al holcomb diversified investment advisors

hbk investments strategies

See how Citi is taking steps to help mitigate the effects of the pandemic, from helping clients to providing relief through funds to frontline healthcare workers, organizations such as No Kid Hungry and more. Despite the pandemic limiting options for group events, Citi was determined to do our part through meaningful volunteerism. The Citi Plex Account is a new digital checking and savings account built to make managing money simpler, smarter and more rewarding. Community Development Financial Institutions do more than provide capital, they level the playing field for communities and populations at risk of being left behind. Market attention has focused on the bearish potential return of the U.

Al holcomb diversified investment advisors td investments ltd

Al holcomb diversified investment advisors

Interest rate risks Prices of bonds and other fixed income securities will increase as interest rates fall and that prices will decrease as interest rates rise bond prices and interest rates usually move in opposite directions.

As a result, in a rising interest rate environment, the net asset value of a fund with a longer. Emerging market bond risks Emerging market bonds are generally less liquid than higher-quality bonds issued by companies and governments in developed countries. Consequently, large purchases or sales of certain high-yield, emerging market debt issues may cause significant changes in their prices. Because many of these bonds do not trade frequently, when they do trade, their prices may be substantially higher or lower than had been expected.

A lack of liquidity also means that more subjectivity will be used in establishing the fair value of the securities. This type of volatility is usually associated more with stocks than bonds, but investors in lower-quality bonds should also anticipate it. Nondiversification risks Because the fund is nondiversified and thus can invest more of its assets in a smaller number of issuers, it may be more exposed to the risks associated with an individual issuer than a fund that invests more broadly across many issuers.

Rowe Price analysts. For example, the fund may occasionally use forward currency exchange contracts, credit default swaps, or interest rate futures. Forward currency exchange contracts involve the risk that currency movements will not be accurately predicted, credit default swaps expose the fund to the risks that anticipated changes in the creditworthiness of an issuer or the likelihood of a particular credit event will not be accurately predicted, and futures involve the risk that expected changes in interest rate movements will not be accurately predicted.

A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based. Derivatives can be highly volatile, illiquid, and difficult to value. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid trading market.

Derivatives involve the risk that a counterparty to the derivatives agreement will fail to make required payments or comply with the terms of the agreement. There is also the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation, which could adversely impact the value and liquidity of a derivatives contract subject to such regulation. Recent regulations have changed the requirements related to the use of certain derivatives.

Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. The SEC has proposed a rule that would change the regulation of derivatives and how they are used by registered investment companies, such as the T. Rowe Price Funds. It is expected that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.

The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses. The net effect of a particular investment depends on its volatility and the size of its overall return in relation to the performance of all other fund investments. Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the fund purchases a security.

However, certain changes will require holdings to be sold or purchased by the fund during the time it is above or below the stated percentage restriction in order for the fund to be in compliance with applicable restrictions. The data providers use various criteria to determine the country to which a security is economically tied.

Types of Portfolio Securities. In seeking to meet its investment objective, the fund may invest in any type of security or instrument including certain potentially high-risk derivatives described in this section whose investment characteristics are consistent with its investment program. Nondiversified Status. The fund is registered with the SEC as a nondiversified mutual fund. Since the fund is a nondiversified investment company and is permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers, the fund may be subject to greater credit risk with respect to its portfolio securities and greater volatility with respect to its share price than an investment company that is more broadly diversified.

However, the fund intends to qualify as a regulated investment company for purposes of the Internal Revenue Code. Debt Securities. Such securities may take a variety of forms including those issued in the local currency of an emerging market country, U. Normally, the fund will invest substantially all of its assets in securities issued by emerging markets corporations.

The fund may from time to time purchase securities on a when-issued basis, invest in repurchase agreements, and purchase bonds convertible into equities. While the fund intends to invest primarily in debt securities, it may invest in convertible bonds or equity securities. While some countries or companies may be regarded as favorable investments, pure bond opportunities may be unattractive or limited due to insufficient supply, or legal or technical restrictions. In such cases, the fund may consider equity securities or convertible bonds to gain exposure to such markets.

Common and Preferred Stocks. Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, the fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend. Convertible Securities and Warrants. Under normal conditions, the fund does not expect to directly purchase common stocks. Any shares of common stock that are received through a reorganization, restructuring, exercise, exchange, conversion, or similar action will be sold within a reasonable timeframe taking into consideration market conditions and any legal restrictions.

Loan Participations and Assignments. Large loans to corporations or governments, including governments of less developed countries, may be shared or syndicated among several lenders, usually banks. The fund could participate in such syndicates, or could buy part of a loan, becoming a direct lender. Participations and assignments involve special types of risk, including limited marketability and the risks of being considered a lender.

If the fund. The fund may also make investments in a company through the purchase or execution of a privately negotiated note representing the equivalent of a loan. Derivatives and Leverage. A derivative is a financial instrument whose value is derived from an underlying security, such as a stock or bond, or from a market benchmark, such as an interest rate index.

Many types of investments representing a wide range of risks and potential rewards may be considered derivatives, including conventional instruments such as futures and options, as well as other potentially more complex investments such as swaps and structured notes.

The use of derivatives can involve leverage. Leverage has the effect of magnifying returns, positively or negatively. The effect on returns will depend on the extent to which an investment is leveraged. Leverage ratios can be higher or lower with a corresponding effect on returns. The fund may use derivatives in certain situations to help accomplish any or all of the following: to hedge against a decline in principal value, to increase yield, to manage exposure to changes in interest or currency exchange rates, to invest in eligible asset classes with greater efficiency and at a lower cost than is possible through direct investment, or to adjust portfolio duration or credit risk exposure.

Derivatives that may be used include the following instruments, as well as others that combine the risk characteristics and features of futures, options, and swaps:. Futures and Options Futures, a type of potentially high-risk derivative, are often used to manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price.

Options, another type of potentially high-risk derivative, may be used to generate additional income, to enhance returns, or as a defensive technique to protect against anticipated declines in the value of an asset. Call or put options may be purchased or sold on securities, futures, and financial indexes. All of these agreements are considered derivatives and, in certain cases, high-risk derivatives.

Interest rate, index, and total return swaps are two-party contracts under which the fund and a counterparty, such as a broker or dealer, agree to exchange the returns or differentials in rates of return earned or realized on particular predetermined investments or indexes.

Credit default swaps are agreements where one party the protection buyer will make periodic payments to another party the protection seller in exchange for protection against specified credit events, such as defaults and bankruptcies related to an issuer or underlying credit instrument.

Swap futures are futures contracts on interest rate swaps that enable purchasers to settle in cash at a future date at the price determined by a specific benchmark rate at the end of a fixed period. There are risks in the use of swaps and related instruments. Swaps could result in losses if interest or foreign currency exchange rates or credit quality changes are not correctly anticipated by the fund. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated.

The use of swaps, swaptions, and swap futures may not always be successful. Using them could lower. Swap agreements that are cleared and settled through a clearinghouse, or traded on an exchange or swap execution facility, are not subject to these limits.

Currency Derivatives The fund may engage in foreign currency transactions either on a spot cash basis at the rate prevailing in the currency exchange market at the time or through forward currency exchange contracts, which are contracts between two counterparties to exchange one currency for another on a future date at a specified exchange rate. The fund may attempt to hedge its exposure to potentially unfavorable currency changes.

