T. ROWE PRICE FUNDS GUIDE

Transcription

T. Rowe Price Funds Guide
Choosing a T. Rowe Price Fund
That Is Right for You
You can use this guide to find the T. Rowe Price funds that are most appropriate for your personal
financial objectives and time horizon. Below, we review the four basic fund categories and describe what
each can add to your investment mix.
1 Review Your Broad Objectives
We offer a wide range of funds you can use to
build a diversified portfolio.
MONEY MARKET FUNDS—Emphasis on Stability (page 2)
The primary goal of these funds is to provide a
stable share price by investing in money market
securities. Although money market funds usually
yield less than income funds, they are managed
to protect your principal and are the lowest-risk
mutual funds.
BOND FUNDS—Emphasis on Income (page 3)
Bond funds invest to produce a regular stream
of income. While they typically are not as volatile
as stock funds, bond fund prices can respond
sharply to significant changes in interest rates.
STOCK FUNDS—Emphasis on Growth (page 6)
The goal of funds that invest predominantly in
stocks is to provide capital appreciation over the
long term. Funds with significant stock holdings
offer higher return potential than those emphasizing
bonds or money market securities, but stock funds
are also subject to greater volatility.
ASSET ALLOCATION FUNDS—Emphasis on Diversification
(page 11)
Our asset allocation funds make it easy to
diversify your investments. Most offer a mix of
stocks, bonds, and money market instruments
in one convenient fund. This includes our
target date funds, which are fully diversified
portfolios that adjust over time based on a
target retirement date. Of course, diversification
cannot assure a profit or protect against loss in a
declining market.
Funds are placed in general risk/return categories based on their 10-year standard
deviation (as of December 2015) or, for newer funds, the standard deviation of the types
of securities in which they invest. There is no assurance past trends will continue.
†
1
2 Determine Your Time Horizon
One key consideration in choosing a fund is
your time horizon. Consider making long-term
investments (five years or more) in funds with
higher risk/reward potential, while funds you may
need in the next year or two generally should
be invested in stability funds. This guide groups
individual funds by the relative amount of risk
and reward potential each represents.†
3 Choose a Fund That Fits Your Needs
We’ve included a brief description of the objectives
and investment strategy for each T. Rowe Price
fund to help you find the best choice for your
specific goals.
4 Call, Go Online, or Fill Out the
Enclosed New Account Form
Our investment specialists can give you oneon-one guidance on fund selection. To have a
discussion with one of our investment specialists,
call 1-800-541-8476.
To open an account, please complete the enclosed
New Account Form and return it in the
envelope provided.
For more information and valuable guidance on
selecting the best funds for your goals, visit our
website at troweprice.com/mutualfunds.
Call 1-800-541-8476 to request a prospectus or
summary prospectus; each includes investment
objectives, risks, fees, expenses, and other
information that you should read and consider
carefully before investing.
MONEY MARKET FUNDS
These funds seek to provide a stable share price by investing in money market securities.
They are managed to preserve your principal and are the lowest-risk mutual funds.
Lowest Risk/Reward Potential
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Investment Objective
Invests In
Average
Maturity
California
Tax-Free
Money^
PCTXX
Seeks to preserve capital and liquidity while
generating the highest possible income
exempt from federal and California state
income taxes
High-quality,
short-term California
municipal securities
Not more Within the
than
two highest
60 days
rating categories
Maryland
Tax-Free
Money^
TMDXX
exempt from federal and Maryland state
and local income taxes
High-quality,
short-term Maryland
Not more Within the
than
two highest
60 days
rating categories
New York
Tax-Free
Money^
NYTXX
exempt from federal, New York state,
and New York City income taxes
High-quality,
short-term New York
Not more Within the
than
two highest
60 days
rating categories
Summit
Municipal
Money Market^
TRSXX
Seeks to maintain a stable share price
and provide liquidity while generating the
highest current income exempt from federal
income tax; $25,000 minimum initial
investment
High-quality, short-term
Not more Within the
than
two highest
60 days
rating categories
Tax-Exempt
Money^
PTEXX
generating the highest current income
exempt from federal income taxes
High-quality, short-term
municipal securities;
exempt from alternative
minimum tax
Not more Within the
than
two highest
60 days
rating categories
Cash Reserves^* Seeks to preserve capital, liquidity, and the
TSCXX
highest possible current income
High-quality, U.S. dollardenominated money
market securities
Not more Within the
than
two highest
60 days
rating categories
Government
Money^^**
PRRXX
Seeks to preserve capital, liquidity, and the
highest possible current income
High-quality, U.S. dollardenominated money
market securities
Not more Minimum of
than
97% in highest
60 days
credit quality;
no holdings
lower than
second-highest
credit quality
U.S. Treasury
Money^^
PRTXX
Seeks maximum preservation of capital and
liquidity while generating current income
A minimum of 80% in
U.S. Treasury securities
Not more Highest
than
60 days
Credit Quality
TAX-FREE
TAXABLE
MONEY MARKET FUNDS
^Retail Funds: 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.
