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Africa & Middle East Fund

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional, or global peers. A focused portfolio leading to high-conviction decision-making.

Emerging markets investments are subject to the risk of abrupt and severe price fluctuations. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

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TRAMXCUSIP 77956H740
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Morningstar (Category)

Morningstar
(Overall Rating)1

Miscellaneous Region
  (N/A funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$134.1m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$8.70
$+0.05

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Oliver Bell
Oliver Bell, Portfolio Manager

Oliver Bell is a vice president of T. Rowe Price Group, Inc. and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee.

Asia Opportunities Fund

Invests at least 80% in stocks issued by companies that are located in, or that have economic ties to, Asia (excluding Japan). May purchase stocks issued by companies of any size, but typically focuses on large-and mid-cap stocks.

The fund is "nondiversified", meaning it may invest a greater portion of assets in a single company and own more of the company's voting securities than is permissible for a "diversified" fund. Further, the fund’s relatively limited geographic orientation and exposure to emerging markets increase its risk level. The fund price is subject to market risk in addition to risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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TRAOXCUSIP 77956H625
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Morningstar (Category)

Morningstar
(Overall Rating)1

Pacific/Asia ex-Japan Stk
  (64 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$42.1m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.13
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited. He is the portfolio manager for the firm's Asia Opportunities equity strategy and chairman of the strategy's Investment Advisory Committee. 

Balanced Fund

Invests approximately 65% of total assets in U.S. and foreign common stocks and 35% in fixed-income securities. At least 25% of total assets will be invested in fixed-income senior securities.

Stock prices can fall because of weakness in the broad market, a particular industry, or specific holdings. Bonds may decline due to rising interest rates, a credit rating downgrade, or failure of the issuer to make timely payments of interest or principal. Foreign investments are subject to risks, including adverse political and economic developments overseas, greater volatility, less liquidity, and the possibility that foreign currencies will decline against the dollar.

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RPBAXCUSIP 77954G108
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Morningstar (Category)

Morningstar
(Overall Rating)1

Allocation--50% to 70% Equity
  (727 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$4.0b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$24.04
$-0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Charles M.  Shriver
Charles M. Shriver, Portfolio Manager

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Balanced and Target Risk Strategies. Mr. Shriver is a vice president of T. Rowe Price Group, Inc. In addition he is cochairman of the Asset Allocation Committee.

Blue Chip Growth Fund

Invests in common stocks of large and medium-sized blue chip companies that have the potential for above-average earnings growth and are well established.

Growth stocks have historically been more volatile than cyclical stocks.

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TRBCXCUSIP 77954Q106
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,284 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

23yrs
$39.0b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$87.89
$+0.98

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Larry Puglia
Larry Puglia, Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is lead manager for the firm's US Large-Cap Core Growth Equity Strategy. He has been managing U.S. Large-Cap Core Growth Portfolios since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.

Blue Chip Growth Portfolio

Invests in common stocks of large and medium-sized blue chip companies that have the potential for above-average earnings growth and are well established.

Growth stocks have historically been more volatile than cyclical stocks.

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CUSIP 77954T506
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,284 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

16yrs
$1.0b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$28.03
$+0.31

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Larry Puglia
Larry Puglia, Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is lead manager for the firm's US Large-Cap Core Growth Equity Strategy. He has been managing U.S. Large-Cap Core Growth Portfolios since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.

Blue Chip Growth Portfolio II

Invests in common stocks of large and medium-sized blue chip companies that have the potential for above-average earnings growth and are well established.

Growth stocks have historically been more volatile than cyclical stocks.

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CUSIP 77954T878
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,284 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

15yrs
$1.0b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$27.14
$+0.29

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Larry Puglia
Larry Puglia, Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is lead manager for the firm's US Large-Cap Core Growth Equity Strategy. He has been managing U.S. Large-Cap Core Growth Portfolios since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.

California Tax-Free Bond Fund

Invests at least 80% of its net assets in California municipals. Dollar-weighted average maturity is expected to exceed 10 years.

Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. The fund is less diversified than one investing nationally.

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PRXCXCUSIP 77954J102
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Morningstar (Category)

Morningstar
(Overall Rating)1

Muni California Long
  (89 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

14yrs
$622.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$11.54
$-0.02

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Dino B. Mallas
Dino B. Mallas, Portfolio Manager

Dino Mallas is a portfolio manager in the Fixed Income Division. Mr. Mallas is president of the Tax-Free Income Fund and chairman of its Investment Advisory Committee. He is also executive vice president and chairman of the Investment Advisory Committee of the California Tax-Free, New Jersey Tax-Free, New York Tax-Free, and Summit Municipal Income Bond Funds. Mr. Mallas is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

California Tax-Free Money Fund

Invests at least 65% of total assets in California municipal securities, and at least 80% of the income is expected to be exempt from federal and California state income taxes.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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PCTXXCUSIP 77954J201
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Price
(USD)

Daily Price Change

$1.0000
$0.0000

Data as of 06/28/2017

Data as of 06/28/2017

Joseph K.  Lynagh
Joseph K. Lynagh, Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Capital Appreciation FundN-closed

Closed

Invests primarily in the common stocks of established U.S companies believed to have above-average potential for capital growth. Remaining assets are generally invested in other securities.

The value approach carries a risk that the market will not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced because of the fund’s fixed-income holdings or cash position, it may not keep pace in a rapidly rising market.

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PRWCXCUSIP 77954M105
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Morningstar (Category)

Morningstar
(Overall Rating)1

Allocation--50% to 70% Equity
  (727 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

10yrs
$28.4b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$28.69
$+0.12

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

David R.  Giroux
David R. Giroux, Portfolio Manager

David Giroux is a portfolio manager in the Equity Division at T. Rowe Price and Chief Investment Officer of U.S. Equity Multi-Discipline. He is president and chairman of the Investment Advisory Committee of the US Capital Appreciation Strategy. He is a vice president and Investment Advisory Committee member of the Value, Equity Income, Financial Services, Spectrum, and Retirement Funds. Mr. Giroux is also an Investment Advisory Committee member of the Large-Cap Value Fund. He is cochair of the Asset Allocation Committee and a vice president of T. Rowe Price Group, Inc.

Capital Opportunity Fund

Invests in stocks within each industry based on weightings similar to the S&P 500. A team of industry-focused T. Rowe Price equity analysts is directly responsible for selecting stocks for the fund.

As with all equity funds, this fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings.

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PRCOXCUSIP 77954P108
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,222 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$548.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$25.24
$+0.24

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ann Holcomb
Ann Holcomb, Co-Portfolio Manager

Ann Holcomb is a portfolio manager in the Equity Division. She is cochair of the Investment Advisory Committee of the U.S. Structured Research Strategy. She is also portfolio manager of the European Structured Research Strategy. Ms. Holcomb is a vice president of T. Rowe Price Group, Inc.

Cash Reserves FundN

Formerly Summit Cash Reserves Fund

Invests in high-quality, U.S. dollar-denominated money market securities of U.S. and foreign issuers. A money market fund managed to provide a stable share price.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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TSCXXCUSIP 77957K106
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Price
(USD)

Daily Price Change

$1.0000
$0.0000

Data as of 06/28/2017

Data as of 06/28/2017

Joseph K.  Lynagh
Joseph K. Lynagh, Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Corporate Income Fund

Invests primarily in corporate debt securities issued by U.S. and foreign companies. Holdings will be a mix of long-term investment-grade and non-investment-grade bonds. High-yield bonds, convertibles, and foreign securities provide the opportunity for capital growth and higher income but with greater risk.

Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term.

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PRPIXCUSIP 741478101
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Morningstar (Category)

Morningstar
(Overall Rating)1

Corporate Bond
  (174 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

13yrs
$936.9m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$9.70
$-0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

David Tiberii
David Tiberii, Portfolio Manager

David Tiberii is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Tiberii has lead portfolio management responsibilities for the US Investment Grade Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

Credit Opportunities Fund

Invests at least 80% in credit and derivative instruments. The fund may invest without limit in below investment-grade or unrated bonds and up to 50% in bank loans.

This fund could have greater price declines than a fund that invests primarily in high-quality bonds or loans; the loans and debt securities held by the fund are usually considered speculative and involve a greater risk of default and price decline than higher-rated bonds.

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PRCPXCUSIP 87279J109
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Morningstar (Category)

Morningstar
(Overall Rating)1

High Yield Bond
  (591 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$47.7m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$8.69
$+0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Rodney M.  Rayburn
Rodney M. Rayburn, Portfolio Manager

Rodney Rayburn is a portfolio manager responsible for the Credit Opportunities Strategy in the Fixed Income Division at T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Diversified Mid-Cap Growth FundN-restricted

Restricted

Invests primarily in a broadly diversified portfolio of common stocks of mid-cap companies. T. Rowe Price expects the earnings of these companies to grow at a faster rate than the average company.

