that have a remaining maturity of no more than 397 calendar days, and that have been determined by the money market funds’ Boards (or the funds’ investment adviser, if the Boards delegate such power to the investment adviser) to present minimal credit risks to the money market funds. Accordingly, on or before October 14, 2016, each T. Rowe Price money market fund will only purchase securities that present minimal credit risks in the opinion of T. Rowe Price, pursuant to guidelines approved by each fund’s Board. In making its minimal credit risks determinations, T. Rowe Price will consider the capacity of each security’s issuer or guarantor to meet its financial obligations, and in doing so, consider, to the extent appropriate, the following factors, as required by Rule 2a-7: (1) the issuer or guarantor’s financial condition; (2) the issuer or guarantor’s sources of liquidity; (3) the issuer or guarantor’s ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse

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situation; and (4) the strength of the issuer or guarantor’s industry within the economy and relative to economic trends, and issuer or guarantor’s competitive position within its industry. In making determinations regarding minimal credit risks, T. Rowe Price may consider additional factors, including, for example, certain asset-specific factors. Pursuant to Rule 2a-7 and guidelines approved by the funds’ Boards, T. Rowe Price will provide an ongoing review of the credit quality of each portfolio security to determine that the security continues to present minimal credit risks. A security may need to be sold if its maturity or credit quality is not acceptable under Rule 2a-7. Through October 14, 2016, the money market funds will not purchase any second tier security (other than a U.S. government security or a repurchase agreement collateralized by U.S. government securities) if it would cause the fund to have more than ½ of 1% of its total assets in second tier securities of any single issuer. Pursuant to certain amendments to Rule 2a-7 that become effective on October 14, 2016, a “government money market fund” will be required to invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are fully collateralized by government securities or cash. Government securities include any security issued or guaranteed as to principal or interest by the U.S. and its agencies or instrumentalities. There can be no assurance that the funds will achieve their investment objectives or, in the case of retail or government money market funds, be able to maintain their net asset values per share at $1.00. The price of the funds is not guaranteed or insured by the U.S. government and their yields are not fixed. While the funds invest in high-grade money market instruments, investment in the funds is not without risk, even if all portfolio instruments are paid in full at maturity. An increase in interest rates could reduce the value of the funds’ portfolio investments, and a decline in interest rates could increase the value. The funds can be impacted by additional changes in the laws and regulations that govern money market funds. On July 23, 2014, the SEC approved amendments to Rule 2a-7 and other rules and forms related to money market funds. These amendments have staggered effective dates, although compliance with all of the various amendments is required by October 14, 2016. These changes will affect the manner in which the funds and other money market funds are structured and operated, and may impact fund expenses, returns, and liquidity. The degree to which a money market fund will be impacted by the rule amendments generally, depends upon the type of fund (e.g., government or non-government) and the types of investors (e.g., retail or institutional) permitted to invest in the fund. Pursuant to Rule 2a-7, “retail money market funds” are required to implement policies and procedures reasonably designed to limit investments in the funds to accounts beneficially owned by natural persons. On or around July 1, 2016, funds designated “retail money market funds” will begin to implement, and will work with their intermediaries to develop and implement, policies and procedures designed to limit new investments in the funds to accounts beneficially owned by natural persons, although existing shareholders at that time who do not meet the criteria may generally continue to purchase additional shares. New investors wishing to purchase shares on or after July 1, 2016, may be required to demonstrate eligibility (for example, by providing their Social Security number). It is expected that on, or around September 23, 2016, T. Rowe Price retail money market funds will, upon at least 60 days’ advance written notification, begin to involuntarily redeem any investors who do not satisfy these eligibility requirements. Pursuant to Rule 2a-7, beginning October 14, 2016, if a retail money market fund’s weekly liquid assets fall below 30% of its total assets, the fund’s Board, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed or temporarily suspend redemptions and postpone payment of redemption proceeds from the fund for up to 10 business days during any 90-day period (i.e., a “redemption gate”). In addition, if the fund’s weekly liquid assets fall below 10% of its total assets at the end of any business day, the fund must impose a 1% liquidity fee on shareholder redemptions unless the fund’s Board determines that not doing so is in the best interests of the fund. Money market funds that are designated “government money market funds” pursuant to Rule 2a-7 are not required to impose a liquidity fee or redemption gate upon a sale of shares. However, the Board of a government money market fund reserves the right to impose liquidity fees in the future.

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State Tax-Free Funds The following information about the state tax-free funds is updated in June of each year. More current information is available in shareholder reports for these funds. California Tax-Free Bond and California Tax-Free Money Funds Risk Factors Associated with a California Portfolio The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified. Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments

issued by the state of California and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from California income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and California income tax. The issuers of these debt obligations include the state of California and its agencies and authorities, counties and municipalities and their agencies and authorities, various California public institutions of higher education, and certain California not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics. Debt is issued for a wide variety of public purposes, including transportation, housing, education, electric power, and healthcare. The state of California, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are generally backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. As part of its cash management program, the state regularly issues short-term notes to meet its disbursement requirements in advance of the receipt of revenues. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. Local governments also raise capital through the use of Mello-Roos, 1915 Act Bonds, and Tax Increment Bonds, all of which are generally riskier than general obligation debt as they often rely on tax revenues to be generated by future development for their support. The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. Political and Legislative Conditions Certain provisions of the California state constitution and state statutes

limit the taxing and spending authority of California governmental entities, thus affecting their ability to meet debt service obligations. For example, the constitution limits ad valorem taxes on real property to 1% of “full cash value” and restricts the ability of taxing entities to increase real property taxes. It also prohibits the state from spending revenues beyond its annually adjusted “appropriations limit.” Yet another provision further restricts the ability of local governments to levy and collect existing and future taxes, assessments, and fees. In addition to limiting the financial flexibility of local governments in the state, the provision also increases the possibility of voter-determined tax rollbacks and repeals. One effect of the tax and spending limitations in California has been a broad scale shift by local governments away from general obligation debt requiring voter approval and pledging of future tax revenues toward lease revenue financing that is subject to abatement and does not require voter approval. Lease-backed debt is generally viewed as a less secure form of borrowing and therefore entails greater credit risk. Future initiatives, if proposed and adopted, or future court decisions could create renewed pressure on California governments and their ability to raise revenues. Although Orange County notably filed for

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protection under the U.S. Bankruptcy Code in 1994, overall the state and its underlying governments have displayed flexibility in overcoming the negative effects of past initiatives. Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of California, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. While California’s economy has been diverse and resilient, and is typically the largest among the 50 states, the state of California is also normally among the most highly indebted states in the nation. The state has historically experienced more extreme swings in employment levels and property values relative to the rest of the country. In addition, California is more prone to earthquakes and other natural disasters, which can result in sudden economic downturns and the unexpected inability of issuers to meet their obligations, as well as a long-lasting negative impact on the overall California municipal securities market. More detailed information regarding economic conditions and the financial strength of California is available in the funds’ annual and semi-annual shareholder reports. Sectors Investment concentration in a particular sector can present unique risks. For example, a significant

portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue. The funds may from time to time invest in electric revenue issues. The financial performance of these utilities was impacted by the industry’s moves toward deregulation and increased competition. California’s original electric utility restructuring plan proved to be flawed as it placed over-reliance on the spot market for power purchases during a period of substantial supply and demand imbalance. Now that deregulation has been suspended, municipal utilities face a more traditional set of challenges. In particular, some electric revenue issuers have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Other risks include unexpected outages, plant shutdowns, and more stringent environmental regulations. Georgia Tax-Free Bond Fund Risk Factors Associated with a Georgia Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified. Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments

issued by the state of Georgia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Georgia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and Georgia income tax. The issuers of these debt obligations include the state of Georgia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Georgia public institutions of higher education, and certain Georgia not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics. The state of Georgia, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state and may or may not be subject to annual appropriations from the state’s general fund. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

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The Georgia Constitution imposes certain debt limits and controls. The state’s general obligation highest annual debt service requirement cannot exceed 10% of the prior year’s State treasury receipts. The state also established “debt affordability” limits which provide that outstanding debt will not exceed 3.5% of personal income or that maximum annual debt service will not exceed 7% of the prior year’s State treasury receipts. The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of Georgia, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. While local governments in Georgia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Georgia is available in the fund’s annual and semi-annual shareholder reports. Sectors Investment concentration in a particular sector can present unique risks. For example, a significant

portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue. The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry. The fund may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability. Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, and Maryland Tax-Free Money Funds Risk Factors Associated with a Maryland Portfolio

The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified. Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments

issued by the state of Maryland and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from Maryland income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and Maryland income tax. The issuers of these debt obligations include the state of Maryland and its agencies and authorities, counties and municipalities and their agencies and authorities, various Maryland public institutions of higher education, and certain Maryland not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics. The state of Maryland, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, many counties, municipalities, and agencies of the state and local government

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are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. The state constitution imposes a 15-year maturity limit on stateissued general obligation bonds. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Maryland. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Maryland. The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of Maryland, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. More detailed information regarding economic conditions and the financial strength of Maryland is available in the funds’ annual and semi-annual shareholder reports. Sectors Investment concentration in a particular sector can present unique risks. For example, a significant

portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and of uncertain duration. The funds may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry. The funds may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability. New Jersey Tax-Free Bond Fund Risk Factors Associated with a New Jersey Portfolio The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified. Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments

issued by the state of New Jersey and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from New Jersey income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and New Jersey income tax. The issuers of these debt obligations include the state of New Jersey and its agencies and authorities, counties and municipalities and their agencies and authorities, various New Jersey public institutions of higher education, and certain New Jersey not-for-profit organizations (e.g., hospitals,

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private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics. The state of New Jersey, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, many counties, municipalities, and agencies of the state and local government are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. The majority of the state’s debt is “appropriation-backed.” This means that the debt service payments on these obligations must be funded annually by the state legislature, but the legislature has no legal obligation to continue to make such appropriations. The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. These issues are sold through various governmental conduits, such as the New Jersey Economic Development Authority and various local issuers, and are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. In the past, a number of New Jersey Economic Development Authority issues have defaulted as a result of borrower financial difficulties. Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of New Jersey, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. The state of New Jersey is typically among the most highly indebted states in the nation. More detailed information regarding economic conditions and the financial strength of New Jersey is available in the fund’s annual and semi-annual shareholder reports. Sectors Investment concentration in a particular sector can present unique risks. For example, a significant

portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue. The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry. The fund may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of consumer affordability. New York Tax-Free Bond and New York Tax-Free Money Funds Risk Factors Associated with a New York Portfolio

The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified. Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments

issued by the state of New York and its various political subdivisions and agencies. However, if the funds

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invest in any securities that pay income that is exempt from New York income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and New York income tax. The issuers of these debt obligations include: the state of New York, New York City, and their agencies and authorities; counties, other municipalities, and their agencies and authorities; various New York public institutions of higher education; and certain New York not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics. The state of New York, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state of New York or New York City. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. The majority of the state’s debt is “appropriation-backed.” This means that the debt service payments on these obligations must be funded annually by the state legislature, but the legislature has no legal obligation to continue to make such appropriations. The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of New York, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. The state of New York is typically among the most highly indebted states in the nation and New York City is typically one of the most indebted U.S. cities. More detailed information regarding economic conditions and the financial strength of New York is available in the funds’ annual and semi-annual shareholder reports. Sectors Investment concentration in a particular sector can present unique risks. For example, a significant

portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue. The funds may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry. The funds may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of consumer affordability.

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Virginia Tax-Free Bond Fund Risk Factors Associated with a Virginia Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified. Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments

issued by the commonwealth of Virginia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Virginia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and Virginia income tax. The issuers of these debt obligations include the commonwealth of Virginia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Virginia public institutions of higher education, and certain Virginia not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics. Debt is issued for a wide variety of public purposes, including transportation, housing, education, healthcare, and industrial development. The commonwealth of Virginia, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. Under Virginia law, general obligation debt is limited to 1.15 times the average of the preceding three years’ income tax and sales and use collections. However, bonds issued by many counties, municipalities, and agencies of the commonwealth and local government are not backed by the full faith and credit of the commonwealth but instead are subject to annual appropriations from the commonwealth’s general fund. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Virginia. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Virginia. The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the commonwealth of Virginia, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. While local governments in Virginia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Virginia is available in the fund’s annual and semi-annual shareholder reports. Sectors Investment concentration in a particular sector can present unique risks. For example, a significant

portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue. The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in

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construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry. The fund may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability. All Tax-Free Funds Puerto Rico From time to time, the funds may invest in debt obligations of the Commonwealth of Puerto Rico

and its public corporations, as well as debt obligations of other U.S. territories, the interest of which may be exempt from U.S. federal, state, and local income taxes. As of April 8, 2016, the general obligation debt of Puerto Rico was rated Caa3 by Moody’s, CC by S&P, and CC by Fitch; the respective outlooks are negative by Moody’s and S&P and watch negative by Fitch. This reflects that each credit rating firm has downgraded their respective ratings of Puerto Rico’s general obligation debt further below investment grade, along with the ratings of certain related Puerto Rico issuers. The below investment-grade credit ratings reflect, in part, Puerto Rico’s default on its debt payments on August 3, 2015, and January 4, 2016, as well as continuing concerns regarding a weak economy, structural budget imbalances, impaired access to capital, diminished liquidity, underfunded pensions, and a rising debt burden. Developments over the past year have continued to highlight the seriousness of Puerto Rico’s fiscal crisis. In June 2015, the commonwealth’s governor, Alejandro Garcia Padilla, said that Puerto Rico would be unable to continue servicing its debt, a reversal of the previous position of the island’s government. That was followed in September by the commonwealth’s Fiscal and Economic Growth Plan, which called into question the constitutional protection of Puerto Rico’s general obligation bonds and recommended negotiations to restructure its debt. More recently, in April 2016, Puerto Rico passed legislation that would allow the governor to declare a state of emergency that would stop payments on the island’s debts through early 2017. In reaction to these developments, the U.S. Congress is considering a proposal to appoint a financial oversight board for Puerto Rico as well as provide a framework for debt restructuring, if that is determined to be necessary. As a result of Puerto Rico’s challenging economic environment, certain securities issued by Puerto Rico and its agencies are currently considered below investment grade, which could weaken the demand for such securities, prevent those issuers from obtaining the financing they need, and limit their ability to pay interest and principal when due. If the economic conditions in Puerto Rico persist or worsen, the volatility, liquidity, credit quality, and performance of its municipal obligations could be severely affected. If the economic conditions in Puerto Rico persist or worsen, a fund’s performance could be adversely impacted to the extent it has exposure to Puerto Rico municipal obligations. Debt As of September 30, 2015, the outstanding debt of Puerto Rico totaled $70 billion, which is large

relative to the size of its economy. This includes bonds supported by the commonwealth’s general obligation pledge, appropriations or guarantee; public corporations such as highways, water and sewer, and electric power, and municipalities. Guaranteed direct obligations of the commonwealth supported by a general obligation pledge are subject to limitations imposed by the commonwealth’s constitution. Debts of its municipalities are typically supported by property taxes and municipal license taxes, with support from the commonwealth, if necessary. Debts of its public corporations are generally supported by the entity’s revenues or by the commonwealth’s appropriations or taxes. Though different measures suggest Puerto Rico’s debt burden is high relative to a U.S. state, the commonwealth issues or supports bonds on behalf of municipalities and other governmental units. In many cases, this type of debt would be issued by local government or public agencies which are independent entities in the United States. One measure to monitor the commonwealth debt levels is by comparing the rate of growth of its debt to the rate of growth of its gross national product (“GNP”). For the five-year period ended

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in June 30, 2015, total public sector debt increased by 12%, whereas nominal-GNP for the same five-year period increased by 7%. Economy Puerto Rico’s economy is linked in many ways to the U.S. economy. Like the United States, the commonwealth experienced an economic recession in the late 2000’s. Government officials estimate that the economy (as measured by real GNP) contracted 3.8% in 2009, 3.6% in 2010, 1.7% in 2011, grew by 0.5% during 2012, and contracted by 0.2% in 2013 and 0.9% in 2014. The forecast for growth is lower than that of the United States.

Manufacturing, especially pharmaceuticals, is very important to the local economy. Manufacturing accounted for approximately 48% of GDP in 2014, and 8% of non-farm payroll employment. Services are another component of the local economy, and represented 43% of GDP and 63% of employment in 2014. Tourism is an important sub-sector of services, and an important driver of Puerto Rico’s economy. The number of tourists and the value of their expenditures increased 28% between 2009 and 2014. For many years, U.S. companies operating in Puerto Rico were eligible to receive special tax treatment. Since 1976, Section 936 of the U.S. tax code entitled certain corporations to credit income derived from business activities in the commonwealth against their United States corporate income tax and spurred significant expansion in capital intensive manufacturing, particularly large pharmaceutical firms. The tax benefits, however, were eliminated beginning with the 2006 tax year. While the ultimate impact of the phase outs is being evaluated, indications are that major pharmaceutical, instrument, and electronic manufacturing firms have not exited the market, but employment in this sector is trending downward as some individual plants have closed while others have become more automated. Financial Puerto Rico has yet to release its fiscal year 2014 and fiscal year 2015 audited financial statements.; as such, the following financial information is based on preliminary and unaudited figures released by the commonwealth. Puerto Rico’s general fund revenues, on a budgetary basis, were $9.0 billion in fiscal year 2015 (yielding a deficit of $0.7 billion). In comparison, fiscal year 2014 (unaudited) produced a $1.2 billion deficit. The Governor and his administration implemented various fiscal measures, including substantial borrowings, expense re-structuring, and tax reform in an effort to reduce the budget gap but was unsuccessful in doing so. A balanced budget was originally projected for fiscal year 2016 but it is unlikely to come to fruition. Through the first eight months of fiscal year 2016, Puerto Rico’s general fund revenues (unaudited) are running $196 million below original budget expectations. The Governor and his administration have proposed various measures to bring fiscal year operations into balance, but there are no assurances that this can be achieved. All Funds Cyber Security Risk As the use of the Internet and other technologies has become more prevalent in the course of business, the funds have become more susceptible to operational and financial risks associated with cyber attacks. Cyber security incidents can result from deliberate attacks, such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cyber security failures or breaches of the funds, or their service providers or the issuers of securities in which the funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of fund shareholders to transact, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed that are designed to reduce the risks associated with cyber attacks, there is no guarantee that those measures will be effective, particularly since the funds do not directly control the cyber security defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

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PORTFOLIO SECURITIES

Types of Securities Set forth below is additional information about certain of the investments described in the funds’ prospectuses. Equity Securities

Common and preferred stocks both represent an equity or ownership interest in an issuer. Common stock typically entitles the owner to vote on the election of directors and other important matters while preferred stock does not ordinarily carry voting rights. In the event an issuer is liquidated or declares bankruptcy, the claims of secured and unsecured creditors and owners of bonds take precedence over the claims of those who own preferred stock, and the owners of preferred stock take precedence over the claims of those who own common stock. Although owners of common stock are typically entitled to receive any dividends on such stock, owners of common stock participate in company profits on a pro-rata basis. Profits may be paid out in dividends or reinvested in the company to help it grow. Because increases and decreases in earnings are usually reflected in a company’s stock price, common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Preferred stock, unlike common stock, often has a stated dividend rate payable from the corporation’s earnings. Preferred stock dividends may be cumulative or non-cumulative, participating or non-participating, or adjustable rate. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer’s common stock, while a passed dividend on non-cumulative preferred stock is generally gone forever. Participating preferred stock may be entitled to a dividend exceeding the declared dividend in certain cases, while non-participating preferred stock is limited to the stipulated dividend. Adjustable rate preferred stock pays a dividend that is adjustable, usually quarterly, based on changes in certain interest rates. Convertible preferred stock is exchangeable for a specified number of common stock shares and is typically more volatile than non-convertible preferred stock, which tends to behave more like a bond. The funds may make equity investments in companies through initial public offerings and by entering into privately negotiated transactions involving equity securities that are not yet publicly traded on a stock exchange. Stocks may also be purchased on a “when-issued” basis, which is used to refer to a security that has not yet been issued but that will be issued in the future. The term may be used for new stocks and stocks that have split but have not yet started trading. Debt Securities Bills, notes, bonds, and other debt securities issued by the U.S. Treasury and backed by the full faith and credit of the U.S. government. These are direct obligations of the U.S. government and differ mainly in the length of their maturities. U.S. Treasury Obligations may also include, among other things, the separately traded principal and interest components of securities guaranteed or issued by the U.S. Treasury if such components are traded independently under the Separate Trading of Registered Interest and Principal of Securities program (“STRIPS”), as well as Treasury inflation protected securities (“TIPS”) whose principal value is periodically adjusted according to the rate of inflation.

