Offers access to bonds issued in the United States and around the world

A broad range of funds investing in U.S. Treasury, high yield, municipal, and international bonds

Are in a higher tax bracket, seeking tax-free income

Want to reduce the volatility of a stock-heavy portfolio

A mix of stocks and bonds that adjusts to and through retirement

Seeks to thoughtfully balance retirement risks

Want an investment that becomes more conservative as retirement approaches

Broadly diversified stock, bond, and balanced funds

Designed for a range of investor risk profiles

Want to invest in a diversified portfolio in a single investment

Want access to a wide range of investments in one mutual fund

Your investments are too important to be on autopilot.

We dont stop at surface-level analysis. Instead, our strategic investing approach takes us beyond the numbers to seek the right investments for your portfolio.

Our investment professionals go out in the field to get the answers we need.

Over 400 of our investment professionals travel the world to see how the companies were evaluating, and those were investing in, are performing today in order to make skilled judgments about how they are likely to perform in the future.

Our depth of understanding helps inform better decision-making and prudent risk management.

Deeply experienced portfolio managersaveraging 22 years in the industrycarefully manage risk and seek to maximize value for your portfolio over longer time horizons.

We strive to deliver returns for you that go beyond the limitations of simply trying to follow an index, choosing when to take advantage of market fluctuations and when to hold tight.

T. Rowe Price mutual funds are subject to ongoing management fees. An IRA may be subject to an annual fee, and a fee may be assessed when an IRA is closed. See prospectus for details.

Past performance cannot guarantee future results.All mutual funds are subject to market risk, including possible loss of principal. Diversification cannot assure a profit or protect against loss in a declining market.

122 of our 253 stock funds had a 10-year track record as of 12/31/2018. (Includes all share classes and excludes funds used in insurance products.) 112 of these 122 funds (92%) beat their Lipper average for the 10-year period. 197 of 253 (78%), 175 of 202 (87%), and 139 of 153 (91%) of T. Rowe Price stock funds outperformed their Lipper average for the 1-, 3-, and 5-year periods ended 12/31/2018, respectively. Calculations based on cumulative total return. Not all funds outperformed for all periods. (Source for data: Lipper Inc.)

1Source:Lipper Inc. 175 of 219 funds (excluding institutional and bank institutional funds as defined by Lipper) more than 6 months old had expense ratios below their Lipper averages based on fiscal year-end data available as of 12/31/18.

3Experience for all investment professionals. Data as of 12/31/18.

*The principal value of the Retirement Funds and Target Funds (collectively, the target date funds) is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The target date funds allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time. The Retirement Funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term retirement withdrawal horizon. The Target Funds emphasize asset accumulation prior to retirement, balance the need for reduced market risk and income as retirement approaches, and focus on supporting an income stream over a moderate postretirement withdrawal horizon. The target date funds are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The key difference between the Retirement Funds and the Target Funds is the overall allocation to equity; although they each maintain significant allocations to equities both prior to and after the target date, the Retirement Funds maintain a higher equity allocation, which can result in greater volatility over shorter time horizons.

Morningstar gives its best ratings of 5 or 4 stars to the top 32.5% of all funds (of the 32.5%, 10% get 5 stars and 22.5% get 4 stars) based on their risk-adjusted returns. The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with a funds 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. As of2/28/19, 69 of 132 of our Investor Class funds received an overall rating of 5 or 4 stars.

The Morningstar RatingTMfor funds, or star rating, is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed products monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Source for Morningstar data: ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results.

^Retail Funds:You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Government Funds:You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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Help clients around the world achieve their long-term investment goals.

The mutual funds referred to in this website are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.