The stocks of mid-cap companies entail greater risk and are usually more volatile than the shares of large companies.

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PRDMXCUSIP 779585108
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Morningstar (Category)

Morningstar
(Overall Rating)1

Mid-Cap Growth
  (581 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

13yrs
$742.6m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$27.77
$+0.27

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Donald Peters
Donald Peters, Co-Portfolio Manager

Donald J. Peters is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He manages major institutional relationships in the structured active and tax-efficient strategies. He is a vice president of T. Rowe Price Group, Inc.

Dividend Growth Fund

Invests at least 65% of its total assets in the common stocks of dividend-paying companies that we expect to increase their dividends over time and also provide long-term appreciation.

Dividend-paying stocks may lag shares of smaller, faster-growing companies. Also, stocks that appear temporarily out of favor may remain out of favor for a long time.

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PRDGXCUSIP 779546100
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,222 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

17yrs
$7.8b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$40.64
$+0.16

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Thomas J.  Huber
Thomas J. Huber, Portfolio Manager

Thomas J. Huber is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the lead portfolio manager for the US Dividend Growth Strategy. Mr. Huber is a vice president of T. Rowe Price Group, Inc.

Dynamic Global Bond Fund^

Formerly Global Unconstrained Bond Fund

Invests at least 80% in bonds, and seeks to offer some protection against rising interest rates and a low correlation with the equity markets. May invest in a variety of debt securities, obligations issued by U.S. and foreign corporations, as well as bank loans.

The Fund is subject to the risk that rising interest rates will cause bond prices to fall. The fund is “nondiversified” so its share price can be expected to fluctuate more than that of a “diversified” fund. Investments in foreign bonds are subject to special risks, including potentially adverse overseas political and economic developments, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar. The fund’s use of derivatives may expose it to additional volatility in comparison to investing directly in bonds and other debt securities.

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RPIEXCUSIP 77956H575
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Morningstar (Category)

Morningstar1

Nontraditional Bond
N/A

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$309.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$9.89
$+0.01

Data as of 06/28/2017

Data as of 06/28/2017

Arif Husain
Arif Husain, Portfolio Manager

Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Global Unconstrained and Dynamic Global Bond Strategies . Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Emerging Europe Fund

Invests at least 80% of its net assets in the emerging markets of Europe, including Eastern Europe and the former Soviet Union. Identify themes/trends and industries that are likely to experience high future growth.

Investments in emerging markets are subject to the risk of abrupt and severe price declines. The economic and political structures of developing nations often do not compare favorably with developed countries in terms of wealth and stability, and their financial markets are not as liquid. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation.

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TREMXCUSIP 77956H815
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Morningstar (Category)

Morningstar
(Overall Rating)1

Miscellaneous Region
  (N/A funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$172.2m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.92
$+0.11

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ulle Adamson
Ulle Adamson, Portfolio Manager

Ulle Adamson is a portfolio manager in the Equity Division at T. Rowe Price. She is the portfolio manager for the Emerging Europe Equity Strategy. Ms. Adamson is a vice president and an Investment Advisory Committee member of the Media & Telecommunications Equity Strategy. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Emerging Markets Bond Fund

Invests at least 80% in the government or corporate debt securities of emerging nations.

Fund holdings may include the lowest-rated bonds, including those in default. Possible higher short-term volatility than U.S. investments as political instability may impact emerging economies. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation. To the extent the funds use futures, swaps, and other derivatives, they are exposed to additional volatility and potential losses.

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PREMXCUSIP 77956H872
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Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (220 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

22yrs
$6.7b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$12.68
$-0.02

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Michael J.  Conelius
Michael J. Conelius, Portfolio Manager

Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

Emerging Markets Corporate Bond Fund

Invests in at least 80% in bonds issued by companies located, listed, or conducting predominant business activites in emerging markets.

May invest in unrated or below investment-grade bonds. Involves a high-risk approach to income from foreign bonds, and its share price could fluctuate significantly. Subject to the risks unique to international investing, including unfavorable changes in currency values, as well as interest rate and credit risks normally associated with investing in bonds.

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TRECXCUSIP 77956H658
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Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (220 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$56.9m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.51
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Samy Muaddi
Samy Muaddi, Portfolio Manager

Samy Muaddi is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Muaddi is lead manager of T. Rowe Price's Emerging Markets Corporate Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Emerging Markets Local Currency Bond Fund

Invests at least 80% of net assets in government and corporate bonds that are denominated in emerging markets currencies.

The fund may invest in unrated or below investment grade bonds. Possible higher short-term volatility than U.S. investments as political instability may impact emerging economies. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation. The fund is subject to significant risk based solely on the weakness of foreign currencies versus the U.S dollar and changes in the exchange rates. To the extent the funds use futures, swaps, and other derivatives, they are exposed to additional volatility and potential losses.

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PRELXCUSIP 77956H674
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Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging-Markets Local-Currency Bond
  (81 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$326.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$6.87
$+0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Andrew Keirle
Andrew Keirle, Portfolio Manager

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Emerging Markets Stock Fund

Invests in the common stock of large and small companies across all of the emerging markets regions: Asia, Europe, Middle East and Africa, and Latin America.

International investments are generally more volatile than domestic investments. Share prices are subject to market risk, as well as risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Because of the concentration in rapidly developing economies, the fund involves a high degree of risk.

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PRMSXCUSIP 77956H864
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Morningstar (Category)

Morningstar
(Overall Rating)1

Diversified Emerging Mkts
  (634 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$8.6b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$38.37
$+0.12

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Gonzalo Pángaro
Gonzalo Pángaro, Lead Portfolio Manager

Gonzalo Pangaro is the lead portfolio manager for the firm's Emerging Markets Equity Strategy and is chairman of the strategy's Investment Advisory Committee. Mr. Pangaro assumed portfolio management responsibilities in 2004. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd and a member of the International Equity Steering Committee.

Emerging Markets Value Stock Fund

Invests at least 80% of its net assets (including any borrowings for investment purposes) in stocks issued by companies in emerging markets. The fund invests in companies of any size, but generally seeks stocks of larger companies that are undervalued.

Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. issuers. International securities tend to be more volatile and less liquid than investments in U.S. securities and may lose value because of adverse political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, international investments are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S.

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PRIJXCUSIP 77956H419
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Morningstar (Category)

Morningstar1

Diversified Emerging Mkts
N/A

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$33.4m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$12.51
$+0.06

Data as of 06/28/2017

Data as of 06/28/2017

Ernest C.  Yeung
Ernest C. Yeung, Portfolio Manager

Ernest Yeung is a portfolio manager for the International Small-Cap Equity and Emerging Markets Value Stock Strategies at T. Rowe Price. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited. 

Equity Income Fund

Invests at least 80% in common stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued. Broadly diversify sector exposure to minimize volatility.

By investing in common stocks, the fund is subject to declines in stock prices. The value approach carries the risk that the market may not realize a security's value for a long time, or that a stock judged to be undervalued is actually appropriately priced.

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PRFDXCUSIP 779547108
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Value
  (1,082 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$22.5b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$33.01
$+0.10

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

John D.  Linehan
John D. Linehan, Portfolio Manager

John Linehan is the portfolio manager for the Equity Income Strategy and co-portfolio manager of the U.S. Large-Cap Value Strategy for T. Rowe Price. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering, Equity Brokerage and Trading Control, and Counterparty Risk Committees. From February 2009 to June 2014, Mr. Linehan was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. From April 2003 to December 2009, he was the portfolio manager of the U.S. Value Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Equity Income Portfolio

Invests at least 80% in common stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued. Broadly diversify sector exposure to minimize volatility.

By investing in common stocks, the fund is subject to declines in stock prices. The value approach carries the risk that the market may not realize a security's value for a long time, or that a stock judged to be undervalued is actually appropriately priced.

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CUSIP 77954T100
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Value
  (1,082 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$716.9m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$29.74
$+0.09

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

John D.  Linehan
John D. Linehan, Portfolio Manager

John Linehan is the portfolio manager for the Equity Income Strategy and co-portfolio manager of the U.S. Large-Cap Value Strategy for T. Rowe Price. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering, Equity Brokerage and Trading Control, and Counterparty Risk Committees. From February 2009 to June 2014, Mr. Linehan was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. From April 2003 to December 2009, he was the portfolio manager of the U.S. Value Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Equity Income Portfolio II

Invests at least 80% in common stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued. Broadly diversify sector exposure to minimize volatility.