However, forward currency contracts can also be used in an effort to benefit from a currency believed to be appreciating in value versus other currencies. The fund may invest in foreign currencies directly without holding any foreign securities denominated in those currencies. Forward currency contracts involve special risks, including, but not limited to, the potential for significant volatility in currency markets, and the risk that in certain markets, particularly emerging markets, it is not possible to engage in effective foreign currency hedging.

The fund may enter into foreign currency transactions under the following circumstances:. Lock In When the fund desires to lock in the U. Cross Hedge If a particular currency is expected to decrease in value relative to another currency, the fund may sell the currency expected to decrease and purchase a currency that is expected to increase against the currency sold.

However, the fund is not required to own securities in the particular currency being purchased or sold. In either case, the fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U.

The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but the fund would hope to benefit from an increase if any in the value of the bond. Proxy Hedge In certain circumstances, a different currency may be substituted for the currency in which the investment is denominated, as part of a strategy known as proxy hedging.

In this case, the fund, having purchased a security, will sell a currency whose value is believed to be closely linked to the currency in which the security is denominated. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies, and that relationship may not always be maintained.

The fund may also use these instruments to create a synthetic bond, which is issued in one currency with the currency component transformed into another currency. Costs of Hedging When the fund purchases a foreign bond with a higher interest rate than is available on U. A proxy hedge, which is less costly than a direct hedge, may attempt to reduce this cost through an indirect hedge back to the U.

Hedging may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in an increase or decrease in the amount of taxable dividends paid by. Investments in Other Investment Companies. The fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.

The fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The risks of owning another investment company are generally similar to the risks of investing directly in the securities in which that investment company invests. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility if an active trading market does not exist.

Rowe Price investment companies are subject to the limits that apply to investments in other funds under the Investment Company Act of or under any applicable exemptive order. Illiquid Securities. The determination of liquidity involves a variety of factors. Illiquid securities may include private placements that are sold directly to a small number of investors, usually institutions. Unlike public offerings, such securities are not registered with the SEC.

Although certain of these securities may be readily sold for example, pursuant to Rule A under the Securities Act of and therefore deemed liquid, others may have resale restrictions and be considered illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and the fund may only be able to sell such securities at prices substantially lower than what it believes they are worth. Types of Investment Management Practices.

If the fund has significant holdings in reserves, it could compromise its ability to achieve its objective. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into the fund, and can serve as a short-term defense during periods of unusual market volatility. When-Issued Securities and Forwards.

Borrowing Money and Transferring Assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of Due to the differences in timing between the purchase and redemption settlement dates for the Sector Portfolios, share exchanges between certain Sector Portfolios could result in short-term borrowings in order to settle purchases of underlying portfolio securities while the purchasing Sector Portfolio awaits the receipt of redemption proceeds from the redeeming Sector Portfolio.

Such borrowings are expected to be infrequent and are subject to these limits on borrowings. Credit Quality Considerations. The highest ratings are assigned to issuers perceived to have the lowest credit risks. Other things being equal, bonds and other debt obligations with lower ratings typically have higher yields due to greater credit risk. Credit quality ratings are not guarantees.

The following table summarizes the rating scales and associated credit risk assigned by the major rating agencies. Within these categories, the rating may be modified with a symbol such as 1, 2, and 3, or a plus or minus to indicate whether the bond is ranked in the higher or lower end of its rating category. Rowe Price generally relies upon its own credit analysis when selecting investments. Ratings of Debt Securities. Lowest level of credit risk with extremely strong capacity to meet financial commitments.

Very low credit risk with very strong capacity to meet financial commitments. Low credit risk with strong capacity to meet financial commitments. Moderate credit risk with adequate capacity to meet financial commitments. Subject to substantial credit risk and adverse conditions could lead to inadequate capacity to meet financial commitments.

Subject to high credit risk and adverse conditions will likely impair capacity to meet financial commitments. Subject to very high credit risk and dependent upon favorable conditions to meet financial commitments. Highly vulnerable to nonpayment and likely in, or very near, default with some prospect of recovery of principal and interest. Typically in default with little prospect for recovery of principal and interest. In default.

Portfolio Turnover. Turnover is an indication of frequency of trading. The fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held. Each time the fund purchases or sells a security, it incurs a cost.

This cost is reflected in its net asset value but not in its operating expenses. Higher turnover can also increase the possibility of taxable capital gain distributions. The total returns in the table represent the rate that an. Financial Highlights. Year ended December Net asset value, beginning of period.

Income From Investment Operations. Net investment income a. Net gains or losses on securities both realized and unrealized. Total from investment operations. Dividends from net investment income. Distributions from capital gains. Returns of capital. Total distributions. Net asset value, end of period. Total return. Ratio of expenses to average net assets. Ratio of net income to average net assets. Portfolio turnover rate. Each T. Rowe Price Fund discloses its portfolio holdings for its fiscal year-end in its annual shareholder report and its portfolio holdings for its second fiscal quarter-end in its semiannual shareholder report.

Each fund also discloses its portfolio holdings for its first and third fiscal quarter-ends on Form N-Q. Monthly portfolio holdings for the T. Rowe Price website. Rowe Price that the disclosure of such holdings would not be harmful to any of the other T. Information About Accounts in T. The following policies and procedures apply only to the T. These funds are not available for direct purchase by the public. Eligible investors in the Sector Portfolios are currently limited to institutional clients that have entered into an investment management agreement for T.

The Sector Portfolios are designed to be components of a separate account and seek to invest more efficiently in certain market sectors than is usually possible when buying individual securities for a separate account. Shares may generally only be purchased and held by institutional separate account clients with a U. Institutional separate account clients typically include corporate pension plans, public pension plans, endowments, and foundations.

Transaction orders are normally initiated based on instructions from the authorized persons at T. Rowe Price responsible for portfolio management of the separate account. How and When Shares Are Priced. Market values are used to price portfolio holdings for which market. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation.

This value may differ from the value the fund receives upon sale of the holdings. ET, except under the following circumstances. Most foreign markets close before 4 p. In deciding whether to make these adjustments, the fund reviews a variety of factors, including developments in foreign markets, the performance of U. A fund may also fair value certain securities or a group of securities in other situations, for example, when a particular foreign market is closed but the fund is open.

If an event occurs that affects the value of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, a fund may make a price adjustment depending on the nature and significance of the event. The funds also evaluate a variety of factors when assigning fair values to private placements and other restricted securities.

Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security. Shares of the Sector Portfolios are intended for purchase on behalf of institutional separately managed accounts for which T. Rowe Price or one of its affiliates has an agreement to provide discretionary investment management services. Accordingly, orders to purchase, redeem, or exchange shares of the Sector Portfolios are typically based on instructions from the personnel at T.

Rowe Price authorized to make investment decisions for a particular separate account, although a transaction request. If a transaction request is received in correct form by the Sector Portfolio from either the authorized person at T. If a transaction request is not received by the Sector Portfolio from either the authorized person at T. Note: The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.

The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE, and still accept transactions and calculate their net asset value as of 4 p. Receiving Redemption Proceeds. Redemption proceeds will usually be applied to the short-term investment fund or other cash reserves within the separate account, invested in shares of another Sector Portfolio, or used to purchase other securities at the discretion of T.

