Registration Nos. 811-23180
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
Pre-Effective Amendment No. //
Post-Effective Amendment No. //
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. //
T. ROWE PRICE TOTAL RETURN FUND, INC.
Exact Name of Registrant as Specified in Charter
100
East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices
410-345-2000
Registrant’s
Telephone Number, Including Area Code
David Oestreicher
100 East Pratt Street, Baltimore, Maryland
21202
Name and Address of Agent for Service
Approximate Date of Proposed Public Offering November 17, 2016
It is proposed that this filing will become effective (check appropriate box):
// Immediately upon filing pursuant to paragraph (b)
// On date pursuant to paragraph (b)
// 60 days after filing pursuant to paragraph (a)(1)
// On date pursuant to paragraph (a)(1)
// 75 days after filing pursuant to paragraph (a)(2)
// On date pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
The purpose of this Registration Statement is to register the Registrant under the Investment Company Act of 1940 and to register the shares of the Registrant under the Securities Act of 1933.
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states the Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a) may determine.
SUBJECT TO COMPLETION
Information contained herein is subject to completion or amendment. A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Table of Contents
SUMMARY
The fund seeks to maximize total return through income and capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Fund
|
Investor Class |
I Class |
Advisor Class |
||||
|
Shareholder fees (fees paid directly from your investment) |
||||||
|
Maximum account fee |
$20 |
a |
— |
— |
||
|
Annual
fund operating expenses
|
||||||
|
Management fees |
0.37 |
% |
0.37 |
% |
0.37 |
% |
|
Distribution and service (12b-1) fees |
0.00 |
0.00 |
0.25 |
|||
|
Other expenses |
0.35 |
b |
0.33 |
b,d |
0.63 |
b |
|
Total annual fund operating expenses |
0.72 |
0.70 |
1.25 |
|||
|
Fee waiver/expense reimbursement |
(0.15 |
) c |
(0.28 |
) d |
(0.43 |
) e |
|
Total annual fund operating expenses after fee waiver/expense reimbursement |
0.57 |
c |
0.42 |
d |
0.82 |
e |
a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.
b Other expenses are estimated for the current fiscal year.
c T. Rowe Price Associates, Inc. has agreed (through September 30, 2018) to waive its fees and/or bear any expenses (excluding interest, expenses related to borrowings, taxes and brokerage, extraordinary expenses, and acquired funds fees) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.57%. The agreement may be terminated at any time beyond September 30, 2018, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund whenever the class’ expense ratio is below 0.57%. However, no reimbursement will be made after the waiver or payment, or if it would result in the expense ratio exceeding 0.57% (excluding interest, expenses related to borrowings, taxes and brokerage, extraordinary expenses, and acquired funds fees).
d T. Rowe Price Associates, Inc. has agreed (through September 30, 2018) 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 funds 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 this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund 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%. The agreement may be terminated at any time beyond September 30, 2018, with approval by the fund’s Board of Directors.
e T. Rowe Price Associates, Inc. has agreed (through September 30, 2018) to waive its fees and/or bear any expenses (excluding interest, expenses related to borrowings, taxes and brokerage, extraordinary expenses, and acquired funds fees) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.82%. The agreement may be terminated at any time beyond September 30, 2018, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund whenever the class’ expense ratio is below 0.82%. However, no reimbursement will be made after the waiver or payment, or if it would result in the expense ratio exceeding 0.82% (excluding interest, expenses related to borrowings, taxes and brokerage, extraordinary expenses, and acquired funds fees).
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T. Rowe Price |
2 |
Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed, therefore the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
Fund |
1 year |
3 years |
|
Investor Class |
$58 |
$201 |
|
I Class |
43 |
170 |
|
Advisor Class |
84 |
315 |
Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. A portfolio turnover rate is not shown since the fund had not commenced operations during its most recent fiscal year.
Investments, Risks, and Performance
Principal Investment Strategies The fund invests in a diversified portfolio of bonds and other debt instruments. The fund has considerable flexibility in seeking strong returns and its portfolio is constructed with a goal of being able to respond to a wide variety of market conditions. The fund’s investments typically include, but are not limited to, debt securities issued by the U.S. government and its agencies (such as U.S. Treasury securities), corporate bonds, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), and various types of mortgage-backed and asset-backed securities.
The fund may invest up to 35% of its net assets in corporate bonds and other debt instruments that are rated noninvestment grade (below BBB, or an equivalent rating), commonly known as junk bonds or high yield bonds, by each of the rating agencies that have assigned a rating to the security or, if unrated, deemed to be noninvestment grade by T. Rowe Price. If a holding is split rated (i.e., rated investment grade by at least one rating agency and noninvestment grade by another rating agency), the higher rating will be used for purposes of this requirement.
The fund may invest in securities issued by both U.S. and non-U.S. issuers, including issuers in emerging market countries. Up to 20% of the fund’s net assets can be invested in non-U.S. dollar-denominated holdings, and there is no limit on the fund’s investments in U.S. dollar-denominated securities of foreign issuers, including issuers
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Summary |
3 |
of emerging markets. The fund may also gain exposure to currencies through derivative instruments without holding any bonds or other securities denominated in those particular currencies.
The fund may purchase securities of any maturity and there are no overall maturity restrictions for the portfolio. The fund’s weighted average maturity and duration will generally shift in response to current interest rates and expected interest rate changes.
The fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.
While most assets will typically be invested directly in bonds and other debt instruments, the fund also uses interest rate futures; interest rate swaps, credit default swaps, and currency swaps; and forward currency exchange contracts to manage duration and tactically gain or limit exposure to certain areas of the markets. Interest rate futures are typically used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Interest rate swaps are also used to adjust portfolio duration, credit default swaps are used to protect the value of certain portfolio holdings or to manage the fund’s overall exposure to changes in credit quality, and currency swaps are used to respond to changes in currency exchange rates. Forward currency exchange contracts are used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the fund’s foreign holdings from adverse currency movements relative to the U.S. dollar.
The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or credit quality or to shift assets into and out of higher-yielding or lower-yielding securities or different sectors.
Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:
Active management risk The fund is subject to the risk that the investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the fund fail to produce the intended results, the fund could underperform in comparison to other funds with similar objectives and investment strategies.
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T. Rowe Price |
4 |
Fixed income markets risk Economic and other market developments can adversely affect fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt securities to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt securities to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt securities in which it invests or to find and purchase suitable debt instruments.
Interest rate risk This is the risk that the prices of, and the income generated by, the debt instruments held by the fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, securities with longer maturities or durations, and funds with longer weighted average maturities or durations, carry greater interest rate risk. The fund may be subject to greater interest rate risk due to the current period of historically low interest rates and the potential effect of any government fiscal policy initiatives.
Prepayment risk and extension risk Prepayment risk is the risk that the principal on mortgage-backed securities, other asset-backed securities, or any debt security with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt securities more volatile.
Credit risk This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, rating downgrade, or inability to meet a financial obligation.
Junk investing risk Because a significant portion of the fund’s investments may be rated below investment grade (commonly referred to as “junk” bonds), the fund is exposed to greater volatility and credit risk than if it invested mainly in investment-grade bonds. High yield bond and loan issuers are usually not as strong financially as investment-grade bond issuers and, therefore, are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, securities and loans involving such companies carry a higher risk of default and should be considered speculative.
Liquidity risk This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond
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Summary |
5 |
inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.
Bank loan risk To the extent the fund invests in bank loans, it is exposed to additional risks beyond those normally associated with more traditional debt securities. The fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price.
Foreign investing risk Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. issuers. Foreign securities tend to be more volatile and less liquid than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, foreign investments are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. These risks are heightened for the fund’s investments in emerging markets, which are more susceptible to governmental interference, less efficient trading markets, and the imposition of local taxes or restrictions on gaining access to sales proceeds for foreign investors.
Emerging markets risk The risks of foreign investing are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in foreign developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and less efficient trading markets.
Currency risk Because the fund may invest in securities issued in foreign currencies, the fund is subject to the risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. Any attempts at currency hedging may not be successful and could cause the fund to lose money.
TBA/Dollar roll risk Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the fund to potential losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the fund’s portfolio
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turnover rate and transaction costs are increased when the fund enters into dollar roll transactions.
Derivatives risk The fund uses futures, swaps, and forward currency exchange contracts, and is therefore exposed to additional volatility in comparison to investing directly in bonds and other debt securities. These instruments can be illiquid and difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund and, if not traded on an exchange, are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund’s principal use of derivatives involves the risk that anticipated interest rate movements, changes in currency values and currency exchange rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the fund’s performance. Changes in regulations could significantly impact the fund’s ability to invest in certain types of derivatives, which could limit the fund’s ability to employ certain strategies that use derivatives.
Performance Because the fund commenced operations in 2016, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year.
Current performance information is available through troweprice.com .
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
|
Portfolio Manager |
Title |
Managed Fund Since |
Joined Investment
|
|
Christopher P. Brown, Jr. |
Co-Chairman of
|
2016 |
2005 |
|
Andrew C. McCormick |
Co-Chairman of
|
2016 |
2008 |
Purchase and Sale of Fund Shares
The fund generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, custodial account for a minor, or small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums may be waived or modified for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial intermediary or retirement plan.
The I Class generally requires a $1,000,000 minimum initial investment and there is no minimum for additional purchases, although the initial investment minimum may be waived for intermediaries and retirement plans maintaining omnibus accounts, and certain institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority.
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Summary |
7 |
For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain accounts, by accessing your account online through troweprice.com .
If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.
Tax Information
The fund declares dividends daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information. However, the fund and its investment adviser do not pay broker-dealers and other financial intermediaries for sales or related services of the I Class shares.
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More About the Fund |
2 |
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How is the fund organized?
The fund was incorporated in Maryland in 2016 and is an “open-end management investment company” or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives.
What is meant by “shares”?
As with all mutual funds, investors purchase shares when they put money in the fund. These shares are part of the fund’s authorized capital stock, but share certificates are not issued.
Each share and fractional share entitles the shareholder to:
· Receive a proportional interest in income and capital gain distributions. For funds with multiple share classes, the income dividends for each share class will generally differ from those of other share classes to the extent that the expense ratios of the classes differ.
· Cast one vote per share on certain fund matters, including the election of the fund’s directors/trustees, changes in fundamental policies, or approval of material changes to the fund’s management contract. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Does the fund have annual shareholder meetings?
The T. Rowe Price family of funds (“T. Rowe Price Funds”) are not required to hold regularly scheduled shareholder meetings. To avoid unnecessary costs to the funds’ shareholders, shareholder meetings are only held when certain matters, such as changes in fundamental policies or elections of directors/trustees, must be decided. In addition, shareholders representing at least 10% of all eligible votes may call a special meeting for the purpose of voting on the removal of any fund director or trustee. If a meeting is held and you cannot attend, you can vote by proxy. Before the meeting, the funds will send or make available to you proxy materials that explain the matters to be decided and include instructions on voting by mail, telephone, or the Internet.
Who runs the fund?
General Oversight
The fund is governed by a Board of Directors (the “Board”) that meets regularly to review the fund’s investments, performance, expenses, and other business affairs. The Board elects the fund’s officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the “Firm”).
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Investment Adviser
T. Rowe Price is the fund’s investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price is a SEC-registered investment adviser that provides investment management services to individual and institutional investors, and sponsors and serves as adviser and sub-adviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of June 30, 2016, the Firm had approximately $776 billion in assets under management and provided investment management services for more than 8 million individual and institutional investor accounts.
Portfolio Management
T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee chairmen have day-to-day responsibility for managing the fund’s portfolio and work with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: Christopher P. Brown, Jr. and Andrew C. McCormick, Co-chairmen, Stephen L. Bartolini, Jason A. Bauer, Brian J. Brennan, Oliver Gjoneski, Steven C. Huber, Robert M. Larkins, Yongheon Lee, and Daniel O. Shackelford. The following information provides the year that the chairmen (the “portfolio managers”) first joined the Firm and the chairmen’s specific business experience during the past five years (although the chairmen may have had portfolio management responsibilities for a longer period). Mr. Brown has been co-chairman of the committee since the fund’s inception in 2016. He joined the Firm in 2005 and his investment experience dates from 2000. During the past five years, he has served as an associate portfolio manager and portfolio investment strategist focusing on the Firm’s U.S. taxable bond strategies. Mr. McCormick has been co-chairman of the committee since the fund’s inception in 2016. He joined the Firm in 2008 and his investment experience dates from 1983. He has served as a portfolio manager with the Firm throughout the past five years. The Statement of Additional Information provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of the fund’s shares.
The Management Fee
The management fee consists of two components—an “individual fund fee,” which reflects the fund’s particular characteristics, and a “group fee.” The group fee, which is designed to reflect the benefits of the shared resources of the Firm, is calculated daily based on the combined net assets of all T. Rowe Price Funds (except the Spectrum Funds, Retirement Funds, Retirement I Funds, Target Funds, TRP Reserve Investment Funds, and any index or private label mutual funds). The group fee schedule (in the following table) is graduated, declining as the combined assets of the T. Rowe Price Funds rise, so shareholders benefit from the overall growth in mutual fund assets.
|
T. Rowe Price |
10 |
Group Fee Schedule
|
0.334%* |
First $50 billion |
|
0.305% |
Next $30 billion |
|
0.300% |
Next $40 billion |
|
0.295% |
Next $40 billion |
|
0.290% |
Next $60 billion |
|
0.285% |
Next $80 billion |
|
0.280% |
Next $100 billion |
|
0.275% |
Next $100 billion |
|
0.270% |
Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The fund’s group fee is determined by applying the group fee rate to the fund’s average daily net assets. On May 31, 2016, the annual group fee rate was 0.29%. The individual fund fee, also applied to the fund’s average daily net assets, is 0.08%.
A discussion about the factors considered by the Board and its conclusions in approving the fund’s investment management agreement (and any sub-advisory agreement, if applicable) will appear in the fund’s annual report to shareholders for the period ended May 31.
The fund invests in a variety of bonds and other types of debt instruments in an effort to maximize total return through a variety of market conditions. The fund could generate higher income and have greater potential for capital appreciation than bond funds that invest substantially all of their assets in investment-grade bonds, but with less volatility than a bond fund that focuses on high yield bonds. The addition of high yield bonds, bank loans, foreign securities, mortgage-backed and asset-backed securities, and derivatives provides the opportunity for capital appreciation and higher income and the ability to better adapt to changing market conditions when compared to bond funds with less flexible investment programs. In addition, bank loans with floating interest rates and certain other holdings could help to moderate the fund’s price decline when interest rates rise because they may be less sensitive to U.S. interest rate movements.
While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The loans held by the fund may be senior or subordinate obligations of the borrower, and may or may not be secured by collateral. The fund may acquire bank loans directly from a
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More About the Fund |
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lender or through the agent, as an assignment from another lender who holds a floating rate loan, or as a participation interest in another lender’s floating rate loan or portion thereof.
Mortgage-backed securities differ from other high-quality bonds in one major respect. Non-mortgage bonds generally repay principal (face value of the bond) when their maturity date is reached, but most mortgage-backed securities repay principal continually as homeowners make mortgage payments. Homeowners have the option of paying either part or all of the loan balance before maturity, perhaps to refinance or buy a new home. As a result, the effective maturity of a mortgage-backed security is virtually always shorter than its stated maturity. For example, a newly issued pass-through certificate backed by 30-year, fixed rate mortgages will generally have a far shorter life than 30 years—probably 12 years or less. Therefore, it will usually be about as volatile as a 10-year Treasury bond. It is possible to estimate the average life of an entire mortgage pool backing a particular security with some accuracy, but not with certainty.
The fund may gain investment exposure to mortgage-backed securities by entering into agreements to buy or sell securities through the TBA market. 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, the 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 forgoes 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.
In addition to investing in a wide array of bonds and other debt instruments, the fund also uses interest rate futures; interest rate, credit default, and currency swaps; and forward currency exchange contracts as part of its principal investment strategies. Interest rate futures and interest rate swaps are typically used to manage the fund’s duration and overall interest rate exposure, but futures may also be used as a tool to help manage significant cash flows into and out of the fund. Currency swaps and forward currency exchange contracts are used to protect the fund’s non-U.S. dollar-denominated holdings from adverse currency movements by hedging the fund’s foreign currency exposure back to the U.S. dollar, as well as to gain exposure
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to a currency believed to be appreciating in value versus other currencies. Credit default swaps are used to protect against a negative credit event (such as a bankruptcy or downgrade) or an expected decline in the creditworthiness of an issuer, to hedge the portfolio’s overall credit risk, or to efficiently gain exposure to certain sectors or asset classes (such as high yield bonds).
The fund’s yield will vary. The fund’s yield is the annualized dividends earned for a given period (typically 30 days for bond funds), divided by the share price at the end of the period. The fund’s total return includes distributions from income and capital gains and the change in share price for a given period.
Credit quality refers to a bond issuer’s expected ability to make all required interest and principal payments on time. Because highly-rated issuers represent less risk, they can borrow at lower interest rates than less-creditworthy issuers. Therefore, a fund investing in high-quality securities should have a lower yield than an otherwise comparable fund investing in lower-quality securities.
Bonds and loans have a stated maturity date when their entire principal value must be repaid to the investor. However, many loans are prepayable at par at the borrower’s discretion and many bonds are “callable,” meaning their principal can be repaid before the stated maturity date. Fixed rate bonds are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate, just as a homeowner refinances a mortgage when interest rates fall. In that environment, a bond’s “effective maturity” is usually its nearest call date. For example, the rate at which homeowners pay down their mortgage principal determines the effective maturity of mortgage-backed bonds.
A bond fund has no real maturity, but it does have a weighted average maturity and a weighted average effective maturity. Each of these numbers is an average of the stated or effective maturities of the underlying bonds, with each bond’s maturity “weighted” by the percentage of the fund’s assets it represents. (The fund’s average effective maturity takes into consideration the possibility that an issuer may call a bond before its maturity date or, with respect to a pool of mortgages, the likelihood of prepayments on the mortgages.) Some funds utilize effective maturities rather than stated maturities when managing a fund to a certain average maturity, which provides additional flexibility in portfolio management.
Duration is a calculation that seeks to measure the price sensitivity of a bond or a bond fund to changes in interest rates. It is expressed in years, like maturity, but it is a better indicator of price sensitivity than maturity because it takes into account the time value of cash flows generated over the bond’s life. Future interest and principal payments are discounted to reflect their present value and then multiplied by the number of years they will be received to produce a value expressed in years–the duration. “Effective” duration takes into account call features and sinking fund payments that may shorten a bond’s life.
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Since duration can be computed for bond funds, you can estimate the effect of interest rate fluctuations on share prices by multiplying the fund’s duration by an expected change in interest rates. For example, the price of a bond fund with a duration of five years would be expected to fall approximately 5% if rates rose by one percentage point. A bond fund with a longer duration will generally be more sensitive to changes in interest rates than a bond fund with a shorter duration. (A bond fund’s duration is shown in its shareholder report.)
As with any mutual fund, there is no guarantee the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money when you sell your shares of the fund. The income level of the fund will change with market conditions and interest rate levels. Some particular risks affecting the fund include the following:
Market risk The market price of investments owned by the fund may go up or down, sometimes rapidly or unpredictably. The fund’s investments may decline in value due to factors affecting the overall markets, or particular industries or sectors. The value of a holding may decline due to general market conditions which are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for an issuer’s financial condition, changes in interest or currency rates, or adverse investor sentiment generally. The value of a holding may also decline due to factors which negatively affect a particular industry or industries, such as labor shortages, increased production costs, or competitive conditions within an industry. The fund may experience heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment in the fund to decline.
Interest rate risk This is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and that prices will decrease as interest rates rise (bond prices and interest rates usually move in opposite directions). Prices fall because the bonds and notes in the fund’s portfolio become less attractive to other investors when securities with higher yields become available. Even mortgage-backed securities and other securities whose principal and interest payments are guaranteed can decline in price if interest rates rise. Generally, securities with longer maturities or durations and funds with longer weighted average maturities or durations have greater interest rate risk. As a result, in a rising interest rate environment, the net asset value of a fund with a longer weighted average maturity or duration typically decreases at a faster rate than the net asset value of a fund with a shorter weighted average maturity or duration. If the fund purchases longer-maturity bonds and interest rates rise unexpectedly, the fund’s share price could decline. In addition, some markets have recently experienced negative interest rates on bank deposits, and the debt instruments of certain issuers have traded at negative yields. Extremely low or negative interest rates may increase the fund’s susceptibility to interest rate risk and reduce the fund’s yield.
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Credit risk This is the risk that an issuer of a debt instrument held by the fund will default (fail to make scheduled payments), potentially reducing the fund’s income and share price. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of an issuer or counterparty deteriorates.
Investment-grade (AAA through BBB, or an equivalent rating) holdings should have a relatively lower risk of encountering financial problems and a relatively high probability of future payments. However, holdings rated BBB (or an equivalent rating) are more susceptible to adverse economic conditions than other investment-grade securities and may have speculative characteristics. Holdings rated below investment grade (junk bonds or high yield bonds) should be regarded as speculative because their issuers are more susceptible to financial setbacks and recession than more creditworthy companies. High yield bond issuers include small companies lacking the history or capital to merit investment-grade status, former blue-chip companies downgraded because of financial problems, and firms with heavy debt loads. If the fund invests in holdings whose issuers develop unexpected credit problems, the fund’s share price could decline.
The fund may continue to hold a security that has been downgraded or has lost its investment-grade rating after purchase.
The fund’s exposure to credit risk is greater than that of a Treasury fund or one with all high-quality bonds, but should be less than that of a fund focusing only on high yield bonds. Higher-quality bond prices are affected primarily by changes in interest rate levels, but high yield bond prices are affected by other factors as well: changes in a company’s financial situation, economic forecasts, stock market conditions, technical market analysis, and overall market psychology that can lead to the kind of volatility associated with stocks. High yield bonds are generally less liquid than high-quality bonds, meaning that large transactions can cause substantial price changes.
The fund’s overall credit risk will increase if it invests in loans that are not secured by collateral. Further, even if the fund’s claim on a loan is senior when it first invests in the loan, the claim may be subordinated or diluted at the time the fund makes a claim. Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans.
When the fund purchases a loan as an assignment, it will be subject to the credit risk of the borrower. When the fund purchases a loan as a participation interest, it does not have any direct claim on the loan or its collateral, or any rights of set-off against the borrower. As a result, the fund will be subject not only to the credit risk of the borrower but also to the credit risk of the lender or participant who sold the participation interest to the fund. In the event of the insolvency of the lender selling a participation interest, the fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.
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Other risks of “junk” investing The entire noninvestment-grade loan and bond market can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high-profile default, or a change in the market’s psychology. This type of volatility is usually associated more with stocks than bonds, but leveraged loan and “junk” bond investors should be prepared for it.
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 other improper practices than investors in registered securities because investors in loans may not be entitled to rely on the protection of the federal securities laws.
Impairment of collateral risk The terms of the floating rate loans held by the fund may require that the borrowing company maintain collateral to support payment of its obligations. However, the value of the collateral securing a floating rate loan can decline or be insufficient to meet the obligations of the company. In addition, collateral securing a loan may be found invalid, may be used to pay other outstanding obligations of the borrower, or may be difficult to liquidate. The fund’s access to the collateral may be limited by bankruptcy, other insolvency laws, or by the type of loan the fund has purchased. For example, if the fund purchases a participation interest instead of an assignment, it would not have direct access to collateral of the borrower. As a result, a floating rate loan may not be fully collateralized and can decline significantly in value.
Prepayment risk This is the risk that a fund investing in mortgage-backed securities, certain asset-backed securities, and other debt securities that have embedded call options can be negatively impacted when interest rates fall because borrowers tend to refinance and prepay principal. Receiving increasing prepayments in a falling interest rate environment causes the average maturity of the portfolio to shorten, reducing its potential for price gains. It also requires the fund to reinvest proceeds at lower interest rates, which reduces the fund’s total return and yield, and could result in a loss if bond prices fall below the level that the fund paid for them.
Extension risk This is the risk that a rise in interest rates or lack of refinancing opportunities can cause the fund’s average maturity to lengthen unexpectedly due to a drop in expected prepayments of mortgage-backed securities, asset-backed securities, and callable debt securities. This would increase the fund’s sensitivity to rising rates and its potential for price declines.
Foreign investing risk To the extent the fund holds foreign securities, it will be subject to special risks, whether the securities are denominated in U.S. dollars or foreign currencies. These risks include potentially adverse local, political, social, and economic conditions overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the U.S. dollar, lowering the value of securities denominated in those currencies and possibly the fund’s share price.
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Foreign currencies held directly by the fund could decline in value and lower the fund’s share price.
Emerging markets risk The fund’s investments in emerging markets (including frontier markets) are subject to the risk of abrupt and severe price declines. The economic and political structures of developing or emerging market countries, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. These economies are less developed, can be overly reliant on particular industries, and more vulnerable to the ebb and flow of international trade, trade barriers, and other protectionist or retaliatory measures. Sanctions and other intergovernmental actions are more likely to be undertaken against an emerging market country, which could result in the devaluation of the country’s currency, a downgrade in the country’s credit rating, and a decline in the value and liquidity of securities issued by the country’s government and by companies located in or doing business in the country. Sanctions could result in the immediate freeze of securities issued by an emerging market company or government, which would impair the ability of the fund to buy, sell, or receive proceeds from the sanctioned securities. Some countries have legacies of hyperinflation and currency devaluations versus the U.S. dollar (which adversely affect returns to U.S. investors). Significant devaluations have occurred in recent years in various emerging market countries. Governments of some emerging market countries have defaulted on their bonds, and investors in this sector must be prepared for similar events in the future.
Liquidity risk This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. Sectors of the bond market can experience sudden downturns in trading activity. During periods of reduced market liquidity, the spread between the price at which a security can be bought and the price at which it can be sold can widen, and the fund may not be able to sell a holding readily at a price that reflects what the fund believes it should be worth. Less liquid securities can also become more difficult to value. Liquidity risk may be the result of, among other things, the reduced number and capacity of broker-dealers to make a market in fixed income securities or the lack of an active market. The potential for price movements related to liquidity risk may be magnified by a rising interest rate environment or other circumstances where selling activity from fixed income investors may be higher than normal, potentially causing increased supply in the market.
TBA/Dollar roll risk TBA and dollar roll transactions present special risks to the fund. 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,
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the characteristics of the security delivered to the fund may be less favorable than the security delivered to the dealer.
Derivatives risk The fund’s use of futures, swaps, and forward currency exchange contracts exposes the fund to additional volatility in comparison to investing directly in bonds and other debt instruments. These instruments can experience reduced liquidity and become difficult to value, and any of these instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The use of these instruments involves the risks that anticipated interest rate movements and changes in currency movements will not be accurately predicted, or the creditworthiness of an issuer will not be properly evaluated.
Efforts to reduce risk The portfolio manager may mitigate but not eliminate risk through one or more of the following:
· Thorough credit research performed by T. Rowe Price analysts;
· Extensive diversification, which helps limit the fund’s exposure to any one industry or issuer;
· Variations in the amount of assets invested in various types of securities; and
· Employing an active sell discipline to reduce unwanted securities.
Additional strategies and risks In addition to the fund’s normal investments, the fund may employ other strategies that are not considered part of its principal investment strategies. Such investments may include other securities and, to a limited extent, other types of derivatives than those described in the fund’s principal strategies.
Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. In December 2015, the SEC proposed a new rule that would change the regulation of the use of derivatives by registered investment companies, such as the T. Rowe Price Funds. If adopted as proposed, the rule could require significant changes to the funds’ use of derivatives. 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.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
This section takes a detailed look at some of the types of fund securities and the various kinds of investment practices that may be used in day-to-day portfolio
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management. The fund’s investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change the fund’s investment objectives. Shareholder approval is also required to change certain investment restrictions noted in the following section as “fundamental policies.” Portfolio managers also follow certain “operating policies” that can be changed without shareholder approval.
The fund’s holdings in certain kinds of investments cannot exceed maximum percentages as set forth in this prospectus and the Statement of Additional Information. For instance, there are limitations regarding the fund’s investments in certain types of derivatives. While these restrictions provide a useful level of detail about the fund’s investments, investors should not view them as an accurate gauge of the potential risk of such investments. For example, in a given period, a 5% investment in derivatives could have a significantly greater impact on the fund’s share price than its weighting in the portfolio. The net effect of a particular investment depends on its volatility and the size of its overall return in relation to the performance of all other fund investments.
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the fund purchases a security. The status, market value, maturity, duration, credit quality, or other characteristics of the fund’s securities may change after they are purchased, and this may cause the amount of the fund’s assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction and will not require the sale of an investment if it was proper at the time the investment was made (this exception does not apply to the fund’s borrowing policy). However, certain changes will require holdings to be sold and purchased by the fund during the time it is above or below the stated percentage restriction in order for the fund to be in compliance with applicable restrictions.
Changes in the fund’s holdings, the fund’s performance, and the contribution of various investments to the fund’s performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve the fund’s objective.
Types of Portfolio Securities
In seeking to meet its investment objective, the fund may invest in any type of security or instrument (including certain potentially high-risk derivatives described in this section) whose investment characteristics are consistent with its investment program. The following pages describe various types of the fund’s holdings and investment management practices.
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Diversification As a fundamental policy, the fund will not purchase a security if, as a result, with respect to 75% of its total assets, more than 5% of the fund’s total assets would be invested in securities of a single issuer or more than 10% of the outstanding voting securities of the issuer would be held by the fund. These limitations do not apply to the fund’s purchases of securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities.
Bonds
A bond is an interest-bearing security. The issuer has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) on a specified date. An issuer may have the right to redeem or “call” a bond before maturity, and the investor may have to reinvest the proceeds at lower market rates. Bonds can be issued by U.S. and foreign governments, states, and municipalities, as well as a wide variety of companies.
A bond’s annual interest income, set by its coupon rate, is usually fixed for the life of the bond. Its yield (income as a percent of current price) will fluctuate to reflect changes in interest rate levels. A bond’s price usually rises when interest rates fall and vice versa, so its yield generally stays consistent with current market conditions.
Conventional fixed rate bonds offer a coupon rate for a fixed maturity with no adjustment for inflation. Real rate of return bonds also offer a fixed coupon but include ongoing inflation adjustments for the life of the bond.
Bonds may be unsecured (backed by the issuer’s general creditworthiness only) or secured (also backed by specified collateral). Bonds include asset- and mortgage-backed securities.
Certain bonds have floating or variable interest rates that are adjusted periodically based on a particular index. These interest rate adjustments tend to minimize fluctuations in the bonds’ principal values. The maturity of certain floating rate securities may be shortened under certain specified conditions.
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a company’s stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, the fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.
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Convertible Securities and Warrants
The fund may invest in debt or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the issuer, which could in effect force conversion before the holder would otherwise choose. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock. Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or more years). Warrants have no voting rights, pay no dividends, and can be highly volatile. In some cases, the redemption value of a warrant could be zero.
Operating policy The fund may invest up to 5% of its net assets in preferred stocks and securities that are convertible into, or which carry warrants for, common stocks or other equity securities. Under normal conditions, the fund does not expect to directly purchase common stocks. Any shares of common stock that are received through a reorganization, restructuring, exercise, exchange, conversion, or similar action will be sold within a reasonable timeframe taking into consideration market conditions and any legal restrictions.
Foreign Securities
The fund may invest in foreign securities. Foreign securities could include non-U.S. dollar-denominated securities traded outside of the U.S. and U.S. dollar-denominated securities of foreign issuers traded in the U.S. (such as Yankee bonds). Investing in foreign securities involves special risks that can increase the potential for losses. These include exposure to potentially adverse local, political, social, and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; government interference in markets such as nationalization and exchange controls, expropriation of assets, or imposition of punitive taxes; the imposition of international trade and capital barriers, and other protectionist or retaliatory measures; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices and legal rights that differ from U.S. standards; and the potential for fluctuations in foreign exchange rates to decrease the investment’s value (favorable changes can increase its value). These risks are heightened for the fund’s investments in emerging markets.
Operating policy There is no limit on the fund’s investments in U.S. dollar-denominated debt securities issued by foreign issuers, foreign branches of U.S. banks, and U.S. branches of foreign banks. The fund may also invest up to 20% of its net assets (excluding reserves) in non-U.S. dollar-denominated debt securities. Subject to
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the overall limit on the fund’s investments in foreign securities, there is no limit on the amount of foreign investments that may be made in emerging markets.
Mortgage-Backed Securities
The fund may invest in a variety of mortgage-backed securities. Mortgage lenders pool individual home mortgages with similar characteristics to back a certificate or bond, which is sold to investors such as the fund. Interest and principal payments generated by the underlying mortgages are passed through to the investors. The “big three” issuers are the Government National Mortgage Association, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. Government National Mortgage Association certificates are backed by the full faith and credit of the U.S. government, while others, such as the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation certificates, are only supported by the ability to borrow from the U.S. Treasury or by the credit of the agency. (Since September 2008, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation have operated under conservatorship of the Federal Housing Finance Agency, an independent federal agency.) Private mortgage bankers and other institutions also issue mortgage-backed securities.
Mortgage-backed securities are subject to scheduled and unscheduled principal payments as homeowners pay down or prepay their mortgages. As these payments are received, they must be reinvested when interest rates may be higher or lower than on the original mortgage security. Therefore, these securities are not an effective means of locking in long-term interest rates. In addition, when interest rates fall, the rate of mortgage prepayments, including refinancings, tends to increase. Refinanced mortgages are paid off at face value or “par,” causing a loss for any investor who may have purchased the security at a price above par. In such an environment, this risk limits the potential price appreciation of these securities and can negatively affect the fund’s net asset value. When interest rates rise, the prices of mortgage-backed securities can be expected to decline. In addition, when interest rates rise and prepayments slow, the effective duration of mortgage-backed securities extends, resulting in increased price volatility.
Operating policy There is no overall limit on the fund’s investments in mortgage-backed securities.
Other types of mortgage-backed securities in which the fund may invest include:
Collateralized Mortgage Obligations Collateralized mortgage obligations are debt securities that are fully collateralized by a portfolio of mortgages or mortgage-backed securities including Government National Mortgage Association, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and non-agency-backed mortgages. All interest and principal payments from the underlying mortgages are passed through to the collateralized mortgage obligations in such a way as to create different classes with varying risk characteristics, payment structures, and maturity dates. Collateralized mortgage obligation classes may pay fixed or
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variable rates of interest, and certain classes have priority over others with respect to the receipt of prepayments and allocation of defaults.
Stripped Mortgage Securities Stripped mortgage securities are created by separating the interest and principal payments generated by a pool of mortgage-backed securities or a collateralized mortgage obligation to create additional classes of securities. Generally, one class receives interest-only payments and another receives principal-only payments. Unlike other mortgage-backed securities and principal-only strips, the value of interest-only strips tends to move in the same direction as interest rates. The fund can use interest-only strips as a hedge against falling prepayment rates (when interest rates are rising) and/or in an unfavorable market environment. Principal-only strips can be used as a hedge against rising prepayment rates (when interest rates are falling) and/or in a favorable market environment. Interest-only strips and principal-only strips are acutely sensitive to interest rate changes and to the rate of principal prepayments.
A rapid or unexpected increase in prepayments can severely depress the price of interest-only strips, while a rapid or unexpected decrease in prepayments could have the same effect on principal-only strips. Of course, under the opposite conditions these securities may appreciate in value. These securities can be very volatile in price and may have less liquidity than most other mortgage-backed securities. Certain non-stripped collateralized mortgage obligation classes may also exhibit these qualities, especially those that pay variable rates of interest that adjust inversely with, and more rapidly than, short-term interest rates. In addition, if interest rates rise rapidly and prepayment rates slow more than expected, certain collateralized mortgage obligation classes, in addition to losing value, can exhibit characteristics of long-term securities and become more volatile. There is no guarantee that the fund’s investments in collateralized mortgage obligations, interest-only strips, or principal-only strips will be successful, and the fund’s total return could be adversely affected as a result.
Commercial Mortgage-Backed Securities Commercial mortgage-backed securities are securities created from a pool of commercial mortgage loans, such as loans for hotels, shopping centers, office buildings, and apartment buildings. Interest and principal payments from the loans are passed on to the investor according to a schedule of payments. Credit quality depends primarily on the quality of the loans themselves and on the structure of the particular deal. Generally, deals are structured with senior and subordinate classes. The degree of subordination is determined by the rating agencies who rate the individual classes of the structure. Commercial mortgages are generally structured with prepayment penalties, which greatly reduce prepayment risk to the investor. However, the value of these securities may change because of actual or perceived changes in the creditworthiness of the individual borrowers, their tenants, the servicing agents, or the general state of commercial real estate.
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Asset-Backed Securities
An underlying pool of assets, such as credit card or automobile trade receivables or corporate loans or bonds, backs these bonds and provides the interest and principal payments to investors. On occasion, the pool of assets may also include a swap obligation, which is used to change the cash flows on the underlying assets. As an example, a swap may be used to allow floating rate assets to back a fixed rate obligation. Credit quality depends primarily on the quality of the underlying assets, the level of any credit support provided by the structure or by a third-party insurance wrap or a line of credit, and the credit quality of the swap counterparty, if any. The underlying assets (i.e., loans) are sometimes subject to prepayments, which can shorten the security’s effective maturity and may lower its return. The value of these securities also may change because of actual or perceived changes in the creditworthiness of the individual borrowers, the originator, the servicing agent, the financial institution providing the credit support, or the swap counterparty. The fund will invest the loan proceeds in additional securities and other assets consistent with its investment program. Investments in asset-backed securities can include collateralized loan obligations, which take the form of a special purpose vehicle that owns a pool of loans and receives repayments and cash flows from those loans. The underlying loans are organized into tranches based on their risk profile, with cash flows generated by the underlying loans allocated so that each tranche has its own payment schedule and maturity.
High Yield Bonds
The price and yield of noninvestment-grade (high yield) bonds, including noninvestment-grade emerging market bonds, can be expected to fluctuate more than the price and yield of higher-quality bonds. Because these bonds are rated below BBB (or an equivalent rating) or are in default, they are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in lower-medium and low-quality bonds involves greater investment risk and is highly dependent on T. Rowe Price’s credit analysis. A real or perceived economic downturn or higher interest rates could cause a decline in high yield bond prices by lessening the ability of issuers to make principal and interest payments. These bonds are often thinly traded and can be more difficult to sell and value accurately than high-quality bonds. Because objective pricing data may be less available, judgment may play a greater role in the valuation process. In addition, the entire high yield bond market can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large or sustained sales by major investors, a high-profile default, or just a change in the market’s psychology. This type of volatility is usually associated more with stocks than bonds, but high yield bond investors should be prepared for it.
Operating policy The fund may invest up to 35% of its net assets in bonds and other instruments rated noninvestment grade.
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Loan Participations and Assignments
The fund may make investments through the purchase or execution of a privately negotiated note or loan, or may acquire loans as an assignment from another lender that holds a direct interest in the loan or as a participation interest in another lender’s portion of the loan. Larger loans to corporations or governments may be shared or syndicated among several lenders, usually banks. The fund could participate in such syndicates or could buy part of a loan, becoming a direct lender. These loans may often be obligations of companies or governments in financial distress or in default. These investments involve special types of risk, including those of being a lender, reduced liquidity, increased credit risk, and volatility.
Bank loans may be acquired directly through an agent acting on behalf of the lenders participating in the loan, as an assignment from another lender who holds a direct interest in the loan, or as a participation interest in another lender’s portion of the loan. An assignment typically results in the purchaser succeeding to all rights and obligations under the loan agreement between the assigning lender and the borrower. However, assignments may be arranged through private negotiations, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.
A participation interest is a fractional interest in a loan, issued by a lender or other financial institution. To the extent the fund invests in loans through participation interests, it will be more difficult for it to enforce its rights against the borrower because it will have established a direct contractual relationship with the seller of the participation interest but not with the borrower. When the fund invests in a loan by participation, it must rely on another party not only for the enforcement of its rights against the borrower, but also for the receipt and processing of payments due under the loan. Investing in a participation interest limits the fund’s ability to file a claim directly as a creditor in the event of the borrower’s bankruptcy.
Derivatives and Leverage
A derivative is a financial instrument whose value is derived from an underlying security, such as a stock or bond, or from a market benchmark, such as an interest rate index. Many types of investments representing a wide range of risks and potential rewards may be considered derivatives, including conventional instruments such as futures and options, as well as other potentially more complex investments such as swaps and structured notes. The use of derivatives can involve leverage. Leverage has the effect of magnifying returns, positively or negatively. The effect on returns will depend on the extent to which an investment is leveraged. For example, an investment of $1, leveraged at 2 to 1, would have the effect of an investment of $2. Leverage ratios can be higher or lower with a corresponding effect on returns. The fund may use derivatives in certain situations to help accomplish any or all of the following: to hedge against a decline in principal value, to increase yield, to manage exposure to changes in interest or currency exchange rates, to invest in eligible asset
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classes with greater efficiency and at a lower cost than is possible through direct investment, or to adjust portfolio duration or credit risk exposure.
While the fund’s individual investments may involve leverage, it will not invest in any high-risk, highly leveraged derivative instrument that, at the time of entering into the derivative transaction, is expected to cause the overall price volatility of the portfolio to be meaningfully greater than that of a long-term (over 10-year maturity) investment-grade bond.
Derivatives that may be used include the following instruments, as well as others that combine the risk characteristics and features of futures, options, and swaps:
Futures and Options Futures, a type of potentially high-risk derivative, are often used to manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options, another type of potentially high-risk derivative, may be used to generate additional income to enhance returns or as a defensive technique to protect against anticipated declines in the value of an asset. Call options give the investor the right to purchase (when the investor purchases the option), or the obligation (when the investor “writes” or sells the option) to sell, an asset at a predetermined price in the future. Put options give the purchaser of the option the right to sell, or the seller (or “writer”) of the option the obligation to buy, an asset at a predetermined price in the future. Futures and options contracts may be bought or sold for any number of reasons, including to manage exposure to changes in interest rates, bond prices, foreign currencies, and credit quality; as an efficient means of increasing or decreasing the fund’s exposure to certain markets; in an effort to enhance income; to improve risk-adjusted returns; to protect the value of portfolio securities; and to serve as a cash management tool. Call or put options may be purchased or sold on securities, futures, financial indexes, and foreign currencies. The fund may choose to continue a futures contract by “rolling over” an expiring futures contract into an identical contract with a later maturity date. This could increase the fund’s transaction costs and portfolio turnover rate.
Futures and options contracts may not always be successful hedges; their prices can be highly volatile; using them could lower the fund’s total return; the potential loss from the use of futures can exceed the fund’s initial investment in such contracts; and the losses from certain options written by the fund could be unlimited.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of the fund’s net asset value. The total market value of securities covering call or put options may not exceed 25% of its total assets. No more than 5% of its total assets will be committed to premiums when purchasing call or put options.
Swaps The fund may invest in interest rate, index, total return, credit default, and other types of swap agreements, as well as options on swaps, commonly referred to as “swaptions,” and interest rate swap futures, which are instruments that provide a way to obtain swap exposure and the benefits of futures in one contract. All of these
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agreements are considered derivatives and, in certain cases, high-risk derivatives. Interest rate, index, and total return swaps are two-party contracts under which the fund and a counterparty, such as a broker or dealer, agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or indexes. Credit default swaps are agreements where one party (the protection buyer) will make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as defaults and bankruptcies related to an issuer or underlying credit instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to settle in cash at a future date at the price determined by a specific benchmark rate at the end of a fixed period. Swaps, swaptions, and swap futures can be used for a variety of purposes, including to manage the fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the fund’s exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk exposure.
There are risks in the use of swaps and related instruments. Swaps could result in losses if interest or foreign currency exchange rates or credit quality changes are not correctly anticipated by the fund. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated. Credit default swaps can increase the fund’s exposure to credit risk and could result in losses if evaluation of the creditworthiness of the counterparty, or of the company or government on which the credit default swap is based, is incorrect. The use of swaps, swaptions, and swap futures may not always be successful. Using them could lower the fund’s total return, their prices can be highly volatile, and the potential loss from the use of swaps can exceed the fund’s initial investment in such instruments. Also, the other party to a swap agreement could default on its obligations or refuse to cash out the fund’s investment at a reasonable price, which could turn an expected gain into a loss. Although there should be minimal counterparty risk associated with investments in interest rate swap futures, the fund could experience delays and/or losses due to the bankruptcy of a swap dealer through which the fund engaged in the transaction.
Operating policies A swap agreement with any single counterparty will not be entered into if the net amount owed or to be received under existing contracts with that party would exceed 5% of the fund’s total assets or if the net amount owed or to be received by the fund under all outstanding swap agreements will exceed 10% of its total assets. (Swap agreements that are cleared and settled through a clearinghouse, or traded on an exchange or swap execution facility, are not subject to these limits.) For swaptions, the total market value of securities covering call or put options may not exceed 25% of the fund’s total assets. No more than 5% of its total assets will be committed to premiums when purchasing call or put swaptions.
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Hybrid Instruments Hybrid instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount or interest rate of a hybrid could be tied (positively or negatively) to the price of some commodity, currency, security, or securities index or another interest rate (each a “benchmark”). Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management, and increased total return. Hybrids may or may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the fund to the credit risk of the issuer of the hybrid. These risks may cause significant fluctuations in the net asset value of the fund.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy The fund’s investments in hybrid instruments are limited to 10% of its total assets.