By investing in common stocks, the fund is subject to declines in stock prices. The value approach carries the risk that the market may not realize a security's value for a long time, or that a stock judged to be undervalued is actually appropriately priced.

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CUSIP 77954T860
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Value
  (1,082 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$716.9m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$29.66
$+0.13

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

John D.  Linehan
John D. Linehan, Portfolio Manager

John Linehan is the portfolio manager for the Equity Income Strategy and co-portfolio manager of the U.S. Large-Cap Value Strategy for T. Rowe Price. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering, Equity Brokerage and Trading Control, and Counterparty Risk Committees. From February 2009 to June 2014, Mr. Linehan was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. From April 2003 to December 2009, he was the portfolio manager of the U.S. Value Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Equity Index 500 Fund

Invests substantially all of its assets in all of the stocks in the S&P 500 Index. Attempts to maintain holdings of each stock in proportion to its weight in the index.

Stocks can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. Actively managed funds may outperform this fund.

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PREIXCUSIP 779552108
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,222 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$30.1b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$65.55
$+0.28

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ken Uematsu
Ken Uematsu, Portfolio Manager

Ken Uematsu is a vice president of T. Rowe Price Associates, Inc., and a portfolio manager in the U.S. Portfolio Modeling Group of T. Rowe Price. Mr. Uematsu is the president of the Equity Index Funds and chairman of their Investment Advisory Committees. He is also a member of the Investment Advisory Committee of the International Equity Index Fund.

Equity Index 500 Portfolio

Invests substantially all of its assets in all of the stocks in the S&P 500 Index. Attempts to maintain holdings of each stock in proportion to its weight in the index.Stocks can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. Actively managed funds may outperform this fund.

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CUSIP 77954T704
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,222 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$19.1m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$18.44
$+0.09

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ken Uematsu
Ken Uematsu, Portfolio Manager

Ken Uematsu is a vice president of T. Rowe Price Associates, Inc., and a portfolio manager in the U.S. Portfolio Modeling Group of T. Rowe Price. Mr. Uematsu is the president of the Equity Index Funds and chairman of their Investment Advisory Committees. He is also a member of the Investment Advisory Committee of the International Equity Index Fund.

European Stock Fund

Invests in firms with quality management, strength of franchise, reasonable valuation, and strong cash flows. Primary emphasis: Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation.

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PRESXCUSIP 77956H401
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Europe Stock
  (93 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

11yrs
$1.1b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$20.12
$+0.12

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Dean Tenerelli
Dean Tenerelli, Portfolio Manager

Dean Tenerelli is portfolio manager in the Equity Division at T. Rowe Price. He manages the Europe Equity Strategy, a position he has held since October 2005, and is chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Extended Equity Market Index Fund

Invests substantially in a group of stocks representative of the S&P Completion Index. Does not attempt to fully replicate the index by owning each of the stocks in it.

Stocks can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. Does not have the flexibility to shift assets toward stocks or sectors that are rising or away from stocks or sectors that are declining.

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PEXMXCUSIP 779552207
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Morningstar (Category)

Morningstar
(Overall Rating)1

Mid-Cap Blend
  (369 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$809.0m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$27.31
$+0.36

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ken Uematsu
Ken Uematsu, Portfolio Manager

Ken Uematsu is a vice president of T. Rowe Price Associates, Inc., and a portfolio manager in the U.S. Portfolio Modeling Group of T. Rowe Price. Mr. Uematsu is the president of the Equity Index Funds and chairman of their Investment Advisory Committees. He is also a member of the Investment Advisory Committee of the International Equity Index Fund.

Financial Services Fund

Invests at least 80% in the common stocks of financial services companies. The fund may also invest in companies deriving substantial revenues from conducting business with the industry.

The fund is less diversified than stock funds investing in a broader range of industries, so it could experience significant volatility. However, dividends paid by financial services firms may moderate this risk. Financial services companies may be hurt when interest rates rise sharply and may be vulnerable to rapidly rising inflation.

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PRISXCUSIP 77954N103
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Financial
  (102 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$694.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$26.49
$+0.36

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Gabriel Solomon
Gabriel Solomon, Portfolio Manager

Gabriel Solomon is a sector portfolio manager in the U.S. Equity Division. He has portfolio management responsibilities for the Financial Services Fund and for the firm's U.S. Structured Research Equity Strategy. Mr. Solomon is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Floating Rate Fund

Invests primarily in institutional floating-rate bank loans and other floating-rate debt securities with below investment-grade credit ratings. Broadly diversified across 125–150 credit facilities, with strict exposure limits to manage risk.

The loans and debt securities held by the fund are usually considered speculative and involve a greater risk of default and price decline than higher-rated bonds. This fund could have greater price declines than a fund that invests primarily in high-quality bonds or loans.

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PRFRXCUSIP 87279B106
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Morningstar (Category)

Morningstar
(Overall Rating)1

Bank Loan
  (210 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$946.6m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$9.88
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Paul Massaro
Paul Massaro, Portfolio Manager

Paul Massaro is a portfolio manager for high yield strategies in the Fixed Income Division at T. Rowe Price. He is chairman of the Investment Advisory Committee and portfolio manager of the Floating Rate Bank Loan Strategy. Mr. Massaro also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

GNMA Fund

Invests at least 80% of assets in securities that are backed by the full faith and credit of the U.S. government, primarily GNMA mortgage-backed securities, and investments linked to these securities.

Has negligible credit risk since it invests only in securities guaranteed by the U.S. government. Mortgage-backed bonds offer higher income than Treasuries without any decrease in credit quality. Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, total returns will decline and may even turn negative in the short term. Susceptible to prepayment risk, which occurs when homeowners pay off their loans early. Investment is not insured or guaranteed by the U.S. government.

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PRGMXCUSIP 779549104
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Morningstar (Category)

Morningstar
(Overall Rating)1

Intermediate Government
  (243 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

9yrs
$1.5b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$9.29
$+0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Andrew McCormick
Andrew McCormick, Portfolio Manager

Andrew McCormick is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. McCormick is head of the U.S. Taxable Bond team, lead portfolio manager of the firm's U.S. GNMA Bond Strategy, and co-portfolio manager for the Total Return Strategy. He also is a member of the Fixed Income Steering Committee. Mr. McCormick is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Georgia Tax-Free Bond Fund

Invests at least 80% of net assets in Georgia municipal bonds. Weighted average maturity is expected to exceed 10 years.

Yield and share price will vary with changes in interest rates. If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. l The fund is less diversified than one investing nationally.

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GTFBXCUSIP 77957R705
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Morningstar (Category)

Morningstar
(Overall Rating)1

Muni Single State Long
  (226 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

20yrs
$316.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$11.53
$-0.02

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Hugh D.  McGuirk
Hugh D. McGuirk, Portfolio Manager

Hugh D. McGuirk is a portfolio manager in the Fixed Income Division at T. Rowe Price. He is head of the Municipal Bond team and a portfolio manager for the US Municipal Single State Bond Strategy. Mr. McGuirk is a member of the Fixed Income Steering Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Global Allocation Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

The fund is subject to the unique risks of international investing, including unfavorable currency exchange rates and political or economic uncertainty abroad. To the extent the fund has investments in emerging market countries; it will be subject to abrupt and severe price declines. The portfolio’s investments in alternative investments and hedge funds are difficult to value and monitor when compared with more traditional investments, and may increase the fund’s liquidity risks. Diversification cannot assure a profit or protect against loss in a declining market. Derivatives are used in the fund for selective market exposures.

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RPGAXCUSIP 87281T103
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Allocation
  (389 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$241.7m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$12.13
$+0.06

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Charles M.  Shriver
Charles M. Shriver, Lead Portfolio Manager

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Balanced and Target Risk Strategies. Mr. Shriver is a vice president of T. Rowe Price Group, Inc. In addition he is cochairman of the Asset Allocation Committee.

Global Consumer Fund

Invests in securities issued by companies in the consumer sector. The adviser has flexibility in allocating investments between the consumer discretionary and consumer staples sectors and seeks to identify the best risk adjusted opportunities for the fund based on market conditions and consumer sentiment.

Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. issuers. International 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. A fund that focuses its investments in specific industries or sectors is more susceptible to developments affecting those industries and sectors than a more broadly diversified fund. Because the fund invests significantly in companies connected to the consumer staples and consumer discretionary sectors, the fund may perform poorly during a downturn in one or more consumer-related industries and is more exposed to the economic, business or other developments that could adversely impact those industries.