Rowe Price on behalf of a separate account. Proceeds are normally not sent until the third business day the next business day for the Mortgage-Backed Sector Portfolio after the redemption request is received and processed, but proceeds may take up to seven business days to be sent if, in the judgment of the fund, an earlier payment could adversely affect the fund. When opening an account, the entity will be required to provide various information, as well as documents governing the existence of the entity, in order for T.

Rowe Price to verify the identity of the client and persons opening the account. The Sector Portfolios reserve the right to accept a purchase that is unaccompanied by payment. Payment for these shares must be received by the time designated by the Sector Portfolio not to exceed the period established for settlement under applicable. If payment is not received by this time, the order may be canceled and the party responsible for the canceled purchase may bear the costs of any losses incurred by the Sector Portfolio.

Dollars All purchases must be paid for in U. Investment Minimums There are no minimum or maximum limits on the amounts that must be invested in the Sector Portfolios. However, there are minimum investment requirements to establish a separate account with T. Nonpayment Purchases of a fund may be canceled if payment is not received in a timely manner and the shareholder may be responsible for any losses or expenses incurred by the fund or its transfer agent.

The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment. Involuntary Redemptions. The Sector Portfolios reserve the right to automatically redeem the shares of any investor that ceases to be eligible for investment in the funds. By purchasing shares of the Sector Portfolios and entering into an investment management agreement with T. Rowe Price or one of its affiliates, the separate account client agrees that T.

Upon termination of an investment management agreement between a separate account client and T. Rowe Price or one of its affiliates , any outstanding Sector Portfolio shares held by the client will be redeemed by T. Rowe Price in accordance with the terms of the agreement. The liquidation of shares under these circumstances may have tax consequences for the client. Excessive and Short-Term Trading Policy. The Boards of the T. Rowe Price Funds have adopted policies that are designed to deter excessive transactions and short-term trading activity that can be harmful to the funds and their shareholders.

These policies include trading limits on additional purchases and exchanges into funds under certain conditions, although shares of T. Rowe Price Funds that are purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates are exempt from these trading limits.

These funds are managed in a manner consistent with their role as investment options for separately managed accounts and are exempt from the excessive and short-term trading policies adopted for other T. Rowe Price funds. For similar reasons, the funds do not charge a redemption fee on the sale of fund shares.

Each Sector Portfolio has elected to be treated and intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of , as amended. In order to qualify, the fund must satisfy certain income, diversification, and distribution requirements.

A regulated investment company is not subject to U. To the extent possible, all net investment income and realized capital gains are distributed to shareholders. Dividends and Other Distributions. Dividends for the Sector Portfolios are declared daily and any accrued dividends for the month are typically paid or reinvested on the first business day of the next month. Shares that are purchased begin to earn dividends on the business day that payment is received by the Sector Portfolio if payment is received by p.

Purchased shares do not begin to earn dividends until the next business day if payment is received after p. Shares that are redeemed continue to earn dividends through the calendar day prior to the date the redemption settles and proceeds are sent. Therefore, shares redeemed from the Mortgage-Backed Sector Portfolio will normally earn dividends through the redemption trade date and shares redeemed from the other Sector Portfolios will normally earn dividends through the second business day following the redemption trade date.

However, for any shares that are redeemed on a business day prior to a weekend or holiday and proceeds are not sent until after the weekend or holiday , those redeemed shares will continue to earn dividends through the weekend or holiday. The funds do not pay dividends in fractional cents. Please note that, if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.

A capital gain or loss is the difference between the purchase and sale price of a security. If a fund has net capital gains for the year after subtracting any capital losses , they are usually declared and paid in December to shareholders of record on a specified date that month. If a second distribution is necessary, it is paid the following year. A fund may have to make additional capital gain distributions, if necessary, to comply with the applicable tax law. In most cases, necessary tax information will be provided no later than mid-February.

Tax forms are generally issued to fund shareholders when:. Taxes on Fund Redemptions. When you sell shares in any fund, you may realize a gain or loss. An exchange from one fund to another in a taxable account is also a sale for tax purposes. Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the day period of the dividend reinvestment.

Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares. If applicable, T. Rowe Price will make available, no later than mid-February, a Form B indicating the date and amount of each sale made in the fund during the prior year along with applicable cost basis information.

This information will also be reported to the Internal Revenue Service. Taxes on Fund Distributions. Rowe Price will make available to you, as applicable, generally no later than mid-February, a Form DIV, or other Internal Revenue Service forms, as required, indicating the tax status of any income dividends, dividends exempt from federal income taxes, and capital gain distributions made to you.

This information will be reported to the Internal Revenue Service. Taxable distributions are generally taxable to you in the year in which they are paid. A dividend declared in October, November, or December and paid in the following January is generally treated as taxable to you as if you received the distribution in December. Dividends from tax-free funds are generally expected to be tax-exempt for federal income tax purposes.

Your bond or money fund dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain dividends may also be subject to state and local taxes. You will be sent any additional information you need to determine your taxes on fund distributions, such as the portion of your dividends, if any, that may be exempt from state and local income taxes. Taxable distributions are subject to tax whether reinvested in additional shares or received in cash.

The tax treatment of a capital gain distribution is determined by how long the fund held the portfolio securities. Short-term one year or less capital gain distributions are taxable at the same rate as ordinary income, and gains on securities held more than one year are taxed at the lower rates applicable to long-term capital gains.

For funds investing in foreign securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt securities are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital. The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form DIV.

A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from. Certain funds, including international bond funds and funds that invest in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments. If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income.

However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid. You may be subject to backup withholding if we are notified by the Internal Revenue Service to withhold, you have failed one or more tax certification requirements, or our records indicate that your tax identification number is missing or incorrect. Backup withholding is not an additional tax and is generally available to credit against your federal income tax liability with any excess refunded to you by the Internal Revenue Service.

Tax Consequences of Hedging. Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code.

These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions. Such distributions can occur even in a year when the fund has a negative return.

The Statement of Additional Information is incorporated by reference into this prospectus, which means that it is legally part of this prospectus even if you do not request a copy. To obtain free copies of any of these documents, call your T. Rowe Price Client Service Professional. These documents are available through troweprice. Baltimore, MD A fund seeking high current income and capital appreciation through investments in bonds denominated in emerging markets currencies. Emerging market securities include fixed rate and floating rate bonds that are issued by.

Investment decisions are based on fundamental research and the analysis of various market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values. The fund generally invests in securities where the combination of fixed-income returns and currency exchange rates appears attractive or, if the currency trend is unfavorable, where the adviser believes the currency risk can be minimized through hedging. There are also no maturity restrictions on the overall portfolio or on individual securities purchased by the fund.

Through the use of currency derivative instruments such as forward currency exchange contracts, currency swaps, currency options, and currency futures, the fund has wide flexibility to purchase and sell currencies independently of whether the fund owns securities in those currencies and to engage in currency hedging transactions. Currency hedging is permitted, but not required, and the fund will normally be heavily exposed to foreign currencies. The fund may take a short position in a currency, which allows the fund to sell a currency in excess of the value of its holdings denominated in that currency or sell a currency even if it does not hold any assets denominated in the currency.

In addition, the fund may use interest rate swaps and futures in order to take long or short positions with respect to its exposure to a particular country or bond market, subject to the investment restrictions applicable to futures and swaps. Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective.