Currency Derivatives The fund may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through forward currency exchange contracts, which are contracts between two counterparties to exchange one currency for another on a future date at a specified exchange rate. In addition to foreign currency forwards, futures, swaps, and options on foreign currencies may also be used to protect the fund’s foreign securities from adverse currency movements relative to the U.S. dollar, as well as to gain exposure to currencies and markets expected to increase or decrease in value relative to other currencies or securities.
The fund may attempt to hedge its exposure to potentially unfavorable currency changes. Forward currency contracts can be used to adjust the foreign exchange exposure of the fund with a view to protecting the portfolio from adverse currency movements, based on T. Rowe Price’s outlook. However, forward currency contracts can also be used in an effort to benefit from a currency believed to be appreciating in value versus other currencies. The fund may invest in non-U.S. currencies directly without holding any non-U.S. bonds or securities denominated in those currencies.
Forward currency contracts involve special risks, including, but not limited to, the potential for significant volatility in currency markets, and the risk that in certain markets, particularly emerging markets, it is not possible to engage in effective
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foreign currency hedging. In addition, such transactions involve the risk that currency movements will not occur as anticipated by T. Rowe Price, which could reduce the fund’s total return.
The fund may enter into foreign currency transactions under the following circumstances:
Lock In When the fund desires to lock in the U.S. dollar price on the purchase or sale of a security denominated in a foreign currency.
Cross Hedge If a particular currency is expected to decrease in value relative to another currency, the fund may sell the currency expected to decrease and purchase a currency that is expected to increase against the currency sold. The fund’s cross hedging transactions may involve currencies in which the fund’s holdings are denominated. However, the fund is not required to own securities in the particular currency being purchased or sold.
Direct Hedge If the fund seeks to eliminate substantially all of the risk of owning a particular currency or believes the portfolio could benefit from price appreciation in a given country’s bonds but did not want to hold the currency, it could employ a direct hedge back into the U.S. dollar. In either case, the fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but the fund would hope to benefit from an increase (if any) in the value of the bond.
Proxy Hedge In certain circumstances, a different currency may be substituted for the currency in which the investment is denominated, as part of a strategy known as proxy hedging. In this case, the fund, having purchased a security, will sell a currency whose value is believed to be closely linked to the currency in which the security is denominated. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies, and that relationship may not always be maintained. The fund may also use these instruments to create a synthetic bond, which is issued in one currency with the currency component transformed into another currency.
Costs of Hedging When the fund purchases a foreign bond with a higher interest rate than is available on U.S. bonds of a similar maturity, the additional yield on the foreign bond could be substantially lessened if the fund were to enter into a direct hedge by selling the foreign currency and purchasing the U.S. dollar. This is what is known as the “cost” of hedging. A proxy hedge, which is less costly than a direct hedge, may attempt to reduce this cost through an indirect hedge back to the U.S. dollar.
It is important to note that hedging costs are treated as capital transactions and are not, therefore, deducted from the fund’s dividend distribution and are not reflected
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in its yield. Instead, such costs will, over time, be reflected in the fund’s net asset value per share and total return. Hedging may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in an increase (or decrease) in the amount of taxable dividends paid by the fund and could affect whether dividends paid by the fund are classified as capital gains or ordinary income.
Operating policy The fund will not commit more than 20% of its net assets to any combination of currency derivatives.
Investments in Other Investment Companies
The fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
The fund may purchase the securities 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 fund 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 the fund’s objective and investment program.
The risks of owning another investment company are generally similar to the risks of investing directly in the securities in which that investment company invests. However, 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 and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility if an active trading market does not exist.
As a shareholder of another investment company, the fund must pay its pro-rata share of that investment company’s fees and expenses. The fund’s investments in non-T. Rowe Price investment companies are subject to the limits that apply to investments in other funds under the Investment Company Act of 1940 or under any applicable exemptive order.
The fund may also invest in certain other T. Rowe Price Funds as a means of gaining efficient and cost-effective exposure to certain asset classes, provided the investment is consistent with the fund’s investment program and policies.
Investments in other investment companies could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. Examples of asset classes in which other mutual funds (including T. Rowe Price Funds) focus their investments include high yield bonds, inflation-linked
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securities, floating rate loans, international bonds, emerging market bonds, stocks of companies involved in activities related to real assets, stocks of companies that focus on a particular industry or sector, and emerging market stocks. If the fund invests in another T. Rowe Price Fund, the management fee paid by the fund will be reduced to ensure that the fund does not incur duplicate management fees as a result of its investment.
Illiquid Securities
Some of the fund’s 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 within seven days at approximately the prices at which they are valued. The determination of liquidity involves a variety of factors. Illiquid securities may include private placements that are sold directly to a small number of investors, usually institutions. Unlike public offerings, such securities are not registered with the SEC. Although certain of these securities may be readily sold (for example, pursuant to Rule 144A under the Securities Act of 1933) and therefore deemed liquid, others may have resale restrictions and be considered illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and the fund may only be able to sell such securities at prices substantially lower than what it believes they are worth.
Operating policy The fund’s investments in illiquid securities are limited to 15% of its net assets.
Types of Investment Management Practices
Reserve Position
A certain portion of the fund’s assets may be held in reserves. The fund’s reserve positions will primarily consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund (which does not charge any management fees); 2) short-term, high-quality U.S. and foreign dollar-denominated money market securities, including repurchase agreements; and 3) U.S. dollar or non-U.S. dollar currencies. In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position that is inconsistent with its principal investment objective and/or strategies and may invest, without limitation, in reserves. If the fund has significant holdings in reserves, it could compromise its ability to achieve its objective. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into the fund, and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.
When-Issued Securities and Forwards
The fund may purchase securities on a when-issued or delayed delivery basis or may purchase or sell securities on a forward commitment basis. There is no limit on the fund’s investments in these securities. The price of these securities is fixed at the time of the commitment to buy, but delivery and payment take place after the customary
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settlement period for that type of security (often a month or more later). During the interim period, the price and yield of the securities can fluctuate, and typically no interest accrues to the purchaser. At the time of delivery, the market value of the securities may be more or less than the purchase or sale price. To the extent the fund remains fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time it purchases these securities, there will be greater fluctuations in the fund’s net asset value than if the fund did not purchase them.
Borrowing Money and Transferring Assets
The fund may borrow from banks, other persons, and other T. Rowe Price Funds for temporary emergency purposes to facilitate redemption requests, or for other purposes consistent with the fund’s policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with the fund’s assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 33 1 / 3 % of the fund’s total assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of 1940.
Operating policy The fund will not transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 33 1 / 3 % of its total assets. The fund will not purchase additional securities when its borrowings exceed 5% of its total assets.
Credit Quality Considerations
The credit quality of many fund holdings is evaluated by rating agencies such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), and Fitch Ratings, Inc. (Fitch). Credit quality refers to the issuer’s ability and willingness to meet all required interest and principal payments. The highest ratings are assigned to issuers perceived to have the lowest credit risks. T. Rowe Price credit research analysts also evaluate the fund’s holdings, including those rated by outside agencies. Other things being equal, bonds and other debt obligations with lower ratings typically have higher yields due to greater credit risk.
Credit quality ratings are not guarantees. They are estimates of an issuer’s creditworthiness and ability to make interest and principal payments as they come due. Ratings can change at any time due to actual or perceived changes in an issuer’s creditworthiness or financial fundamentals.
Bonds rated Baa and above by Moody’s, and BBB and above by S&P and Fitch, are considered to be “investment grade.” Bonds that are rated below these categories are considered to have greater credit risk and are referred to as “below investment grade” or “noninvestment grade.” Bonds rated below investment grade range from speculative to highly speculative with respect to the issuer’s ability or willingness to pay interest and repay principal. The following table summarizes the rating scales and associated credit risk assigned by the major rating agencies. Within these
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categories, the rating may be modified with a symbol (such as 1, 2, and 3, or a plus or minus) to indicate whether the bond is ranked in the higher or lower end of its rating category. T. Rowe Price generally relies upon its own credit analysis when selecting investments.
Ratings of Debt Securities
|
Moody’s |
S&P |
Fitch |
Description of Category |
|
Aaa |
AAA |
AAA |
Lowest level of credit risk with extremely strong capacity to meet financial commitments |
|
Aa |
AA |
AA |
Very low credit risk with very strong capacity to meet financial commitments |
|
A |
A |
A |
Low credit risk with strong capacity to meet financial commitments |
|
Baa |
BBB |
BBB |
Moderate credit risk with adequate capacity to meet financial commitments |
|
Ba |
BB |
BB |
Subject to substantial credit risk and adverse conditions could lead to inadequate capacity to meet financial commitments |
|
B |
B |
B |
Subject to high credit risk and adverse conditions will likely impair capacity to meet financial commitments |
|
Caa |
CCC |
CCC |
Subject to very high credit risk and dependent upon favorable conditions to meet financial commitments |
|
Ca |
CC |
CC |
Highly vulnerable to nonpayment and likely in, or very near, default with some prospect of recovery of principal and interest |
|
C |
C |
C |
Typically in default with little prospect for recovery of principal and interest |
|
— |
D |
D |
In default |
Portfolio Turnover
Turnover is an indication of frequency of trading. The fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held. Each time the fund purchases or sells a security, it incurs a cost. This cost is reflected in its net asset value but not in its operating expenses. The higher the turnover rate, the higher the transaction costs and the greater the impact on the fund’s total return. Higher turnover can also increase the possibility of taxable capital gain distributions.
Funds investing in bonds may have higher turnover than funds investing in stocks. Unlike stocks, fixed-maturity bonds require reinvestment. For funds investing in short-term securities, mortgage-backed securities, and callable debt, frequent reinvestment of principal is often required. Common trading strategies, such as mortgage dollar rolls, can increase turnover. Active investment strategies, such as sector rotation and duration management, also necessitate more frequent trading. A
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portfolio turnover rate is not shown since the fund had not commenced operations during its most recent fiscal year.
The T. Rowe Price Funds’ portfolio holdings are disclosed on a regular basis in their semiannual and annual shareholder reports, and on Form N-Q, which is filed with the SEC within 60 days of each fund’s first and third fiscal quarter-end. The money funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP is publicly available immediately upon filing with the SEC (prior to April 14, 2016, Form N-MFP filings were available to the public 60 days after the end of the month to which the information pertained). In addition, the funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. Under certain conditions, up to 5% of a fund’s holdings may be included in this portfolio list without being individually identified. Generally, securities would not be individually identified if they are being actively bought or sold and it is determined that the quarter-end disclosure of the holding could be harmful to the fund. A security will not be excluded for these purposes from a fund’s quarter-end holdings disclosure for more than one year. Money funds also disclose on troweprice.com their month-end portfolio holdings five business days after each month-end and historical information about fund investments for the previous six months, as of the last business day of the preceding month, including, among other things, the percentage of the fund’s investments in daily and weekly liquid assets, the fund’s weighted average maturity and weighted average life, the fund’s market-based net asset value, and the fund’s net inflows and outflows. The quarter-end portfolio holdings will remain on the website for one year and the month-end money fund portfolio holdings will remain on the website for six months. Each fund also discloses its 10 largest holdings on troweprice.com on the seventh business day after each month-end. These holdings are listed in alphabetical order along with the aggregate percentage of the fund’s total assets that these 10 holdings represent. Each monthly top 10 list will remain on the website for six months. A description of T. Rowe Price’s policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information and through troweprice.com .
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The following policies and procedures generally apply to Investor Class, I Class, Advisor Class, and R Class accounts in the T. Rowe Price Funds.
This section of the prospectus explains the basics of investing with T. Rowe Price and describes some of the different share classes that may be available. Certain share classes can be held directly with T. Rowe Price, while other share classes must typically be held through a financial intermediary, such as a bank, broker, retirement plan recordkeeper, or investment adviser.
Each class of a fund’s shares represents an interest in the same fund with the same investment program and investment policies. However, each class is designed for a different type of investor and has a different cost structure primarily due to shareholder services or distribution arrangements that may apply only to that class. For example, certain classes may make payments to financial intermediaries for various administrative services they provide (commonly referred to as administrative fee payments) and/or make payments to certain financial intermediaries for distribution of the fund’s shares (commonly referred to as 12b-1 fee payments). Determining the most appropriate share class depends on many factors, including how much you plan to invest, whether you are investing directly in the fund or through a financial intermediary, and whether you are investing on behalf of a person or an organization.
While many T. Rowe Price Funds are offered in more than one class, not all funds are offered in the classes described in this section. The front cover and Section 1 of this prospectus indicate which share classes are available for the fund. This section generally describes the differences between Investor Class, I Class, Advisor Class, and R Class shares. This section does not describe the policies that apply to accounts in T. Rowe Price institutional funds and certain other types of funds. Policies for these other funds are described in their respective prospectuses and all available share classes for the T. Rowe Price Funds are described more fully in the funds’ Statement of Additional Information.
Investor Class
A T. Rowe Price Fund that does not include the term “institutional” or indicate a specific share class as part of its name is considered to be the Investor Class of that
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fund. 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 from T. Rowe Price or through a retirement plan or financial intermediary. The Investor Class does not impose sales charges and does not make any 12b-1 fee payments to financial intermediaries but may make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets.
I Class
The I Class may be purchased directly from T. Rowe Price or through a financial intermediary. The I Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.
I Class shares are designed to be sold to corporations, endowments and foundations, charitable trusts, defined benefit and defined contribution retirement plans, brokers, registered investment advisers, banks and bank trust programs, Section 529 college savings plans, investment companies and other pooled investment vehicles, and certain individuals meeting the investment minimum or other specific criteria. The I Class generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts for their customers, client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other accounts. For investors holding the I Class through a T. Rowe Price managed account program, the fees and terms and conditions of the managed account program will be applicable. Accounts that are not eligible for the I Class may be converted to the Investor Class following notice to the financial intermediary or investor.
Advisor Class
The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and financial advisors. The Advisor Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.25% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets.
The Advisor Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of Advisor Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the Advisor Class may be converted to the Investor Class following notice to the financial intermediary or investor.
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R Class
The R Class is designed to be sold through financial intermediaries for employer-sponsored defined contribution retirement plans and certain other accounts. The R Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The R Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.50% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets.
The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of R Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the R Class may be converted to the Investor Class or Advisor Class following notice to the financial intermediary or investor.
Administrative Fee Payments (Investor Class, Advisor Class, and R Class)
Certain financial intermediaries perform recordkeeping and administrative services for their clients that would otherwise be performed by the funds’ transfer agent. T. Rowe Price Funds (other than I Class shares) may make administrative fee payments to retirement plan recordkeepers, broker-dealers, and other financial intermediaries (at an annual rate of up to 0.15% of the fund’s average daily net assets) for transfer agency, recordkeeping, and other administrative services that they provide on behalf of the funds. These administrative services may include maintaining account records for each customer; transmitting purchase and redemption orders; delivering shareholder confirmations, statements, and tax forms; and providing support to respond to customers’ questions regarding their accounts. Except for funds that have an all-inclusive management fee, these separate administrative fee payments are reflected in the “Other expenses” line that appears in a fund’s fee table in Section 1.
12b-1 Fee Payments (Advisor Class and R Class)
Mutual funds are permitted to adopt a 12b-1 plan to pay certain expenses associated with the distribution of the fund’s shares out of the fund’s assets. Each fund offering Advisor and/or R Class shares has adopted a 12b-1 plan under which those classes may make payments (for the Advisor Class, at an annual rate of up to 0.25% of the class’ average daily net assets, and for the R Class, at an annual rate of up to 0.50% of the class’ average daily net assets) to various financial intermediaries, such as brokers, banks, insurance companies, investment advisers, and retirement plan recordkeepers
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for distribution and/or shareholder servicing of the Advisor and R Class shares. The 12b-1 plans provide for the class to pay such fees to the fund’s distributor and for the distributor to then pay such fees to the financial intermediaries that provide services for the class and/or make the class available to investors.
For the Advisor Class, distribution payments may include payments to financial intermediaries for making the Advisor Class shares available to their customers (e.g., providing the fund with “shelf space” or inclusion on a “preferred list” or “supermarket” platform). For the R Class, distribution payments may include payments to financial intermediaries for making the R Class shares available as investment options to retirement plans and retirement plan participants, assisting plan sponsors in conducting searches for investment options, and providing ongoing monitoring of investment options.
Shareholder servicing payments under the plans may include payments to financial intermediaries for providing shareholder support services to existing shareholders of the Advisor and R Class. These payments may be more or less than the costs incurred by the financial intermediaries. Because the fees are paid from the Advisor Class or R Class net assets on an ongoing basis, they will increase the cost of your investment over time. In addition, payments of 12b-1 fees may influence your financial advisor’s recommendation of the fund or of any particular share class of the fund. 12b-1 fee payments are reflected in the “Distribution and service (12b-1) fees” line that appears in a fund’s fee table in Section 1.
Comparison of Fees
The following table summarizes the distribution and shareholder servicing fee arrangements applicable to each class.
|
Class |
12b-1 Fee Payments |
Administrative Fee Payments |
|
Investor Class |
None |
Up to 0.15% per year |
|
I Class |
None |
None |
|
Advisor Class |
Up to 0.25% per year |
Up to 0.15% per year |
|
R Class |
Up to 0.50% per year |
Up to 0.15% per year |
Investor Class
In an effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds’ transfer agent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of the last business day of August. The fee may be charged to
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an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may result in a taxable gain or loss to you.
The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, or money market funds that are used as a T. Rowe Price Brokerage sweep account. Regardless of a particular fund account’s balance on the last business day of August, the account service fee is automatically waived for accounts that satisfy any of the following conditions:
· Any accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction confirmations, prospectuses, and shareholder reports;
· Any accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets includes investments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a retirement plan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or
· Any accounts of a shareholder who is a T. Rowe Price Preferred Services, Personal Services, or Enhanced Personal Services client (enrollment in these programs generally requires T. Rowe Price assets of at least $100,000—visit troweprice.com or call 1-800-537-1098 for more information).
T. Rowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price IRA, Education Savings Account, or small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares from such accounts.
Investor and I Class shares may be purchased directly from T. Rowe Price or through various financial intermediaries. Advisor and R Class shares must be purchased through a financial intermediary (except for certain retirement plans held directly at T. Rowe Price). If you are opening an account through an employer-sponsored retirement plan or other financial intermediary, you should contact the retirement plan or financial intermediary for information regarding its policies on opening an
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account, including the policies relating to purchasing, exchanging, and redeeming shares, and the applicable initial and subsequent investment minimums.
Tax Identification Number
Investors must provide T. Rowe Price with a valid Social Security number or taxpayer identification number on a signed New Account Form or W-9 Form, and financial intermediaries must provide T. Rowe Price with their certified taxpayer identification number. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject you or the financial intermediary to an Internal Revenue Service fine. If this information is not received within 60 days of the account being established, the account may be redeemed at the fund’s then-current net asset value.
Important Information Required to Open a New Account
Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account.
When you open an account, you will be asked for the name, U.S. street address (post office boxes are not acceptable), date of birth, and Social Security number or taxpayer identification number for each account owner and person(s) opening an account on behalf of others, such as custodians, agents, trustees, or other authorized signers. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an account. Certain other fiduciary accounts (such as trusts or power of attorney arrangements) require documentation, which may include an original or certified copy of the trust agreement or power of attorney, to open an account.
T. Rowe Price will use this information to verify the identity of the person(s)/entity opening the account. An account cannot be opened until all of this information is received. If the identity of the account holder cannot be verified, T. Rowe Price is authorized to take any action permitted by law. (See “Rights Reserved by the Funds” later in this section.)
Institutional investors and financial intermediaries should call Financial Institution Services at 1-800-638-8790 for more information on these requirements, as well as to be assigned an account number and instructions for opening an account. Other investors should call Investor Services at 1-800-638-5660 for more information on these requirements.
The funds are generally available only to investors residing in the United States. However, purchases in state tax-free funds are limited to investors living in states where the fund is available for sale. The address of record on your account must be located in one of these states or you will be restricted from opening an account. In
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addition, nongovernment money market funds that operate as “retail money market funds” pursuant to Rule 2a-7 are required to limit their beneficial owners to natural persons. An investor in a retail money market fund is required to demonstrate eligibility (for example, by providing a valid Social Security number) before an account can be opened.
How and When Shares Are Priced
The trade date for your transaction request depends on the day and time that T. Rowe Price receives your request and will normally be executed using the next share price calculated after your order is received in correct form by T. Rowe Price or its agent (or by your financial intermediary if it has the authority to accept transaction orders on behalf of the fund). The share price, also called the net asset value, for each share class of a fund is calculated as of the close of trading on the New York Stock Exchange ( “ NYSE ” ), which is normally 4 p.m. ET, on each day that the NYSE is open for business. Net asset values are not calculated for the funds on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would typically be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the funds reserve the right to treat such day as a business day and accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.
To calculate the net asset value, a fund’s assets are valued and totaled, liabilities are subtracted, and each class’ proportionate share of the balance, called net assets, is divided by the number of shares outstanding of that class. Market values are used to price portfolio holdings for which market quotations are readily available. Market values generally reflect the prices at which securities actually trade or represent prices that have been adjusted based on evaluations and information provided by the fund’s pricing services. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. If a market value for a portfolio holding is not available or normal valuation procedures are deemed to be inappropriate, the fund will make a good faith effort to assign a fair value to the holding by taking into account various factors and methodologies that have been approved by the fund’s Board. This value may differ from the value the fund receives upon sale of the securities.
Amortized cost is used to price securities held by money market funds and certain short-term debt securities held by other funds. The retail and government money market funds, which seek to maintain a stable net asset value of $1.00, use the amortized cost method of valuation to calculate their net asset value. Amortized cost
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allows the money market funds to value a holding at the fund’s acquisition cost with adjustments for any premiums or discounts, and then round the net asset value per share to the nearest whole cent. The amortized cost method of valuation enables the money market funds to maintain a $1.00 net asset value, but it may also result in periods during which the stated value of a security held by the funds differs from the market-based price the funds would receive if they sold that holding. The current market-based net asset value per share for each business day in the preceding six months is available for the retail and government money market funds through troweprice.com . These market-based net asset values are for informational purposes only and are not used to price transactions.
The funds use various pricing services to provide closing market prices and information used to adjust those prices and to value most fixed income securities. A fund cannot predict how often it will use closing prices and how often it will adjust those prices. As a means of evaluating its fair value process, the fund routinely compares closing market prices, the next day’s opening prices in the same markets, and adjusted prices.
Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If a fund determines that developments between the close of a foreign market and the close of the NYSE will, in its judgment, materially affect the value of some or all of the fund’s securities, the fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, the fund reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.
A fund may also fair value certain securities or a group of securities in other situations—for example, when a particular foreign market is closed but the fund is open. For a fund that has investments in securities that are primarily listed on foreign exchanges which trade on weekends or other days when the fund does not price its shares, the fund’s net asset value may change on days when shareholders will not be able to purchase or redeem the fund’s shares. If an event occurs that affects the value of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, a fund may make a price adjustment depending on the nature and significance of the event. The funds also evaluate a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security.
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The various ways you can purchase, sell, and exchange shares are explained throughout this section. These procedures differ based on whether you hold your account directly with T. Rowe Price or through an employer-sponsored retirement plan or financial intermediary.
The following policies apply to accounts that are held directly with T. Rowe Price and not through a financial intermediary.
Options for Opening Your Account
If you own other T. Rowe Price Funds, you should consider registering any new account identically to your existing accounts so you can exchange shares among them easily (the name[s] of the account owner[s] and the account type must be identical).
For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for certain transactions (for example, to transfer ownership). There are multiple ways to establish a new account directly with T. Rowe Price.
Online You can open a new Investor Class account online. (I Class accounts must currently be opened either by telephone or in writing.) Go to troweprice.com/newaccount to choose the type of account you wish to open.
You can exchange shares online from an existing account in one fund to open a new account in another fund. The new account will have the same registration as the account from which you are exchanging, and any services (other than systematic purchase and systematic distribution arrangements) that you have preauthorized will carry over from the existing account to the new account.
To open an account online for the first time or with a different account registration, you must be a U.S. citizen residing in the U.S. or a resident alien and not subject to Internal Revenue Service backup withholding. Additionally, you must provide consent to receive certain documents electronically. You will have the option of providing your bank account information, which will enable you to make electronic funds transfers to and from your bank account. To set up this banking service online, additional steps will be taken to verify your identity.
By Mail If you are sending a check, please make your check payable to T. Rowe Price Funds (otherwise it may be returned) and send the check, together with the applicable New Account Form, to the appropriate address. (Please refer to the appropriate address under “Contacting T. Rowe Price” later in this section to avoid a
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delay in opening your new account.) T. Rowe Price does not accept third-party checks for initial purchases; however, third-party checks are typically accepted for additional purchases to an existing account. In addition, T. Rowe Price does not accept purchases by cash, traveler’s checks, or credit card checks. For exchanges from an identically registered account, be sure to specify the fund(s) and account number(s) that you are exchanging out of and the fund(s) you wish to exchange into.
By Telephone Direct investors can call Shareholder Services at 1-800-225-5132 (institutional investors should call 1-800-638-8790) to exchange from an existing fund account to open a new identically registered account in another fund. You may also be eligible to open a new account by telephone and provide your bank account information in order to make an initial purchase. To set up the account and banking service by telephone, additional steps will be taken to verify your identity and the authenticity of your bank account. Although the account may be opened and the purchase made, services may be not be established and Internal Revenue Service penalty withholding may occur until we receive the necessary signed form to certify your Social Security number or taxpayer identification number.
In Person You can also open a new account by visiting one of the T. Rowe Price Investor Centers located in downtown Baltimore, Colorado Springs, Owings Mills, Tampa, northern Virginia, or downtown Washington, D.C. Please refer to “Contacting T. Rowe Price” later in this section for the specific locations and phone numbers of the T. Rowe Price Investor Centers.
How Your Trade Date Is Determined
If you invest directly with T. Rowe Price and your request to purchase, sell, or exchange shares is received by T. Rowe Price or its agent in correct form by the close of the NYSE (normally 4 p.m. ET), your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value.
Note: There may be times when you are unable to contact us by telephone or access your account online due to extreme market activity, the unavailability of the T. Rowe Price website, or other circumstances. Should this occur, your order must still be placed and received in correct form by T. Rowe Price prior to the time the NYSE closes to be priced at that business day’s net asset value. The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE, and still accept transactions and calculate their net asset value as of 4 p.m. ET.
Transaction Confirmations
We send immediate confirmations for most of your fund transactions. However, certain transactions, such as systematic purchases and systematic redemptions,
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dividend reinvestments, checkwriting redemptions from money funds, and transactions in money market funds used as a Brokerage sweep account, do not receive an immediate transaction confirmation but are reported on your account statement. Please review transaction confirmations and account statements as soon as you receive them, and promptly report any discrepancies to Shareholder Services.
Telephone and Online Account Transactions
You may access your accounts and conduct transactions involving Investor Class accounts using the telephone or the T. Rowe Price website at troweprice.com . You can only conduct transactions involving the I Class over the telephone or in writing. The T. Rowe Price Funds and their agents use reasonable procedures to verify the identity of the shareholder. If these procedures are followed, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions. Please review your confirmation carefully, and contact T. Rowe Price immediately about any transaction you believe to be unauthorized. Telephone conversations are recorded.
Purchasing Shares
Shares may be purchased in a variety of ways.
By Check Please make your check payable to the T. Rowe Price Funds. Include a New Account Form if establishing a new account, and include either a fund investment slip or a letter indicating the fund and your account number if adding to an existing account. Your transaction will receive the share price for the business day that the request is received by T. Rowe Price or its agent prior to the close of the NYSE (not the day the request is received at the post office box).
By Electronic Transfer Shares may be purchased using the Automated Clearing House system if you have established the service on your account, which allows T. Rowe Price to request payment for your shares directly from your bank account or other financial institution account. You may also arrange for a wire to be sent to T. Rowe Price (wire transfer instructions can be found at troweprice.com/wireinstructions or by calling Shareholder Services). T. Rowe Price must receive the wire by the close of the NYSE to receive that day’s share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution.
By Exchange You may purchase shares of a fund using the proceeds from the redemption of shares from another fund. The redemption and purchase will receive the same trade date and the new account will have the same registration as the account from which you are exchanging. The purchase must still generally meet the applicable minimum investment requirement.
Systematic Purchases (Automatic Asset Builder) You can instruct T. Rowe Price to automatically transfer money from your account at your bank or other financial institution at least once per month, or you can instruct your employer to send all or a
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portion of your paycheck to the fund or funds that you designate. Each systematic purchase must be at least $100 per fund account to be eligible for the Automatic Asset Builder service. To automatically transfer money to your account from a bank account or through payroll deductions, complete the appropriate section of the New Account Form when opening a new account or complete an Account Services Form to add the service to an existing account. Prior to establishing payroll deductions, you must set up the service with T. Rowe Price so that the appropriate instructions can be provided to your employer.
Initial Investment Minimums
Investor Class accounts, other than Summit Funds, require a $2,500 minimum initial investment ($1,000 minimum initial investment for IRAs, certain small business retirement accounts, and custodial accounts for minors, known as Uniform Gifts to Minors Act or Uniform Transfer to Minors Act accounts). Summit Funds require a $25,000 minimum initial investment. I Class accounts generally require a $1,000,000 minimum initial investment, although the minimum may be waived for certain types of accounts. If you request the I Class of a particular fund when you open a new account but the investment amount does not meet the applicable minimum, the purchase will be automatically invested in the Investor Class of the same fund.
Additional Investment Minimums
Investor Class accounts, other than Summit Funds, require a $100 minimum for additional purchases, including those made through Automatic Asset Builder. Summit Funds require a $100 minimum for additional purchases through Automatic Asset Builder and a $1,000 minimum for all other additional purchases. I Class accounts require a $100 minimum for additional purchases through Automatic Asset Builder but do not require a minimum amount for other additional purchases.
Exchanging and Redeeming Shares
Certain T. Rowe Price Funds assess a fee on redemptions of shares (including exchanges out of a fund) that are not held for a specified period of time. Please refer to “Contingent Redemption Fee” later in this section.
Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes. (Exchanges into a state tax-free fund are limited to investors living in states where the fund is available for sale and institutional investors are restricted from exchanging into a fund that operates as a retail money market fund.) You can set up systematic exchanges so that money is automatically moved from one fund account to another on a regular basis.
Receiving Redemption Proceeds Redemption proceeds can be mailed to your account address by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. You can set up systematic redemptions and
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have the proceeds automatically sent via check or Automated Clearing House on a regular basis. If your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the NYSE, proceeds are usually sent on the next business day. However, if you request a redemption from a money market fund on a business day prior to noon ET and request to have proceeds sent via bank wire, proceeds are normally sent later that same day.
Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale, and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale (except for wire redemptions from money market funds received prior to noon ET). A $5 fee will be charged for an outgoing wire of less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.
If for some reason your request to exchange or redeem shares cannot be processed because it is not received in correct form, we will attempt to contact you.
If you request to redeem a specific dollar amount and the market value of your account is less than the amount of your request and we are unable to contact you, your redemption will not be processed and you must submit a new redemption request in correct form.
If you change your address on an account, proceeds will not be mailed to the new address for 15 calendar days after the address change, unless we receive a letter of instruction with a Medallion signature guarantee.
Please note that large purchase and redemption requests initiated through the Automated Clearing House may be rejected, and in such instances, the transaction must be placed by calling Shareholder Services.
Checkwriting You may write an unlimited number of free checks on any money market fund and certain bond funds, with a minimum of $500 per check. Keep in mind, however, that a check results in a sale of fund shares; a check written on a bond fund will create a taxable event that must be reported by T. Rowe Price to the Internal Revenue Service as a redemption.
Converting to Another Share Class
You may convert from one share class of a fund to another share class of the same fund. Although the conversion has no effect on the dollar value of your investment in the fund, the number of shares owned after the conversion may be greater or less than the number of shares owned before the conversion, depending on the net asset values of the two share classes. A conversion between share classes of the same fund is a nontaxable event. The new account will have the same registration as the account from which you are converting.
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T. Rowe Price conducts periodic reviews of account balances and may, if your account balance in a fund exceeds the minimum amount required for the I Class, automatically convert your Investor Class shares to I Class shares. You will be notified before an automatic conversion occurs and will have an opportunity to instruct T. Rowe Price not to effect the conversion.
Maintaining Your Account Balance
Investor Class Due to the relatively high cost to a fund of maintaining small accounts, we ask you to maintain an account balance of at least $1,000 ($10,000 for Summit Funds). If, for any reason, your balance is below this amount for three months or longer, we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance.
I Class To keep operating expenses lower, we ask you to maintain an account balance of at least $1 million. If your investment falls below $1 million (even if due to market depreciation), we have the right to convert your account to a different share class in the same fund with a higher expense ratio or redeem your account at the then-current net asset value after giving you 60 days to increase your balance.
The redemption of your account could result in a taxable gain.
The following policies apply to accounts that are held through a financial intermediary.
Accounts in Investor Class and I Class shares are not required to be held through a financial intermediary, but accounts in Advisor Class and R Class shares must be held through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). It is important that you contact your retirement plan or financial intermediary to determine the policies, procedures, and transaction deadlines that apply to your account. The financial intermediary may charge a fee for its services.
Opening an Account
The financial intermediary must provide T. Rowe Price with its certified taxpayer identification number. Financial intermediaries should call Financial Institution Services for an account number and wire transfer instructions. In order to obtain an account number, the financial intermediary must supply the name, taxpayer identification number, and business street address for the account. (Please refer to “Contacting T. Rowe Price” later in this section for the appropriate telephone number and mailing address.) Financial intermediaries must also enter into a separate agreement with the fund or its agent.
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How the Trade Date Is Determined
If you invest through a financial intermediary and your transaction request is received by T. Rowe Price or its agent in correct form by the close of the NYSE, your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the New York Stock Exchange, your transaction will be priced at the next business day’s net asset value unless the fund has an agreement with your financial intermediary for orders to be priced at the net asset value next computed after receipt by the financial intermediary.
The funds have authorized certain financial intermediaries or their designees to accept orders to buy or sell fund shares on their behalf. When authorized financial intermediaries receive an order in correct form, the order is considered as being placed with the fund and shares will be bought or sold at the net asset value next calculated after the order is received by the authorized financial intermediary. The financial intermediary must transmit the order to T. Rowe Price and pay for such shares in accordance with the agreement with T. Rowe Price, or the order may be canceled and the financial intermediary could be held liable for the losses. If the fund does not have such an agreement in place with your financial intermediary, T. Rowe Price or its agent must receive the request in correct form from your financial intermediary by the close of the NYSE in order for your transaction to be priced at that business day’s net asset value.
Note: The time at which transactions and shares are priced and the time until which orders are accepted by the fund or a financial intermediary may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE, and still accept transactions and calculate their net asset value as of 4 p.m. ET. Should this occur, your order must still be placed and received in correct form by T. Rowe Price (or by the financial intermediary in accordance with its agreement with T. Rowe Price) prior to the time the NYSE closes to be priced at that business day’s net asset value.
Purchasing Shares
All initial and subsequent investments by financial intermediaries should be made by bank wire or electronic payment. There is no assurance that the share price for the purchase will be the same day the wire was initiated. Purchases by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services.
Investment Minimums
You should check with your financial intermediary to determine what minimum applies to your initial and additional investments.
The funds, other than Summit Funds, require a $2,500 minimum initial investment and Summit Funds require a $25,000 minimum initial investment, although the
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minimum is generally waived or modified for any retirement plans and financial intermediaries establishing accounts in the Investor Class, Advisor Class, or R Class. I Class accounts generally require a $1,000,000 minimum initial investment, although the minimum is waived for certain retirement plans and financial intermediaries maintaining omnibus accounts for their customers.
Investments through a financial intermediary generally do not require a minimum amount for additional purchases.
Redeeming Shares
Certain T. Rowe Price Funds assess a fee on redemptions of shares (including exchanges out of a fund) that are not held for a specified period of time. Please refer to “Contingent Redemption Fee” later in this section.
Unless otherwise indicated, redemption proceeds will be sent via bank wire to the financial intermediary’s designated bank. Redemptions by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or third business day after receipt of the order, depending on the arrangement with the financial intermediary. Proceeds for redemption orders received prior to noon ET for a money market fund may be sent via wire the same business day. You must contact your financial intermediary about procedures for receiving your redemption proceeds.
Please note that certain purchase and redemption requests initiated through the National Securities Clearing Corporation may be rejected, and in such instances, the transaction must be placed by contacting Financial Institution Services.
The following policies and requirements apply generally to accounts in the T. Rowe Price Funds, regardless of whether the account is held directly or indirectly with T. Rowe Price.
The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions. However, when authorized by the fund, certain institutions, financial intermediaries, or retirement plans purchasing fund shares directly with T. Rowe Price may place a purchase order unaccompanied by payment. Payment for these shares must be received by the time designated by the fund (not to exceed the period established for settlement under applicable regulations). If payment is not received by this time, the order may be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.
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U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks. In addition, we request that you give us at least three business days’ notice for any purchase of $5 million or more.
Nonpayment If a check or Automated Clearing House transfer does not clear or payment for an order is not received in a timely manner, your purchase may be canceled. You (or the financial intermediary) will be responsible for any losses or expenses incurred by the fund or its transfer agent, and the fund can redeem shares in your account or another identically registered T. Rowe Price account as reimbursement. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
State Tax-Free Funds Each state tax-free fund is limited to investors living in certain states where the fund is registered to sell its shares. If the address of record on your account is no longer located in one of these states, you will no longer be permitted to purchase additional shares of the fund.
Retail Money Market Funds The retail money market funds have implemented policies and procedures designed to limit purchases to accounts beneficially owned by a natural person. Purchases of a retail money market fund may be rejected from an investor who has not demonstrated sufficient eligibility to purchase shares of the fund or from a financial intermediary that has not demonstrated adequate procedures to limit investments to natural persons. In addition, purchases may be prohibited or subject to certain conditions during periods where a liquidity fee or redemption gate is in effect.
Contingent Redemption Fee
Short-term trading can disrupt a fund’s investment program and create additional costs for long-term shareholders. For these reasons, all share classes of the T. Rowe Price Funds listed in the following table assess a fee on redemptions (including exchanges out of a fund), which reduces the proceeds from such redemptions by the amounts indicated:
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Fund |
Redemption fee |
Holding period |
|
Africa & Middle East |
2% |
90 days or less |
|
Asia Opportunities |
2% |
90 days or less |
|
Credit Opportunities |
2% |
90 days or less |
|
Emerging Europe |
2% |
90 days or less |
|
Emerging Markets Bond |
2% |
90 days or less |
|
Emerging Markets Corporate Bond |
2% |
90 days or less |
|
Emerging Markets Local Currency Bond |
2% |
90 days or less |
|
Emerging Markets Stock |
2% |
90 days or less |
|
Emerging Markets Value Stock |
2% |
90 days or less |
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T. Rowe Price Funds With Redemption Fees |
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Fund |
Redemption fee |
Holding period |
|
Equity Index 500 |
0.5% |
90 days or less |
|
European Stock |
2% |
90 days or less |
|
Extended Equity Market Index |
0.5% |
90 days or less |
|
Floating Rate |
2% |
90 days or less |
|
Global Growth Stock |
2% |
90 days or less |
|
Global High Income Bond |
2% |
90 days or less |
|
Global Real Estate |
2% |
90 days or less |
|
Global Stock |
2% |
90 days or less |
|
High Yield |
2% |
90 days or less |
|
Intermediate Tax-Free High Yield |
2% |
90 days or less |
|
International Bond |
2% |
90 days or less |
|
International Concentrated Equity |
2% |
90 days or less |
|
International Discovery |
2% |
90 days or less |
|
International Equity Index |
2% |
90 days or less |
|
International Growth & Income |
2% |
90 days or less |
|
International Stock |
2% |
90 days or less |
|
Japan |
2% |
90 days or less |
|
Latin America |
2% |
90 days or less |
|
New Asia |
2% |
90 days or less |
|
Overseas Stock |
2% |
90 days or less |
|
QM Global Equity |
2% |
90 days or less |
|
QM U.S. Small & Mid-Cap Core Equity |
1% |
90 days or less |
|
QM U.S. Small-Cap Growth Equity |
1% |
90 days or less |
|
Real Assets |
2% |
90 days or less |
|
Real Estate |
1% |
90 days or less |
|
Small-Cap Value |
1% |
90 days or less |
|
Spectrum International |
2% |
90 days or less |
|
Tax-Efficient Equity |
1% |
less than 365 days |
|
Tax-Free High Yield |
2% |
90 days or less |
|
Total Equity Market Index |
0.5% |
90 days or less |
|
U.S. Bond Enhanced Index |
0.5% |
90 days or less |
Redemption fees are paid to the fund (and not to T. Rowe Price) to deter short-term trading, offset costs, and help protect the fund’s long-term shareholders. Subject to the exceptions described on the following pages, all persons holding shares of a T. Rowe Price Fund that imposes a redemption fee are subject to the fee, whether the
|
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52 |
person is holding shares directly with a T. Rowe Price Fund, through a retirement plan for which T. Rowe Price serves as recordkeeper, or indirectly through a financial intermediary (such as a broker, bank, or investment adviser), recordkeeper for retirement plan participants, or other third party.
Computation of Holding Period When an investor sells shares of a fund that assesses a redemption fee, T. Rowe Price will use the “first-in, first-out” method to determine the holding period for the shares sold. Under this method, the date of redemption or exchange will be compared with the earliest purchase date of shares held in the account. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. For a fund with a 365-day holding period, a redemption fee will be charged on shares sold before the end of the required holding period. For funds with a 90-day holding period, a redemption fee will be charged on shares sold on or before the end of the required holding period. For example, if you redeem your shares on or before the 90th day from the date of purchase, you will be assessed the redemption fee. If you purchase shares through a financial intermediary, consult your financial intermediary to determine how the holding period will be applied.
Transactions Not Subject to Redemption Fees The T. Rowe Price Funds will not assess a redemption fee with respect to certain transactions. As of the date of this prospectus, the following shares of T. Rowe Price Funds will not be subject to redemption fees:
· Shares redeemed through an automated, systematic withdrawal plan;
· Shares redeemed through or used to establish certain rebalancing, asset allocation, wrap, and advisory programs, as well as non-T. Rowe Price fund-of-funds products, if approved in writing by T. Rowe Price;
· Shares purchased through the reinvestment of dividends or capital gain distributions; *
· Shares converted from one share class to another share class of the same fund; *
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees (e.g., for failure to meet account minimums);
· Shares purchased by rollover or changes of account registration within the same fund; *
· Shares redeemed to return an excess contribution from a retirement account;
· Shares of T. Rowe Price Funds purchased by another T. Rowe Price Fund and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that other shareholders of the investing T. Rowe Price Fund are still subject to the policy);
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares that are redeemed in-kind;
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· Shares transferred to T. Rowe Price or a financial intermediary acting as a service provider when the age of the shares cannot be determined systematically; * and
· Shares redeemed in retirement plans or other products that restrict trading to no more frequently than once per quarter or other approved time period, if approved in writing by T. Rowe Price.
* Subsequent exchanges of these shares into funds that assess redemption fees will subject such shares to the fee.
Redemption Fees on Shares Held in Retirement Plans If shares are held in a retirement plan, redemption fees generally will be assessed on shares redeemed by exchange only if they were originally purchased by a participant-directed exchange. However, redemption fees may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or how the fees are applied by your plan’s recordkeeper. To determine which of your transactions are subject to redemption fees, you should contact T. Rowe Price or your plan recordkeeper.
Omnibus Accounts If your shares are held through a financial intermediary in an omnibus account, T. Rowe Price relies on the financial intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to enter into agreements with financial intermediaries establishing omnibus accounts that require the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all financial intermediaries or that the intermediaries will properly assess the fees.
Certain financial intermediaries may not apply the exemptions previously listed to the redemption fee policy; all redemptions by persons trading through such intermediaries may be subject to the fee. Certain financial intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through a financial intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
Liquidity Fees and Redemption Gates—Retail Money Market Funds
A money market fund that operates as a retail money market fund pursuant to Rule 2a-7 under the Investment Company Act of 1940 has the ability to impose liquidity fees of up to 2% of the value of the shares redeemed if the fund’s weekly liquid assets fall below certain thresholds, as specified in Rule 2a-7. A retail money market fund also has the ability to impose a redemption gate, which enables the fund to temporarily suspend redemptions for up to 10 days within a 90-day period if the fund’s weekly liquid assets fall below a certain threshold, as specified in Rule 2a-7. A money market fund’s Board has ultimate discretion to determine whether or not a liquidity fee or redemption gate would be in the best interests of the fund’s shareholders and should be imposed.
A money market fund that operates as a government money market fund pursuant to Rule 2a-7 is not required to impose a liquidity fee or redemption gate upon the sale of your shares. The Boards of the T. Rowe Price money market funds that operate as
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54 |
government money market funds have determined that the funds do not intend to impose liquidity fees and redemption gates. However, the Board of a T. Rowe Price government money market fund reserves the right to impose liquidity fees and redemption gates in the future, at which point shareholders would be provided with at least 60 days’ notice prior to such a change.