^^Government Funds: 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.
*Formerly Summit Cash Reserves.
**Formerly Prime Reserve.
Note: For some investors, some income from municipal securities may be subject to the federal alternative minimum tax. Income earned from securities issued in states other
than your state of residence will be subject to applicable state and local taxes.
For the most current fund information, call 1-800-541-8476 or visit our website at troweprice.com/mutualfunds.
2
BOND FUNDS
BOND FUNDS
These funds, which invest in bonds and other fixed income securities, generally offer higher
income than money market funds and usually fluctuate less in share price than stock funds.
Lower Risk/Reward Potential
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
Invests In
HIGHER
Average
Maturity
HIGHEST
Credit Quality
TAX-FREE
Maryland
Short-Term
Tax-Free Bond
PRMDX
Highest level of income exempt from Maryland municipal bonds
federal and Maryland state and local
income taxes with modest share
price fluctuation
Up to 3
years
Highest to medium
quality; up to
10% in below
investment grade
Summit
Municipal Intermediate
PRSMX
Highest level of income exempt from A nationally diversified portfolio of
federal income taxes with moderate municipal bonds
price fluctuation; $25,000 minimum
initial investment
5 to 10
years
Primarily highest
to medium
quality; up t o
10% in below
investment grade
Tax-Free
ShortIntermediate
PRFSX
High level of income exempt from
A nationally diversified portfolio
federal income taxes consistent with of short- and intermediate-term
moderate share price fluctuations
2 to 5
years
Highest to medium
quality; up to
5% in below
investment grade
GNMA†
PRGMX
High current income consistent
with high overall credit quality and
moderate share price fluctuation
At least 80% of total assets in GNMA
securities backed by the full faith
and credit of the U.S. government;
up to 20% in high-quality securities,
such as corporate bonds and privately
issued mortgage securities
Varies
Highest and
high quality
Limited
Duration
Inflation
Focused Bond
TRBFX
A level of income that is consistent
with the current rate of inflation
Diversified portfolio of short- and
intermediate-term investmentgrade, inflation-linked securities,
including Treasury inflation
protected securities, as well as
corporate, government, mortgagebacked, and asset-backed securities
1.31 to
1.73
years
Highest to
medium quality
New Income
PRCIX
Highest level of income consistent
with the preservation of capital
over time
Income-producing securities, which 4 to 15
years
may include corporate bonds, U.S.
Treasury and agency obligations,
mortgage-backed securities, foreign
securities, and, on occasion, equities
Primarily
investment grade
(AAA to BBB)
Short-Term
Bond
PRWBX
High level of income consistent with
minimal fluctuation in principal
value and liquidity
Short- and intermediate-term
investment-grade corporate,
government, and mortgagebacked securities
3 years
or less
Highest to
medium quality
Ultra ShortTerm Bond
TRBUX
High level of income consistent with
minimal fluctuations in principal
value and liquidity
Shorter-term investment-grade
corporate and government
securities, including mortgagebacked securities, money market
securities, and bank obligations
1.5
years
or less
Highest to
medium quality
U.S. Bond
Enhanced
Index‡
PBDIX
Total return that matches or
incrementally exceeds the
performance of the U.S. investmentgrade bond market
U.S. investment-grade bonds
representative of the Barclays U.S.
Aggregate Bond Index
7.45 to
8.01
years*
Highest and
high quality
TAXABLE
This fund is not insured or guaranteed by the FDIC or any other government agency.
To protect the interests of long-term shareholders, this fund charges a 0.5% redemption fee on shares held for 90 days or less. This fee is paid directly to the fund, not to
T. Rowe Price Associates.
*The weighted average maturity of the Barclays U.S. Aggregate Bond Index for the 5 years ended June 30, 2016; it will vary with market conditions.
