IPC Email Template: USI Proxy Followup EmailStatement Pursuant to Section 14(a) of the
Subject LineSecurities Exchange Act of 1934
:(Amendment No. Please Vote: Upcoming Mutual Fund Shareholder Meeting and )
Filed by the Registrant [X]
Filed by a party other than the Registrant [ ]
Check the appropriate box:
//Preliminary Proxy VoteStatement
We recently sent you proxy materials concerning important proposals affecting your //Definitive Proxy Statement
/X/Definitive Additional Materials
//Soliciting Material pursuant to Rule 14a-11(c) or Section Rule 14a-12
//Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e) (2))
T. Rowe Price fund(s). The proposals will be considered at an upcoming joint special shareholder meeting on July 25, 2018. The proposals include the election of new directors of the funds’ boards, as well as investment objective and/or policy changes for various All-Cap Opportunities Fund, Inc. 002-99122/811-4358
T. Rowe Price funds.Balanced Fund, Inc. 033-38791/811-6275
AsT. 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 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 Funds, Inc. 333-04753/811-07639
T. Rowe Price Equity Income Fund, Inc. 033-00070/811-4400
T. Rowe Price Equity Series, Inc. 033-52161/811-07143
T. Rowe Price Exchange-Traded Funds, Inc. 333-235450/811-23494
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 Funds, Inc. 033-29697/811-5833
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 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 Income Funds, Inc. 333-84634/811-21055
T. Rowe Price Integrated Equity Funds, Inc. 333-26323/811-08203
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 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 QM U.S. Bond Index Fund, Inc. 333-45018/811-10093
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. 002-43237/811-2215-99
T. Rowe Price Spectrum Fund, Inc. 033-10992/811-4998
T. Rowe Price Spectrum Funds II, Inc. 033-53675/811-07173
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. Equity Research Fund, Inc. 033-56015/811-07225
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
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement)
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[X]No fee required.
[ ]Fee computed on table below per Exchange Act Rules 14a-6(i) and 0-11.
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2)Aggregate number of securities to which transaction applies:
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[ ] Fee paid previously with preliminary materials.
[ ]Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
identify the filing for which the offsetting fee was paid previously. Identify the previous
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WE NEED YOUR HELP
June 16, 2023
Dear Shareholder,
We need your help. The joint special meeting of shareholders of all mutual funds and exchange-traded funds sponsored and managed by T. Rowe Price Associates, Inc. is scheduled for July 24th. Recently we sent to you proxy information, and we are writing to remind you that your proxy vote is very important to the shareholderbusiness of the Funds. It is critical that we receive your vote prior to the upcoming meeting approaches,so that we have not yet received the required votes on the two proposals below and are asking our clients to please vote their shares as soon as possible. may proceed without delay.
Our records indicate that we havedo not yet receivedhave your voting instructions recorded. PLEASE take a moment to cast your vote TODAY. If you have voted since this mailing, we sincerely thank you for your vote.
·AmendShareholders of the fundamental policy on commoditiesFunds will be asked to vote to elect four (4) director-nominees, and any other business that may come before the Meeting. The Board unanimously recommends that you vote FOR each Board nominee. A copy of nine funds
The proposed policy is intended to clarify the funds’ authority to enter into a variety of derivative transactions relating to commodities and would essentially “modernize” the current policy, which only discusses commodity-related futures and options. Under the proposed policy, the term “physical commodities” would be changed to “commodities,” but direct investments in commodities would still be prohibited. This change would align the funds’ policy on commodities with other T. Rowe Price funds.
· Reclassify the diversification status of ten sector funds from diversified to nondiversified
Sector funds tend to have more concentrated benchmarks with limited investable opportunity sets. The proposed change to each fund’s diversification policy will provide each sector fund with greater flexibility, but will not substantially affect the way each fund is managed.
YOUR FUND’S BOARD RECOMMENDS THAT YOU VOTE "FOR" EACH PROPOSAL
For more information on the shareholder meeting, including information on the specific proposals, please review the proxy materials by clicking here.
To vote your shares, please call Computershare, our proxy solicitor,statement can be obtained at 1 (866) 436-5968. Specialists can assist with questions and voting and are available Monday-Friday from 9 a.m. – 11 p.m. ET and Saturday from 12 p.m. – 6 p.m. ET.
We appreciate your continued business and partnership. the following URL vote.proxyonline.com/trowe/docs/2023jointspecialmeeting.pdf.If you have any additionalproxy related questions or would like to cast your proxy vote by phone, please feel freecall 1-800-434-3719 for assistance. Representatives are available Monday through Friday 9 a.m. to contact us.10 p.m. Eastern time.
Regards,We very much appreciate your attention to this matter.
[Insert Sales Associate Name
Sincerely,
Robert W. Sharps
Chief Executive Officer, T. Rowe Price Group, Inc.
Four convenient voting methods…
1.Vote by Phone with a Representative:You may cast your vote by telephone with a proxy representative by calling toll-free 1-800-434-3719. Representatives are available Monday through Friday 9 a.m. to 10 p.m. Eastern time.
2.Vote by touch-tone phone:You may cast your vote by telephone using an automated system by calling the toll-free number found on the enclosed proxy card(s).
3.Vote online:You may cast your vote by visiting the web address located on the enclosed proxy card(s) and Outlook Signature]following the instructions on the website.
4.Vote by mail: You may cast your vote by signing, dating, and mailing the enclosed proxy card(s) in the postage-prepaid return envelope provided.
This communication does not undertake to give investment advice in a fiduciary capacity.
WE NEED YOUR HELP
June 16, 2023
Dear Shareholder,
We need your help. The joint special meeting of shareholders of all mutual funds and exchange-traded funds sponsored and managed by T. Rowe Price Associates, Inc., and/or its affiliates is scheduled for July 24th. Recently we sent to you proxy information, and we are writing to remind you that your proxy vote is very important to the business of the Funds. It is critical that we receive revenue fromyour vote prior to the upcoming meeting so that we may proceed without delay.
Our records indicate that we do not yet have your voting instructions recorded. PLEASE take a moment to cast your vote TODAY. If you have voted since this mailing, we sincerely thank you for your vote.
Shareholders of the Funds will be asked to vote to elect four (4) director-nominees, and any other business that may come before the Meeting. The Board unanimously recommends that you vote FOR each Board nominee. A copy of the proxy statement can be obtained at the following URL vote.proxyonline.com/trowe/docs/2023jointspecialmeeting.pdf.If you have any proxy related questions, please call 1-800-434-3719 for assistance. Representatives are available Monday through Friday 9 a.m. to 10 p.m. Eastern time.
We very much appreciate your attention to this matter.
Sincerely,
Robert W. Sharps
Chief Executive Officer, T. Rowe Price investment productsGroup, Inc.
Three convenient voting methods…
1.Vote by touch-tone phone:You may cast your vote by telephone using an automated system by calling the toll-free number found on the enclosed proxy card(s).
2.Vote online:You may cast your vote by visiting the web address located on the enclosed proxy card(s) and services.following the instructions on the website.
Download a Prospectus
All funds are subject to market risk including possible loss of principal.
This email3.Vote by mail: You may be considered advertising under federal law.
100 E. Pratt Street, Baltimore, MD 21202
To modifycast your email options or opt out of receiving e-communications from U.S. Investment Services of T. Rowe Price, vote by signing, dating, and mailing the enclosed proxy card(s) in the click herepostage-prepaid.
T. Rowe Price Investment Services, Inc.
For Institutional Investor Use Only. Not For Further Distribution.
201807-547223 return envelope provided.