If a liquidity fee is in place, all exchanges out of the fund will be subject to the liquidity fee, and if a redemption gate is in place, all exchanges out of the fund will be suspended. When a liquidity fee or redemption gate is in place, the fund may elect to not permit the purchase of shares or to subject the purchase of shares to certain conditions, which may include affirmation of the purchaser’s knowledge that a liquidity fee or a redemption gate is in effect.
Omnibus Accounts If your shares are held through a financial intermediary, T. Rowe Price may rely on the financial intermediary to assess any applicable liquidity fees or impose redemption gates on underlying shareholder accounts. In certain situations, T. Rowe Price enters into agreements with financial intermediaries maintaining omnibus accounts that require the financial intermediary to assess liquidity fees or redemption gates. There are no assurances that T. Rowe Price will be successful in ensuring that all financial intermediaries will properly assess the fees.
Please refer to Sections 1 and 2 of retail money market fund prospectuses for more information regarding liquidity fees and redemption gates.
Large Redemptions
Large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager’s ability to implement a fund’s investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to pay all or part of redemption proceeds with securities from the fund’s portfolio rather than in cash (“redemption in-kind”). If this occurs, the securities will be selected by the fund in its absolute discretion, and the redeeming shareholder or account will be responsible for disposing of the securities and bearing any associated costs and risks (for example, market risks until the securities are disposed of). In addition, we request that you give us at least three business days’ notice for any redemption of $5 million or more.
Delays in Sending Redemption Proceeds
Under certain circumstances, and when deemed to be in a fund’s best interests, proceeds may not be sent for up to seven calendar days after receipt of a valid redemption order.
In addition, if shares are sold that were just purchased and paid for by check or Automated Clearing House transfer, the fund will process your redemption but will generally delay sending the proceeds for up to 10 calendar days to allow the check or Automated Clearing House transfer to clear. If, during the clearing period, we receive a check drawn against your newly purchased shares, it will be returned marked
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“uncollected.” (The 10-day hold does not apply to purchases paid for by bank wire or automatic purchases through payroll deduction.)
The Board of a retail money market fund may impose a redemption gate and elect to temporarily suspend redemptions for up to 10 business days in a 90-day period if the fund’s weekly liquid assets fall below 30% of its total assets and the fund’s Board determines that imposing a redemption gate is in the fund’s best interests. In addition, under certain limited circumstances, the Board of a money market fund may elect to permanently suspend redemptions in order to facilitate an orderly liquidation of the fund (subject to any additional liquidation requirements).
Involuntary Redemptions and Share Class Conversions
Since nongovernment money market funds that operate as retail money market funds are required to limit their beneficial owners to natural persons, shares held directly by an investor or through a financial intermediary in these funds that are not eligible to invest in a retail money market fund are subject to involuntary redemption at any time without prior notice.
Shares held by any investors or financial intermediaries that are no longer eligible to invest in the I Class or who fail to meet or maintain their account(s) at the investment minimum are subject to involuntary redemption at any time or conversion to the Investor Class of the same fund (which may have a higher expense ratio). Investments in Advisor Class shares that are no longer held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class of the same fund following notice to the financial intermediary or shareholder. Investments in R Class shares that are no longer held on behalf of an employer-sponsored defined contribution retirement plan or other eligible R Class account or that are not held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class or Advisor Class of the same fund following notice to the financial intermediary or shareholder.
Excessive and Short-Term Trading Policy
Excessive transactions and short-term trading can be harmful to fund shareholders in various ways, such as disrupting a fund’s portfolio management strategies, increasing a fund’s trading and other costs, and negatively affecting its performance. Short-term traders in funds that invest in foreign securities may seek to take advantage of developments overseas that could lead to an anticipated difference between the price of the funds’ shares and price movements in foreign markets. While there is no assurance that T. Rowe Price can prevent all excessive and short-term trading, the Boards of the T. Rowe Price Funds have adopted the following trading limits that are designed to deter such activity and protect the funds’ shareholders. The funds may revise their trading limits and procedures at any time as the Boards deem necessary or appropriate to better detect short-term trading that may adversely affect the funds, to comply with applicable regulatory requirements, or to impose additional or alternative restrictions.
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Subject to certain exceptions, each T. Rowe Price Fund restricts a shareholder’s purchases (including through exchanges) into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the “30-Day Purchase Block”). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the funds’ excessive and short-term trading policy:
· Shares purchased or redeemed in money market funds and ultra short-term bond funds;
· Shares purchased or redeemed through a systematic purchase or withdrawal plan;
· Checkwriting redemptions from bond funds and money market funds;
· Shares purchased through the reinvestment of dividends or capital gain distributions;
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees;
· Transfers and changes of account registration within the same fund;
· Shares purchased by asset transfer or direct rollover;
· Shares purchased or redeemed through IRA conversions and recharacterizations;
· Shares redeemed to return an excess contribution from a retirement account;
· Transactions in Section 529 college savings plans;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares converted from one share class to another share class in the same fund;
· Shares of T. Rowe Price Funds that are purchased by another T. Rowe Price Fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price Fund are still subject to the policy); and
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price.
Transactions in certain rebalancing, asset allocation, wrap programs, and other advisory programs, as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.
In addition to restricting transactions in accordance with the 30-Day Purchase Block, T. Rowe Price may, in its discretion, reject (or instruct a financial intermediary to reject) any purchase or exchange into a fund from a person (which includes individuals and entities) whose trading activity could disrupt the management of the fund or dilute the value of the fund’s shares, including trading by persons acting collectively (e.g., following the advice of a newsletter). Such persons may be barred,
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without prior notice, from further purchases of T. Rowe Price Funds for a period longer than 30 calendar days, or permanently.
Financial Intermediary Accounts If you invest in T. Rowe Price Funds through a financial intermediary, you should review the financial intermediary’s materials carefully or consult with the financial intermediary directly to determine the trading policy that will apply to your trades in the funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
Financial intermediaries may maintain their underlying accounts directly with the fund, although they often establish an omnibus account (one account with the fund that represents multiple underlying shareholder accounts) on behalf of their customers. When financial intermediaries establish omnibus accounts in the T. Rowe Price Funds, T. Rowe Price is not able to monitor the trading activity of the underlying shareholders. However, T. Rowe Price monitors aggregate trading activity at the financial intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects such trading activity, T. Rowe Price may contact the financial intermediary to request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable) pursuant to a written agreement that T. Rowe Price has entered into with each financial intermediary. If T. Rowe Price believes that excessive or short-term trading has occurred and there is no exception for such trades under the funds’ Excessive and Short-Term Trading Policy previously described, it will instruct the financial intermediary to impose restrictions to discourage such practices and take appropriate action with respect to the underlying shareholder, including restricting purchases for 30 calendar days or longer. Each financial intermediary has agreed to execute such instructions pursuant to a written agreement. There is no assurance that T. Rowe Price will be able to properly enforce its excessive trading policies for omnibus accounts. Because T. Rowe Price generally relies on financial intermediaries to provide information and impose restrictions for omnibus accounts, its ability to monitor and deter excessive trading will be dependent upon the intermediaries’ timely performance of their responsibilities.
T. Rowe Price may allow a financial intermediary or other third party to maintain restrictions on trading in the T. Rowe Price Funds that differ from the 30-Day Purchase Block. An alternative excessive trading policy would be acceptable to T. Rowe Price if it believes that the policy would provide sufficient protection to the T. Rowe Price Funds and their shareholders that is consistent with the excessive trading policy adopted by the funds’ Boards.
Retirement Plan Accounts
If
shares are held in a retirement plan, generally the
30-Day Purchase Block applies only to shares
redeemed by a participant-directed exchange to another fund. However, the 30-Day Purchase Block may apply
to
|
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transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or the excessive trading policy applied by your plan’s recordkeeper. An alternative excessive trading policy may apply to the T. Rowe Price Funds where a retirement plan has its own policy deemed acceptable to T. Rowe Price. You should contact T. Rowe Price or your plan recordkeeper to determine which of your transactions are subject to the funds’ 30-Day Purchase Block or an alternative policy.
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Unclaimed Accounts and Uncashed Checks
If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price (or your financial intermediary) is returned by the post office, T. Rowe Price (or your financial intermediary) may be required to transfer your account and any assets related to uncashed checks to the appropriate state under its abandoned property laws. To avoid such action, it is important to keep your account address up to date and periodically communicate with T. Rowe Price by contacting us or logging in to your account at least once every two years.
Delivery of Shareholder Documents
If two or more accounts own the same fund, share the same address, and T. Rowe Price reasonably believes that the two accounts are part of the same household or institution, we may economize on fund expenses by mailing only one shareholder report and prospectus for the fund. If you need additional copies or do not want your mailings to be “householded,” please call Shareholder Services.
T. Rowe Price can deliver account statements, transaction confirmations, prospectuses, tax forms, and shareholder reports electronically. If you are a registered user of troweprice.com , you can consent to the electronic delivery of these documents by logging in and changing your mailing preferences. You can revoke your consent at any time through troweprice.com , and we will begin to send paper copies of these documents within a reasonable time after receiving your revocation.
Signature Guarantees
A shareholder or financial intermediary may need to obtain a Medallion signature guarantee in certain situations, such as:
· Requests to wire redemption proceeds when bank account information is not already authorized and on file for an account;
· Requests to redeem over a specific dollar amount (varies by share class);
· Remitting redemption proceeds to any person, address, or bank account not on file;
· Establishing certain services after an account is opened; or
· Changing the account registration or broker-dealer of record for an account.
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Financial intermediaries should contact T. Rowe Price Financial Institution Services for specific requirements.
The signature guarantee must be obtained from a financial institution that is a participant in a Medallion signature guarantee program. You can obtain a Medallion signature guarantee from most banks, savings institutions, broker-dealers, and other guarantors acceptable to T. Rowe Price. When obtaining a Medallion signature guarantee, please discuss with the guarantor the dollar amount of your proposed transaction. It is important that the level of coverage provided by the guarantor’s stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.
Responsibility for Unauthorized Transactions
T. Rowe Price and its agents use procedures reasonably designed to confirm that telephone, electronic, and other instructions are genuine. These procedures include recording telephone calls; requiring personalized security codes or other information online and certain identifying information for telephone calls; requiring Medallion signature guarantees for certain transactions and account changes; and promptly sending confirmations of transactions and address changes. If T. Rowe Price and its agents follow these procedures, they are not responsible for any losses that may occur due to unauthorized instructions. For transactions conducted online, we recommend the use of a secure Internet browser. In addition, you should verify the accuracy of your confirmation statements immediately after you receive them and notify T. Rowe Price of any inaccuracies.
Fund Operations and Shareholder Services
T. Rowe Price and The Bank of New York Mellon, subject to the oversight of T. Rowe Price, each provide certain accounting services to the T. Rowe Price Funds. T. Rowe Price Services, Inc. acts as the transfer agent and dividend disbursing agent and provides shareholder and administrative services to the funds. T. Rowe Price Retirement Plan Services, Inc. provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The funds may also pay financial intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. In addition, certain funds serve as an underlying fund in which some fund-of-funds products, the T. Rowe Price Spectrum and Retirement Funds, invest. Subject to approval by each applicable fund’s Board, each underlying fund bears its proportionate share of the direct operating expenses of the T. Rowe Price Spectrum and Retirement Funds. All of the fees discussed above are included in a fund’s financial statements and, except for funds that have an all-inclusive management fee, are also reflected in the “Other expenses” line that appears in a fund’s fee table in Section 1.
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Accounts Held Directly With T. Rowe Price
Investors who want to open an account directly with T. Rowe Price or who already have an account held directly with T. Rowe Price (and not through a financial intermediary) should refer to the following information.
Online You can open an account and place most transactions online at troweprice.com .
Telephone If you have questions relating to the opening of a new account (including Traditional, Roth, and Rollover IRAs and most nonretirement accounts) with T. Rowe Price, please call Investor Services at 1-800-638-5660. To place a transaction, report unauthorized activity on your account or a discrepancy on your transaction confirmation, elect out of the “householding” of prospectuses and shareholder reports, or ask a question about an existing account, please call Shareholder Services at 1-800-225-5132. If you find our phones busy during unusually volatile markets, please consider placing your order online.
To access information on fund performance, prices, account balances, and your latest
transactions 24 hours a day, please call T. Rowe Price Tele*Access
®
at
1-800-638-2587. (Please note that transactions
cannot be placed through Tele*Access
®
.)
If you are an institutional investor opening an account directly with T. Rowe Price or have questions or want to place a transaction on an existing account, please call Financial Institution Services at 1-800-638-8790.
For inquiries regarding funds owned in a small business retirement plan, which include SEP-IRA, SAR-SEP, SIMPLE IRA, individual 401(k), profit sharing, money purchase pension, and certain 403(b) plan accounts, please call T. Rowe Price Retirement Client Services at 1-800-492-7670 or consult your plan administrator. Requests for redemptions from these types of retirement accounts may be required to be in writing.
Funds held through other employer-sponsored retirement plans should call the appropriate telephone number that appears on your retirement plan account statement.
If you hold shares of a T. Rowe Price Fund through a T. Rowe Price Brokerage account and want to place a transaction, please call 1-800-225-7720.
For
inquiries or to place a transaction, the hearing-impaired should call
1-800-367-0763 (1-800-521-0325
if you hold shares in a small business retirement plan account).
By Mail Please be sure to use the correct address to avoid a delay in opening your account or processing your transaction. These addresses are subject to change at any
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time, so you may want to consider checking troweprice.com/contactus or calling the appropriate telephone number to ensure that you use the correct mailing address.
Investors (other than institutions and small business retirement plans) opening a new account or making additional purchases by check should use the following addresses:
Investors (other than institutions and small business retirement plans) requesting an exchange or redemption should use the following addresses:
Investors in a small business retirement plan opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:
Institutional investors opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:
Note : Your transaction will receive the share price for the business day that the request is received by T. Rowe Price or its agent prior to the close of the NYSE (normally 4 p.m. ET), which could differ from the day that the request is received at the post office box.
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Investor Centers To place a transaction or to sit down one-on-one with a counselor for investment guidance or to discuss a full range of investment topics, you may visit one of the T. Rowe Price Investor Centers at the following locations:
|
Baltimore Investor Center 105 East Lombard Street Baltimore, MD 21202 410-345-5757 or toll-free 888-453-7326 |
Colorado Springs Investor Center 2260 Briargate Parkway Colorado Springs, CO 80920 719-278-5700 or toll-free 866-728-9925 |
|
Owings Mills Investor Center Three Financial Center 4515 Painters Mill Road Owings Mills, MD 21117 410-345-5665 or toll-free 877-374-5245 |
Tampa Investor Center 4211 W. Boy Scout Boulevard, 8th Floor Tampa, FL 33607 813-554-4000 or toll-free 877-453-6447 |
|
Tysons Corner Investor Center 1600 Tysons Boulevard, Suite 150 McLean, VA 22102 703-873-1200 or toll-free 866-864-9847 |
Washington, D.C., Investor Center 1717 K Street, N.W., Suite A–100 Washington, D.C. 20006 202-466-5000 or toll-free 888-801-0316 |
Accounts Held Through Financial Intermediaries
If you hold shares of a fund through a financial intermediary, you must contact your financial intermediary to determine the requirements for opening a new account and placing transactions. Financial intermediaries should refer to the following information.
Telephone To open a new account, place transactions, or ask any question about an account, please call Financial Institution Services at 1-800-638-8790.
By Mail Financial intermediaries should send new account agreements and other documentation to the following addresses:
Each fund intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. In order to qualify, a fund must satisfy certain income, diversification, and distribution requirements. A regulated investment company is not subject to U.S. federal income tax at the portfolio level on income and gains from investments that are distributed to shareholders. However, if a fund were to fail to qualify as a regulated investment company and was ineligible to or otherwise did not cure such failure, the result would be fund-level taxation and, consequently, a reduction in income available for distribution to the fund’s shareholders.
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To the extent possible, all net investment income and realized capital gains are distributed to shareholders.
Dividends and Other Distributions
Dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
Distributions not reinvested may be paid by check or transmitted to your bank account via Automated Clearing House or may be automatically invested into another fund account. If the U.S. Postal Service cannot deliver your check or if your check remains uncashed for six months, the fund reserves the right to reinvest your distribution check in your account at the net asset value on the day of the reinvestment and to reinvest all subsequent distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
The following table provides details on dividend payments:
|
Dividend Payment Schedule |
|
|
Fund |
Dividends |
|
Money market funds |
· Shares purchased via wire that are received by T. Rowe Price by noon ET begin to earn dividends on that day. Shares purchased via a wire received after noon ET and through other methods normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month. |
|
Bond funds |
· Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month. |
|
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Growth & Income · Personal Strategy Balanced · Personal Strategy Income · Real Estate |
· Dividends, if any, are declared and paid quarterly, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
|
Other stock funds |
· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date. |
|
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|
Dividend Payment Schedule |
|
|
Fund |
Dividends |
|
Retirement,
Spectrum, and
|
|
|
·
Retirement
Balanced and
|
· Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month. |
|
· All others |
· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date. |
Shares of the Retirement Balanced Fund, money market funds, and bond funds, including the Spectrum Income Fund, earn dividends through the date of redemption (for redemptions from money market funds where the request is received prior to noon ET and proceeds are sent via wire, shares only earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.
If you purchase and redeem your shares through a financial intermediary, consult your financial intermediary to determine when your shares begin and stop accruing dividends as the information previously described may vary.
Capital Gain Payments
A capital gain or loss is the difference between the purchase and sale price of a security. If a fund has net capital gains for the year (after subtracting any capital losses), they are usually declared and paid in December to shareholders of record on a specified date that month. If a second distribution is necessary, it is generally paid the following year. A fund may have to make additional capital gain distributions, if necessary, to comply with the applicable tax law. Capital gains are not expected from government or retail money market funds since they are managed to maintain a stable share price. However, if a money market fund unexpectedly has net capital gains for the year (after subtracting any capital losses), the capital gain may be declared and paid in December to shareholders of record.
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Tax Information
In most cases, you will be provided information for your tax filing needs no later than mid-February.
If you invest in the fund through a tax-deferred account, such as an IRA or employer-sponsored retirement plan, you will not be subject to tax on dividends and distributions from the fund or the sale of fund shares if those amounts remain in the tax-deferred account. You may receive a Form 1099-R or other Internal Revenue Service forms, as applicable, if any portion of the account is distributed to you.
If you invest in the fund through a taxable account, you generally will be subject to tax when:
· You sell fund shares, including an exchange from one fund to another.
· The fund makes dividend or capital gain distributions.
Additional information about the taxation of dividends for certain T. Rowe Price Funds is listed below:
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Tax-Free and Municipal Funds |
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· Regular monthly dividends (including those from the state-specific tax-free funds) are expected to be exempt from federal income taxes. |
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· Exemption is not guaranteed, since the fund has the right under certain conditions to invest in nonexempt securities. |
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· Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax. |
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· For state-specific funds, the monthly dividends you receive are expected to be exempt from state and local income tax of that particular state. For other funds, a small portion of your income dividend may be exempt from state and local income taxes. |
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· If a fund invests in certain “private activity” bonds that are not exempt from the alternative minimum tax, shareholders who are subject to the alternative minimum tax must include income generated by those bonds in their alternative minimum tax calculation. The portion of a fund’s income dividend that should be included in your alternative minimum tax calculation, if any, will be reported to you by mid-February on Form 1099-DIV. |
For individual shareholders, a portion of ordinary
dividends representing “qualified dividend income” received by the fund may be subject to tax
at the lower rates applicable to long-term capital gains rather than ordinary income. You may report
it as “qualified dividend income” in computing your taxes, provided you have held the fund
shares on which the dividend was paid for more than 60 days during the
121-day period beginning 60 days
before the ex-dividend date. Ordinary dividends that do not qualify for this lower rate are generally
taxable at the investor’s marginal income tax rate. This includes the portion of ordinary dividends
derived from interest, short-term capital gains, distributions from nonqualified foreign corporations,
and dividends received by the fund from stocks that were on loan. Little, if any, of the ordinary dividends
paid by the Global Real Estate Fund, Real Estate Fund, bond funds, or money market funds is expected
to qualify for this lower rate.
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For corporate shareholders, a portion of ordinary dividends may be eligible for the 70% deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds, bond funds, or money market funds is expected to qualify for this deduction.
A 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gains of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly) and of estates and trusts.
If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with any necessary tax forms. You should contact your financial intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.
Taxes on Fund Redemptions
When you sell shares in any fund, you may realize a gain or loss. An exchange from one fund to another fund in a taxable account is also a sale for tax purposes. As long as a money market fund maintains a stable share price of $1.00, a redemption or exchange to another fund will not result in a gain or loss for tax purposes. However, an exchange from one fund into a money market fund may result in a gain or loss on the fund from which shares were redeemed.
All or a portion of the loss realized from a sale or exchange of your fund shares may be disallowed under the “wash sale” rule if you purchase substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date on which the shares are sold or exchanged. Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the 61-day period of the dividend reinvestment. Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares.
T. Rowe Price (or your financial
intermediary) will make available to you
Form 1099-B, if applicable, no later than mid-February, indicating
the date and amount of each sale you made in the fund during the prior year. This information will also
be reported to the Internal Revenue Service. For most new accounts or those opened by exchange in 1984
or later, we will provide you with the gain or loss on the shares you sold during the year based on the
average cost single category method. You may calculate the cost basis using other methods acceptable
to the Internal Revenue Service, such as specific identification.
For mutual fund shares acquired after 2011, federal income tax regulations require us to report the cost basis information to you and the Internal Revenue Service on Form 1099-B using a cost basis method selected by you or, in the absence of such selected method, our default method if you acquire your shares directly from us. Our default method is average cost. For any fund shares acquired through a financial
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Information About Accounts in T. Rowe Price Funds |
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intermediary after 2011, you should check with your financial intermediary regarding the applicable cost basis method. You should, however, note that the cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate. To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly following each transaction you make (except for systematic purchases and systematic redemptions) and a year-end statement detailing all of your transactions in each fund account during the year. If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with transaction confirmations and statements.
Taxes on Fund Distributions
T. Rowe Price (or your financial intermediary) will make available to you, as applicable, generally no later than mid-February, a Form 1099-DIV, or other Internal Revenue Service forms, as required, indicating the tax status of any income dividends, dividends exempt from federal income taxes, and capital gain distributions made to you. This information will be reported to the Internal Revenue Service. Taxable distributions are generally taxable to you in the year in which they are paid. A dividend declared in October, November, or December and paid in the following January is generally treated as taxable to you as if you received the distribution in December. Dividends from tax-free funds are generally expected to be tax-exempt for federal income tax purposes. Your bond fund and money market fund dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain dividends may also be subject to state and local taxes. You will be sent any additional information you need to determine your taxes on fund distributions, such as the portion of your dividends, if any, that may be exempt from state and local income taxes.
Taxable distributions are subject to tax whether reinvested in additional shares or received in cash.
The tax treatment of a capital gain distribution is determined by how long the fund held the portfolio securities, not how long you held the shares in the fund. Short-term (one year or less) capital gain distributions are taxable at the same rate as ordinary income, and gains on securities held for more than one year are taxed at the lower rates applicable to long-term capital gains. If you realized a loss on the sale or exchange of fund shares that you held for six months or less, your short-term capital loss must be reclassified as a long-term capital loss to the extent of any long-term capital gain distributions received during the period you held the shares. For funds investing in foreign securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt
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securities are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
A fund’s distributions that have exceeded the fund’s earnings and profits for the relevant tax year may be treated as a return of capital to its shareholders. A return of capital distribution is generally nontaxable but reduces the shareholder’s cost basis in the fund, and any return of capital in excess of the cost basis will result in a capital gain.
The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form 1099-DIV. Distributions made by a fund may later be recharacterized for federal income tax purposes—for example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as real estate investment trusts (“REITs”), and distributions that exceed taxable income due to losses from foreign currency transactions or other investment transactions. Certain funds, including international bond funds and funds that invest significantly in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments.
If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income. However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid.
If a fund holds certain qualified tax credit bonds and elects to pass through the corresponding interest income and any available tax credits, you will need to report both the interest income and any such tax credits as taxable income. You may be able to claim the tax credits on your federal tax return as an offset to your income tax (including alternative minimum tax) liability, but the tax credits generally are not refundable. There is no assurance, however, that a fund will elect to pass through the income and credits.
If you are subject to backup withholding, we will have to withhold a 28% backup withholding tax on distributions and, in some cases, redemption payments. You may be subject to backup withholding if we are notified by the Internal Revenue Service to withhold, you have failed one or more tax certification requirements, or our records indicate that your tax identification number is missing or incorrect. Backup withholding is not an additional tax and is generally available to credit against your federal income tax liability with any excess refunded to you by the Internal Revenue Service.
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Information About Accounts in T. Rowe Price Funds |
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The following table provides additional details on distributions for certain funds:
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Taxes on Fund Distributions |
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Tax-Free and Municipal Funds |
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· Gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income and cannot be offset by other capital losses. · Payments received or gains realized on certain derivative transactions may result in taxable ordinary income or capital gains. · To the extent the fund makes such investments, the likelihood of a taxable distribution will be increased. |
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Limited Duration Inflation Focused Bond and Inflation Protected Bond Funds |
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· Inflation adjustments on Treasury inflation protected securities that exceed deflation adjustments for the year will be distributed as a short-term capital gain, resulting in ordinary income. · In computing the distribution amount, the funds cannot reduce inflation adjustments by short- or long-term capital losses from the sales of securities. · Net deflation adjustments for a year may result in all or a portion of dividends paid earlier in the year being treated as a return of capital. |
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Retirement, Spectrum, and Target Funds |
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· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains. |
Tax Consequences of Liquidity Fees
It is currently anticipated that shareholders of retail money funds that impose a liquidity fee may generally treat the liquidity fee as offsetting the shareholder’s amount realized on the redemption (thereby decreasing the shareholder’s gain, or increasing the shareholder’s loss, on the redeemed amount). A fund that imposes a liquidity fee anticipates using 100% of the fee to help repair a market-based net asset value per share that was below $1.00.
Because the retail money funds use amortized cost to maintain a stable share price of $1.00, in the event that a liquidity fee is imposed, a fund may need to distribute to its remaining shareholders sufficient value to prevent the fund from breaking the buck on the upside (i.e., by rounding up to $1.01 in pricing its shares) if the imposition of a liquidity fee causes the fund’s market-based net asset value to reach $1.0050. To the extent that a fund has sufficient earnings and profits to support the distribution, the additional dividends would be taxable as ordinary income to shareholders and would be eligible for deduction by the fund. Any distribution in excess of the fund’s earnings and profits would be treated as a return of capital, which would reduce your cost basis in the fund shares.
Tax Consequences of Hedging
Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund
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may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.
Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution
If you buy shares shortly before or on the record date—the date that establishes you as the person to receive the upcoming distribution—you may receive a portion of the money you just invested in the form of a taxable distribution. Therefore, you may wish to find out a fund’s record date before investing. In addition, a fund’s share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return.
T. Rowe Price Funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through a financial intermediary no later than the business day after the order is received by the financial intermediary (including, but not limited to, orders deemed to result in excessive trading, market timing, or 5% ownership); (5) to cease offering fund shares at any time to all or certain groups of investors; (6) to freeze any account and suspend account services when notice has been received of a dispute regarding the ownership of the account, or a legal claim against an account, upon initial notification to T. Rowe Price of a shareholder’s death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed, in cases of threatening conduct, suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money funds, to suspend redemptions to facilitate an orderly liquidation.
A Statement of Additional Information for the T. Rowe Price family of funds, which includes additional information about the funds, has been filed with the SEC and is incorporated by reference into this prospectus. Further information about fund investments, including a review of market conditions and the manager’s recent investment strategies and their impact on performance during the past fiscal year, will appear in the annual and semiannual shareholder reports once they are available. To obtain free copies of any of these documents, call 1-800-638-5660.
Fund information and Statements of Additional Information are also available from the Public Reference Room of the SEC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Fund reports and other fund information are available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov, or by writing the Public Reference Room, U.S. Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1520.
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T. Rowe Price Associates, Inc.
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1940 Act File No. 811-23180 |
TBD-040 11/8/16 |
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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 November 8, 2016.
T. ROWE PRICE BALANCED FUND, INC.
T. Rowe Price Balanced Fund (RPBAX)
T. Rowe Price Balanced Fund—I Class (RBAIX)
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.
T. Rowe Price Blue Chip Growth Fund (TRBCX)
T. Rowe Price Blue Chip Growth Fund—Advisor Class (PABGX)
T. Rowe Price Blue Chip Growth Fund—I Class (TBCIX)
T. Rowe Price Blue Chip Growth Fund—R Class (RRBGX)
T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund (PRXCX)
California Tax-Free Money Fund (PCTXX)
T. ROWE PRICE CAPITAL APPRECIATION FUND
T. Rowe Price Capital Appreciation Fund (PRWCX)
T. Rowe Price Capital Appreciation Fund—Advisor Class (PACLX)
T. Rowe Price Capital Appreciation Fund—I Class (TRAIX)
T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.
T. Rowe Price Capital Opportunity Fund (PRCOX)
T. Rowe Price Capital Opportunity Fund—Advisor Class (PACOX)
T. Rowe Price Capital Opportunity Fund—R Class (RRCOX)
T. ROWE PRICE CORPORATE INCOME FUND, INC.
T. Rowe Price Corporate Income Fund (PRPIX)
T. Rowe Price Corporate Income Fund—I Class (TICCX)
T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.
T. Rowe Price Credit Opportunities Fund (PRCPX)
T. Rowe Price Credit Opportunities Fund—Advisor Class (PAOPX)
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.
T. Rowe Price Diversified Mid-Cap Growth Fund (PRDMX)
T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. Rowe Price Dividend Growth Fund (PRDGX)
T. Rowe Price Dividend Growth Fund—Advisor Class (TADGX)
T. Rowe Price Dividend Growth Fund—I Class (PDGIX)
T. ROWE PRICE EQUITY INCOME FUND
T. Rowe Price Equity Income Fund (PRFDX)
T. Rowe Price Equity Income Fund—Advisor Class (PAFDX)
T. Rowe Price Equity Income Fund—I Class (REIPX)
T. Rowe Price Equity Income Fund—R Class (RRFDX)
T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
T. Rowe Price Financial Services Fund (PRISX)
T. ROWE PRICE FLOATING RATE FUND, INC.
T. Rowe Price Floating Rate Fund (PRFRX)
T. Rowe Price Floating Rate Fund—Advisor Class (PAFRX)
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.
T. Rowe Price Global Allocation Fund (RPGAX)
T. Rowe Price Global Allocation Fund—Advisor Class (PAFGX)
T. Rowe Price Global Allocation Fund—I Class (TGAFX)
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.
T. Rowe Price Global Multi-Sector Bond Fund (PRSNX)
T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class (PRSAX)
T. Rowe Price Global Multi-Sector Bond Fund—I Class (PGMSX)
C00-042 11/8/16
T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.
T. Rowe Price Global Real Estate Fund (TRGRX)
T. Rowe Price Global Real Estate Fund—Advisor Class (PAGEX)
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.
T. Rowe Price Global Technology Fund (PRGTX)
T. ROWE PRICE GNMA FUND
T. Rowe Price GNMA Fund (PRGMX)
T. ROWE PRICE GOVERNMENT MONEY FUND, INC. (formerly T. Rowe Price Prime Reserve Fund, Inc.)
T. Rowe Price Government Money Fund (PRRXX) (formerly T. Rowe Price Prime Reserve Fund)
T. ROWE PRICE GROWTH & INCOME FUND, INC.
T. Rowe Price Growth & Income Fund (PRGIX)
T. ROWE PRICE GROWTH STOCK FUND, INC.
T. Rowe Price Growth Stock Fund (PRGFX)
T. Rowe Price Growth Stock Fund—Advisor Class (TRSAX)
T. Rowe Price Growth Stock Fund—I Class (PRUFX)
T. Rowe Price Growth Stock Fund—R Class (RRGSX)
T. ROWE PRICE HEALTH SCIENCES FUND, INC.
T. Rowe Price Health Sciences Fund (PRHSX)
T. Rowe Price Health Sciences Fund—I Class (THISX)
T. ROWE PRICE HIGH YIELD FUND, INC.
T. Rowe Price High Yield Fund (PRHYX)
T. Rowe Price High Yield Fund—Advisor Class (PAHIX)
T. Rowe Price High Yield Fund—I Class (PRHIX)
T. ROWE PRICE 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.
T. Rowe Price Inflation Protected Bond Fund (PRIPX)
T. Rowe Price Inflation Protected Bond Fund—I Class (TIIPX)
T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. (“Institutional Equity Funds”)
T. Rowe Price Institutional Large-Cap Core Growth Fund (TPLGX)
T. Rowe Price Institutional Large-Cap Growth Fund (TRLGX)
T. Rowe Price Institutional Large-Cap Value Fund (TILCX)
T. Rowe Price Institutional Mid-Cap Equity Growth Fund (PMEGX)
T. Rowe Price Institutional Small-Cap Stock Fund (TRSSX)
T. Rowe Price Institutional U.S. Structured Research Fund (TRISX)
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Cash Reserves Fund (ICFXX)
T. Rowe Price Institutional Core Plus Fund (TICPX)
T. Rowe Price Institutional 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)
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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.
T. Rowe Price Intermediate Tax-Free High Yield Fund (PRIHX)
T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class (PRAHX)
T. ROWE PRICE 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)
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)
3
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.
T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX)
T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class (TRLDX)
T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.
T. Rowe Price Media & Telecommunications Fund (PRMTX)
T. Rowe Price Media & Telecommunications Fund—I Class (TTMIX)
T. ROWE PRICE MID-CAP GROWTH FUND, INC.
T. Rowe Price Mid-Cap Growth Fund (RPMGX)
T. Rowe Price Mid-Cap Growth Fund—Advisor Class (PAMCX)
T. Rowe Price Mid-Cap Growth Fund—I Class (RPTIX)
T. Rowe Price Mid-Cap Growth Fund—R Class (RRMGX)
T. ROWE PRICE MID-CAP VALUE FUND, INC.
T. Rowe Price Mid-Cap Value Fund (TRMCX)
T. Rowe Price Mid-Cap Value Fund—Advisor Class (TAMVX)
T. Rowe Price Mid-Cap Value Fund—I Class (TRMIX)
T. Rowe Price Mid-Cap Value Fund—R Class (RRMVX)
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (“Multi-Sector Account Portfolios”)
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
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
T. Rowe Price New America Growth Fund (PRWAX)
T. Rowe Price New America Growth Fund—Advisor Class (PAWAX)
T. Rowe Price New America Growth Fund—I Class (PNAIX)
T. ROWE PRICE NEW ERA FUND, INC.
T. Rowe Price New Era Fund (PRNEX)
T. Rowe Price New Era Fund—I Class (TRNEX)
T. ROWE PRICE NEW HORIZONS FUND, INC.
T. Rowe Price New Horizons Fund (PRNHX)
T. Rowe Price New Horizons Fund—I Class (PRJIX)
T. ROWE PRICE NEW INCOME FUND, INC.
T. Rowe Price New Income Fund (PRCIX)
T. Rowe Price New Income Fund—Advisor Class (PANIX)
T. Rowe Price New Income Fund—I Class (PRXEX)
T. Rowe Price New Income Fund—R Class (RRNIX)
T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. (“Personal Strategy Funds”)
T. Rowe Price Personal Strategy Balanced Fund (TRPBX)
T. Rowe Price Personal Strategy Balanced Fund—I Class (TPPAX)
T. Rowe Price Personal Strategy Growth Fund (TRSGX)
T. Rowe Price Personal Strategy Growth Fund—I Class (TGIPX)
T. Rowe Price Personal Strategy Income Fund (PRSIX)
T. Rowe Price Personal Strategy Income Fund—I Class (PPIPX)
T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC. (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)
4
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 Small-Cap Growth Fund) (PRDSX)
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—Advisor Class (TQAAX)
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—I Class (TQAIX)
T. Rowe Price QM U.S. Value Equity Fund (TQMVX)
T. Rowe Price QM U.S. Value Equity Fund—Advisor Class (TQVAX)
T. Rowe Price QM U.S. Value Equity Fund—I Class (TQVIX)
T. ROWE PRICE REAL ASSETS FUND, INC.
T. Rowe Price Real Assets Fund (PRAFX)
T. Rowe Price Real Assets Fund—I Class (PRIKX)
T. ROWE PRICE REAL ESTATE FUND, INC.
T. Rowe Price Real Estate Fund (TRREX)
T. Rowe Price Real Estate Fund—Advisor Class (PAREX)
T. Rowe Price Real Estate Fund—I Class (TIRRX)
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (“TRP Reserve Funds”)
T. Rowe Price Government Reserve Fund (formerly T. Rowe Price Reserve Investment Fund)
T. Rowe Price Short-Term Fund (formerly T. Rowe Price Short-Term Reserve Fund)
T. Rowe Price Short-Term Government Fund (formerly T. Rowe Price Short-Term Government Reserve Fund)
T. Rowe Price Treasury Reserve Fund (formerly T. Rowe Price Government Reserve Investment 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)
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)
5
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)
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)
6
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.
T. Rowe Price Science & Technology Fund (PRSCX)
T. Rowe Price Science & Technology Fund—Advisor Class (PASTX)
T. Rowe Price Science & Technology Fund—I Class (TSNIX)
T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short-Term Bond Fund (PRWBX)
T. Rowe Price Short-Term Bond Fund—Advisor Class (PASHX)
T. Rowe Price Short-Term Bond Fund—I Class (TBSIX)
T. Rowe Price Ultra Short-Term Bond Fund (TRBUX)
T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. Rowe Price Small-Cap Stock Fund (OTCFX)
T. Rowe Price Small-Cap Stock Fund—Advisor Class (PASSX)
T. Rowe Price Small-Cap Stock Fund—I Class (OTIIX)
T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. Rowe Price Small-Cap Value Fund (PRSVX)
T. Rowe Price Small-Cap Value Fund—Advisor Class (PASVX)
T. Rowe Price Small-Cap Value Fund—I Class (PRVIX)
T. ROWE PRICE SPECTRUM FUND, INC. (“Spectrum Funds”)
Spectrum Growth Fund (PRSGX)
Spectrum Income Fund (RPSIX)
Spectrum International Fund (PSILX)
T. ROWE PRICE STATE TAX-FREE 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 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.
T. Rowe Price Tax-Exempt Money Fund (PTEXX)
7
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Tax-Free High Yield Fund (PRFHX)
T. Rowe Price Tax-Free High Yield Fund—Advisor Class (PATFX)
T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund (PRTAX)
T. Rowe Price Tax-Free Income Fund—Advisor Class (PATAX)
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. Rowe Price Tax-Free Short-Intermediate Fund (PRFSX)
T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class (PATIX)
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund (PRTUX)
T. ROWE PRICE TOTAL RETURN FUND, INC.
T. Rowe Price Total Return Fund (TBD)
T. Rowe Price Total Return Fund—Advisor Class (TBD)
T. Rowe Price Total Return Fund—I Class (TBD)
T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.
T. Rowe Price U.S. Bond Enhanced Index Fund (PBDIX)
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.
T. Rowe Price U.S. Large-Cap Core Fund (TRULX)
T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class (PAULX)
T. ROWE PRICE U.S. 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.
T. Rowe Price Value Fund (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 Global Allocation Fund—I Class, Global Consumer Fund, Global Multi-Sector Bond Fund—I Class, Health Sciences Fund—I Class, Institutional Cash Reserves Fund, International Discovery Fund—I Class, Media & Telecommunications Fund—I Class, New Asia 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—I Class, QM U.S. Small-Cap Growth Equity Fund—Advisor 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, Science & Technology Fund—I Class, Short-Term Government Fund, Tax–Free Ultra Short–Term Bond Fund, Total Return Fund, Total Return Fund—Advisor Class, and Total Return Fund—I Class have not been in operation long enough to have complete financial statements.
If you would like a prospectus or an annual or semiannual shareholder report for a fund, please visit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.
8
PART I – TABLE OF CONTENTS
Page
|
Investment Management Agreements |
|
Page
|
Accounting Firm |
|
References to the following are as indicated:
Fitch Ratings, Inc. (“ Fitch ”)
Internal Revenue Code of 1986, as amended (“ Code ”)
Internal Revenue Service (“ IRS ”)
Investment Company Act of 1940, as amended (“ 1940 Act ”)
Moody’s Investors Service, Inc. (“ Moody’s ”)
Securities Act of 1933, as amended (“ 1933 Act ”)
Securities and Exchange Commission (“ SEC ”)
Securities Exchange Act of 1934, as amended (“ 1934 Act ”)
S & P Global Ratings (“ S&P ”)
T. Rowe Price Associates, Inc. (“ T. Rowe Price ”)
T. Rowe Price Hong Kong Limited (“ Price Hong Kong ”)
T. Rowe Price 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 employer-sponsored 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 a separate share class of certain Institutional Funds and is designed to be sold only through financial advisors and certain third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services. F Class shares are not intended to be offered by intermediaries through a mutual fund “supermarket” platform. The F Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.
Mid-Cap Index Fund, Multi-Sector Account Portfolios, Small-Cap Index Fund, and TRP Reserve Funds
These funds are not available for direct purchase by members of the public. Shares of these funds may only be purchased by or on behalf of mutual funds, Section 529 college savings plans, or certain institutional client accounts for which T. Rowe Price or one of its affiliates has discretionary investment authority.