†
‡
3
BOND FUNDS, continued
Moderate Risk/Reward Potential
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
Average
Maturity
California
Highest level of income exempt
Tax-Free Bond from federal and California state
PRXCX
income taxes
Long-term investment-grade
California municipal bonds
10+
years
Highest to
medium quality;
up to 10% in below
investment grade
Georgia
Tax-Free Bond from Federal and Georgia state
GTFBX
income taxes
Georgia municipal bonds
10+
years
Highest to
medium quality;
up to 10% in below
investment grade
Intermediate
Tax-Free
High Yield†
PRIHX
Noninvestment-grade bonds that
are free from federal income taxes
3 to 10
years
Any credit rating,
but a substantial
portion in BB or
lower grade
Maryland
Tax-Free Bond from federal and Maryland state and
MDXBX
local taxes
Maryland municipal bonds
10+
years
Highest to
medium quality;
up to 10% in below
investment grade
New Jersey
Tax-Free Bond from federal and New Jersey state
NJTFX
income taxes
New Jersey municipal bonds
10+
years
Highest to
medium quality;
up to 10% in below
investment grade
New York
Tax-Free Bond from federal, New York state, and
PRNYX
New York City income taxes
New York municipal bonds
10+
years
Highest to
medium quality;
up to 10% in below
investment grade
Summit
Municipal
Income
PRINX
federal income tax; $25,000
minimum initial investment
of municipal bonds
15+
years
Primarily highest
to medium
quality; up t o
20% in below
investment grade
Tax-Free High
Yield†
PRFHX
federal income tax
of long-term, low- to uppermedium-grade municipal bonds
10+
years
Upper-medium to
low quality ( junk)
Tax-Free
Income
PRTAX
federal income tax
of long-term investment-grade
municipal bonds; exempt from the
alternative minimum tax
10+
years
Highest to
medium quality;
up to 10% in below
investment grade
Virginia municipal bonds
10+
years
Highest to
medium quality;
up to 10% in below
investment grade
Credit Quality
TAX-FREE
federal income taxes
BOND FUNDS
Virginia
Tax-Free Bond from federal and Virginia state
PRVAX
income taxes
To protect the interests of long-term shareholders, this fund charges a 2% redemption fee on shares held for 90 days or less. This fee is paid directly to the fund, not to T. Rowe
Price Associates.
†
4
BOND FUNDS, continued
BOND FUNDS
Moderate Risk/Reward Potential, cont.
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
Invests In
High income and some
capital appreciation
U.S. and foreign corporate bonds,
convertible debt, and preferred stock
Average
Maturity
HIGHER
HIGHEST
Credit Quality
TAXABLE
Corporate Income
PRPIX
Credit Opportunities† Long-term capital
PRCPX
appreciation and
high income
Wide variety of credit instruments, such 3 to 10
as corporate and sovereign bonds, bank years
loans, convertible securities, preferred
stocks, and securitized instruments
Emerging
Markets Bond†
PREMX
High current income
Government and corporate bonds in
and capital appreciation emerging foreign markets
Emerging Markets
Corporate Bond†
TRECX
High current income
and, secondarily,
High income and
Emerging Markets
Local Currency Bond† capital appreciation
PRELX
10+ years Minimum of 65% in
investment grade (AAA to
BBB); up to one-third in noninvestment grade (junk)
Below investment grade
Generally
5 to 10
years
Generally
Bonds issued by companies that are
3 to 10
located or listed in, or conduct the
years
predominant part of their business
activities in, emerging markets countries
Bonds denominated in emerging
markets currencies
3+ years
Generally
4 to 8
years
Varies
Floating Rate†
PRFRX
High current income
Floating rate loans and floating rate
and capital appreciation debt securities
Global High
Income Bond†
RPIHX
High income
and, secondarily,
High yield or “junk” bonds and other
high-income-producing investments
Global Multi-Sector
Bond
PRSNX
High level of
income and some
4 to 15
At least 80% of net assets in incomeproducing securities or other instruments; years
may invest in a variety of securities in
an effort to enhance income and
achieve some capital growth
Highest to low quality,
with up to 65% in
noninvestment-grade
( junk) and other holdings
Global
Unconstrained Bond
RPIEX
High current income
Debt securities with low correlation to Varies
the equity markets
Highest to medium
quality; up to 30% in
below investment grade
High Yield†*
PRHYX
High current
income and some
High yield corporate or “junk” bonds
Lower-medium to low
quality ( junk)
Inflation
Protected Bond
PRIPX
Inflation protection
and income
5 to 15
At least 80% of net assets in inflation
years
protected bonds, with an emphasis on
inflation-indexed U.S. Treasury securities
Highest and high quality
International Bond†
RPIBX
High level of
current income and
Foreign government and
corporate bonds
Generally
3 to 10
years
Primarily high quality;
up to 20% in below
investment grade
U.S. Treasury
Intermediate‡
PRTIX
Primarily U.S. Treasury securities
High level of income
backed by the full faith and credit of
with maximum credit
protection and moderate the U.S. government
price fluctuation
3 to 10
years
Highest quality
U.S. Treasury
Long-Term‡
PRULX
Highest level of current Securities backed by the full faith and
income with m
aximum credit of the U.S. government
credit protection
10 to 30
years
Highest quality
6 to 10
years
T o protect the interests of long-term shareholders, this fund charges a 2% redemption fee on shares held for 90 days or less. This fee is paid directly to the fund, not to T. Rowe
Price Associates.