The principal risks of investing in this fund are summarized as follows:. If currency values and exchange rates do not move in the anticipated direction, the fund could be in a worse position than if it had not entered into such transactions. Generally, securities with longer maturities or durations, and funds with longer weighted average maturities or durations, carry greater interest rate risk. The monetary policies of emerging markets countries tend to make the impact and likelihood of local interest rate changes more difficult to predict.

Taking a short position in a particular currency could cause the fund to lose money if the currency appreciates in value. After-tax returns shown are not. Investment Sub-adviser T. Rowe Price International Ltd T. Rowe Price International. Andrew J. Orders to purchase, redeem, or exchange fund shares must generally be requested by the persons at T.

The fund declares dividends daily and pays any accrued dividends on the first business day of each month. Any capital gains are declared and paid annually,. Distributions declared by the fund, as well as redemptions or exchanges of fund shares, may be taxable. Investment Advisers. Rowe Price has entered into sub-advisory agreements with T. Rowe Price International under which T.

Rowe Price International is authorized to trade securities and make discretionary investment decisions on behalf of the fund. Rowe Price International sponsors and serves as adviser to foreign collective investment schemes and provides investment management services to investment companies and other institutional investors. Rowe Price International is headquartered in London and has several branch offices around the world.

Rowe Price International is a direct subsidiary of T. Firm in and his investment experience dates from He has served as a portfolio manager with the Firm throughout the past five years. The fund is not available for direct purchase by the public. It is designed for investments by T. Rowe Price on behalf of institutional separate account clients.

The fund focuses its investments on emerging market bonds and other debt instruments that are denominated in the local currency of an emerging market country. These bond markets enable investors to get exposure both to local interest rates and to the currencies of emerging markets. Emerging market currencies also afford investors a potential hedge against weakness in the U.

Security selection relies on in-depth country and currency analysis that seeks to identify shifts in country fundamentals and anticipated currency movements, and considers the risk adjusted attractiveness of currency and duration returns for various emerging market countries. The fund may enter into forward currency exchange contracts and currency swaps, purchase and write options on currencies, and purchase and sell currency futures contracts and related options thereon in an effort to hedge against an expected.

The fund may also use interest rate swaps and futures to adjust its country exposure. Significant risks, such as war and terrorism, currently affect some emerging market countries. Companies and governments issuing lower-rated bonds are not as strong financially as those with higher credit ratings, and their bonds are often viewed as speculative investments.

Such issuers are more vulnerable to real or perceived business setbacks and to changes in the economy, such as a recession, that might impair their ability to make timely interest and principal payments. When it comes to your financial future, you need a trusted partner.

One who understands your short-and long-term goals and can create a personalized strategy to achieve them. My aim is to help you get to where you want to go and make your journey toward financial success as easy as possible. Neither firm is affiliated with the financial institution where investment services are offered.

This communication is provided for educational and general marketing purposes only and should not be construed as a recommendation or suggestion as to the advisability of acquiring, holding or disposing of a particular investment, nor should it be construed as a suggestion or indication that the particular investment or investment course of action described herein is appropriate for any specific retirement investor. In providing this communication, Regions is not undertaking to provide impartial investment advice or to five advice in a fiduciary capacity.

FOREIGN DIRECT INVESTMENT EXPORTS AND IMPORTS IN MEXICO

The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into the fund, and can serve as a short-term defense during periods of unusual market volatility. When-Issued Securities and Forwards. Borrowing Money and Transferring Assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of Due to the differences in timing between the purchase and redemption settlement dates for the Sector Portfolios, share exchanges between certain Sector Portfolios could result in short-term borrowings in order to settle purchases of underlying portfolio securities while the purchasing Sector Portfolio awaits the receipt of redemption proceeds from the redeeming Sector Portfolio.

Such borrowings are expected to be infrequent and are subject to these limits on borrowings. Credit Quality Considerations. The highest ratings are assigned to issuers perceived to have the lowest credit risks. Other things being equal, bonds and other debt obligations with lower ratings typically have higher yields due to greater credit risk.

Credit quality ratings are not guarantees. The following table summarizes the rating scales and associated credit risk assigned by the major rating agencies. Within these categories, the rating may be modified with a symbol such as 1, 2, and 3, or a plus or minus to indicate whether the bond is ranked in the higher or lower end of its rating category.

Rowe Price generally relies upon its own credit analysis when selecting investments. Ratings of Debt Securities. Lowest level of credit risk with extremely strong capacity to meet financial commitments. Very low credit risk with very strong capacity to meet financial commitments. Low credit risk with strong capacity to meet financial commitments. Moderate credit risk with adequate capacity to meet financial commitments. Subject to substantial credit risk and adverse conditions could lead to inadequate capacity to meet financial commitments.

Subject to high credit risk and adverse conditions will likely impair capacity to meet financial commitments. Subject to very high credit risk and dependent upon favorable conditions to meet financial commitments. Highly vulnerable to nonpayment and likely in, or very near, default with some prospect of recovery of principal and interest.

Typically in default with little prospect for recovery of principal and interest. In default. Portfolio Turnover. Turnover is an indication of frequency of trading. The fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held.

Each time the fund purchases or sells a security, it incurs a cost. This cost is reflected in its net asset value but not in its operating expenses. Higher turnover can also increase the possibility of taxable capital gain distributions. The total returns in the table represent the rate that an. Financial Highlights. Year ended December Net asset value, beginning of period. Income From Investment Operations. Net investment income a. Net gains or losses on securities both realized and unrealized.

Total from investment operations. Dividends from net investment income. Distributions from capital gains. Returns of capital. Total distributions. Net asset value, end of period. Total return. Ratio of expenses to average net assets. Ratio of net income to average net assets. Portfolio turnover rate.

Each T. Rowe Price Fund discloses its portfolio holdings for its fiscal year-end in its annual shareholder report and its portfolio holdings for its second fiscal quarter-end in its semiannual shareholder report. Each fund also discloses its portfolio holdings for its first and third fiscal quarter-ends on Form N-Q.

Monthly portfolio holdings for the T. Rowe Price website. Rowe Price that the disclosure of such holdings would not be harmful to any of the other T. Information About Accounts in T. The following policies and procedures apply only to the T. These funds are not available for direct purchase by the public. Eligible investors in the Sector Portfolios are currently limited to institutional clients that have entered into an investment management agreement for T.

The Sector Portfolios are designed to be components of a separate account and seek to invest more efficiently in certain market sectors than is usually possible when buying individual securities for a separate account. Shares may generally only be purchased and held by institutional separate account clients with a U. Institutional separate account clients typically include corporate pension plans, public pension plans, endowments, and foundations.

Transaction orders are normally initiated based on instructions from the authorized persons at T. Rowe Price responsible for portfolio management of the separate account. How and When Shares Are Priced. Market values are used to price portfolio holdings for which market. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. This value may differ from the value the fund receives upon sale of the holdings.

ET, except under the following circumstances. Most foreign markets close before 4 p. In deciding whether to make these adjustments, the fund reviews a variety of factors, including developments in foreign markets, the performance of U. A fund may also fair value certain securities or a group of securities in other situations, for example, when a particular foreign market is closed but the fund is open.

If an event occurs that affects the value of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, a fund may make a price adjustment depending on the nature and significance of the event. The funds also evaluate a variety of factors when assigning fair values to private placements and other restricted securities.

Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security. Shares of the Sector Portfolios are intended for purchase on behalf of institutional separately managed accounts for which T.