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 |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Africa & Middle East |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Asia Opportunities |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Asia Opportunities Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Balanced |
Asset Allocation |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Balanced Fund—I Class |
Asset Allocation |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Blue Chip Growth |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Blue Chip Growth Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Blue Chip Growth Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Blue Chip Growth Fund—R Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
California Tax-Free Bond |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
California Tax-Free Money |
State Tax-Free Money |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Capital Appreciation |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Capital Appreciation Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Capital Appreciation Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Capital Opportunity |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
10
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Capital Opportunity Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Capital Opportunity Fund—R Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Cash Reserves |
Taxable Money |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Corporate Income |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Corporate Income Fund—I Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Credit Opportunities |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Credit Opportunities Fund—Advisor Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Diversified Mid-Cap Growth |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Dividend Growth |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Dividend Growth Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Dividend Growth Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Europe |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Emerging Markets Bond |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Bond Fund—Advisor Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Bond Fund—I Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Corporate Bond |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Corporate Bond Fund—Advisor Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Corporate Bond Fund—I Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Corporate Multi-Sector Account Portfolio |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Local Currency Bond |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Local Currency Bond Fund—Advisor Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Local Currency Bond Fund—I Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Local Multi-Sector Account Portfolio |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Emerging Markets Stock |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Emerging Markets Stock Fund—I Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Emerging Markets Value Stock |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Emerging Markets Value Stock Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Equity Income |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Equity Income Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
11
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Equity Income Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Equity Income Fund—R Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Equity Index 500 |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Equity Index 500 Fund—I Class |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
European Stock |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Extended Equity Market Index |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Financial Services |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Floating Rate |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Floating Rate Fund—Advisor Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Floating Rate Multi-Sector Account Portfolio |
Taxable Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Georgia Tax-Free Bond |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Global Allocation |
Asset Allocation |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Global Allocation Fund—Advisor Class |
Asset Allocation |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Global Allocation Fund—I Class |
Asset Allocation |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Global Consumer |
International Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Growth Stock |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Global Growth Stock Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Global High Income Bond |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global High Income Bond Fund—Advisor Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global High Income Bond Fund—I Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Industrials |
International Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Multi-Sector Bond |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Global Multi-Sector Bond Fund—Advisor Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Global Multi-Sector Bond Fund—I Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Global Real Estate |
International Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Real Estate Fund—Advisor Class |
International Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Stock |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Global Stock Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Global Technology |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Unconstrained Bond |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Unconstrained Bond Fund—Advisor Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Global Unconstrained Bond Fund—I Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
GNMA |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Government Money |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Government Reserve |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Growth & Income |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Growth Stock |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
12
13
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Institutional Large-Cap Growth |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Institutional Large-Cap Value |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Institutional Long Duration Credit |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Institutional Mid-Cap Equity Growth |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Institutional Small-Cap Stock |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Institutional U.S. Structured Research |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Intermediate Tax-Free High Yield |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Intermediate Tax-Free High Yield Fund—Advisor Class |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
International Bond |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
International Bond Fund—Advisor Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
International Bond Fund—I Class |
International Bond |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
International Concentrated Equity |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Concentrated Equity Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Discovery |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Discovery Fund—I Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Equity Index |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Growth & Income |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Growth & Income Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Growth & Income Fund—I Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Growth & Income Fund—R Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Stock |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Stock Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Stock Fund—I Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
International Stock Fund—R Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Investment-Grade Corporate Multi-Sector Account Portfolio |
Taxable Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Japan |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Latin America |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Limited Duration Inflation Focused Bond |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Limited Duration Inflation Focused Bond Fund—I Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Maryland Short-Term Tax-Free Bond |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Maryland Tax-Free Bond |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
14
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Maryland Tax-Free Money |
State Tax-Free Money |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Media & Telecommunications |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Media & Telecommunications Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Growth |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Growth Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Growth Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Growth Fund—R Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Index |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Index Fund—I Class |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Value |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Value Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Value Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mid-Cap Value Fund—R Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Mortgage-Backed Securities Multi-Sector Account Portfolio |
Taxable Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
New America Growth |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
New America Growth Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
New America Growth Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
New Asia |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
New Asia Fund—I Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
New Era |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
New Era Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
New Horizons |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
New Horizons Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
New Income |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
New Income Fund—Advisor Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
New Income Fund—I Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
New Income Fund—R Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
New Jersey Tax-Free Bond |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
New York Tax-Free Bond |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
New York Tax-Free Money |
State Tax-Free Money |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Overseas Stock |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Overseas Stock Fund—Advisor Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Overseas Stock Fund—I Class |
International Equity |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Personal Strategy Balanced |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
15
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Personal Strategy Balanced Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Personal Strategy Growth |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Personal Strategy Growth Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Personal Strategy Income |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Personal Strategy Income Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
QM Global Equity |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM Global Equity Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM Global Equity Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Small & Mid-Cap Core Equity |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Small & Mid-Cap Core Equity Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Small-Cap Growth Equity |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Small-Cap Growth Equity Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Small-Cap Growth Equity Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Value Equity |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Value Equity Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
QM U.S. Value Equity Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Real Assets |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Real Assets Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Real Estate |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Real Estate Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Real Estate Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Retirement 2005 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2005 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2005 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2010 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2010 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2010 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2015 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2015 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2015 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2020 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
16
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Retirement 2020 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2020 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2025 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2025 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2025 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2030 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2030 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2030 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2035 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2035 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2035 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2040 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2040 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2040 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2045 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2045 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2045 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2050 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2050 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2050 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2055 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2055 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2055 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2060 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2060 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement 2060 Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement Balanced |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement Balanced Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement Balanced Fund—R Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2005 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2010 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
17
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Retirement I 2015 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2020 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2025 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2030 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2035 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2040 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2045 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2050 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2055 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement I 2060 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Retirement Balanced I Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Science & Technology |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Science & Technology Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Science & Technology Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Short-Term Bond |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Short-Term Bond Fund—Advisor Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Short-Term Bond Fund—I Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Short-Term Government |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Short-Term |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Small-Cap Index |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Small-Cap Index Fund—I Class |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Small-Cap Stock |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Small-Cap Stock Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Small-Cap Stock Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Small-Cap Value |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Small-Cap Value Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Small-Cap Value Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Spectrum Growth |
Asset Allocation |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Spectrum Income |
Asset Allocation |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Spectrum International |
Asset Allocation |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Summit Municipal Income |
Tax-Free Bond |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Summit Municipal Income Fund—Advisor Class |
Tax-Free Bond |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
18
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Summit Municipal Intermediate |
Tax-Free Bond |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Summit Municipal Intermediate Fund—Advisor Class |
Tax-Free Bond |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Summit Municipal Money Market |
Tax-Free Money |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
Target 2005 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2005 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2005 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2010 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2010 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2010 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2015 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2015 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2015 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2020 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2020 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2020 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2025 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2025 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2025 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2030 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2030 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2030 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2035 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2035 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2035 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2040 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2040 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2040 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2045 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2045 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2045 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2050 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2050 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2050 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2055 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2055 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2055 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2060 |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Target 2060 Fund—Advisor Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
19
|
Fund |
Fund Category |
Fiscal Year End |
Annual Report Date |
Semiannual Report Date |
Prospectus Date |
|
Target 2060 Fund—I Class |
Asset Allocation |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Tax-Efficient Equity |
Equity |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Exempt Money |
Tax-Free Money |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Free High Yield |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Free High Yield Fund—Advisor Class |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Free Income |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Free Income Fund—Advisor Class |
Tax Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Free Short-Intermediate |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Free Short-Intermediate Fund—Advisor Class |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Tax-Free Ultra Short-Term Bond |
Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
|
Total Equity Market Index |
Index Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Total Return |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Total Return Fund—Advisor Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Total Return Fund—I Class |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Treasury Reserve |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
U.S. Bond Enhanced Index |
Index Bond |
Oct 31 |
Oct 31 |
Apr 30 |
March 1 |
|
U.S. Large-Cap Core |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
U.S. Large-Cap Core Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
U.S. Treasury Intermediate |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
U.S. Treasury Long-Term |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
U.S. Treasury Money |
Taxable Money |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Ultra Short-Term Bond |
Taxable Bond |
May 31 |
May 31 |
Nov 30 |
Oct 1 |
|
Value |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Value Fund—Advisor Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Value Fund—I Class |
Equity |
Dec 31 |
Dec 31 |
June 30 |
May 1 |
|
Virginia Tax-Free Bond |
State Tax-Free Bond |
Feb 29 |
Feb 29 |
Aug 30 |
July 1 |
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
20
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 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 independent director vacancies on each fund’s Board, periodically evaluating the compensation payable to the independent directors, and performing certain functions with respect to the governance of the funds. The Lead Independent Director serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for independent directors. Nominees, like current directors, will be considered based on the ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the funds’ management and counsel and the various service providers to the funds, and to exercise reasonable business judgment in the performance of their duties as directors. Nominees will be considered in light of their individual experience, qualifications, attributes, or skills. Nominees will also be considered based on their independence from T. Rowe Price and other principal service providers. 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; (6) the qualifications, independence and performance of the independent registered public accounting firm; and (7) any accounting questions relating to particular areas of the Price Funds’ operations 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.
21
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 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, Radiology Partners, 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
22
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.
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. 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
23
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.
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
|
Principal Occupation(s)
|
Directorships
|
|
William R. Brody, M.D., Ph.D. 1944 187 portfolios |
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); Director, Radiology Partners, an integrated radiology practice management company (June 2016 to present) |
Novartis, Inc. (2009 to 2014); IBM (2007 to present) |
|
Anthony W. Deering 1945 187 portfolios |
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) |
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) |
|
Donald W. Dick, Jr.* 1943 182 portfolios |
Principal, EuroCapital Partners, LLC, an acquisition and management advisory firm (1995 to present) |
None |
|
Bruce W. Duncan 1951 187 portfolios |
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 |
Boston Properties (May 2016 to present) |
|
Robert J. Gerrard, Jr. 1952 187 portfolios |
Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to present) |
None |
24
|
Name, Year of Birth, and Number
|
Principal
Occupation(s)
|
Directorships
|
|
Karen N. Horn* 1943 182 portfolios |
Limited Partner and Senior Managing Director, Brock Capital Group, an advisory and investment banking firm (2004 to present) |
Eli Lilly and Company (1987 to present); Simon Property Group (2004 to present); Norfolk Southern (2008 to present) |
|
Paul F. McBride 1956 187 portfolios |
Advisory Board Member, Vizzia Technologies (2015 to present) |
None |
|
Cecilia E. Rouse, Ph.D. 1963 187 portfolios |
Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Director, MDRC, a nonprofit education and social policy research organization (2011 to present); Member of National Academy of Education (2010 to present); Research Associate of Labor 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 |
None |
|
John G. Schreiber 1946 187 portfolios |
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) |
General Growth Properties, Inc. (2010 to 2013) |
|
Mark R. Tercek 1957 187 portfolios |
President and Chief Executive Officer, The Nature Conservancy (2008 to present) |
None |
* 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
25
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.
|
Name, Year of Birth, and Number
|
Principal
Occupation(s)
|
Directorships
|
|
Edward C. Bernard 1956 187 portfolios |
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 |
|
Brian C. Rogers ; CFA, CIC 1955 131 portfolios |
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; Vice President, Equity Income Fund, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Value Fund |
United Technologies (January 2016 to present) |
|
Edward A. Wiese ; CFA 1959 56 portfolios |
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company President, Short-Term Bond Fund and Multi-Sector Account Portfolios; Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Tax-Exempt Money Fund, and Tax-Free Short-Intermediate Fund |
None |
(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
26
Funds, and TRFs are identical, the RDFs, Retirement I Funds, and TRFs may be referred to collectively as “ Target Date Funds .”
In generally exercising their responsibilities, the Boards, among other things, will refer to the policies, conditions, and guidelines included in an Exemptive Application (and accompanying Notice and Order) originally granted by the SEC in connection with the creation and operation of the Spectrum Funds. The RDFs rely on this same Exemptive Application and Order because the order was designed to cover any Fund-of-Funds arrangements that operate in a similar manner to the Spectrum Funds. The TRFs and Retirement I Funds do not rely on this Exemptive Order since they do not operate in a similar manner to the other Funds-of-Funds.
In connection with the Exemptive Order, the various Price Funds in which the Funds-of-Funds invest (collectively, the “ underlying Price Funds ”) have entered into Special Servicing Agreements with T. Rowe Price and each respective Spectrum Fund and/or RDF in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Spectrum Fund and/or RDF invests will bear its proportionate share of the expenses of that Fund-of-Funds if, and to the extent that, the underlying Price Fund’s savings from the operation of the Spectrum Fund or RDF exceeds these expenses. Pursuant to the Exemptive Order and Special Servicing Agreement, T. Rowe Price has agreed to bear any expenses of the Spectrum Fund or RDF that exceed the estimated savings to the underlying Price Funds. As a result, these Funds-of-Funds do not pay an investment management fee and will effectively pay no operating expenses at the Fund-of-Fund level, although shareholders of these Funds-of-Funds will still indirectly bear their proportionate share 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-of-Funds and the underlying Price Funds. The directors of the Funds-of-Funds believe they have structured the Funds-of-Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price Fund, or the reverse could occur. If such a possibility arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.
Term of Office and Length of Time Served
The directors serve until retirement, resignation, or election of a successor. The following table shows the year from which each director has served on each fund’s Board (or that of the corporation or trust of which the fund is a part).
|
Independent Directors |
|||||||||
|
Corporation/Trust |
Number of portfolios |
Brody |
Deering |
Duncan |
Gerrard |
McBride |
Rouse |
Schreiber |
Tercek |
|
Balanced |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Blue Chip Growth |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
California Tax-Free Income Trust |
2 |
2009 |
1986 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Capital Appreciation |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Capital Opportunity |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
27
|
Independent Directors |
|||||||||
|
Corporation/Trust |
Number of portfolios |
Brody |
Deering |
Duncan |
Gerrard |
McBride |
Rouse |
Schreiber |
Tercek |
|
Corporate Income |
1 |
2009 |
1995 |
2013 |
2013 |
2013 |
2013 |
1995 |
2009 |
|
Credit Opportunities |
1 |
2014 |
2014 |
2014 |
2014 |
2014 |
2014 |
2014 |
2014 |
|
Diversified Mid-Cap Growth |
1 |
2009 |
2003 |
2013 |
2012 |
2013 |
2012 |
2003 |
2009 |
|
Dividend Growth |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Equity Income |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Financial Services |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Floating Rate |
1 |
2011 |
2011 |
2013 |
2013 |
2013 |
2013 |
2011 |
2011 |
|
Global Allocation |
1 |
2013 |
2013 |
2013 |
2013 |
2013 |
2013 |
2013 |
2013 |
|
Global Multi-Sector Bond |
1 |
2009 |
2008 |
2013 |
2013 |
2013 |
2013 |
2008 |
2009 |
|
Global Real Estate |
1 |
2009 |
2008 |
2013 |
2012 |
2013 |
2012 |
2008 |
2009 |
|
Global Technology |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
GNMA |
1 |
2009 |
1985 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Government Money |
1 |
2009 |
1979 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Growth & Income |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Growth Stock |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Health Sciences |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
High Yield |
1 |
2009 |
1984 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Index Trust |
5 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Inflation Protected Bond |
1 |
2009 |
2002 |
2013 |
2013 |
2013 |
2013 |
2002 |
2009 |
|
Institutional Equity |
6 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Institutional Income |
7 |
2009 |
2002 |
2013 |
2013 |
2013 |
2013 |
2002 |
2009 |
|
Institutional International |
11 |
2009 |
1991 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Intermediate Tax-Free High Yield |
1 |
2014 |
2014 |
2014 |
2014 |
2014 |
2014 |
2014 |
2014 |
|
International |
24 |
2009 |
1991 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
International Index |
1 |
2009 |
2000 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Limited Duration Inflation Focused Bond |
1 |
2009 |
2006 |
2013 |
2013 |
2013 |
2013 |
2006 |
2009 |
|
Media & Telecommunications |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Mid-Cap Growth |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Mid-Cap Value |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Multi-Sector Account Portfolios |
6 |
2012 |
2012 |
2013 |
2013 |
2013 |
2013 |
2012 |
2012 |
|
New America Growth |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
New Era |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
New Horizons |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
New Income |
1 |
2009 |
1980 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Personal Strategy |
3 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
28
|
Independent Directors |
|||||||||
|
Corporation/Trust |
Number of portfolios |
Brody |
Deering |
Duncan |
Gerrard |
McBride |
Rouse |
Schreiber |
Tercek |
|
Quantitative Management |
4 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Real Assets |
1 |
2010 |
2010 |
2013 |
2012 |
2013 |
2012 |
2010 |
2010 |
|
Real Estate |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
TRP Reserve |
4 |
2009 |
1997 |
2013 |
2013 |
2013 |
2013 |
1997 |
2009 |
|
Retirement |
38 |
2009 |
2002 |
2013 |
2012 |
2013 |
2012 |
2002 |
2009 |
|
Science & Technology |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Short-Term Bond |
2 |
2009 |
1983 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Small-Cap Stock |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Small-Cap Value |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Spectrum |
3 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
State Tax-Free Income Trust |
8 |
2009 |
1986 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Summit Income |
1 |
2009 |
1993 |
2013 |
2013 |
2013 |
2013 |
1993 |
2009 |
|
Summit Municipal |
3 |
2009 |
1993 |
2013 |
2013 |
2013 |
2013 |
1993 |
2009 |
|
Tax-Efficient |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Tax-Exempt Money |
1 |
2009 |
1983 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Tax-Free High Yield |
1 |
2009 |
1984 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Tax-Free Income |
1 |
2009 |
1983 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Tax-Free Short-Intermediate |
2 |
2009 |
1983 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Total Return |
1 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
|
U.S. Bond Enhanced Index |
1 |
2009 |
2000 |
2013 |
2013 |
2013 |
2013 |
2000 |
2009 |
|
U.S. Large-Cap Core |
1 |
2009 |
2009 |
2013 |
2012 |
2013 |
2012 |
2009 |
2009 |
|
U.S. Treasury |
3 |
2009 |
1989 |
2013 |
2013 |
2013 |
2013 |
1992 |
2009 |
|
Value |
1 |
2009 |
2001 |
2013 |
2012 |
2013 |
2012 |
2001 |
2009 |
|
Corporation/Trust |
Number of portfolios |
Inside Directors |
||
|
Bernard |
Rogers |
Wiese |
||
|
Balanced |
1 |
2006 |
2006 |
— |
|
Blue Chip Growth |
1 |
2006 |
2006 |
— |
|
California Tax-Free Income Trust |
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 |
— |
29
|
Corporation/Trust |
Number of portfolios |
Inside Directors |
||
|
Bernard |
Rogers |
Wiese |
||
|
Floating Rate |
1 |
2011 |
— |
2015 |
|
Global Allocation |
1 |
2013 |
2013 |
— |
|
Global Multi-Sector Bond |
1 |
2008 |
— |
2015 |
|
Global Real Estate |
1 |
2008 |
2008 |
— |
|
Global Technology |
1 |
2006 |
2006 |
— |
|
GNMA |
1 |
2006 |
— |
2015 |
|
Government Money |
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 |
|
Institutional Equity |
6 |
2006 |
2006 |
— |
|
Institutional Income |
7 |
2006 |
— |
2015 |
|
Institutional International |
11 |
2006 |
2006 |
— |
|
Intermediate Tax-Free High Yield |
1 |
2014 |
— |
2015 |
|
International |
24 |
2006 |
2006 |
— |
|
International Index |
1 |
2006 |
2006 |
— |
|
Limited Duration Inflation Focused Bond |
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 |
— |
|
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 |
30
|
Corporation/Trust |
Number of portfolios |
Inside Directors |
||
|
Bernard |
Rogers |
Wiese |
||
|
Summit Income |
1 |
2006 |
— |
2015 |
|
Summit Municipal |
3 |
2006 |
— |
2015 |
|
Tax-Efficient |
1 |
2006 |
2006 |
— |
|
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 |
|
Total Return |
1 |
2016 |
— |
2016 |
|
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 |
— |
Officers
|
Fund |
Name |
Position
Held
|
|
All funds |
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 |
Vice President and Secretary Vice President Vice President Vice President Vice President Vice President Treasurer and Vice President Assistant Secretary Chief Compliance Officer |
|
Fund |
Name |
Position
Held
|
|
Balanced |
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) |
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 |
31
32
33
34
35
36
|
Fund |
Name |
Position Held
|
|
High Yield |
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) |
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 |
|
Index Trust Equity Index 500 Extended Equity Market Index Mid-Cap Index Small-Cap Index Total Equity Market Index |
Ken D. Uematsu E. Frederick Bair Neil Smith Craig A. Thiese Michael T. Wehn (For remaining officers, refer to the “All funds” table) |
President Executive Vice President Vice President Vice President Vice President |
|
Inflation Protected Bond |
Stephen L. Bartolini Brian J. Brennan Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Michael F. Reinartz Rebecca L. Setcavage Daniel O. Shackelford Scott D. Solomon (For remaining officers, refer to the “All funds” table) |
President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
|
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 |
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) |
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 |
|
Institutional Income Funds Institutional Cash Reserves Institutional Core Plus Institutional Credit Opportunities Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit |
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 |
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 |
37
|
Fund |
Name |
Position Held
|
|
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 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 Bineesha Wickremarachchi Thea N. Williams J. Howard Woodward (For remaining officers, refer to the “All funds” table) |
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 |
|
|
Institutional International Funds Institutional Africa & Middle East Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity |
Christopher D. Alderson Oliver D.M. Bell R. Scott Berg Richard N. Clattenburg Michael J. Conelius David J. Eiswert Arif Husain Andrew J. Keirle Sebastien Mallet Raymond A. Mills Joshua Nelson Jason Nogueira Kenneth A. Orchard 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 |
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 |
38
39
|
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 Overseas Stock |
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 Federico Santilli Dean Tenerelli 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 Vishnu Vardhan Gopal Joel Grant Paul D. Greene II Benjamin Griffiths Amanda B. Hall Richard L. Hall Nabil Hanano Steven C. Huber |
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 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 |
40
41
|
Limited Duration Inflation Focused Bond |
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 Daniel O. Shackelford Scott D. Solomon (For remaining officers, refer to the “All funds” table) |
President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
|
Media & Telecommunications |
Paul D. Greene II Paul Y. Cho Gregory 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) |
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 |
|
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) |
President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
|
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) |
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 |
|
Multi-Sector Account Portfolios Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Multi-Sector Account Portfolio Floating Rate Multi-Sector Account Portfolio |
Edward A. Wiese Steve Boothe Andrew J. Keirle Paul M. Massaro Andrew C. McCormick Samy B. Muaddi Mark J. Vaselkiv |
President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President |
42
43
44
45
46
47
48
49
50
Officers
|
Name, Year of Birth, and Principal Occupation(s)
|
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) |
Vice President, Diversified Mid-Cap Growth Fund, Equity Income Fund, and International Funds |
|
Ulle Adamson, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Executive Vice President, International Funds; Vice President, Institutional International Funds |
|
Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
|
Vinit Agrawal, 1987 Vice President, T. Rowe Price |
Vice President, Equity Income Fund and Quantitative Management Funds |
|
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. |
President, Institutional International Funds and International Funds; Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
|
Syed H. Ali, 1970 Vice President, Price Singapore and T. Rowe Price Group, Inc. |
Vice President, International Funds and New Era Fund |
|
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
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 |
|
Francisco M. Alonso, 1978 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
Vice President, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
|
Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Institutional International Funds and International Funds |
|
Anil K. Andhavarapu, 1980 Vice President, T. Rowe Price |
Vice President, GNMA Fund and Multi-Sector Account Portfolios |
|
Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
51
52
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Brian W.H. Berghuis, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
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 |
|
Michael F. Blandino, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Credit Opportunities Fund, Institutional Income Funds, and New Horizons Fund |
|
Steve Boothe, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
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 |
|
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) |
Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
|
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) |
Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
|
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. |
Vice President and Secretary, all funds |
|
Brian J. Brennan, 1964
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International,
and T. Rowe Price Trust
|
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, Total Return Fund, and U.S. Bond Enhanced Index Fund |
|
Andrew M. Brooks, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Equity Income Fund, High Yield Fund, and Institutional Income Funds |
|
Steven G. Brooks, 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, California Tax-Free Income Trust, Corporate Income Fund, Multi-Sector Account Portfolios, TRP Reserve Funds, and Short-Term Bond Fund |
|
Christopher P. Brown, Jr., 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Executive Vice President, Total Return 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 |
|
Ryan N. Burgess, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, International Funds, Mid-Cap Value Fund, and New Era Fund |
|
Brian E. Burns, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
|
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 |
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56
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Stephanie A. Gentile, 1956 Vice President, T. Rowe Price; formerly Director, Credit Suisse Securities (to 2014); CFA |
Vice President, California Tax-Free Income Trust, Government Money Fund, TRP Reserve Funds, State 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, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios |
|
John R. Gilner, 1961 Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc. |
Chief Compliance Officer, all funds |
|
David R. Giroux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
President, Capital Appreciation Fund; Vice President, Equity Income Fund, Floating Rate Fund, Institutional Income Funds, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
|
Oliver Gjoneski, 1983 Vice President, T. Rowe Price; formerly, quantitative and risk analyst, DC Energy (to 2015); assistant professor of mathematics, John Hopkins University (to 2013); Ph.D. |
Vice President, Total Return Fund |
|
Vishnu Vardhan Gopal, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. |
Vice President, International Funds |
|
Joel Grant, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Fidelity International (to 2014) |
Vice President, International Funds and Value Fund |
|
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 |
|
Benjamin Griffiths, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Vice President, Institutional International Funds and International Funds |
|
Michael J. Grogan, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; CFA |
Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund |
|
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 |
Vice President, Institutional International Funds and International Funds |
|
John Hall, 1977 Employee, T. Rowe Price; formerly Assistant Professor of Medicine, Johns Hopkins University School of Medicine (to 2013) |
Vice President, Health Sciences Fund |
|
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) |
Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
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58
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Andrew P. Jamison, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
|
Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Institutional International Funds and International Funds |
|
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Executive Vice President, Quantitative Management Funds; Vice President, International Funds |
|
Dylan Jones, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
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 |
|
Nina P. Jones, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA |
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 |
|
Keir R. Joyce, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
|
Vidya Kadiyam, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Capital Appreciation Fund and Quantitative Management Funds |
|
Yoichiro Kai, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Financial Services Fund, Institutional International Funds, and International Funds |
|
Jai Kapadia, 1982 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. |
Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds |
|
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 Multi-Sector Bond Fund and Institutional Income Funds |
|
Ian D. Kelson, 1956 Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. |
Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
|
Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Equity Income Fund and New Era Fund |
|
Steven M. Kohlenstein, 1987 Assistant Vice President, T. Rowe Price |
Assistant Vice President, GNMA Fund and Short-Term Bond Fund |
|
Marianna Korpusova, 1984 Vice President, T. Rowe Price, formerly, student, The University of Chicago (to 2014); Associate, PricewaterhouseCoopers (to 2012); CFA |
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 |
|
Steven D. Krichbaum, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Capital Appreciation Fund and Capital Opportunity Fund |
|
Paul J. Krug, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA |
Vice President, all funds |
|
Christopher J. Kushlis, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
|
Michael Lambe, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
59
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Robert M. Larkins, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
President, U.S. Bond Enhanced Index Fund; Vice President, Balanced Fund, Global Allocation Fund, Institutional Income Funds, New Income Fund, and Total Return Fund |
|
Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, California Tax-Free Income Trust, Government Money Fund, Intermediate Tax-Free High Yield Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
|
Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly, student, The Wharton School, University of Pennsylvania (to 2012) |
Vice President, International Funds |
|
Mark J. Lawrence, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Institutional International Funds and International Funds |
|
Matthew Lawton, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Corporate Income Fund |
|
David M. Lee, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
President, Real Estate Fund; Vice President, Dividend Growth Fund, Global Real Estate Fund, and Real Assets Fund |
|
Martin G. Lee, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, GNMA Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
|
Wyatt A. Lee, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
President, Real Assets Fund; Executive Vice President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, and Personal Strategy Funds |
|
Yongheon Lee, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Total Return Fund |
|
Alan D. Levenson, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. |
Vice President, California Tax-Free Income Trust, GNMA Fund, Government Money Fund, Inflation Protected Bond Fund, Multi-Sector Account Portfolios, New Income Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
|
John D. Linehan, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
President, Equity Income Fund; Executive Vice President, Institutional Equity Funds; Vice President, Capital Appreciation Fund, Growth & Income Fund, U.S. Large-Cap Core Fund, and Value Fund |
|
Jacqueline L. Liu, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Investment Analyst, Fidelity International Hong Kong Limited (to 2014) |
Vice President, Global Technology Fund, International Funds, and Media & Telecommunications Fund |
|
Gregory Locraft, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Financial Services Fund |
|
Anh Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. |
Executive Vice President, International Funds; Vice President, Institutional International Funds |
60
61
62
63
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
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 |
Vice President, Institutional International Funds and International Funds |
|
Sebastien Page, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds |
|
Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Global Allocation Fund |
|
Gonzalo Pangaro, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Executive Vice President, Institutional International Funds and International Funds |
|
Miso Park, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
|
Timothy E. Parker, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Diversified Mid-Cap Growth Fund, New Era Fund, New Horizons Fund, Small-Cap Stock Fund, Small-Cap Value Fund, and Tax-Efficient Funds |
|
Viral S. Patel, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Global Real Estate Fund |
|
Charles G. Pepin, 1966 Director, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Small-Cap Stock Fund |
|
Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds |
|
Jason B. Polun, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds; Vice President, Financial Services Fund |
|
Adam Poussard, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Health Sciences Fund and New Horizons Fund |
|
Larry J. Puglia, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA |
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, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Small-Cap Stock Fund and Small-Cap Value Fund |
|
Preeta Ragavan, 1987 Vice President, T. Rowe Price; formerly intern (to 2013) |
Vice President, Global Real Estate Fund and Real Estate Fund |
|
Vivek Rajeswaran, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, student, Columbia Business School (to 2012) |
Vice President, Blue-Chip Growth Fund, International Funds, Mid-Cap Growth Fund, and New Era Fund |
|
Kyle Rasbach, 1980 Vice President, T. Rowe Price; formerly Vice President, Cowen and Company (to 2013) |
Vice President, Equity Income Fund and Health Sciences Fund |
|
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) |
Vice President, all funds |
|
Shannon H. Rauser, 1987 Employee, T. Rowe Price |
Assistant Secretary, all funds |
64
65
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Daniel O. Shackelford, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA |
President, New Income Fund; Vice President, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Personal Strategy Funds, Real Assets Fund, Retirement Funds, Spectrum Funds, Total Return Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
|
Jeneiv Shah, 1980 Vice President, T. Rowe Price International; CFA |
Vice President, International Funds |
|
Chen Shao, 1980 Vice President, T. Rowe Price |
Vice President, California Tax-Free Income Trust, Government Money Fund, Intermediate Tax-Free High Yield Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
|
Robert W. Sharps, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA |
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 |
|
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) |
Vice President, New Era Fund |
|
John C.A. Sherman, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Institutional International Funds and International Funds |
|
Jamie Shin, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
|
Charles M. Shriver, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA |
President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds; Vice President, Real Assets Fund and Retirement Funds |
|
Elliot J. Shue, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Corporate Income Fund |
|
Farris G. Shuggi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Executive Vice President, Quantitative Management Funds; Vice President, Capital Appreciation Fund and Small-Cap Value Fund |
|
Corey D. Shull, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Global Technology Fund, Media & Telecommunications Fund, and New Horizons Fund |
|
Weijie Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group; formerly, student, Harvard Business School (to 2012) |
Vice President, Dividend Growth Fund, Real Estate Fund, and Value Fund |
|
Neil Smith, 1972 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International |
President, International Index Fund; Vice President, Index Trust |
66
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Robert W. Smith, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
Vice President, Institutional International Funds and International Funds |
|
Matthew J. Snowling, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Equity Income Fund and Financial Services Fund |
|
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
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 |
|
Scott D. Solomon, 1981 Vice President, T. Rowe Price; CFA |
Vice President, Corporate Income Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
|
Eunbin Song, 1980 Vice President, Price Singapore and T. Rowe Price Group, Inc.; CFA |
Vice President, International Funds |
|
Joshua K. Spencer, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
President, Global Technology Fund; Vice President, Institutional International Funds, International Funds, New Horizons Fund, Science & Technology Fund, Small-Cap Stock Fund, and Value Fund |
|
Douglas D. Spratley, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, California Tax-Free Income Trust, Government Money Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
|
David Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
|
Kimberly A. Stokes, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
|
Guido F. Stubenrauch, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
|
Taymour R. Tamaddon, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Growth Stock Fund, Health Sciences Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, and Tax-Efficient Funds |
|
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
|
Sin Dee Tan, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Vice President, International Funds |
67
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Timothy G. Taylor, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA |
Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
|
Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Executive Vice President, International Funds; Vice President, Institutional International Funds |
|
Thomas E. Tewksbury, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
|
Craig A. Thiese, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Index Trust, International Index Fund, New America Growth Fund, and New Era Fund |
|
Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, California Tax-Free Income Trust, Corporate Income Fund, Credit Opportunities Fund, Government Money Fund, Institutional Income Funds, Multi-Sector Account Portfolios, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
|
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 |
|
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 |
Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds |
|
Justin Thomson, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Executive Vice President, International Funds; Vice President, New Horizons Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
|
David A. Tiberii, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA |
President, Corporate Income Fund; Executive Vice President, Institutional Income Funds; Vice President, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund |
|
Mitchell J.K. Todd, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Financial Services Fund and International Funds |
|
Michael J. Trivino, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
|
Susan G. Troll, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA |
Vice President, Capital Appreciation Fund and Financial Services Fund |
|
Alan Tu, 1985 Vice President, T. Rowe Price; formerly Intern, T. Rowe Price (to 2013); student, University of Chicago Booth School of Business (to 2014); Ananda Capital Management, Analyst (to 2012) |
Vice President, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds |
|
James A. Tzitzouris, Jr., 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. |
Vice President, Retirement Funds |
68
69
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
John D. Wells, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
|
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
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 |
|
Christopher S. Whitehouse, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
|
Richard T. Whitney, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA |
Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, Real Assets Fund, Retirement Funds, and Spectrum Funds |
|
Bineesha Wickremarachchi, 1980 Vice President, T. Rowe Price International; formerly, Research Analyst, Aberdeen Asset Management (to 2015); Analyst, Moody’s Investors Service (to 2012); CFA |
Vice President, Corporate Income Fund and Institutional Income Funds |
|
Tamara P. Wiggs, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Capital Appreciation Fund, Financial Services Fund, and Value Fund |
|
Clive M. Williams, 1966 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International |
Vice President, International Funds |
|
John M. Williams, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, Dividend Growth Fund, Mid-Cap Value Fund, and New Era Fund |
|
Thea N. Williams, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
|
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 |
Vice President, Dividend Growth Fund, Health Sciences Fund, and Value Fund |
|
J. Howard Woodward, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA |
Vice President, Corporate Income Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
|
Rouven J. Wool-Lewis, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. |
Vice President, Diversified Mid-Cap Growth Fund, Health Sciences Fund, and Small-Cap Stock Fund |
|
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International |
Vice President, International Funds |
|
Benjamin T. Yeagle, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
Vice President, International Funds |
|
Ernest C. Yeung, 1979 Director, Responsible Officer, and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.; CFA |
Executive Vice President, International Funds; Vice President, Institutional International Funds and Media & Telecommunications Fund |
|
Alison Mei Ling Yip, 1966 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. |
Vice President, Global Technology Fund, International Funds, and Science & Technology Fund |
|
Rick Zhang, 1984 Vice President, T. Rowe Price; formerly Vice President, PIMCO (to 2012); CFA |
Vice President, GNMA Fund |
70
|
Name, Year of Birth, and Principal
Occupation(s)
|
Position(s) Held With Fund(s) |
|
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. |
Vice President, International Funds and Media & Telecommunications Fund |
|
Jeffrey T. Zoller, 1970 Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Price Trust Company |
Vice President, all funds |
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 |
|
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:
|
Fund |
Aggregate Compensation From Fund |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
Africa & Middle East |
$77 |
$107 |
$77 |
$80 |
$85 |
$78 |
$82 |
$82 |
$79 |
$77 |
|
Asia Opportunities |
11 |
16 |
11 |
12 |
12 |
11 |
12 |
12 |
12 |
11 |
|
Balanced |
1,669 |
2,325 |
1,669 |
1,731 |
1,831 |
1,698 |
1,769 |
1,769 |
1,711 |
1,669 |
|
Blue Chip Growth |
11,623 |
16,174 |
11,623 |
12,053 |
12,729 |
11,807 |
12,299 |
12,299 |
11,903 |
11,623 |
71
|
Fund |
Aggregate Compensation From Fund |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
California Tax-Free Bond |
205 |
286 |
205 |
213 |
225 |
209 |
217 |
217 |
210 |
205 |
|
California Tax-Free Money |
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 |
|
Cash Reserves |
2,043 |
2,849 |
2,043 |
2,119 |
2,243 |
2,080 |
2,168 |
2,168 |
2,094 |
2,043 |
|
Corporate Income |
267 |
372 |
267 |
277 |
292 |
271 |
283 |
283 |
273 |
267 |
|
Credit Opportunities |
15 |
21 |
15 |
16 |
16 |
15 |
16 |
16 |
15 |
15 |
|
Diversified Mid-Cap Growth |
182 |
253 |
182 |
189 |
199 |
185 |
193 |
193 |
186 |
182 |
|
Dividend Growth |
1,898 |
2,644 |
1,898 |
1,968 |
2,081 |
1,930 |
2,011 |
2,011 |
1,945 |
1,898 |
|
Emerging Europe |
71 |
99 |
71 |
74 |
78 |
72 |
76 |
76 |
73 |
71 |
|
Emerging Markets Bond |
1,826 |
2,544 |
1,826 |
1,894 |
2,002 |
1,857 |
1,935 |
1,935 |
1,871 |
1,826 |
|
Emerging Markets Corporate Bond |
54 |
75 |
54 |
56 |
59 |
55 |
57 |
57 |
55 |
54 |
|
Emerging Markets Corporate Multi-Sector Account Portfolio(a) |
12 |
17 |
12 |
13 |
14 |
13 |
13 |
13 |
13 |
12 |
|
Emerging Markets Local Currency Bond |
72 |
100 |
72 |
74 |
79 |
73 |
76 |
76 |
74 |
72 |
|
Emerging Markets Local Multi-Sector Account Portfolio(a) |
15 |
21 |
15 |
16 |
17 |
15 |
16 |
16 |
16 |
15 |
|
Emerging Markets Stock |
3,394 |
4,724 |
3,394 |
3,520 |
3,718 |
3,449 |
3,593 |
3,593 |
3,477 |
3,394 |
|
Emerging Markets Value Stock |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
|
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 |
653 |
908 |
653 |
677 |
714 |
663 |
690 |
690 |
668 |
653 |
|
Extended Equity Market Index |
309 |
430 |
309 |
320 |
338 |
314 |
327 |
327 |
316 |
309 |
|
Financial Services |
232 |
322 |
232 |
240 |
254 |
235 |
245 |
245 |
237 |
232 |
|
Floating Rate |
216 |
300 |
216 |
224 |
237 |
219 |
229 |
229 |
221 |
216 |
|
Floating Rate Multi-Sector Account Portfolio(a) |
22 |
31 |
22 |
23 |
24 |
23 |
24 |
24 |
23 |
22 |
|
Georgia Tax-Free Bond |
98 |
137 |
98 |
102 |
108 |
100 |
104 |
104 |
101 |
98 |
|
Global Allocation |
47 |
65 |
47 |
49 |
51 |
48 |
50 |
50 |
48 |
47 |
|
Global Consumer(b) |
2 |
2 |
0 |
2 |
2 |
0 |
2 |
2 |
2 |
2 |
|
Global Growth Stock |
39 |
54 |
39 |
41 |
43 |
40 |
41 |
41 |
40 |
39 |
|
Global High Income Bond |
9 |
12 |
9 |
9 |
9 |
9 |
9 |
9 |
9 |
9 |
|
Global Industrials |
7 |
10 |
7 |
7 |
8 |
7 |
7 |
7 |
7 |
7 |
|
Global Multi-Sector Bond |
121 |
169 |
121 |
126 |
133 |
123 |
129 |
129 |
124 |
121 |
72
|
Fund |
Aggregate Compensation From Fund |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
Global Real Estate |
95 |
133 |
95 |
99 |
104 |
97 |
101 |
101 |
98 |
95 |
|
Global Stock |
207 |
288 |
207 |
214 |
227 |
210 |
219 |
219 |
212 |
207 |
|
Global Technology |
804 |
1,117 |
804 |
834 |
879 |
815 |
849 |
849 |
822 |
804 |
|
Global Unconstrained Bond |
12 |
17 |
12 |
12 |
13 |
12 |
13 |
13 |
12 |
12 |
|
GNMA |
641 |
893 |
641 |
664 |
703 |
652 |
679 |
679 |
657 |
641 |
|
Government Money |
2,627 |
3,661 |
2,627 |
2,725 |
2,882 |
2,672 |
2,785 |
2,785 |
2,693 |
2,627 |
|
Government Reserve |
7,889 |
11,002 |
7,889 |
8,181 |
8,665 |
8,033 |
8,373 |
8,373 |
8,090 |
7,889 |
|
Growth & Income |
637 |
888 |
637 |
661 |
699 |
648 |
676 |
676 |
653 |
637 |
|
Growth Stock |
18,212 |
25,357 |
18,212 |
18,887 |
19,960 |
18,512 |
19,286 |
19,286 |
18,660 |
18,212 |
|
Health Sciences |
5,735 |
7,974 |
5,735 |
5,947 |
6,274 |
5,821 |
6,063 |
6,063 |
5,873 |
5,735 |
|
High Yield |
3,971 |
5,531 |
3,971 |
4,118 |
4,354 |
4,038 |
4,207 |
4,207 |
4,070 |
3,971 |
|
High Yield Multi-Sector Account Portfolio(a) |
8 |
12 |
8 |
9 |
9 |
9 |
9 |
9 |
9 |
8 |
|
Inflation Protected Bond |
154 |
214 |
154 |
159 |
169 |
156 |
163 |
163 |
158 |
154 |
|
Institutional Africa & Middle East |
82 |
114 |
82 |
85 |
90 |
83 |
87 |
87 |
84 |
82 |
|
Institutional Cash Reserves(c) |
3 |
4 |
— |
3 |
3 |
— |
3 |
3 |
3 |
3 |
|
Institutional Core Plus |
236 |
329 |
236 |
245 |
259 |
240 |
251 |
251 |
242 |
236 |
|
Institutional Credit Opportunities |
20 |
28 |
20 |
21 |
22 |
21 |
22 |
22 |
21 |
20 |
|
Institutional Emerging Markets Bond |
134 |
186 |
134 |
139 |
147 |
136 |
142 |
142 |
137 |
134 |
|
Institutional Emerging Markets Equity |
396 |
552 |
396 |
411 |
435 |
403 |
420 |
420 |
406 |
396 |
|
Institutional Floating Rate |
1,380 |
1,921 |
1,380 |
1,431 |
1,512 |
1,403 |
1,461 |
1,461 |
1,413 |
1,380 |
|
Institutional Frontier Markets Equity |
18 |
25 |
18 |
19 |
20 |
19 |
19 |
19 |
19 |
18 |
|
Institutional Global Focused Growth Equity |
37 |
52 |
37 |
39 |
41 |
38 |
39 |
39 |
38 |
37 |
|
Institutional Global Growth Equity |
115 |
160 |
115 |
119 |
126 |
117 |
121 |
121 |
118 |
115 |
|
Institutional Global Multi-Sector Bond |
85 |
119 |
85 |
88 |
93 |
87 |
90 |
90 |
87 |
85 |
|
Institutional Global Value Equity |
4 |
5 |
4 |
4 |
4 |
4 |
4 |
4 |
4 |
4 |
|
Institutional High Yield |
875 |
1,220 |
875 |
908 |
961 |
891 |
928 |
928 |
897 |
875 |
|
Institutional International Bond |
132 |
184 |
132 |
137 |
145 |
134 |
140 |
140 |
135 |
132 |
|
Institutional International Concentrated Equity |
91 |
126 |
91 |
94 |
99 |
92 |
96 |
96 |
93 |
91 |
|
Institutional International Core Equity |
58 |
80 |
58 |
60 |
63 |
58 |
61 |
61 |
59 |
58 |
73
|
Fund |
Aggregate Compensation From Fund |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
Institutional International Growth Equity |
28 |
39 |
28 |
29 |
31 |
29 |
30 |
30 |
29 |
28 |
|
Institutional Large-Cap Core Growth |
728 |
1,012 |
728 |
755 |
796 |
739 |
769 |
769 |
745 |
728 |
|
Institutional Large-Cap Growth |
5,089 |
7,082 |
5,089 |
5,277 |
5,574 |
5,170 |
5,386 |
5,386 |
5,211 |
5,089 |
|
Institutional Large-Cap Value |
935 |
1,302 |
935 |
970 |
1,025 |
950 |
990 |
990 |
958 |
935 |
|
Institutional Long Duration Credit |
12 |
16 |
12 |
12 |
13 |
12 |
12 |
12 |
12 |
12 |
|
Institutional Mid-Cap Equity Growth |
2,052 |
2,855 |
2,052 |
2,128 |
2,247 |
2,085 |
2,171 |
2,171 |
2,102 |
2,052 |
|
Institutional Small-Cap Stock |
852 |
1,186 |
852 |
883 |
933 |
866 |
902 |
902 |
872 |
852 |
|
Institutional U.S. Structured Research |
318 |
443 |
318 |
330 |
349 |
323 |
337 |
337 |
326 |
318 |
|
Intermediate Tax-Free High Yield |
12 |
16 |
12 |
12 |
13 |
12 |
12 |
12 |
12 |
12 |
|
International Bond |
1,978 |
2,752 |
1,978 |
2,051 |
2,166 |
2,009 |
2,093 |
2,093 |
2,025 |
1,978 |
|
International Concentrated Equity |
4 |
5 |
4 |
4 |
4 |
4 |
4 |
4 |
4 |
4 |
|
International Discovery |
1,608 |
2,237 |
1,608 |
1,668 |
1,760 |
1,633 |
1,701 |
1,701 |
1,647 |
1,608 |
|
International Equity Index |
214 |
298 |
214 |
222 |
235 |
218 |
227 |
227 |
220 |
214 |
|
International Growth & Income |
4,625 |
6,435 |
4,625 |
4,796 |
5,065 |
4,698 |
4,894 |
4,894 |
4,737 |
4,625 |
|
International Stock |
5,710 |
7,947 |
5,710 |
5,921 |
6,255 |
5,802 |
6,044 |
6,044 |
5,851 |
5,710 |
|
Investment-Grade Corporate Multi-Sector Account Portfolio(a) |
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 |
|
Limited Duration Inflation Focused Bond |
2,921 |
4,067 |
2,921 |
3,029 |
3,201 |
2,969 |
3,093 |
3,093 |
2,992 |
2,921 |
|
Maryland Short-Term Tax-Free Bond |
86 |
121 |
86 |
90 |
95 |
88 |
92 |
92 |
89 |
86 |
|
Maryland Tax-Free Bond |
825 |
1,149 |
825 |
855 |
905 |
839 |
874 |
874 |
845 |
825 |
|
Maryland Tax-Free Money |
54 |
76 |
54 |
56 |
60 |
55 |
58 |
58 |
56 |
54 |
|
Media & Telecommunications |
1,330 |
1,852 |
1,330 |
1,380 |
1,458 |
1,352 |
1,409 |
1,409 |
1,363 |
1,330 |
|
Mid-Cap Growth |
10,211 |
14,217 |
10,211 |
10,589 |
11,192 |
10,379 |
10,814 |
10,814 |
10,462 |
10,211 |
|
Mid-Cap Index |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Mid-Cap Value |
4,822 |
6,720 |
4,822 |
5,000 |
5,292 |
4,906 |
5,113 |
5,113 |
4,943 |
4,822 |
|
Mortgage-Backed Securities Multi-Sector Account Portfolio(a) |
28 |
39 |
28 |
29 |
30 |
28 |
29 |
29 |
29 |
28 |
|
New America Growth |
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 |
74
|
Fund |
Aggregate Compensation From Fund |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
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 |
|
New Income |
11,403 |
15,888 |
11,403 |
11,825 |
12,511 |
11,600 |
12,087 |
12,087 |
11,689 |
11,403 |
|
New Jersey Tax-Free Bond |
137 |
192 |
137 |
143 |
151 |
140 |
146 |
146 |
141 |
137 |
|
New York Tax-Free Bond |
177 |
247 |
177 |
184 |
195 |
180 |
188 |
188 |
182 |
177 |
|
New York Tax-Free Money |
29 |
41 |
29 |
31 |
32 |
30 |
31 |
31 |
30 |
29 |
|
Overseas Stock |
4,259 |
5,925 |
4,259 |
4,417 |
4,663 |
4,326 |
4,506 |
4,506 |
4,362 |
4,259 |
|
Personal Strategy Balanced |
826 |
1,150 |
826 |
856 |
906 |
840 |
875 |
875 |
846 |
826 |
|
Personal Strategy Growth |
663 |
924 |
663 |
688 |
727 |
674 |
703 |
703 |
680 |
663 |
|
Personal Strategy Income |
600 |
836 |
600 |
623 |
658 |
610 |
636 |
636 |
615 |
600 |
|
QM Global Equity(d) |
3 |
5 |
0 |
3 |
4 |
0 |
3 |
3 |
3 |
3 |
|
QM U.S. Small & Mid-Cap Core Equity(e) |
4 |
6 |
0 |
4 |
4 |
0 |
4 |
4 |
4 |
4 |
|
QM U.S. Small-Cap Growth Equity |
587 |
814 |
587 |
609 |
640 |
594 |
619 |
619 |
600 |
587 |
|
QM U.S. Value Equity(e) |
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 |
2,117 |
2,951 |
2,117 |
2,195 |
2,325 |
2,155 |
2,246 |
2,246 |
2,169 |
2,117 |
|
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 |
|
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 |
|
Retirement Balanced |
1,415 |
1,973 |
1,415 |
1,467 |
1,554 |
1,440 |
1,501 |
1,501 |
1,451 |
1,415 |
|
Retirement I 2005 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2010 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2015 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2020 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2025 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
75
|
Fund |
Aggregate Compensation From Fund |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
Retirement I 2030 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2035 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2040 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2045 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2050 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2055 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement I 2060 Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Retirement Balanced I Fund—I Class |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Science & Technology |
1,510 |
2,103 |
1,510 |
1,566 |
1,656 |
1,536 |
1,600 |
1,600 |
1,548 |
1,510 |
|
Short-Term Bond |
2,464 |
3,436 |
2,464 |
2,555 |
2,706 |
2,508 |
2,614 |
2,614 |
2,526 |
2,464 |
|
Short-Term Government |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Short-Term |
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 |
2,551 |
3,555 |
2,551 |
2,646 |
2,799 |
2,595 |
2,705 |
2,705 |
2,615 |
2,551 |
|
Spectrum International |
488 |
679 |
488 |
506 |
535 |
496 |
517 |
517 |
500 |
488 |
|
Summit Municipal Income |
409 |
569 |
409 |
424 |
448 |
416 |
433 |
433 |
419 |
409 |
|
Summit Municipal Intermediate |
1,624 |
2,263 |
1,624 |
1,684 |
1,782 |
1,652 |
1,721 |
1,721 |
1,664 |
1,624 |
|
Summit Municipal Money Market |
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 |
76
|
Fund |
Aggregate Compensation From Fund |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
Tax-Free Income |
1,038 |
1,448 |
1,038 |
1,077 |
1,140 |
1,057 |
1,102 |
1,102 |
1,064 |
1,038 |
|
Tax-Free Short-Intermediate |
853 |
1,189 |
853 |
885 |
936 |
868 |
905 |
905 |
875 |
853 |
|
Tax-Free Ultra Short-Term Bond |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total Equity Market Index |
480 |
668 |
480 |
498 |
526 |
488 |
508 |
508 |
492 |
480 |
|
Total Return(f) |
1 |
2 |
— |
1 |
2 |
— |
1 |
1 |
1 |
1 |
|
Treasury Reserve |
863 |
1,201 |
863 |
895 |
945 |
877 |
913 |
913 |
883 |
863 |
|
U.S. Bond Enhanced Index |
244 |
340 |
244 |
253 |
268 |
249 |
259 |
259 |
250 |
244 |
|
U.S. Large-Cap Core |
50 |
70 |
50 |
52 |
55 |
51 |
53 |
53 |
51 |
50 |
|
U.S. Treasury Intermediate |
160 |
223 |
160 |
166 |
175 |
163 |
169 |
169 |
164 |
160 |
|
U.S. Treasury Long-Term |
141 |
196 |
141 |
146 |
155 |
143 |
149 |
149 |
144 |
141 |
|
U.S. Treasury Money |
840 |
1,170 |
840 |
871 |
921 |
854 |
890 |
890 |
860 |
840 |
|
Ultra Short-Term Bond |
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 |
9,333 |
9,108 |
|
Virginia Tax-Free Bond |
407 |
567 |
407 |
422 |
446 |
414 |
431 |
431 |
417 |
407 |
* Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds.