‡
This fund is not insured or guaranteed by the FDIC or any other government agency.
*Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA invested in this fund.
†
5
STOCK FUNDS
These funds offer potentially higher returns than bonds or money market securities. Stocks
can also undergo greater price declines than other asset classes. Stock investors should
have a long time horizon.
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
Capital
Appreciation*
PRWCX
Long-term capital appreciation
Stocks of established U.S. companies with above-average potential
for capital growth; can also invest in convertible securities as well
as corporate and government bonds
Dividend
Growth
PRDGX
Dividend income and long-term
capital growth
Stocks with a strong track record of paying dividends or that are
expected to increase their dividends over time
Equity Income
PRFDX
High level of dividend income and
long-term capital growth
Stocks of large-capitalization companies that have a strong track
record of paying dividends or that are believed to be undervalued
Value
TRVLX
Long-term capital appreciation and,
secondarily, income
Stocks believed by T. Rowe Price to be undervalued or out of
favor in the marketplace
DOMESTIC
Higher Risk/Reward Potential
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
DOMESTIC
Blue Chip Growth Long-term capital growth and,
TRBCX
secondarily, income
Stocks of well-established large and medium-sized blue chip
companies with potential for above-average earnings growth
Capital
Opportunity
PRCOX
Long-term capital growth
Primarily large-cap U.S. companies; T. Rowe Price research analysts
use growth and value approaches to select stocks in a wide range of
industry sectors; the fund’s sector weightings are approximately the
same as the Standard & Poor’s 500® Stock Index‡
Diversified
Mid-Cap
Growth
PRDMX
At least 80% in mid-cap stocks to create a diversified portfolio
of mid-cap companies whose earnings are expected to grow
at a faster rate than the average company; the top 25 holdings
will not constitute a large portion of assets
Equity Index
500†
PREIX
To match the performance of
the S&P 500
Stocks that make up the S&P 500‡
The fund seeks to match the performance of U.S. stocks not
included in the S&P 500. The fund uses the S&P Completion
Index, an index of primarily small- and mid-capitalization U.S.
stocks, to represent this universe‡
Financial
Services
PRISX
Primarily stocks of financial services companies, such as banks,
insurers, credit card providers, and asset managers
Long-term capital growth and
a modest level of income
STOCK FUNDS
Extended Equity To match, as closely as possible,
Market Index†
the performance of U.S. stocks in
PEXMX
the S&P Completion Index
†
To protect the interest of long-term shareholders, this fund charges a 0.5% redemption fee on shares held for 90 days or less. This fee is paid to the fund, not to T. Rowe Price Associates.
‡
“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500”, “500”, “S&P Completion Index”, “S&P Total Market Index”, and “S&P TMI” are marks/trademarks of
Standard & Poor’s and have been licensed for use by T. Rowe Price. The product is not sponsored, endorsed, sold, or promoted by Standard & Poor’s, and Standard & Poor’s
makes no representation regarding the advisability of investing in the product.
6
STOCK FUNDS
STOCK FUNDS, continued
Higher Risk/Reward Potential, cont.
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
DOMESTIC, continued
Growth &
Income
PRGIX
Long-term capital growth and
current income
Primarily income-producing stocks with good prospects for
capital growth and increasing dividends, using both a growthand a value-oriented approach
Growth Stock
PRGFX
Stocks of large-capitalization companies
Health Sciences* Long-term capital growth
PRHSX
Stocks of companies engaged in the research, development,
production, or distribution of health-related products
and services
Mid-Cap
Growth*
RPMGX
Stocks of medium-sized companies with the potential for
above-average earnings growth
Mid-Cap Value*
TRMCX
Stocks of medium-sized companies believed by T. Rowe Price to
be undervalued in the marketplace
New America
Growth
PRWAX
Primarily stocks of U.S. companies that operate in those sectors
identified by T. Rowe Price as the fastest growing
New Era
PRNEX
Stocks of companies that own or develop natural resources
and other basic commodities and other select nonresource
growth companies
New Horizons*
PRNHX
Stocks of small, rapidly growing companies; seeks to invest early
in the corporate life cycle before a company becomes widely
recognized by other investors
QM U.S. SmallCap Growth
Equity†‡
PRDSX
Seeks to invest in a broadly diversified portfolio of securities, and the
top 25 holdings will not, under normal circumstances, constitute
more than 50% of the fund’s total assets
QM U.S. Small
& Mid-Cap Core
Equity‡
TQSMX
Long-term growth of capital
Invests at least 80% of its net assets (including any borrowings
for investment purposes) in equity securities issued by smalland mid-cap U.S. companies. The fund expects to invest
predominantly in common stocks.