Rowe Price or one of its affiliates has an agreement to provide discretionary investment management services. Accordingly, orders to purchase, redeem, or exchange shares of the Sector Portfolios are typically based on instructions from the personnel at T. Rowe Price authorized to make investment decisions for a particular separate account, although a transaction request.

If a transaction request is received in correct form by the Sector Portfolio from either the authorized person at T. If a transaction request is not received by the Sector Portfolio from either the authorized person at T. Note: The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.

The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE, and still accept transactions and calculate their net asset value as of 4 p. Receiving Redemption Proceeds. Redemption proceeds will usually be applied to the short-term investment fund or other cash reserves within the separate account, invested in shares of another Sector Portfolio, or used to purchase other securities at the discretion of T.

Rowe Price on behalf of a separate account. Proceeds are normally not sent until the third business day the next business day for the Mortgage-Backed Sector Portfolio after the redemption request is received and processed, but proceeds may take up to seven business days to be sent if, in the judgment of the fund, an earlier payment could adversely affect the fund. When opening an account, the entity will be required to provide various information, as well as documents governing the existence of the entity, in order for T.

Rowe Price to verify the identity of the client and persons opening the account. The Sector Portfolios reserve the right to accept a purchase that is unaccompanied by payment. Payment for these shares must be received by the time designated by the Sector Portfolio not to exceed the period established for settlement under applicable. If payment is not received by this time, the order may be canceled and the party responsible for the canceled purchase may bear the costs of any losses incurred by the Sector Portfolio.

Dollars All purchases must be paid for in U. Investment Minimums There are no minimum or maximum limits on the amounts that must be invested in the Sector Portfolios. However, there are minimum investment requirements to establish a separate account with T. Nonpayment Purchases of a fund may be canceled if payment is not received in a timely manner and the shareholder may be responsible for any losses or expenses incurred by the fund or its transfer agent. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.

Involuntary Redemptions. The Sector Portfolios reserve the right to automatically redeem the shares of any investor that ceases to be eligible for investment in the funds. By purchasing shares of the Sector Portfolios and entering into an investment management agreement with T. Rowe Price or one of its affiliates, the separate account client agrees that T. Upon termination of an investment management agreement between a separate account client and T. Rowe Price or one of its affiliates , any outstanding Sector Portfolio shares held by the client will be redeemed by T.

Rowe Price in accordance with the terms of the agreement. The liquidation of shares under these circumstances may have tax consequences for the client. Excessive and Short-Term Trading Policy. The Boards of the T. Rowe Price Funds have adopted policies that are designed to deter excessive transactions and short-term trading activity that can be harmful to the funds and their shareholders. These policies include trading limits on additional purchases and exchanges into funds under certain conditions, although shares of T.

Rowe Price Funds that are purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates are exempt from these trading limits. These funds are managed in a manner consistent with their role as investment options for separately managed accounts and are exempt from the excessive and short-term trading policies adopted for other T.

Rowe Price funds. For similar reasons, the funds do not charge a redemption fee on the sale of fund shares. Each Sector Portfolio has elected to be treated and intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of , as amended. In order to qualify, the fund must satisfy certain income, diversification, and distribution requirements. A regulated investment company is not subject to U.

To the extent possible, all net investment income and realized capital gains are distributed to shareholders. Dividends and Other Distributions. Dividends for the Sector Portfolios are declared daily and any accrued dividends for the month are typically paid or reinvested on the first business day of the next month.

Shares that are purchased begin to earn dividends on the business day that payment is received by the Sector Portfolio if payment is received by p. Purchased shares do not begin to earn dividends until the next business day if payment is received after p. Shares that are redeemed continue to earn dividends through the calendar day prior to the date the redemption settles and proceeds are sent. Therefore, shares redeemed from the Mortgage-Backed Sector Portfolio will normally earn dividends through the redemption trade date and shares redeemed from the other Sector Portfolios will normally earn dividends through the second business day following the redemption trade date.

However, for any shares that are redeemed on a business day prior to a weekend or holiday and proceeds are not sent until after the weekend or holiday , those redeemed shares will continue to earn dividends through the weekend or holiday.

The funds do not pay dividends in fractional cents. Please note that, if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day. A capital gain or loss is the difference between the purchase and sale price of a security. If a fund has net capital gains for the year after subtracting any capital losses , they are usually declared and paid in December to shareholders of record on a specified date that month.

If a second distribution is necessary, it is paid the following year. A fund may have to make additional capital gain distributions, if necessary, to comply with the applicable tax law. In most cases, necessary tax information will be provided no later than mid-February. Tax forms are generally issued to fund shareholders when:. Taxes on Fund Redemptions. When you sell shares in any fund, you may realize a gain or loss. An exchange from one fund to another in a taxable account is also a sale for tax purposes.

Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the day period of the dividend reinvestment. Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares. If applicable, T. Rowe Price will make available, no later than mid-February, a Form B indicating the date and amount of each sale made in the fund during the prior year along with applicable cost basis information.

This information will also be reported to the Internal Revenue Service. Taxes on Fund Distributions. Rowe Price will make available to you, as applicable, generally no later than mid-February, a Form DIV, or other Internal Revenue Service forms, as required, indicating the tax status of any income dividends, dividends exempt from federal income taxes, and capital gain distributions made to you.

This information will be reported to the Internal Revenue Service. Taxable distributions are generally taxable to you in the year in which they are paid. A dividend declared in October, November, or December and paid in the following January is generally treated as taxable to you as if you received the distribution in December.

Dividends from tax-free funds are generally expected to be tax-exempt for federal income tax purposes. Your bond or money fund dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain dividends may also be subject to state and local taxes. You will be sent any additional information you need to determine your taxes on fund distributions, such as the portion of your dividends, if any, that may be exempt from state and local income taxes.

Taxable distributions are subject to tax whether reinvested in additional shares or received in cash. The tax treatment of a capital gain distribution is determined by how long the fund held the portfolio securities. Short-term one year or less capital gain distributions are taxable at the same rate as ordinary income, and gains on securities held more than one year are taxed at the lower rates applicable to long-term capital gains.

For funds investing in foreign securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt securities are taxed as ordinary income.

Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital. The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form DIV. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from.

Certain funds, including international bond funds and funds that invest in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments. If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income.

However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid. You may be subject to backup withholding if we are notified by the Internal Revenue Service to withhold, you have failed one or more tax certification requirements, or our records indicate that your tax identification number is missing or incorrect.

Backup withholding is not an additional tax and is generally available to credit against your federal income tax liability with any excess refunded to you by the Internal Revenue Service. Tax Consequences of Hedging. Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code.

These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.

Such distributions can occur even in a year when the fund has a negative return. The Statement of Additional Information is incorporated by reference into this prospectus, which means that it is legally part of this prospectus even if you do not request a copy. To obtain free copies of any of these documents, call your T. Rowe Price Client Service Professional. These documents are available through troweprice.

Baltimore, MD A fund seeking high current income and capital appreciation through investments in bonds denominated in emerging markets currencies. Emerging market securities include fixed rate and floating rate bonds that are issued by. Investment decisions are based on fundamental research and the analysis of various market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values.

The fund generally invests in securities where the combination of fixed-income returns and currency exchange rates appears attractive or, if the currency trend is unfavorable, where the adviser believes the currency risk can be minimized through hedging. There are also no maturity restrictions on the overall portfolio or on individual securities purchased by the fund.