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PGLOXCUSIP 77956H344
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Morningstar (Category)

Morningstar1

N/A
N/A

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$13.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$11.48
$+0.05

Data as of 06/28/2017

Data as of 06/28/2017

Jason Nogueira
Jason Nogueira, Portfolio Manager

Jay Nogueira is a portfolio manager for the Global Consumer Strategy in the Equity Division of T. Rowe Price and is the consumer sector team leader. Previously, he was an associate portfolio manager for the Global Growth Equity Strategy. Prior to that, he was an investment analyst covering health care services. He also had portfolio management responsibilities in the firm's US Structured Research Equity Strategy. Mr. Nogueira is a vice president and an Investment Advisory Committee member of the Global Growth Stock, Capital Opportunity, Growth & Income, Large-Cap Core, and Mid-Cap Growth Strategies. Mr. Nogueira is an executive vice president of the T. Rowe Price Institutional International Funds, Inc., and the T. Rowe Price International Funds, Inc. He is a vice president of T. Rowe Price Group, Inc.

Global Growth Stock Fund

Invests in target blue chip companies in at least five different countries, including the U.S. It takes a growth approach to investing, seeking opportunities that have potential for above-average earnings.

Since the fund invests overseas, its foreign holdings could be affected by declining foreign currencies or adverse political or economic events. The fund’s growth approach carries risk: Because growth funds have higher valuations and lower dividend yields than slower-growth or cyclical companies, the share price volatility may be higher. As such, fund prices could decline further in market downturns than those of non growth-oriented funds.

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RPGEXCUSIP 77956H732
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Large Stock
  (712 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$116.2m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$23.05
$+0.16

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

R. Scott Berg
R. Scott Berg, Lead Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

Global High Income Bond Fund

The fund invests primarily in global, below-investment grade corporate debt securities. The Fund normally invests at least 80% of its net assets in bonds and 50% in foreign securities. The Fund may invest up to 20% of its net assets in bank loans.

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RPIHXCUSIP 77956H559
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Morningstar (Category)

Morningstar1

High Yield Bond
N/A

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$74.7m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.32
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Mark J. Vaselkiv
Mark J. Vaselkiv, Co-Portfolio Manager

Mark Vaselkiv is chief investment officer of Fixed Income at T. Rowe Price. He is lead portfolio manager of the firm's Global High Yield and Global High Income Strategies as well as head of the Global High Yield team in the Fixed Income Division. He is additionally a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. Mr. Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Global Industrials Fund

Invests at least 80% in securities issued by companies in the industrials sector. The fund seeks to invest in various companies engaged in the research, development, manufacture, distribution, supply or sale of industrial products, services, or equipment.

The fund is less diversified than a non-focused fund and its substantial reward potential is coupled with significant risk. In addition, any foreign holdings could be affected by declining local currencies or adverse political or economic events.

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RPGIXCUSIP 77956H633
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Morningstar (Category)

Morningstar
(Overall Rating)1

Industrials
  (44 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$21.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$12.50
$+0.10

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Peter  J.  Bates
Peter J. Bates, Portfolio Manager

Peter Bates is the portfolio manager of the Global Industrials Strategy in the U.S. Equity Division of T. Rowe Price. In addition, he is an analyst covering environmental services, mega conglomerates, and industrial manufacturing/capital goods. He is a vice president of T. Rowe Price Group, Inc.

Global Multi-Sector Bond Fund

Invests in domestic and foreign debt instruments, including government and corporate bonds; mortgage-backed, commercial mortgage-backed, and asset-backed securities; and preferred stocks.

If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. High-yield bonds carry greater default risk than higher-rated bonds along with greater liquidity risk. To the extent the fund holds foreign bonds, it will be subject to special risks, including potentially adverse political and economic developments overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar. Investments in emerging markets are subject to the risk of abrupt and severe price declines.

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PRSNXCUSIP 74149N106
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond
  (308 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$424.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$11.43
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Steven C.  Huber
Steven C. Huber, Lead Portfolio Manager

Steve Huber is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Huber has lead portfolio management responsibilities for the Global and Institutional Global Multi-Sector Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Global Real Estate Fund

Invests primarily in stocks of real estate companies throughout the world, providing exposure in at least five different countries, including the United States.

Changes in tax or zoning laws, overbuilding, environmental issues, changes in interest rates, the quality of property management (REITs), and other factors could hurt the fund. Real estate is affected by general economic conditions. When growth is slowing, demand for property decreases and prices may decline. Rising interest rates, which drive up mortgage and financing costs, can restrain construction and buying and selling activity and may reduce the appeal of real estate investments. Since the fund can invest substantially in foreign securities, it will also be subject to the risks inherent in non-U.S. issues.

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TRGRXCUSIP 87279M201
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Morningstar (Category)

Morningstar
(Overall Rating)1

Global Real Estate
  (184 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$213.1m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$20.13
$-0.08

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Nina P.  Jones
Nina P. Jones, Portfolio Manager

Nina Jones is the lead portfolio manager for the T. Rowe Price Global Real Estate Strategy. She is a member of the Investment Advisory Committees of the Global Real Assets, U.S. Capital Appreciation, U.S. Real Estate, U.S. Large-Cap Equity Income, and Financial Services Equity Strategies. She is also a member of the Investment Advisory Committees of the U.S. Small-Cap, Mid-Cap, and Large-Cap Value Equity Strategies. Mrs. Jones is a vice president of T. Rowe Price Group, Inc.

Global Stock Fund

Invests in a variety of industries in developed and, to a lesser extent, emerging markets. Invests in firms taking market share in the global economy and demonstrating strong free cash flow, sustainable margins, long product cycles, and experienced management teams.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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PRGSXCUSIP 77956H856
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Large Stock
  (712 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$706.1m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$34.57
$+0.28

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

David J. Eiswert
David J. Eiswert, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

Global Technology FundN-restricted

Restricted

Invests primarily in companies we expect to generate a majority of revenue from the development, advancement, and use of technology. Focus on the common stocks of what we consider to be leading technology companies around the world.

The fund is less diversified than stock funds investing in a broader range of industries and, therefore, could experience significant volatility. Any foreign holdings could be affected by declining local currencies or adverse political or economic events.

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PRGTXCUSIP 741494108
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Morningstar (Category)

Morningstar
(Overall Rating)1

Technology
  (191 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$4.9b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$17.27
$+0.18

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Joshua K.  Spencer
Joshua K. Spencer, Portfolio Manager

Joshua Spencer is a portfolio manager and research analyst in the U.S. Equity Division of T. Rowe Price. He is the lead portfolio manager for the Global Technology Equity Strategy. Mr. Spencer also has portfolio management responsibilities in the firm's US Structured Research Equity Strategy. As an analyst, he covers semiconductors and equipment under the technology industry. Mr. Spencer is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Government Money Fundb ‡‡

Formerly Prime Reserve Fund

Invests in high-quality, short-term securities with maturities of 13 months or less.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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PRRXXCUSIP 779573104
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Price
(USD)

Daily Price Change

$1.0000
$0.0000

Data as of 06/28/2017

Data as of 06/28/2017

Joseph K.  Lynagh
Joseph K. Lynagh, Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Government Money Portfoliob ‡‡

Invests in high-quality, short-term securities with maturities of 13 months or less.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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CUSIP 77954R203
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Prospectus

Price
(USD)

Daily Price Change

$1.0000
$0.0000

Data as of 06/28/2017

Data as of 06/28/2017

Joseph K.  Lynagh
Joseph K. Lynagh, Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Growth & Income Fund

Invests in stocks for companies with sustainable above-average earnings growth and a lucrative niche in the economy. Our primary focus is on capital appreciation.

Growth stocks can have wide price swings due to the high valuations they may carry. Value stocks carry the risk that other investors will not recognize their intrinsic value or that their low prices are actually appropriate.

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PRGIXCUSIP 779551100
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,222 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$1.8b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$28.02
$+0.15

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the US Large-Cap Core Equity and Growth & Income Equity Strategies and chairman of the strategies' Investment Advisory Committees.

Growth Stock Fund

Invests in companies having one or more of the following characteristics: superior growth in earnings and cash flow, ability to sustain earnings momentum even during economic slowdowns, occupation of a lucrative niche in the economy and ability to expand even during times of slow economic growth.

As with all equity funds, this fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings.

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PRGFXCUSIP 741479109
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,284 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$50.7b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$64.34
$+0.65

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Joseph Fath
Joseph Fath, Lead Portfolio Manager

Joe Fath is the portfolio manager for the US Growth Stock Strategy and is a member of the portfolio management team for the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. Mr. Fath is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Health Sciences FundN-closed

Restricted

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional, or global peers. A focused portfolio leading to high-conviction decision-making.