(a) Directors’ fees were paid by T. Rowe Price on behalf of the fund.
(b) Estimated for the period June 28, 2016, through December 31, 2016.
(c) Estimated for the period September 6, 2016, through December 31, 2016.
(d) Estimated for the period April 16, 2016, through December 31, 2016.
(e) Estimated for the period February 27, 2016, through December 31, 2016.
(f) Estimated for the period November 9, 2016, through December 31, 2016.
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
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Africa & Middle East |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Asia Opportunities |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Asia Opportunities Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Balanced |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
|
Balanced Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Blue Chip Growth |
None |
None |
$50,001-$100,000 |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Blue Chip Growth Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
77
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Blue Chip Growth Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Blue Chip Growth Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
California Tax-Free Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
California Tax-Free Money |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Capital Appreciation |
None |
None |
over $100,000 |
None |
$50,001-$100,000 |
None |
over $100,000 |
None |
None |
None |
|
Capital Appreciation Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Capital Appreciation Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Capital Opportunity |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
|
Capital Opportunity Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Capital Opportunity Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Cash Reserves |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
over $100,000 |
over $100,000 |
|
Corporate Income |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Corporate Income Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Credit Opportunities Fund |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Credit Opportunities Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Diversified Mid-Cap Growth |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Dividend Growth |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
|
Dividend Growth Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Dividend Growth Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Europe |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Bond |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Corporate Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Corporate Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
78
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Emerging Markets Corporate Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Corporate Multi-Sector Account Portfolio |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Local Currency Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Local Currency Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Local Currency Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Local Multi-Sector Account Portfolio |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Stock |
None |
None |
None |
over $100,000 |
None |
None |
None |
None |
over $100,000 |
None |
|
Emerging Markets Stock Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Value Stock |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Emerging Markets Value Stock Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Equity Income |
None |
None |
$50,001-$100,000 |
None |
None |
None |
None |
None |
None |
None |
|
Equity Income Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Equity Income Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Equity Income Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Equity Index 500 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Equity Index 500 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
European Stock |
None |
None |
None |
None |
$1-$10,000 |
None |
None |
None |
None |
None |
|
Extended Equity Market Index |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Financial Services |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
|
Floating Rate |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
None |
|
Floating Rate Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Floating Rate Multi-Sector Account Portfolio |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Georgia Tax-Free Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Allocation |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
79
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Global Allocation Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Growth Stock |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Growth Stock Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global High Income Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global High Income Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global High Income Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Industrials |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Multi-Sector Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Multi-Sector Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Real Estate |
None |
None |
None |
None |
$1-$10,000 |
None |
None |
None |
None |
None |
|
Global Real Estate Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Stock |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Stock Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Technology |
None |
None |
None |
None |
$50,001-$100,000 |
None |
None |
None |
None |
None |
|
Global Unconstrained Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Unconstrained Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Global Unconstrained Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
GNMA |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Government Money |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
$10,001-$50,000 |
None |
|
Government Reserve |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Growth & Income |
None |
$50,001-$100,000 |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Growth Stock |
None |
None |
over $100,000 |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
|
Growth Stock Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Growth Stock Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Growth Stock Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
80
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Health Sciences |
None |
None |
over $100,000 |
None |
$50,001-$100,000 |
None |
over $100,000 |
None |
None |
None |
|
High Yield |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
High Yield Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
High Yield Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
High Yield Multi-Sector Account Portfolio |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Inflation Protected Bond |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
|
Inflation Protected Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Africa & Middle East |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Core Plus |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Core Plus Fund—F Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Credit Opportunities Fund |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Emerging Markets Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Emerging Markets Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Floating Rate |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Floating Rate Fund—F Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Frontiers Markets Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Global Focused Growth Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Global Growth Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Global Multi-Sector Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Global Value Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional High Yield |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional International Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional International Concentrated Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional International Core Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
81
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Institutional International Growth Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Large-Cap Core Growth |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Large-Cap Growth |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Large-Cap Value |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Long Duration Credit |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Mid-Cap Equity Growth |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional Small-Cap Stock |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Institutional U.S. Structured Research |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Intermediate Tax-Free High Yield |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Intermediate Tax-Free High Yield—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Concentrated Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Concentrated Equity—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Discovery |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Discovery Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Equity Index |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Growth & Income |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Growth & Income Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Growth & Income Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Growth & Income Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Stock |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
|
International Stock Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
82
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
International Stock Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
International Stock Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Investment Grade Multi-Sector Account Portfolio |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Japan |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Latin America |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Limited Duration Inflation Focused Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Limited Duration Inflation Focused Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Maryland Short-Term Tax-Free Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Maryland Tax-Free Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Maryland Tax-Free Money |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Media & Telecommunications |
None |
None |
None |
None |
$50,001-$100,000 |
None |
None |
None |
None |
None |
|
Mid-Cap Growth |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Growth Fund—Advisor Class |
None |
None |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
|
Mid-Cap Growth Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Growth Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Index |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Index Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Value |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Value Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Value Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mid-Cap Value Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Mortgage-Backed Securities Multi-Sector Account Portfolio |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New America Growth |
None |
None |
None |
None |
$1-$10,000 |
None |
over $100,000 |
None |
None |
None |
|
New America Growth Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New America Growth Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New Asia |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
83
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
New Asia Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New Era |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
New Era Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New Horizons |
over $100,000 |
None |
None |
None |
$50,001-$100,000 |
None |
None |
None |
None |
None |
|
New Horizons Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New Income |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
New Income Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New Income Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New Income Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New Jersey Tax-Free Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New York Tax-Free Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
New York Tax-Free Money |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Overseas Stock |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Overseas Stock Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Overseas Stock Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Personal Strategy Balanced |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
$50,001-$100,000 |
None |
None |
|
Personal Strategy Growth |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
|
Personal Strategy Income |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
QM U.S. Small-Cap Growth Equity |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
None |
None |
None |
|
Real Assets |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Real Assets Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Real Estate |
None |
None |
None |
None |
$1- $10,000 |
None |
over $100,000 |
None |
None |
None |
|
Real Estate Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Real Estate Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2005 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2005 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2005 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2010 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2010 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
84
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Retirement 2010 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2015 |
over $100,000 |
over $100,000 |
None |
None |
None |
$50,001-$100,000 |
None |
None |
None |
None |
|
Retirement 2015 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2015 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2020 |
None |
None |
None |
None |
$50,001-$100,000 |
$50,001-$100,000 |
None |
None |
None |
None |
|
Retirement 2020 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2020 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2025 |
None |
None |
None |
None |
$50,001-$100,000 |
None |
None |
None |
None |
None |
|
Retirement 2025 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2025 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2030 |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
None |
|
Retirement 2030 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2030 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2035 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2035 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2035 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2040 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2040 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2040 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2045 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2045 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2045 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2050 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2050 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2050 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2055 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2055 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
85
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Retirement 2055 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2060 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2060 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement 2060 Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement Balanced |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement Balanced Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement Balanced Fund—R Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2005 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2010 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2015 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2020 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2025 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2030 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2035 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2040 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2045 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2050 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2055 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement I 2060 Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Retirement Balanced I Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Science & Technology |
None |
None |
None |
None |
$1-$10,000 |
None |
None |
None |
None |
None |
|
Science & Technology Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Short-Term Bond |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Short-Term Bond Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Short-Term Bond Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Short-Term Government |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Short-Term |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Small-Cap Index |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Small-Cap Index Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
86
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Small-Cap Stock |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
|
Small-Cap Stock Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Small-Cap Stock Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Small-Cap Value |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Small-Cap Value Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Small-Cap Value Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Spectrum Growth |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Spectrum Income |
None |
None |
over $100,000 |
None |
None |
None |
None |
None |
None |
None |
|
Spectrum International |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Summit Municipal Income |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Summit Municipal Income Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Summit Municipal Intermediate |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
over $100,000 |
None |
|
Summit Municipal Intermediate Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Summit Municipal Money Market |
None |
None |
None |
None |
None |
None |
None |
None |
$50,001-$100,000 |
None |
|
Target 2005 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2005 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2010 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2010 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2015 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2015 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2020 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2020 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2025 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2025 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2030 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2030 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2035 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2035 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2040 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2040 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2045 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2045 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
87
|
Aggregate
|
Independent Directors |
|||||||||
|
Brody |
Deering |
Dick* |
Duncan |
Gerrard |
Horn* |
McBride |
Rouse |
Schreiber |
Tercek |
|
|
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
over $100,000 |
|
|
Target 2050 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2050 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2055 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2055 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2060 |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Target 2060 Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Tax-Efficient Equity |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Tax-Exempt Money |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Tax-Free High Yield |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Tax-Free High Yield Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Tax-Free Income |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Tax-Free Income Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Tax-Free Short-Intermediate |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
None |
None |
|
Tax-Free Short-Intermediate Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Tax-Free Ultra Short-Term Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Total Equity Market Index |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Treasury Reserve |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
U.S. Bond Enhanced Index |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
U.S. Large-Cap Core |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
None |
None |
None |
|
U.S. Large-Cap Core Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
U.S. Treasury Intermediate |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
U.S. Treasury Long-Term |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
U.S. Treasury Money |
None |
None |
None |
None |
None |
None |
None |
None |
$1-$10,000 |
None |
|
Ultra Short-Term Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Value |
None |
None |
None |
None |
None |
None |
None |
None |
over $100,000 |
None |
|
Value Fund—Advisor Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Value Fund—I Class |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
|
Virginia Tax-Free Bond |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
* Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds.
88
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
Africa & Middle East |
None |
None |
None |
||||
|
Asia Opportunities |
None |
None |
None |
||||
|
Asia Opportunities Fund—Advisor Class |
None |
None |
None |
||||
|
Balanced |
None |
None |
None |
||||
|
Balanced Fund—I Class |
None |
None |
None |
||||
|
Blue Chip Growth |
None |
None |
None |
||||
|
Blue Chip Growth Fund—Advisor Class |
None |
None |
$10,001-$50,000 |
||||
|
Blue Chip Growth Fund—I Class |
None |
None |
None |
||||
|
Blue Chip Growth Fund—R Class |
None |
None |
None |
||||
|
California Tax-Free Bond |
None |
None |
None |
||||
|
California Tax-Free Money |
None |
None |
None |
||||
|
Capital Appreciation |
over $100,000 |
None |
None |
||||
|
Capital Appreciation Fund—Advisor Class |
None |
None |
None |
||||
|
Capital Appreciation Fund—I Class |
None |
None |
None |
||||
|
Capital Opportunity |
None |
None |
None |
||||
|
Capital Opportunity Fund—Advisor Class |
None |
None |
None |
||||
|
Capital Opportunity Fund—R Class |
None |
None |
None |
||||
|
Cash Reserves |
over $100,000 |
over $100,000 |
over $100,000 |
||||
|
Credit Opportunities |
None |
None |
None |
||||
|
Credit Opportunities Fund—Advisor Class |
None |
None |
None |
||||
|
Corporate Income |
None |
over $100,000 |
None |
||||
|
Corporate Income Fund—I Class |
None |
None |
None |
||||
|
Diversified Mid-Cap Growth |
None |
None |
None |
||||
|
Dividend Growth |
None |
None |
None |
||||
|
Dividend Growth Fund—Advisor Class |
None |
None |
None |
||||
|
Dividend Growth Fund—I Class |
None |
None |
None |
||||
|
Emerging Europe |
None |
None |
None |
||||
|
Emerging Markets Bond |
None |
None |
$10,001-$50,000 |
||||
|
Emerging Markets Bond Fund—Advisor Class |
None |
None |
None |
||||
|
Emerging Markets Bond Fund—I Class |
None |
None |
None |
||||
|
Emerging Markets Corporate Bond |
None |
None |
None |
||||
|
Emerging Markets Corporate Bond Fund—Advisor Class |
None |
None |
None |
||||
|
Emerging Markets Corporate Bond Fund—I Class |
None |
None |
None |
||||
|
Emerging Markets Corporate Multi-Sector Account Portfolio |
None |
None |
None |
||||
|
Emerging Markets Local Currency Bond |
None |
None |
None |
||||
|
Emerging Markets Local Currency Bond Fund—Advisor Class |
None |
None |
None |
||||
|
Emerging Markets Local Currency Bond Fund—I Class |
None |
None |
None |
||||
89
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
Emerging Markets Local Multi-Sector Account Portfolio |
None |
None |
None |
||||
|
Emerging Markets Stock |
$50,001-$100,000 |
None |
None |
||||
|
Emerging Markets Stock Fund—I Class |
None |
None |
None |
||||
|
Emerging Markets Value Stock |
None |
None |
None |
||||
|
Emerging Markets Value Stock Fund—Advisor Class |
None |
None |
None |
||||
|
Equity Income |
$50,001-$100,000 |
over $100,000 |
None |
||||
|
Equity Income Fund—Advisor Class |
None |
None |
None |
||||
|
Equity Income Fund—I Class |
None |
None |
None |
||||
|
Equity Income Fund—R Class |
None |
None |
None |
||||
|
Equity Index 500 |
None |
None |
None |
||||
|
Equity Index 500 Fund—I Class |
None |
None |
None |
||||
|
European Stock |
None |
None |
None |
||||
|
Extended Equity Market Index |
None |
None |
None |
||||
|
Financial Services |
None |
None |
None |
||||
|
Floating Rate |
None |
None |
None |
||||
|
Floating Rate Fund—Advisor Class |
None |
None |
None |
||||
|
Floating Rate Multi-Sector Account Portfolio |
None |
None |
None |
||||
|
Georgia Tax-Free Bond |
None |
None |
None |
||||
|
Global Allocation |
None |
None |
None |
||||
|
Global Allocation Fund—Advisor Class |
None |
None |
None |
||||
|
Global Growth Stock |
None |
None |
None |
||||
|
Global Growth Stock Fund—Advisor Class |
None |
None |
None |
||||
|
Global High Income Bond |
None |
None |
over $100,000 |
||||
|
Global High Income Bond Fund—Advisor Class |
None |
None |
None |
||||
|
Global High Income Bond Fund—I Class |
None |
None |
None |
||||
|
Global Industrials |
None |
None |
None |
||||
|
Global Multi-Sector Bond |
None |
None |
None |
||||
|
Global Multi-Sector Bond Fund—Advisor Class |
None |
None |
None |
||||
|
Global Real Estate |
None |
None |
None |
||||
|
Global Real Estate Fund—Advisor Class |
None |
None |
None |
||||
|
Global Stock |
over $100,000 |
None |
$10,001-$50,000 |
||||
|
Global Stock Fund—Advisor Class |
None |
None |
None |
||||
|
Global Technology |
None |
None |
$10,001-$50,000 |
||||
|
Global Unconstrained Bond |
None |
None |
over $100,000 |
||||
|
Global Unconstrained Bond Fund—Advisor Class |
None |
None |
None |
||||
|
Global Unconstrained Bond Fund—I Class |
None |
None |
None |
||||
|
GNMA |
None |
None |
None |
||||
|
Government Money |
over $100,000 |
over $100,000 |
$1-$10,000 |
||||
|
Government Reserve |
None |
None |
None |
||||
|
Growth & Income |
None |
None |
None |
||||
90
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
Growth Stock |
over $100,000 |
None |
None |
||||
|
Growth Stock Fund—Advisor Class |
None |
None |
None |
||||
|
Growth Stock Fund—I Class |
None |
None |
None |
||||
|
Growth Stock Fund—R Class |
None |
None |
None |
||||
|
Health Sciences |
None |
None |
over $100,000 |
||||
|
High Yield |
$10,001-$50,000 |
None |
None |
||||
|
High Yield Fund—Advisor Class |
None |
None |
None |
||||
|
High Yield Fund—I Class |
None |
None |
None |
||||
|
High Yield Multi-Sector Account Portfolio |
None |
None |
None |
||||
|
Inflation Protected Bond |
None |
None |
None |
||||
|
Inflation Protected Bond Fund—I Class |
None |
None |
None |
||||
|
Institutional Africa & Middle East |
None |
None |
None |
||||
|
Institutional Core Plus |
None |
None |
None |
||||
|
Institutional Core Plus Fund—F Class |
None |
None |
None |
||||
|
Institutional Credit Opportunities |
None |
None |
None |
||||
|
Institutional Emerging Markets Bond |
None |
None |
None |
||||
|
Institutional Emerging Markets Equity |
None |
None |
None |
||||
|
Institutional Floating Rate |
None |
over $100,000 |
over $100,000 |
||||
|
Institutional Floating Rate Fund—F Class |
None |
None |
None |
||||
|
Institutional Frontiers Markets Equity |
None |
None |
None |
||||
|
Institutional Global Focused Growth Equity |
over $100,000 |
over $100,000 |
None |
||||
|
Institutional Global Growth Equity |
None |
None |
None |
||||
|
Institutional Global Multi-Sector Bond |
None |
None |
None |
||||
|
Institutional Global Value Equity |
None |
None |
None |
||||
|
Institutional High Yield |
None |
None |
None |
||||
|
Institutional International Bond |
None |
None |
None |
||||
|
Institutional International Concentrated Equity |
None |
None |
None |
||||
|
Institutional International Core Equity |
None |
None |
None |
||||
|
Institutional International Growth Equity |
None |
None |
None |
||||
|
Institutional Large-Cap Core Growth |
None |
None |
None |
||||
|
Institutional Large-Cap Growth |
None |
None |
None |
||||
|
Institutional Large-Cap Value |
None |
None |
None |
||||
|
Institutional Long Duration Credit |
None |
None |
None |
||||
|
Institutional Mid-Cap Equity Growth |
over $100,000 |
None |
None |
||||
|
Institutional Small-Cap Stock |
$10,001-$50,000 |
None |
None |
||||
|
Institutional U.S. Structured Research |
None |
None |
None |
||||
|
Intermediate Tax-Free High Yield |
None |
None |
None |
||||
91
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
Intermediate Tax Free High Yield—Advisor Class |
None |
None |
None |
||||
|
International Bond |
None |
None |
None |
||||
|
International Bond Fund—Advisor Class |
None |
None |
None |
||||
|
International Bond Fund—I Class |
None |
None |
None |
||||
|
International Concentrated Equity |
None |
None |
None |
||||
|
International Concentrated Fund—Advisor Class |
None |
None |
None |
||||
|
International Discovery |
$10,001-$50,000 |
None |
None |
||||
|
International Discovery Fund—I Class |
None |
None |
None |
||||
|
International Equity Index |
None |
None |
$1-$10,000 |
||||
|
International Growth & Income |
None |
None |
None |
||||
|
International Growth & Income Fund—Advisor Class |
None |
None |
None |
||||
|
International Growth & Income Fund—I Class |
None |
None |
None |
||||
|
International Growth & Income Fund—R Class |
None |
None |
None |
||||
|
International Stock |
$10,001-$50,000 |
None |
$1-$10,000 |
||||
|
International Stock Fund—Advisor Class |
None |
None |
None |
||||
|
International Stock Fund—I Class |
None |
None |
None |
||||
|
International Stock Fund—R Class |
None |
None |
None |
||||
|
Investment Grade Multi-Sector Account Portfolio |
None |
None |
None |
||||
|
Japan |
None |
None |
None |
||||
|
Latin America |
None |
None |
None |
||||
|
Limited Duration Inflation Focused Bond |
None |
None |
None |
||||
|
Limited Duration Inflation Focused Bond Fund—I Class |
None |
None |
None |
||||
|
Maryland Short-Term Tax-Free Bond |
None |
None |
None |
||||
|
Maryland Tax-Free Bond |
None |
None |
None |
||||
|
Maryland Tax-Free Money |
None |
None |
$10,001-$50,000 |
||||
|
Media & Telecommunications |
None |
over $100,000 |
None |
||||
|
Mid-Cap Growth |
None |
None |
None |
||||
|
Mid-Cap Growth Fund—Advisor Class |
None |
None |
None |
||||
|
Mid-Cap Growth Fund—I Class |
None |
None |
None |
||||
|
Mid-Cap Growth Fund—R Class |
None |
None |
None |
||||
|
Mid-Cap Index |
None |
None |
None |
||||
|
Mid-Cap Index Fund—I Class |
None |
None |
None |
||||
|
Mid-Cap Value |
None |
None |
None |
||||
|
Mid-Cap Value Fund—Advisor Class |
None |
None |
None |
||||
|
Mid-Cap Value Fund—I Class |
None |
None |
None |
||||
|
Mid-Cap Value Fund—R Class |
None |
None |
None |
||||
|
Mortgage-Backed Securities Multi-Sector Account Portfolio |
None |
None |
None |
||||
92
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
New America Growth |
None |
None |
None |
||||
|
New America Growth Fund—Advisor Class |
None |
None |
None |
||||
|
New America Growth Fund—I Class |
None |
None |
None |
||||
|
New Asia |
over $100,000 |
None |
None |
||||
|
New Asia Fund—I Class |
None |
None |
None |
||||
|
New Era |
None |
None |
None |
||||
|
New Era Fund—I Class |
None |
None |
None |
||||
|
New Horizons |
$10,001-$50,000 |
None |
None |
||||
|
New Horizons Fund—I Class |
None |
None |
None |
||||
|
New Income |
None |
$50,001-$100,000 |
None |
||||
|
New Income Fund—Advisor Class |
None |
None |
None |
||||
|
New Income Fund—I Class |
None |
None |
None |
||||
|
New Income Fund—R Class |
None |
None |
None |
||||
|
New Jersey Tax-Free Bond |
None |
None |
None |
||||
|
New York Tax-Free Bond |
None |
None |
None |
||||
|
New York Tax-Free Money |
None |
None |
None |
||||
|
Overseas Stock |
None |
None |
None |
||||
|
Overseas Stock Fund—Advisor Class |
None |
None |
None |
||||
|
Overseas Stock Fund—I Class |
None |
None |
None |
||||
|
Personal Strategy Balanced |
None |
None |
None |
||||
|
Personal Strategy Growth |
None |
None |
None |
||||
|
Personal Strategy Income |
None |
None |
None |
||||
|
QM U.S. Small-Cap Growth Equity |
None |
None |
None |
||||
|
Real Assets |
None |
None |
None |
||||
|
Real Assets Fund—I Class |
None |
None |
None |
||||
|
Real Estate |
over $100,000 |
None |
None |
||||
|
Real Estate Fund—Advisor Class |
None |
None |
None |
||||
|
Real Estate Fund—I Class |
None |
None |
None |
||||
|
Retirement 2005 |
None |
None |
None |
||||
|
Retirement 2005 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2005 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2010 |
None |
None |
None |
||||
|
Retirement 2010 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2010 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2015 |
None |
None |
None |
||||
|
Retirement 2015 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2015 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2020 |
None |
None |
None |
||||
|
Retirement 2020 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2020 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2025 |
None |
None |
None |
||||
|
Retirement 2025 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2025 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2030 |
None |
None |
None |
||||
93
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
Retirement 2030 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2030 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2035 |
None |
None |
None |
||||
|
Retirement 2035 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2035 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2040 |
None |
None |
None |
||||
|
Retirement 2040 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2040 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2045 |
None |
None |
None |
||||
|
Retirement 2045 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2045 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2050 |
None |
None |
None |
||||
|
Retirement 2050 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2050 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2055 |
over $100,000 |
None |
None |
||||
|
Retirement 2055 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2055 Fund—R Class |
None |
None |
None |
||||
|
Retirement 2060 |
None |
None |
None |
||||
|
Retirement 2060 Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement 2060 Fund—R Class |
None |
None |
None |
||||
|
Retirement Balanced |
None |
None |
None |
||||
|
Retirement Balanced Fund—Advisor Class |
None |
None |
None |
||||
|
Retirement Balanced Fund—R Class |
None |
None |
None |
||||
|
Retirement I 2005 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2010 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2015 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2020 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2025 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2030 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2035 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2040 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2045 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2050 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2055 Fund—I Class |
None |
None |
None |
||||
|
Retirement I 2060 Fund—I Class |
None |
None |
None |
||||
|
Retirement Balanced I Fund—I Class |
None |
None |
None |
||||
|
Science & Technology |
over $100,000 |
over $100,000 |
over $100,000 |
||||
|
Science & Technology Fund—Advisor Class |
None |
None |
None |
||||
|
Short-Term Bond |
over $100,000 |
None |
over $100,000 |
||||
|
Short-Term Bond Fund—Advisor Class |
None |
None |
None |
||||
|
Short-Term Bond Fund—I Class |
None |
None |
None |
||||
|
Short-Term Government |
None |
None |
None |
||||
|
Short-Term |
None |
None |
None |
||||
94
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
Small-Cap Index |
None |
None |
None |
||||
|
Small-Cap Index Fund—I Class |
None |
None |
None |
||||
|
Small-Cap Stock |
None |
None |
None |
||||
|
Small-Cap Stock Fund—Advisor Class |
None |
None |
None |
||||
|
Small-Cap Stock Fund—I Class |
None |
None |
None |
||||
|
Small-Cap Value |
$10,001-$50,000 |
None |
None |
||||
|
Small-Cap Value Fund—Advisor Class |
None |
None |
None |
||||
|
Small-Cap Value Fund—I Class |
None |
None |
None |
||||
|
Spectrum Growth |
over $100,000 |
None |
None |
||||
|
Spectrum Income |
over $100,000 |
over $100,000 |
None |
||||
|
Spectrum International |
over $100,000 |
None |
None |
||||
|
Summit Municipal Income |
None |
None |
None |
||||
|
Summit Municipal Income Fund—Advisor Class |
None |
None |
None |
||||
|
Summit Municipal Intermediate |
None |
None |
None |
||||
|
Summit Municipal Intermediate Fund—Advisor Class |
None |
None |
None |
||||
|
Summit Municipal Money Market |
over $100,000 |
None |
None |
||||
|
Target 2005 |
None |
None |
None |
||||
|
Target 2005 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2010 |
None |
None |
None |
||||
|
Target 2010 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2015 |
None |
None |
None |
||||
|
Target 2015 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2020 |
None |
None |
None |
||||
|
Target 2020 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2025 |
None |
None |
None |
||||
|
Target 2025 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2030 |
None |
None |
None |
||||
|
Target 2030 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2035 |
None |
None |
None |
||||
|
Target 2035 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2040 |
None |
None |
None |
||||
|
Target 2040 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2045 |
None |
None |
None |
||||
|
Target 2045 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2050 |
None |
None |
None |
||||
|
Target 2050 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2055 |
None |
None |
None |
||||
|
Target 2055 Fund—Advisor Class |
None |
None |
None |
||||
|
Target 2060 |
None |
None |
None |
||||
95
|
Aggregate Holdings,
|
Inside Directors |
||||||
|
Bernard |
Rogers |
Wiese |
|||||
|
over $100,000 |
over $100,000 |
over $100,000 |
|||||
|
Target 2060 Fund—Advisor Class |
None |
None |
None |
||||
|
Tax-Efficient Equity |
None |
None |
None |
||||
|
Tax-Exempt Money |
None |
None |
None |
||||
|
Tax-Free High Yield |
None |
None |
None |
||||
|
Tax-Free High Yield Fund—Advisor Class |
None |
None |
None |
||||
|
Tax-Free Income |
None |
None |
None |
||||
|
Tax-Free Income Fund—Advisor Class |
None |
None |
None |
||||
|
Tax-Free Short-Intermediate |
None |
None |
None |
||||
|
Tax-Free Short-Intermediate Fund–Advisor Class |
None |
None |
None |
||||
|
Tax-Free Ultra Short-Term Bond |
None |
None |
None |
||||
|
Total Equity Market Index |
over $100,000 |
None |
$10,001-$50,000 |
||||
|
Treasury Reserve |
None |
None |
None |
||||
|
U.S. Bond Enhanced Index |
over $100,000 |
None |
None |
||||
|
U.S. Large-Cap Core |
None |
None |
None |
||||
|
U.S. Large-Cap Core Fund—Advisor Class |
None |
None |
None |
||||
|
U.S. Treasury Intermediate |
None |
None |
None |
||||
|
U.S. Treasury Long-Term |
None |
None |
None |
||||
|
U.S. Treasury Money |
None |
None |
None |
||||
|
Ultra Short-Term Bond |
None |
None |
None |
||||
|
Value |
None |
$50,001-$100,000 |
None |
||||
|
Value Fund—Advisor Class |
None |
None |
None |
||||
|
Value Fund—I Class |
None |
None |
None |
||||
|
Virginia Tax-Free Bond |
None |
None |
None |
||||
Portfolio Managers’ Holdings in the Price Funds
The following tables set forth ranges of holdings for each Price Fund’s portfolio manager. The portfolio manager 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. The column entitled “Range of Fund Holdings as of Fund’s Fiscal Year” shows the dollar range of shares beneficially owned (including any shares held through the T. Rowe Price 401(k) plan and/or T. Rowe Price deferred compensation plan) in the fund for which he or she serves as portfolio manager, as of the end of that fund’s most recent fiscal year. The column entitled “Range of Holdings in Investment Strategy as of Fund’s Fiscal Year” shows the dollar range of shares beneficially owned (including any shares or units held through the T. Rowe Price 401(k) plan and/or T. Rowe Price deferred compensation plan) in the fund, as well as all investment portfolios that are managed by the same portfolio manager and have investment objectives, policies, and strategies that are substantially similar to those of the fund. Substantially similar portfolios may include other Price Funds, such as institutional funds, T. Rowe Price common trust funds, and non-U.S. pooled investment vehicles, such as Luxembourg-based SICAVs (Societe d’Investissement a Capital Variable Funds). The range of holdings for all investment portfolios within the investment strategy is provided as of the end of the fund’s most recent fiscal year, regardless of the fiscal years of the other investment portfolios.
96
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as of Fund’s Fiscal Year a |
|
|
Africa & Middle East |
Oliver D.M. Bell |
None |
None |
|
|
Asia Opportunities |
Eric C. Moffett |
over $1,000,000 |
over $1,000,000 |
|
|
Balanced |
Charles M. Shriver |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Blue Chip Growth |
Larry J. Puglia |
over $1,000,000 |
over $1,000,000 |
|
|
Capital Appreciation |
David R. Giroux |
over $1,000,000 |
over $1,000,000 |
|
|
Capital Opportunity |
Ann M. Holcomb |
$100,001–$500,000 |
$500,001–$1,000,000 |
|
|
Jason B. Polun |
None |
$500,001–$1,000,000 |
||
|
Eric L. Veiel |
None |
$500,001–$1,000,000 |
||
|
Corporate Income |
David A. Tiberii |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Credit Opportunities |
Rodney M. Rayburn |
None(b) |
None |
|
|
Cash Reserves |
Joseph K. Lynagh |
$1-$10,000 |
$1-$10,000 |
|
|
Diversified Mid-Cap Growth |
Donald J. Easley |
$500,001–$1,000,000 |
$500,001–$1,000,000 |
|
|
Donald J. Peters |
over $1,000,000 |
over $1,000,000 |
||
|
Dividend Growth |
Thomas J. Huber |
$500,001–$1,000,000 |
over $1,000,000 |
|
|
Emerging Europe |
Ulle Adamson |
None |
None |
|
|
Emerging Markets Bond |
Michael J. Conelius |
$50,001–$100,000 |
$100,001–$500,000 |
|
|
Emerging Markets Corporate Bond |
Samy B. Muaddi |
$10,001–$50,000 |
$10,001–$50,000 |
|
|
Emerging Markets Local Currency Bond |
Andrew Keirle |
$10,001–$50,000 |
$50,001–$100,000 |
|
|
Emerging Markets Stock |
Gonzalo Pangaro |
over $1,000,000 |
over $1,000,000 |
|
|
Emerging Markets Value Stock |
Ernest C. Yeung |
None |
None |
|
|
Equity Income |
John D. Linehan |
$500,001–$1,000,000 |
over $1,000,000 |
|
|
Equity Index 500 |
Ken D. Uematsu(b) |
$1–$10,000 |
$10,001–$50,000 |
|
|
European Stock |
Dean Tenerelli |
None |
None |
|
|
Extended Equity Market Index |
Ken D. Uematsu(b) |
$50,001–$100,000 |
$50,001–$100,000 |
|
|
Financial Services |
Gabriel Solomon |
$10,001–$50,000 |
$10,001–$50,000 |
|
|
Floating Rate |
Paul M. Massaro |
$50,001–$100,000 |
$100,001–$500,000 |
|
|
Global Allocation |
Charles M. Shriver |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Global Consumer |
Jason Nogueira |
(c) |
(c) |
|
|
Global Growth Stock |
R. Scott Berg |
over $1,000,000 |
over $1,000,000 |
|
|
Global High Income Bond |
Michael Della Vedova |
None |
None |
|
|
Mark J. Vaselkiv |
None |
None |
||
|
Global Industrials |
Peter J. Bates |
$500,001–$1,000,000 |
$500,001–$1,000,000 |
|
|
Global Multi-Sector Bond |
Steven C. Huber |
None |
$500,001–$1,000,000 |
|
|
Global Real Estate |
Nina P. Jones |
$10,001–$50,000 |
$10,001–$50,000 |
|
|
Global Stock |
David J. Eiswert |
over $1,000,000 |
over $1,000,000 |
|
|
Global Technology |
Joshua K. Spencer |
over $1,000,000 |
over $1,000,000 |
|
|
Global Unconstrained Bond |
Arif Husain |
None |
$50,001–$100,000 |
|
|
GNMA |
Andrew C. McCormick |
$100,001–$500,000 |
$100,001–$500,000 |
|
97
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as of Fund’s Fiscal Year a |
|
Government Money |
Joseph K. Lynagh |
||
|
Growth & Income |
Jeffrey Rottinghaus |
None |
$500,001–$1,000,000 |
|
Growth Stock |
Joseph B. Fath |
None |
$100,001–$500,000 |
|
Health Sciences |
Ziad Bakri |
(d) |
(d) |
|
High Yield |
Mark J. Vaselkiv |
||
|
Inflation Protected Bond |
Stephen L. Bartolini |
(e) |
(e) |
|
Institutional Africa & Middle East |
Oliver D.M. Bell |
None |
None |
|
Institutional Cash Reserves |
Joseph K. Lynagh |
(f) |
(f) |
|
Institutional Core Plus |
Brian J. Brennan |
||
|
Institutional Credit Opportunities |
Rodney M. Rayburn |
||
|
Institutional Emerging Markets Bond |
Michael J. Conelius |
$100,001–$500,000 |
$100,001–$500,000 |
|
Institutional Emerging Markets Equity |
Gonzalo Pangaro |
None |
over $1,000,000 |
|
Institutional Floating Rate |
Paul M. Massaro |
$10,001–$50,000 |
$100,001–$500,000 |
|
Institutional Frontier Markets Equity |
Oliver D.M. Bell |
None |
None |
|
Institutional Global Focused Growth Equity |
David J. Eiswert |
$500,001–$1,000,000 |
over $1,000,000 |
|
Institutional Global Growth Equity |
R. Scott Berg |
over $1,000,000 |
over $1,000,000 |
|
Institutional Global Multi-Sector Bond |
Steven C. Huber |
$500,001–$1,000,000 |
$500,001–$1,000,000 |
|
Institutional Global Value Equity |
Sebastien Mallet |
None |
None |
|
Institutional High Yield |
Mark J. Vaselkiv |
$500,001–$1,000,000(h) |
$500,001–$1,000,000 |
|
Institutional International Bond |
Arif Husain |
None |
None |
|
Kenneth A. Orchard |
None |
None |
|
|
Institutional International Concentrated Equity |
Federico Santilli |
None |
None |
|
Institutional International Core Equity |
Raymond A. Mills |
None |
over $1,000,000 |
|
Institutional International Growth Equity |
Richard N. Clattenburg |
None |
None |
|
Institutional Large-Cap Core Growth |
Larry J. Puglia |
None |
over $1,000,000 |
|
Institutional Large-Cap Growth |
Robert W. Sharps(g) |
over $1,000,000 |
over $1,000,000 |
|
Institutional Large-Cap Value |
Mark S. Finn |
$100,001–$500,000 |
$100,001–$500,000 |
|
John D. Linehan |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Heather K. McPherson |
over $1,000,000 |
over $1,000,000 |
|
|
Institutional Long Duration Credit |
David A. Tiberii |
None |
None |
|
Institutional Mid-Cap Equity Growth |
Brian W.H. Berghuis |
over $1,000,000 |
over $1,000,000 |
98
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as of Fund’s Fiscal Year a |
|
|
Institutional Small-Cap Stock |
Frank M. Alonso |
(h) |
(h) |
|
|
Institutional U.S. Structured Research |
Ann M. Holcomb |
None |
$500,001–$1,000,000 |
|
|
Jason B. Polun |
None |
$500,001–$1,000,000 |
||
|
Eric L. Veiel |
None |
$500,001–$1,000,000 |
||
|
Intermediate Tax-Free High Yield |
James M. Murphy |
$50,001–$100,000 |
$50,001–$100,000 |
|
|
International Bond |
Arif Husain |
None |
None |
|
|
Kenneth A. Orchard |
None |
None |
||
|
International Concentrated Equity |
Federico Santilli |
None |
None |
|
|
International Discovery |
Justin Thomson |
$500,001–$1,000,000 |
$500,001–$1,000,000 |
|
|
International Equity Index |
Neil Smith(i) |
None |
None |
|
|
International Growth & Income |
Jonathan H.W. Matthews |
$10,001–$50,000 |
$10,001–$50,000 |
|
|
International Stock |
Richard N. Clattenburg |
None |
None |
|
|
Japan |
Archibald Ciganer |
None |
None |
|
|
Latin America |
Verena E. Wachnitz |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Limited Duration Inflation Focused Bond |
Stephen L. Bartolini |
(e) |
(e) |
|
|
Media & Telecommunications |
Paul D. Greene II |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Mid-Cap Growth |
Brian W.H. Berghuis |
over $1,000,000 |
over $1,000,000 |
|
|
Mid-Cap Value |
David J. Wallack |
None |
$100,001–$500,000 |
|
|
New America Growth |
Justin White(j) |
None |
None |
|
|
New Asia |
Anh Lu |
None |
None |
|
|
New Era |
Shawn T. Driscoll |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
New Horizons |
Henry M. Ellenbogen |
$100,001–$500,000 |
over $1,000,000 |
|
|
New Income |
Daniel O. Shackelford |
$10,001–$50,000 |
$100,001–$500,000 |
|
|
Overseas Stock |
Raymond A. Mills |
None |
over $1,000,000 |
|
|
Personal Strategy Balanced |
Charles M. Shriver |
$10,001–$50,000 |
$10,001–$50,000 |
|
|
Personal Strategy Growth |
Charles M. Shriver |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Personal Strategy Income |
Charles M. Shriver |
$1–$10,000 |
$1–$10,000 |
|
|
QM Global Equity |
Sudhir Nanda |
(k) |
None |
|
|
QM U.S. Small & Mid-Cap Core Equity |
Boyko D. Atanassov |
(l) |
None |
|
|
QM U.S. Small-Cap Growth Equity |
Sudhir Nanda |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
QM U.S. Value Equity |
Farris G. Shuggi |
(l) |
None |
|
|
Real Assets |
Wyatt A. Lee |
$1–$10,000 |
$10,001–$50,000 |
|
|
Real Estate |
David M. Lee |
$100,001–$500,000 |
$100,001–$500,000 |
|
|
Science & Technology |
Kennard W. Allen |
over $1,000,000 |
over $1,000,000 |
|
|
Short-Term Bond |
Michael F. Reinartz |
None |
None |
|
|
Edward A. Wiese |
$500,001–$1,000,000 |
$500,001–$1,000,000 |
||
|
Small-Cap Stock |
Frank M. Alonso |
(h) |
(h) |
|
99
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as of Fund’s Fiscal Year a |
|
Small-Cap Value |
J. David Wagner |
$100,001–$500,000 |
$500,001–$1,000,000 |
|
Spectrum Growth |
Charles M. Shriver |
$100,001–$500,000 |
$100,001–$500,000 |
|
Spectrum Income |
Charles M. Shriver |
$100,001–$500,000 |
$100,001–$500,000 |
|
Spectrum International |
Charles M. Shriver |
$100,001–$500,000 |
$100,001–$500,000 |
|
Summit Municipal Income |
Konstantine B. Mallas |
$100,001–$500,000 |
$100,001–$500,000 |
|
Summit Municipal Intermediate |
Charles B. Hill |
$500,001–$1,000,000 |
$500,001–$1,000,000 |
|
Summit Municipal Money Market |
Joseph K. Lynagh |
None |
None |
|
Tax- Efficient Equity |
Donald J. Peters |
over $1,000,000 |
over $1,000,000 |
|
Tax- Exempt Money |
Joseph K. Lynagh |
$1–$10,000 |
$1–$10,000 |
|
Tax- Free High Yield |
James M. Murphy |
$100,001–$500,000 |
$100,001–$500,000 |
|
Tax- Free Income |
Konstantine B. Mallas |
$100,001–$500,000 |
$100,001–$500,000 |
|
Tax- Free Short-Intermediate |
Charles B. Hill |
$1–$10,000 |
$1–$10,000 |
|
Tax- Free Ultra Short-Term Bond |
Joseph K. Lynagh |
(m) |
None |
|
Total Equity Market Index |
Ken D. Uematsu(b) |
$1–$10,000 |
$1–$10,000 |
|
Total Return |
Christopher P. Brown, Jr. Andrew C. McCormick |
(m) (m) |
(m) (m) |
|
U.S. Bond Enhanced Index |
Robert M. Larkins |
None |
$10,001–$50,000 |
|
U.S. Large-Cap Core |
Jeffrey Rottinghaus |
over $1,000,000 |
over $1,000,000 |
|
U.S. Treasury Intermediate |
Brian J. Brennan |
$10,001–$50,000 |
$10,001–$50,000 |
|
U.S. Treasury Long-Term |
Brian J. Brennan |
$10,001–$50,000 |
$10,001–$50,000 |
|
U.S. Treasury Money |
Joseph K. Lynagh |
$1–$10,000 |
$1–$10,000 |
|
Ultra Short-Term Bond |
Joseph K. Lynagh |
$100,001–$500,000 |
$100,001–$500,000 |
|
Value |
Mark S. Finn |
over $1,000,000 |
over $1,000,000 |
(a) See table beginning on page 10 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 10.