Through the use of currency derivative instruments such as forward currency exchange contracts, currency swaps, currency options, and currency futures, the fund has wide flexibility to purchase and sell currencies independently of whether the fund owns securities in those currencies and to engage in currency hedging transactions.

Currency hedging is permitted, but not required, and the fund will normally be heavily exposed to foreign currencies. The fund may take a short position in a currency, which allows the fund to sell a currency in excess of the value of its holdings denominated in that currency or sell a currency even if it does not hold any assets denominated in the currency.

In addition, the fund may use interest rate swaps and futures in order to take long or short positions with respect to its exposure to a particular country or bond market, subject to the investment restrictions applicable to futures and swaps. Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The principal risks of investing in this fund are summarized as follows:. If currency values and exchange rates do not move in the anticipated direction, the fund could be in a worse position than if it had not entered into such transactions.

Generally, securities with longer maturities or durations, and funds with longer weighted average maturities or durations, carry greater interest rate risk. The monetary policies of emerging markets countries tend to make the impact and likelihood of local interest rate changes more difficult to predict.

Taking a short position in a particular currency could cause the fund to lose money if the currency appreciates in value. After-tax returns shown are not. Investment Sub-adviser T. Rowe Price International Ltd T. Rowe Price International.

Andrew J. Orders to purchase, redeem, or exchange fund shares must generally be requested by the persons at T. The fund declares dividends daily and pays any accrued dividends on the first business day of each month. Any capital gains are declared and paid annually,.

Distributions declared by the fund, as well as redemptions or exchanges of fund shares, may be taxable. Investment Advisers. Rowe Price has entered into sub-advisory agreements with T. Rowe Price International under which T. Rowe Price International is authorized to trade securities and make discretionary investment decisions on behalf of the fund.

Rowe Price International sponsors and serves as adviser to foreign collective investment schemes and provides investment management services to investment companies and other institutional investors. Rowe Price International is headquartered in London and has several branch offices around the world. Rowe Price International is a direct subsidiary of T. Firm in and his investment experience dates from He has served as a portfolio manager with the Firm throughout the past five years.

The fund is not available for direct purchase by the public. It is designed for investments by T. Rowe Price on behalf of institutional separate account clients. The fund focuses its investments on emerging market bonds and other debt instruments that are denominated in the local currency of an emerging market country.

These bond markets enable investors to get exposure both to local interest rates and to the currencies of emerging markets. Emerging market currencies also afford investors a potential hedge against weakness in the U. Security selection relies on in-depth country and currency analysis that seeks to identify shifts in country fundamentals and anticipated currency movements, and considers the risk adjusted attractiveness of currency and duration returns for various emerging market countries.

The fund may enter into forward currency exchange contracts and currency swaps, purchase and write options on currencies, and purchase and sell currency futures contracts and related options thereon in an effort to hedge against an expected.

The fund may also use interest rate swaps and futures to adjust its country exposure. Significant risks, such as war and terrorism, currently affect some emerging market countries. Companies and governments issuing lower-rated bonds are not as strong financially as those with higher credit ratings, and their bonds are often viewed as speculative investments. Such issuers are more vulnerable to real or perceived business setbacks and to changes in the economy, such as a recession, that might impair their ability to make timely interest and principal payments.

Certain emerging market governments. Sectors of the bond market can experience sudden downturns in trading activity. During periods of reduced market liquidity, the spread between the price at which a security can be bought and the price at which it can be sold can widen, and the fund may not be able to sell a holding readily at a price that reflects what the fund believes it should be worth.

Less liquid securities can also become more difficult to value. As a result, in a rising interest rate environment, the net asset value of a fund with a longer weighted average maturity typically decreases at a faster rate than the net asset value of a fund with a shorter weighted average maturity.

In addition, changes in the local interest rates of emerging market countries tend to be more erratic than changes in interest rates of the U. Since mutual funds can be a major source of demand in certain markets, substantial cash flows into and out of these funds can affect high-yield and emerging market bond prices.

Interest rates and yield curves vary from country to country depending on local economic conditions and monetary and fiscal policies, and interest rate changes and their impact tend to be more difficult to predict for emerging market countries. For instance, the fund may also, to a limited extent, use credit default swaps to manage overall credit quality or to protect the value of certain portfolio holdings.

From time to time, the fund may use other derivatives that are consistent with its investment program. Normally, the fund will invest substantially all of its assets in bonds denominated in the local currency of the issuer. Below Investment-Grade Bonds The price and yield of noninvestment-grade high yield bonds, including noninvestment-grade emerging market bonds, can be expected to fluctuate more than the price and yield of higher-quality bonds.

Investment-grade bonds are those rated from the highest quality AAA or equivalent to medium quality BBB or equivalent , and below investment-grade bonds are those rated BB or equivalent and lower. Even BBB rated bonds may have speculative elements as well. The values of below investment-grade bonds often fluctuate more in response to political, regulatory, or economic developments than higher quality bonds. Successful investment in lower-medium and low-quality bonds involves greater investment risk and is highly dependent on careful credit analysis.

The fund may invest in debt or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the issuer, which. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock.

Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of common stock at a specified price anytime during the life of the warrants generally, two or more years. Warrants have no voting rights, pay no dividends, and can be highly volatile.

In some cases, the redemption value of a warrant could be zero. Call options give the investor the right to purchase when the investor purchases the. Swaps could result in losses if interest or foreign currency exchange rates or credit quality changes are not.

The fund may invest in currencies directly without holding any securities denominated in those currencies. These provisions could result in an increase or decrease in the amount of taxable dividends paid by the fund and could affect whether dividends paid by the fund are classified as capital gains or ordinary income. The sale of illiquid securities may involve substantial delays and additional costs, and the.

Less Distributions. Net assets, end of period in thousands. Redemption proceeds from a sale of shares from the Mortgage-Backed Sector Portfolio will typically be sent on the next business day following the trade date of the transaction. Capital Gain Payments. If a fund holds certain qualified tax credit bonds and elects to pass through the corresponding interest income and any available tax credits, you will need to report both the interest income and any such tax credits as taxable income.

You may be able to claim the tax credits on your federal tax return as an offset to your income tax including alternative minimum tax liability, but the tax credits generally are not refundable. There is no assurance, however, that a fund will elect to pass through the income and credits. Rowe Price Prime Reserve Fund. Rowe Price Institutional U. Rowe Price QM U. Rowe Price Reserve Investment Fund. Rowe Price U. Mailing Address:.

Rowe Price Investment Services, Inc. This SAI is not a prospectus but should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. If you would like a prospectus or an annual or semiannual shareholder report for a fund, please visit troweprice. Please read this material carefully. Management of the Funds. Distributor for the Funds. Portfolio Transactions. Independent Registered Public. Accounting Firm.

Fitch Ratings, Inc. Rowe Price Singapore Private Ltd. While many T. Rowe Funds are offered in more than one share class, not all funds are offered in the share classes described below. Investor Class. The Investor Class is generally designed for individual investors, but is also available to institutions and a wide variety of other types of investors.

The Investor Class may be purchased directly through T. Rowe Price or through a financial intermediary. A Price Fund other than an Institutional Fund that does not indicate a specific share class after its name is considered to be the Investor Class of that fund. I Class. Rowe Price or its affiliate has discretionary investment authority, and certain other accounts. I Class shares are designed to be sold to corporations, endowments and foundations, charitable trusts, defined benefit and defined contribution retirement plans, brokers, registered investment advisers, banks and bank trust programs, investment companies and other pooled investment vehicles, and certain individuals meeting the investment minimum or other specific criteria.

Advisor Class. The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and financial advisors. The Advisor Class must be purchased through an eligible intermediary except for certain retirement plans held directly with T. The Advisor Class requires an agreement between the financial intermediary and T.

Rowe Price to be executed prior to investment. R Class. The R Class is designed to be sold only through various third-party intermediaries that offer employer-sponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others.

The R Class must be purchased through an eligible intermediary except for certain retirement plans held directly with T. The R Class requires an agreement between the financial intermediary and T. Institutional Funds. Most of the T. The Institutional Class is designed for institutional investors, which typically include but are not limited to: corporations, endowments and foundations, charitable trusts, investment companies and other pooled vehicles, defined benefit and defined contribution retirement plans, broker-dealers, registered investment advisers, banks and bank trust programs, and Section college savings plans.

The F Class is a separate share class of certain Institutional Funds and is designed to be sold only through financial advisors and certain third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services.

The F Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary. These funds are not available for direct purchase by members of the public. Shares of these funds may only be purchased by or on behalf of mutual funds, Section college savings plans, or certain institutional client accounts for which T.

Rowe Price or one of its affiliates has discretionary investment authority. Below is a table showing the prospectus and shareholder report dates for each fund. The prospectus date shown for each fund reflects the date that the prospectus will be annually updated once the fund has been in operation at its fiscal year-end. Fiscal Year End.

Annual Report Date. Semiannual Report Date. Prospectus Date. International Equity. Oct Apr March 1. Asia Opportunities. Asset Allocation. Dec June May 1. Blue Chip Growth. Fund Category. California Tax-Free Bond. State Tax-Free Bond. Feb Aug July 1. California Tax-Free Money. State Tax-Free Money. Capital Appreciation.

Capital Opportunity. Cash Reserves. Taxable Money. Corporate Income. One who understands your short-and long-term goals and can create a personalized strategy to achieve them. My aim is to help you get to where you want to go and make your journey toward financial success as easy as possible. Neither firm is affiliated with the financial institution where investment services are offered. This communication is provided for educational and general marketing purposes only and should not be construed as a recommendation or suggestion as to the advisability of acquiring, holding or disposing of a particular investment, nor should it be construed as a suggestion or indication that the particular investment or investment course of action described herein is appropriate for any specific retirement investor.

In providing this communication, Regions is not undertaking to provide impartial investment advice or to five advice in a fiduciary capacity. Regions Investment Services, Inc.

АФФТАРУ ЗАЧОТ! best china investment точно !!!

Business Development Manager. Rimidi Chief Health Innovator, Founder. Gingko Bioworks Chief Commercial Officer. Amazon Sr. Hawkins Group Sr. Director, Product Innovation and Business Development. Modernize VP Business Development. Button, Inc. Pierpoint Capital Managing Partner.

Chief Operating Officer. Dude Solutions Chief Product Officer. SpringTechVentures Founding Partner. Callyo President and Advisory Board Member. Targeted Victory Chief Strategy Officer. CBRE, Inc. Double Elvis Partner and Executive Producer. Dupont Circle Solutions Head of Development. Indigo Diversified Holdings Inc Chairman. Impact Goods Chief Growth Officer. OnDeck Head of Business Development. RueOne Investments Operating Partner.

Skip Government Relations Manager. Microsoft Modern Workplace Senior Specialist. Uber Senior Central Operations Manager. Insight Enterprises, Inc. NS8 Inc. Executive Vice President Corporate Development. Catalyst Health 2. Vemo Education Director of Sales and Operations. Constellation Technology Ventures Principal. Atlassian Head of Solutions Engineering. Hull Street Capital Managing Director. Coursera Chief Enterprise Officer. Technology Finance Partners President. UpVentures Capital Managing Director.

Keurig Dr. Pepper Sr. SpaceX Principal Avionics Engineer. Gateway Parking Services President. Purpose Built Ventures Founding Partner. Via Vice President of Global Partnerships. Persistent Systems Field Operations Lead. Previously with Etsy Consultant and Advisor. CleanChoice Energy Chief of Staff. Splunk Global Industry Lead, Healthcare.

LivingSocial Director, Product Management. Kasa Senior Director of Strategic Finance. Nottingham Spirk Family office Director. Kin Insurance Director of Product. DrFirst, Inc. Chief Financial Officer. Cboe Vest Chief Operating Officer. Georgetown University Entrepreneur in Residence. Neighborhood Goods VP of Operations. Presidio Graduate School Adjunct Faculty. MorganFranklin Consulting Co-Founder. University of Maryland Executive in Residence.

Brightflag Vice President of Customer Success. Greenspring Associates Senior Associate. Outreach Vice President of Marketing. Bungee Tech Chief Commercial Officer. Next Coast Ventures Managing Director. SocialCode Head of Business Development.

StrategyCorp Management Consultant. Brown Advisory Head of Private Equity. Eyewitness Surveillance President. Oxeia Biopharmaceuticals, Inc. James C. Justice Companies, Inc. Managing Director. Madison Street Capital Managing Director. PlayerLync Chief Customer Officer. PatientPop Inc. Co-CEO and Founder. Juniper Mesa Management Principal. Dugout Ventures Managing Director. Guild Education Senior Strategist. Shevirah Inc. Invesco Ltd. Managing Director and CAO. Bourelly Strategic Consulting Owner.

Humanproof Chief Executive Officer. Discovery Education Chief Financial Officer. Convey Delivery Experience Management. Dermatology Partners President. Social Tables Chief Revenue Officer. Walnut Creek Investments Principal. Amyx Inc. Chief Executive Officer and President. Kasa Sr Director, Product and Operations. RTI International corporate innovation. Thirty Madison General Manager, Cove.

Independent Independent Consultant. Jellyfish Vice President of Sales. Tech-Forward Ventures Marketing Advisor. ON24 Director of Account Management. Excivity, Inc. Founder and General Manager. Decisiv, Inc. Senior Vice President, Commercial Vehicles. Brown Advisory Director of Operations. Overbrook Capital Managing Director. Boeing Principal, Corporate Strategy. Southwest Research Institute Sr. Entrepreneuers Roundtable Accelerator Entrepreneur in Residence.

Indigo Sr. Director, Systems Innovation. Capitol Hill Group Director of Finance. Brillant Ventures Founding Partner. Nordstrom Sr. Director of Product Management. Convey Enterprise Business Development.

Finix Vice President, Customer Success. Delta Air Lines Managing Director. Ursa Major Technologies Executive. Grupo Tracsa Director of Product Support. Coursera Sr. Director, Growth and Consumer Products. Ascent Venture Partners General Partner. Mesh Intelligence, Inc. Predict Health, Inc. Founder and CEO. Black Jays Investments Managing Partner. Edgewell Personal Care Board Director.

Tidewater Capital Managing Principal. Coinbase Senior Software Engineer. Independent Consultant Marketing and Strategy. Mucker Labs Entrepreneur in Residence. Brilliant Keypoint Investments Managing Partner. Reflection Ventures Managing Director. Origin Holdings, Inc.