QM U.S. Value
Equity
TQMVX
Invests at least 80% of its net assets (including any borrowings
for investment purposes) in equity securities issued by U.S.
companies. The fund expects to invest predominantly in
common stocks and may invest in companies of any market
capitalization but will generally focus on large- and mid-cap
companies that appear to be undervalued by various measures.
†
Effective February 24, 2016, the Diversified Small-Cap Growth Fund was renamed the QM U.S. Small-Cap Growth Equity Fund.
‡
To protect the interests of long-term shareholders, this fund charges a 1% redemption fee on shares held for 90 days or less. This fee is paid directly to the fund, not to T. Rowe Price Associates.
7
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
DOMESTIC, continued
Real Estate*
TRREX
through capital appreciation
and current income
Primarily stocks of companies engaged in selling, financing,
owning, or managing real estate
Small-Cap
Stock‡
OTCFX
Stocks of small companies, using a combined growth- and
value-oriented approach
Small-Cap
Value*
PRSVX
Stocks of small companies whose underlying values appear not
to be fully reflected in their stock prices
Tax-Efficient
Equity*
PREFX
Long-term capital appreciation on
an after-tax basis
Primarily the common stocks of growth companies of all
sizes; the fund expects to have significant investments in
technology companies
Total Equity
Market Index*
POMIX
To match, as closely as possible,
the total return of the entire U.S.
stock market
Small-, mid-, and large-cap stocks representative of the S&P Total
Market Index††
U.S. Large-Cap
Core
TRULX
Large-cap U.S. stocks of both growth and value investing styles
that fund managers believe will capture the most favorable
combination of company fundamentals, earnings potential,
and valuation; the fund normally will invest in approximately
50 to 75 companies
International investing may involve a higher level of risk, particularly currency risk. In addition, you should
weigh the potential risks of political and economic instability, illiquid markets, and regional concentration.
INTERNATIONAL/GLOBAL
Long-term capital growth and,
secondarily, current income
Stocks of European companies in markets and sectors deemed by
T. Rowe Price to have attractive long-term growth potential
Global
Consumer
PGLOX
Primarily in securities of companies of any size in the consumer
sector in the U.S. and abroad
Global
Growth Stock†
RPGEX
Stocks of large, established companies in the U.S. and abroad
Global
Industrials
RPGIX
Primarily in securities issued by companies in the industrials
and business services sector located in at least five different
countries, including the U.S.
STOCK FUNDS
European
Stock†
PRESX
*To protect the interests of long-term shareholders, the Tax-Efficient Equity Fund charges a 1% redemption fee on shares held for less than 365 days. The Total Equity Market
Index Fund charges a 0.5% redemption fee on shares held for 90 days or less. The Real Estate Fund and the Small-Cap Value Fund charge a 1% redemption fee on shares held
for 90 days or less. These fees are paid directly to the fund, not to T. Rowe Price Associates.
†
To protect the interests of long-term shareholders, this fund charges a 2% redemption fee on shares held for 90 days or less. This fee is paid directly to the fund, not to
T. Rowe Price International.
‡
Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA invested in this fund.
††
“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500”, “500”, “S&P Completion Index”, “S&P Total Market Index”, and “S&P TMI” are marks/trademarks of
Standard & Poor’s and have been licensed for use by T. Rowe Price. The product is not sponsored, endorsed, sold, or promoted by Standard & Poor’s, and Standard & Poor’s
makes no representation regarding the advisability of investing in the product.
8
STOCK FUNDS
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
INTERNATIONAL/GLOBAL, continued
Global Real Estate†
TRGRX
through appreciation and
current income
Stocks of real estate companies in at least five countries around
the world, including the U.S.
Global Stock†
PRGSX
through appreciation and
current income
Primarily the stocks of well-established companies throughout
the world, including the U.S.