The Fund is less diversified than other stock funds that invest in a wider range of industries and, therefore, could experience significant volatility.

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PRHSXCUSIP 741480107
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Health
  (127 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$10.7b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$71.51
$+0.92

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ziad Bakri, CFA, MD
Ziad Bakri, CFA, MD, Portfolio Manager

Ziad Bakri is the portfolio manager of the Health Sciences Strategy. Previously, he was an investment analyst in the U.S. Equity Division, covering biotechnology under the health care sector. He is also a member of the Health Sciences Equity Strategy team. Mr. Bakri is a vice president of T. Rowe Price Group, Inc.

Health Sciences PortfolioN-closed

Restricted

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional, or global peers. A focused portfolio leading to high-conviction decision-making.

The Fund is less diversified than other stock funds that invest in a wider range of industries and, therefore, could experience significant volatility.

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CUSIP 77954T605
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Health
  (127 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$614.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$41.87
$+0.54

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ziad Bakri, CFA, MD
Ziad Bakri, CFA, MD, Portfolio Manager

Ziad Bakri is the portfolio manager of the Health Sciences Strategy. Previously, he was an investment analyst in the U.S. Equity Division, covering biotechnology under the health care sector. He is also a member of the Health Sciences Equity Strategy team. Mr. Bakri is a vice president of T. Rowe Price Group, Inc.

Health Sciences Portfolio IIN-closed

Restricted

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional, or global peers. A focused portfolio leading to high-conviction decision-making.

The Fund is less diversified than other stock funds that invest in a wider range of industries and, therefore, could experience significant volatility.

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CUSIP 77954T886
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Health
  (127 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$614.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$40.30
$+0.51

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ziad Bakri, CFA, MD
Ziad Bakri, CFA, MD, Portfolio Manager

Ziad Bakri is the portfolio manager of the Health Sciences Strategy. Previously, he was an investment analyst in the U.S. Equity Division, covering biotechnology under the health care sector. He is also a member of the Health Sciences Equity Strategy team. Mr. Bakri is a vice president of T. Rowe Price Group, Inc.

High Yield FundN-closed

Closed

Invests in issues with above-average yields and the potential for capital appreciation. Conduct rigorous credit analysis to determine ability for issuer to pay debt on a timely basis and likelihood an issue will be upgraded to investment grade.

Three forms of risk may impact high-yield bonds: Credit risk (high-yield bonds carry a greater default risk than higher-rated bonds), Interest rate risk, Liquidity risk.

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PRHYXCUSIP 741481105
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Morningstar (Category)

Morningstar
(Overall Rating)1

High Yield Bond
  (591 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

20yrs
$9.6b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$6.76
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Mark J. Vaselkiv
Mark J. Vaselkiv, Lead Portfolio Manager

Mark Vaselkiv is chief investment officer of Fixed Income at T. Rowe Price. He is lead portfolio manager of the firm's Global High Yield and Global High Income Strategies as well as head of the Global High Yield team in the Fixed Income Division. He is additionally a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. Mr. Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Inflation Protected Bond Fund

Effective June 30, 2016, Steve Bartolini succeeded Dan Shackelford as portfolio manager of the Inflation Protected Bond Fund

Invests at least 80% in inflation-protected bonds, with emphasis on bonds issued by the U.S. Treasury but similar bonds issued by U.S. government agencies and corporations may also be purchased.

Deflationary conditions could cause the fund’s principal and income to decrease in value. Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. An investment in the fund is not insured or guaranteed by the U.S. government.

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PRIPXCUSIP 77958D101
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Morningstar (Category)

Morningstar
(Overall Rating)1

Inflation-Protected Bond
  (202 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$490.6m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$11.89
$+0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Stephen L. Bartolini, CFA
Stephen L. Bartolini, CFA, Portfolio Manager

Steve Bartolini is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Bartolini has lead portfolio management responsibilities for the U.S. Inflation Protected and U.S. Limited Duration Inflation Focused Bond Strategies. He also is a member of the portfolio strategy team for T. Rowe Price's core and core plus mandates. Mr. Bartolini is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Institutional Africa & Middle East Fund

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional, or global peers. A focused portfolio leading to high-conviction decision-making.

Emerging markets investments are subject to the risk of abrupt and severe price fluctuations. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

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TRIAXCUSIP 74144Q609
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Morningstar (Category)

Morningstar
(Overall Rating)1

Miscellaneous Region
  (N/A funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$176.0m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$6.00
$+0.03

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Oliver Bell
Oliver Bell, Portfolio Manager

Oliver Bell is a vice president of T. Rowe Price Group, Inc. and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee.

Institutional Core Plus Fund

Invests at least 65% of its total assets in a ‘core’ portfolio of investment-grade, U.S. fixed-income securities, which may include, but are not limited to, debt securities of the U.S. government and its agencies, corporate bonds, mortgages, and asset-backed securities. Yield and share price will vary with interest rate changes.

If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings will have their credit ratings downgraded or will default.

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TICPXCUSIP 77958B303
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Morningstar (Category)

Morningstar
(Overall Rating)1

Intermediate-Term Bond
  (856 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

12yrs
$559.2m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.40
$-0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Brian Brennan
Brian Brennan, Portfolio Manager

Brian Brennan is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Brennan has lead portfolio management responsibilities for the US Treasury, US Core Plus Bond, and Stable Value Strategies. He also is a member of the portfolio strategy team for T. Rowe Price's core and core plus mandates. Mr. Brennan is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

Institutional Credit Opportunities Fund

Invests at least 80% in credit and derivative instruments. The fund may invest without limit in below investment-grade or unrated bonds and up to 50% in bank loans.

This fund could have greater price declines than a fund that invests primarily in high-quality bonds or loans; the loans and debt securities held by the fund are usually considered speculative and involve a greater risk of default and price decline than higher-rated bonds.

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TRXPXCUSIP 77958B808
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Morningstar (Category)

Morningstar
(Overall Rating)1

High Yield Bond
  (591 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$25.2m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$8.55
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Rodney M.  Rayburn
Rodney M. Rayburn, Portfolio Manager

Rodney Rayburn is a portfolio manager responsible for the Credit Opportunities Strategy in the Fixed Income Division at T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Institutional Emerging Markets Bond Fund

Invests at least 80% in the government or corporate debt securities of emerging nations. Fund holdings may include the lowest-rated bonds, including those in default.

Possible higher short-term volatility than U.S. investments as political instability may impact emerging economies. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation. To the extent the funds use futures, swaps, and other derivatives, they are exposed to additional volatility and potential losses.

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TREBXCUSIP 74144Q401
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (220 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

10yrs
$327.4m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$9.14
$-0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Michael J.  Conelius
Michael J. Conelius, Portfolio Manager

Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

Institutional Emerging Markets Equity Fund

Invests in the common stock of large and small companies across all of the emerging markets regions: Asia, Europe, Middle East and Africa, and Latin America.

International investments are generally more volatile than domestic investments. Share prices are subject to market risk, as well as risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Because of the concentration in rapidly developing economies, the fund involves a high degree of risk.

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IEMFXCUSIP 74144Q203
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Morningstar (Category)

Morningstar
(Overall Rating)1

Diversified Emerging Mkts
  (634 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$1.3b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$34.99
$+0.11

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Gonzalo Pángaro
Gonzalo Pángaro, Portfolio Manager

Gonzalo Pangaro is the lead portfolio manager for the firm's Emerging Markets Equity Strategy and is chairman of the strategy's Investment Advisory Committee. Mr. Pangaro assumed portfolio management responsibilities in 2004. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd and a member of the International Equity Steering Committee.

Institutional Floating Rate Fund

Invests primarily in institutional floating-rate bank loans and other floating-rate debt securities with below investment-grade credit ratings. Broadly diversified across 125–150 credit facilities, with strict exposure limits to manage risk.

The loans and debt securities held by the fund are usually considered speculative and involve a greater risk of default and price decline than higher-rated bonds.

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RPIFXCUSIP 77958B402
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Morningstar (Category)

Morningstar
(Overall Rating)1

Bank Loan
  (210 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$4.9b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.03
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Paul Massaro
Paul Massaro, Portfolio Manager

Paul Massaro is a portfolio manager for high yield strategies in the Fixed Income Division at T. Rowe Price. He is chairman of the Investment Advisory Committee and portfolio manager of the Floating Rate Bank Loan Strategy. Mr. Massaro also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Institutional Frontier Markets Equity Fund

Invests at least 80% in equity securities and equity-related investments of companies that are located in, or that have economic ties to, countries considered to be frontier markets. The fund expects to make most of its investments in Africa, the Middle East, Asia, Europe, and Latin America.