Chief Executive Officer. Blueprint Local Investment Manager. Amira Learning President Partnerships. Arish Infolabs Pvt. Ltd Founder and CEO. Unsupervised Regional Sales Director. Vemo Education Co-founder and Vice President.

Jackson Square Ventures Principal. DroneBase Director of Business Development. Buttonwood Network Managing Director. Activus Capital Partners Managing Partner. ComEd Director Utility of the Future. Statespace Labs Vice President of Growth. Catalant VP, Marketplace Strategy. American Industrial Acquisition Corp. Senior Vice President. Equifax Director, Corporate Development.

NS8, Inc. Director of Channel Sales. LivWell Ventures Managing Partner. Neighborhood Goods Chief of staff. EssilorLuxottica Vice President of Strategy. Spotify Senior Director, Product Management. Capital One Vice President, Product.

Brixey and Meyer Business Advisory. Honeywell Director of Accounting Policy. OneLogin, Inc. Washington Capital Partners Director of Sales. Manager, Cyber Initiatives. Unsupervised Senior Director, East. Facebook Former Director of Sustainability. Syndigo Managing Director, Nutritionix. CipherHealth Chief Customer Officer.

Independent Technology and Strategy Consulting. Yext Director, Corporate Strategy. K12 Inc. Senior Vice President, Corporate Controller. Ginkgo Bioworks Entrepreneur in Residence. Strategic Education, Inc. Seguin Partners Operating Partner. Alwyne Management Managing Director. Verb Vice President of Operations. Salt River Ventures Managing Member. Design for Extreme Affordability Projects Manager. Neighborhood Goods Director Of Partnerships. Unsupervised Head of Customer Strategy.

Meridian Research Group Principal. Unsupervised Business Development. Ridgeline International, Inc. Director - Channel Sales. Harnessing the power of a network Our Venture Partners are top entrepreneurs and innovation executives who unlock their expertise, connections, and resources for our portfolio.

Thad Wong properties Owner. Ajay Rayasam Angel Investor Founder. David Levy Stripe Startup Lead. Bill Klein Consero Global President. Dmitry Dain Virgil Security, Inc. Andrew Rosen CEO. Juan Porras Factivate, Inc. David Hall Revolution Partner. James Maynard Capchase Head of Sales. Nikin Shah Polyzen, Inc. Aunim Hossain Cadre Director of Product. Patrick Montague Company Venture Advisor.

Pradheep Sampath ID. Tim Dutta Verificient Technologies, Inc. Chris Gannett CGR. Havell Rodrigues Adjoint Inc. CEO and Co-Founder. Kevin Hawkins Alantra Vice President. Taylor Valentine Horizon Media, Inc. Linwood Ma tastytrade CTO. Adam Kraft LiveText, Inc. Software Engineer. Eric Guthoff Human Advantage Founder. Scott Soderstrom FilingMate, Inc. Christopher Jensen Mana Supply Co. Travis Devitt Aceable Inc. Director of Growth. Alexis Juneja. Steve Davis SpaceX Director. Yoav Shapira Facebook Director of Engineering.

John Doyle Palantir Technologies Jason Pappas Antson Advisors Principal. Lara Jeremko re:3D Founder. Jeff Pyatt ID. Joshua Wu 2morrow Capital Managing Director. Jason Cox Aedos Holdings Principal. Paul Grossinger Gaingels Founder. Tze Chun Uprise Art Founder. Brian Razzaque SocialToaster, Inc. Tatiana Langseth Augaroo, Inc. Rumi Morales Outlier Ventures Partner. Jason Simon Colliers International Principal. David Naffis Remixd Co-Founder.

Chris Dunn Skill Incubator Founder. Alex Skatell Mission 8 Managing Partner. Vadim Polikov Legends of Learning Founder. Michael Wellman Virgil Security, Inc. Mark Lockwood ID. Philip James Penrose Hill Founder. Jason T. Rob Wall Perceptix President. Brian Thorne Silas Capital Partner.

Ajay Kori UrbanStems Founder. Deepen Parikh Courtside Ventures Partner. Rob Gannaway Steppingblocks Co-Founder. Jeffrey Berman Camber Creek Partner. Peter Boyd Harpoon Medical, Inc. Alexander Pessala Middleland Capital Principal. Douglas Ferguson Voltage Control President. Phillip Lachman ClearMotion, Inc. Andrea Kalmans Lontra Ventures Principal.

Derek Nelson Clique Partner. Orlando Saez Aker Technologies Inc. Brian Waldman Amazon Sr. Gareth Moore Adelphi Capital Principal. Tom Popomaronis Hawkins Group Sr. Amos Schwartzfarb Techstars Managing Director. Oltac Unsal Smyrna Capital President. Sujit Sama EMC. Daniel Kerzner Alarm. Amanda Whiteman Amazon Business Lead. Stephen Milbank Button, Inc. Josh Deckard Hammerstone Capital Founder. Jake Perlman-Garr Kanga. Amit Pamecha FranConnect Founder.

Kenneth Fan eGenesis, Inc. Before beginning his academic career, Jack served for 21 years as a US Air Force officer where his responsibilities involved facilities planning, design, construction, and maintenance. He is an avid golfer. David Klock, Ph. From to , Dr. Since , Dr. Prior to coming to FIU, Dr.

Klock obtained a Ph. Klock is co-author of four books and more than 50 other scholarly publications. The Legendary team serves leaders around America in four key areas: Organizational consulting, executive coaching, events and keynote speaking. After serving his country in the United States Marine Corps, Phil founded and purchased multiple businesses. His mission is to add value to leaders helping them to reach their highest potential.

Military personnel and their families. He and his wife, Alisa, have been married for 22 years and live in Mandeville, LA along with their five children. Richard Simmons is the Founder and Executive Director of the Center for Executive Leadership, a Birmingham-based ministry that focuses on counseling businessmen and community leaders to develop their spiritual lives through a variety of programs.

Prior to founding the center, Richard worked in the insurance brokerage business as President and CEO of publicly held H. Insurance for nearly 10 years. Richard is a resident of Birmingham, Alabama, and holds a B. Singh holds a Ph. Additionally, he has visited, lectured, and studied more than companies in over 75 countries in the Americas, Asia, and Europe. Meet Our Board of Advisors. Betsy Holloway Dr.

Diversified al advisors holcomb investment global investment strategy 2021 tx68

4 Hidden Risks To A Diversified Portfolio w/Mark W. Johnson,MD, Optimum Investment Advisors -$500M

Tom Seo Clearbanc Special Projects. Philip James Penrose Hill Founder. PARAGRAPHWashington Capital Partners Director of. Andrew Olaleye Chatdesk Co-Founder. Andy Steggles SteggTech Inc. Military personnel and their families. Scott Faust Stoplight Head of. Ram Mattapalli Zolon Tech Inc. Travis Devitt Aceable Inc. John Doyle Palantir Technologies Jason.

We are an independent financial services and employee benefits firm. Speak with a Financial Advisor to determine the most appropriate financial There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio in strictly intended for individuals residing in the states of AL, AZ, CA, FL, GA, ID. Even hiring a professional adviser is no guarantee you'll get great advice. If you have a diversified portfolio, you're going to outperform the worst asset class. Randall Holcombe is a Financial Advisor in Montgomery, AL for Regions Investment Solutions. Randall Holcombe will not only focus on solutions for your​.