• U.S. Government Obligations

• U.S. Government Agency Securities

Issued or guaranteed by U.S. government-sponsored enterprises and federal agencies. These include securities issued by the Federal National Mortgage Association (“Fannie Mae” or “FNMA”), GNMA, Federal Home Loan Bank, Federal Land Banks, Farmers Home Administration, Banks for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Bank, Farm Credit Banks, the Small Business Association, and the Tennessee Valley Authority. Some of these securities are supported by the full faith and credit of the U.S. Treasury; the remainder are supported only by the credit of the instrumentality, which may or may not include the right of the issuer to borrow from the U.S. Treasury. These may also

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include securities issued by eligible private institutions that are guaranteed by certain U.S. government agencies under authorized programs. • Bank Obligations

Certificates of deposit, banker’s acceptances, and other short-term debt obligations. Certificates of deposit are short-term obligations of commercial banks. A banker’s acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with international commercial transactions. Certificates of deposit may have fixed or variable rates. The funds may invest in U.S. banks, foreign branches of U.S. banks, U.S. branches of foreign banks, and foreign branches of foreign banks.

• Savings and Loan Obligations

Negotiable certificates of deposit and other short-term debt obligations of

savings and loan associations. • Supranational Agencies

Securities of certain supranational entities, such as the International Development

Bank. • Corporate Debt Securities

Outstanding corporate debt securities (e.g., bonds and debentures). Corporate notes may have fixed, variable, or floating rates.

• Short-Term Corporate Debt Securities

Outstanding nonconvertible corporate debt securities (e.g., bonds and debentures) which have one year or less remaining to maturity. Corporate notes may have fixed, variable, or floating rates.

• Commercial Paper and Commercial Notes

Short-term promissory notes issued by corporations primarily to finance short-term credit needs. Certain notes may have floating or variable rates and may contain options, exercisable by either the buyer or the seller, that extend or shorten the maturity of the note.

• Foreign Government Securities

Issued or guaranteed by a foreign government, province, instrumentality, political subdivision, or similar unit thereof.

• Funding Agreements

Obligations of indebtedness negotiated privately between the funds and an insurance company. Often such instruments will have maturities with unconditional put features, exercisable by the funds, requiring return of principal within one year or less. There are other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities. Mortgage-Related Securities Mortgage-backed securities are securities representing an interest in a pool of mortgages. The mortgages may be of a variety of types, including adjustable rate, conventional 30-year and 15-year fixed rate, and graduated payment mortgages. Principal and interest payments made on the mortgages in the underlying mortgage pool are passed through to the funds. This is in contrast to traditional bonds where principal is normally paid back at maturity in a lump sum. Unscheduled prepayments of principal shorten the securities’ weighted average life and may lower their total return. (When a mortgage in the underlying mortgage pool is prepaid, an unscheduled principal prepayment is passed through to the funds. This principal is returned to the funds at par. As a result, if a mortgage security were trading at a premium, its total return would be lowered by prepayments, and if a mortgage security were trading at a discount, its total return would be increased by prepayments.) The value of these securities also may change because of changes in the market’s perception of the creditworthiness of the federal agency that issued them or a downturn in housing prices. In addition, the mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies.

• Mortgage-Backed Securities

• U.S. Government Agency Mortgage-Backed Securities

These are obligations issued or guaranteed by the U.S. government or one of its agencies or instrumentalities, such as GNMA, FNMA, the Federal Home Loan Mortgage Corporation (“Freddie Mac” or “FHLMC”), and the Federal Agricultural Mortgage Corporation (“Farmer Mac” or “FAMC”). FNMA, FHLMC, and FAMC obligations are not backed by the full faith and credit of the U.S. government as GNMA certificates are, but they are supported by the instrumentality’s right to borrow from the U.S. Treasury. On September 7, 2008, FNMA and FHLMC were placed under conservatorship of the Federal Housing Finance Agency, an independent federal agency. U.S. Government

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Agency Mortgage-Backed Certificates provide for the pass-through to investors of their pro-rata share of monthly payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees paid to the guarantor of such securities and the servicer of the underlying mortgage loans. Each of GNMA, FNMA, FHLMC, and FAMC guarantees timely distributions of interest to certificate holders. GNMA and FNMA guarantee timely distributions of scheduled principal. FHLMC has in the past guaranteed only the ultimate collection of principal of the underlying mortgage loan; however, FHLMC now issues mortgage-backed securities (FHLMC Gold PCS) which also guarantee timely payment of monthly principal reductions. • GNMA Certificates

GNMA is a wholly owned corporate instrumentality of the United States within the Department of Housing and Urban Development. The National Housing Act of 1934, as amended (the “Housing Act”), authorizes GNMA to guarantee the timely payment of the principal of and interest on certificates that are based on and backed by a pool of mortgage loans insured by the Federal Housing Administration under the Housing Act, or Title V of the Housing Act of 1949, or guaranteed by the Department of Veterans Affairs under the Servicemen’s Readjustment Act of 1944, as amended, or by pools of other eligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. government is pledged to the payment of all amounts that may be required to be paid under any guaranty. In order to meet its obligations under such guaranty, GNMA is authorized to borrow from the U.S. Treasury with no limitations as to amount.

• FNMA Certificates

FNMA is a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage Association Charter Act of 1938. FNMA Certificates represent a pro-rata interest in a group of mortgage loans purchased by FNMA. FNMA guarantees the timely payment of principal and interest on the securities it issues. The obligations of FNMA are not backed by the full faith and credit of the U.S. government.

• FHLMC Certificates

FHLMC is a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970, as amended. FHLMC Certificates represent a pro-rata interest in a group of mortgage loans purchased by FHLMC. FHLMC guarantees timely payment of interest and principal on certain securities it issues and timely payment of interest and eventual payment of principal on other securities it issues. The obligations of FHLMC are obligations solely of FHLMC and are not backed by the full faith and credit of the U.S. government.

• FAMC Certificates

FAMC is a federally chartered instrumentality of the United States established by Title VIII of the Farm Credit Act of 1971, as amended. FAMC was chartered primarily to attract new capital for financing of agricultural real estate by making a secondary market in certain qualified agricultural real estate loans. FAMC provides guarantees of timely payment of principal and interest on securities representing interests in, or obligations backed by, pools of mortgages secured by first liens on agricultural real estate. Similar to FNMA and FHLMC, FAMC Certificates are not supported by the full faith and credit of the U.S. government; rather, FAMC may borrow from the U.S. Treasury to meet its guaranty obligations. As discussed above, prepayments on the underlying mortgages and their effect upon the rate of return of a mortgage-backed security is the principal investment risk for a purchaser of such securities, like the funds. Over time, any pool of mortgages will experience prepayments due to a variety of factors, including (1) sales of the underlying homes (including foreclosures), (2) refinancings of the underlying mortgages, and (3) increased amortization by the mortgagee. These factors, in turn, depend upon general economic factors, such as level of interest rates and economic growth. Thus, investors normally expect prepayment rates to increase during periods of strong economic growth or declining interest rates, and to decrease in recessions and rising interest rate environments. Accordingly, the life of the mortgage-backed security is likely to be substantially shorter than the stated maturity of the mortgages in the underlying pool. Because of such variation in prepayment rates, it is not possible to predict the life of a particular mortgage-backed security, but FHA statistics indicate that 25- to 30-year single family dwelling mortgages have an average life of approximately 12 years. The majority of GNMA Certificates are backed by mortgages of this type, and, accordingly, the generally accepted practice treats GNMA Certificates as 30-year securities which prepay in full in the 12th year. FNMA and FHLMC Certificates may have differing prepayment characteristics.

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Fixed-rate mortgage-backed securities bear a stated “coupon rate” which represents the effective mortgage rate at the time of issuance, less certain fees to GNMA, FNMA, and FHLMC for providing the guarantee, and the issuer for assembling the pool and for passing through monthly payments of interest and principal. Payments to holders of mortgage-backed securities consist of the monthly distributions of interest and principal less the applicable fees. The actual yield to be earned by a holder of mortgage-backed securities is calculated by dividing interest payments by the purchase price paid for the mortgage-backed securities (which may be at a premium or a discount from the face value of the certificate). Monthly distributions of interest, as contrasted to semiannual distributions which are common for other fixed interest investments, have the effect of compounding and thereby raising the effective annual yield earned on mortgage-backed securities. Because of the variation in the life of the pools of mortgages which back various mortgage-backed securities, and because it is impossible to anticipate the rate of interest at which future principal payments may be reinvested, the actual yield earned from a portfolio of mortgage-backed securities will differ significantly from the yield estimated by using an assumption of a certain life for each mortgagebacked security included in such a portfolio as described above. • Commercial Mortgage-Backed Securities (“CMBS”)

These are securities created from a pool of commercial mortgage loans, such as loans for hotels, restaurants, shopping centers, office buildings, and apartment buildings. Interest and principal payments from the underlying loans are passed through to the funds according to a schedule of payments. CMBS are structured similarly to mortgage-backed securities in that both are backed by mortgage payments. However, CMBS involve loans related to commercial property, whereas mortgage-backed securities are based on loans relating to residential property. Because commercial mortgages tend to be structured with prepayment penalties, CMBS generally carry less prepayment risk than loans backed by residential mortgages. Credit quality depends primarily on the quality of the loans themselves and on the structure of the particular deal. However, the value of these securities may change because of actual or perceived changes in the creditworthiness of the individual borrowers, their tenants, and servicing agents, or due to deterioration in the general state of commercial real estate or overall economic conditions.

• Collateralized Mortgage Obligations (“CMOs”)

CMOs are bonds that are collateralized by whole loan mortgages or mortgage pass-through securities. The bonds issued in a CMO deal are divided into groups, and each group of bonds is referred to as a “tranche.” Under the traditional CMO structure, the cash flows generated by the mortgages or mortgage pass-through securities in the collateral pool are used to first pay interest and then pay principal to the CMO bondholders. The bonds issued under such a CMO structure are retired sequentially as opposed to the pro-rata return of principal found in traditional pass-through obligations. Subject to the various provisions of individual CMO issues, the cash flow generated by the underlying collateral (to the extent it exceeds the amount required to pay the stated interest) is used to retire the bonds. Under the CMO structure, the repayment of principal among the different tranches is prioritized in accordance with the terms of the particular CMO issuance. The “fastest-pay” tranche of bonds, as specified in the prospectus for the issuance, would initially receive all principal payments. When that tranche of bonds is retired, the next tranche, or tranches, in the sequence, as specified in the prospectus, receive all of the principal payments until they are retired. The sequential retirement of bond groups continues until the last tranche, or group of bonds, is retired. Accordingly, the CMO structure allows the issuer to use cash flows of long maturity, monthly pay collateral to formulate securities with short, intermediate, and long final maturities and expected average lives. New types of CMO tranches continue to evolve such as floating-rate CMOs, planned amortization classes, accrual bonds, and CMO residuals. Some newer structures could affect the amount and timing of principal and interest received by each tranche from the underlying collateral. Under certain structures, given classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which the funds invest, the investment may be subject to a greater or lesser risk of prepayment than other types of mortgage-related securities. The primary risk of any mortgage security is the uncertainty of the timing of cash flows. For CMOs, the primary risk results from the rate of prepayments on the underlying mortgages serving as collateral and from the structure of the deal (priority of the individual tranches). An increase or decrease in prepayment rates (resulting from a decrease or increase in mortgage interest rates) will affect the yield, average life, and price of

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CMOs. The prices of certain CMOs, depending on their structure and the rate of prepayments, can be volatile. Some CMOs may also not be as liquid as other securities. • U.S. Government Agency Multi-Class Pass-Through Securities

Unlike CMOs, U.S. Government Agency Multi-Class Pass-Through Securities, which include FNMA Guaranteed Real Estate Mortgage Investment Conduit Pass-Through Certificates and FHLMC Multi-Class Mortgage Participation Certificates, are ownership interests in a pool of mortgage assets. Unless the context indicates otherwise, all references herein to CMOs include multi-class pass-through securities.

• Multi-Class Residential Mortgage Securities

Such securities represent interests in pools of mortgage loans to residential home buyers made by commercial banks, savings and loan associations, or other financial institutions. Unlike GNMA, FNMA, and FHLMC securities, the payment of principal and interest on MultiClass Residential Mortgage Securities is not guaranteed by the U.S. government or any of its agencies. Accordingly, yields on Multi-Class Residential Mortgage Securities have been historically higher than the yields on U.S. government mortgage securities. However, the risk of loss due to default on such instruments is higher since they are not guaranteed by the U.S. government or its agencies. Additionally, pools of such securities may be divided into senior or subordinated segments. Although subordinated mortgage securities may have a higher yield than senior mortgage securities, the risk of loss of principal is greater because losses on the underlying mortgage loans must be borne by persons holding subordinated securities before those holding senior mortgage securities.

• Privately Issued Mortgage-Backed Certificates

These are pass-through certificates issued by nongovernmental issuers. Pools of conventional residential or commercial mortgage loans created by such issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government guarantees of payment. Timely payment of interest and principal of these pools is, however, generally supported by various forms of insurance or guarantees, including individual loan, title, pool, and hazard insurance. The insurance and guarantees are issued by government entities, private insurance, or the mortgage poolers. Such insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether a mortgage-related security meets the funds’ quality standards. The funds may buy mortgage-related securities without insurance or guarantees if, through an examination of the loan experience and practices of the poolers, the investment manager determines that the securities meet the funds’ quality standards.

• Stripped Mortgage-Backed Securities

These instruments represent interests in a pool of mortgages, the cash flow of which has been separated into its interest and principal components. Interest only securities (“IOs”) receive the interest portion of the cash flow while principal only securities (“POs”) receive the principal portion. IOs and POs are usually structured as tranches of a CMO. Stripped mortgage-backed securities may be issued by U.S. government agencies or by private issuers similar to those described above with respect to CMOs and privately issued mortgage-backed certificates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. The value of the PO, as with other mortgage-backed securities described herein, and other debt instruments, will tend to move in the opposite direction compared to interest rates. Under the Code, POs may generate taxable income from the current accrual of original issue discount, without a corresponding distribution of cash to the funds. The cash flows and yields on IO and PO classes are extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. In the case of IOs, prepayments affect the amount of cash flows provided to the investor. In contrast, prepayments on the mortgage pool affect the timing of cash flows received by investors in POs. For example, a rapid or slow rate of principal payments may have a material adverse effect on the prices of IOs or POs, respectively. If the underlying mortgage assets experience greater than anticipated prepayments of principal, investors may fail to fully recoup their initial investment in an IO class of a stripped mortgage-backed security, even if the IO class is rated AAA or Aaa or is derived from a full faith and credit obligation. Conversely, if the underlying mortgage assets experience slower than anticipated prepayments of principal, the price on a PO class will be affected more severely than would be the case with a traditional mortgage-backed security. The determination of whether a particular IO or PO is liquid is made on a case by case basis under guidelines and standards established by the funds’ Boards. The funds’ Boards have delegated to T. Rowe Price the

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authority to determine the liquidity of these instruments based on a number of factors such as: the type of issuer; type of collateral, including age and prepayment characteristics; rate of interest on coupon relative to current market rates and the effect of the rate on the potential for prepayments; complexity of the issue’s structure, including the number of tranches; and size of the issue and the number of dealers who make a market in the IO or PO. • Adjustable Rate Mortgage Securities

ARMs, like fixed-rate mortgages, have a specified maturity date, and the principal amount of the mortgage is repaid over the life of the mortgage. Unlike fixed-rate mortgages, the interest rate on ARMs is adjusted at regular intervals based on a specified, published interest rate “index” such as a Treasury rate index. The new rate is determined by adding a specific interest amount, the “margin,” to the interest rate of the index. Investment in ARMs allows the funds to participate in changing interest rate levels through regular adjustments in the coupons of the underlying mortgages, resulting in more variable current income and lower price volatility than longer-term fixed-rate mortgage securities. ARMs are a less effective means of locking in long-term rates than fixed-rate mortgages since the income from adjustable rate mortgages will increase during periods of rising interest rates and decline during periods of falling rates.

• TBAs and Dollar Rolls

Funds that purchase or sell mortgage-backed securities may choose to purchase or sell certain mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be announced” (TBA) market. With TBA transactions, the fund would enter into a commitment to either purchase or sell mortgage-backed securities for a fixed price, with payment and delivery at a scheduled future date beyond the customary settlement period for mortgage-backed securities. These transactions are considered to be TBA because the fund commits to buy a pool of mortgages that have yet to be specifically identified but will meet certain standardized parameters (such as yield, duration, and credit quality) and contain similar loan characteristics. For either purchase or sale transactions, a fund may choose to extend the settlement through a “dollar roll” transaction in which it sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. These transactions have the potential to enhance the fund’s returns and reduce its administrative burdens when compared with holding mortgage-backed securities directly, although these transactions will increase the fund’s portfolio turnover rate. During the roll period, the fund foregoes principal and interest paid on the securities. However, the fund would be compensated by the difference between the current sale price and the forward price for the future purchase, as well as by the interest earned on the cash proceeds of the initial sale. Although the particular TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the fund will still bear the risk of any decline in the value of the security to be delivered. Dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the fund may be less favorable than the security delivered to the dealer.

• Other Mortgage-Related Securities

Governmental, government-related, or private entities may create mortgage loan pools offering pass-through investments in addition to those described above. The mortgages underlying these securities may be alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may differ from customary long-term fixed-rate mortgages. As new types of mortgage-related securities are developed and offered to investors, the investment manager will, consistent with the funds’ objectives, policies, and quality standards, consider making investments in such new types of securities. Asset-Backed Securities Background The asset-backed securities (“ABS”) market has been one of the fastest growing sectors of the

U.S. fixed-income market since its inception in late 1985. Although initial ABS transactions were backed by auto loans and credit card receivables, today’s market has evolved to include a variety of asset types including home equity loans, student loans, equipment leases, stranded utility costs, and collateralized bond/loan obligations. For investors, securitization typically provides an opportunity to invest in high-quality securities with higher credit ratings and less downgrade/event risk than corporate bonds. Unlike mortgages,

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prepayments on ABS collateral are less sensitive to changes in interest rates. They can also be structured into classes that meet the market’s demand for various maturities and credit quality. Structure Asset-backed securities are bonds that represent an ownership interest in a pool of receivables sold by originators into a special purpose vehicle (“SPV”). The collateral types can vary, so long as they are secured by homogeneous assets with relatively predictable cash flows. Assets that are transferred through a sale to a SPV are legally separated from those of the seller/servicer, which insulates investors from bankruptcy or other event risk associated with the seller/servicer of those assets. Most senior tranches of ABS are structured to a triple-A rated level through credit enhancement; however, ABS credit ratings range from AAA to noninvestment grade. Many ABS transactions are structured to include payout events/performance triggers which provide added protection against deteriorating credit quality.