International
Concentrated
Equity†
PRCNX
Stocks of companies located outside the U.S., with no more than
15% of company stocks located in emerging markets
International
Discovery†
PRIDX
Stocks of rapidly growing small and medium-sized non-U.S.
companies in developed and emerging markets
International
Equity Index†
PIEQX
Large-company foreign stocks that make up the FTSE™
International Limited Developed ex North America Index‡
International
Growth & Income†
TRIGX
and current income
Non-U.S. stocks, with an emphasis on large-capitalization stocks
that have a strong track record of paying dividends or that are
believed to be undervalued
International Stock†
PRITX
Stocks of established growth companies outside the U.S.; broadly
diversified among developed and some emerging markets
Japan†
PRJPX
Stocks of companies located, or with primary operations, in
Japan, in markets and sectors deemed to have attractive longterm growth potential
Overseas Stock†
TROSX
Primarily large-cap companies in developed countries,
using a blend of growth and value approaches to maximize
overseas opportunities
QM Global Equity†
TQGEX
Primarily in common stocks with an emphasis on large- and
mid-cap companies in the U.S. and abroad
To protect the interests of long-term shareholders, this fund charges a 2% redemption fee on shares held for 90 days or less. This fee is paid directly to the funds, not to
‡
“FTSE” is a trademark jointly owned by the London Stock Exchange Limited and The Financial Times Limited and is used by FTSE International Limited under license.
†
9
Highest Risk/Reward Potential, cont.
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
DOMESTIC
Media &
Telecommunications
PRMTX
Stocks of companies in the media, telecommunications, and
technology industries
Science &
Technology
PRSCX
Stocks of companies that are expected to benefit from the
development, advancement, and use of science and technology
INTERNATIONAL/GLOBAL
Africa &
Middle East†
TRAMX
Stocks of companies in African and Middle Eastern countries,
such as Bahrain, Egypt, Jordan, Kenya, Lebanon, Morocco,
Nigeria, Oman, Qatar, Saudi Arabia, South Africa, and the United
Arab Emirates
Asia Opportunities†
TRAOX
Stocks issued by companies that are located in, or that have
economic ties to, Asia (excluding Japan)
Emerging Europe†
TREMX
Stocks of companies in emerging European economies, including
Eastern Europe and the former Soviet Union
Emerging Markets
Stock†
PRMSX
Stocks of companies in the developing markets of Latin America,
Asia, Europe, Africa, and the Middle East
Emerging Markets
Value Stock†
PRIJX
Stocks issued by companies in emerging markets in Asia, Latin
America, Europe, Africa, and the Middle East
Global Technology
PRGTX
Stocks of domestic and foreign companies expected to benefit
from the development, advancement, and use of technology
Latin America†
PRLAX
Stocks of companies domiciled, or with primary operations,
in Latin America, principally Mexico, Argentina, Brazil, Chile,
Colombia, Peru, and Venezuela; invests in other countries as
opportunities and conditions permit
New Asia†
PRASX
Stocks of companies in Asia (excluding Japan)
STOCK FUNDS
†
T o protect the interests of long-term shareholders, this fund charges a 2% redemption fee on shares held for 90 days or less. This fee is paid directly to the fund, not to
10
ASSET ALLOCATION FUNDS
These funds make it easy to diversify your investments. Most offer a mix
of stocks, bonds, and money market instruments, while some funds offer a
complete investment option in a single fund.
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Fund Name/
Ticker Symbol
Invests In
Balanced
RPBAX
Capital growth, current income,
and preservation of capital
Approximately 60% U.S. and foreign stocks and 40% fixed
income securities
Global
Allocation
RPGAX
and income
A broadly diversified global portfolio of approximately 60%
stocks; 30% bonds, money market securities, and other debt
instruments; and 10% alternative investments
Personal
Strategy
Balanced
TRPBX
The highest total return over time
consistent with an emphasis on
both capital growth and income
Approximately 60% stocks, 30% bonds, and 10% money
market securities
Personal
Strategy
Income
PRSIX
The highest total return over
time through a portfolio focusing
primarily on income and,
secondarily, on appreciation
Approximately 40% stocks, 40% bonds, and 20% money
market securities
Retirement
Balanced
TRRIX
A diversified portfolio of underlying T. Rowe Price funds
consisting of about 60% bonds and 40% stocks
Retirement
Funds
2005–2030
TRRFX, TRRAX,
TRRGX, TRRBX,
TRRHX, TRRCX
A series of diversified portfolios of underlying T. Rowe Price
mutual funds; their allocation to bonds increases over time.*
The funds’ target allocations as of 10/1/15 are as follows:
2005—39.5% stocks, 60.5% bonds; 2010—45.5% stocks, 54.5% bonds;
2015—54.5% stocks, 45.5% bonds; 2020—64% stocks, 36% bonds;
2025—72% stock, 28% bonds; and 2030—78.5% stocks, 21.5% bonds
Spectrum
Income
RPSIX