The risks of international investing are heightened for investments in emerging market and frontier market countries. Emerging and frontier market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed market countries.

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PRFFXCUSIP 74144Q864
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Morningstar (Category)

Morningstar1

Diversified Emerging Mkts
N/A

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$57.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$9.72
$+0.04

Data as of 06/28/2017

Data as of 06/28/2017

Oliver Bell
Oliver Bell, Portfolio Manager

Oliver Bell is a vice president of T. Rowe Price Group, Inc. and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee.

Institutional Global Focused Growth Equity Fund

Invests in a variety of industries in developed and emerging markets. Invest in firms taking market share in the global economy and demonstrating strong free cash flow, sustainable margins, long product cycles, and experienced management teams.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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TRGSXCUSIP 74144Q302
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Large Stock
  (712 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$38.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$12.99
$+0.11

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

David J. Eiswert
David J. Eiswert, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

Institutional Global Growth Equity Fund

Invests in target blue chip companies in at least five different countries, including the U.S. It takes a growth approach to investing, seeking opportunities that have potential for above-average earnings.

Since the fund invests overseas, its foreign holdings could be affected by declining foreign currencies or adverse political or economic events. The fund’s growth approach carries risk: Because growth funds have higher valuations and lower dividend yields than slower-growth or cyclical companies, the share price volatility may be higher. As such, fund prices could decline further in market downturns than those of non growth-oriented funds.

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RPIGXCUSIP 74144Q708
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Large Stock
  (712 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$411.4m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$26.00
$+0.18

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

R. Scott Berg
R. Scott Berg, Lead Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

Institutional Global Multi-Sector Bond Fund

Invests in domestic and foreign debt instruments, including government and corporate bonds; mortgage-backed, commercial mortgage-backed, and asset-backed securities; and preferred stocks. Uses an asset allocation strategy to build a broadly diversified portfolio.

Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. High-yield bonds carry greater default risk than higher-rated bonds along with greater liquidity risk. To the extent the fund holds foreign bonds, it will be subject to special risks, including potentially adverse political and economic developments overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar. Investments in emerging markets are subject to the risk of abrupt and severe price declines.

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RPGMXCUSIP 77958B709
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond
  (308 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$20.4m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.08
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Steven C.  Huber
Steven C. Huber, Lead Portfolio Manager

Steve Huber is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Huber has lead portfolio management responsibilities for the Global and Institutional Global Multi-Sector Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Institutional Global Value Equity Fund

Invests in companies with favorable prospects for capital appreciation that exhibit value characteristics. The portfolio broadly diversifies across sectors and geography.

Since the fund invests overseas, its foreign holdings could be affected by declining foreign currencies or adverse political or economic events.

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PRIGXCUSIP 74144Q872
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Large Stock
  (712 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$10.6m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.28
$+0.09

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Sebastien Mallet
Sebastien Mallet, Portfolio Manager

Sebastien Mallet is a portfolio manager in the Equity Division at T. Rowe Price, managing the Global Value Equity Strategy. Mr. Mallet is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Institutional High Yield FundN-closed

Closed

Invests in issues with above-average yields and the potential for capital appreciation. Conduct rigorous credit analysis to determine ability for issuer to pay debt on a timely basis and likelihood an issue will be upgraded to investment grade.

Three forms of risk may impact high-yield bonds: Credit risk (high-yield bonds carry a greater default risk than higher-rated bonds), Interest rate risk, Liquidity risk.

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TRHYXCUSIP 77958B204
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Morningstar (Category)

Morningstar
(Overall Rating)1

High Yield Bond
  (591 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$1.8b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$9.00
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Mark J. Vaselkiv
Mark J. Vaselkiv, Lead Portfolio Manager

Mark Vaselkiv is chief investment officer of Fixed Income at T. Rowe Price. He is lead portfolio manager of the firm's Global High Yield and Global High Income Strategies as well as head of the Global High Yield team in the Fixed Income Division. He is additionally a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. Mr. Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Institutional International Bond Fund

Invests at least 80% in foreign bonds and at least 50% in high-quality foreign bonds. Investing in below investment-grade bonds and currencies is limited to 25% of net assets. The fund has the ability to have a net short position in the bond and currency markets.

The fund’s market risk is affected by changes in the interest rate and by currency movements. Due to the nature of the investments within the fund, it is likely to be heavily exposed to foreign currencies.

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RPIIXCUSIP 74144Q500
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond
  (308 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$377.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$8.68
$+0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Arif Husain
Arif Husain, Portfolio Manager

Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Global Unconstrained and Dynamic Global Bond Strategies . Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Institutional International Concentrated Equity Fund

Invests in stocks of companies located outside the U.S. At least 80% of net assets in non-U.S. companies and no more than 15% in stocks of companies in emerging markets.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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RPICXCUSIP 74144Q807
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Blend
  (592 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$470.0m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.23
$+0.09

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Federico Santilli
Federico Santilli, Portfolio Manager

Federico Santilli is a portfolio manager in the Equity Division at T. Rowe Price, covering international equity. Mr. Santilli is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Institutional International Core Equity Fund

Invests in firms with a favorable combination of growth prospects and valuation. Accelerating earnings and cash flow growth, reasonable valuation, and barriers to entry at industry and product level are among the characteristics we look for.

Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

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TRCEXCUSIP 74144Q880
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Blend
  (592 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$160.7m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.00
$+0.08

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Raymond A.  Mills
Raymond A. Mills, Portfolio Manager

Raymond A. Mills is the portfolio manager of the T. Rowe Price International Core Equity Strategy. Mr. Mills also serves on the Investment Advisory Committees for other international equity, asset allocation, and global real estate strategies. He is a member of the International Equity Steering Committee and the Equity Brokerage and Trading Control Committee. Mr. Mills is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Institutional International Growth Equity Fund

Invests in companies capable of achieving and sustaining above-average, long-term earnings growth. Favor companies with leading market position, technological leadership or proprietary advantage, and seasoned management.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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PRFEXCUSIP 74144Q104
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Growth
  (323 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$54.2m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$24.67
$+0.12

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Richard N. Clattenburg
Richard N. Clattenburg, Portfolio Manager

Richard "Trip" Clattenburg is a portfolio manager for T. Rowe Price's International Growth Equity Strategy. He is a vice president of T. Rowe Price Group, Inc.

Institutional Large-Cap Core Growth Fund

Invests in blue chip companies with the following characteristics: leading market positions, seasoned management teams, strong financial conditions, above-average growth and profitability.

Growth stocks historically have been more volatile than cyclical stocks.

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TPLGXCUSIP 45775L507
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,284 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

13yrs
$2.8b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$33.63
$+0.37

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Larry Puglia
Larry Puglia, Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is lead manager for the firm's US Large-Cap Core Growth Equity Strategy. He has been managing U.S. Large-Cap Core Growth Portfolios since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.

Institutional Large-Cap Growth Fund

Invests in companies having the following characteristics: above-average growth in earnings and cash flow, ability to sustain earning momentum even during economic slowdowns, and a lucrative niche in the economy and ability to expand even during times of slow economic growth.

As with all equity funds, this fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings.

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TRLGXCUSIP 45775L408
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,284 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$14.0b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$35.47
$+0.38

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Taymour Tamaddon
Taymour Tamaddon, Lead Portfolio Manager

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees for the Health Sciences, Mid-Cap Growth, New America Growth, Growth Stock, Blue Chip Growth, and Capital Appreciation Strategies and the Tax-Efficient Strategies. He is also a vice president of the T. Rowe Price Institutional International Funds, Inc., and the T. Rowe Price International Funds, Inc. Mr. Tamaddon is a vice president of T. Rowe Price Group, Inc.

Institutional Large-Cap Value Fund

Invests in large-capitalization companies that appear to be undervalued but have good prospects for capital appreciation. Our in-house research team seeks to identify undervalued stocks by considering key financial ratios such as price/earnings, price/book value, price/sales, and price/cash flow.

There is the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. By investing in common stocks, the fund is subject to declines in the broad stock market.

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TILCXCUSIP 45775L200
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Value
  (1,082 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$3.4b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$22.45
$+0.18

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Heather K. McPherson
Heather K. McPherson, Co-Portfolio Manager

Heather McPherson is the co-portfolio manager for the Institutional US Large-Cap Value Equity Strategy and associate portfolio manager of the Equity Income Strategy in the U.S. Equity Division of T. Rowe Price. Ms. McPherson is also a vice president and Investment Advisory Committee member of the Equity Income, Growth & Income, Global Technology, Large-Cap Core, New Era, and Value Strategies. She is a vice president of T. Rowe Price Group, Inc.