(b) Ken D. Uematsu became the fund’s sole portfolio manager on May 1, 2016.
(c) The fund incepted on June 27, 2016; therefore the range of holdings is not yet available.
(d) Ziad Bakri became the fund’s sole portfolio manager on July 1, 2016. The range of fund holdings is as of July 31, 2016.
(e) On June 30, 2016, Stephen L. Bartolini replaced Daniel O. Shackelford as the fund’s portfolio manager. The range of holdings is as of June 30, 2016.
(f) The fund’s expected inception date is September 6, 2016; therefore the range of holdings is not yet available.
(g) On January 1, 2017, Taymour R. Tamaddon will replace Robert W. Sharps as the fund’s portfolio manager.
(h) On October 1, 2016, Frank M. Alonso replaced Gregory A. McCrickard as the fund’s portfolio manager. The range of fund holdings is not yet available.
(i) Neil Smith became the fund’s sole portfolio manager on March 1, 2016.
(j) On April 1, 2016, Justin White replaced Daniel Martino as portfolio manager of the fund.
(k) The fund incepted on April 15, 2016; therefore the range of fund holdings is not yet available.
(l) The fund incepted on February 26, 2016; therefore the range of fund holdings is not yet available.
(m) The fund has not incepted; therefore the range of fund holdings is not yet available.
100
The following funds are generally designed to be sold to persons residing in the state referenced in the fund’s name. Since the portfolio managers reside in Maryland, they do not typically invest in funds designed to provide tax benefits for residents of other states.
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as of Fund’s Fiscal Year a |
|
California Tax-Free Bond |
Konstantine B. Mallas |
None |
None |
|
California Tax-Free Money |
Joseph K. Lynagh |
None |
None |
|
Georgia Tax-Free Bond |
Hugh D. McGuirk |
None |
None |
|
Maryland Short-Term Tax-Free Bond |
Charles B. Hill |
$10,001–$50,000 |
$10,001–$50,000 |
|
Maryland Tax-Free Bond |
Hugh D. McGuirk |
$500,001–$1,000,000 |
$500,001–$1,000,000 |
|
Maryland Tax-Free Money |
Joseph K. Lynagh |
$1–$10,000 |
$1–$10,000 |
|
New Jersey Tax-Free Bond |
Konstantine B. Mallas |
None |
None |
|
New York Tax-Free Bond |
Konstantine B. Mallas |
None |
None |
|
New York Tax-Free Money |
Joseph K. Lynagh |
None |
None |
|
Virginia Tax-Free Bond |
Hugh D. McGuirk |
None |
None |
(a) See table beginning on page 10 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 10.
The following target date funds are designed to provide a diversified portfolio that becomes more conservative over time based on an expected retirement year.
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as
|
|
Retirement 2005 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2010 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2015 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2020 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2025 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2030 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2035 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2040 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2045 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2050 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement 2055 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
101
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as
|
|
Retirement 2060 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement Balanced |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2005 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2010 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2015 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2020 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2025 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2030 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2035 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2040 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2045 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2050 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2055 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement I 2060 Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Retirement Balanced I Fund—I Class |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2005 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2010 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2015 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2020 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2025 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2030 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2035 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2040 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2045 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
102
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as
|
|
Target 2050 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2055 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
|||
|
Target 2060 |
Jerome A. Clark |
||
|
Wyatt A. Lee |
(a) See table beginning on page 10 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 10.
The following funds are not available for direct purchase by members of the public. Therefore, the portfolio manager is not permitted to invest directly in the fund.
|
Fund |
Portfolio Manager |
Range of Fund
|
Range of Holdings in Investment Strategy as of Fund’s Fiscal Year a |
|
Emerging Markets Corporate Multi-Sector Account Portfolio |
Samy B. Muaddi |
None |
None |
|
Emerging Markets Local Multi-Sector Account Portfolio |
Andrew Keirle |
None |
None |
|
Floating Rate Multi-Sector Account Portfolio |
Paul M. Massaro |
None |
$50,001–$100,000 |
|
Government Reserve |
Joseph K. Lynagh |
||
|
High Yield Multi-Sector Account Portfolio |
Mark J. Vaselkiv |
None |
$500,001–$1,000,000 |
|
Investment-Grade Corporate Multi-Sector Account Portfolio |
Steve Boothe(b) |
None |
$100,001–$500,000 |
|
Mid-Cap Index |
Ken D. Uematsu |
None |
None |
|
Mortgage-Backed Securities Multi-Sector Account Portfolio |
Andrew C. McCormick |
None |
None |
|
Short-Term Government |
Joseph K. Lynagh |
(c) |
None |
|
Short-Term |
Joseph K. Lynagh |
||
|
Small-Cap Index |
Ken D. Uematsu |
None |
None |
|
Treasury Reserve |
Joseph K. Lynagh |
(a) See table beginning on page 10 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 10.
(b) On May 1, 2016, Steve Boothe replaced David A. Tiberii as the fund’s portfolio manager.
(c) The fund has not incepted, therefore the range of fund holdings is not yet available.
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
103
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
104
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 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.
|
Other
Pooled Investment
|
Other Accounts |
|||||
|
Portfolio Manager |
Number |
Total Assets |
Number |
Total Assets |
Number |
Total Assets |
|
Ulle Adamson |
1 |
160,292,701 |
1 |
6,427,751 |
0 |
— |
|
Kennard Allen |
4 |
4,610,277,480 |
0 |
— |
0 |
— |
|
Frank M. Alonso(a) |
— |
— |
— |
— |
— |
— |
|
Boyko D. Atanassov(b) |
1 |
9,940,999 |
0 |
— |
0 |
— |
|
Ziad Bakri(c) |
||||||
|
Stephen L. Bartolini(d) |
2 |
7,745,553,077 |
1 |
931,027,357 |
0 |
— |
|
Peter J. Bates |
1 |
16,095,069 |
0 |
— |
0 |
— |
|
Oliver D.M. Bell |
2 |
315,555,771 |
2 |
18,096,491 |
0 |
— |
|
R. Scott Berg |
3 |
436,543,560 |
9 |
1,954,682,080 |
6 |
1,228,688,500 |
|
Brian W.H. Berghuis |
8 |
39,155,546,545 |
2 |
1,670,149,850 |
7 |
1,771,289,413 |
|
Steve Boothe(e) |
0 |
— |
1 |
21,509,292 |
0 |
— |
|
Brian J. Brennan |
4 |
2,561,123,073 |
4 |
2,396,996,372 |
7 |
1,936,604,951 |
|
Christopher P. Brown, Jr.(f) |
— |
— |
— |
— |
— |
— |
|
Archibald Ciganer |
1 |
316,242,513 |
3 |
294,773,9223 |
1 |
37,278,323 |
|
Jerome A. Clark |
86 |
154,084,844,798 |
35 |
41,873,036,414 |
0 |
— |
|
Richard N. Clattenburg |
4 |
14,541,849,508 |
1 |
1,622,974,766 |
1 |
237,272,186 |
|
Michael J. Conelius |
2 |
4,721,659,412 |
6 |
2,168,115,877 |
0 |
— |
|
Michael Della Vedova |
0 |
— |
3 |
1,767,680,486 |
0 |
— |
105
|
Other Pooled Investment
|
Other Accounts |
|||||
|
Portfolio Manager |
Number |
Total Assets |
Number |
Total Assets |
Number |
Total Assets |
|
Shawn T. Driscoll |
2 |
3,155,773,151 |
1 |
250,330,120 |
3 |
137,056,943 |
|
Donald J. Easley |
1 |
512,818,742 |
0 |
— |
2 |
48,510,090 |
|
David J. Eiswert |
4 |
731,431,997 |
5 |
1,499,383,173 |
5 |
2,039,896,726 |
|
Henry M. Ellenbogen |
1 |
15,387,593,776 |
1 |
1,554,286,559 |
8 |
1,745,481,281 |
|
Joseph B. Fath |
11 |
60,247,282,046 |
1 |
5,101,688,611 |
7 |
1,843,507,893 |
|
Mark S. Finn |
7 |
33,904,490,764 |
6 |
9,038,672,285 |
26 |
3,690,417,092 |
|
David R. Giroux |
7 |
37,611,319,102 |
1 |
344,139,319 |
0 |
— |
|
Paul D. Greene II |
1 |
3,573,158,297 |
1 |
307,945,384 |
0 |
— |
|
Charles B. Hill |
3 |
6,614,292,036 |
2 |
344,646,704 |
9 |
1,903,069,812 |
|
Ann M. Holcomb |
5 |
5,266,679,198 |
8 |
4,347,612,801 |
24 |
9,064,206,297 |
|
Steven C. Huber |
2 |
403,464,948 |
1 |
285,080,468 |
2 |
418,575,188 |
|
Thomas J. Huber |
2 |
5,354,937,377 |
0 |
— |
1 |
100,498,968 |
|
Arif Husain |
5 |
39,344,874,218 |
13 |
1,433,939,585 |
0 |
— |
|
Nina P. Jones |
1 |
233,707,364 |
1 |
37,412,483 |
0 |
— |
|
Andrew Keirle |
2 |
189,243,271 |
1 |
10,730,587 |
0 |
— |
|
Robert M. Larkins |
3 |
616,142,718 |
2 |
1,338,591,298 |
13 |
1,591,094,950 |
|
David M. Lee |
2 |
5,850,110,781 |
0 |
— |
0 |
— |
|
Wyatt A. Lee |
40 |
147,121,405,412 |
28 |
38,323,616,193 |
0 |
— |
|
John D. Linehan |
14 |
38,939,563,915 |
6 |
6,989,387,557 |
30 |
4,569,933,435 |
|
Anh Lu |
1 |
2,768,051,409 |
2 |
762,664,235 |
2 |
381,068,702 |
|
Joseph K. Lynagh |
13 |
43,343,716,219 |
3 |
694,340,636 |
4 |
30,498,414 |
|
Konstantine B. Mallas |
5 |
4,987,627,539 |
0 |
— |
4 |
86,653,317 |
|
Sebastien Mallet |
2 |
12,173,063 |
0 |
— |
0 |
— |
|
Paul M. Massaro |
4 |
6,127,662,301 |
1 |
62,276,622 |
14 |
4,378,322,591 |
|
Jonathan H.W. Matthews |
1 |
11,641,629,896 |
1 |
1,667,833,587 |
0 |
— |
|
Andrew C. McCormick |
3 |
60,362,923,078 |
0 |
— |
0 |
— |
|
Hugh D. McGuirk |
2 |
3,575,898,528 |
0 |
— |
10 |
703,818,201 |
|
Heather K. McPherson |
4 |
7,314,277,624 |
4 |
1,881,819,815 |
24 |
3,267,969,854 |
|
Raymond A. Mills |
6 |
13,104,846,173 |
2 |
1,913,480,887 |
3 |
1,444,412,332 |
|
Eric C. Moffett |
1 |
28,496,135 |
1 |
2,059,501 |
0 |
— |
|
Samy B. Muaddi |
2 |
140,779,778 |
3 |
292,586,107 |
0 |
— |
|
James M. Murphy |
3 |
3,821,796,495 |
0 |
— |
0 |
— |
|
Sudhir Nanda |
3 |
3,981,921,678 |
0 |
— |
0 |
— |
|
Jason Nogueira(g) |
1 |
7,383,711 |
0 |
— |
0 |
— |
|
Kenneth A. Orchard |
2 |
5,620,504,936 |
1 |
466,901,015 |
0 |
— |
|
Gonzalo Pangaro |
1 |
8,734,776,138 |
5 |
4,507,960,941 |
5 |
1,515,580,225 |
|
Donald J. Peters |
5 |
2,282,757,217 |
0 |
— |
14 |
1,768,335,194 |
|
Jason B. Polun |
6 |
13,733,801,597 |
7 |
13,196,942,688 |
24 |
9,064,206,297 |
|
Larry J. Puglia |
10 |
41,666,671,714 |
7 |
6,891,658,094 |
17 |
5,088,319,184 |
|
Rodney M. Rayburn |
2 |
57,029,643 |
1 |
22,561,086 |
0 |
— |
|
Michael F. Reinartz |
8 |
10,066,046,417 |
2 |
6,125,759,169 |
10 |
1,957,314,698 |
|
Jeffrey Rottinghaus |
2 |
1,756,542,444 |
2 |
167,354,558 |
0 |
— |
|
Federico Santilli |
2 |
249,263,320 |
0 |
— |
0 |
— |
|
Daniel O. Shackelford |
5 |
68,437,637,380 |
3 |
6,514,868,679 |
9 |
1,335,009,240 |
|
Robert W. Sharps |
7 |
19,330,925,241 |
7 |
2,852,658,439 |
56 |
13,387,187,409 |
106
|
Other Pooled Investment
|
Other Accounts |
|||||
|
Portfolio Manager |
Number |
Total Assets |
Number |
Total Assets |
Number |
Total Assets |
|
Charles M. Shriver |
28 |
59,337,172,104 |
13 |
2,788,282,904 |
6 |
473,473,702 |
|
Farris G. Shuggi(b) |
1 |
6,941,870 |
0 |
— |
0 |
— |
|
Neil Smith |
1 |
526,814,432 |
1 |
481,254,677 |
0 |
— |
|
Gabriel Solomon |
1 |
632,718,708 |
0 |
— |
0 |
— |
|
Joshua K. Spencer |
2 |
2,811,161,121 |
2 |
750,280,321 |
1 |
366,714,927 |
|
Dean Tenerelli |
1 |
1,747,023,022 |
4 |
1,248,713,296 |
1 |
99,239,979 |
|
Justin Thomson |
1 |
4,221,706,318 |
2 |
514,048,641 |
3 |
242,177,972 |
|
David A. Tiberii |
3 |
950,162,986 |
2 |
91,914,505 |
6 |
3,635,539,924 |
|
Ken D. Uematsu |
6 |
26,938,946,053 |
2 |
5,468,374,113 |
0 |
— |
|
Mark J. Vaselkiv |
4 |
10,246,951,681 |
6 |
3,073,166,382 |
2 |
603,660,078 |
|
Eric L. Veiel |
6 |
13,733,801,597 |
7 |
13,196,942,688 |
24 |
9,064,206,297 |
|
Verena E. Wachnitz |
1 |
494,879,265 |
2 |
41,778,630 |
0 |
— |
|
J. David Wagner |
6 |
8,470,514,717 |
1 |
646,593,013 |
2 |
184,337,216 |
|
David J. Wallack |
3 |
12,598,869,462 |
1 |
1,049,713,706 |
1 |
16,787,412 |
|
Justin White(h) |
4 |
4,094,638,942 |
0 |
— |
0 |
— |
|
Edward A. Wiese |
7 |
10,023,154,183 |
2 |
6,125,759,169 |
10 |
1,957,314,698 |
|
Ernest C. Yeung |
0 |
— |
0 |
— |
0 |
— |
(a) The individual assumed portfolio management responsibilities of a mutual fund on October 1, 2016. The information on other managed accounts is not yet available.
(b) 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.
(c) The individual assumed sole portfolio management responsibilities of a mutual fund on July 1, 2016. The information on other managed accounts is as of July 31, 2016.
(d) The individual assumed portfolio management responsibilities of a mutual fund on June 30, 2016. The information on other managed accounts is as of June 30, 2016.
(e) The individual assumed portfolio management responsibilities of a mutual fund on May 1, 2016. The information on other managed accounts is as of June 30, 2016.
(f) The individual assumed portfolio management responsibilities of a mutual fund on November 15, 2016. The information on other managed account is not yet available.
(g) The individual assumed portfolio management responsibilities of a mutual fund on June 27, 2016. The information on other managed accounts is as of June 30, 2016.
(h) The individual assumed portfolio management responsibilities of a mutual fund on April 1, 2016. The information on other managed accounts as of April 30, 2016.
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.
107
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.
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 June 30, 2016, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund, except as shown in the following table.
|
Fund |
% |
|
Asia Opportunities |
5.5 |
|
Cash Reserves |
3.2 |
|
Emerging Markets Value Stock |
2.8 |
|
Global Allocation |
1.3 |
|
Global Growth Stock |
2.0 |
|
Global High Income Fund |
1.4 |
|
Global Industrials |
4.6 |
|
Global Stock |
1.3 |
|
Institutional Global Focused Growth Equity |
5.3 |
|
Maryland Short-Term Tax-Free Bond |
3.3 |
|
Maryland Tax-Free Money |
1.0 |
|
Summit Municipal Money Market |
1.8 |
|
Tax-Efficient Equity |
1.6 |
|
Tax-Exempt Money Fund |
1.4 |
108
As of June 30, 2016, the following shareholders of record owned more than 5% of the outstanding shares of the indicated funds and/or classes.
|
FUND |
|
SHAREHOLDER |
|
% |
|
AFRICA & MIDDLE EAST FUND |
|
CHARLES SCHWAB & CO INC |
|
5.16 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
211 MAIN STREET |
|
||
|
|
SAN FRANCISCO CA 94105-1905 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
7.96 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
499 WASHINGTON BLVD FL 5 |
|
||
|
|
JERSEY CITY NJ 07310-2010 |
|
||
|
ASIA OPPORTUNITIES FUND |
|
T ROWE PRICE ASSOCIATES |
|
26.94(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
100 EAST PRATT ST |
|
||
|
|
BALTIMORE MD 21202-1009 |
|
||
|
ASIA OPPORTUNITIES FUND—ADVISOR CLASS |
|
T ROWE PRICE ASSOCIATES |
|
96.93(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
BALANCED FUND |
|
T ROWE PRICE TRUST CO INC |
|
34.63(b) |
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
|
PO BOX 17215 |
|
||
|
|
BALTIMORE MD 21297-1215 |
|
||
|
BALANCED FUND—I CLASS |
|
MINNESOTA LIFE INSURANCE COMPANY |
|
5.85 |
|
|
400 ROBERT ST N STE A |
|
||
|
|
SAINT PAUL MN 55101-2099 |
|
||
|
|
|
|||
|
|
UBATCO & CO |
31.81(c) |
||
|
|
FBO COLLEGE SAVINGS GROUP |
|
||
|
|
PO BOX 82535 |
|
||
|
|
LINCOLN NE 68501-2535 |
|
||
|
|
|
|||
|
|
UBATCO & CO FBO ACES TRUST FUND |
46.68(c) |
||
|
|
6811 S 27TH ST |
|
||
|
|
LINCOLN NE 68512-4823 |
|
109
|
FUND |
|
SHAREHOLDER |
|
% |
|
BLUE CHIP GROWTH FUND |
|
CHARLES SCHWAB & CO INC |
|
7.76 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
7.26 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
2801 MARKET ST |
|
||
|
|
SAINT LOUIS MO 63103-2523 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
14.84 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RET PLAN SVCS TR |
7.13 |
||
|
|
BLUE CHIP GROWTH FUND |
|
||
|
|
ATTN ASSET RECONCILATIONS |
|
||
|
BLUE CHIP GROWTH FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
19.40 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
GREAT-WEST TRUST CO. |
5.32 |
||
|
|
FBO EMPLOYEE BENEFITS CLIENTS |
|
||
|
|
ATTN MUTUAL FUND TRADING 2T2 |
|
||
|
|
8515 E ORCHARD RD |
|
||
|
|
ENGLEWOOD CO 80111-5002 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
15.81 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
6.50 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
|
1525 WEST WT HARRIS BLVD |
|
||
|
|
CHARLOTTE NC 28288 |
|
110
|
FUND |
|
SHAREHOLDER |
|
% |
|
BLUE CHIP GROWTH FUND—I CLASS |
|
EDWARD D JONES & CO |
|
59.17(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
|
12555 MANCHESTER RD |
|
||
|
|
SAINT LOUIS MO 63131-3729 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
5.82 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
PERSHING LLC |
9.42 |
||
|
|
1 PERSHING PLZ |
|
||
|
|
JERSEY CITY NJ 07399-0002 |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
8.83 |
||
|
|
OUR CUSTOMERS |
|
||
|
|
PO BOX 2226 |
|
||
|
|
OMAHA NE 68103-2226 |
|
||
|
BLUE CHIP GROWTH FUND—R CLASS |
|
DCGT AS TTEE AND/OR CUST |
|
7.66 |
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN NPIO TRADE DESK |
|
||
|
|
711 HIGH ST |
|
||
|
|
DES MOINES IA 50392-0001 |
|
||
|
|
|
|||
|
|
NATIONWIDE LIFE INSURANCE COMPANY |
5.34 |
||
|
|
NACO |
|
||
|
|
C/O IPO PORTFOLIO ACCOUNTING |
|
||
|
|
PO BOX 182029 |
|
||
|
|
COLUMBUS OH 43218-2029 |
|
||
|
|
|
|||
|
|
NFS LLC FEBO |
6.96 |
||
|
|
STATE STREET BANK TRUST CO |
|
||
|
|
TTEE VARIOUS RETIREMENT PLANS |
|
||
|
|
440 MAMARONECK AVE |
|
||
|
|
HARRISON NY 10528-2418 |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
19.33 |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
1 LINCOLN ST |
|
||
|
|
BOSTON MA 02111-2901 |
|
||
|
CALIFORNIA TAX-FREE BOND FUND |
|
CHARLES SCHWAB & CO INC |
|
8.60 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
10.89 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
111
|
FUND |
|
SHAREHOLDER |
|
% |
|
CAPITAL APPRECIATION FUND |
|
CHARLES SCHWAB & CO INC |
|
11.61 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
11.60 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
6.68 |
||
|
CAPITAL APPRECIATION FUND—ADVISOR CLASS |
|
AMERITAS LIFE INSURANCE CORP |
|
5.36 |
|
|
SEPARATE ACCOUNT G |
|
||
|
|
5900 O STREET |
|
||
|
|
LINCOLN NE 68510-2234 |
|
||
|
|
|
|||
|
|
CHARLES SCHWAB & CO INC |
32.27(c) |
||
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
23.65 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
5.00 |
||
|
CAPITAL APPRECIATION FUND—I CLASS |
|
BANK OF ANN ARBOR 0 |
|
5.44 |
|
|
125 S FIFTH AVENUE |
|
||
|
|
P O BOX 8009 |
|
||
|
|
ANN ARBOR MI 48107-8009 |
|
||
|
|
|
|||
|
|
CHARLES SCHWAB & CO INC |
7.91 |
||
|
|
ATTN MUTUAL FUNDS |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
5.27 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
MERCER TRUST COMPANY TTEE |
9.58 |
||
|
|
ATTN DC PLAN ADMIN MS N-1-H |
|
||
|
|
FBO THE PENN MUTUAL |
|
||
|
|
RETIREMENT AND SAVINGS PLAN |
|
||
|
|
1 INVESTORS WAY |
|
||
|
|
NORWOOD MA 02062-1599 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
16.12 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
25.35(c) |
||
|
|
OUR CUSTOMERS |
|
112
|
FUND |
|
SHAREHOLDER |
|
% |
|
CAPITAL OPPORTUNITY FUND |
|
MAC & CO |
|
13.95 |
|
|
ATTN MUTUAL FUND OPERATIONS |
|
||
|
|
PO BOX 3198 |
|
||
|
|
525 WILLIAM PENN PLACE |
|
||
|
|
PITTSBURGH PA 15230-3198 |
|
||
|
|
|
|||
|
|
MCWOOD & CO |
7.61 |
||
|
|
PO BOX 29522 |
|
||
|
|
RALEIGH NC 27626-0522 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
13.20 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
5.98 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
CAPITAL OPPORTUNITY FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
18.06 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
FIIOC AS AGENT FBO |
16.38 |
||
|
|
SHEPHERD ELECTRIC COMPANY INC |
|
||
|
|
401K AND PROFIT SHARING PLAN |
|
||
|
|
100 MAGELLAN WAY # KW1C |
|
||
|
|
COVINGTON KY 41015-1987 |
|
||
|
|
|
|||
|
|
PERSHING LLC |
7.55 |
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
16.91 |
||
|
|
RETIREMENT PLANS SERVICED BY METLIFE |
|
||
|
|
C/O FASCORE LLC |
|
||
|
|
8515 E ORCHARD RD 2T2 |
|
||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
25.37(c) |
||
|
|
OUR CUSTOMERS |
|
113
|
FUND |
|
SHAREHOLDER |
|
% |
|
CAPITAL OPPORTUNITY FUND—R CLASS |
|
CAPITAL BANK & TRUST COMPANY TTEE F |
|
17.35 |
|
|
JEFF WYLER AUTO FAMILY INC RSP 401K |
|
||
|
|
8515 E ORCHARD RD 2T2 |
|
||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||
|
|
|
|||
|
|
CAPITAL BANK & TRUST COMPANY TTEE F |
18.47 |
||
|
|
MACHINERY SYSTEMS INC EMPLOYEES PSP |
|
||
|
|
|
|||
|
|
NATIONWIDE TRUST CO FSB |
18.74 |
||
|
|
C/O IPO PORTFOLIO ACCTG |
|
||
|
|
|
|||
|
|
NFS LLC FEBO |
6.26 |
||
|
|
RELIANCE TRUST CO TTEE/CUST |
|
||
|
|
FOR TRS FBO VARIOUS RET PLANS |
|
||
|
|
1150 S OLIVE ST |
|
||
|
|
LOS ANGELES CA 90015-2211 |
|
||
|
|
|
|||
|
|
RELIANCE TRUST CO., CUSTODIAN |
5.42 |
||
|
|
FBO MASSMUTUAL OMNIBUS PPL/SMF |
|
||
|
|
PO BOX 48529 |
|
||
|
|
ATLANTA GA 30362-1529 |
|
||
|
CORPORATE INCOME FUND |
|
SPECTRUM INCOME FUND |
|
44.33(d) |
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
CORPORATE INCOME FUND—I CLASS |
|
CHARLES A MORRIS |
|
39.12(c) |
|
|
ELISE D MORRIS JT TEN T O D |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
6.49 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
ROBERT S KAPLAN |
38.10(c) |
||
|
|
JAMIE SCHUVAL JT TEN |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
9.67 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
6.51 |
||
|
|
OUR CUSTOMERS |
|
||
|
CREDIT OPPORTUNITIES FUND |
|
T ROWE PRICE ASSOCIATES |
|
57.50(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
CREDIT OPPORTUNITIES FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
20.25 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
79.75(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
DIVERSIFIED MID-CAP GROWTH FUND |
|
PERSHING LLC |
|
5.96 |
114
|
FUND |
|
SHAREHOLDER |
|
% |
|
DIVIDEND GROWTH FUND |
|
CHARLES SCHWAB & CO INC |
|
5.58 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
MLPF&S FOR THE SOLE BENEFIT OF |
10.34 |
||
|
|
ITS CUSTOMERS |
|
||
|
|
4800 DEERLAKE DR E 3RD FL |
|
||
|
|
JACKSONVILLE FL 32246-6484 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
25.04(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
DIVIDEND GROWTH FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
11.72 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
JOHN HANCOCK TRUST COMPANY |
5.32 |
||
|
|
690 CANTON STREET |
|
||
|
|
WESTWOOD MA 02090-2321 |
|
||
|
|
|
|||
|
|
MORGAN STANLEY SMITH BARNEY |
5.12 |
||
|
|
HARBORSIDE FINANCIAL CENTER |
|
||
|
|
PLAZA 2 |
|
||
|
|
3RD FLOOR |
|
||
|
|
JERSEY CITY NJ 07311 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
49.87(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
DIVIDEND GROWTH FUND—I CLASS |
|
EDWARD D JONES & CO |
|
93.40(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
EMERGING EUROPE FUND |
|
NATIONAL FINANCIAL SERVICES LLC |
|
6.80 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
115
|
FUND |
|
SHAREHOLDER |
|
% |
|
EMERGING MARKETS BOND FUND |
|
RETIREMENT PORTFOLIO 2015 |
|
7.22 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
16.64 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
10.70 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
11.22 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
5.02 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
SPECTRUM INCOME FUND |
10.76 |
||
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
EMERGING MARKETS BOND FUND—ADVISOR CLASS |
|
PERSHING LLC |
|
61.59(c) |
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
38.41(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
EMERGING MARKETS BOND FUND—I CLASS |
|
RETIREMENT I 2015 FUND |
|
5.03 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2020 FUND |
16.40 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2025 FUND |
10.28 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2030 FUND |
11.94 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
TARGET 2020 FUND |
5.44 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
116
|
FUND |
|
SHAREHOLDER |
|
% |
|
EMERGING MARKETS CORPORATE BOND FUND |
|
MCWOOD & CO |
|
24.54 |
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
35.21(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
7.86 |
||
|
|
OUR CUSTOMERS |
|
||
|
EMERGING MARKETS CORPORATE BOND FUND— |
|
CHARLES SCHWAB & CO INC |
|
24.27 |
|
ADVISOR CLASS |
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
MLPF&S FOR THE SOLE BENEFIT OF |
6.80 |
||
|
|
ITS CUSTOMERS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
11.50 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
9.54 |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
34.61(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
13.27 |
||
|
|
OUR CUSTOMERS |
|
||
|
EMERGING MARKETS CORPORATE BOND FUND—I |
|
CHARLES A MORRIS |
|
31.89(c) |
|
CLASS |
ELISE D MORRIS JT TEN T O D |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
60.32(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
7.79 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
EMERGING MARKETS CORPORATE MULTI-SECTOR |
|
CBE OF NEW BRUNSWICK |
|
42.10(c) |
|
ACCOUNT PORTFOLIO |
EM BOND MAP |
|
||
|
|
440 KING ST STE 680 |
|
||
|
|
FREDERICTON NB E3B 5H8 |
|
||
|
|
CANADA |
|
||
|
|
|
|||
|
|
GENERAL DYNAMICS CORP 401K |
7.10 |
||
|
|
PLAN MASTER TRUST CP |
|
||
|
|
2941 FAIRVIEW PARK DR STE 100 |
|
||
|
|
FALLS CHURCH VA 22042-4541 |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
42.80(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
117
|
FUND |
|
SHAREHOLDER |
|
% |
|
EMERGING MARKETS LOCAL CURRENCY BOND |
|
SPECTRUM INCOME FUND |
|
82.72(d) |
|
FUND |
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
80.71(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
EMERGING MARKETS LOCAL CURRENCY BOND |
|
NATIONAL FINANCIAL SERVICES |
|
43.86(c) |
|
FUND—I CLASS |
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
8.88 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
40.46(c) |
||
|
|
OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TD AMERITRADE TRUST COMPANY |
6.08 |
||
|
|
ATTN HOUSE |
|
||
|
|
PO BOX 17748 |
|
||
|
|
DENVER CO 80217-0748 |
|
||
|
EMERGING MARKETS LOCAL MULTI-SECTOR |
|
CBE OF NEW BRUNSWICK |
|
60.38(c) |
|
ACCOUNT PORTFOLIO |
EM LOCAL MAP |
|
||
|
|
||||
|
|
T ROWE PRICE ASSOCIATES |
38.25(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
118
|
FUND |
|
SHAREHOLDER |
|
% |
|
EMERGING MARKETS STOCK FUND |
|
NATIONAL FINANCIAL SERVICES |
|
8.54 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2040 |
10.44 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
10.18 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
8.79 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
12.91 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
8.07 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2045 |
5.16 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
EMERGING MARKETS STOCK FUND—I CLASS |
|
MASSACHUSETTS MUTUAL LIFE |
|
6.61 |
|
|
INSURANCE COMPANY |
|
||
|
|
1295 STATE ST MIP C105 |
|
||
|
|
SPRINGFIELD MA 01111-0002 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
36.29(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
35.29(c) |
||
|
|
OUR CUSTOMERS |
|
||
|
EMERGING MARKETS VALUE STOCK FUND |
|
T ROWE PRICE ASSOCIATES |
|
43.92(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
EMERGING MARKETS VALUE STOCK FUND— |
|
T ROWE PRICE ASSOCIATES |
|
96.22(a) |
|
ADVISOR CLASS |
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
CHARLES SCHWAB & CO INC |
119
|
FUND |
|
SHAREHOLDER |
|
% |
|
EQUITY INCOME FUND |
|
NATIONAL FINANCIAL SERVICES |
|
9.26 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
5.62 |
||
|
|
AS TRUSTEE OF THE TRUST FOR THE NEW |
|
||
|
|
YORK STATE DC PLAN |
|
||
|
|
1200 CROWN COLONY DR |
|
||
|
|
QUINCY MA 02169-0938 |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO INC |
8.79 |
||
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
EQUITY INCOME FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
6.47 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
49.48(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
5.77 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
EQUITY INCOME FUND—I CLASS |
|
EDWARD D JONES & CO |
|
71.89(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
5.73 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
16.14 |
||
|
|
OUR CUSTOMERS |
|
120
|
FUND |
|
SHAREHOLDER |
|
% |
|
EQUITY INCOME FUND—R CLASS |
|
AMERICAN UNITED LIFE |
|
6.66 |
|
|
AMERICAN UNIT TRUST |
|
||
|
|
ATTN SEPARATE ACCOUNTS |
|
||
|
|
PO BOX 368 |
|
||
|
|
INDIANAPOLIS IN 46206-0368 |
|
||
|
|
|
|||
|
|
AMERICAN UNITED LIFE |
17.47 |
||
|
|
SEPARATE ACCOUNT II |
|
||
|
|
ATTN SEPARATE ACCOUNTS |
|
||
|
|
|
|||
|
|
DCGT AS TTEE AND/OR CUST |
8.69 |
||
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN NPIO TRADE DESK |
|
||
|
|
|
|||
|
|
HARTFORD LIFE INSURANCE CO |
12.16 |
||
|
|
SEPARATE ACCOUNT |
|
||
|
|
ATTN UIT OPERATIONS |
|
||
|
|
PO BOX 2999 |
|
||
|
|
HARTFORD CT 06104-2999 |
|
||
|
|
|
|||
|
|
NATIONWIDE TRUST CO FSB |
5.42 |
||
|
|
C/O IPO PORTFOLIO ACCTG |
|
121
|
FUND |
|
SHAREHOLDER |
|
% |
|
EQUITY INDEX 500 FUND |
|
RETIREMENT PORTFOLIO 2010 |
|
5.17 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2040 |
5.08 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2015 |
8.22 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
18.11 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
11.36 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
12.10 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
5.31 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
122
|
FUND |
|
SHAREHOLDER |
|
% |
|
EQUITY INDEX 500 FUND—I CLASS |
|
RETIREMENT I 2015 FUND |
|
6.44 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2020 FUND |
20.09 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2025 FUND |
12.34 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2030 FUND |
14.55 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2035 FUND |
5.46 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2040 FUND |
6.15 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
EUROPEAN STOCK FUND |
|
CHARLES SCHWAB & CO INC |
|
11.87 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
8.24 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SPECTRUM INTERNATIONAL FUND |
17.83 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
EXTENDED EQUITY MARKET INDEX FUND |
|
T ROWE PRICE TRUST CO INC |
|
6.40 |
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
6.04 |
||
|
|
OUR CUSTOMERS |
|
123
|
FUND |
|
SHAREHOLDER |
|
% |
|
FINANCIAL SERVICES FUND |
|
NATIONAL FINANCIAL SERVICES |
|
5.10 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE SERVICES INC FBO |
5.91 |
||
|
|
EDUCATION TRUST OF ALASKA |
|
||
|
|
PORTFOLIO FUTURE TRENDS |
|
||
|
|
ATTN DAWN WAGNER FIXED INCOME |
|
||
|
|
|
|||
|
|
VANGUARD FIDUCIARY TRUST COMPANY |
5.19 |
||
|
|
T ROWE PRICE RETAIL CLASS FUNDS |
|
||
|
|
ATTN OUTSIDE FUNDS |
|
||
|
|
PO BOX 2600 |
|
||
|
|
VALLEY FORGE PA 19482-2600 |
|
||
|
FLOATING RATE FUND |
|
NATIONAL FINANCIAL SERVICES |
|
5.96 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
8.15 |
||
|
|
|
|||
|
|
SPECTRUM INCOME FUND |
45.70(d) |
||
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
FLOATING RATE FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
8.93 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
72.80(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
12.14 |
||
|
FLOATING RATE MULTI-SECTOR ACCOUNT |
|
CBE OF NEW BRUNSWICK |
|
33.72(c) |
|
PORTFOLIO |
FLOATING RATE MAP |
|
||
|
|
|
|||
|
|
GENERAL DYNAMICS CORP 401K |
13.69 |
||
|
|
PLAN MASTER TRUST CP |
|
||
|
|
|
|||
|
|
ILLINOIS STUDENT ASSISTANCE |
6.93 |
||
|
|
COMMISSION |
|
||
|
|
ATTN: KENT CUSTER |
|
||
|
|
1755 LAKE COOK RD |
|
||
|
|
DEERFIELD IL 60015-5209 |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
39.20(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
124
|
FUND |
|
SHAREHOLDER |
|
% |
||
|
GEORGIA TAX-FREE BOND FUND |
|
CHARLES SCHWAB & CO INC |
|
28.58(c) |
||
|
|
REINVEST ACCOUNT |
|
||||
|
|
ATTN MUTUAL FUND DEPT |
|
||||
|
|
|
|||||
|
|
NATIONAL FINANCIAL SERVICES |
17.15 |
||||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||||
|
|
OF OUR CUSTOMERS |
|
||||
|
GLOBAL ALLOCATION FUND |
|
MORGAN STANLEY SMITH BARNEY |
|
11.08 |
||
|
|
HARBORSIDE FINANCIAL CENTER |
|
||||
|
|
|
|||||
|
|
PERSHING LLC |
13.90 |
||||
|
|
|
|||||
|
|
T ROWE PRICE ASSOCIATES |
17.32 |
||||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||||
|
GLOBAL ALLOCATION FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
23.04 |
||
|
|
REINVEST ACCOUNT |
|
||||
|
|
ATTN MUTUAL FUND DEPT |
|
||||
|
|
|
|||||
|
|
NATIONAL FINANCIAL SERVICES |
54.12(c) |
||||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||||
|
|
OF OUR CUSTOMERS |
|
||||
|
|
|
|||||
|
|
PERSHING LLC |
16.75 |
||||
|
GLOBAL ALLOCATION FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||||
|
GLOBAL CONSUMER FUND |
|
T ROWE PRICE ASSOCIATES |
|
98.94(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||||
|
GLOBAL GROWTH STOCK FUND —ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
10.60 |
||
|
|
REINVEST ACCOUNT |
|
||||
|
|
ATTN MUTUAL FUND DEPT |
|
||||
|
|
|
|||||
|
|
MARK SMITH & GREGG DEVILBISS TTEE F |
33.77(c) |
||||
|
|
KENTNER SELLERS LLP PSP |
|
||||
|
|
C/O FASCORE LLC |
|
||||
|
|
8515 E ORCHARD RD 2T2 |
|
||||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||||
|
|
|
|||||
|
|
NATIONAL FINANCIAL SERVICES |
8.86 |
||||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||||
|
|
OF OUR CUSTOMERS |
|
||||
|
|
|
|||||
|
|
PERSHING LLC |
10.24 |
||||
|
|
|
|||||
|
|
T ROWE PRICE ASSOCIATES |
33.88(a) |
||||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||||
125
|
FUND |
|
SHAREHOLDER |
|
% |
|
GLOBAL HIGH INCOME BOND FUND |
|
NATIONAL FINANCIAL SERVICES |
|
11.28 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
36.98(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
GLOBAL HIGH INCOME BOND FUND—ADVISOR |
|
CHARLES SCHWAB & CO INC |
|
66.13(c) |
|
CLASS |
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
PERSHING LLC |
7.00 |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
24.23 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
GLOBAL HIGH INCOME BOND FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
36.81(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TRUSTEES OF T ROWE PRICE |
63.19(c) |
||
|
|
U.S. RETIREMENT PROGRAM |
|
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
P O BOX 89000 |
|
||
|
|
BALTIMORE MD 21289-0001 |
|
||
|
GLOBAL INDUSTRIALS FUND |
|
T ROWE PRICE ASSOCIATES |
|
43.11(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
GLOBAL MULTI-SECTOR BOND FUND |
|
CHARLES SCHWAB & CO INC |
|
6.70 |
|
|
SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
6.46 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
6.73 |
||
|
|
OUR CUSTOMERS |
|
126
|
FUND |
|
SHAREHOLDER |
|
% |
|
GLOBAL MULTI-SECTOR BOND FUND—ADVISOR |
|
CHARLES SCHWAB & CO INC |
|
7.35 |
|
CLASS |
SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
LPL FINANCIAL |
20.30 |
||
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
4707 EXECUTIVE DR |
|
||
|
|
SAN DIEGO CA 92121-3091 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
37.21(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
23.45 |
||
|
|
|
|||
|
|
TD AMERITRADE TRUST COMPANY |
7.24 |
||
|
|
HOUSE |
|
||
|
GLOBAL MULTI-SECTOR BOND FUND—I CLASS |
|
ERIC Y EICHLER TR |
|
7.34 |
|
|
AMENDMENT AND RESTATEMENT OF |
|
||
|
|
TRUST OF ERIC Y EICHLER |
|
||
|
|
|
|||
|
|
GOLDEY-BEACOM COLLEGE |
37.58(c) |
||
|
|
ENDOWMENT FUND |
|
||
|
|
ATTN: KRISTINE M SANTOMAURO |
|
||
|
|
4701 LIMESTONE RD |
|
||
|
|
WILMINGTON DE 19808-1993 |
|
||
|
|
|
|||
|
|
KIBIAN ZULEIKA VAZQUEZ TR |
15.30 |
||
|
|
MDSB RETIREMENT INCOME PLAN & TRUST |
|
||
|
|
3501 TAYLOR AVE |
|
||
|
|
BALTIMORE MD 21236-4406 |
|
||
|
|
|
|||
|
|
MDSB ENDOWMENT & RESTRICTED FUND |
21.34 |
||
|
|
3501 TAYLOR AVE |
|
||
|
|
BALTIMORE MD 21236-4406 |
|
||
|
|
|
|||
|
|
SUSAN O EICHLER TR |
7.34 |
||
|
|
AMENDMENT AND RESTATEMENT OF |
|
||
|
|
REVOCABLE TRUST OF SUSAN O EICHLER |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
7.51 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
127
|
FUND |
|
SHAREHOLDER |
|
% |
|
GLOBAL REAL ESTATE FUND |
|
CHARLES SCHWAB & CO INC |
|
13.05 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
5.96 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
6.88 |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
5.50 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
10.36 |
||
|
|
OUR CUSTOMERS |
|
||
|
GLOBAL REAL ESTATE FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
43.45(c) |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
GREAT-WEST TRUST CO. |
19.90 |
||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
||
|
|
8515 E ORCHARD RD 2T2 |
|
||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
10.97 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
GLOBAL STOCK FUND |
|
JP MORGAN AS DIRECTED TRUSTEE FOR |
|
5.85 |
|
|
ERNST & YOUNG DEFINED BENEFIT |
|
||
|
|
RETIREMENT PLAN TRUST |
|
||
|
|
ATTN: PHYLLIS MANCINI |
|
||
|
|
4 NEW YORK PLZ FL 15 |
|
||
|
|
NEW YORK NY 10004-2413 |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC CO |
5.35 |
||
|
|
OMNIBUS |
|
||
|
|
INSTALL TEAM FOR #113 |
|
128
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
GLOBAL STOCK FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
15.31 |
|
|
|
REINVEST ACCOUNT |
|
|||
|
|
ATTN MUTUAL FUND DEPT |
|
|||
|
|
|
||||
|
|
FIIOC AS AGENT |
8.93 |
|||
|
|
FBO REDAPT SYSTEMS INC |
|
|||
|
|
401K PSP |
|
|||
|
|
|
||||
|
|
LPL FINANCIAL |
22.15 |
|||
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
|||
|
|
ATTN: MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
MORGAN STANLEY SMITH BARNEY |
24.76 |
|||
|
|
HARBORSIDE FINANCIAL CENTER |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
17.82 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
GLOBAL TECHNOLOGY FUND |
|
CHARLES SCHWAB & CO INC |
|
8.36 |
|
|
|
REINVEST ACCOUNT |
|
|||
|
|
ATTN MUTUAL FUND DEPT |
|
|||
|
|
|
||||
|
|
FIRST CLEARING LLC |
5.05 |
|||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
|||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
9.74 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
PERSHING LLC |
6.99 |
|||
|
GLOBAL UNCONSTRAINED BOND FUND |
|
T ROWE PRICE ASSOCIATES |
|
66.07(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
GLOBAL UNCONSTRAINED BOND FUND—ADVISOR |
|
NATIONAL FINANCIAL SERVICES |
|
80.90(c) |
|
|
CLASS |
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
T ROWE PRICE ASSOCIATES |
15.61 |
|||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
GLOBAL UNCONSTRAINED BOND FUND—I CLASS |
|
TD AMERITRADE INC FBO |
|
87.36(c) |
|
|
|
OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
TRUSTEES OF T ROWE PRICE |
9.55 |
|||
|
|
U.S. RETIREMENT PROGRAM |
|
|||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
GNMA FUND |
|
SPECTRUM INCOME FUND |
|
37.74(d) |
|
|
|
T. ROWE PRICE ASSOCIATES |
|
|||
|
|
ATTN FUND ACCOUNTING DEPT |
|
|||
|
GOVERNMENT MONEY FUND |
|
T ROWE PRICE ASSOCIATES INC |
|
7.52 |
|
129
|
FUND |
|
SHAREHOLDER |
|
% |
|
GROWTH & INCOME FUND |
|
T ROWE PRICE TRUST CO INC |
|
5.86 |
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
GROWTH STOCK FUND |
|
NATIONAL FINANCIAL SERVICES |
|
7.08 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2040 |
9.33 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
5.05 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
5.87 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
9.83 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
6.77 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO INC |
5.11 |
||
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
GROWTH STOCK FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
33.59(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
VANTAGETRUST - NAV |
7.41 |
||
|
|
C/O ICMA RETIREMENT CORPORATION |
|
||
|
|
777 NORTH CAPITOL STREET NE |
|
||
|
|
WASHINGTON DC 20002-4239 |
|
130
|
FUND |
|
SHAREHOLDER |
|
% |
|
GROWTH STOCK FUND—I CLASS |
|
CHARLES SCHWAB & CO INC |
|
20.23 |
|
|
ATTN MUTUAL FUNDS |
|
||
|
|
101 MONTGOMERY ST |
|
||
|
|
SAN FRANCISCO CA 94104-4151 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
8.05 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
PRUDENTIAL BANK & TRUST FSB TTEE |
6.32 |
||
|
|
SAN FRANCISCO EMPLOYEE'S |
|
||
|
|