High level of current income with
moderate share price fluctuation
Within prescribed ranges, up to 10 T. Rowe Price funds:
six domestic fixed income funds, two international bond funds,
one income-oriented stock fund, and one money market fund
Target Funds
2005–2030**
TRARX, TRROX,
TRRTX, TRRUX,
TRRVX, TRRWX
2005—35.5% stocks,64.5% bonds;
2010—37% stocks, 63% bonds;
2015—42.5% stocks, 57.5% bonds;
2020—50% stocks, 50% bonds;
2025—57.5% stocks, 42.5% bonds;
and 2030—64.5% stocks,35.5% bonds
The principal value of the Retirement Funds and Target Funds (collectively, the “target date funds”) is not guaranteed
at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed
to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or
later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target
date. The target date funds’ allocations among a broad range of underlying T. Rowe Price stock and bond funds will
change over time. The Retirement Funds emphasize potential capital appreciation during the early phases of retirement
asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus
on supporting an income stream over a long-term retirement withdrawal horizon. The Target Funds emphasize asset
accumulation prior to retirement, balance the need for reduced market risk and income as retirement approaches, and
focus on supporting an income stream over a moderate postretirement withdrawal horizon. The target date funds are
not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The key
difference between the Retirement Funds and the Target Funds is the overall allocation to equity; although they each
maintain significant allocations to equities both prior to and after the target date, the Retirement Funds maintain a higher
equity allocation, which can result in greater volatility over shorter time horizons.
11
*The funds’ target allocations are shown in the October 1, 2015, prospectus.
**Formerly Target Retirement Funds.
ASSET ALLOCATION FUNDS, continued
Higher Risk/Reward Potential
Fund Name/
Ticker Symbol
LOWEST
LOWER
MODERATE
HIGHER
HIGHEST
Invests In
Personal
Strategy Growth consistent with a primary emphasis
TRSGX
on capital growth and a secondary
emphasis on income
Approximately 80% stocks and 20% bonds and money
market securities
Real Assets†
PRAFX
At least 80% of net assets (including any borrowings for
investment purposes) in “real assets” and securities of companies
that derive at least 50% of their profits or revenues from, or
commit at least 50% of assets to, real assets and activities related
to real assets. Real assets are defined broadly by the fund and are
considered to include any assets that have physical properties,
such as energy and natural resources, real estate, basic materials,
equipment, utilities and infrastructure, and commodities.
Retirement
Funds
2035–2060
TRRJX, TRRDX,
TRRKX, TRRMX,
TRRNX, TRRLX
mutual funds, consisting of about 90% stocks and 10% bonds;
their allocation to bonds increases over time.* The target dates
available are 2035, 2040, 2045, 2050, 2055, and 2060.
Spectrum
Growth
PRSGX
Long-term growth of capital and
income with a
secondary objective
of current income
eight domestic stock funds, three international stock funds, and
one money market fund
Spectrum
International†
PSILX
11 international stock funds, two international bond funds,
and one money market fund
Target Funds
2035–2060**
RPGRX, TRHRX,
RPTFX, TRFOX,
TRFFX, TRTFX
2035–71.5% stocks, 28.5% bonds
2040–77% stocks, 23% bonds
2045–82% stocks, 18% bonds
2050–86.5% stocks, 13.5% bonds
2055–89.5% stocks, 10.5% bonds
and 2060–90% stocks, 10% bonds
12
To protect the interests of long-term shareholders, this fund charges a 2% redemption fee on shares held for 90 days or less. This fee is paid directly to the fund, not to T. Rowe
Price Associates.
*The funds’ target allocations are shown in the October 1, 2015, prospectus.
** Formerly Target Retirement Funds.
†
Family of Funds
This chart illustrates the risk/reward trade-offs of T. Rowe Price mutual funds.
The funds in the lefthand column offer
the least market risk
and the least potential
reward. As you move
from left to right, both
risk and reward will
increase. In general, you
should consider funds
with lower risk for
your short-term goals.
If you have a longer
time frame, consider
funds with more
market risk in exchange
for a higher potential
investment return.
*Certain tax-free funds may
not be appropriate for
tax-deferred investments,
including IRAs.
**Formerly Summit
Cash Reserves.
***Formerly Prime Reserve.
****Formerly Target Retirement.
*****Formerly Diversified SmallCap Growth Fund.
†$25,000 minimum.
‡Closed to new investors
except for a direct rollover
from a retirement plan into a
T. Rowe Price IRA invested in
this fund.
Funds are placed in general risk/
return categories based on their
10-year standard deviation (as
of December 2015) or, for newer
funds, the standard deviation of
the types of securities in which
they invest. There is no assurance
past trends will continue.
13
LOWEST
RISK/REWARD POTENTIAL
MONEY MARKET
Tax-Free*
CA, MD, NY
Tax-Free Money^
Summit Municipal
Money Market^
Tax-Exempt Money^
Taxable
Cash Reserves^**
Government
Money^^***
U.S. Treasury Money^^
LOWER
BOND
Tax-Free*
MD Short-Term
Tax-Free Bond
Taxable
Limited Duration
Inflation Focused
Bond
Short-Term Bond
Ultra Short-Term Bond
Tax-Free*
Summit
Municipal Intermediate†
Tax-Free
Short-Intermediate
Taxable
GNMA
New Income
U.S. Bond
Enhanced Index
Tax-Free*
CA, GA, MD, NJ, NY, VA
Tax-Free Bond
Intermediate Tax-Free
High Yield
Summit Municipal Income†
Tax-Free Income
Taxable
Global Unconstrained Bond
Inflation Protected Bond
U.S. Treasury Intermediate
Spectrum Income
MODERATE
HIGHER
Tax-Free*
Tax-Free High Yield
Taxable
Corporate Income
Global Multi-Sector Bond
International Bond
HIGHEST
Taxable
Credit Opportunities
Emerging Markets Bond
Emerging Markets
Corporate Bond
Emerging Markets Local
Currency Bond
Floating Rate
Global High Income Bond
High Yield‡
U.S. Treasury Long-Term
ASSET ALLOCATION
Personal Strategy Income
Retirement 2005, 2010
Retirement Balanced
Target 2005, 2010,
2015****
Balanced
Global Allocation
Personal Strategy Balanced
Retirement 2015, 2020,
2025, 2030
Target 2020, 2025, 2030****
Personal Strategy Growth
Retirement 2035, 2040,
2045, 2050, 2055, 2060
Spectrum Growth
Spectrum International
Target 2035, 2040, 2045,
2050, 2055, 2060****
Domestic
Capital Appreciation‡
Domestic
Dividend Growth
Equity Income
Value
Domestic
Blue Chip Growth
Capital Opportunity
Diversified Mid-Cap Growth
Equity Index 500
Growth & Income
Growth Stock
Mid-Cap Growth‡
Mid-Cap Value‡
New America Growth
QM U.S. Small & Mid-Cap
Core Equity
QM U.S. Value Equity
Small-Cap Value
Tax-Efficient Equity
Total Equity Market Index
U.S. Large-Cap Core
International/Global
European Stock
Global Growth Stock
Global Stock
International
Concentrated Equity
International Equity Index
International Growth &
Income
International Stock
Overseas Stock
QM Global Equity
Real Assets
STOCK
Domestic
QM U.S. Small-Cap
Growth Equity*****
Extended Equity
Market Index
Financial Services
Health Sciences‡
New Era
New Horizons‡
Real Estate
Small-Cap Stock‡
Global Consumer
Global Industrials
Global Real Estate
International Discovery
Japan
Domestic
Media &
Telecommunications
Science & Technology
Africa & Middle East
Asia Opportunities
Emerging Europe
Emerging Markets Stock
Emerging Markets
Value Stock
Global Technology
Latin America
New Asia
14
Put Our Investment Experience to Work for You
To help you reach your financial goals, we offer:
• Funds run by well-tenured and experienced managers
• Objective guidance to help you make smart decisions
• A wide range of investment tools and options that make it easy to plan for
retirement, college, and other important events
TO OPEN A MUTUAL FUND OR BROKERAGE ACCOUNT
Investor Services
1-800-541-8476
TO OPEN A PROGRAM FOR CHARITABLE GIVING ACCOUNT
1-800-690-0438
FOR EXISTING ACCOUNTS
Shareholder Services
1-800-225-5132
FOR THE HEARING IMPAIRED
1-800-367-0763
C6P7DMKID
2016-US-23017
100 East Pratt Street • Baltimore, MD 21202
T. Rowe Price Investment Services, Inc., Distributor.
troweprice.com/mutualfunds
8/16
M00–060

T. ROWE PRICE FUNDS GUIDE

Transcription

Similar documents

From Little Miami in Mrs. Todia`s Homeroom

Capital Markets Recap - Acacia

Linvest Chart Chat (112) Weekly Update Feb 12

`The Honeymooners,` mutual funds and Yogi Bear

low prices - Irish Ferries

Wwwwfesgsgdgdggdx By Lin Yingjun The US

Role and Function of Financial Markets

Market Week: July 21, 2014

presentation - Brooklyn Public Library