Institutional Long Duration Credit Fund

Invests primarily in corporate debt securities issued by U.S. and foreign companies. Holdings will be a mix of long-term investment-grade and non-investment-grade bonds. High-yield bonds, convertibles, and foreign securities provide the opportunity for capital growth and higher income potential but with greater risk.

Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term.

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RPLCXCUSIP 77958B600
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Morningstar (Category)

Morningstar
(Overall Rating)1

Corporate Bond
  (174 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$38.1m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.67
$-0.03

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

David Tiberii
David Tiberii, Portfolio Manager

David Tiberii is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Tiberii has lead portfolio management responsibilities for the US Investment Grade Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

Institutional Mid-Cap Equity Growth FundN-closed

Closed

Invests in mid-cap growth companies that may possess the following characteristics: successfully weathered the “start-up” years, offer proven products and/or services, have experienced management teams, can finance their own growth, and considered “rapid” growers.

Mid-cap securities are typically more volatile than large-company stocks.

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PMEGXCUSIP 45775L101
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Morningstar (Category)

Morningstar
(Overall Rating)1

Mid-Cap Growth
  (581 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

20yrs
$6.4b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$53.33
$+0.57

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Brian W. H. Berghuis
Brian W. H. Berghuis, Lead Portfolio Manager

Brian W. H. Berghuis is a member of T. Rowe Price's U.S. Equity Steering Committee and the lead portfolio manager for the firm's US Mid-Cap Growth Equity Strategy. 

Institutional Small-Cap Stock FundN-closed

Closed

Invests in both growth- and value-oriented securities to temper the generally higher risk of small-company stocks. Reliance on T. Rowe Price’s intensive in-house small-cap research to help uncover opportunities missed by others.

Small companies tend to be riskier than large companies. Diversification cannot assure a profit or protect against loss in a declining market.

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TRSSXCUSIP 45775L309
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Morningstar (Category)

Morningstar
(Overall Rating)1

Small Growth
  (603 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$3.7b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$23.32
$+0.32

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Frank M. Alonso
Frank M. Alonso, Lead Portfolio Manager

Frank Alonso is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the lead manager for the US Smaller Companies Equity Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Institutional U.S. Structured Research Fund

Invests in stocks using a disciplined portfolio construction process whereby it weights each sector approximately the same as the S&P 500 Index.

As with all equity funds, this fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings.

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TRISXCUSIP 45775L705
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Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,222 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$625.7m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.25
$+0.13

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ann Holcomb
Ann Holcomb, Co-Portfolio Manager

Ann Holcomb is a portfolio manager in the Equity Division. She is cochair of the Investment Advisory Committee of the U.S. Structured Research Strategy. She is also portfolio manager of the European Structured Research Strategy. Ms. Holcomb is a vice president of T. Rowe Price Group, Inc.

Intermediate Tax-Free High Yield Fund

Invests at least 80% in securities whose interest is free from federal income taxes. Invests a substantial portion of its assets in municipal bonds that are rated noninvestment-grade by a credit rating agency or, if unrated, deemed to be of comparable credit quality by T. Rowe Price.

Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. In addition to their sensitivity to interest rates, high-yield bonds carry a significant level of credit risk.

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PRIHXCUSIP 87279L104
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Morningstar (Category)

Morningstar1

High Yield Muni
N/A

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$52.9m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.34
$-0.01

Data as of 06/28/2017

Data as of 06/28/2017

James M.  Murphy
James M. Murphy, Portfolio Manager

Jim Murphy is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Murphy has lead portfolio management responsibilities for the US Municipal High Yield and Intermediate High Yield Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

International Bond Fund

Invests at least 80% of its assets in bonds, with 65% in investment-grade foreign bonds. It may also invest up to 20% in below investment-grade bonds and up to 20% in dollar-denominated emerging market bonds.

International investments are generally more volatile than domestic investments. Because the fund is normally heavily exposed to foreign currencies and does not attempt to hedge the impact of these currencies on the dollar, changes in currency exchange rates are likely to have a significant effect on the fund’s performance.

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RPIBXCUSIP 77956H104
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Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond
  (308 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$5.2b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$8.82
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Arif Husain
Arif Husain, Portfolio Manager

Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Global Unconstrained and Dynamic Global Bond Strategies . Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

International Concentrated Equity Fund

Invests in stocks of companies located outside the U.S. At least 80% of net assets in non-U.S. companies and no more than 15% in stocks of companies in emerging markets.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Diversification cannot assure a profit or protect against loss in a declining market.

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PRCNXCUSIP 77956H591
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Morningstar (Category)

Morningstar1

Foreign Large Blend
N/A

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$20.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.77
$+0.07

Data as of 06/28/2017

Data as of 06/28/2017

Federico Santilli
Federico Santilli, Portfolio Manager

Federico Santilli is a portfolio manager in the Equity Division at T. Rowe Price, covering international equity. Mr. Santilli is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

International Discovery FundN-restricted

Restricted

Invests in a variety of industries in developed and emerging markets. Seeks to invest in firms with quality management, strength of franchise, reasonable valuation, and strong cash flows.

Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation. Generally, a fund that invests in emerging markets represents higher risk and potential reward than one focusing on more mature economies and markets.

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PRIDXCUSIP 77956H302
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Small/Mid Growth
  (110 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

18yrs
$6.2b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$64.01
$+0.27

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Justin Thomson
Justin Thomson, Lead Portfolio Manager

Justin Thomson is a chief investment officer and a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd. Mr. Thomson is the lead manager of the International Small-Cap Equity Strategy and chair of its Investment Advisory Committee. He is a member of the International Equity Steering Committee, the Proxy Voting Committee, the Broker Commission Committee and the Ethics Committee.

International Equity Index Fund

Seeks to match the performance of the FTSE Developed ex North America Index, an equity market index based on the market capitalization of over 1,000 predominately large companies listed in Japan, the U.K., and developed countries in Continental Europe and the Pacific Rim.

Share prices are subject to market risk, as well as risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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PIEQXCUSIP 77958A107
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Blend
  (592 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$558.7m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.65
$+0.09

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Neil Smith
Neil Smith, Portfolio Manager

Neil Smith is the head of International Portfolio Modeling and an executive vice president and chairman of the Investment Advisory Committee of the T. Rowe Price International Equity Index Fund, Inc. He is also a member of the Valuation Committee. Mr. Smith is a vice president of T. Rowe Price Group, Inc., T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited and T. Rowe Price Singapore Private Ltd.

International Stock Fund

Invests in companies capable of achieving and sustaining above-average, long-term earnings growth. Favors companies with leading market position, technological leadership or proprietary advantage, and seasoned management.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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PRITXCUSIP 77956H203
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Growth
  (323 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$16.1b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$18.27
$+0.09

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Richard N. Clattenburg
Richard N. Clattenburg, Portfolio Manager

Richard "Trip" Clattenburg is a portfolio manager for T. Rowe Price's International Growth Equity Strategy. He is a vice president of T. Rowe Price Group, Inc.

International Stock Portfolio

Invests in companies capable of achieving and sustaining above-average, long-term earnings growth. Favors companies with leading market position, technological leadership or proprietary advantage, and seasoned management.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

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CUSIP 77955H105
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Growth
  (323 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$359.8m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$17.03
$+0.08

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Richard N. Clattenburg
Richard N. Clattenburg, Portfolio Manager

Richard "Trip" Clattenburg is a portfolio manager for T. Rowe Price's International Growth Equity Strategy. He is a vice president of T. Rowe Price Group, Inc.

International Value Equity Fund+

Formerly International Growth & Income Fund

Invests in companies with favorable prospects for capital appreciation that exhibit value characteristics. Broadly diversified, primarily among the world’s developed countries. Over long periods, international investing offers diversification benefits relative to an all-U.S. portfolio.

Of course, diversification cannot assure a profit or protect against loss in a declining market. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation.

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TRIGXCUSIP 77956H849
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Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Value
  (268 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$13.5b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$14.64
$+0.11

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Jonathan H. W.  Matthews
Jonathan H. W. Matthews, Portfolio Manager

Jonathan Matthews is a portfolio manager in the Equity Division at T. Rowe Price. Mr. Matthews is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Japan Fund

Invests in companies capable of achieving and sustaining above-average, long-term earnings growth and cash flow over the economic cycle. Favors companies with leading market position, technological leadership or proprietary advantage, and seasoned management.

Investing internationally involves special risks including currency fluctuation, political and economic uncertainty, differing regulatory environments and accounting standards, and uncertain tax laws.