RETIREMENT SYSTEM INVESTMENT |
|
||
|
|
280 TRUMBULL ST |
|
||
|
|
HARTFORD CT 06103-3509 |
|
||
|
GROWTH STOCK FUND—R CLASS |
|
AXA EQUITABLE FOR SA NO 65 |
|
5.10 |
|
|
500 PLAZA DR FL 7 |
|
||
|
|
SECAUCUS NJ 07094-3619 |
|
||
|
|
|
|||
|
|
DCGT AS TTEE AND/OR CUST |
5.31 |
||
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN NPIO TRADE DESK |
|
||
|
|
|
|||
|
|
HARTFORD LIFE INSURANCE CO |
6.98 |
||
|
|
SEPARATE ACCOUNT |
|
||
|
|
ATTN UIT OPERATIONS |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
16.44 |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
SUNTRUST BANK FBO |
7.67 |
||
|
|
VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
|
||
|
|
8515 E ORCHARD RD 2T2 |
|
||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||
|
|
|
|||
|
|
UMB BANK NA SFR |
7.46 |
||
|
|
FBO FIDUCIARY FOR TAX DEFERRED |
|
||
|
|
ACCOUNTS GROUP |
|
||
|
|
1 SW SECURITY BENEFIT PL |
|
||
|
|
TOPEKA KS 66636-0001 |
|
131
|
FUND |
|
SHAREHOLDER |
|
% |
|
HEALTH SCIENCES FUND |
|
CHARLES SCHWAB & CO INC |
|
6.37 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
JOHN HANCOCK LIFE |
8.01 |
||
|
|
INSURANCE CO USA |
|
||
|
|
RPS TRADING OPS ST-4 |
|
||
|
|
601 CONGRESS STREET |
|
||
|
|
BOSTON MA 02210-2804 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
7.69 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
HEALTH SCIENCES FUND—I CLASS |
|
FIRST CLEARING LLC |
|
42.63(c) |
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
JOHN SEKAS |
5.65 |
||
|
|
DARCY L SEKAS TRS |
|
||
|
|
JOHN P SEKAS REVOCABLE TRUST |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
25.09(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
ROBERT S KAPLAN |
11.53 |
||
|
|
JAMIE SCHUVAL JT TEN |
|
||
|
HIGH YIELD FUND |
|
RETIREMENT PORTFOLIO 2020 |
|
10.71 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
6.86 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
7.22 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
SPECTRUM INCOME FUND |
13.89 |
||
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
132
|
FUND |
|
SHAREHOLDER |
|
% |
|
HIGH YIELD FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
10.19 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
59.94(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
5.95 |
||
|
HIGH YIELD FUND—I CLASS |
|
EDWARD D JONES & CO |
|
39.94(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
45.73(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
6.51 |
||
|
|
OUR CUSTOMERS |
|
||
|
HIGH YIELD MULTI-SECTOR ACCOUNT PORTFOLIO |
|
BALTIMORE EQUITABLE INSURANCE |
|
7.92 |
|
|
ATTN SHARON V WOODWARD |
|
||
|
|
100 N CHARLES ST |
|
||
|
|
BALTIMORE MD 21201-3808 |
|
||
|
|
|
|||
|
|
GENERAL DYNAMICS CORP 401K |
27.61(c) |
||
|
|
PLAN MASTER TRUST CP |
|
||
|
|
|
|||
|
|
ILLINOIS STUDENT ASSISTANCE |
14.89 |
||
|
|
COMMISSION |
|
||
|
|
ATTN: KENT CUSTER |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
49.59(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INFLATION PROTECTED BOND FUND |
|
NATIONAL FINANCIAL SERVICES |
|
9.18 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SPECTRUM INCOME FUND |
8.75 |
||
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
6.19 |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
|
INFLATION PROTECTED BOND |
|
133
|
FUND |
|
SHAREHOLDER |
|
% |
|
INFLATION PROTECTED BOND FUND—I CLASS |
|
BANK OF NEW YORK MELLON N.A. |
|
7.18 |
|
|
PO BOX 534005 |
|
||
|
|
PITTSBURGH PA 15253-4005 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
47.66(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
ROBERT S KAPLAN |
30.77(c) |
||
|
|
JAMIE SCHUVAL JT TEN |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
11.33 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INSTITUTIONAL AFRICA & MIDDLE EAST FUND |
|
NATIONAL FINANCIAL SERVICES LLC |
|
66.13(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
NORTHERN TRUST AS CUSTODIAN FBO |
6.03 |
||
|
|
JOHN E FETZER INSTITUTE |
|
||
|
|
PO BOX 92956 |
|
||
|
|
CHICAGO IL 60675-0001 |
|
||
|
|
|
|||
|
|
SEI PRIVATE TRUST COMPANY |
7.49 |
||
|
|
C/O MELLON BANK |
|
||
|
|
ATTN MUTUAL FUND ADMINISTRATOR |
|
||
|
|
ONE FREEDOM VALLEY DRIVE |
|
||
|
|
OAKS PA 19456-9989 |
|
||
|
|
|
|||
|
|
UNIVERSITY OF ARKANSAS |
15.05 |
||
|
|
FOUNDATION INC |
|
||
|
|
535 W RESEARCH CENTER BLVD STE 120 |
|
||
|
|
FAYETTEVILLE AR 72701-6944 |
|
134
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL CORE PLUS FUND |
|
BAND & CO C/O US BANK NA |
|
5.60 |
|
|
1555 N RIVERCENTER DR STE 302 |
|
||
|
|
MILWAUKEE WI 53212-3958 |
|
||
|
|
|
|||
|
|
JEANETTE STUMP & |
7.14 |
||
|
|
JAMES CARNEY & HOWARD KLINE TRS |
|
||
|
|
SPECIAL METALS CORPORATION RETIREE |
|
||
|
|
BENEFIT TRUST |
|
||
|
|
60 BLVD OF THE ALLIES FL 5 |
|
||
|
|
PITTSBURGH PA 15222-1209 |
|
||
|
|
|
|||
|
|
JP MORGAN CHASE BANK TRUSTEE FOR |
39.86(c) |
||
|
|
THE STATE OF CALIFORNIA SAVINGS |
|
||
|
|
PLUS PROGRAM |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
15.83 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
THE CHURCH FOUNDATION |
8.72 |
||
|
|
EPISCOPAL DIOCESE OF PENNSYLVANIA |
|
||
|
INSTITUTIONAL CORE PLUS FUND—F CLASS |
|
CHARLES SCHWAB & CO INC |
|
13.20 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
LPL FINANCIAL |
23.71 |
||
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
11.02 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RAYMOND JAMES & ASSOC INC |
6.87 |
||
|
|
FBO CARMELLA COPPOLA |
|
||
|
|
|
|||
|
|
RAYMOND JAMES & ASSOC INC |
21.91 |
||
|
|
FBO THELMA J YUREK & |
|
||
|
|
RICHARD A YUREK TTEE |
|
||
|
|
THELMA J YUREK LIV TRUST |
|
||
|
|
|
|||
|
|
RAYMOND JAMES & ASSOC INC CSDN |
7.43 |
||
|
|
FBO GLORIA H KEENAN IRA |
|
||
|
|
RANDAL KEENAN OR |
|
||
|
|
TIMOTHY KEENAN POA |
|
||
|
|
|
|||
|
|
RAYMOND JAMES & ASSOC INC CSDN |
9.20 |
||
|
|
FBO KELLEY A ROPER IRA |
|
||
|
|
LAUREN E BERGSTROM POA |
|
135
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL CREDIT OPPORTUNITIES FUND |
|
BOWMAN & CO |
|
9.51 |
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN: HIGH YIELD FUND |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
88.26(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INSTITUTIONAL EMERGING MARKETS BOND FUND |
|
CHARLES SCHWAB & CO INC |
|
12.67 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
LADYBIRD & CO |
33.67(d) |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY INCOME FD |
|
||
|
|
|
|||
|
|
LADYBUG & CO |
28.26(d) |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY BALANCED FD |
|
||
|
|
|
|||
|
|
LAKESIDE & CO |
11.50 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY GROWTH FUND |
|
||
|
INSTITUTIONAL EMERGING MARKETS EQUITY FUND |
|
GOLDMAN SACHS & CO |
|
11.79 |
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
85 BROAD ST |
|
||
|
|
NEW YORK NY 10004-2434 |
|
||
|
|
|
|||
|
|
LADYBUG & CO |
8.87 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY BALANCED FD |
|
||
|
|
|
|||
|
|
LAKESIDE & CO |
9.48 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY GROWTH FUND |
|
||
|
|
|
|||
|
|
MAC & CO |
8.10 |
||
|
|
MUTUAL FUND OPERATIONS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
9.45 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK NA FBO |
20.05 |
||
|
|
OMNIBUS ACCOUNT CASH/CASH |
|
||
|
|
PO BOX 1533 |
|
||
|
|
MINNEAPOLIS MN 55480-1533 |
|
136
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL FLOATING RATE FUND |
|
CHARLES SCHWAB & CO INC |
|
8.75 |
|
|
SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
DPERS - FLOATING RATE FUND ACCT |
9.80 |
||
|
|
ATTN LINDA DREW |
|
||
|
|
ASHFORD CONSULTING GROUP |
|
||
|
|
1 WALKERS MILL RD PO BOX 4644 |
|
||
|
|
WILMINGTON DE 19807-4644 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
8.66 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FOR THE |
5.80 |
||
|
|
EXCLUSIVE BENEFIT OF OUR CLIENTS |
|
||
|
|
|
|||
|
|
TUNA & CO |
10.82 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN NEW INCOME FUND |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK NA FBO |
21.30 |
||
|
|
OMNIBUS ACCOUNT CASH/CASH |
|
||
|
INSTITUTIONAL FLOATING RATE FUND—F CLASS |
|
CHARLES SCHWAB & CO INC |
|
6.59 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
6.11 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SAXON & CO |
14.30 |
||
|
|
PO BOX 7780 |
|
||
|
|
PHILADELPHIA PA 19182-0001 |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
9.23 |
||
|
|
OUR CUSTOMERS |
|
||
|
INSTITUTIONAL FRONTIER MARKETS EQUITY FUND |
|
CHARLES SCHWAB & CO INC |
|
7.76 |
|
|
SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
SEI PRIVATE TRUST COMPANY |
44.31(c) |
||
|
|
C/O CHOATE HALL & STEWART |
|
||
|
|
ATTN MUTUAL FUND ADMINISTRATOR |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
46.51(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
137
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL GLOBAL FOCUSED GROWTH |
|
NATIONAL FINANCIAL SERVICES |
|
14.40 |
|
EQUITY FUND |
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
NORTHERN TRUST AS CUSTODIAN FBO |
52.84(c) |
||
|
|
HARRY & JEANETTE WEINBERG |
|
||
|
|
FOUNDATION |
|
||
|
|
|
|||
|
|
TRUSTEES OF T ROWE PRICE |
32.76(c) |
||
|
|
U.S. RETIREMENT PROGRAM |
|
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INSTITUTIONAL GLOBAL GROWTH EQUITY FUND |
|
CHARLES SCHWAB & CO INC |
|
19.79 |
|
|
SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
38.20(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
NATIONAL MERIT SCHOLARSHIP |
5.80 |
||
|
|
CORPORATION |
|
||
|
|
1560 SHERMAN AVENUE STE 200 |
|
||
|
|
EVANSTON IL 60201-4816 |
|
||
|
|
|
|||
|
|
SAXON & CO |
10.52 |
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
12.18 |
||
|
|
TTEE FOR MASTER TRUST FOR DEFINED |
|
||
|
|
BENEFIT PLANS OF SYNGENTA CORP |
|
||
|
|
801 PENNSYLVANIA AVE |
|
||
|
|
KANSAS CITY MO 64105-1307 |
|
||
|
INSTITUTIONAL GLOBAL MULTI-SECTOR BOND |
|
CAPINCO C/O US BANK NA |
|
6.57 |
|
FUND |
1555 N RIVERCENTER DR STE 302 |
|
||
|
|
MILWAUKEE WI 53212-3958 |
|
||
|
|
|
|||
|
|
JPMORGAN CHASE BANK, N. A. AS |
21.02 |
||
|
|
CUSTODIAN FBO |
|
||
|
|
4 CHASE METROTECH CENTER, 6TH FLR |
|
||
|
|
BROOKLYN NY 11245-0003 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
67.72(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
INSTITUTIONAL GLOBAL VALUE EQUITY FUND |
|
T ROWE PRICE ASSOCIATES |
|
91.15(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TRUSTEES OF T ROWE PRICE |
8.85 |
||
|
|
U.S. RETIREMENT PROGRAM |
|
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
138
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL HIGH YIELD FUND |
|
BREAD & CO |
|
8.27 |
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN BALANCED FUND |
|
||
|
|
|
|||
|
|
GOLDMAN SACHS & CO |
11.32 |
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
LADYBIRD & CO |
5.81 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY INCOME FD |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
10.26 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TUNA & CO |
23.92 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN NEW INCOME FUND |
|
||
|
INSTITUTIONAL INTERNATIONAL BOND FUND |
|
LADYBIRD & CO |
|
25.91(d) |
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY INCOME FD |
|
||
|
|
|
|||
|
|
LADYBUG & CO |
22.13 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY BALANCED FD |
|
||
|
|
|
|||
|
|
LAKESIDE & CO |
8.90 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY GROWTH FUND |
|
||
|
|
|
|||
|
|
PERSHING LLC |
5.48 |
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
26.08(c) |
||
|
|
OUR CUSTOMERS |
|
||
|
INSTITUTIONAL INTERNATIONAL CONCENTRATED |
|
COLUMBIA TRUST PARTNERS |
|
10.71 |
|
EQUITY FUND |
PO BOX 1012 |
|
||
|
|
SALEM OR 97308-1012 |
|
||
|
|
|
|||
|
|
NORTHERN TRUST AS CUSTODIAN FBO |
20.79 |
||
|
|
HARRY & JEANETTE WEINBERG |
|
||
|
|
FOUNDATION |
|
||
|
|
|
|||
|
|
PERSHING LLC |
31.44(c) |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
21.69 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
139
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL INTERNATIONAL CORE EQUITY |
|
DEKALB COUNTY PENSION PLAN |
|
85.31(c) |
|
FUND |
1300 COMMERCE DRIVE 4TH FLOOR |
|
||
|
|
DECATUR GA 30030-3222 |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK NA FBO |
11.60 |
||
|
|
NPPD FOREIGN EQUITY FUND |
|
||
|
INSTITUTIONAL INTERNATIONAL GROWTH EQUITY |
|
BNA FOREIGN EQUITY FUND |
|
33.04(c) |
|
FUND |
ATTN MR ROBERT SHEW |
|
||
|
|
|
|||
|
|
BRICS & CO FBO |
25.09(c) |
||
|
|
LINK BELT PENSION - T ROWE PRICE |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
30.20(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SAXON & CO |
5.31 |
||
|
INSTITUTIONAL LARGE-CAP CORE GROWTH FUND |
|
NATIONAL FINANCIAL SVCS CORP |
|
37.28(c) |
|
|
FOR EXCLUSIVE BENEFIT OF OUR |
|
||
|
|
CUSTOMERS |
|
||
|
|
RUSS LENNON |
|
||
|
|
|
|||
|
|
VANGUARD FIDUCIARY TRUST COMPANY |
10.19 |
||
|
|
T ROWE INSTITUTIONAL CLASS |
|
||
|
|
ATTN OUTSIDE FUNDS/SCOTT GELLERT |
|
||
|
INSTITUTIONAL LARGE-CAP GROWTH FUND |
|
BANK OF AMERICA NA TRUSTEE FOR |
|
10.42 |
|
|
THE BANK OF AMERICA 401K PLAN |
|
||
|
|
700 LOUISIANA ST |
|
||
|
|
HOUSTON TX 77002-2700 |
|
||
|
|
|
|||
|
|
CHARLES SCHWAB & CO INC |
5.43 |
||
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
EDWARD D JONES & CO |
9.88 |
||
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
14.34 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
140
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL LARGE-CAP VALUE FUND |
|
CHARLES SCHWAB & CO INC |
|
7.02 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
49.01(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TIAA-CREF TRUST CO. FSB CUST/TTEE |
9.47 |
||
|
|
FBO RETIREMENT PLANS FOR WHICH |
|
||
|
|
TIAA ACTS AS RECORDKEEPER |
|
||
|
|
ATTN: TRUST OPERATIONS |
|
||
|
|
211 N BROADWAY STE 1000 |
|
||
|
|
SAINT LOUIS MO 63102-2748 |
|
||
|
INSTITUTIONAL LONG DURATION CREDIT FUND |
|
BAND & CO C/O US BANK NA |
|
22.34 |
|
|
|
|||
|
|
INVESTMENT COMPANY INSTITUTE |
18.93 |
||
|
|
ATTN: MARK DELCOCO |
|
||
|
|
1401 H ST NW STE 1200 |
|
||
|
|
WASHINGTON DC 20005-2110 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
14.36 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
43.93(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INSTITUTIONAL MID-CAP EQUITY GROWTH FUND |
|
KY PUBLIC EMP DEF COMP AUTHORITY |
|
5.97 |
|
|
C/O NATIONWIDE AS CUSTODIAN & |
|
||
|
|
RECORDKEEPER |
|
||
|
|
IPO PORTFOLIO ACCOUNTING |
|
||
|
|
PO BOX 182029 |
|
||
|
|
COLUMBUS OH 43218-2029 |
|
||
|
|
|
|||
|
|
MERCER TRUST COMPANY TTEE FBO |
5.14 |
||
|
|
MMC 401(K) SAVINGS & INVESTMENT PL |
|
||
|
|
ATTN DC PLAN ADMIN MS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
30.93(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
THE STATE OF WISCONSIN DEF COMP BRD |
7.96 |
||
|
|
FBO WISCONSIN DCP |
|
||
|
|
C/O FASCORE LLC |
|
||
|
|
|
|||
|
|
VANGUARD FIDUCIARY TRUST COMPANY |
8.49 |
||
|
|
T ROWE INSTITUTIONAL CLASS |
|
||
|
|
ATTN OUTSIDE FUNDS/SCOTT GELLERT |
|
141
|
FUND |
|
SHAREHOLDER |
|
% |
|
INSTITUTIONAL SMALL-CAP STOCK FUND |
|
NATIONAL FINANCIAL SERVICES LLC |
|
43.47(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
NORTHERN TRUST COMPANY TR |
13.27 |
||
|
|
FBO PFIZER SAVINGS AND |
|
||
|
|
INVESTMENT PLAN |
|
||
|
|
PO BOX 92994 |
|
||
|
|
CHICAGO IL 60675-0001 |
|
||
|
|
|
|||
|
|
PIMS/PRUDENTIAL RETIREMENT |
6.07 |
||
|
|
AS NOMINEE FOR THE TTEE/CUST PL 720 |
|
||
|
|
MUFG UNION BANK, N.A. |
|
||
|
|
400 CALIFORNIA ST FL 10 FL 10 |
|
||
|
|
SAN FRANCISCO CA 94104-1318 |
|
||
|
|
|
|||
|
|
VANGUARD FIDUCIARY TRUST COMPANY |
20.14 |
||
|
|
T ROWE INSTITUTIONAL CLASS |
|
||
|
|
ATTN OUTSIDE FUNDS/SCOTT GELLERT |
|
||
|
INSTITUTIONAL U.S. STRUCTURED RESEARCH FUND |
|
CAPINCO C/O US BANK NA |
|
6.83 |
|
|
|
|||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE/C |
6.22 |
||
|
|
FBO DEFINED BENEFIT PLANS |
|
||
|
|
|
|||
|
|
JOHN HANCOCK TRUST COMPANY |
5.39 |
||
|
|
690 CANTON STREET |
|
||
|
|
WESTWOOD MA 02090-2321 |
|
||
|
|
|
|||
|
|
MAC & CO |
6.44 |
||
|
|
ATTN MUTUAL FUND OPERATIONS |
|
||
|
|
|
|||
|
|
MCWOOD & CO |
8.64 |
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
18.25 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
6.35 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK NA FBO |
14.82 |
||
|
|
PHP-T ROWE PRIC INSTL STRUCTRD RSRC |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK NA FBO |
11.11 |
||
|
|
UCARE MINNESOTA |
|
142
|
FUND |
|
SHAREHOLDER |
|
% |
|
INTERMEDIATE TAX-FREE HIGH YIELD FUND |
|
CHARLES SCHWAB & CO INC |
|
8.14 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
60.97(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
5.83 |
||
|
|
OUR CUSTOMERS |
|
||
|
INTERMEDIATE TAX-FREE HIGH YIELD FUND— |
|
CHARLES SCHWAB & CO INC |
|
12.15 |
|
ADVISOR CLASS |
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
LPL FINANCIAL |
36.86(c) |
||
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
7.21 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
39.85(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INTERNATIONAL BOND FUND |
|
RETIREMENT PORTFOLIO 2015 |
|
7.38 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
16.57 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
10.61 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
11.08 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
SPECTRUM INCOME FUND |
13.63 |
||
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
143
|
FUND |
|
SHAREHOLDER |
|
% |
|
INTERNATIONAL BOND FUND—ADVISOR CLASS |
|
LPL FINANCIAL |
|
10.74 |
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
44.84(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
14.64 |
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
5.47 |
||
|
|
OUR CUSTOMERS |
|
||
|
INTERNATIONAL BOND FUND—I CLASS |
|
EDWARD D JONES & CO |
|
80.50(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
INTERNATIONAL CONCENTRATED EQUITY FUND |
|
LPL FINANCIAL |
|
13.18 |
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
PERSHING LLC |
31.93(c) |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
11.23 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INTERNATIONAL CONCENTRATED EQUITY FUND— |
|
CHARLES SCHWAB & CO INC |
|
16.60 |
|
ADVISOR CLASS |
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
LPL FINANCIAL |
13.22 |
||
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
PERSHING LLC |
22.17 |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
43.38(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
INTERNATIONAL DISCOVERY FUND |
|
CHARLES SCHWAB & CO |
|
12.09 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
13.10 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
5.41 |
144
|
FUND |
|
SHAREHOLDER |
|
% |
|
INTERNATIONAL DISCOVERY FUND—I CLASS |
|
EDWARD D JONES & CO |
|
36.56(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
14.46 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
VANGUARD FIDUCIARY TRUST COMPANY |
29.85(c) |
||
|
|
ATTN INVESTMENT SERVICES |
|
||
|
|
401K CLIENTS |
|
||
|
INTERNATIONAL EQUITY INDEX FUND |
|
MARYLAND COLLEGE INVESTMENT PLAN |
|
11.70 |
|
|
GLOBAL EQUITY MARKET INDEX |
|
||
|
|
ATTN FUND ACCOUNTING |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
5.87 |
||
|
|
OMNIBUS |
|
||
|
|
NEW BUSINESS-CONV ASSTS |
|
||
|
INTERNATIONAL GROWTH & INCOME FUND |
|
RETIREMENT PORTFOLIO 2040 |
|
12.45 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
12.92 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
11.07 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
15.84 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
9.71 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2045 |
6.12 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
145
|
FUND |
|
SHAREHOLDER |
|
% |
|
INTERNATIONAL GROWTH & INCOME FUND— |
|
AMERICAN UNITED LIFE |
|
5.87 |
|
ADVISOR CLASS |
AMERICAN UNIT INVESTMENT TRUST |
|
||
|
|
ATTN SEPARATE ACCOUNTS |
|
||
|
|
|
|||
|
|
CHARLES SCHWAB & CO INC |
10.91 |
||
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
15.56 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
19.29 |
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
22.29 |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
INTERNATIONAL GROWTH & INCOME FUND—I |
|
RETIREMENT I 2020 FUND |
|
9.37 |
|
CLASS |
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2025 FUND |
7.89 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2030 FUND |
12.40 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2035 FUND |
6.51 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2040 FUND |
9.89 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
11.50 |
||
|
|
OUR CUSTOMERS |
|
146
|
FUND |
|
SHAREHOLDER |
|
% |
|
INTERNATIONAL GROWTH & INCOME FUND—R |
|
AMERICAN UNITED LIFE |
|
12.31 |
|
CLASS |
SEPARATE ACCOUNT II |
|
||
|
|
ATTN SEPARATE ACCOUNTS |
|
||
|
|
|
|||
|
|
DCGT AS TTEE AND/OR CUST |
9.20 |
||
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN NPIO TRADE DESK |
|
||
|
|
|
|||
|
|
EMJAY CORPORATION CUSTODIAN FBO |
6.95 |
||
|
|
PLANS OF GREAT WEST FINANCIAL |
|
||
|
|
8515 E ORCHARD RD 2T2 |
|
||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
40.99(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
INTERNATIONAL STOCK FUND |
|
RETIREMENT PORTFOLIO 2040 |
|
10.47 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
10.77 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
9.29 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
13.28 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
8.14 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2045 |
5.18 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
INTERNATIONAL STOCK FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
96.00(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
INTERNATIONAL STOCK FUND—I CLASS |
|
EDWARD D JONES & CO |
|
82.06(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
147
|
FUND |
|
SHAREHOLDER |
|
% |
|
INTERNATIONAL STOCK FUND—R CLASS |
|
AMERICAN UNITED LIFE |
|
5.32 |
|
|
AMERICAN UNIT TRUST |
|
||
|
|
ATTN SEPARATE ACCOUNTS |
|
||
|
|
|
|||
|
|
AMERICAN UNITED LIFE |
27.48(c) |
||
|
|
SEPARATE ACCOUNT II |
|
||
|
|
ATTN SEPARATE ACCOUNTS |
|
||
|
|
|
|||
|
|
CAPITAL BANK & TRUST COMPANY TTEE |
11.32 |
||
|
|
PATTCO LLC 401K |
|
||
|
|
C/O FASCORE LLC |
|
||
|
|
|
|||
|
|
DCGT AS TTEE AND/OR CUST |
15.40 |
||
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN NPIO TRADE DESK |
|
||
|
|
|
|||
|
|
NATIONWIDE TRUST CO FSB |
8.08 |
||
|
|
C/O IPO PORTFOLIO ACCTG |
|
||
|
INVESTMENT-GRADE CORPORATE MULTI-SECTOR |
|
ALLEN & COMPANY |
|
12.76 |
|
ACCOUNT PORTFOLIO |
711 5TH AVE FL 9 |
|
||
|
|
NEW YORK NY 10022-3168 |
|
||
|
|
|
|||
|
|
BALTIMORE EQUITABLE INSURANCE |
10.00 |
||
|
|
ATTN SHARON V WOODWARD |
|
||
|
|
|
|||
|
|
CBE OF NEW BRUNSWICK |
7.73 |
||
|
|
IG CORPORATE MAP |
|
||
|
|
|
|||
|
|
GENERAL DYNAMICS CORP 401K |
37.69(c) |
||
|
|
PLAN MASTER TRUST CP |
|
||
|
|
|
|||
|
|
ILLINOIS STUDENT ASSISTANCE |
18.84 |
||
|
|
COMMISSION |
|
||
|
|
ATTN: KENT CUSTER |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
12.97 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
JAPAN FUND |
|
CHARLES SCHWAB & CO INC |
|
5.64 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
MORGAN STANLEY SMITH BARNEY |
23.70 |
||
|
|
HARBORSIDE FINANCIAL CENTER |
|
||
|
|
|
|||
|
|
SPECTRUM INTERNATIONAL FUND |
24.56 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
148
|
FUND |
|
SHAREHOLDER |
|
% |
|
LATIN AMERICA FUND |
|
CHARLES SCHWAB & CO INC |
|
6.28 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
PERSHING LLC |
7.08 |
||
|
LIMITED DURATION INFLATION FOCUSED BOND |
|
RETIREMENT INCOME PORTFOLIO |
|
12.45 |
|
FUND |
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2010 |
12.46 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2015 |
15.36 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
23.00 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
9.45 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
5.29 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
149
|
FUND |
|
SHAREHOLDER |
|
% |
|
LIMITED DURATION INFLATION FOCUSED BOND |
|
RETIREMENT BALANCED I FUND |
|
5.42 |
|
FUND—I CLASS |
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2010 FUND |
6.51 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2015 FUND |
8.25 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2020 FUND |
17.48 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2025 FUND |
7.04 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
TARGET 2015 FUND |
12.70 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
TARGET 2020 FUND |
14.82 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
TARGET 2025 FUND |
8.97 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
TARGET 2030 FUND |
5.15 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
MARYLAND SHORT-TERM TAX-FREE BOND FUND |
|
CHARLES SCHWAB & CO INC |
|
9.69 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
JEFFREY A LEGUM |
5.16 |
||
|
|
|
|||
|
|
PERSHING LLC |
5.94 |
||
|
MARYLAND TAX-FREE BOND FUND |
|
CHARLES SCHWAB & CO INC |
|
7.65 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
5.33 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
150
|
FUND |
|
SHAREHOLDER |
|
% |
|
MARYLAND TAX-FREE MONEY FUND |
|
KEITH A. LEE |
|
9.21 |
|
|
|
|||
|
|
MORGAN STANLEY SMITH BARNEY |
5.84 |
||
|
|
HARBORSIDE FINANCIAL CENTER |
|
||
|
MEDIA & TELECOMMUNICATIONS FUND |
|
CHARLES SCHWAB & CO INC |
|
5.80 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
6.00 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO INC |
6.62 |
||
|
|
MEDIA & TELECOMMUNICATION FUND |
|
||
|
MEDIA & TELECOMMUNICATIONS FUND—I CLASS |
|
FIRST CLEARING LLC |
|
36.04(c) |
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
JOHN SEKAS |
18.75 |
||
|
|
DARCY L SEKAS TRS |
|
||
|
|
JOHN P SEKAS REVOCABLE TRUST |
|
||
|
|
|
|||
|
|
KAREN KENNEDY REV TRUST TR |
7.00 |
||
|
|
KAREN S KENNEDY |
|
||
|
|
|
|||
|
|
NIGRO FAMILY LLC |
20.35 |
||
|
|
6832 FERRY AVE |
|
||
|
|
CHARLEVOIX MI 49720-9501 |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
5.34 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
MID-CAP GROWTH FUND |
|
CHARLES SCHWAB & CO INC |
|
6.83 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERV CORP |
13.00 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO |
12.44 |
||
|
|
ATTN: ASSET RECONCILIATIONS |
|
151
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
MID-CAP GROWTH FUND—ADVISOR CLASS |
|
ING NATIONAL TRUST AS TRUSTEE FOR |
|
12.18 |
|
|
|
THE ADP TOTALSOURCE RETIREMENT |
|
|||
|
|
SAVINGS PLAN |
|
|||
|
|
30 BRAINTREE HILL OFFICE PARK |
|
|||
|
|
BRAINTREE MA 02184-8747 |
|
|||
|
|
|
||||
|
|
MORGAN STANLEY SMITH BARNEY |
11.11 |
|||
|
|
HARBORSIDE FINANCIAL CENTER |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
28.25(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
MID-CAP GROWTH FUND—I CLASS |
|
CHARLES SCHWAB & CO INC |
|
24.81 |
|
|
|
REINVEST ACCOUNT |
|
|||
|
|
ATTN MUTUAL FUND DEPT |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES LLC |
20.05 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
7.20 |
|||
|
|
TRP MID CAP GROWTH FUND-I |
|
|||
|
MID-CAP GROWTH FUND—R CLASS |
|
AMERICAN UNITED LIFE |
|
14.39 |
|
|
|
SEPARATE ACCOUNT II |
|
|||
|
|
ATTN SEPARATE ACCOUNTS |
|
|||
|
|
|
||||
|
|
LINCOLN RETIREMENT SERVICES COMPANY |
8.44 |
|||
|
|
FBO VITAS HEALTHCARE CORPORATION 40 |
|
|||
|
|
PO BOX 7876 |
|
|||
|
|
FORT WAYNE IN 46801-7876 |
|
|||
|
|
|
||||
|
|
NATIONWIDE TRUST CO FSB |
14.80 |
|||
|
|
C/O IPO PORTFOLIO ACCTG |
|
|||
|
|
|
||||
|
|
SUNTRUST BANK FBO |
11.57 |
|||
|
|
VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
|
|||
|
|
|
||||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
10.15 |
|||
|
|
1 ORANGE WAY B3N |
|
|||
|
|
WINDSOR CT 06095-4774 |
|
|||
|
MID-CAP INDEX FUND |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
MID-CAP INDEX FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
152
|
FUND |
|
SHAREHOLDER |
|
% |
|
MID-CAP VALUE FUND |
|
NATIONAL FINANCIAL SERVICES |
|
9.10 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2040 |
5.25 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
5.42 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
6.68 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
5.37 |
||
|
|
PLAN # OMNIBUS ACCT |
|
||
|
|
NEW BUSINESS GROUP |
|
||
|
MID-CAP VALUE FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
43.77(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SAXON & CO |
5.52 |
||
|
MID-CAP VALUE FUND—I CLASS |
|
EDWARD D JONES & CO |
|
19.66 |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
MARIL & CO FBO NG |
8.74 |
||
|
|
C/O BMO HARRIS NA ATTN MF |
|
||
|
|
480 PILGRIM WAY STE 1000 |
|
||
|
|
GREEN BAY WI 54304-5280 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
17.70 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
MID-CAP VALUE FUND—R CLASS |
|
NATIONWIDE TRUST CO FSB |
|
20.16 |
|
|
C/O IPO PORTFOLIO ACCTG |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
41.37(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
SUNTRUST BANK FBO |
5.02 |
||
|
|
VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
7.35 |
153
|
FUND |
|
SHAREHOLDER |
|
% |
|
MORTGAGE-BACKED SECURITIES MULTI-SECTOR |
|
BALTIMORE EQUITABLE INSURANCE |
|
8.26 |
|
ACCOUNT PORTFOLIO |
ATTN SHARON V WOODWARD |
|
||
|
|
|
|||
|
|
CBE OF NEW BRUNSWICK |
7.33 |
||
|
|
MORTGAGE BACKED SECURITIES MAP |
|
||
|
|
|
|||
|
|
GENERAL DYNAMICS CORP 401K |
30.92(c) |
||
|
|
PLAN MASTER TRUST CP |
|
||
|
|
|
|||
|
|
ILLINOIS STUDENT ASSISTANCE |
15.57 |
||
|
|
COMMISSION |
|
||
|
|
ATTN: KENT CUSTER |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
7.48 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
XCEL ENERGY INC. |
21.20 |
||
|
|
ATTN: GREG ZICK |
|
||
|
|
414 NICOLLET MALL |
|
||
|
|
MINNEAPOLIS MN 55401-1993 |
|
||
|
NEW AMERICA GROWTH FUND |
|
CHARLES SCHWAB & CO INC |
|
10.46 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
20.05 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO |
6.70 |
||
|
|
ATTN TRPS INST CONTROL DEPT |
|
154
|
FUND |
|
SHAREHOLDER |
|
% |
|
NEW AMERICA GROWTH FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
15.41 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
LINCOLN RETIREMENT SERVICES COMPANY |
5.23 |
||
|
|
FBO SHARP HEALTHCARE 403B |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
17.80 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SANTA BARBARA CNTY TREAS TX COLL TT |
5.49 |
||
|
|
FBO SANTA BARBARA COUNTY DCP |
|
||
|
|
C/O FASCORE LLC |
|
||
|
|
|
|||
|
|
VRSCO |
13.40 |
||
|
|
FBO AIGFSB CUST TTEE FBO |
|
||
|
|
WAKEMED RET SAV PLAN 403B |
|
||
|
|
2929 ALLEN PKWY STE A6-20 |
|
||
|
|
HOUSTON TX 77019-7117 |
|
||
|
NEW AMERICA GROWTH FUND—I CLASS |
|
CHARLES SCHWAB & CO INC |
|
31.04(c) |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
15.30 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
5.37 |
||
|
RECORDKEEPING VARIOUS BENEFIT PL NY |
||||
|
|
C/O MUTUAL FUND TRADING |
|
||
|
|
8525 E ORCHARD RD |
|
||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
7.24 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SECTRUS |
16.20 |
||
|
|
37 S RIVER ST |
|
||
|
|
AURORA IL 60506-4173 |
|
155
|
FUND |
|
SHAREHOLDER |
|
% |
|
NEW ASIA FUND |
|
CHARLES SCHWAB & CO INC |
|
6.97 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
9.85 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SPECTRUM INTERNATIONAL FUND |
5.36 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
NEW ASIA FUND—I CLASS |
|
AMERICAN STATE BANK TRUST |
|
5.24 |
|
|
525 N MAIN AVE |
|
||
|
|
SIOUX CENTER IA 51250-1823 |
|
||
|
|
|
|||
|
|
CHARLES A MORRIS |
22.15 |
||
|
|
ELISE D MORRIS JT TEN T O D |
|
||
|
|
|
|||
|
|
COLHOUN FAMILY FOUNDATION |
6.00 |
||
|
|
|
|||
|
|
HOWARD P COLHOUN TR |
8.89 |
||
|
|
HOWARD P COLHOUN REV TRUST |
|
||
|
|
|
|||
|
|
PERSHING LLC |
10.97 |
||
|
|
|
|||
|
|
SEI PRIVATE TRUST COMPANY |
24.00 |
||
|
|
C/O GLENS FALLS BANK |
|
||
|
|
ATTN MUTUAL FUND ADMINISTRATOR |
|
||
|
|
|
|||
|
|
SEI PRIVATE TRUST COMPANY |
7.97 |
||
|
|
C/O MELLON BANK |
|
||
|
|
ATTN MUTUAL FUND ADMINISTRATOR |
|
||
|
NEW ERA FUND |
|
CHARLES SCHWAB & CO INC |
|
8.37 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
9.27 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
156
|
FUND |
|
SHAREHOLDER |
|
% |
|
NEW ERA FUND—I CLASS |
|
JOHN S AND JAMES L KNIGHT |
|
7.29 |
|
|
FOUNDATION |
|
||
|
|
WACHOVIA FINANCIAL CENTER STE 3300 |
|
||
|
|
200 SOUTH BISCAYNE BOULEVARD |
|
||
|
|
MIAMI FL 33131-2310 |
|
||
|
|
|
|||
|
|
MAC & CO |
5.20 |
||
|
|
ATTN MUTUAL FUND OPERATIONS |
|
||
|
|
|
|||
|
|
MEYER MEMORIAL TR |
5.13 |
||
|
|
RUKAIYAH ADAMS CHIEF INV OFFICER |
|
||
|
|
425 NW 10TH AVE STE 400 |
|
||
|
|
PORTLAND OR 97209-3128 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
52.84(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
NEW HORIZONS FUND |
|
NATIONAL FINANCIAL SERVICES |
|
10.35 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO INC |
10.62 |
||
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
NEW HORIZONS FUND—I CLASS |
|
MORI & CO |
|
5.79 |
|
|
922 WALNUT ST |
|
||
|
|
MAILSTOP TBTS 2 |
|
||
|
|
KANSAS CITY MO 64106-1802 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES LLC |
30.21(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
18.93 |
||
|
|
TRP NEW HORIZONS FUND-I |
|
157
|
FUND |
|
SHAREHOLDER |
|
% |
|
NEW INCOME FUND |
|
JP MORGAN CLEARING CORP OMNIBUS ACC |
|
7.10 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF CUSTOMERS |
|
||
|
|
3 CHASE METROTECH CENTER |
|
||
|
|
3RD FLOOR MUTUAL FUND DEPARTMENT |
|
||
|
|
BROOKLYN NY 11245-0001 |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2010 |
5.57 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2015 |
8.19 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
18.78 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
12.12 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
12.68 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
5.68 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
NEW INCOME FUND—ADVISOR CLASS |
|
MORGAN STANLEY SMITH BARNEY |
|
7.01 |
|
|
HARBORSIDE FINANCIAL CENTER |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
8.96 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
16.48 |
||
|
|
|
|||
|
|
WTRISC CO IRA OMNIBUS ACCT |
15.62 |
||
|
|
C/O ICMA RETIREMENT CORPORATION |
|
||
|
|
777 NORTH CAPITOL STREET, NE |
|
||
|
|
WASHINGTON DC 20002-4239 |
|
158
|
FUND |
|
SHAREHOLDER |
|
% |
|
NEW INCOME FUND—I CLASS |
|
EDWARD D JONES & CO |
|
42.60(c) |
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
11.46 |
||
|
|
|
|||
|
|
RETIREMENT I 2020 FUND |
7.50 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2030 FUND |
5.49 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
NEW INCOME FUND—R CLASS |
|
EMJAY CORPORATION CUSTODIAN FBO |
|
20.22 |
|
|
PLANS OF GREAT WEST FINANCIAL |
|
||
|
|
|
|||
|
|
LINCOLN RETIREMENT SERVICES COMPANY |
6.07 |
||
|
|
FBO MENTAL HEALTH SVCS 401K |
|
||
|
|
|
|||
|
|
NATIONWIDE TRUST CO FSB |
12.63 |
||
|
|
C/O IPO PORTFOLIO ACCTG |
|
||
|
|
|
|||
|
|
PAUL HEIDBRINK FBO |
6.82 |
||
|
|
PAUL R HEIDBRINK 401(K) PROFIT SHAR |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
19.42 |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
NEW JERSEY TAX-FREE BOND FUND |
|
NATIONAL FINANCIAL SERVICES |
|
21.25 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
NEW YORK TAX-FREE BOND FUND |
|
NATIONAL FINANCIAL SERVICES |
|
7.04 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
NEW YORK TAX-FREE MONEY FUND |
|
H MARK GLASBERG |
|
13.05 |
|
|
PAULA D GLASBERG JT TEN T O D |
|
159
|
FUND |
|
SHAREHOLDER |
|
% |
|
OVERSEAS STOCK FUND |
|
RETIREMENT PORTFOLIO 2040 |
|
12.76 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
13.03 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
11.28 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
16.15 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
9.94 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2045 |
6.31 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2050 |
5.00 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
OVERSEAS STOCK FUND—ADVISOR CLASS |
|
PERSHING LLC |
|
6.19 |
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
93.81(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
160
|
FUND |
|
SHAREHOLDER |
|
% |
|
OVERSEAS STOCK FUND—I CLASS |
|
MORI & CO |
|
13.90 |
|
|
|
|||
|
|
RETIREMENT I 2020 FUND |
9.81 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2025 FUND |
8.31 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2030 FUND |
13.15 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2035 FUND |
6.92 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2040 FUND |
10.49 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
PERSONAL STRATEGY BALANCED FUND |
|
MAC & CO |
|
7.12 |
|
|
MUTUAL FUND OPERATIONS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
10.26 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO TR |
11.36 |
||
|
|
BALANCED |
|
||
|
|
ATTN ASSET RECONCILIATION |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
5.94 |
||
|
|
C/O STATE STREET BANK |
|
||
|
|
1200 CROWN COLONY DR |
|
||
|
|
QUINCY MA 02169-0938 |
|
||
|
PERSONAL STRATEGY BALANCED FUND—I CLASS |
|
FIRST CLEARING LLC |
|
15.85 |
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
76.78(c) |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
6.15 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
161
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
PERSONAL STRATEGY GROWTH FUND |
|
NATIONAL FINANCIAL SERVICES |
|
9.28 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
T ROWE PRICE TRUST CO TR |
9.07 |
|||
|
|
ATTN GROWTH ASSET |
|
|||
|
PERSONAL STRATEGY GROWTH FUND—I CLASS |
|
PERSHING LLC |
|
87.01(c) |
|
|
|
|
||||
|
|
T ROWE PRICE ASSOCIATES |
5.55 |
|||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
PERSONAL STRATEGY INCOME FUND |
|
NATIONAL FINANCIAL SERVICES |
|
7.08 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
PERSONAL STRATEGY INCOME FUND—I CLASS |
|
PERSHING LLC |
|
29.88(c) |
|
|
|
|
||||
|
|
T ROWE PRICE TRUST CO |
19.56 |
|||
|
|
CUST FOR THE ROLLOVER IRA OF |
|
|||
|
|
SCOTT W ASLETT |
|
|||
|
|
|
||||
|
|
TD AMERITRADE INC FBO |
41.84(c) |
|||
|
|
OUR CUSTOMERS |
|
|||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM GLOBAL EQUITY FUND |
|
T ROWE PRICE ASSOCIATES |
|
95.97(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM GLOBAL EQUITY FUND—ADVISOR CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM GLOBAL EQUITY FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
99.61(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM U.S. SMALL & MID-CAP CORE EQUITY FUND |
|
T ROWE PRICE ASSOCIATES |
|
80.02(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM U.S. SMALL & MID-CAP CORE EQUITY FUND— |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
ADVISOR CLASS |
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM U.S. SMALL & MID-CAP CORE EQUITY FUND—I |
|
T ROWE PRICE ASSOCIATES |
|
99.64(a) |
|
|
CLASS |
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM U.S. SMALL-CAP GROWTH EQUITY FUND |
CHARLES SCHWAB & CO INC |
10.94 |
|||
|
REINVEST ACCOUNT |
|
||||
|
|
ATTN MUTUAL FUND DEPT |
|
|||
|
|
|
||||
|
|
MORGAN STANLEY SMITH BARNEY |
7.59 |
|||
|
|
HARBORSIDE FINANCIAL CENTER |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
12.35 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
PERSHING LLC |
7.40 |
|||
162
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
QM U.S. SMALL-CAP GROWTH EQUITY FUND—I |
|
CHARLES SCHWAB & CO INC |
|
10.21 |
|
|
CLASS |
ATTN MUTUAL FUND DEPT |
|
|||
|
|
|
||||
|
|
FIRST CLEARING LLC |
5.27 |
|||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
|||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES LLC |
17.81 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
PERSHING LLC |
53.57(c) |
|||
|
|
|
||||
|
|
SEI PRIVATE TRUST COMPANY |
10.53 |
|||
|
|
C/O LAIRD NORTON |
|
|||
|
|
ATTN MUTUAL FUND ADMINISTRATOR |
|
|||
|
QM U.S. VALUE EQUITY FUND |
|
T ROWE PRICE ASSOCIATES |
|
85.22(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM U.S. VALUE EQUITY FUND—ADVISOR CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
QM U.S. VALUE EQUITY FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
163
|
FUND |
|
SHAREHOLDER |
|
% |
|
REAL ASSETS FUND |
|
RETIREMENT PORTFOLIO 2040 |
|
13.50 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
13.96 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2025 |
11.93 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
17.12 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2035 |
10.48 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2045 |
6.69 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2050 |
5.31 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
REAL ASSETS FUND—I CLASS |
|
BREAD & CO |
|
27.39(d) |
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN BALANCED FUND |
|
||
|
|
|
|||
|
|
LADYBIRD & CO |
6.91 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY INCOME FD |
|
||
|
|
|
|||
|
|
LADYBUG & CO |
13.25 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY BALANCED FD |
|
||
|
|
|
|||
|
|
LAKESIDE & CO |
14.30 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN PERS STRATEGY GROWTH FUND |
|
||
|
|
|
|||
|
|
RETIREMENT I 2030 FUND |
5.51 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
164
|
FUND |
|
SHAREHOLDER |
|
% |
|
REAL ESTATE FUND |
|
CHARLES SCHWAB & CO INC |
|
7.88 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
5.26 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
11.31 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
14.90 |
||
|
|
|
|||
|
|
WELLS FARGO BANK NA FBO |
12.97 |
||
|
|
OMNIBUS ACCT CASH/CASH |
|
||
|
REAL ESTATE FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
5.38 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
43.51(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
20.33 |
||
|
|
INSPER 401K |
|
||
|
REAL ESTATE FUND—I CLASS |
|
BANK OF ANN ARBOR 0 |
|
6.52 |
|
|
|
|||
|
|
CHARLES SCHWAB & CO INC |
15.79 |
||
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
5.47 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
10.40 |
||
|
|
NW SHEET MET PEN |
|
||
|
|
|
|||
|
|
UBATCO & CO |
10.36 |
||
|
|
FBO COLLEGE SAVINGS GROUP |
|
||
|
|
|
|||
|
|
VANGUARD FIDUCIARY TRUST COMPANY |
17.89 |
||
|
|
ATTN INVESTMENT SERVICES |
|
||
|
|
401K CLIENTS |
|
165
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT 2005 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
20.30 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
16.33 |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT 2005 FUND—ADVISOR CLASS |
|
JOHN HANCOCK TRUST COMPANY |
|
8.21 |
|
|
690 CANTON STREET |
|
||
|
|
WESTWOOD MA 02090-2321 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SVCS CORP |
30.70(c) |
||
|
|
FOR EXCLUSIVE BENEFIT OF OUR |
|
||
|
|
CUSTOMERS |
|
||
|
|
RUSS LENNON |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
6.73 |
||
|
|
C/O INVESTORS BANK & TRUST |
|
||
|
|
PO BOX 9130 |
|
||
|
|
BOSTON MA 02117-9130 |
|
||
|
RETIREMENT 2005 FUND—R CLASS |
|
AXA EQUITABLE FOR SA NO 65 |
|
6.90 |
|
|
|
|||
|
|
NFS LLC FEBO |
52.37(c) |
||
|
|
STATE STREET BANK TRUST CO |
|
||
|
|
TTEE VARIOUS RETIREMENT PLANS |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
15.84 |
||
|
RETIREMENT 2010 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
16.31 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
13.84 |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT 2010 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
17.15 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
8.73 |
||
|
|
C/O INVESTORS BANK & TRUST |
|
166
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT 2010 FUND—R CLASS |
|
MASSACHUSETTS MUTUAL LIFE |
|
5.37 |
|
|
INSURANCE COMPANY |
|
||
|
|
ATTN RS FUND OPERATIONS |
|
||
|
|
|
|||
|
|
NFS LLC FEBO |
5.11 |
||
|
|
STATE STREET BANK TRUST CO |
|
||
|
|
TTEE VARIOUS RETIREMENT PLANS |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
27.56(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
5.66 |
||
|
|
C/O STATE STREET BANK |
|
||
|
RETIREMENT 2015 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
20.07 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
22.07 |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT 2015 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SVCS CORP |
|
23.74 |
|
|
FOR EXCLUSIVE BENEFIT OF OUR |
|
||
|
|
CUSTOMERS |
|
||
|
|
RUSS LENNON |
|
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
7.24 |
||
|
|
RETIREMENT PLANS SERVICED BY METLIFE |
|
||
|
|
8515 E ORCHARD RD 2T2 |
|
||
|
|
GREENWOOD VLG CO 80111-5002 |
|
||
|
RETIREMENT 2015 FUND—R CLASS |
|
AXA EQUITABLE FOR SA NO 65 |
|
6.12 |
|
|
|
|||
|
|
NFS LLC FEBO |
6.91 |
||
|
|
STATE STREET BANK TRUST CO |
|
||
|
|
TTEE VARIOUS RETIREMENT PLANS |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
21.38 |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
16.69 |
||
|
RETIREMENT 2020 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
23.34 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
24.03 |
||
|
|
OMNIBUS ACCOUNT |
|
167
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT 2020 FUND—ADVISOR CLASS |
|
MASSACHUSETTS MUTUAL LIFE |
|
5.46 |
|
|
INSURANCE COMPANY |
|
||
|
|
ATTN RS FUND OPERATIONS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
18.70 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
6.78 |
||
|
|
C/O INVESTORS BANK & TRUST |
|
||
|
RETIREMENT 2020 FUND—R CLASS |
|
STATE STREET BANK AND TRUST AS |
|
28.63(c) |
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
6.52 |
||
|
|
C/O STATE STREET BANK |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
5.32 |
||
|
RETIREMENT 2025 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
25.74(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
28.33(e) |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT 2025 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SVCS CORP |
|
23.94 |
|
|
FOR EXCLUSIVE BENEFIT OF OUR |
|
||
|
|
CUSTOMERS |
|
||
|
|
RUSS LENNON |
|
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
7.31 |
||
|
|
RETIREMENT PLANS SERVICED BY METLIFE |
|
||
|
RETIREMENT 2025 FUND—R CLASS |
|
AXA EQUITABLE FOR SA NO 65 |
|
6.72 |
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
25.78(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
16.75 |
||
|
RETIREMENT 2030 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
24.49 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
24.89 |
||
|
|
OMNIBUS ACCOUNT |
|
168
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT 2030 FUND—ADVISOR CLASS |
|
MASSACHUSETTS MUTUAL LIFE |
|
5.39 |
|
|
INSURANCE COMPANY |
|
||
|
|
ATTN RS FUND OPERATIONS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
17.97 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
7.33 |
||
|
|
C/O INVESTORS BANK & TRUST |
|
||
|
RETIREMENT 2030 FUND—R CLASS |
|
MASSACHUSETTS MUTUAL LIFE |
|
5.36 |
|
|
INSURANCE COMPANY |
|
||
|
|
ATTN RS FUND OPERATIONS |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
32.65(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
6.29 |
||
|
|
C/O STATE STREET BANK |
|
||
|
RETIREMENT 2035 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
27.14(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
27.82(e) |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT 2035 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SVCS CORP |
|
23.23 |
|
|
FOR EXCLUSIVE BENEFIT OF OUR |
|
||
|
|
CUSTOMERS |
|
||
|
|
RUSS LENNON |
|
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
5.84 |
||
|
|
RETIREMENT PLANS SERVICED BY METLIFE |
|
||
|
RETIREMENT 2035 FUND—R CLASS |
|
AXA EQUITABLE FOR SA NO 65 |
|
6.18 |
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
27.94(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
16.12 |
||
|
RETIREMENT 2040 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
25.85(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
23.75 |
||
|
|
OMNIBUS ACCOUNT |
|
169
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT 2040 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
17.97 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
7.24 |
||
|
|
C/O INVESTORS BANK & TRUST |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
6.11 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
RETIREMENT 2040 FUND—R CLASS |
|
STATE STREET BANK AND TRUST AS |
|
35.54(c) |
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
5.56 |
||
|
|
C/O STATE STREET BANK |
|
||
|
RETIREMENT 2045 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
28.02(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
28.63(e) |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT 2045 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SVCS CORP |
|
25.91(c) |
|
|
FOR EXCLUSIVE BENEFIT OF OUR |
|
||
|
|
CUSTOMERS |
|
||
|
|
RUSS LENNON |
|
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
6.55 |
||
|
|
RETIREMENT PLANS SERVICED BY METLIFE |
|
||
|
RETIREMENT 2045 FUND—R CLASS |
|
STATE STREET BANK AND TRUST AS |
|
30.60(c) |
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
15.91 |
||
|
RETIREMENT 2050 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
29.85(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
23.07 |
||
|
|
OMNIBUS ACCOUNT |
|
170
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT 2050 FUND—ADVISOR CLASS |
|
FIFTH THIRD BANK TR |
|
6.86 |
|
|
FBO CINTAS PARTNERS PLAN |
|
||
|
|
ATTN MICHELLE HODGEMAN |
|
||
|
|
38 FOUNTAIN SQUARE PLAZA |
|
||
|
|
CINCINNATI OH 45202-3191 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
20.02 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
7.37 |
||
|
|
C/O INVESTORS BANK & TRUST |
|
||
|
RETIREMENT 2050 FUND—R CLASS |
|
STATE STREET BANK AND TRUST AS |
|
37.48(c) |
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
5.98 |
||
|
|
C/O STATE STREET BANK |
|
||
|
RETIREMENT 2055 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
26.88(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
28.97(e) |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT 2055 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SVCS CORP |
|
28.42(c) |
|
|
FOR EXCLUSIVE BENEFIT OF OUR |
|
||
|
|
CUSTOMERS |
|
||
|
|
RUSS LENNON |
|
||
|
|
|
|||
|
|
RELIANCE TRUST COMPANY FBO |
6.88 |
||
|
|
RETIREMENT PLANS SERVICED BY METLIFE |
|
||
|
RETIREMENT 2055 FUND—R CLASS |
|
AXA EQUITABLE FOR SA NO 65 |
|
5.08 |
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
36.10(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
VOYA RETIREMENT INS & ANNUITY CO |
12.81 |
||
|
RETIREMENT 2060 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
29.73(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
24.50 |
||
|
|
OMNIBUS ACCOUNT |
|
171
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT 2060 FUND—ADVISOR CLASS |
|
DCGT AS TTEE AND/OR CUST |
|
6.42 |
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN NPIO TRADE DESK |
|
||
|
|
|
|||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
8.89 |
||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
36.19(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
VALIC SEPARATE ACCOUNT A |
5.67 |
||
|
|
2727-A ALLEN PKWY 4 D-1 |
|
||
|
|
HOUSTON TX 77009 |
|
||
|
RETIREMENT 2060 FUND—R CLASS |
|
FIIOC AS AGENT FBO |
|
6.94 |
|
|
INTELIDENT SOLUTIONS, INC. 401K |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
48.51(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
RETIREMENT BALANCED FUND |
|
NATIONAL FINANCIAL SERV CORP |
|
11.71 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
12.01 |
||
|
|
OMNIBUS ACCOUNT |
|
||
|
RETIREMENT BALANCED FUND—ADVISOR CLASS |
|
FIFTH THIRD BANK TR |
|
5.69 |
|
|
FBO CINTAS PARTNERS PLAN |
|
||
|
|
ATTN MICHELLE HODGEMAN |
|
||
|
|
|
|||
|
|
MASSACHUSETTS MUTUAL LIFE |
6.62 |
||
|
|
INSURANCE COMPANY |
|
||
|
|
ATTN RS FUND OPERATIONS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
12.61 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
TAYNIK & CO |
6.90 |
||
|
|
C/O INVESTORS BANK & TRUST |
|
172
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT BALANCED FUND—R CLASS |
|
PIMS/PRUDENTIAL RETIREMENT |
|
12.84 |
|
|
AS NOMINEE FOR THE TTEE/CUST PL 701 |
|
||
|
|
NEPC - TAFT HARTLEY IRONWORKERS |
|
||
|
|
PO BOX 30124 |
|
||
|
|
SALT LAKE CTY UT 84130-0124 |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
39.31(c) |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
RETIREMENT BALANCED I FUND—I CLASS |
|
ASCENSUS TRUST COMPANY FBO |
|
5.01 |
|
|
DEMBO JONES P C 401(K) PROFIT SHARI |
|
||
|
|
PO BOX 10758 |
|
||
|
|
FARGO ND 58106-0758 |
|
||
|
|
|
|||
|
|
JPMORGAN CHASE BANK TRUSTEE |
17.18 |
||
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
26.17(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
NATIONWIDE TRUST COMPANY FSB |
5.26 |
||
|
|
FBO PARTICIPATING PLANS |
|
||
|
|
NTC-PLNS |
|
||
|
|
C/O IPO PORTFOLIO ACCOUNTING |
|
||
|
RETIREMENT I 2005 FUND—I CLASS |
|
CHARLES SCHWAB & CO INC |
|
14.20 |
|
|
SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
JPMORGAN CHASE BANK TRUSTEE |
12.12 |
||
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
41.86(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
THE NORTHERN TRUST CO AS TRUSTEE |
10.23 |
||
|
|
FBO PILKINGTON NORTH AMERICA |
|
||
|
|
RETIREMENT PLAN TRUST |
|
||
|
|
801 S CANAL ST |
|
||
|
|
CHICAGO IL 60607-4715 |
|
173
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT I 2010 FUND—I CLASS |
|
JPMORGAN CHASE BANK TRUSTEE |
|
9.55 |
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
19.34 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
20.66 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
RETIREMENT I 2015 FUND—I CLASS |
|
JPMORGAN CHASE BANK TRUSTEE |
|
13.92 |
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
23.62 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
7.38 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
5.21 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
RETIREMENT I 2020 FUND—I CLASS |
|
JPMORGAN CHASE BANK TRUSTEE |
|
8.11 |
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
22.12 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
17.49 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
174
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT I 2025 FUND—I CLASS |
|
JPMORGAN CHASE BANK TRUSTEE |
|
12.00 |
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
26.08(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
9.46 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
5.61 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
RETIREMENT I 2030 FUND—I CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
23.19 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
20.49 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
RETIREMENT I 2035 FUND—I CLASS |
|
JPMORGAN CHASE BANK TRUSTEE |
|
9.10 |
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
33.33(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
9.70 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
6.55 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
175
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT I 2040 FUND—I CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
24.29 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
18.69 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
5.31 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
RETIREMENT I 2045 FUND—I CLASS |
|
JPMORGAN CHASE BANK TRUSTEE |
|
7.04 |
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
30.34(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
16.81 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
7.23 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
RETIREMENT I 2050 FUND—I CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
25.88(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
22.29 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
5.92 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
176
|
FUND |
|
SHAREHOLDER |
|
% |
|
RETIREMENT I 2055 FUND—I CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
32.79(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
7.10 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
VOYA INSTITUTIONAL TRUST COMPANY |
7.84 |
||
|
|
AS TRUSTEE/ CUSTODIAN FOR |
|
||
|
|
CORE MARKET RETIREMENT PLANS |
|
||
|
|
30 BRAINTREE HILL OFFICE PARK |
|
||
|
|
BRAINTREE MA 02184-8747 |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK FBO |
6.95 |
||
|
|
VARIOUS RETIREMENT PLANS |
|
||
|
RETIREMENT I 2060 FUND—I CLASS |
|
JPMORGAN CHASE BANK TRUSTEE |
|
8.48 |
|
|
FBO AMERADA HESS CORP |
|
||
|
|
EMPLOYEE SAVINGS & STOCK BONUS |
|
||
|
|
401K PLAN |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
20.46 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST AS |
7.74 |
||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
||
|
|
FBO ADP ACCESS PRODUCT |
|
||
|
|
|
|||
|
|
STATE STREET BANK AND TRUST COMPANY |
8.69 |
||
|
|
AS CUSTODIAN FOR MML |
|
||
|
|
FBO ITS CLIENTS |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
9.35 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
VOYA INSTITUTIONAL TRUST COMPANY |
7.57 |
||
|
|
AS TRUSTEE/ CUSTODIAN FOR |
|
||
|
|
CORE MARKET RETIREMENT PLANS |
|
||
|
SCIENCE & TECHNOLOGY FUND |
|
T ROWE PRICE RPS INC |
|
11.16 |
|
|
OMNIBUS |
|
||
|
SCIENCE & TECHNOLOGY FUND—ADVISOR CLASS |
|
JOHN HANCOCK LIFE |
|
86.67(c) |
|
|
INSURANCE CO USA |
|
||
|
|
RPS TRADING OPS ST-4 |
|
177
|
FUND |
|
SHAREHOLDER |
|
% |
|
SCIENCE & TECHNOLOGY FUND—I CLASS |
|
FIRST CLEARING LLC |
|
43.03(c) |
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
JENNIFER H. WILLIAMS T O D |
9.31 |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
43.35(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
SHORT-TERM BOND FUND |
|
MARYLAND COLLEGE INVESTMENT PLAN |
|
5.49 |
|
|
PORTFOLIO FOR COLLEGE |
|
||
|
|
T ROWE PRICE FUND ACCOUNTING |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
5.57 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
SPECTRUM INCOME FUND |
6.45 |
||
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
SHORT-TERM BOND FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
12.07 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
46.67(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RBC CAPITAL MARKETS LLC |
6.38 |
||
|
|
MUTUAL FUND OMNIBUS PROCESSING |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN MUTUAL FUND OPS MANAGER |
|
||
|
|
60 S 6TH ST # STREET-P08 |
|
||
|
|
MINNEAPOLIS MN 55402-4413 |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
10.73 |
||
|
|
OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
WELLS FARGO BANK NA FBO |
6.21 |
||
|
|
VSP EXECUTIVE DC TRUST |
|
178
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
SHORT-TERM BOND FUND—I CLASS |
|
ASSOCIATED TRUST COMPANY |
|
6.12 |
|
|
|
PO BOX 22037 |
|
|||
|
|
GREEN BAY WI 54305-2037 |
|
|||
|
|
|
||||
|
|
EDWARD D JONES & CO |
45.65(c) |
|||
|
|
FOR THE BENEFIT OF CUSTOMERS |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
10.32 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
TD AMERITRADE INC FBO |
15.77 |
|||
|
|
OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
UBS WM USA |
7.17 |
|||
|
|
OMNI ACCOUNT M/F |
|
|||
|
|
ATTN: DEPARTMENT MANAGER |
|
|||
|
|
1000 HARBOR BLVD 5TH FLOOR |
|
|||
|
|
WEEHAWKEN NJ 07086-6761 |
|
|||
|
SHORT-TERM FUND |
|
JPMORGAN CHASE BANK AS AGENT |
|
39.39(c) |
|
|
|
FOR INSTITUTIONAL FUNDS |
|
|||
|
|
ATTN AMANDA MORLEY |
|
|||
|
|
500 STANTON CHRISTIANA RD |
|
|||
|
|
NEWARK DE 19713-2105 |
|
|||
|
|
|
||||
|
|
STATE STREET BANK & TRUST COMPANY AGENT |
60.26(c) |
|||
|
|
FOR T ROWE INSTITUTIONAL FUNDS |
|
|||
|
SMALL-CAP INDEX FUND |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
SMALL-CAP INDEX FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
SMALL-CAP STOCK FUND |
|
MINNESOTA STATE RETIREMENT SYSTEM |
|
6.80 |
|
|
|
DEFINED CONTRIBUTION PLANS |
|
|||
|
|
60 EMPIRE DR STE 300 |
|
|||
|
|
SAINT PAUL MN 55103-3000 |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERV CORP |
9.69 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
RETIREMENT PORTFOLIO 2030 |
5.24 |
|||
|
|
T ROWE PRICE ASSOCIATES |
|
|||
|
|
ATTN FUND ACCOUNTING DEPT |
|
|||
|
|
|
||||
|
|
T ROWE PRICE TRUST CO INC |
5.36 |
|||
|
|
T R P O T C FUND |
|
|||
|
|
ATTN R P S CONTROL DEPT |
|
|||
179
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
SMALL-CAP STOCK FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
10.64 |
|
|
|
REINVEST ACCOUNT |
|
|||
|
|
ATTN MUTUAL FUND DEPT |
|
|||
|
|
|
||||
|
|
HORACE MANN LIFE INS COMPANY |
6.73 |
|||
|
|
SEPARATE ACCOUNT |
|
|||
|
|
1 HORACE MANN PLZ |
|
|||
|
|
SPRINGFIELD IL 62715-0002 |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
22.54 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
VANGUARD FIDUCIARY TRUST COMPANY |
6.33 |
|||
|
|
T ROWE PRICE ADVISOR CLASS FUNDS |
|
|||
|
|
ATTN OUTSIDE FUNDS |
|
|||
|
|
P O BOX 2900 |
|
|||
|
|
VALLEY FORGE PA 19482-2900 |
|
|||
|
|
|
||||
|
|
WELLS FARGO BANK FBO |
17.14 |
|||
|
|
FBO VARIOUS RETIREMENT PLANS |
|
|||
|
SMALL-CAP STOCK FUND—I CLASS |
|
DCGT AS TTEE AND/OR CUST |
|
16.15 |
|
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
|||
|
|
OMNIBUS |
|
|||
|
|
ATTN NPIO TRADE DESK |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES LLC |
6.38 |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
RETIREMENT I 2030 FUND |
5.76 |
|||
|
|
T ROWE PRICE ASSOCIATES |
|
|||
|
|
ATTN FUND ACCOUNTING DEPT |
|
|||
|
|
|
||||
|
|
WELLS FARGO BANK NA FBO |
16.42 |
|||
|
|
OMNIBUS ACCT REINVEST/REINVEST |
|
|||
180
|
FUND |
|
SHAREHOLDER |
|
% |
|
SMALL-CAP VALUE FUND |
|
NATIONAL FINANCIAL SERVICES |
|
5.01 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2020 |
5.06 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT PORTFOLIO 2030 |
6.25 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO INC |
11.04 |
||
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
SMALL-CAP VALUE FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
9.16 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
SMALL-CAP VALUE FUND—I CLASS |
|
DCGT AS TTEE AND/OR CUST |
|
7.24 |
|
|
FBO PLIC VARIOUS RETIREMENT PLANS |
|
||
|
|
OMNIBUS |
|
||
|
|
ATTN NPIO TRADE DESK |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
10.42 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
||
|
|
|
|||
|
|
RETIREMENT I 2030 FUND |
6.31 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
RETIREMENT I 2040 FUND |
5.06 |
||
|
|
T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
|
|
|||
|
|
STATE OF WYOMING TTEE FBO |
9.43 |
||
|
|
THE WRS DCP |
|
||
|
|
C/O FASCORE LLC |
|
||
|
|
|
|||
|
|
STATE STREET FBO RIO TINTO |
10.04 |
||
|
|
AMERICA 401 (K) PLAN |
|
||
|
|
2 AVENUE DE LAFAYETTE |
|
||
|
|
BOSTON MA 02111-1750 |
|
||
|
SPECTRUM GROWTH FUND |
|
T ROWE PRICE TRUST CO INC |
|
7.45 |
|
|
ATTN: TRPS INST CONTROL DEPT |
|
181
|
FUND |
|
SHAREHOLDER |
|
% |
|
SPECTRUM INCOME FUND |
|
MARYLAND COLLEGE INVESTMENT PLAN |
|
5.63 |
|
|
PORTFOLIO 2021 |
|
||
|
|
ATTN FUND ACCOUNTING |
|
||
|
|
|
|||
|
|
T ROWE PRICE TRUST CO INC |
8.42 |
||
|
|
ATTN: TRPS INST CONTROL DEPT |
|
||
|
CASH RESERVES FUND |
|
T ROWE PRICE TRUST CO |
|
9.10 |
|
|
ATTN ASSET RECONCILIATIONS |
|
||
|
SUMMIT MUNICIPAL INCOME FUND |
|
EDWARD D JONES & CO |
|
14.50 |
|
|
SHAREHOLDER ACCOUNTING |
|
||
|
|
ATTN MUTUAL FUND |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
5.44 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
JP MORGAN CLEARING CORP OMNIBUS ACC |
6.04 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF CUSTOMERS |
|
||
|
|
3 CHASE METROTECH CENTER |
|
||
|
|
3RD FLOOR MUTUAL FUND DEPARTMENT |
|
||
|
|
BROOKLYN NY 11245-0001 |
|
||
|
|
|
|||
|
|
LPL FINANCIAL |
6.11 |
||
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
SAXON & CO |
14.24 |
||
|
SUMMIT MUNICIPAL INCOME FUND—ADVISOR |
|
LPL FINANCIAL |
|
64.60(c) |
|
CLASS |
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
17.82 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
11.24 |
182
|
FUND |
|
SHAREHOLDER |
|
% |
|
SUMMIT MUNICIPAL INTERMEDIATE FUND |
|
CHARLES SCHWAB & CO INC |
|
11.71 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
EDWARD D JONES & CO |
10.88 |
||
|
|
SHAREHOLDER ACCOUNTING |
|
||
|
|
ATTN MUTUAL FUND |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
10.46 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
JP MORGAN CLEARING CORP OMNIBUS ACC |
14.32 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF CUSTOMERS |
|
||
|
|
|
|||
|
|
MLPF&S FOR THE SOLE BENEFIT OF |
8.28 |
||
|
|
ITS CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
5.61 |
||
|
|
|
|||
|
|
SAXON & CO |
7.03 |
||
|
SUMMIT MUNICIPAL INTERMEDIATE FUND— |
|
CHARLES SCHWAB & CO INC |
|
35.88(c) |
|
ADVISOR CLASS |
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
CITBANCO A PARTNERSHIP |
9.73 |
||
|
|
DRAWER 1227 |
|
||
|
|
STORM LAKE IA 50588-1227 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
44.74(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
8.30 |
||
|
SUMMIT MUNICIPAL MONEY MARKET FUND |
|
JAMES A C KENNEDY |
|
7.65 |
|
|
C/O T ROWE PRICE |
|
||
|
|
|
|||
|
|
JAMES S. RIEPE |
9.78 |
||
|
TARGET 2005 FUND |
|
T ROWE PRICE TRUST CO |
|
6.10 |
|
|
CUST FOR THE IRA OF |
|
||
|
|
NANCY T MOY |
|
183
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
TARGET 2005 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
72.21(c) |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
RELIANCE TRUST CO TTEE ADP |
12.94 |
|||
|
|
ACCESS LARGE MARKET 401K |
|
|||
|
|
1100 ABERNATHY RD |
|
|||
|
|
ATLANTA GA 30328-5620 |
|
|||
|
|
|
||||
|
|
T ROWE PRICE ASSOCIATES |
14.24 |
|||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2005 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2010 FUND |
|
T ROWE PRICE RPS INC |
|
7.06 |
|
|
|
|
||||
|
|
TD AMERITRADE TRUST COMPANY |
5.03 |
|||
|
|
ATTN HOUSE |
|
|||
|
TARGET 2010 FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
69.13(c) |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
RELIANCE TRUST CO TTEE ADP |
30.27(c) |
|||
|
|
ACCESS LARGE MARKET 401K |
|
|||
|
TARGET 2010 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2015 FUND |
|
T ROWE PRICE RPS INC |
|
7.81 |
|
|
TARGET 2015 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
27.44(c) |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
12.31 |
|||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
48.68(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
RELIANCE TRUST CO TTEE ADP |
5.90 |
|||
|
|
ACCESS LARGE MARKET 401K |
|
|||
|
TARGET 2015 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2020 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
8.07 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
17.35 |
|||
184
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
TARGET 2020 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
8.36 |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
12.42 |
|||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
31.33(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
RELIANCE TRUST CO TTEE ADP |
45.18(c) |
|||
|
|
ACCESS LARGE MARKET 401K |
|
|||
|
TARGET 2020 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2025 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
6.66 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
22.59 |
|||
|
|
|
||||
|
|
WELLS FARGO BANK FBO |
8.54 |
|||
|
|
VARIOUS RETIREMENT PLANS |
|
|||
|
TARGET 2025 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
30.09(c) |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
19.02 |
|||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
38.26(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
RELIANCE TRUST CO TTEE ADP |
8.35 |
|||
|
|
ACCESS LARGE MARKET 401K |
|
|||
|
TARGET 2025 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
185
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
TARGET 2030 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
13.96 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
31.86(e) |
|||
|
|
|
||||
|
|
WELLS FARGO BANK FBO |
7.01 |
|||
|
|
VARIOUS RETIREMENT PLANS |
|
|||
|
TARGET 2030 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
9.79 |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
43.18(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
RELIANCE TRUST CO TTEE ADP |
41.03(c) |
|||
|
|
ACCESS LARGE MARKET 401K |
|
|||
|
TARGET 2030 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2035 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
12.28 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
30.57(e) |
|||
|
|
|
||||
|
|
WELLS FARGO BANK FBO |
9.77 |
|||
|
|
VARIOUS RETIREMENT PLANS |
|
|||
|
TARGET 2035 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
22.66 |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
14.85 |
|||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
60.01(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
TARGET 2035 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
186
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
TARGET 2040 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
14.57 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
34.54(e) |
|||
|
|
|
||||
|
|
WELLS FARGO BANK FBO |
6.54 |
|||
|
|
VARIOUS RETIREMENT PLANS |
|
|||
|
TARGET 2040 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
20.00 |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
72.78(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
TARGET 2040 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2045 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
13.14 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
34.36(e) |
|||
|
|
|
||||
|
|
WELLS FARGO BANK FBO |
7.74 |
|||
|
|
VARIOUS RETIREMENT PLANS |
|
|||
|
TARGET 2045 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
15.17 |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
7.64 |
|||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
68.83(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
TARGET 2045 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2050 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
17.02 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
24.68 |
|||
|
|
|
||||
|
|
WELLS FARGO BANK FBO |
5.76 |
|||
|
|
VARIOUS RETIREMENT PLANS |
|
|||
187
|
FUND |
|
SHAREHOLDER |
|
% |
|
|
TARGET 2050 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
8.71 |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
62.71(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
|
||||
|
|
STATE STREET BANK AND TRUST AS |
22.56 |
|||
|
|
TRUSTEE AND/OR CUSTODIAN |
|
|||
|
|
FBO ADP ACCESS PRODUCT |
|
|||
|
TARGET 2050 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2055 FUND |
|
NATIONAL FINANCIAL SERVICES |
|
10.91 |
|
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
|
ATTN: MUTUAL FUNDS DEPT 4TH FL |
|
|||
|
|
|
||||
|
|
T ROWE PRICE RPS INC |
28.36(e) |
|||
|
TARGET 2055 FUND—ADVISOR CLASS |
|
GREAT WEST TRUST CO LLC |
|
5.15 |
|
|
|
FBO RECORDKEEPING FOR VARIOUS |
|
|||
|
|
BENEFIT PL OMNIPUTNAM |
|
|||
|
|
C/O MUTUAL FUND TRADING |
|
|||
|
|
|
||||
|
|
GREAT-WEST TRUST COMPANY LLC TTEE F |
7.95 |
|||
|
|
EMPLOYEE BENEFITS CLIENTS 401K |
|
|||
|
|
|
||||
|
|
NATIONAL FINANCIAL SERVICES |
78.19(c) |
|||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
|||
|
|
OF OUR CUSTOMERS |
|
|||
|
TARGET 2055 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
100.00(a) |
|
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
TARGET 2060 FUND |
|
STATE STREET BANK AND TRUST AS |
|
5.06 |
|
|
|
TRUSTEE AND/OR CUSTODIAN |
|
|||
|
|
FBO ADP ACCESS PRODUCT |
|
|||
|
|
|
||||
|
|
T ROWE PRICE ASSOCIATES |
26.30(a) |
|||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
|||
|
|
|
||||
|
|
T ROWE PRICE TRUST CO |
6.01 |
|||
|
|
CUST FOR THE IRA OF |
|
|||
|
|
SUSAN A BRUEMMER (DCD) |
|
|||
|
|
CHANCE A BRUEMMER (BENE) |
|
|||
188
|
FUND |
|
SHAREHOLDER |
|
% |
|
TARGET 2060 FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
14.44 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
8.29 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
RELIANCE TRUST CO., CUSTODIAN |
11.20 |
||
|
|
FBO MASSMUTUAL OMNIBUS PPL/SMF |
|
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
26.91(a) |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
VOYA INSTITUTIONAL TRUST COMPANY |
32.35(c) |
||
|
|
AS TRUSTEE OR CUSTODIAN FOR |
|
||
|
|
CORE MARKET RETIRMENT PLANS |
|
||
|
TARGET 2060 FUND—I CLASS |
|
T ROWE PRICE ASSOCIATES |
|
97.95(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
TAX-EXEMPT MONEY FUND |
|
PERSHING LLC |
|
8.30 |
|
|
FOR EXCLUSIVE BENEFIT OF TRP MONEY |
|
||
|
|
FUND CUSTOMER ACCOUNTS |
|
||
|
|
|
|||
|
|
SUSAN A FEITH |
7.84 |
||
|
TAX-FREE HIGH YIELD FUND |
|
CHARLES SCHWAB & CO INC |
|
10.40 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
GOLDMAN SACHS & CO |
10.27 |
||
|
|
C/O MUTUAL FUNDS OPS |
|
||
|
|
222 S MAIN ST |
|
||
|
|
SALT LAKE CITY UT 84101-2199 |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
7.88 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
TAX-FREE HIGH YIELD FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
94.73(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
TAX-FREE INCOME FUND |
|
CHARLES SCHWAB & CO INC |
|
7.36 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
PERSHING LLC |
5.63 |
||
|
TAX-FREE INCOME FUND—ADVISOR CLASS |
|
NATIONAL FINANCIAL SERVICES |
|
93.78(c) |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
189
|
FUND |
|
SHAREHOLDER |
|
% |
|
TAX-FREE SHORT-INTERMEDIATE FUND |
|
CHARLES SCHWAB & CO INC |
|
16.06 |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
FIRST CLEARING LLC |
12.39 |
||
|
|
SPECIAL CUSTODY ACCT FOR THE |
|
||
|
|
EXCLUSIVE BENEFIT OF CUSTOMERS |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
7.38 |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
5.45 |
||
|
|
|
|||
|
|
T ROWE PRICE ASSOCIATES |
9.26 |
||
|
|
ATTN FINANCIAL REPORTING DEPT |
|
||
|
|
|
|||
|
|
TD AMERITRADE INC FBO |
6.12 |
||
|
|
OUR CUSTOMERS |
|
||
|
TAX-FREE SHORT-INTERMEDIATE FUND—ADVISOR |
|
CHARLES SCHWAB & CO INC |
|
14.01 |
|
CLASS |
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
54.91(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
16.06 |
||
|
TOTAL EQUITY MARKET INDEX FUND |
|
EDUCATION TRUST OF ALASKA |
|
8.59 |
|
|
TOTAL EQUITY MARKET INDEX PORTFOLIO |
|
||
|
|
C/O T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN DAWN WAGNER FIXED INCOME |
|
||
|
|
|
|||
|
|
MARYLAND COLLEGE INVESTMENT PLAN |
9.23 |
||
|
|
GLOBAL EQUITY MARKET INDEX |
|
||
|
|
ATTN FUND ACCOUNTING |
|
190
|
FUND |
|
SHAREHOLDER |
|
% |
|
TREASURY RESERVE FUND |
|
BARNACLESAIL |
|
52.50(d) |
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN MID CAP GROWTH FUND |
|
||
|
|
|
|||
|
|
BRIDGESAIL & CO |
10.80 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN SCIENCE & TECHNOLOGY FD |
|
||
|
|
|
|||
|
|
HEIRLOOM & CO |
6.02 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN MEDIA & TELECOMM FD |
|
||
|
|
|
|||
|
|
T ROWE PRICE |
7.08 |
||
|
|
RETIREMENT PLAN SERVICE INC |
|
||
|
|
ATTN RPS CASH GROUP |
|
||
|
|
4555 PAINTERS MILL ROAD |
|
||
|
|
OWINGS MILLS MD 21117-4903 |
|
||
|
|
|
|||
|
|
MILDSHIP & CO |
8.78 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN GLOBAL TECHNOLOGY FD |
|
||
|
GOVERNMENT RESERVE FUND |
|
SEAMILE & CO |
|
14.78 |
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN CAPITAL APPREC FUND |
|
||
|
|
|
|||
|
|
T ROWE PRICE MANAGED GIC |
6.02 |
||
|
|
STABLE VALUE FUND |
|
||
|
|
T ROWE PRICE ASSOCIATES INC |
|
||
|
|
|
|||
|
|
TUNA & CO |
12.85 |
||
|
|
C/O T ROWE PRICE ASSOC |
|
||
|
|
ATTN NEW INCOME FUND |
|
||
|
U.S. BOND ENHANCED INDEX FUND |
|
EDUCATION TRUST OF ALASKA |
|
9.60 |
|
|
ACT PORTFOLIO |
|
||
|
|
C/O T ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN DAWN WAGNER FIXED INCOME |
|
||
|
|
|
|||
|
|
T ROWE PRICE RPS INC |
8.47 |
||
|
|
OMNIBUS |
|
||
|
U.S. LARGE-CAP CORE FUND |
|
NATIONAL FINANCIAL SERVICES |
|
7.79 |
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
8.92 |
191
|
FUND |
|
SHAREHOLDER |
|
% |
|
U.S. LARGE-CAP CORE FUND—ADVISOR CLASS |
|
CHARLES SCHWAB & CO INC |
|
27.98(c) |
|
|
REINVEST ACCOUNT |
|
||
|
|
ATTN MUTUAL FUND DEPT |
|
||
|
|
|
|||
|
|
LPL FINANCIAL |
9.78 |
||
|
|
OMNIBUS CUSTOMER ACCOUNT |
|
||
|
|
ATTN: MUTUAL FUND TRADING |
|
||
|
|
|
|||
|
|
NATIONAL FINANCIAL SERVICES |
40.98(c) |
||
|
|
FOR THE EXCLUSIVE BENEFIT |
|
||
|
|
OF OUR CUSTOMERS |
|
||
|
|
|
|||
|
|
PERSHING LLC |
11.90 |
||
|
U.S. TREASURY INTERMEDIATE FUND |
|
MLPF&S FOR THE SOLE BENEFIT OF |
|
5.10 |
|
|
ITS CUSTOMERS |
|
||
|
|
|
|||
|
|
SPECTRUM INCOME FUND |
6.80 |
||
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
U.S. TREASURY LONG-TERM FUND |
|
SPECTRUM INCOME FUND |
|
28.93(d) |
|
|
T. ROWE PRICE ASSOCIATES |
|
||
|
|
ATTN FUND ACCOUNTING DEPT |
|
||
|
ULTRA SHORT-TERM BOND FUND |
|
T ROWE PRICE ASSOCIATES |
|
39.94(a) |
|
|
ATTN FINANCIAL REPORTING DEPT |
|
192
|
FUND |
|
SHAREHOLDER |
|
% |
|
VALUE FUND |
|
RETIREMENT PORTFOLIO 2040 |
|
15.22 |
|
|
T ROWE PRICE ASSOCIATES |
|
||
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ATTN FUND ACCOUNTING DEPT |
|
||
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RETIREMENT PORTFOLIO 2020 |
7.86 |
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T ROWE PRICE ASSOCIATES |
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ATTN FUND ACCOUNTING DEPT |
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||
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RETIREMENT PORTFOLIO 2025 |
9.39 |
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T ROWE PRICE ASSOCIATES |
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ATTN FUND ACCOUNTING DEPT |
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RETIREMENT PORTFOLIO 2030 |
15.87 |
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T ROWE PRICE ASSOCIATES |
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ATTN FUND ACCOUNTING DEPT |
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RETIREMENT PORTFOLIO 2035 |
10.99 |
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T ROWE PRICE ASSOCIATES |
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ATTN FUND ACCOUNTING DEPT |
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||
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RETIREMENT PORTFOLIO 2045 |
7.58 |
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T ROWE PRICE ASSOCIATES |
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ATTN FUND ACCOUNTING DEPT |
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||
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RETIREMENT PORTFOLIO 2050 |
6.01 |
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T ROWE PRICE ASSOCIATES |
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ATTN FUND ACCOUNTING DEPT |
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VALUE FUND—ADVISOR CLASS |
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CHARLES SCHWAB & CO INC |
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12.24 |
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REINVEST ACCOUNT |
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ATTN MUTUAL FUND DEPT |
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MORGAN STANLEY SMITH BARNEY |
10.68 |
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HARBORSIDE FINANCIAL CENTER |
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NATIONAL FINANCIAL SERVICES |
36.87(c) |
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FOR THE EXCLUSIVE BENEFIT |
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OF OUR CUSTOMERS |
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VOYA INSTITUTIONAL TRUST COMPANY |
6.91 |
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VOYA RETIREMENT INS & ANNUITY CO |
6.59 |
193
194
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 sub-advisory 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 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 Multi-Sector 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 (“ TRPI-Tokyo ”) 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.
195
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.
Legal Proceedings On April 27, 2016, a complaint was filed against T. Rowe Price (“ Defendant ”) in the United States District Court for the Northern District of California bearing the caption Christopher Zoidis, Howard Gurwin, Kevin M. Heckman, Jacqueline Peiffer, Virginia A. Durand Trust, Charles L. Sommer and Barbara L. Sommer v. T. Rowe Price Associates, Inc., No. 3:16-cv-2289, by certain purported shareholders of eight T. Rowe Price mutual funds: T. Rowe Price Blue Chip Growth Fund; T. Rowe Price Capital Appreciation Fund; T. Rowe Price Equity Income Fund; T. Rowe Price Growth Stock Fund; T. Rowe Price International Stock Fund; T. Rowe Price High Yield Fund; T. Rowe Price New Income Fund; and the T. Rowe Price Small-Cap Stock Fund (collectively, the “ Named Funds ”). None of the Named Funds are a party to the lawsuit. The complaint alleges that Defendant violated Section 36(b) of the 1940 Act by receiving allegedly excessive investment advisory fees from each Named Fund and seeks, among other things, a declaration that Defendant has violated Section 36(b) of the 1940 Act, rescission of the investment management agreements between Defendant and the Named Funds, an award of compensatory damages against Defendant, including repayment to each Named Fund of all allegedly excessive investment advisory fees paid by such fund from one year prior to the filing of the complaint through the date of trial of the action, plus purported lost investment returns and profits on those amounts and interest thereon, and attorneys’ fees and costs. Defendant believes the claims are without merit and intends to vigorously defend the action.
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, Spectrum, Summit Income, Summit Municipal, and Target Date 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:
196
|
0.480% |
First $1 billion |
0.350% |
Next $2 billion |
0.300% |
Next $40 billion |
|
0.450% |
Next $1 billion |
0.340% |
Next $5 billion |
0.295% |
Next $40 billion |
|
0.420% |
Next $1 billion |
0.330% |
Next $10 billion |
0.290% |
Next $60 billion |
|
0.390% |
Next $1 billion |
0.320% |
Next $10 billion |
0.285% |
Next $80 billion |
|
0.370% |
Next $1 billion |
0.310% |
Next $16 billion |
0.280% |
Next $100 billion |
|
0.360% |
Next $2 billion |
0.305% |
Next $30 billion |
0.275% |
Next $100 billion |
|
0.270% |
Thereafter |
For the purpose of calculating the Group Fee, the Price Funds include all the mutual funds distributed by Investment Services (excluding the TRP Reserve Funds, Spectrum Funds, Target Date 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: