Statement of Additional Information
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STATEMENT OF ADDITIONAL INFORMATION This is the Statement of Additional Information (SAI) for all of the funds listed below. It is divided into two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains information that generally applies to all of the mutual funds sponsored and managed by T. Rowe Price Associates, Inc. (Price Funds). The date of this Statement of Additional Information is July 23, 2021. T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC. (FORMERLY T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.) T. Rowe Price All-Cap Opportunities Fund (formerly T. Rowe Price New America Growth Fund) PRWAX T. Rowe Price All-Cap Opportunities Fund—Advisor Class (formerly T. Rowe Price New America Growth Fund—Advisor Class) PAWAX T. Rowe Price All-Cap Opportunities Fund—I Class (formerly T. Rowe Price New America Growth Fund— I Class) PNAIX T. ROWE PRICE BALANCED FUND, INC. T. Rowe Price Balanced Fund RPBAX T. Rowe Price Balanced Fund—I Class RBAIX T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. T. Rowe Price Blue Chip Growth Fund TRBCX T. Rowe Price Blue Chip Growth Fund—Advisor Class PABGX T. Rowe Price Blue Chip Growth Fund—I Class TBCIX T. Rowe Price Blue Chip Growth Fund—R Class RRBGX T. Rowe Price Blue Chip Growth Fund—Z Class TRZBX T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. T. Rowe Price Capital Appreciation Fund PRWCX T. Rowe Price Capital Appreciation Fund—Advisor Class PACLX T. Rowe Price Capital Appreciation Fund—I Class TRAIX T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC. T. Rowe Price Communications & Technology Fund PRMTX T. Rowe Price Communications & Technology Fund—I Class TTMIX T. ROWE PRICE CORPORATE INCOME FUND, INC. T. Rowe Price Corporate Income Fund PRPIX T. Rowe Price Corporate Income Fund—I Class TICCX T. Rowe Price Corporate Income Fund—Z Class TRZCX T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC. T. Rowe Price Credit Opportunities Fund PRCPX T. Rowe Price Credit Opportunities Fund—Advisor Class PAOPX T. Rowe Price Credit Opportunities Fund—I Class TCRRX T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC. T. Rowe Price Diversified Mid-Cap Growth Fund PRDMX T. Rowe Price Diversified Mid-Cap Growth Fund—I Class RPTTX C00-042 7/23/2021 T. ROWE PRICE DIVIDEND GROWTH FUND, INC. T. Rowe Price Dividend Growth Fund PRDGX T. Rowe Price Dividend Growth Fund—Advisor Class TADGX T. Rowe Price Dividend Growth Fund—I Class PDGIX T. Rowe Price Dividend Growth Fund—Z Class TRZDX T. ROWE PRICE EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Core Growth Fund TPLGX T. Rowe Price Institutional Mid-Cap Equity Growth Fund PMEGX T. Rowe Price Institutional Small-Cap Stock Fund TRSSX T. Rowe Price Large-Cap Growth Fund TRGOX T. Rowe Price Large-Cap Growth Fund—I Class TRLGX T. Rowe Price Large-Cap Value Fund TRLUX T. Rowe Price Large-Cap Value Fund—I Class TILCX T. ROWE PRICE EQUITY INCOME FUND, INC. T. Rowe Price Equity Income Fund PRFDX T. Rowe Price Equity Income Fund—Advisor Class PAFDX T. Rowe Price Equity Income Fund—I Class REIPX T. Rowe Price Equity Income Fund—R Class RRFDX T. Rowe Price Equity Income Fund—Z Class TRZQX T. ROWE PRICE FINANCIAL SERVICES FUND, INC. T. Rowe Price Financial Services Fund PRISX T. Rowe Price Financial Services Fund—I Class TFIFX T. ROWE PRICE FLOATING RATE FUND, INC. T. Rowe Price Floating Rate Fund PRFRX T. Rowe Price Floating Rate Fund—Advisor Class PAFRX T. Rowe Price Floating Rate Fund—I Class TFAIX T. Rowe Price Floating Rate Fund—Z Class TRIZX T. ROWE PRICE GLOBAL ALLOCATION FUND, INC. T. Rowe Price Global Allocation Fund RPGAX T. Rowe Price Global Allocation Fund—Advisor Class PAFGX T. Rowe Price Global Allocation Fund—I Class TGAFX T. ROWE PRICE GLOBAL FUNDS, INC. T. Rowe Price Global Value Equity Fund TRGVX T. Rowe Price Global Value Equity Fund—I Class PRIGX T. Rowe Price Institutional Emerging Markets Bond Fund TREBX T. Rowe Price Institutional Emerging Markets Equity Fund IEMFX T. Rowe Price Institutional International Disciplined Equity Fund RPICX T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. T. Rowe Price Global Multi-Sector Bond Fund PRSNX T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class PRSAX T. Rowe Price Global Multi-Sector Bond Fund—I Class PGMSX 2 T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC. T. Rowe Price Global Real Estate Fund TRGRX T. Rowe Price Global Real Estate Fund—Advisor Class PAGEX T. Rowe Price Global Real Estate Fund—I Class TIRGX T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC. T. Rowe Price Global Technology Fund PRGTX T. Rowe Price Global Technology Fund—I Class PGTIX T. ROWE PRICE GNMA FUND, INC. T. Rowe Price GNMA Fund PRGMX T. Rowe Price GNMA Fund—I Class PRXAX T. Rowe Price GNMA Fund—Z Class TRZGX T. ROWE PRICE GOVERNMENT MONEY FUND, INC. T. Rowe Price Government Money Fund PRRXX T. Rowe Price Government Money Fund—I Class TTGXX T. ROWE PRICE GROWTH STOCK FUND, INC. T. Rowe Price Growth Stock Fund PRGFX T. Rowe Price Growth Stock Fund—Advisor Class TRSAX T. Rowe Price Growth Stock Fund—I Class PRUFX T. Rowe Price Growth Stock Fund—R Class RRGSX T. Rowe Price Growth Stock Fund—Z Class TRJZX T. ROWE PRICE HEALTH SCIENCES FUND, INC. T. Rowe Price Health Sciences Fund PRHSX T. Rowe Price Health Sciences Fund—I Class THISX T. ROWE PRICE HIGH YIELD FUND, INC. T. Rowe Price High Yield Fund PRHYX T. Rowe Price High Yield Fund—Advisor Class PAHIX T. Rowe Price High Yield Fund—I Class PRHIX T. Rowe Price High Yield Fund—Z Class TRKZX T. Rowe Price U.S. High Yield Fund TUHYX T. Rowe Price U.S. High Yield Fund—Advisor Class TUHAX T. Rowe Price U.S. High Yield Fund—I Class TUHIX T. ROWE PRICE INDEX TRUST, INC. T. Rowe Price Equity Index 500 Fund PREIX T. Rowe Price Equity Index 500 Fund—I Class PRUIX T. Rowe Price Equity Index 500 Fund—Z Class TRHZX T. Rowe Price Extended Equity Market Index Fund PEXMX T. Rowe Price Mid-Cap Index Fund TRMNX T. Rowe Price Mid-Cap Index Fund—I Class TRMSX T. Rowe Price Mid-Cap Index Fund—Z Class TRSZX T. Rowe Price Small-Cap Index Fund TRSYX T. Rowe Price Small-Cap Index Fund—I Class TRCSX T. Rowe Price Small-Cap Index Fund—Z Class TRZIX T. Rowe Price Total Equity Market Index Fund POMIX 3 T. Rowe Price U.S. Limited Duration TIPS Index Fund TLDTX T. Rowe Price U.S. Limited Duration TIPS Index Fund—I Class TLDUX T. Rowe Price U.S. Limited Duration TIPS Index Fund—Z Class TLDZX T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. T. Rowe Price Inflation Protected Bond Fund PRIPX T. Rowe Price Inflation Protected Bond Fund—I Class TIIPX T. Rowe Price Inflation Protected Bond Fund—Z Class TRZHX T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Floating Rate Fund RPIFX T. Rowe Price Institutional Floating Rate Fund—F Class PFFRX T. Rowe Price Institutional Floating Rate Fund—Z Class TRAZX T. Rowe Price Institutional High Yield Fund TRHYX T. Rowe Price Institutional High Yield Fund—Z Class TRCZX T. Rowe Price Institutional Long Duration Credit Fund RPLCX T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC. T. Rowe Price Intermediate Tax-Free High Yield Fund PRIHX T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class PRAHX T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class TFHAX T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund TRAMX T. Rowe Price Africa & Middle East Fund—I Class PRAMX T. Rowe Price Africa & Middle East Fund—Z Class TRZMX T. Rowe Price Asia Opportunities Fund TRAOX T. Rowe Price Asia Opportunities Fund—Advisor Class PAAOX T. Rowe Price Asia Opportunities Fund—I Class TRASX T. Rowe Price China Evolution Equity Fund TCELX T. Rowe Price China Evolution Equity Fund—I Class TRCLX T. Rowe Price Dynamic Credit Fund RPIDX T. Rowe Price Dynamic Credit Fund—I Class RPELX T. Rowe Price Dynamic Global Bond Fund RPIEX T. Rowe Price Dynamic Global Bond Fund—Advisor Class PAIEX T. Rowe Price Dynamic Global Bond Fund—I Class RPEIX T. Rowe Price Dynamic Global Bond Fund—Z Class TRDZX T. Rowe Price Emerging Europe Fund TREMX T. Rowe Price Emerging Europe Fund—I Class TTEEX T. Rowe Price Emerging Europe Fund—Z Class TRZEX T. Rowe Price Emerging Markets Bond Fund PREMX T. Rowe Price Emerging Markets Bond Fund—Advisor Class PAIKX T. Rowe Price Emerging Markets Bond Fund—I Class PRXIX T. Rowe Price Emerging Markets Bond Fund—Z Class TREZX T. Rowe Price Emerging Markets Corporate Bond Fund TRECX T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class PACEX T. Rowe Price Emerging Markets Corporate Bond Fund—I Class TECIX 4 T. Rowe Price Emerging Markets Discovery Stock Fund PRIJX T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund—I Class REVIX T. Rowe Price Emerging Markets Discovery Stock Fund—Z Class TRFZX T. Rowe Price Emerging Markets Local Currency Bond Fund PRELX T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class PAELX T. Rowe Price Emerging Markets Local Currency Bond Fund—I Class TEIMX T. Rowe Price Emerging Markets Local Currency Bond Fund—Z Class TRZFX T. Rowe Price Emerging Markets Stock Fund PRMSX T. Rowe Price Emerging Markets Stock Fund—I Class PRZIX T.