ABS structures are generally categorized by two distinct types of collateral. Amortizing assets (such as home equity loans, auto loans, and equipment leases) typically pass through principal and interest payments directly to investors, while revolving assets (such as credit card receivables, home equity lines of credit, and dealer floor-plan loans) typically reinvest principal and interest payments in new collateral for a specified period of time. The majority of amortizing transactions are structured as straight sequential-pay transactions. In these structures, all principal amortization and prepayments are directed to the shortest maturity class until it is retired, then to the next shortest class and so on. The majority of revolving assets are structured as bullets, whereby investors receive periodic interest payments and only one final payment of principal at maturity. Underlying Assets The asset-backed securities that may be purchased include securities backed by pools of mortgage-related receivables known as home equity loans, or of consumer receivables such as automobile loans or credit card loans. Other types of ABS may also be purchased. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on assetbacked securities generally depends on the rate of principal payments received on the underlying assets, which in turn may be affected by a variety of economic and other factors. As a result, the yield and return on any asset-backed security is difficult to predict with precision and actual return or yield to maturity may be more or less than the anticipated return or yield to maturity. Methods of Allocating Cash Flows While some asset-backed securities are issued with only one class of

security, many asset-backed securities are issued in more than one class, each with different payment terms. Multiple class asset-backed securities are issued for two main reasons. First, multiple classes may be used as a method of providing credit support. This is accomplished typically through creation of one or more classes whose right to payments on the asset-backed security is made subordinate to the right to such payments of the remaining class or classes. Second, multiple classes may permit the issuance of securities with payment terms, interest rates, or other characteristics differing both from those of each other and from those of the underlying assets. Asset-backed securities in which the payment streams on the underlying assets are allocated in a manner different than those described above may be issued in the future. The funds may invest in such assetbacked securities if the investment is otherwise consistent with the fund’s investment objectives, policies, and restrictions. Types of Credit Support Asset-backed securities are typically backed by a pool of assets representing the

obligations of a diversified pool of numerous obligors. To lessen the effect of failures by obligors on the ability of underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two classes: liquidity protection and protection against ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that scheduled payments on the underlying pool are made in a timely fashion. Protection against ultimate default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained from third parties, “external credit enhancement,” through various means of structuring the transaction, “internal credit enhancement,” or through a combination of such approaches. Examples of asset-backed securities with credit support arising out of the structure of the transaction include:

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• Excess Spread

Typically, the first layer of protection against losses, equal to the cash flow from the underlying receivables remaining after deducting the sum of the investor coupon, servicing fees, and losses.

• Subordination

Interest and principal that would have otherwise been distributed to a subordinate class is used to support the more senior classes. This feature is intended to enhance the likelihood that the holder of the senior class certificate will receive regular payments of interest and principal. Subordinate classes have a greater risk of loss than senior classes.

• Reserve Funds

Cash that is deposited and/or captured in a designated account that may be used to cover any shortfalls in principal, interest, or servicing fees.

• Overcollateralization

A form of credit enhancement whereby the principal amount of collateral used to secure a given transaction exceeds the principal of the securities issued. Overcollateralization can be created at the time of issuance or may build over time.

• Surety Bonds

Typically consist of third-party guarantees to irrevocably and unconditionally make timely payments of interest and ultimate repayment of principal in the event there are insufficient cash flows from the underlying collateral. The degree of credit support provided on each issue is based generally on historical information respecting the level of credit risk associated with such payments. Depending upon the type of assets securitized, historical information on credit risk and prepayment rates may be limited or even unavailable. Delinquency or loss in excess of that anticipated could adversely affect the return on an investment in an asset-backed security. There is no guarantee that the amount of any type of credit enhancement available will be sufficient to protect against future losses on the underlying collateral. Some of the specific types of ABS that the funds may invest in include the following:

• Home Equity Loans

These ABS typically are backed by pools of mortgage loans made to subprime borrowers or borrowers with blemished credit histories. The underwriting standards for these loans are more flexible than the standards generally used by banks for borrowers with unblemished credit histories with regard to the borrower’s credit standing and repayment ability. Borrowers who qualify generally have impaired credit histories, which may include a record of major derogatory credit items such as outstanding judgments or prior bankruptcies. In addition, they may not have the documentation required to qualify for a standard mortgage loan. As a result, the mortgage loans in the mortgage pool are likely to experience rates of delinquency, foreclosure, and bankruptcy that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Furthermore, changes in the values of the mortgaged properties, as well as changes in interest rates, may have a greater effect on the delinquency, foreclosure, bankruptcy, and loss experience of the mortgage loans in the mortgage pool than on mortgage loans originated in a more traditional manner. With respect to first lien mortgage loans, the underwriting standards do not prohibit a mortgagor from obtaining, at the time of origination of the originator’s first lien mortgage loan, additional financing which is subordinate to that first lien mortgage loan, which subordinate financing would reduce the equity the mortgagor would otherwise appear to have in the related mortgaged property as indicated in the loan-to-value ratio. Risk regarding mortgage rates

The pass-through rates on the adjustable-rate certificates may adjust monthly and are generally based on onemonth LIBOR. The mortgage rates on the mortgage loans are either fixed or adjusted semiannually based on six-month LIBOR, which is referred to as a mortgage index. Because the mortgage index may respond to various economic and market factors different than those affecting one-month LIBOR, there is not necessarily a correlation in the movement between the interest rates on those mortgage loans and the pass-through rates of the adjustable rate certificates. As a result, the interest payable on the related interest-bearing certificates may be reduced because of the imposition of a pass-through rate cap called the “net rate cap.”

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Yield and reinvestment could be adversely affected by unpredictability of prepayments

No one can accurately predict the level of prepayments that an asset-backed mortgage pool may experience. Factors which influence prepayment behavior include general economic conditions, the level of prevailing interest rates, the availability of alternative financing, the applicability of prepayment charges, and homeowner mobility. Reinvestment risk results from a faster or slower rate of principal payments than expected. A rising interest rate environment and the resulting slowing of prepayments could result in greater volatility of these securities. A falling interest rate environment and the resulting increase in prepayments could require reinvestment in lower yielding securities. • Credit Card-Backed Securities

These ABS are backed by revolving pools of credit card receivables. Due to the revolving nature of these assets, the credit quality could change over time. Unlike most other asset-backed securities, credit card receivables are unsecured obligations of the cardholder and payments by cardholders are the primary source of payment on these securities. The revolving nature of these card accounts generally provides for monthly payments to the trust. In order to issue securities with longer dated maturities, most Credit Card-Backed Securities are issued with an initial “revolving” period during which collections are reinvested in new receivables. The revolving period may be shortened upon the occurrence of specified events which may signal a potential deterioration in the quality of the assets backing the security.

• Automobile Loans

These ABS are backed by receivables from motor vehicle installment sales contracts or installment loans secured by motor vehicles. These securities are primarily discrete pools of assets which pay down over the life of the ABS. The securities are not obligations of the seller of the vehicle, or servicer of the loans. The primary source of funds for payments on the securities comes from payment on the underlying trust receivables as well as from credit support. Inflation-Linked Securities Inflation-linked securities are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices that erodes the purchasing power of money. TIPS are inflation-linked securities issued by the U.S. government. Inflation-linked bonds are also issued by corporations, U.S. government agencies, states, and foreign countries. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of your investment. Because of this inflationadjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. Municipal inflation bonds generally have a fixed principal amount and the inflation component is reflected in the nominal coupon.

Inflation-protected bonds normally will decline in price when real interest rates rise. (A real interest rate is calculated by subtracting the inflation rate from a nominal interest rate. For example, if a 10-year Treasury note is yielding 5% and the rate of inflation is 2%, the real interest rate is 3%.) If inflation is negative, the principal and income of an inflation-protected bond will decline and could result in losses for the fund. Inflation adjustments or TIPS that exceed deflation adjustments for the year will be distributed by a fund as a short-term capital gain, resulting in ordinary income to shareholders. Net deflation adjustments for a year could result in all or a portion of dividends paid earlier in the year by a fund being treated as a return of capital. Collateralized Bond or Loan Obligations

Collateralized Bond Obligations (“CBOs”) are bonds collateralized by corporate bonds, mortgages, or pools of asset-backed securities and Collateralized Loan Obligations (“CLOs”) are bonds collateralized by pools of bank loans. CBOs and CLOs are structured into tranches, and payments are allocated such that each tranche has a predictable cash flow stream and average life. Most CBOs tend to be collateralized by high-yield bonds or loans, with heavy credit enhancement.

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Loan Participations and Assignments Loan participations and assignments (collectively, “participations”) will typically be participating interests in loans made by a syndicate of banks, represented by an agent bank which has negotiated and structured the loan, to corporate borrowers to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buyouts, and other corporate activities. Such loans may also have been made to governmental borrowers, especially governments of developing countries which is referred to as Loans to Developing Countries debt (“LDC debt”). LDC debt will involve the risk that the governmental entity responsible for the repayment of the debt may be unable or unwilling to meet its obligations when they become due. The loans underlying such participations may be secured or unsecured, and the funds may invest in loans collateralized by mortgages on real property or which have no collateral. The loan participations themselves may extend for the entire term of the loan or may extend only for short “strips” that correspond to a quarterly or monthly floating-rate interest period on the underlying loan. Thus, a term or revolving credit that extends for several years may be subdivided into shorter periods.

The loan participations in which the funds will invest will also vary in legal structure. Occasionally, lenders assign to another institution both the lender’s rights and obligations under a credit agreement. Since this type of assignment relieves the original lender of its obligations, it is called a novation. More typically, a lender assigns only its right to receive payments of principal and interest under a promissory note, credit agreement, or similar document. A true assignment shifts to the assignee the direct debtor-creditor relationship with the underlying borrower. Alternatively, a lender may assign only part of its rights to receive payments pursuant to the underlying instrument or loan agreement. Such partial assignments, which are more accurately characterized as “participating interests,” do not shift the debtor-creditor relationship to the assignee, who must rely on the original lending institution to collect sums due and to otherwise enforce its rights against the agent bank which administers the loan or against the underlying borrower. The determination of whether particular loan participations are liquid is made on a case by case basis under guidelines and standards established by the funds’ Boards. The funds’ Boards have delegated to T. Rowe Price the authority to determine the liquidity of these investments based on a number of factors. These factors may include: the frequency of trades and quotes for the loan; number of dealers willing to purchase or sell and number of other potential purchasers; nature of the trading market, such as the time needed to dispose of the security, the method of soliciting offers and mechanics of the transfer; spreads between the bid and ask prices; and other factors relevant to loan participations taking into consideration their unique and longer settlement requirements. If the funds purchase a participation interest in another lender’s loan, as opposed to acquiring a loan directly from a lender or through an agent or as an assignment from another lender, the funds will treat both the corporate borrower and the bank selling the participation interest as an issuer for purposes of its fundamental investment restriction on diversification. Various service fees received by the funds from loan participations may be treated as non-interest income depending on the nature of the fee (commitment, takedown, commission, service, or loan origination). To the extent the service fees are not interest income, they will not qualify as income under Section 851(b) of the Code. Thus the sum of such fees plus any other nonqualifying income earned by the funds cannot exceed 10% of total income. The Investment Managers will generally choose not to receive material nonpublic information about the issuers of loans who also issue publicly traded securities that a Price Fund owns or may want to own. As a result, the Investment Managers may have less information than other investors about certain of the loans in which they invest or seek to invest on behalf of the Price Funds or other client accounts. In some circumstances, the Investment Managers may receive material nonpublic information about an issuer as a result of a Price Fund’s ownership of a loan involving that issuer. In these situations, a fund may be unable to enter into a transaction in a publicly traded security issued by that borrower when it would otherwise be advantageous to do so due to prohibitions on trading in securities of issuers while in possession of material nonpublic information. Unlike registered securities, such as most stocks and bonds, loans are not registered or regulated under the federal securities laws. As a result, investors in loans have less protection against fraud and

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other improper practices than investors in registered securities because investors in loans (such as the funds) may not be entitled to rely on the protections of the federal securities laws. Zero-Coupon and Pay-in-Kind Bonds

A zero-coupon security has no cash coupon payments. Instead, the issuer sells the security at a substantial discount from its maturity value. The interest received by the investor from holding this security to maturity is the difference between the maturity value and the purchase price. The advantage to the investor is that reinvestment risk of the income received during the life of the bond is eliminated. However, zero-coupon bonds, like other bonds, retain interest rate and credit risk and usually display more price volatility than those securities that pay a cash coupon. Pay-in-Kind (“PIK”) Instruments are securities that pay interest in either cash or additional securities, at the issuer’s option, for a specified period. PIKs, like zero-coupon bonds, are designed to give an issuer flexibility in managing cash flow. PIK bonds can be either senior or subordinated debt and trade flat (i.e., without accrued interest). The price of PIK bonds is expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. PIKs are usually less volatile than zero-coupon bonds, but more volatile than cash pay securities. For federal income tax purposes, these types of bonds will require the recognition of gross income each year even though no cash may be paid to the funds until the maturity or call date of the bond. The funds will nonetheless be required to distribute substantially all of this gross income each year to comply with the Code, and such distributions could reduce the amount of cash available for investment by the funds. Trade Claims Trade claims are non-securitized rights of payment arising from obligations other than borrowed funds. Trade claims typically arise when, in the ordinary course of business, vendors and suppliers extend credit to a company by offering payment terms. Generally, when a company files for bankruptcy protection, payments on these trade claims cease and the claims are subject to compromise along with the other debts of the company. Trade claims typically are bought and sold at a discount reflecting the degree of uncertainty with respect to the timing and extent of recovery. In addition to the risks otherwise associated with low-quality obligations, trade claims have other risks, including the possibility that the amount of the claim may be disputed by the obligor.

Many vendors are either unwilling or lack the resources to hold their claim through the extended bankruptcy process with an uncertain outcome and timing. Some vendors are also aggressive in establishing reserves against these receivables, so that the sale of the claim at a discount may not result in the recognition of a loss. Trade claims can represent an attractive investment opportunity because these claims typically are priced at a discount to comparable public securities. This discount is a reflection of a less liquid market, a smaller universe of potential buyers, and the risks peculiar to trade claim investing. It is not unusual for trade claims to be priced at a discount to public securities that have an equal or lower priority claim. As noted above, investing in trade claims does carry some unique risks which include: • Establishing the Amount of the Claim

Frequently, the supplier’s estimate of its receivable will differ from the customer’s estimate of its payable. Resolution of these differences can result in a reduction in the amount of the claim. This risk can be reduced by only purchasing scheduled claims (claims already listed as liabilities by the debtor) and seeking representations from the seller.

• Defenses to Claims

The debtor has a variety of defenses that can be asserted under the bankruptcy code against any claim. Trade claims are subject to these defenses, the most common of which for trade claims relates to preference payments. (Preference payments are all payments made by the debtor during the 90 days prior to the filing. These payments are presumed to have benefited the receiving creditor at the expense of the other creditors. The receiving creditor may be required to return the payment unless it can show the payments were received in the ordinary course of business.) While none of these defenses can result in any additional liability of the purchaser of the trade claim, they can reduce or wipe out the entire purchased claim. This risk can be reduced by seeking representations and indemnification from the seller.

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• Documentation/Indemnification

Each trade claim purchased requires documentation that must be negotiated between the buyer and seller. This documentation is extremely important since it can protect the purchaser from losses such as those described above. Legal expenses in negotiating a purchase agreement can be fairly high. Additionally, it is important to note that the value of an indemnification depends on the seller’s credit.

• Volatile Pricing Due to Illiquid Market

There are only a handful of brokers for trade claims and the quoted price of these claims can be volatile. Generally, it is expected that trade claims would be considered illiquid investments.

• No Current Yield/Ultimate Recovery

Trade claims are almost never entitled to earn interest. As a result, the return on such an investment is very sensitive to the length of the bankruptcy, which is uncertain. Although not unique to trade claims, it is worth noting that the ultimate recovery on the claim is uncertain and there is no way to calculate a conventional yield to maturity on this investment. Additionally, the exit for this investment is a plan of reorganization which may include the distribution of new securities. These securities may be as illiquid as the original trade claim investment.

• Tax Issue

Although the issue is not free from doubt, it is likely that trade claims would be treated as nonsecurities investments. As a result, any gains would be considered “nonqualifying” under the Code. The funds may have up to 10% of their gross income (including capital gains) derived from nonqualifying sources.

Municipal Securities Subject to the investment objectives and programs described in the prospectus and the additional investment restrictions described in this SAI, the funds’ portfolios may consist of any combination of the various types of municipal securities described below or other types of municipal securities that may be developed. The amount of the funds’ assets invested in any particular type of municipal security can be expected to vary.

The term “municipal securities” means obligations issued by or on behalf of states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities, as well as certain other persons and entities, the interest from which is generally exempt from federal income tax. In determining the tax-exempt status of a municipal security, the funds rely on the opinion of the issuer’s bond counsel at the time of the issuance of the security. However, it is possible this opinion could be overturned, and, as a result, the interest received by the funds from a municipal security assumed to be tax-exempt might not be exempt from federal income tax. Municipal securities are normally classified by maturity as notes, bonds, or adjustable rate securities. Municipal securities include the following: Municipal notes generally are used to provide short-term operating or capital needs and generally have maturities of one year or less. • Tax Anticipation Notes

Tax anticipation notes are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various seasonal tax revenue, such as income, property, use, and business taxes, and are payable from these specific future taxes.

• Revenue Anticipation Notes

Revenue anticipation notes are issued in expectation of receipt of revenues, such as sales taxes, toll revenues, or water and sewer charges, that are used to pay off the notes.

• Bond Anticipation Notes

Bond anticipation notes are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds then provide the money for the repayment of the notes.

• Tax-Exempt Commercial Paper

Tax-exempt commercial paper is a short-term obligation with a stated maturity of 270 days or less. It is issued by state and local governments or their agencies to finance seasonal working capital needs or as short-term financing in anticipation of longer-term financing. Municipal bonds, which meet longer-term capital needs and generally have maturities of more than one year when issued, have two principal classifications: general obligation bonds and revenue bonds. Additional

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categories of potential purchases include municipal lease obligations, prerefunded/escrowed to maturity bonds, private activity bonds, industrial development bonds, and participation interests. • General Obligation Bonds

Issuers of general obligation bonds include states, counties, cities, towns, and special districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, public buildings, highways and roads, and general projects not supported by user fees or specifically identified revenues. The basic security behind general obligation bonds is the issuer’s pledge of its full faith and credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments. In many cases voter approval is required before an issuer may sell this type of bond.

• Revenue Bonds

The principal security for a revenue bond is generally the net revenues derived from a particular facility or enterprise or, in some cases, the proceeds of a special charge or other pledged revenue source. Revenue bonds are issued to finance a wide variety of capital projects including: electric, gas, water, and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Revenue bonds are sometimes used to finance various privately operated facilities provided they meet certain tests established for tax-exempt status. Although the principal security behind these bonds may vary, many provide additional security in the form of a mortgage or debt service reserve fund. Some authorities provide further security in the form of the state’s ability (without obligation) to make up deficiencies in the debt service reserve fund. Revenue bonds usually do not require prior voter approval before they may be issued.

• Municipal Lease Obligations

Municipal borrowers may also finance capital improvements or purchases with tax-exempt leases. The security for a lease is generally the borrower’s pledge to make annual appropriations for lease payments. The lease payment is treated as an operating expense subject to appropriation risk and not a full faith and credit obligation of the issuer. Lease revenue bonds and other municipal lease obligations are generally considered less secure than a general obligation or revenue bond and often do not include a debt service reserve fund. To the extent the funds’ Boards determine such securities are illiquid, they will be subject to the funds’ limit on illiquid securities. There have also been certain legal challenges to the use of lease revenue bonds in various states. The liquidity of such securities will be determined based on a variety of factors which may include, among others: (1) the frequency of trades and quotes for the obligation; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; (4) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer; and (5) the rating assigned to the obligation by an established rating agency or T. Rowe Price.

• Prerefunded/Escrowed to Maturity Bonds

Certain municipal bonds have been refunded with a later bond issue from the same issuer. The proceeds from the later issue are used to defease the original issue. In many cases the original issue cannot be redeemed or repaid until the first call date or original maturity date. In these cases, the refunding bond proceeds typically are used to buy U.S. Treasury securities that are held in an escrow account until the original call date or maturity date. The original bonds then become “prerefunded” or “escrowed to maturity” and are considered high-quality investments. While still tax-exempt, the security is the proceeds of the escrow account. To the extent permitted by the SEC and the IRS, a fund’s investment in such securities refunded with U.S. Treasury securities will, for purposes of diversification rules applicable to the funds, be considered an investment in U.S. Treasury securities.

