Important Information

This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action.

The views contained herein are those of the authors as of July 2024 and are subject to change without notice; these views may differ from those of other T. Rowe Price associates.

This information is not intended to reflect a current or past recommendation concerning investments, investment strategies, or account types, advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. The opinions and commentary provided do not take into account the investment objectives or financial situation of any particular investor or class of investor. Please consider your own circumstances before making an investment decision.

Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy.

Past performance is not a reliable indicator of future performance. Risks: All investments are subject to market risk, including possible loss of principal. The model portfolios are subject to the risks of the underlying funds utilized in the model. Fixed‑income securities are subject to credit risk, liquidity risk, call risk, and interest‑rate risk. As interest rates rise, bond prices generally fall. International, mid‑cap, and small‑cap investing are subject to additional risks and volatility. Diversification does not assure a profit or protect against a loss in a declining market. All charts and tables are shown for illustrative purposes only.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, call (800) 564‑6958 or visit troweprice.com/prospectus. Read it carefully.

The T. Rowe Price group of companies, including T. Rowe Price Associates, Inc. and/or its affiliates, receive revenue from T. Rowe Price investment products and services. The Portfolio Construction Solutions will likely be constructed of, contain, or utilize mutual funds (“Price Funds”) and/or separately managed account strategies (“Price SMAs”) advised by T. Rowe Price (the “Price Funds”). T. Rowe Price may suggest that a financial professional utilize one or more Price Funds or Price SMAs in the Portfolio Construction Solutions. In situations where multiple mutual fund families offer a fund that is similar to a Price Fund or Price SMA, T. Rowe Price may exercise a preference for including the Price Funds or Price SMAs in the Portfolio Construction Solutions. T. Rowe Price receives a management fee for advising the Price Funds or Price SMAs, and additional investments into a Price Fund or Price SMA may increase the amount of T. Rowe Price’s management fee. T. Rowe Price, therefore, has an incentive and a potential conflict of interest in the inclusion of, and preference for, the Price Funds and Price SMAs in the Portfolio Construction Solutions.

Portfolio Construction Solutions discussed are available only to financial professionals and not the retail public. Art of Clean Up^® and Asset Allocation Model Review are offered by T. Rowe Price Investment Services, Inc. Model Construction is offered by T. Rowe Price Associates, Inc.

The T. Rowe Price model portfolios program is a non‑discretionary investment management program provided by T. Rowe Price Associates, Inc. T. Rowe Price funds are distributed by T. Rowe Price Investment Services, Inc.

T. Rowe Price Associates, Inc. and T. Rowe Price Investment Services, Inc. are affiliated companies.

For Institutional Investors Only.

© 2024 T. Rowe Price. All rights reserved. T. Rowe Price, INVEST WITH CONFIDENCE, and the bighorn sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc.