SCHEDULE 14A INFORMATIONVote your proxy today
Proxy Statement Pursuant to Section 14(a) of the
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// Preliminary Proxy Statement
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T. Rowe Price Balanced Fund, Inc. 033-38791/811-6275
T. Rowe Price Blue Chip Growth Fund, Inc. 033-49581/811-7059
T. Rowe Price Capital Appreciation Fund, Inc. 033-05646/811-4519
T. Rowe Price Capital Appreciation & Income Fund, Inc. 333-219171/811-23212
T. Rowe Price Capital Opportunity Fund, Inc. 033-56015/811-07225
T. Rowe Price Communications & Technology Fund, Inc. 333-27963/811-07075
T. Rowe Price Corporate Income Fund, Inc. 033-62275/811-07353
T. Rowe Price Credit Opportunities Fund, Inc. 333-194114/811-22939
T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. 333-109958/811-21454
T. Rowe Price Dividend Growth Fund, Inc. 033-49187/811-7055
T. Rowe Price Equity Income Fund, Inc. 033-00070/811-4400
T. Rowe Price Equity Series, Inc. 033-52161/811-07143
T. Rowe Price Financial Services Fund, Inc. 333-09551/811-07749
T. Rowe Price Fixed Income Series, Inc. 033-52749/811-07153
T. Rowe Price Floating Rate Fund, Inc. 333-174605/811-22557
T. Rowe Price Global Allocation Fund, Inc. 333-187446/811-22810
T. Rowe Price Global Multi-Sector Bond Fund, Inc. 333-154155/811-22243
T. Rowe Price Global Real Estate Fund, Inc. 333-153130/811-22218
T. Rowe Price Global Technology Fund, Inc. 333-40086/811-09995
T. Rowe Price GNMA Fund, Inc. 033-01041/811-4441
T. Rowe Price Government Money Fund, Inc. 002-54926/811-2603
T. Rowe Price Growth & Income Fund, Inc. 002-79190/811-3566
T. Rowe Price Growth Stock Fund, Inc. 002-10780/811-579
T. Rowe Price Health Sciences Fund, Inc. 033-63759/811-07381
T. Rowe Price High Yield Fund, Inc. 002-93707/811-4119
T. Rowe Price Index Trust, Inc. 033-32859/811-5986
T. Rowe Price Inflation Protected Bond Fund, Inc. 333-99241/811-21185
T. Rowe Price Institutional Equity Funds, Inc. 333-04753/811-07639
T. Rowe Price Institutional Income Funds, Inc. 333-84634/811-21055
T. Rowe Price Institutional International Funds, Inc. 033-29697/811-5833
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. 333-196145/811-22968
T. Rowe Price International Funds, Inc. 002-65539/811-2958
T. Rowe Price International Index Fund, Inc. 333-44964/811-10063
T. Rowe Price International Series, Inc. 033-52171/811-07145
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc. 333-136805/811-21919
T. Rowe Price Mid-Cap Growth Fund, Inc. 033-47806/811-6665
T. Rowe Price Mid-Cap Value Fund, Inc. 333-02993/811-07605
T. Rowe Price Multi-Sector Account Portfolios, Inc. 333-178660/811-22620
T. Rowe Price Multi-Strategy Total Return Fund, Inc. 333-218649/ 811-23261
T. Rowe Price New America Growth Fund, Inc. 002-99122/811-4358
T. Rowe Price New Era Fund, Inc. 002-29866/811-1710
T. Rowe Price New Horizons Fund, Inc. 002-18099/811-958
T. Rowe Price New Income Fund, Inc. 002-48848/811-2396
T. Rowe Price Personal Strategy Funds, Inc. 033-53675/811-07173
T. Rowe Price Quantitative Management Funds, Inc. 333-26323/811-08203
T. Rowe Price Real Assets Fund, Inc. 333-166395/811-22410
T. Rowe Price Real Estate Fund, Inc. 333-36137/811-08371
T. Rowe Price Reserve Investment Funds, Inc. 811-08279
T. Rowe Price Retirement Funds, Inc. 333-92380/811-21149
T. Rowe Price Science & Technology Fund, Inc. 033-16567/811-5299
T. Rowe Price Short-Term Bond Fund, Inc. 002-87568/811-3894
T. Rowe Price Small-Cap Stock Fund, Inc. 002-12171/811-696
T. Rowe Price Small-Cap Value Fund, Inc. 002-43237/811-2215
T. Rowe Price Spectrum Fund, Inc. 033-10992/811-4998
T. Rowe Price State Tax-Free Funds, Inc. 033-06533/811-4521
T. Rowe Price Summit Funds, Inc. 033-50319/811-7093
T. Rowe Price Summit Municipal Funds, Inc. 033-50321/811-7095
T. Rowe Price Tax-Efficient Funds, Inc. 333-26441/811-08207
T. Rowe Price Tax-Exempt Money Fund, Inc. 002-67029/811-3055
T. Rowe Price Tax-Free High Yield Fund, Inc. 002-94641/811-4163
T. Rowe Price Tax-Free Income Fund, Inc. 002-57265/811-2684
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. 002-87059/811-3872
T. Rowe Price Total Return Fund, Inc. 333-213574/811-23180
T. Rowe Price U.S. Bond Enhanced Index Fund, Inc. 333-45018/811-10093
T. Rowe Price U.S. Large-Cap Core Fund, Inc. 333-158764/811-22293
T. Rowe Price U.S. Treasury Funds, Inc. 033-30531/811-5860
T. Rowe Price Value Fund, Inc. 033-54963/811-07209
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Joint Special Meeting of T. Rowe Price Funds
IMPORTANT REQUEST:
Please vote as soon as possible!Vote your proxy today
Dear Shareholder:Investor,
There’s still time to vote. We recently sent you proxy materials concerning important proposals affecting your fund(s). The proposals will be considered at a Joint Special Meeting of Shareholders on July 25, 2018, at 8 a.m. ET, at the offices of T. Rowe Price Associates, Inc., located at 100 East Pratt Street, Baltimore, Maryland 21202.
Our records indicate that we If you have not yet receivedalready voted on these proposals, we encourage you to follow the voting instructions included on the proxy card that was included with your vote. Please vote today using oneproxy materials.
The directors of the methods listed below.
YOUR FUND’S BOARD RECOMMENDS THAT YOU VOTE “FOR” EACH PROPOSAL
Voting now helps minimize proxy costs, avoids additional mailings,T. Rowe Price mutual funds are seeking your vote on the election of new fund directors. Mutual fund directors oversee the funds and eliminates phone callsare responsible for looking after the interests of shareholders. In addition to shareholders.
the election of directors, we are seeking your vote on certain policy proposals for some of the funds that will help T. Rowe Price manage the funds more effectively. The Proxy Statement we sent to you contains important information regarding each of the proposals that you and other shareholders are being asked to consider. A copy of the Proxy Statement may be viewed or downloaded at the website listed on
You should have received your proxy card. Ifstatement and proxy card by U.S. mail or by email if you have any questions regardingowned shares of at least one T. Rowe Price fund as of April 26, 2018, which is the proposals, or need assistance with voting,record date for the proxy.
Each T. Rowe Price fund is owned by its shareholders, so, no matter how many shares you may call Computershare Fund Services, the funds’ proxy solicitor, toll free at 1 (866) 436-5968.
Forown, your convenience, please utilize any of the following methodsvote is important to submit your vote:
1. Vote Online.
Visit the website noted on the enclosed proxy voting card and follow the instructions.
2. Vote by Phone.
Call the toll-free number printed on the enclosed proxy voting card and follow the automated
instructions. Available 7 days a week, 24 hours a day.
3. Speak with a Proxy Specialist.
Call 1 (866) 436-5968 with any questions. Specialists can assist with voting.
Available Mon-Fri from 9 a.m. – 11 p.m. ET and Sat from 12 p.m. – 6 p.m. ET.
4. Vote By Mail.
Mail your signed proxy voting card(s) in the postage-paid envelope.us.
Thank you for investing with T. Rowe Price and voting your prompt attentionproxy.
Vote your proxy today
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