• Private Activity Bonds

Under current tax law, all municipal debt is divided broadly into two groups: governmental purpose bonds and private activity bonds. Governmental purpose bonds are issued to finance traditional public purpose projects such as public buildings and roads. Private activity bonds may be issued by a state or local government or public authority but principally benefit private users and are considered taxable unless a specific exemption is provided. The tax code currently provides exemptions for certain private activity bonds such as not-for-profit hospital bonds, small-issue industrial development revenue bonds, and mortgage subsidy bonds, which may still be issued as tax-exempt bonds. Interest on tax-exempt private activity bonds has generally been subject to

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alternative minimum tax (AMT). However, interest on all private activity bonds issued in 2009 or 2010 will be exempt from AMT. In addition, interest on private activity bonds that were issued after 2003, and refunded during 2009 or 2010, will be exempt from AMT. • Industrial Development Bonds

Industrial development bonds are considered municipal bonds if the interest paid is exempt from federal income tax. They are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing, sports, and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, and parking. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility’s user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment.

• Build America Bonds

The American Recovery and Reinvestment Act of 2009 created Build America Bonds, which allowed state and local governments to issue taxable bonds to finance any capital expenditures for which they otherwise could issue tax-exempt governmental bonds. State and local governments received a federal subsidy payment for a portion of their borrowing costs on these bonds equal to 35% of the total coupon interest paid to investors. The municipality could elect to either take the federal subsidy or it can pass a 35% tax credit along to bondholders. Investments in these bonds will result in taxable interest income and the funds may elect to pass through to shareholders any corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the AMT, but those tax credits are generally not refundable.

• Participation Interests

The funds may purchase from third parties participation interests in all or part of specific holdings of municipal securities. The purchase may take different forms: in the case of short-term securities, the participation may be backed by a liquidity facility that allows the interest to be sold back to the third party (such as a trust, broker, or bank) for a predetermined price of par at stated intervals. The seller may receive a fee from the funds in connection with the arrangement. In the case of longer-term bonds, the funds may purchase interests in a pool of municipal bonds or a single municipal bond or lease without the right to sell the interest back to the third party. The funds will not purchase participation interests unless a satisfactory opinion of counsel or ruling of the IRS has been issued that the interest earned from the municipal securities on which the funds hold participation interests is exempt from federal income tax to the funds. However, there is no guarantee the IRS would treat such interest income as tax-exempt. When-Issued Securities New issues of municipal securities are often offered on a when-issued basis; that is, delivery and payment for the securities normally takes place 15 to 45 days or more after the date of the commitment to purchase. The payment obligation and the interest rate that will be received on the securities are each fixed at the time the buyer enters into the commitment. The funds will only make a commitment to purchase such securities with the intention of actually acquiring the securities. However, the funds may sell these securities before the settlement date if it is deemed advisable as a matter of investment strategy. Each fund will maintain cash, highgrade marketable debt securities, or other suitable cover with its custodian bank equal in value to commitments for when-issued securities. Such securities either will mature or, if necessary, be sold on or before the settlement date. Securities purchased on a when-issued basis and the securities held in the funds’ portfolios are subject to changes in market value based upon the public perception of the creditworthiness of the issuer and changes in the level of interest rates (which will generally result in similar changes in value, i.e., both experiencing appreciation when interest rates decline and depreciation when interest rates rise). Therefore, to the extent the funds remain fully invested or almost fully invested at the same time that they have purchased securities on a when-issued basis, there will be greater fluctuations in their net asset value than if they solely set aside cash to pay for when-issued securities. In the case of the retail or government money funds, this could increase the possibility that the market value of the funds’ assets could vary from $1.00 per share. In addition, there will be a greater potential for the realization of capital gains, which are not exempt from federal income tax. When the time comes to pay for when-issued securities, the funds will meet

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their obligations from then-available cash flow, sale of securities, or, although it would not normally expect to do so, from sale of the when-issued securities themselves (which may have a value greater or less than the payment obligation). The policies described in this paragraph are not fundamental and may be changed by the funds upon notice to shareholders. Forwards

In some cases, the funds may purchase bonds on a when-issued basis with longer-than-standard settlement dates, in some cases exceeding one to two years. In such cases, the funds must execute a receipt evidencing the obligation to purchase the bond on the specified issue date, and must segregate cash internally to meet that forward commitment. Municipal “forwards” typically carry a substantial yield premium to compensate the buyer for the risks associated with a long when-issued period, including: shifts in market interest rates that could materially impact the principal value of the bond, deterioration in the credit quality of the issuer, loss of alternative investment options during the when-issued period, changes in tax law or issuer actions that would affect the exempt interest status of the bonds and prevent delivery, failure of the issuer to complete various steps required to issue the bonds, and limited liquidity for the buyer to sell the escrow receipts during the when-issued period. Residual Interest Bonds Residual interest bonds are a type of high-risk derivative. The funds may purchase municipal bond issues that are structured as two-part, residual interest bond and variable rate security offerings. The issuer is obligated only to pay a fixed amount of tax-free income that is to be divided among the holders of the two securities. The interest rate for the holders of the short-term, variable rate securities will typically be determined by an index or auction process held approximately every seven to 35 days while the long-term bondholders will receive all interest paid by the issuer minus the amount given to the variable rate security holders and a nominal auction fee. Therefore, the coupon of the residual interest bonds, and thus the income received, will move inversely with respect to short-term, 7- to 35-day tax-exempt interest rates. There is no assurance that the auction will be successful and that the variable rate security will provide short-term liquidity. The issuer is not obligated to provide such liquidity. In general, these securities offer a significant yield advantage over standard municipal securities, due to the uncertainty of the shape of the yield curve (i.e., short-term versus long-term rates) and consequent income flows, but tend to be more volatile than other municipal securities of similar maturity and credit quality.

Unlike many adjustable rate securities, residual interest bonds are not necessarily expected to trade at par and in fact present significant market risks. In certain market environments, residual interest bonds may carry substantial premiums, trade at deep discounts, or have limited liquidity. Residual interest bonds entail varying degrees of leverage, which could result in greater volatility and losses greater than investing directly in the underlying municipal bond. The funds may invest in other types of derivative instruments as they become available. For the purpose of the funds’ investment restrictions, the identification of the “issuer” of municipal securities which are not general obligation bonds is made by T. Rowe Price, on the basis of the characteristics of the obligation as described previously, the most significant of which is the source of funds for the payment of principal and interest on such securities. There are, of course, other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities. Adjustable Rate Securities Generally, the maturity of a security is deemed to be the period remaining until the date (noted on the face of the instrument) on which the principal amount must be paid or, in the case of an instrument called for redemption, the date on which the redemption payment must be made. However, certain securities may be issued with demand features or adjustable interest rates that are reset periodically by predetermined formulas or indexes in order to minimize movements in the principal value of the investment in accordance with Rule

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2a-7 under the 1940 Act. Such securities may have long-term maturities, but may be treated as a short-term investment under certain conditions. Generally, as interest rates decrease or increase, the potential for capital appreciation or depreciation on these securities is less than for fixed rate obligations. These securities may take a variety of forms, including variable rate, floating rate, and put option securities. Variable Rate Securities Variable rate instruments are those whose terms provide for the adjustment of their interest rates on set dates and which, upon such adjustment, can reasonably be expected to have a market value that approximates its par value. A variable rate instrument, the principal amount of which is scheduled to be paid in 397 days or less, is deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate. A variable rate instrument which is subject to a demand feature entitles the purchaser to receive the principal amount of the underlying security or securities. Forward Commitment Contracts The price of such securities, which may be expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment take place at a later date. Normally, the settlement date occurs within 90 days of the purchase for when-issueds, but may be substantially longer for forwards. During the period between purchase and settlement, no payment is made by the funds to the issuer and no interest accrues to the funds. The purchase of these securities will result in a loss if their values decline prior to the settlement date. This could occur, for example, if interest rates increase prior to settlement. The longer the period between purchase and settlement, the greater the risks. At the time the funds make the commitment to purchase these securities, it will record the transaction and reflect the value of the security in determining its net asset value. The funds will cover these securities by maintaining cash, liquid, high-grade debt securities, or other suitable cover as permitted by the SEC, with its custodian bank equal in value to its commitments for the securities during the time between the purchase and the settlement. Therefore, the longer this period, the longer the period during which alternative investment options are not available to the funds (to the extent of the securities used for cover). Such securities either will mature or, if necessary, be sold on or before the settlement date.

To the extent the funds remain fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time they purchase these securities, there will be greater fluctuations in the funds’ net asset value than if the funds did not purchase them. Real Estate Investment Trusts (“REITs”) Investments in REITs may experience many of the same risks involved with investing in real estate directly. These risks include: declines in real estate values, risks related to local or general economic conditions, particularly lack of demand, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, heavy cash flow dependency, possible lack of availability of mortgage funds, obsolescence, losses due to natural disasters, condemnation of properties, regulatory limitations on rents and fluctuations in rental income, variations in market rental rates, and possible environmental liabilities. REITs may own real estate properties (“Equity REITs”) and be subject to these risks directly, or may make or purchase mortgages (“Mortgage REITs”) and be subject to these risks indirectly through underlying construction, development, and long-term mortgage loans that may default or have payment problems.

Equity REITs can be affected by rising interest rates that may cause investors to demand a high annual yield from future distributions which, in turn, could decrease the market prices for the REITs. In addition, rising interest rates also increase the costs of obtaining financing for real estate projects. Since many real estate projects are dependent upon receiving financing, this could cause the value of the Equity REITs in which the funds invest to decline. Mortgage REITs may hold mortgages that the mortgagors elect to prepay during periods of declining interest rates, which may diminish the yield on such REITs. In addition, borrowers may not be able to repay mortgages when due, which could have a negative effect on the funds.

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Some REITs have relatively small market capitalizations which could increase their volatility. REITs tend to be dependent upon specialized management skills and have limited diversification so they are subject to risks inherent in operating and financing a limited number of properties. In addition, when the funds invest in REITs, a shareholder will bear his proportionate share of fund expenses and indirectly bear similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders. Certain REITs may be able to pay up to 90% of their dividends in the form of stock instead of cash. Even if a fund receives all or part of a REIT distribution in stock, the fund will still be deemed to have received 100% of the distribution in cash and the entire distribution will be part of the fund’s taxable income. In addition, both Equity and Mortgage REITs are subject to the risks of failing to qualify for tax-free status of income under the Code or failing to maintain their exemptions from the 1940 Act. Illiquid or Restricted Securities

Some fund holdings may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold in the ordinary course of business at approximately the price at which the fund values them. The determination of whether a holding is considered liquid or illiquid involves a variety of factors. Certain restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the 1933 Act. Where registration is required, the fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the time of the decision to sell and the time the fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities will be priced at fair value as determined in accordance with procedures prescribed by the funds’ Boards. If, through the appreciation of illiquid securities or the depreciation of liquid securities, a fund should be in a position where more than the allowable amount of its net assets is invested in illiquid assets, including restricted securities, the fund will take appropriate steps to the extent possible, to increase the amount of its investments in liquid securities. Notwithstanding the above, the funds may purchase securities which, while privately placed, are eligible for purchase and sale under Rule 144A under the 1933 Act. This rule permits certain qualified institutional buyers, such as the funds, to trade in privately placed securities even though such securities are not registered under the 1933 Act. The liquidity of these securities is monitored based on a variety of factors. All Funds (other than the Money Funds) Investments in Other Investment Companies Unaffiliated Investment Companies The funds may invest in other investment companies that are not

sponsored by T. Rowe Price, which include open-end funds, closed-end funds, exchange-traded funds (“ETFs”), unit investment trusts, and other investment companies that have elected to be treated as business development companies under the 1940 Act. The funds may purchase shares of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The funds might also purchase shares of another investment company to gain exposure to the securities in the investment company’s portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with a fund’s objective and investment program. Investing in another investment company involves risks similar to those of investing directly in the investment company’s portfolio securities, including the risk that the values of the portfolio securities may fluctuate due to changes in the financial condition of the securities’ issuers and other market factors. An investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund’s performance. In addition, because closed-end funds trade on a stock exchange or in the OTC market and ETFs trade on a securities exchange, their shares may trade at a substantial premium or discount

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to the actual net asset value of its portfolio securities and their potential lack of liquidity could result in greater volatility. If a fund invests in a non-T. Rowe Price investment company, the fund must pay its proportionate share of that investment company’s fees and expenses, which are in addition to the management fee and other operational expenses incurred by the fund. The expenses associated with certain investment companies, such as business development companies, may be significant. The fund could also incur a sales charge or redemption fee in connection with purchasing or redeeming an investment company security. A Price Fund’s investments in non-T. Rowe Price registered investment companies are subject to the limits that apply to such investments under the 1940 Act unless the fund invests in reliance on exemptive relief which permits it to exceed the 1940 Act limits. The 1940 Act generally provides that a fund may invest up to 10% of its total assets in securities of other investment companies. In addition, a fund may not own more than 3% of the total outstanding voting stock of any investment company and not more than 5% of the fund’s total assets may be in invested in a particular investment company. Affiliated Investment Companies The funds may also invest in certain Price Funds as a means of gaining

efficient and cost-effective exposure to specific asset classes, provided the investment is consistent with an investing fund’s investment program and policies. Such an investment could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in the asset class, and will subject the fund to the risks associated with the particular asset class. Examples of asset classes in which other Price Funds invest include high yield bonds, floating rate loans, inflation-linked securities, international bonds, emerging market bonds, and emerging market stocks. To ensure that the fund does not incur duplicate management fees as a result of its investment in another Price Fund, the management fee paid by the fund will be reduced in an amount sufficient to offset the fees paid by the underlying fund related to the investment. Hedge Funds Investments in unregistered hedge funds may be used to gain exposure to certain asset classes.

Hedge funds are not subject to the same regulatory requirements as mutual funds and other registered investment companies and an investing fund may not be able to rely on the protections under the 1940 Act that are available to investors in registered investment companies. There are often advance notice requirements and withdrawal windows which limit investors’ ability to readily redeem shares of a hedge fund. If a hedge fund were to engage in activity deemed inappropriate by a fund or pursue a different strategy than the fund was led to believe, the fund may not be able to withdraw its investment in a hedge fund promptly after a decision has been made to do so, causing the fund to incur a significant loss and adversely affect its total return. Hedge funds are not required to provide periodic pricing or valuation information to investors, and often engage in leveraging, short-selling, commodities investing and other speculative investment practices that are not fully disclosed and may increase the risk of investment loss. Their underlying holdings and investment strategies are not as transparent to investors or typically as diversified as those of traditional mutual funds; therefore, an investing fund is unable to look through to the hedge fund’s underlying investments in determining compliance with its own investment restrictions. For the various reasons cited above, investments in a hedge fund are considered illiquid by an investing fund. Valuations of illiquid securities involve various judgments and consideration of factors that may be subjective, and there is a risk that inaccurate valuations of hedge fund positions could adversely affect the stated value of the fund. Fund investors should be aware that situations involving uncertainties as to the valuation of portfolio positions could have an adverse effect on the fund’s net assets, which, in turn, would affect amounts paid on redemptions of fund shares if the judgments made regarding appropriate valuations should be proven incorrect. If the net asset value of a fund is not accurate, purchasing or redeeming shareholders may pay or receive too little or too much for their shares and the interests of remaining shareholders may become overvalued or diluted.

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Money Funds Determination of Maturity of Money Market Securities

The funds may only purchase securities which at the time of investment have remaining maturities of 397 calendar days or less, or adjustable rate government securities that may have maturities longer than 397 days but have interest rate resets within 397 days. The other funds may also purchase money market securities. In determining the maturity of money market securities, funds will follow the provisions of Rule 2a-7 under the 1940 Act. Eligible Money Market Securities Defined Effective October 14, 2016, pursuant to amendments adopted by the SEC, Rule 2a-7 will eliminate references to requisite NRSROs, credit ratings, and “first tier and second tier money market securities,” and instead will require money market funds to invest only in eligible securities, as defined in amended Rule 2a-7. Under amended Rule 2a-7, an eligible security is a security that (i) is issued by a registered investment company that is a money market fund; (ii) is a government security; or (iii) has a remaining maturity of 397 calendar days or less and has been determined by the fund’s Board (or its delegate) to present minimal credit risks to the fund. The credit risk determination must include an analysis of the capacity of the security’s issuer or guarantor (including the provider of a conditional demand feature, when applicable) to meet its financial obligations. In doing so, the analysis must include, to the extent appropriate, consideration of:

(A) the security’s issuer or guarantor’s financial condition; (B) the security’s issuer or guarantor’s sources of liquidity; (C) the security’s issuer or guarantor’s ability to react to future market-wide and issuer- or guarantorspecific events, including ability to repay debt in a highly adverse situation; and (D) the strength of the issuer or guarantor’s industry within the economy and relative to economic trends, and issuer or guarantor’s competitive position within its industry. The credit risk analysis may include additional factors that may be relevant in evaluating certain specific asset types, as described in amended Rule 2a-7. Through October 13, 2016, at least 97% of the funds’ total assets will be maintained in first tier money market securities. First tier money market securities are those which are described as First Tier Securities in Rule 2a-7 under the 1940 Act. These include any security with a remaining maturity of 397 days or less, and adjustable rate government securities with longer maturities but interest rate resets within 397 days, that are rated (or that has been issued by an issuer that is rated with respect to a class of short-term debt obligations, or any security within that class that is comparable in priority and security with the security) by any two nationally recognized statistical rating organizations (or if only one NRSRO has issued a rating, that NRSRO) in the highest rating category for short-term debt obligations (within which there may be sub-categories). First Tier Securities also include unrated securities comparable in quality to rated securities, as determined by T. Rowe Price pursuant to written guidelines established in accordance with Rule 2a-7 under the 1940 Act under the supervision of the funds’ Boards.

DERIVATIVES The funds may use derivatives whose characteristics are consistent with the funds’ investment program. A derivative is a financial instrument that has a value based on—or “derived from”—the value of other assets, reference rates, or indexes. Derivatives generally take the form of contracts under which the parties agree to payments between them based upon the performance of a wide variety of underlying references, such as stocks, bonds, commodities, interest rates, currency exchange rates, and various domestic and foreign indexes. The main types of derivatives are futures, options, forward contracts, swaps, and hybrid instruments.

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Like most other fund investments, derivatives are subject to the risk that the market value of the underlying asset will change in a way detrimental to the funds’ interest. However, the risks associated with the use of derivatives are different from, and potentially much greater than, the risks associated with investing directly in the instruments on which the derivatives are based. Because some derivatives involve leverage, returns can be magnified, either positively or negatively, and adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. The funds may use derivatives for a variety of purposes. Potential uses include, but are not limited to, the following: adjusting duration; managing exposure to changes in interest rates, currency exchange rates, or credit quality; investing in broad segments of the market or certain asset classes with greater efficiency and at a lower cost than is possible through direct investment; enhancing income; improving risk-adjusted returns; expressing positive or negative views on a particular issuer, country, or currency; and managing cash flows into and out of a fund. The funds may use derivatives to take a short position in a currency, which allows a fund to sell a currency in excess of the value of its holdings denominated in that currency or to sell a currency even if it does not hold any assets denominated in the currency. The funds may also use derivatives to take short positions with respect to its exposure to a particular country or market. For example, a fund could sell futures contracts on a particular index where the value of the futures contract exceeds the value of the bonds or stocks represented in the index that are held by the fund, or the fund could sell futures or enter into interest rate swaps with respect to a particular bond market without owning any bonds in that market. Some derivatives are traded on exchanges, while other derivatives are privately negotiated and entered into in the OTC market. Exchange-traded derivatives are traded via specialized derivatives exchanges or other securities exchanges. The exchange acts as an intermediary to the transactions and the terms for each type of contract are generally standardized. OTC derivatives are traded between two parties directly without going through a regulated exchange. The terms of the contract are subject to negotiation by the parties to the contract. Certain OTC derivatives are subject to counterparty risk, whereas the exposure to default for exchange-traded derivatives is assumed by the exchange’s clearinghouse. Counterparty risk is the risk that a party to an OTC derivatives contract may fail to perform on its obligations. A loss may be sustained as a result of the insolvency or bankruptcy of the counterparty, or the failure of the counterparty to make required payments or comply with the terms of the contract. In the event of insolvency of the counterparty, the funds may be unable to liquidate a derivatives position. Because the purchase and sale of an OTC derivative does not have the guarantee of a central clearing organization, the creditworthiness of the counterparty is an additional risk factor that the funds need to consider and monitor. Futures Contracts Futures contracts are a type of potentially high-risk derivative. Transactions in Futures

The funds may enter into futures contracts including stock index, interest rate, and currency futures (“futures” or “futures contracts”). Interest rate or currency futures contracts may be used as a hedge against changes in prevailing levels of interest rates or currency exchange rates in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the funds. Interest rate or currency futures can be sold as an offset against the effect of expected increases in interest rates or currency exchange rates and purchased as an offset against the effect of expected declines in interest rates or currency exchange rates. Futures can also be used as an efficient means of regulating the funds’ exposure to the market. Index Funds may only enter into futures contracts that are appropriate for their investment programs to provide an efficient means of maintaining liquidity while being invested in the market, to facilitate trading, or to reduce transaction costs. Otherwise, the nature of such futures and the regulatory limitations and risks to which they are subject are the same as those described below.

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Stock index futures contracts may be used to provide a hedge for a portion of the funds’ portfolios, as a cash management tool, or as an efficient way to implement either an increase or decrease in portfolio market exposure in response to changing market conditions. The funds may purchase or sell futures contracts with respect to any stock index. Nevertheless, to hedge the funds’ portfolios successfully, the funds must sell futures contracts with respect to indices or subindices whose movements will have a significant correlation with movements in the prices of the funds’ portfolio securities. The funds will enter into futures contracts that are traded on national (or foreign) futures exchanges and are standardized as to maturity date and underlying financial instrument. A public market exists in futures contracts covering various taxable fixed-income securities as well as municipal bonds. Futures exchanges and trading in the United States are regulated under the Commodity Exchange Act by the Commodity Futures Trading Commission (“CFTC”). Although techniques other than the sale and purchase of futures contracts could be used for the above-referenced purposes, futures contracts offer an effective and relatively low cost means of implementing the funds’ objectives in these areas. Limitations on Futures

If the funds purchase or sell futures contracts or related options which do not qualify as bona fide hedging under applicable CFTC rules, the aggregate initial margin deposits and premium required to establish those positions cannot exceed 5% of the liquidation value of the funds after taking into account unrealized profits and unrealized losses on any such contracts they have entered into, provided, however, that in the case of an option that is in-the-money at the time of purchase, the in-the-money amount may be excluded in calculating the 5% limitation. For purposes of this policy, options on futures contracts and foreign currency options traded on a commodities exchange will be considered “related options.” This policy may be modified by the Boards without a shareholder vote and does not limit the percentage of the funds’ assets at risk to 5%. In instances involving the purchase of futures contracts or the writing of call or put options thereon by the funds, an amount of cash, liquid assets, or other suitable cover as permitted by the SEC, equal to the market value of the futures and options contracts thereon (less any related margin deposits), will be identified by the funds to cover the position, or alternative cover (such as owning an offsetting position) will be employed. Assets used as cover or held in an identified account cannot be sold while the position in the corresponding option or future is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the funds’ assets to cover or identified accounts could impede portfolio management or the funds’ ability to meet redemption requests or other current obligations. If the CFTC or other regulatory authorities adopt different (including less stringent) or additional restrictions, the funds would comply with such new restrictions. The CFTC’s rules limit the ability of a mutual fund to use commodities, futures, swaps and certain other derivatives if its investment adviser does not register with the CFTC as a commodity pool operator (“CPO”) with respect to the fund. It is expected that all of the Price Funds will normally execute their investment programs within the limits and exemptions prescribed by the CFTC’s rules. As a result, T. Rowe Price does not intend to register with the CFTC as a CPO on behalf of any of the Price Funds. In the event one of the Price Funds engages in transactions that necessitate future registration with the CFTC, T. Rowe Price will register as a CPO and comply with applicable regulations with respect to that fund. Compliance with these additional regulatory requirements could increase the fund’s expenses. For funds that utilize commodity interests, a notice has been filed on behalf of the funds with the National Futures Association claiming an exclusion from the definition of CPO under the Commodity Exchange Act, as amended, pursuant to CFTC Rule 4.5. Accordingly, the Price Funds’ Investment Manager has not been subject to registration or regulation as a CPO. Trading in Futures Contracts

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time, and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and margin deposits must be maintained during the term of the contract. Entering into a

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contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Unlike when the funds purchase or sell a security, no price would be paid or received by the funds upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the funds’ open positions in futures contracts, the funds would be required to deposit in a segregated account with the clearing broker for the futures contract an amount of cash or liquid assets known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. Financial futures are valued daily at closing settlement prices. If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the clearing broker will require a payment by the funds (“variation margin”) to restore the margin account to the amount of the initial margin. Subsequent payments (“mark-to-market payments”) to and from the futures clearing broker are made on a daily basis as the price of the underlying assets fluctuates, making the long and short positions in the futures contract more or less valuable. If the value of the open futures position increases in the case of a sale or decreases in the case of a purchase, the funds will pay the amount of the daily change in value to the clearing broker. However, if the value of the open futures position decreases in the case of a sale or increases in the case of a purchase, the clearing broker will pay the amount of the daily change in value to the funds. Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice, most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical securities and the same delivery date. If the offsetting purchase price is less than the original sale price, the funds realize a gain; if it is more, the funds realize a loss. Conversely, if the offsetting sale price is more than the original purchase price, the funds realize a gain; if it is less, the funds realize a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the funds will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the funds are not able to enter into an offsetting transaction, the funds will continue to be required to maintain the margin deposits on the futures contract. As an example of an offsetting transaction in which the underlying instrument is not delivered, the contractual obligations arising from the sale of one contract of September Treasury bills on an exchange may be fulfilled at any time before delivery of the contract is required (i.e., on a specified date in September, the “delivery month”) by the purchase of one contract of September Treasury bills on the same exchange. In such instance, the difference between the price at which the futures contract was sold and the price paid for the offsetting purchase, after allowance for transaction costs, represents the profit or loss to the funds. Settlement of a stock index futures contract may or may not be in the underlying security. If not in the underlying security, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset (as adjusted by a multiplier) at the time the stock index futures contract expires. For example, the S&P 500 Stock Index is made up of 500 selected common stocks, most of which are listed on the New York Stock Exchange (“NYSE”). The S&P 500 Index assigns relative weightings to the common stocks included in the index, and the index fluctuates with changes in the market values of those common stocks. In the case of futures contracts on the S&P 500 Index, the contracts are to buy or sell 250 units. Thus, if the value of the S&P 500 Index were $150, one contract would be worth $37,500 (250 units x $150). The stock index futures contract specifies that no delivery of the actual stocks making up the index will take place. Instead, settlement in cash occurs. Over the life of the contract, the gain or loss realized by the funds will equal the difference between the purchase (or sale) price of the contract and the price at which the contract is

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terminated. For example, if the funds enter into a futures contract to buy 250 units of the S&P 500 Index at a specified future date at a contract price of $150 and the S&P 500 Index is at $154 on that future date, the funds will gain $1,000 (250 units x gain of $4). If the funds enter into a futures contract to sell 250 units of the stock index at a specified future date at a contract price of $150 and the S&P 500 Index is at $152 on that future date, the funds will lose $500 (250 units x loss of $2). It is possible that hedging activities of funds investing in municipal securities will occur through the use of U.S. Treasury bond futures. All funds (other than the Money Funds) Special Risks of Transactions in Futures Contracts • Volatility and Leverage

The prices of futures contracts are volatile and are influenced, among other things, by actual and anticipated changes in the market and interest rates, which in turn are affected by fiscal and monetary policies and national and international political and economic events. Most U.S. futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day’s settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of futures contract, no trades may be made on that day at a price beyond that limit. The daily limit governs only price movement during a particular trading day and therefore does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses. Margin deposits required on futures trading are low. As a result, a relatively small price movement in a futures contract may result in immediate and substantial losses, as well as gains, to the investor. For example, if at the time of purchase, 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before any deduction for the transaction costs, if the account were then closed out. A 15% decrease would result in a loss equal to 150% of the original margin deposit, if the contract were closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

• Fellow Customer Risk

The funds are subject to “fellow-customer risk,” which is the risk that one or more customers of a futures commission merchant will default on their obligations and that the resulting losses will be so great that the futures commission merchant will default on its obligations and that margin posted by one customer will be used to cover a loss caused by a different customer. There are rules that generally prohibit the use of one customer’s funds to meet the obligations of another customer, and that limit the ability to use customer margin posted by non-defaulting customers to satisfy losses caused by defaulting customers, by requiring the futures commission merchant to use its own funds to meet a defaulting customer’s obligations. While a customer’s loss would likely need to be substantial before other customers would be exposed to fellow customer risk, these rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud, or other causes. If the loss is so great that, notwithstanding the application of the futures commission merchant’s own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the futures commission merchant could default and be placed into bankruptcy. In these circumstances, the Bankruptcy Code provides that non-defaulting customers will share pro-rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another futures commission merchant more difficult.

• Liquidity

The funds may elect to close some or all of their futures positions at any time prior to their expiration. The funds would do so to reduce exposure represented by long futures positions or short futures positions. The funds may close their position by taking opposite positions, which would operate to terminate the funds’ position in the futures contracts. Final determinations of mark-to-market payments would then be

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made, additional cash would be required to be paid by or released to the funds, and the funds would realize a loss or a gain. Futures contracts may be closed out only on the exchange or board of trade where the contracts were initially traded. Although the funds intend to purchase or sell futures contracts only on exchanges or boards of trade where there appears to be an active market, there is no assurance that a liquid market on an exchange or board of trade will exist for any particular contract at any particular time. In such event, it might not be possible to close a futures contract, and in the event of adverse price movements, the funds would continue to be required to make daily mark-to-market and variation margin payments. However, in the event futures contracts have been used to hedge the underlying instruments, the funds would continue to hold the underlying instruments subject to the hedge until the futures contracts could be terminated. In such circumstances, an increase in the price of underlying instruments, if any, might partially or completely offset losses on the futures contract. However, as described next, there is no guarantee that the price of the underlying instruments will, in fact, correlate with the price movements in the futures contract and thus provide an offset to losses on a futures contract. • Hedging Risk

A decision whether, when, and how to hedge involves skill and judgment, and even a wellconceived hedge may be unsuccessful to some degree because of unexpected market or economic events. There are several risks in connection with the use by the funds of futures contracts as a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the futures contracts and movements in the prices of the underlying instruments which are the subject of the hedge. T. Rowe Price will, however, attempt to reduce this risk by entering into futures contracts whose movements, in its judgment, will have a significant correlation with movements in the prices of the funds’ underlying instruments sought to be hedged. Successful use of futures contracts by the funds for hedging purposes is also subject to T. Rowe Price’s ability to correctly predict movements in the direction of the market. It is possible that, when the funds have sold futures to hedge their portfolios against a decline in the market, the index, indices, or instruments’ underlying futures might advance, and the value of the underlying instruments held in the funds’ portfolios might decline. If this were to occur, the funds would lose money on the futures and also would experience a decline in value in their underlying instruments. However, while this might occur to a certain degree, T. Rowe Price believes that over time the value of the funds’ portfolios will tend to move in the same direction as the market indices used to hedge the portfolio. It is also possible that, if the funds were to hedge against the possibility of a decline in the market (adversely affecting the underlying instruments held in their portfolios) and prices instead increased, the funds would lose part or all of the benefit of increased value of those underlying instruments that it had hedged because it would have offsetting losses in their futures positions. In addition, in such situations, if the funds have insufficient cash, it might have to sell underlying instruments to meet daily mark-to-market and variation margin requirements. Such sales of underlying instruments might be, but would not necessarily be, at increased prices (which would reflect the rising market). The funds might have to sell underlying instruments at a time when it would be disadvantageous to do so. In addition to the possibility that there might be an imperfect correlation, or no correlation at all, between price movements in the futures contracts and the portion of the portfolio being hedged, the price movements of futures contracts might not correlate perfectly with price movements in the underlying instruments due to certain market distortions. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors might close futures contracts through offsetting transactions, which could distort the normal relationship between the underlying instruments and futures markets. Second, the margin requirements in the futures market are less onerous than margin requirements in the securities markets and, as a result, the futures market might attract more speculators than the securities markets. Increased participation by speculators in the futures market might also cause temporary price distortions. Due to the possibility of price distortion in the futures market and also because of imperfect correlation between price movements in the underlying instruments and movements in the prices of futures contracts, even a correct forecast of general market trends by T. Rowe Price might not result in a successful hedging transaction over a very short time period.

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Options on Futures Contracts Options (another type of potentially high-risk derivative) on futures are similar to options on underlying instruments, except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer’s futures margin account, which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid. Options on futures contracts are valued daily at the last sale price on its primary exchange at the time at which the net asset value per share of the funds are computed (close of the NYSE, normally at 4 p.m. ET), or, in the absence of such sale, the mean of closing bid and ask prices.

Writing a put option on a futures contract serves as a partial hedge against an increase in the value of securities the funds intend to acquire. If the futures price at expiration of the option is above the exercise price, the funds will retain the full amount of the option premium, which provides a partial hedge against any increase that may have occurred in the price of the debt securities the funds intend to acquire. If the futures price when the option is exercised is below the exercise price, however, the funds will incur a loss, which may be wholly or partially offset by the decrease in the price of the securities the funds intend to acquire. Funds investing in municipal securities may trade in municipal bond index option futures or similar options on futures developed in the future. In addition, the funds may trade in options on futures contracts on U.S. government securities and any U.S. government securities futures index contract which might be developed. From time to time, a single order to purchase or sell futures contracts (or options thereon) may be made on behalf of a fund and other T. Rowe Price funds. Such aggregated orders would be allocated among the fund and the other T. Rowe Price funds in a fair and nondiscriminatory manner. Call and put options may be purchased or written on financial indices as an alternative to options on futures. Special Risks of Transactions in Options on Futures Contracts

The risks described under “Special Risks of Transactions in Futures Contracts” are substantially the same as the risks of using options on futures. If the funds were to write an option on a futures contract, it would be required to deposit initial margin and maintain mark-to-market payments in the same manner as a regular futures contract. In addition, where the funds seek to close out an option position by writing or buying an offsetting option covering the same index, underlying instrument, or contract and having the same exercise price and expiration date, their ability to establish and close out positions on such options will be subject to the maintenance of a liquid secondary market. Reasons for the absence of a liquid secondary market on an exchange include the following: (1) there may be insufficient trading interest in certain options; (2) restrictions may be imposed by an exchange on opening transactions, closing transactions, or both; (3) trading halts, suspensions, or other restrictions may be imposed with respect to particular classes or series of options, or underlying instruments; (4) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (5) the facilities of an exchange or a clearing corporation may not at all times be adequate to handle current trading volume; or (6) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in the class or series of options) would cease to exist, although outstanding options on the exchange that had been issued by a clearing corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms. There is no assurance that higher-than-anticipated trading activity or other unforeseen events might not, at times, render certain of the facilities of any of the clearing corporations inadequate, and thereby result in the institution by an exchange of special procedures, which may interfere with the timely execution of customers’ orders. In the event no such market exists for a particular contract in which the funds maintain a position, in the case of a written option, the funds would have to wait to sell the underlying securities or futures positions until the

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option expires or is exercised. The funds would be required to maintain margin deposits on payments until the contract is closed. Options on futures are treated for accounting purposes in the same way as the analogous option on securities are treated. In addition, the correlation between movements in the price of options on futures contracts and movements in the price of the securities hedged can only be approximate. This risk is significantly increased when an option on a U.S. government securities future or an option on some type of index future is used as a proxy for hedging a portfolio consisting of other types of securities. Another risk is that if the movements in the price of options on futures contracts and the value of the call increase by more than the increase in the value of the securities held as cover, the funds may realize a loss on the call, which is not completely offset by the appreciation in the price of the securities held as cover and the premium received for writing the call. The successful use of options on futures contracts requires special expertise and techniques different from those involved in portfolio securities transactions. A decision whether, when, and how to hedge involves skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of unexpected market behavior or interest rate trends. During periods when municipal securities market prices are appreciating, the funds may experience poorer overall performance than if it had not entered into any options on futures contracts. General Considerations Transactions by the funds in options on futures will be subject to limitations established by each of the exchanges, boards of trade, or other trading facilities governing the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert, regardless of whether the options are written on the same or different exchanges, boards of trade, or other trading facilities or are held or written in one or more accounts or through one or more brokers. Thus, the number of contracts which the funds may write or purchase may be affected by contracts written or purchased by other investment advisory clients of T. Rowe Price. An exchange, boards of trade, or other trading facility may order the liquidations of positions found to be in excess of these limits, and it may impose certain other sanctions. Additional Futures and Options Contracts Although the funds have no current intention of engaging in futures or options transactions other than those described above, it reserves the right to do so. Such futures and options trading might involve risks which differ from those involved in the futures and options described above. Foreign Futures and Options

Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade. Neither the National Futures Association nor any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery, and clearing of transactions, or has the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign law. This is true even if the exchange is formally linked to a domestic market so that a position taken on the market may be liquidated by a transaction on another market. Moreover, such laws or regulations will vary depending on the foreign country in which the foreign futures or foreign options transaction occurs. For these reasons, when the funds trade foreign futures or foreign options contracts, it may not be afforded certain of the protective measures provided by the Commodity Exchange Act, the CFTC’s regulations, and the rules of the National Futures Association and any domestic exchange, including the right to use reparations proceedings before the CFTC and arbitration proceedings provided by the National Futures Association or any domestic futures exchange. In particular, proceeds derived from foreign futures or foreign options transactions may not be provided the same protections as proceeds derived from transactions on U.S. futures exchanges. In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon may be affected by any variance in the foreign exchange rate between the time the funds’ orders are placed and the time they are liquidated, offset, or exercised.

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U.S. Treasury Intermediate and U.S. Treasury Long-Term Funds Limitations on Futures and Options

The funds will not purchase a futures contract or option thereon if, with respect to positions in futures or options on futures which do not represent bona fide hedging, the aggregate initial margin and premiums on such positions would exceed 5% of the funds’ net asset value. In addition, neither of the funds will enter into a futures transaction if it would be obligated to purchase or deliver amounts that would exceed 15% of the funds’ total assets. The funds will not write a covered call or put option if, as a result, the aggregate market value of all portfolio securities covering call options or subject to delivery under put options exceeds 15% of the market value of the funds’ total assets. The funds have no current intention of investing in options on individual securities. However, they reserve the right to do so in the future and could be subject to the following limitations: the funds may invest up to 15% of total assets in premiums on put options and 15% of total assets in premiums on call options. The total market value of the funds’ obligations under futures contracts and premiums on purchased options will not exceed 15% of each fund’s total assets. All Funds (other than the Money Funds) Currency Derivatives

The funds may use currency derivatives for a variety of purposes, such as settling trades in a foreign currency, attempting to protect a fund’s holdings from unfavorable changes in currency exchange rates, and various currency hedging techniques (for example, gaining exposure to a currency expected to appreciate in value versus other currencies). The funds may settle trades of non-U.S. dollar-denominated holdings on a spot (i.e., cash) basis at the prevailing rate in the foreign currency exchange market. A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. The exchange rate at which the transaction is done is called the spot exchange rate. Unlike forward currency exchange contracts and currency futures, which involve trading a particular amount of a currency pair at a predetermined price at some point in the future, the underlying currencies in a spot FX are exchanged following the settlement date. A forward currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades. The funds may enter into forward contracts for a variety of purposes in connection with the management of the foreign securities portion of their portfolios. The funds’ use of such contracts would include, but not be limited to, the following: First, when the funds enter into a contract for the purchase or sale of a security denominated in a foreign currency, they may desire to “lock in” the U.S. dollar price of the security. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars, of the amount of currency involved in the underlying security transactions, the funds will be able to protect themselves against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the subject foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received. Second, when T. Rowe Price believes that one currency may experience a substantial movement against another currency, including the U.S. dollar, it may enter into a forward contract to sell or buy the amount of the former foreign currency, approximating the value of some or all of the funds’ portfolio securities denominated in such foreign currency. Alternatively, where appropriate, the funds may hedge all or part of their foreign currency exposure through the use of a basket of currencies or a proxy currency where such

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currency or currencies act as an effective proxy for other currencies. In such a case, the funds may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in the funds. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. Under normal circumstances, consideration of the prospect for relative currency values will be incorporated into the longer-term investment decisions made with regard to overall diversification strategies. However, T. Rowe Price believes that it is important to have the flexibility to enter into such forward contracts when it determines that the best interests of the funds will be served. Third, the funds may use forward contracts when the funds wish to hedge out of the dollar into a foreign currency in order to create a synthetic bond or money market instrument–the security would be issued in U.S. dollars but the dollar component would be transformed into a foreign currency through a forward contract. At the maturity of a forward contract, the funds may sell the portfolio security and make delivery of the foreign currency, or they may retain the security and either extend the maturity of the forward contract (by “rolling” that contract forward) or may initiate a new forward contract. If the funds retain the portfolio security and engage in an offsetting transaction, the funds will incur a gain or a loss (as described below) to the extent that there has been movement in forward contract prices. If the funds engage in an offsetting transaction, they may subsequently enter into a new forward contract to sell the foreign currency. Should forward prices decline during the period between the funds’ entering into a forward contract for the sale of a foreign currency and the date they enter into an offsetting contract for the purchase of the foreign currency, the funds will realize a gain to the extent the price of the currency they have agreed to sell exceeds the price of the currency they have agreed to purchase. Should forward prices increase, the funds will suffer a loss to the extent the price of the currency they have agreed to purchase exceeds the price of the currency they have agreed to sell. A fund may net any offsetting positions when calculating its aggregate market exposure to a particular currency and in managing the portfolio within its limit on the use of foreign currency instruments. This may occur, for instance, where a fund has entered into two forward foreign currency exchange contracts with concurrent settlement dates, and one provides for delivery of currency A and receipt of currency B and the other contract provides for delivery of currency B and receipt of currency A. The funds may also engage in non-deliverable forward transactions to manage currency risk, as well as to gain exposure to a currency, whether or not the fund owns securities denominated in that currency. A nondeliverable forward is a transaction that represents an agreement between a fund and a counterparty to buy or sell a specified amount of a particular currency at an agreed upon foreign exchange rate on a future date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a nondeliverable forward transaction. Rather, the fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any difference between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed upon future date. When currency exchange rates do not move as anticipated, a fund could sustain losses on the non-deliverable forward transaction. This risk is heightened when the transactions involve currencies of emerging market countries. The funds may enter into forward contracts for any purpose consistent with the funds’ investment objectives and programs. However, the funds will not enter into a forward contract, or maintain exposure to any such contract(s), if the amount of foreign currency required to be delivered thereunder would exceed the funds’ holdings of liquid, high-grade debt securities, currency available for cover of the forward contract(s), or other suitable cover as permitted by the SEC. In determining the amount to be delivered under a contract, the funds may net offsetting positions. If the value of the assets being used as cover declines or the amount of the fund’s commitment increases because of changes in currency rates, the fund may need to provide additional cash or securities to satisfy its

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commitment under the forward agreement. The fund is also subject to the risk that it may be delayed or prevented from obtaining payments owed to it under the forward transaction as a result of the insolvency or bankruptcy of the counterparty or the failure of the counterparty to comply with the terms of the contract. There is no assurance that a fund would succeed in pursuing any contractual remedies available under the agreement. Although most currency derivatives will generally be considered liquid investments, the funds may consider derivatives that involve particular currencies to be illiquid. The funds’ dealing in forward foreign currency exchange contracts will generally be limited to the transactions described above. However, the funds reserve the right to enter into forward foreign currency contracts for different purposes and under different circumstances. Of course, the funds are not required to enter into forward contracts with regard to their foreign currency-denominated securities and will not do so unless deemed appropriate by T. Rowe Price. It also should be realized that this method of hedging against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange at a future date. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time, they tend to limit any potential gain which might result from an increase in the value of that currency. Although the funds value their assets daily in terms of U.S. dollars, they do not intend to convert their holdings of foreign currencies into U.S. dollars on a daily basis. They will do so from time to time, and there are costs associated with currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to the funds at one rate, while offering a lesser rate of exchange should the funds desire to resell that currency to the dealer. Regulation of OTC Derivatives

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), enacted in July 2010, includes provisions that comprehensively regulates OTC derivatives for the first time (including many of the trades previously described, such as forward currency exchange contracts and swap agreements. Dodd-Frank authorizes the SEC and the CFTC to mandate that a substantial portion of OTC derivatives must be executed on exchanges or “swap execution facilities,” and be submitted for clearing to regulated clearinghouses. OTC derivatives submitted for clearing will be subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements mandated by the SEC or the CFTC. OTC derivatives clearing firms typically demand the unilateral ability to increase a customer’s collateral requirements for cleared OTC derivatives beyond any regulatory and clearinghouse minimums. The regulators also have broad discretion to impose margin requirements on non-cleared OTC derivatives and impose new requirements to the holding of customer collateral by OTC derivatives dealers. It is possible that new requirements will increase the amount of collateral the funds are required to provide and the costs associated with providing it. With respect to cleared OTC derivatives, the funds will not face a clearinghouse directly but rather through a clearing firm that is registered with the CFTC or SEC to act as a clearing member. The funds may face the indirect risk of the failure of another customer of the funds’ clearing firm to meet its obligations to such clearing member. This scenario could be triggered by a customer’s failure to meet its obligations to the clearing member or arise due to a default by the clearing member on its obligations to the clearinghouse. The SEC and CFTC will also require most standardized swaps that are currently executed on a bilateral basis in the OTC markets to be executed through a derivatives exchange or a regulated entity created by DoddFrank called a swap execution facility. Certain CFTC-regulated derivatives are already subject to these rules and the CFTC expects to subject additional OTC derivatives to such trade execution rules in the future, which could hinder the funds in executing certain investment strategies. The SEC has not indicated when they will impose clearing or trade execution requirements on the OTC derivatives that they regulate. If a fund decides to become a direct member of one or more of these exchanges or execution facilities, such fund would be subject to all of the rules of the exchange or execution facility, which would bring additional risks and liabilities, and potential additional regulatory requirements.

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OTC derivative dealers are now required to register with the CFTC and will ultimately be required to register with the SEC. Dealers are subject to new minimum capital and margin requirements, business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements, position limits, limitations on conflicts of interest, and other regulatory burdens. These requirements further increase the overall costs for OTC derivative dealers, which costs may be passed along to the funds as market changes continue to be implemented. The overall impact of Dodd-Frank on each fund remains highly uncertain and it is unclear how the OTC derivatives markets will adapt to this new regulatory regime, along with additional, sometimes overlapping, regulatory requirements imposed by non-U.S. regulators. Federal Tax Treatment of Options, Futures Contracts, and Forward Foreign Exchange Contracts

The funds may enter into certain options, futures, forward foreign exchange contracts, and swaps, including options and futures on currencies. Entering into such transactions can affect the timing and character of the income and gains realized by the funds and the timing and character of fund distributions. Such contracts, if they qualify as Section 1256 contracts, will be considered to have been closed at the end of the funds’ taxable years and any gains or losses will be recognized for tax purposes at that time. Such gains or losses (as well as gains or losses from the normal closing or settlement of such transactions) will be characterized as 60% long-term capital gain (taxable at a maximum rate of 20%) or loss and 40% short-term capital gain or loss regardless of the holding period of the instrument (ordinary income or loss for foreign exchange contracts). The funds will be required to distribute net gains on such transactions to shareholders even though it may not have closed the transaction and received cash to pay such distributions, although swaps are now generally excluded from the definition of a Section 1256 contract. Certain options, futures, forward foreign exchange contracts, and swaps, which offset another security in the fund, including options, futures, and forward exchange contracts on currencies, which offset a foreign dollardenominated bond or currency position, may be considered straddles for tax purposes. Generally, a loss on any position in a straddle will be subject to deferral to the extent of any unrealized gain in an offsetting position. For securities that were held for one year or less at inception of the straddle, the holding period may be deemed not to begin until the straddle is terminated. If securities comprising a straddle have been held for more than one year at inception of the straddle, losses on offsetting positions may be treated as entirely longterm capital losses even if the offsetting positions have been held for less than one year. However, a fund may choose to comply with certain identification requirements for offsetting positions that are components of a straddle. Losses with respect to identified positions are not deferred, rather the basis of the identified position that offset the loss position is increased. In order for the funds to continue to qualify for federal income tax treatment as regulated investment companies, at least 90% of their gross income for a taxable year must be derived from qualifying income, e.g., generally dividends, interest, income derived from loans of securities, and gains from the sale of securities or currencies. Tax regulations could be issued limiting the extent to which the net gain realized from options, futures, or forward foreign exchange contracts on currencies is qualifying income for purposes of the 90% requirement. Entering into certain options, futures, forward foreign exchange contracts, or swaps may result in a “constructive sale” of offsetting stocks or debt securities of the funds. In such a case, the funds will be required to realize gain, but not loss, on the deemed sale of such positions as if the position were sold on that date. For certain options, futures, forward foreign exchange contracts, or swaps, the IRS has not issued comprehensive rules relating to the timing and character of income and gains realized on such contracts. It is possible that new tax legislations and new IRS regulations could result in changes to the amounts recorded by the funds, potentially resulting in tax consequences to the funds.

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Options Options are a type of potentially high-risk derivative. The funds may buy or sell listed options, also known as exchange-traded options, as well as buy or sell dealer options, also known as OTC options or over-the-counter options. Writing Call Options

The funds may write (sell) American or European style “covered” call options and purchase options to close out options previously written. In writing covered call options, the funds expect to generate additional premium income, which should serve to enhance the funds’ total return and reduce the effect of any price decline of the security, index, or currency involved in the option. Call options will generally be written on securities, indexes, or currencies which, in T. Rowe Price’s opinion, are not expected to have any major price increases or moves in the near future but which, over the long term, are deemed to be attractive investments for the funds. A call option gives the holder (buyer) the right to purchase, and the writer (seller) has the obligation to sell, a security or currency at a specified price (the exercise price) at expiration of the option (European style) or at any time until a certain date (the expiration date) (American style). Index options are option contracts in which the underlying value is based on the level of a particular securities index. So long as the obligation of the writer of a call option continues, he may be assigned an exercise notice by the broker-dealer through whom such option was sold, requiring him to deliver the underlying security or currency against payment of the exercise price. This obligation terminates upon the expiration of the call option or such earlier time at which the writer effects a closing purchase transaction by repurchasing an option identical to that previously sold. To secure his obligation to deliver the underlying security or currency in the case of a call option, a writer is required to deposit in escrow the underlying security or currency or other assets in accordance with the rules of a clearing corporation. The funds generally will write only covered call options. This means that the funds will either own the security or currency subject to the option or an option to purchase the same underlying security or currency having an exercise price equal to or less than the exercise price of the “covered” option. From time to time, the funds will write a call option that is not covered as indicated above (for example, an option on an index) but where the funds will establish and maintain, with its custodian for the term of the option, an account consisting of cash, U.S. government securities, other liquid high-grade debt obligations, or other suitable cover as permitted by the SEC, having a value equal to the fluctuating market value of the optioned securities or currencies or index level. While such an option would be “covered” with sufficient collateral to satisfy SEC prohibitions on issuing senior securities, this type of strategy would expose the funds to the risks of writing uncovered options, which could result in unlimited losses if a fund writes an uncovered call option. Portfolio securities or currencies on which call options may be written will be purchased solely on the basis of investment considerations consistent with the funds’ investment objectives. The writing of covered call options is a conservative investment technique believed to involve relatively little risk (in contrast to the writing of naked or uncovered options, which the funds generally will not do) but capable of enhancing the funds’ total return. When writing a covered call option, the funds, in return for the premium, give up the opportunity for profit from a price increase in the underlying security or currency above the exercise price, but conversely retain the risk of loss should the price of the security or currency decline. Unlike one that owns securities or currencies not subject to an option, the funds have no control over when they may be required to sell the underlying securities or currencies, since they may be assigned an exercise notice at any time prior to the expiration of its obligation as a writer. If a call option the funds have written expires, the funds will realize a gain in the amount of the premium; however, such gain may be offset by a decline in the market value of the underlying security or currency during the option period. If the call option is exercised, the funds will realize a gain or loss from the sale of the underlying security or currency. The funds do not consider a security or currency covered by a call to be “pledged” as that term is used in the funds’ policy, which limits the pledging or mortgaging of assets. If the fund writes an uncovered option on a security as described above, it will bear the risk of having to purchase the security subject to the option at a price higher than the exercise price of the option. As the price of a security could appreciate substantially, the funds’ loss could be significant.

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The premium received is the market value of an option. The premium the funds will receive from writing a call option will reflect, among other things, the current market price of the underlying security or currency, the relationship of the exercise price to such market price, the historical price volatility of the underlying security or currency, and the length of the option period. Once the decision to write a call option has been made, T. Rowe Price, in determining whether a particular call option should be written on a particular security or currency, will consider the reasonableness of the anticipated premium and the likelihood that a liquid secondary market will exist for those options. The premium received by the funds for writing covered call options will be recorded as a liability of the funds. This liability will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset values per share of the funds are computed (close of the NYSE, normally 4 p.m. ET) or, in the absence of such sale, the mean of closing bid and ask prices. The option will be terminated upon expiration of the option, the purchase of an identical option in a closing transaction, or delivery of the underlying security or currency upon the exercise of the option. As the seller of an index call option, the fund receives a premium from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the exercise price) by the expiration date of the option. If the purchaser does not exercise the option, the fund retains the premium. If the purchaser exercises the option, the fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price, and the value of the index determine the gain or loss realized by the fund as the seller of the index call option. The fund can also repurchase the call option prior to the expiration date, thereby ending its obligation. In this case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the fund. Closing transactions will be effected in order to realize a profit on an outstanding call option, to prevent an underlying security or currency from being called, or to permit the sale of the underlying security or currency. Furthermore, effecting a closing transaction will permit the funds to write another call option on the underlying security or currency with either a different exercise price, expiration date, or both. If the funds desire to sell a particular security or currency from their portfolios on which they have written a call option or purchased a put option, they will seek to effect a closing transaction prior to, or concurrently with, the sale of the security or currency. There is, of course, no assurance that the funds will be able to effect such closing transactions at favorable prices. If the funds cannot enter into such a transaction, they may be required to hold a security or currency that they might otherwise have sold. When the funds write a covered call option, they run the risk of not being able to participate in the appreciation of the underlying securities or currencies above the exercise price, as well as the risk of being required to hold on to securities or currencies that are depreciating in value. This could result in higher transaction costs. The funds will pay transaction costs in connection with the writing of options to close out previously written options. Such transaction costs are normally higher than those applicable to purchases and sales of portfolio securities. Call options written by the funds will normally have expiration dates of less than nine months from the date written. The exercise price of the options may be below, equal to, or above the current market values of the underlying securities or currencies at the time the options are written. From time to time, the funds may purchase an underlying security or currency for delivery in accordance with an exercise notice of a call option assigned to it, rather than delivering such security or currency from their portfolios. In such cases, additional costs may be incurred. The funds will realize a profit or loss from a closing purchase transaction if the cost of the transaction is less or more than the premium received from the writing of the option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying security or currency, any loss resulting from the repurchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security or currency owned by the funds. The funds will not write a covered call option if, as a result, the aggregate market value of all portfolio securities or currencies covering written call or put options exceeds 25% of the market value of the funds’ total assets. In calculating the 25% limit, the funds will offset the value of securities underlying purchased calls and puts on identical securities or currencies with identical maturity dates.

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Writing Put Options The funds may write American or European style covered put options and purchase options to close out options previously written by the funds. A put option gives the purchaser of the option the right to sell, and the writer (seller) has the obligation to buy, the underlying security, currency, or index option at the exercise price during the option period (American style) or at the expiration of the option (European style). So long as the obligation of the writer continues, he may be assigned an exercise notice by the broker-dealer through whom such option was sold, requiring him to make payment to the exercise price against delivery of the underlying security or currency. The operation of put options in other respects, including their related risks and rewards, is substantially identical to that of call options.

If the funds write put options, they will do so only on a covered basis. This means that the funds would maintain, in a segregated account, cash, U.S. government securities, other liquid high-grade debt obligations, or other suitable cover as determined by the SEC, in an amount not less than the exercise price. Alternatively, the funds will own an option to sell the underlying security or currency subject to the option having an exercise price equal to or greater than the exercise price of the “covered” option at all times while the put option is outstanding. (The rules of a clearing corporation currently require that such assets be deposited in escrow to secure payment of the exercise price.) The funds would generally write covered put options in circumstances where T. Rowe Price wishes to purchase the underlying security or currency for the funds’ portfolios at a price lower than the current market price of the security or currency. In such event the funds would write a put option at an exercise price which, reduced by the premium received on the option, reflects the lower price it is willing to pay. Since the funds would also receive interest on debt securities or currencies maintained to cover the exercise price of the option, this technique could be used to enhance current return during periods of market uncertainty. The risk in such a transaction would be that the market price of the underlying security or currency would decline below the exercise price, less the premiums received. Such a decline could be substantial and result in a significant loss to the funds. In addition, the funds, because they do not own the specific securities or currencies which they may be required to purchase in exercise of the put, cannot benefit from appreciation, if any, with respect to such specific securities or currencies. The funds will not write a covered put option if, as a result, the aggregate market value of all portfolio securities or currencies covering put or call options exceeds 25% of the market value of the funds’ total assets. In calculating the 25% limit, the funds will offset the value of securities underlying purchased puts and calls on identical securities or currencies with identical maturity dates. The premium received by the funds for writing covered put options will be recorded as a liability of the funds. This liability will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset value per share of the funds is computed (close of the NYSE, normally 4 p.m. ET), or, in the absence of such sale, the mean of the closing bid and ask prices. Purchasing Put Options

The funds may purchase American or European style put options. As the holder of a put option, the funds have the right to sell the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). The funds may enter into closing sale transactions with respect to such options, exercise them, or permit them to expire. The funds may purchase put options for defensive purposes in order to protect against an anticipated decline in the value of their securities or currencies. The funds may purchase a put option on an underlying security or currency (a “protective put”) owned by the funds as a defensive technique in order to protect against an anticipated decline in the value of the security or currency. Such hedge protection is provided only during the life of the put option when the funds, as holder of the put option, are able to sell the underlying security or currency at the put exercise price regardless of any decline in the underlying security’s market price or currency’s exchange value. For example, a put option may be purchased in order to protect unrealized appreciation of a security or currency where T. Rowe Price deems it desirable to continue to hold the security or currency because of tax considerations. The

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premium paid for the put option and any transaction costs would reduce any capital gain otherwise available for distribution when the security or currency is eventually sold. The funds may also purchase put options at a time when they do not own the underlying security or currency. By purchasing put options on a security or currency they do not own, the funds seek to benefit from a decline in the market price of the underlying security or currency. If the put option is not sold when it has remaining value and if the market price of the underlying security or currency remains equal to or greater than the exercise price during the life of the put option, the funds will lose their entire investment in the put option. In order for the purchase of a put option to be profitable, the market price of the underlying security or currency must decline sufficiently below the exercise price to cover the premium and transaction costs, unless the put option is sold in a closing sale transaction. The funds will not commit more than 5% of total assets to premiums when purchasing put options. The premium paid by the funds when purchasing a put option will be recorded as an asset of the funds in the portfolio of investments. This asset will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset values per share of the funds are computed (close of the NYSE, normally 4 p.m. ET) or, in the absence of such sale, the mean of closing bid and ask prices. This asset will be terminated upon expiration of the option, the selling (writing) of an identical option in a closing transaction, or the delivery of the underlying security or currency upon the exercise of the option. Purchasing Call Options

The funds may purchase American or European style call options. As the holder of a call option, the funds have the right to purchase the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). The funds may enter into closing sale transactions with respect to such options, exercise them, or permit them to expire. The funds may purchase call options for the purpose of increasing their current return or avoiding tax consequences which could reduce their current return. The funds may also purchase call options in order to acquire the underlying securities or currencies. Examples of such uses of call options are provided next. Call options may be purchased by the funds for the purpose of acquiring the underlying securities or currencies for their portfolios. Utilized in this fashion, the purchase of call options enables the funds to acquire the securities or currencies at the exercise price of the call option plus the premium paid. At times the net cost of acquiring securities or currencies in this manner may be less than the cost of acquiring the securities or currencies directly. This technique may also be useful to the funds in purchasing a large block of securities or currencies that would be more difficult to acquire by direct market purchases. So long as the funds hold such a call option, rather than the underlying security or currency itself, the funds are partially protected from any unexpected decline in the market price of the underlying security or currency and in such event could allow the call option to expire, incurring a loss only to the extent of the premium paid for the option. The funds may also purchase call options on underlying securities or currencies they own in order to protect unrealized gains on call options previously written by them. A call option would be purchased for this purpose where tax considerations make it inadvisable to realize such gains through a closing purchase transaction. Call options may also be purchased at times to avoid realizing losses. The funds will not commit more than 5% of total assets to premiums when purchasing call and put options. The premium paid by the funds when purchasing a call option will be recorded as an asset of the funds in the portfolio of investments. This asset will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset values per share of the funds are computed (close of the NYSE, normally 4 p.m. ET), or, in the absence of such sale, the mean of closing bid and ask prices.