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PRJPXCUSIP 77956H708
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Morningstar (Category)

Morningstar
(Overall Rating)1

Japan Stock
  (37 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$574.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$13.36
$-0.05

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Archibald Ciganer
Archibald Ciganer, Portfolio Manager

Archibald Ciganer is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd. As of December 2013, he has been portfolio manager for the Japan Equity Strategy, having previously covered the telecom, transportation, utility, media and consumer sectors as a research analyst in the Equity Division of T. Rowe Price Interntional Ltd.

Latin America Fund

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional peers. Identify themes/trends and industries that are likely to experience high future growth.

International investments are generally more volatile than domestic investments. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

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PRLAXCUSIP 77956H880
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Morningstar (Category)

Morningstar
(Overall Rating)1

Latin America Stock
  (28 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$650.0m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$22.16
$+0.22

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Verena Wachnitz
Verena Wachnitz, Portfolio Manager

Verena Wachnitz is the portfolio manager for the Latin America Equity Strategy and is also a member of the International Research Advisory Committee. Prior to this, she was an analyst in the Equity Research team, covering the telecom, financials, materials and real estate sectors in Latin America. Ms. Wachnitz is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Limited Duration Inflation Focused Bond Fund

Effective June 30, 2016, Steve Bartolini succeeded Dan Shackelford as portfolio manager of the Limited Duration Inflation Focused Bond Fund

Invests in a diversified portfolio of short- and intermediate-term investment-grade inflation-linked securities, including Treasury Inflation Protected Securities, as well as corporate, government, mortgage-backed and asset-backed securities.

Yield and share price will vary with interest rate changes and the level of real yields may be negative. Deflationary conditions could cause the fund's principal and income to decline in value. The fund's use of derivatives may expose it to additional volatility in comparison to investing directly in bonds and other debt securities.

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TRBFXCUSIP 872798103
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Morningstar (Category)

Morningstar
(Overall Rating)1

Inflation-Protected Bond
  (202 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$8.1b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$5.02
$+0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Stephen L. Bartolini, CFA
Stephen L. Bartolini, CFA, Portfolio Manager

Steve Bartolini is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Bartolini has lead portfolio management responsibilities for the U.S. Inflation Protected and U.S. Limited Duration Inflation Focused Bond Strategies. He also is a member of the portfolio strategy team for T. Rowe Price's core and core plus mandates. Mr. Bartolini is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Limited-Term Bond Portfolio

Invest in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and mortgage-backed securities.

Unlike money market funds, which are managed to maintain a stable share price, the portfolio’s price can decline.

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CUSIP 77954R104
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Morningstar (Category)

Morningstar
(Overall Rating)1

Short-Term Bond
  (451 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$405.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$4.85
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Michael  F.  Reinartz
Michael F. Reinartz, Portfolio Manager

Michael Reinartz is a portfolio manager in the Fixed Income Division at T. Rowe Price. He is a member of the U.S. Taxable Low Duration team, portfolio manager of the U.S. Short-Term Bond Strategy, and co-portfolio manager of the Limited-Term Bond Portfolio. Mr. Reinartz is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Limited-Term Bond Portfolio II

Invest in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and mortgage-backed securities.

Unlike money market funds, which are managed to maintain a stable share price, the portfolio’s price can decline.

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CUSIP 77954R302
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Morningstar (Category)

Morningstar
(Overall Rating)1

Short-Term Bond
  (451 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$405.3m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$4.83
$0.00

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Michael  F.  Reinartz
Michael F. Reinartz, Portfolio Manager

Michael Reinartz is a portfolio manager in the Fixed Income Division at T. Rowe Price. He is a member of the U.S. Taxable Low Duration team, portfolio manager of the U.S. Short-Term Bond Strategy, and co-portfolio manager of the Limited-Term Bond Portfolio. Mr. Reinartz is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Maryland Short-Term Tax-Free Bond Fund

Invests at least 80% of net assets in Maryland municipal bonds. Weighted average maturity will not exceed three years, but there is no maturity limit on individual securities.

If interest rates rise from current levels, bond fund total returns will decline and may even turn negative in the short term. The fund is less diversified than one investing nationally.

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PRMDXCUSIP 77957R606
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Morningstar (Category)

Morningstar
(Overall Rating)1

Muni Single State Short
  (36 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

21yrs
$196.2m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$5.21
$-0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Charles Hill
Charles Hill, Portfolio Manager

Charlie Hill is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Hill has lead portfolio management responsibilities for the US Municipal Short/Intermediate-Term and US Municipal Intermediate-Term Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Maryland Tax-Free Bond Fund

Invests at least 80% of net assets in Maryland municipal bonds. Weighted average maturity is expected to exceed 10 years.

If interest rates rise significantly from current levels, total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. The fund is less diversified than one investing nationally. Some income may be subject to the federal alternative minimum tax.

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MDXBXCUSIP 77957R101
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Morningstar (Category)

Morningstar
(Overall Rating)1

Muni Single State Long
  (226 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

17yrs
$2.3b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$10.81
$-0.01

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Hugh D.  McGuirk
Hugh D. McGuirk, Portfolio Manager

Hugh D. McGuirk is a portfolio manager in the Fixed Income Division at T. Rowe Price. He is head of the Municipal Bond team and a portfolio manager for the US Municipal Single State Bond Strategy. Mr. McGuirk is a member of the Fixed Income Steering Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Maryland Tax-Free Money Fund

Invests in municipal securities that will mature in 13 months or less, and weighted maturity average will not exceed 90 days. At least 65% of total assets invested in Maryland municipal securities.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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TMDXXCUSIP 77957R879
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Price
(USD)

Daily Price Change

$1.0000
$0.0000

Data as of 06/28/2017

Data as of 06/28/2017

Joseph K.  Lynagh
Joseph K. Lynagh, Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Media & Telecommunications FundN-restricted

Restricted

Invests at least 80% in companies engaged in any facet of media and telecommunications, including publishing, movies, cable TV, telephones, cellular services, technology, and equipment.

This fund is focused on the media and telecommunications industries and is less diversified than stock funds investing in a broader range of industries. Therefore, it may experience significant volatility.

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PRMTXCUSIP 741454102
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Morningstar (Category)

Morningstar
(Overall Rating)1

Communications
  (33 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$4.4b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$90.25
$+1.03

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Paul Greene
Paul Greene, Portfolio Manager

Paul D. Greene is a portfolio manager and investment analyst in the U.S. Equity Division. He is the portfolio manager of the T. Rowe Price Media & Telecommunications Equity Strategy. As an analyst, Mr. Greene follows the Internet industry. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mid-Cap Growth FundN-closed

Closed

Invests in mid-cap growth companies that may possess the following characteristics: successfully weathered the “start-up” years, offer proven products and/or services, and have experienced management teams.

Mid-cap securities are typically more volatile than large-company stocks.

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RPMGXCUSIP 779556109
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Morningstar (Category)

Morningstar
(Overall Rating)1

Mid-Cap Growth
  (581 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

24yrs
$27.8b

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$87.02
$+0.88

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Brian W. H. Berghuis
Brian W. H. Berghuis, Lead Portfolio Manager

Brian W. H. Berghuis is a member of T. Rowe Price's U.S. Equity Steering Committee and the lead portfolio manager for the firm's US Mid-Cap Growth Equity Strategy. 

Mid-Cap Growth PortfolioN-closed

Closed

Invests in mid-cap growth companies that may possess the following characteristics: successfully weathered the “start-up” years, offer proven products and/or services, have experienced management teams, can finance their own growth, and considered “rapid" growers.

Mid-cap securities are typically more volatile than large-company stocks.

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CUSIP 77954T407
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Morningstar (Category)

Morningstar
(Overall Rating)1

Mid-Cap Growth
  (581 funds)

Data as of 05/31/2017

Data as of 05/31/2017

Fund Manager Tenure2

Net Assets3
(USD)

20yrs
$444.5m

Data as of 05/31/2017

Data as of 05/31/2017

Price
(USD)

Daily Price Change

$29.52
$+0.30

Data as of 06/28/2017

Data as of 06/28/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Brian W. H. Berghuis
Brian W. H. Berghuis, Lead Portfolio Manager

Brian W. H. Berghuis is a member of T. Rowe Price's U.S. Equity Steering Committee and the lead portfolio manager for the firm's US Mid-Cap Growth Equity Strategy. 

Mid-Cap Growth Portfolio IIN-closed

Closed

Invests in mid-cap growth companies that may possess the following characteristics: successfully weathered the “start-up” years, offer proven products and/or services, have experienced management teams, can finance their own growth, and considered “rapid" growers.

Mid-cap securities are typically more volatile than large-company stocks.

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CUSIP 77954T803
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