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Dealer (Over-the-Counter) Options The funds may engage in transactions involving dealer options. Certain risks, including credit risk and counterparty risk, are specific to dealer options. While the funds would look to a clearing corporation to exercise exchange-traded options, if the funds were to purchase a dealer option, they would rely primarily on the dealer from whom they purchased the option to perform if the option were exercised. Failure by the dealer to do so could result in the loss of the premium paid by the funds as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market, while dealer options are less liquid or could have no liquidity. Consequently, the funds will generally be able to realize the value of a dealer option they have purchased only by exercising it or reselling it to the dealer who issued it. Under certain conditions, the funds may also be able to resell or assign a purchased dealer option to another dealer on substantially the same terms. Similarly, when the funds write a dealer option, unless they can assign the option to another dealer, they generally will be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to which the funds originally wrote the option. While the funds will seek to enter into dealer options only with dealers who will agree to and are expected to be capable of entering into closing transactions with the funds, there can be no assurance that the dealers will consent to the closing transaction nor is it assured that the funds will realize a favorable price. Until the funds, as a covered dealer call option writer, are able to effect a closing purchase transaction, they will not be able to liquidate securities (or other assets) or currencies used as cover until the option expires or is exercised. In the event of insolvency of the counter-party, the funds may be unable to liquidate a dealer option. With respect to options written by the funds, the inability to enter into a closing transaction may result in material losses to the funds. The funds may consider OTC options to be liquid holdings; however, any OTC options that cannot be unwound, reassigned, or sold are generally considered to be illiquid. The funds may treat the cover used for written OTC options as liquid if the dealer agrees that the funds may repurchase the OTC option they have written for a maximum price to be calculated by a predetermined formula. In such cases, the OTC option would be considered illiquid only to the extent the maximum repurchase price under the formula exceeds the intrinsic value of the option. In addition, for certain types of OTC options that have substantially similar terms to exchange-traded options, the funds may treat such options, and the underlying cover used for written options, as liquid based on factors such as: (1) the frequency and availability of dealer quotes and the comparability to prices available on an options exchange; (2) the number of dealers willing to purchase or accept assignments of such OTC options; and (3) the nature of the OTC options, their settlement terms and their termination provisions (i.e., the time needed to close out or terminate an OTC position, method of soliciting offers, and mechanics of transfer). Warrants Warrants can be highly volatile and have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. Warrants basically are options to purchase securities at a specific price valid for a specific period of time. They do not represent ownership of the securities, but only the right to buy them. Warrants differ from call options in that warrants are issued by the issuer of the security which may be purchased on their exercise, whereas call options may be written or issued by anyone. The prices of warrants do not necessarily move parallel to the prices of the underlying securities.

There are, of course, other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities. Hybrid Instruments

A hybrid instrument is a debt security, preferred stock, depository share, trust certificate, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement is determined by reference to prices, changes in prices, or differences between prices of securities, currencies, intangibles, goods, articles, or commodities (collectively, “underlying assets”) or by another objective index, economic factor, or other measure, such as

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interest rates, currency exchange rates, commodity indices, and securities indices (collectively, “benchmarks”). Thus, hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity. Hybrid instruments can be an efficient means of creating exposure to a particular market, or segment of a market, with the objective of enhancing total return. For example, the funds may wish to take advantage of expected declines in interest rates in several European countries, but avoid the transaction costs associated with buying and currency-hedging the foreign bond positions. One solution would be to purchase a U.S. dollar-denominated hybrid instrument whose redemption price is linked to the average three-year interest rate in a designated group of countries. The redemption price formula would provide for payoffs of greater than par if the average interest rate was lower than a specified level, and payoffs of less than par if rates were above the specified level. Furthermore, the funds could limit the downside risk of the security by establishing a minimum redemption price so that the principal paid at maturity could not be below a predetermined minimum level if interest rates were to rise significantly. The purpose of this arrangement, known as a structured security with an embedded put option, would be to give the funds the desired European bond exposure while avoiding currency risk, limiting downside market risk, and lowering transaction costs. Of course, there is no guarantee that the strategy will be successful, and the funds could lose money if, for example, interest rates do not move as anticipated or credit problems develop with the issuer of the hybrid instruments. The risks of investing in hybrid instruments reflect a combination of the risks of investing in securities, options, futures, and currencies. Thus, an investment in a hybrid instrument may entail significant risks that are not associated with a similar investment in a traditional debt instrument that has a fixed principal amount, is denominated in U.S. dollars, or bears interest either at a fixed rate or a floating rate determined by reference to a common, nationally published benchmark. The risks of a particular hybrid instrument will, of course, depend upon the terms of the instrument, but may include, without limitation, the possibility of significant changes in the benchmarks or the prices of underlying assets to which the instrument is linked. Such risks generally depend upon factors which are unrelated to the operations or credit quality of the issuer of the hybrid instrument and which may not be readily foreseen by the purchaser, such as economic and political events, the supply of and demand for the underlying assets, and interest rate movements. In addition, the various benchmarks and prices for underlying assets can be highly volatile. Reference is also made to the discussion of futures, options, and forward contracts herein for a discussion of the risks associated with such investments. Hybrid instruments are potentially more volatile and can carry greater market risks than traditional debt instruments. Depending on the structure of the particular hybrid instrument, changes in a benchmark may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the hybrid instrument. Also, the prices of the hybrid instrument and the benchmark or underlying asset may not move in the same direction or at the same time. Hybrid instruments may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Alternatively, hybrid instruments may bear interest at above market rates but bear an increased risk of principal loss (or gain). The latter scenario may result if “leverage” is used to structure the hybrid instrument. Leverage risk occurs when the hybrid instrument is structured so that a given change in a benchmark or underlying asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss as well as the potential for gain. Hybrid instruments may also carry liquidity risk since the instruments are often “customized” to meet the portfolio needs of a particular investor, and therefore, the number of investors that are willing and able to buy such instruments in the secondary market may be smaller than that for more traditional debt securities. In addition, because the purchase and sale of hybrid instruments could take place in an OTC market without the guarantee of a central clearing organization or in a transaction between the fund and the issuer of the hybrid instrument, the creditworthiness of the counterparty or issuer of the hybrid instrument would be an additional

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risk factor which the funds would have to consider and monitor. Hybrid instruments also may not be subject to regulation by the CFTC, which generally regulates the trading of commodity futures by U.S. persons, the SEC, which regulates the offer and sale of securities by and to U.S. persons, or any other governmental regulatory authority. Swap Agreements

A number of the funds may enter into interest rate, index, total return, credit, and, to the extent they may invest in foreign currency-denominated securities, currency rate swap agreements. The funds may also enter into options on swap agreements (“swaptions”) on the types of swaps listed above as well as swap forwards. The funds may enter into swap agreements on either a bilateral basis or cleared basis, although many standardized swaps currently transacted bilaterally will eventually be cleared through regulated clearinghouses. In bilateral swap transactions, all aspects of an agreed trade are dealt with directly between the transacting parties and set forth in the agreements between the parties. Each party takes on the risk, known as counterparty risk, that the other party may default at some time during the life of the contract. Collateral for bilateral agreements is exchanged but subject to negotiations between the counterparties. With centralized clearing, the original buyer and seller of a contract are no longer counterparties to each other. The central clearinghouse becomes the buyer to every seller and the seller to every buyer. These trades require daily settlements of margin to act as collateral to mitigate counterparty risk. Swap agreements are typically two-party contracts entered into primarily by institutional investors for a specified period of time. In a standard bilateral swap transaction, two parties agree on the terms to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined investment, index, or currency. The gross returns to be exchanged or swapped between the parties are generally calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a basket of securities representing a particular index. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement at some designated future time on specified terms. The funds may write (sell) and purchase put and call swaptions. A swap forward is an agreement to enter into a swap agreement at some point in the future, usually in 3 to 6 months. One example of the use of swaps by the funds is to manage the interest rate sensitivity of the funds. The funds might receive or pay a fixed-rate interest rate of a particular maturity and pay or receive a floating rate in order to increase or decrease the duration of the funds. Or, the funds may buy or sell swaptions to effect the same result. The funds may also replicate a security by selling it, placing the proceeds in cash deposits, and receiving a fixed rate in the swap market. Another example is the use of credit default swaps to buy or sell credit protection. A credit default swap is a contract that enables an investor to buy or sell protection against a predetermined issuer credit event. The seller of a credit default swap may enhance income by guaranteeing the creditworthiness of the debt issuer and the buyer is provided with protection against credit risks of the issuer. Market supply and demand factors may cause distortions between the cash securities market and the default swap market. Most swap agreements entered into by the funds would calculate the obligations of the parties to the agreement on a “net basis.” Consequently, the funds’ current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). The funds’ current obligations under a net swap agreement will be accrued daily (offset against any amounts owed to the funds) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by assets determined to be liquid by T. Rowe Price. The use of swap agreements by the funds entails certain risks. Interest rate and currency swaps could result in losses if interest rate or currency changes are not correctly anticipated by the funds. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated by the funds.

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Credit default swaps could result in losses if the funds do not correctly evaluate the creditworthiness of the company on which the credit default swap is based. The funds will generally incur a greater degree of risk when it writes a swaption than when it purchases a swaption. When the funds purchase a swaption it risks losing only the amount of the premium they have paid should they decide to let the option expire unexercised. However, when the funds write a swaption they will become obligated, upon exercise of the option, according to the terms of the underlying agreement. Because swaps are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, the funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness. The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the funds’ ability to terminate existing swap agreements or to realize amounts to be received under such agreements. There are other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

PORTFOLIO MANAGEMENT PRACTICES

Lending of Portfolio Securities Securities loans may be made by the funds to broker-dealers, institutional investors, or other persons pursuant to agreements requiring that the loans be continuously secured by collateral at least equal at all times to the value of the securities lent, marked to market on a daily basis. The collateral received will consist of cash, U.S. government securities, letters of credit, or such other collateral as may be permitted under the funds’ investment program. The collateral, in turn, is invested in short-term securities, including shares of a T. Rowe Price internal money fund or short-term bond fund. While the securities are being lent, the funds making the loan will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities, as well as a portion of the interest on the investment of the collateral. Normally, the funds employ an agent to implement their securities lending program and the agent receives a fee from the funds for its services. The funds have a right to call each loan and obtain the securities within such period of time that coincides with the normal settlement period for purchases and sales of such securities in the respective markets. The funds will not have the right to vote on securities while they are being lent, but they may call a loan in anticipation of any important vote, when practical. The risks in lending portfolio securities, as with other extensions of secured credit, consist of a possible default by the borrower, delay in receiving additional collateral or in the recovery of the securities, or possible loss of rights in the collateral, should the borrower fail financially. Loans will be made only if, in the judgment of T. Rowe Price, the consideration to be earned from such loans would justify the risk. Additionally, the funds bear the risk that the reinvestment of collateral will result in a principal loss. Finally, there is also the risk that the price of the securities will increase while they are on loan and the collateral will not adequately cover their value. Borrowing and Lending The Price Funds are parties to an interfund lending exemptive order received from the SEC on December 8, 1998, amended on November 23, 1999, that permits them to borrow money from and/or lend money to other funds in the T. Rowe Price complex to help the funds meet short-term redemptions and liquidity needs. All loans are set at an interest rate between the rates charged on overnight repurchase agreements and short-term bank loans. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The program is subject to the oversight and periodic review of the Boards of the Price Funds.

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In addition, to help certain funds meet short-term redemptions and liquidity needs, the Credit Opportunities Fund, Floating Rate Fund, Floating Rate Multi-Sector Account Portfolio, Global Allocation Fund, Institutional Credit Opportunities Fund, and Institutional Floating Rate Fund have entered into a committed line of credit facility administered by JPMorgan Chase Bank, N.A. (“JPMorgan”), with JP Morgan, Bank of New York Mellon, Bank of America, Wells Fargo, Citibank, Morgan Stanley, and State Street Bank and Trust Company as lenders pursuant to which the funds may borrow up to $500 million in order to provide them with temporary liquidity on a first-come, first-served basis. Interest is charged to a borrowing fund at a rate equal to the Federal Funds Rate plus 1.00% per annum where the Federal Funds Rate equals the greatest of (a) the onemonth Eurodollar Rate, (b) the Federal Funds Effective Rate, or (c) the Overnight Bank Funding Rate. A commitment fee, equal to 0.12% per year of the average daily undrawn commitment, is allocated to the participating funds based on each fund’s relative net assets. Loans are generally unsecured; however, the fund must collateralize any borrowings under the facility on an equivalent basis if it has other collateralized borrowings. Repurchase Agreements

The funds may enter into a repurchase agreement through which an investor (such as the funds) purchases securities (known as the “underlying security”) from well-established securities dealers or banks that are members of the Federal Reserve System. Any such dealer or bank will be on T. Rowe Price’s approved list. At that time, the bank or securities dealer agrees to repurchase the underlying security at the same price, plus specified interest. Repurchase agreements are generally for a short period of time, often less than a week. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. The funds will enter into repurchase agreements only where (1) the underlying securities are of the type (excluding maturity limitations) which the funds’ investment guidelines would allow them to purchase directly, (2) the market value of the underlying security, including interest accrued, will be at all times equal to or exceed the value of the repurchase agreement, and (3) payment for the underlying security is made only upon physical delivery or evidence of book-entry transfer to the account of the custodian or a bank acting as agent. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the funds could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the funds seek to enforce their rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing their rights. Reverse Repurchase Agreements Although the funds have no current intention of engaging in reverse repurchase agreements, they reserve the right to do so. Reverse repurchase agreements are ordinary repurchase agreements in which a fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed upon time and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of the securities because it avoids certain market risks and transaction costs. A reverse repurchase agreement may be viewed as a type of borrowing by the funds, subject to Investment Restriction (1). (See “Investment Restrictions.”) Cash Reserves The funds may invest their cash reserves primarily in one or more money market funds or short-term bond funds established for the exclusive use of the T. Rowe Price family of mutual funds and other clients of T. Rowe Price. Currently, two such money market funds are in operation and used for cash reserves management: the TRP Government Reserve Investment Fund and TRP Reserve Investment Fund. In addition, two such short-term bond funds may be used for cash reserves management: the T. Rowe Price Short-Term Government Reserve Fund and T. Rowe Price Short-Term Reserve Fund. Each of the four funds is a series of the T. Rowe Price Reserve Investment Funds, Inc. These funds were created and operate under an exemptive order issued by the SEC. Additional money market funds or short-term bond funds may be created in the future.

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TRP Government Reserve Investment Fund and TRP Reserve Investment Fund comply with the requirements of Rule 2a-7 under the 1940 Act governing money market funds. T. Rowe Price Short-Term Government Reserve Fund and T. Rowe Price Short-Term Reserve Fund are bond funds but generally comply with the risklimiting conditions of Rule 2a-7, although they are not regulated under Rule 2a-7 and do not use amortized cost in an effort to maintain a stable $1.00 share price. TRP Government Reserve Investment Fund and T. Rowe Price Short-Term Government Reserve Fund invest primarily in a portfolio of U.S. governmentbacked securities, primarily U.S. Treasury securities and repurchase agreements thereon. Pursuant to the amendments to Rule 2a-7, the investment strategies and policies of TRP Government Reserve Investment Fund and TRP Reserve Investment Fund will change on or before October 14, 2016 in order to comply with the amendments. The TRP Reserve Funds provide an efficient means of managing the cash reserves of the T. Rowe Price funds. While none of the TRP Reserve Funds pays an advisory fee to T. Rowe Price, each will incur other expenses. However, the TRP Reserve Funds are expected by T. Rowe Price to operate at very low expense ratios. The Price Funds will only invest in the TRP Reserve Funds to the extent consistent with their investment objectives and programs. None of the funds is insured or guaranteed by the FDIC or any other government agency. Although the TRP Government Reserve Investment Fund and TRP Reserve Investment Fund seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in them. Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Credit Opportunities, Institutional Floating Rate, and Institutional High Yield Funds Short Sales

The funds may make short sales for hedging purposes to protect them against companies whose credit is deteriorating. Short sales are transactions in which the funds sell a security they do not own in anticipation of a decline in the market value of that security. The funds’ short sales would be limited to situations where the funds own a debt security of a company and would sell short the common or preferred stock or another debt security at a different level of the capital structure of the same company. No securities will be sold short if, after the effect is given to any such short sale, the total market value of all securities sold short would exceed 2% of the value of the funds’ net assets. To complete a short-sale transaction, the funds must borrow the security to make delivery to the buyer. The funds then are obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. Until the security is replaced, the funds are required to pay to the lender amounts equal to any dividends or interest which accrue during the period of the loan. To borrow the security, the funds also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A fund secures its obligation to replace borrowed securities by also depositing collateral with the broker, usually in cash, U.S. government securities or other liquid securities similar to those borrowed. Until the funds replace a borrowed security in connection with a short sale, the funds will: (a) maintain daily a segregated account, containing cash, U.S. government securities, or other liquid securities as permitted by the SEC, at such a level that the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; or (b) otherwise cover its short position. The funds will incur a loss as a result of the short sale if the price of the security sold short increases between the date of the short sale and the date on which the funds replace the borrowed security. The funds will realize a gain if the security sold short declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends, or interest the funds may be

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required to pay in connection with a short sale. Any gain or loss on the security sold short would be separate from a gain or loss on the funds’ security being hedged by the short sale. The Taxpayer Relief Act of 1997 requires a mutual fund to recognize gain upon entering into a constructive sale of stock, a partnership interest, or certain debt positions occurring after June 8, 1997. A constructive sale is deemed to occur if the funds enter into a short sale, an offsetting notional principal contract, or a futures or forward contract which is substantially identical to the appreciated position. Some of the transactions in which the funds are permitted to invest may cause certain appreciated positions in securities held by the funds to qualify as a “constructive sale,” in which case it would be treated as sold and the resulting gain subjected to tax or, in the case of a mutual fund, distributed to shareholders. If this were to occur, a fund would be required to distribute such gains even though it would receive no cash until the later sale of the security. Such distributions could reduce the amount of cash available for investment by the funds. Because these rules do not apply to “straight” debt transactions, it is not anticipated that they will have a significant impact on the funds; however, the effect cannot be determined until the issuance of clarifying regulations. Proposed Liquidity Risk Management Rules In September 2015, the SEC proposed new liquidity risk management rules that would require significant compliance oversight and potentially change the way open-end mutual funds, such as the Price Funds, investing in certain asset classes are currently managed. The proposed rules would require open-end mutual funds to adopt liquidity risk management programs, provide additional disclosures about a fund’s redemptions and liquidity risk, and would permit, but not require, an open-end mutual fund (other than an ETF or a money market fund) to implement “swing pricing,” which would allow a fund to adjust its net asset value for the transaction costs related to large subscriptions and redemptions. It is expected that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.

INVESTMENT RESTRICTIONS Fundamental policies may not be changed without the approval of the lesser of (1) 67% of the funds’ shares present at a meeting of shareholders if the holders of more than 50% of the outstanding shares are present in person or by proxy or (2) more than 50% of the funds’ outstanding shares. Other restrictions in the form of operating policies are subject to change by the funds’ Boards without shareholder approval. Any investment restriction which involves a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition of securities or assets of, or borrowings by, the funds. With the exception of the diversification test required by the Code, calculation of the funds’ total assets for compliance with any of the following fundamental or operating policies or any other investment restrictions set forth in the funds’ prospectuses or SAI will not include collateral held in connection with securities lending activities. For purposes of the tax diversification test, calculation of the funds’ total assets will include investments made with cash received by the funds as collateral for securities loaned. The diversification test required by the Code is set forth in the prospectuses of the funds referred to by name in restrictions (8) and (9) below. Fundamental Policies

As a matter of fundamental policy, the funds may not: (1)

Borrow money, except that the funds may (i) borrow for non-leveraging, temporary, or emergency purposes; and (ii) engage in reverse repurchase agreements and make other investments or engage in other transactions, which may involve a borrowing, in a manner consistent with the funds’ investment objectives and programs, provided that the combination of (i) and (ii) shall not exceed 33⅓% of the value of the funds’ total assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by

(a) Borrowing (All funds except Spectrum Funds)

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law. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. The funds may borrow from banks, other Price Funds, or other persons to the extent permitted by applicable law; (b) Borrowing (Spectrum Funds) Borrow money, except the funds may borrow from banks or other Price Funds as a temporary measure for extraordinary or emergency purposes, and then only in amounts not exceeding 30% of total assets valued at market. The funds will not borrow in order to increase income (leveraging), but only to facilitate redemption requests which might otherwise require untimely disposition of portfolio securities. Interest paid on any such borrowings will reduce net investment income; (2)

(a) Commodities (All Funds except Money Funds, Dividend Growth, Institutional High Yield, Institutional Large-Cap Growth, Institutional Large-Cap Value, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, New America Growth, QM U.S. Small-Cap Growth Equity, Short-Term Government Reserve, and Short-Term Reserve Funds, and Emerging Markets Local Multi-Sector Account Portfolio) Purchase or sell commodities, except to the extent permitted by applicable law; (b) Commodities (Dividend Growth, Institutional High Yield, Institutional Large-Cap Growth, Institutional Large-Cap Value, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, New America Growth, and QM U.S. Small-Cap Growth Equity Funds, and Emerging Markets Local MultiSector Account Portfolio) Purchase or sell physical commodities, except that the funds may enter into

futures and options contracts thereon; (c) Commodities (Money Funds, Short-Term Government Reserve, and Short-Term Reserve Funds)

Purchase or sell commodities; (3)

Equity Securities (Summit Municipal Money Market Fund) Purchase equity securities or securities

convertible into equity securities; (4)

(a) Industry Concentration (All funds except Equity Index 500, Extended Equity Market Index, Financial Services, Global Real Estate, Health Sciences, Institutional Frontier Markets Equity, International Equity Index, Mid-Cap Index, Prime Reserve, QM Global Equity, QM U.S. Small & Mid-Cap Core Equity, QM U.S. Value Equity, Real Estate, TRP Reserve, Retirement, Small-Cap Index, Spectrum, Summit Cash Reserves, Total Equity Market Index, and U.S. Bond Enhanced Index Funds) Purchase

the securities of any issuer if, as a result, more than 25% of the value of the funds’ total assets would be invested in the securities of issuers having their principal business activities in the same industry; (b) Industry Concentration (Financial Services, Global Real Estate, Health Sciences, Institutional Frontier Markets Equity, and Real Estate Funds) Purchase the securities of any issuer if, as a result,

more than 25% of the value of the funds’ total assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that (i) the Health Sciences Fund will invest more than 25% of its total assets in the health sciences industry as defined in the fund’s prospectus; (ii) the Financial Services Fund will invest more than 25% of its total assets in the financial services industry as defined in the fund’s prospectus; (iii) the Global Real Estate and Real Estate Funds will invest more than 25% of their total assets in the real estate industry as defined in the funds’ prospectuses; and (iv) the Institutional Frontier Markets Equity Fund will invest more than 25% of its total assets in the banking industry; (c) Industry Concentration (Equity Index 500, Extended Equity Market Index, International Equity Index, Mid-Cap Index, Small-Cap Index, Total Equity Market Index, and U.S. Bond Enhanced Index Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the fund’s

total assets would be invested in the securities of issuers having their principal business activities in the same industry, except that the fund will invest more than 25% of the value of its total assets in issuers having their principal business activities in the same industry to the extent necessary to replicate the index that the fund uses as its benchmark as set forth in its prospectus; (d) Industry Concentration (Prime Reserve, TRP Reserve, and Summit Cash Reserves Funds)

Purchase the securities of any issuer if, as a result, more than 25% of the value of the funds’ total assets

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would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that this limitation does not apply to securities of the banking industry including, but not limited to, certificates of deposit and banker’s acceptances; (e) Industry Concentration (Retirement Date and Spectrum Funds) Concentrate in any industry, except that the funds will concentrate (invest more than 25% of total assets) in the mutual fund industry; (f) Industry Concentration (QM Global Equity, QM U.S. Small & Mid-Cap Core Equity, and QM U.S. Value Equity Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of

the funds’ net assets would be invested in the securities of issuers having their principal business activities in the same industry; (5)

(a) Loans (All funds except Retirement Date and Spectrum Funds) Make loans, although the funds may (i) lend portfolio securities and participate in an interfund lending program with other Price Funds provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 33⅓% of the value of the funds’ total assets; (ii) purchase money market securities and enter into repurchase agreements; and (iii) acquire publicly distributed or privately placed debt securities and purchase debt; (b) Loans (Retirement Date and Spectrum Funds) Make loans, although the funds may purchase money market securities and enter into repurchase agreements;

(6)

Margin (Spectrum Funds) Purchase securities on margin, except for use of short-term credit necessary for clearance of purchases of portfolio securities;

(7)

Mortgaging (Spectrum Funds) Mortgage, pledge, hypothecate, or, in any manner, transfer any security

owned by the funds as security for indebtedness, except as may be necessary in connection with permissible borrowings, in which event such mortgaging, pledging, or hypothecating may not exceed 30% of the funds’ total assets, valued at market; (8)

Percent Limit on Assets Invested in Any One Issuer (All funds except Africa & Middle East, Asia Opportunities, Emerging Europe, Emerging Markets Bond, Emerging Markets Corporate Multi-Sector Account Portfolio, Emerging Markets Local Currency Bond, Emerging Markets Local Multi-Sector Account Portfolio, Global Real Estate, Global Unconstrained Bond, Institutional Africa & Middle East, Institutional Emerging Markets Bond, Institutional Frontier Markets Equity, Institutional International Bond, Institutional International Concentrated Equity, Institutional Large-Cap Growth, International Bond, International Concentrated Equity Fund, Latin America, New Asia, RDFs, and Spectrum Funds, and the State Tax-Free Income Trust) Purchase a security if, as a result, with respect to 75% of the

value of the funds’ total assets, more than 5% of the value of the funds’ total assets would be invested in the securities of a single issuer, except for cash, securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities and securities of other investment companies; (9)

Percent Limit on Share Ownership of Any One Issuer (All funds except Africa & Middle East, Asia Opportunities, Emerging Europe, Emerging Markets Bond, Emerging Markets Corporate Multi-Sector Account Portfolio, Emerging Markets Local Currency Bond, Emerging Markets Local Multi-Sector Account Portfolio, Global Real Estate, Global Unconstrained Bond, Institutional Africa & Middle East, Institutional Emerging Markets Bond, Institutional Frontier Markets Equity, Institutional International Bond, Institutional International Concentrated Equity, Institutional Large-Cap Growth, International Bond, International Concentrated Equity, Latin America, New Asia, RDFs, and Spectrum Funds, and the State Tax-Free Income Trust) Purchase a security if, as a result, with respect to 75% of the value of the

funds’ total assets, more than 10% of the outstanding voting securities of any issuer would be held by the funds (other than obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities); (10)

(a) Real Estate (All funds except Retirement Date and Spectrum Funds) Purchase or sell real estate, including limited partnership interests therein, unless acquired as a result of ownership of securities or

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other instruments (but this shall not prevent the funds from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business); (b) Real Estate (Retirement Date and Spectrum Funds) Purchase or sell real estate, including limited

partnership interests therein, unless acquired as a result of ownership of securities or other instruments (although the funds may purchase money market securities secured by real estate or interests therein, or issued by companies or investment trusts which invest in real estate or interests therein); (a) Senior Securities (All funds except Spectrum Funds) Issue senior securities except in compliance

(11)

with the 1940 Act; (b) Senior Securities (Spectrum Funds) Issue senior securities; (12)

Short Sales (Spectrum Funds) Effect short sales of securities;

(13)

Taxable Securities (California Tax-Free Income Trust, State Tax-Free Income Trust, and Tax-Free Funds) During periods of normal market conditions, purchase any security if, as a result, less than 80% of the funds’ income would be exempt from federal and, if applicable, any state, city, or local income tax. Normally, the funds will not purchase a security if, as a result, more than 20% of the funds’ income would be subject to the AMT; or

(14)

Underwriting Underwrite securities issued by other persons, except to the extent that the funds may be deemed to be an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing their investment programs. NOTES

The following Notes should be read in connection with the above-described fundamental policies. The Notes are not fundamental policies. Money Funds With respect to investment restriction (1), the funds have no current intention of engaging in any borrowing transactions.

With respect to investment restriction (4)(d), on or before October 14, 2016, Prime Reserve Fund and TRP Reserve Funds will change their principal investment strategies and will each invest their assets in the manner necessary to qualify as a “government money market fund” under Rule 2a-7 under the 1940 Act. Accordingly, Prime Reserve Fund and TRP Reserve Funds will not invest more than 25% of their total assets in the securities of the banking industry including, but not limited to, certificates of deposit and banker’s acceptances, for so long as each fund intends to qualify as a “government money market fund.” All funds except Money Funds, Dividend Growth, Institutional High Yield, Institutional Large-Cap Growth, Institutional Large-Cap Value, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, New America Growth, QM U.S. Small-Cap Growth Equity, Short-Term Government Reserve, and Short-Term Reserve Funds, and Emerging Markets Local Multi-Sector Account Portfolio With respect

to investment restriction (2), the funds may not directly purchase or sell commodities that require physical storage unless acquired as a result of ownership of securities or other instruments but the funds may invest in any derivatives and other financial instruments that involve commodities or represent interests in commodities to the extent permitted by the 1940 Act or other applicable law. Dividend Growth, Institutional High Yield, Institutional Large-Cap Growth, Institutional Large-Cap Value, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, New America Growth, and QM U.S. Small-Cap Growth Equity Funds, and Emerging Markets Local Multi-Sector Account Portfolio

With respect to investment restriction (2), the funds do not consider currency contracts or hybrid investments to be commodities. All funds except Retirement Date and Spectrum Funds For purposes of investment restriction (4): •

U.S., state, or local governments, or related agencies or instrumentalities, are not considered an industry.

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For the International Equity Funds (except for the Japan Fund), Tax-Efficient Equity, and Equity Funds except Financial Services, Global Industrials, Global Technology, Media & Telecommunications, New Era, Real Assets, and Science & Technology Funds, industries are determined by reference to the classifications of industries and sub-industries set forth in the Morgan Stanley Capital International/Standard & Poor’s (MSCI/S&P) Global Industry Classification Standard. For the Japan Fund, industries are determined by reference to the industries and sub-industries set forth by the Tokyo Stock Price Index (TOPIX) industry structure. For Financial Services, Global Industrials, Global Technology, Media & Telecommunications, New Era, Real Assets, and Science & Technology Funds, industries are determined by reference to industry classifications set forth in their semiannual and annual reports. For the Corporate Income, Global Multi-Sector Bond, Inflation Protected Bond, Institutional Core Plus, Institutional Global Multi-Sector Bond, Institutional Long Duration Credit, Investment-Grade Corporate Multi-Sector Account Portfolio, Limited Duration Inflation Focused Bond, New Income, Short-Term Bond, and U.S. Bond Enhanced Index Funds, and the fixedincome investments of the Balanced, Global Allocation, and Personal Strategy Funds, industries are determined by reference to the classifications of industries and sub-industries set forth in the Barclays Capital Global Aggregate Bond Index. However, for the Corporate Income Fund, Institutional Long Duration Credit Fund, and Investment-Grade Corporate Multi-Sector Account Portfolio, an issuer that is classified by Barclays Capital as a banking company, but which has its principal business activities in a different industry, will be considered to belong to the industry in which it has its principal business activities. For the Credit Opportunities, Emerging Markets Bond, Emerging Markets Corporate Multi-Sector Account Portfolio, Emerging Markets Corporate Bond, Emerging Markets Local Currency Bond, Emerging Markets Local Multi-Sector Account Portfolio, Floating Rate, Floating Rate Multi-Sector Account Portfolio, Global High Income Bond, Global Unconstrained Bond, GNMA, High Yield, High Yield Multi-Sector Account Portfolio, Institutional Credit Opportunities, Institutional Emerging Markets Bond, Institutional Floating Rate, Institutional High Yield, Institutional International Bond, International Bond, MortgageBacked Securities Multi-Sector Account Portfolio, Prime Reserve, TRP Reserve, Summit Income, U.S. Treasury, and Ultra Short-Term Bond Funds, industries are determined by reference to industry classifications set forth in their semiannual and annual reports. Annual changes by MSCI/S&P, TOPIX, or Barclays Capital to their classifications will be implemented within 30 days after the effective date of the change. The Africa & Middle East Fund, Institutional Africa & Middle East Fund, and Latin America Fund consider telecommunications and banking companies of a single country to be separate industries from telecommunications and banking companies of any other country. It is the position of the staff of the SEC that foreign governments are industries for purposes of this restriction. For as long as this staff position is in effect, the International Bond Funds will not invest more than 25% of total assets in the securities of any single foreign governmental issuer. For purposes of this restriction, governmental entities are considered separate issuers. All funds except Summit Income and U.S. Bond Enhanced Index Funds For purposes of investment

restriction (5), the funds will consider the acquisition of a debt security to include the execution of a note or other evidence of an extension of credit with a term of more than nine months. All funds except Spectrum Funds For purposes of investment restrictions (8) and (9), the funds will treat bonds which are refunded with escrowed U.S. government securities as U.S. government securities. Taxable Bond and Money Funds For purposes of investment restrictions (8) and (9), the funds will consider a repurchase agreement fully collateralized with U.S. government securities to be U.S. government securities.

With respect to investment restriction (11), under the 1940 Act, an open-end investment company can borrow money from a bank provided that immediately after such borrowing there is asset coverage of at least 300% for all borrowings. If the asset coverage falls below 300%, the company must, within three business days, reduce the amount of its borrowings to satisfy the 300% requirement.

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For purposes of investment restriction (13), the funds measure the amount of their income from taxable securities, including AMT securities, over the course of the funds’ taxable year. Operating Policies

As a matter of operating policy, the funds may not: Purchase additional securities when money

(1)

Borrowing (All funds except Global Allocation Fund) borrowed exceeds 5% of total assets;

(2)

Control of Portfolio Companies Invest in companies for the purpose of exercising management or control;

(3)

Equity Securities (California Tax-Free Income Trust, State Tax-Free Income Trust, and Tax-Free Funds) Purchase any equity security or security convertible into an equity security, provided that the funds (other than the Money Funds) may invest up to 10% of total assets in equity securities, which pay taxexempt dividends and which are otherwise consistent with the funds’ investment objectives and, further provided, that Money Funds may invest up to 10% of total assets in equity securities of other tax-free open-end money market funds;

(4)

Forward Currency Contracts (RDFs and Spectrum Funds) although the funds reserve the right to do so in the future;

(5)

(a) Futures Contracts (All funds except Money Funds, Retirement Date Funds, and Spectrum Funds) Purchase a futures contract or an option thereon if, with respect to positions in futures or options on futures which do not represent bona fide hedging, the aggregate initial margin and premiums on such options would exceed 5% of the funds’ net asset value;

Purchase forward currency contracts,

(b) Futures (Retirement Date and Spectrum International Funds) Purchase futures, although the funds reserve the right to do so in the future; (c) Futures (Spectrum Growth and Spectrum Income Funds) Invest in futures; (6)

Illiquid Securities Purchase illiquid securities if, as a result, more than 15% of net assets (10% of net assets for Spectrum Funds and 5% of total assets for Money Funds) would be invested in such securities;

(7)

Investment Companies (All funds except Retirement Date and Spectrum Funds) Purchase securities of open-end or closed-end investment companies except (i) securities of the TRP Reserve Funds (provided that the investing fund does not invest more than 25% of its net assets in such funds); (ii) securities of T. Rowe Price institutional funds; (iii) in the case of the Money Funds, only securities of other money market funds; or (iv) otherwise consistent with the 1940 Act;

(8)

Margin (All funds except Spectrum Funds) Purchase securities on margin, except (i) for use of shortterm credit necessary for clearance of purchases of portfolio securities and (ii) they may make margin deposits in connection with futures contracts or other permissible investments;

(9)

Mortgaging (All funds except Spectrum Funds) Mortgage, pledge, hypothecate, or, in any manner,

transfer any security owned by the funds as security for indebtedness, except as may be necessary in connection with permissible borrowings or investments, and then such mortgaging, pledging, or hypothecating may not exceed 33⅓% of the funds’ total assets at the time of borrowing or investment; (10)

Oil and Gas Programs Purchase participations or other direct interests in or enter into leases with respect to oil, gas, or other mineral exploration or development programs if, as a result thereof, more than 5% of the value of the total assets of the funds would be invested in such programs;

(11)

(a) Options, etc. (All funds except Retirement Date and Spectrum Funds) Invest in options in excess of the limits set forth in the funds’ prospectuses and this SAI; (b) Options (Retirement Date Funds) Invest in options although the funds reserve the right to do so

in the future;

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(c) Options (Spectrum Funds) Invest in options; (12)

(a) Short Sales (All funds except Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Credit Opportunities, Institutional Floating Rate, and Institutional High Yield Funds)

Effect short sales of securities; (b) Short Sales (Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Credit Opportunities, Institutional Floating Rate, and Institutional High Yield Funds)

Effect short sales of securities, other than as set forth in the funds’ prospectuses and SAI; (13)

Warrants Invest in warrants if, as a result, more than 10% of the value of the fund’s net assets would be invested in warrants, provided that, the Money, Retirement, Spectrum, State Tax-Free, Tax-Free, and Summit Municipal Funds will not invest in warrants; and

(14)

Commodities (Real Assets Fund) Purchase or sell physical commodities, except that the fund reserves the right to do so in the future. NOTES

The following Notes should be read in connection with the above-described operating policies. The Notes are not operating policies. For purposes of investment restriction (8), margin purchases are not considered borrowings and effecting a short sale will be deemed to not constitute a margin purchase. If a fund is subject to an 80% name test as set forth in its prospectus, the 80% investment policy will be based on the fund’s net assets plus any borrowings for investment purposes. For purposes of determining whether a fund invests at least 80% of its net assets in a particular country or geographic region, the funds use the country assigned to an equity security by MSCI, Inc. or another unaffiliated third-party data provider, and the funds use the country assigned to a fixed income security by Bloomberg or another unaffiliated third-party data provider. The funds generally follow this same process with respect to the remaining 20% of assets but may occasionally make an exception after assessing various factors relating to a company. The data providers use various criteria to determine the country to which a security is economically tied. Examples include the following: (1) the country under which the issuer is organized; (2) the location of the issuer’s principal place of business or principal office; (3) where the issuer’s securities are listed or traded principally on an exchange or over-the-counter market; and (4) where the issuer conducts the predominant part of its business activities or derives a significant portion (e.g., at least 50%) of its revenues or profits. In addition, for purposes of determining whether a particular country is considered a developed market or an emerging market, the stock funds consider a country to be an emerging market if it is not included in an MSCI, Inc. developed market index and the bond funds consider a country to be an emerging market if it is either included in a JP Morgan emerging market bond index or not included in the International Monetary Fund’s listing of advanced economies. A 30% withholding tax will be imposed on any dividends and redemption proceeds that are paid after December 31, 2012, to: (i) foreign financial institutions, including non-U.S. investment funds, unless they agree to collect and disclose to the IRS information regarding their direct and indirect U.S. account holders; and (ii) certain other foreign entities unless they certify certain information regarding thei