Closed and/or capacity constrained.

Prior to 1 May 2018, the name of the: 

• Communications & Technology Equity Strategy was the Media & Telecommunications Equity Strategy.
• Communications & Technology Equity Composite was the Media & Telecommunications Equity Composite.

Prior to 1 March 2019, the name of the:

• Emerging Markets Discovery Equity Strategy was the Emerging Markets Value Equity Strategy.
• Emerging Markets Discovery Equity Composite was the Emerging Markets Value Equity Composite.

Prior to 1 March 2019, the name of the:

• International Disciplined Equity Strategy was the International Concentrated Equity Strategy.
• International Disciplined Equity Composite was the International Concentrated Equity Composite.
  

Prior to 1 October 2020, the name of the QM US Aggregate Bond Index Strategy was the US Aggregate Bond Index Strategy and the name of the QM US Aggregate Bond Index Composite was the US Aggregate Bond Index Composite.

Prior to 1 March 2021, the name of the US All-Cap Opportunities Equity Strategy was the US Multi-Cap Growth Equity Strategy and the name of the US All-Cap Opportunities Equity Composite was the US Multi-Cap Growth Equity Composite.

Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly. 

Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Index returns shown with reinvestment of dividends after the deduction of withholding taxes. 

Source for Lipper data: Lipper Inc.

Effective 1 September 2015, the benchmark for the composite changed to the Bloomberg Barclays US High Yield 2% Issuer Capped Index. Prior to this change, the benchmark was the Bloomberg Barclays US High Yield Ba/B 2% Issuer Capped Index. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated. 

Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints. 

Effective 1 July 2018, the benchmark for the composite changed from gross to net of withholding taxes. The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of theportfolios in the composite. Historical benchmark representations have been restated. Effective 1 June 2010, the benchmark was changed to MSCI Emerging Markets Europe Index Net. Prior to 1 June 2010, the benchmark was the MSCI Emerging Markets Europe and Middle East Index Net. The benchmark changes were made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite.

J.P. Morgan Emerging Markets Bond Index Global %

Effective 1 January 2011, the benchmark for the composite was changed to J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified. Prior to 1 January 2011, the benchmark was the J.P. Morgan Government Bond Index-Emerging Markets Broad Diversified Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Bloomberg Index Services Limited.

Effective 1 July 2018, the benchmark for the composite, MSCI Europe Small Cap Index, was changed from gross to net of withholding taxes. The change was because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations were restated. Prior to 1 January 2016, the benchmark was S&P Pan Europe Small‐Cap Index Net.

Effective 1 June 2019, the benchmark for the composite changed from gross- to net- of withholding taxes.  The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated.

Copyright © 2020, S&P Global Market Intelligence (and its affiliates, as applicable).  Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party.  Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content.  In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content.  A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice.  Credit ratings are statements of opinions and are not statements of fact.

Effective 1 January 2020, the primary benchmark for the composite changed from MSCI Frontier Markets Index Net to MSCI Frontier Market 10-40 Index Net. Effective 1 July 2018, the benchmark for the composite changed from gross to net of withholding taxes. The changes were made because the firm viewed the new benchmarks to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated.

Index returns shown with gross dividends reinvested. 

Effective 27 June 2013, the benchmark for the composite was changed to MSCI All Country World Index. Prior to 27 June 2013, the benchmark was the MSCI All Country World Large Cap Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Effective 1 October 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated. 

Effective April 1, 2017, the benchmark for the composite was changed to the MSCI World Select Natural Resources Index. Prior to April 1, 2017, the benchmark was the Lipper Global Natural Resources Funds Index. Prior to June 1, 2008, the benchmark was the Lipper Natural Resources Funds Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated. 

Prior to 30 September 2020, the name of the Health Sciences Equity Composite was the Health Sciences II Equity Composite.

Primary benchmark is JPMorgan Global High Yield Index. Prior to 1 July 2010, the primary benchmark was FTSE All BB&B Rated Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Effective 1 July 2005, the benchmark for the composite is the Bloomberg Barclays Global Aggregate ex USD Bond Index. Prior to 1 July 2005, the benchmark was the JP Morgan Global Government Bond Ex. U.S. Broad Index. Prior to 1 July 2001, the benchmark was JP Morgan Non-US Government Bond Plus Index. Prior to 1 January 1998, the benchmark was JP Morgan Non-US Global Index. Prior to 1 July 1992, the benchmark was FTSE Non-U.S. Dollar WGB Index. Each benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Prior to 31 March 2020, the name of the International Bond Composite was the International Core Bond Composite.

Effective 1 July 2018, the composite's benchmark, MSCI All Country World Index ex U.S. Index, changed from gross to net of withholding taxes. The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated. Prior to 1 October 2007, the benchmark was MSCI Europe, Australia and Far East (EAFE) Index Net.

Effective 1 July 2009, the benchmark for the composite was changed to S&P Global ex‐U.S. Small‐Cap Index. Prior to 1 July 2009, the benchmark was the S&P Developed ex‐U.S. Small‐Cap Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

TOPIX total returns are calculated in JPY and converted to USD using an exchange rate determined by an independent third party. 

Effective 1 July 2018, the benchmark changed from a gross of withholding tax benchmark to a net of withholding tax benchmark. The change was because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations were restated. Effective 1 January 2018, the benchmark for the composite was changed to MSCI Arabian Markets & Africa 10/40 Investable Market Index Net. Prior to 1 January 2018, the benchmark was S&P Emerging Market/Frontier Middle East & Africa Broad Market Index ex Israel Net. Prior to 30 September 2010, the benchmark for the composite was MSCI Arabian Markets and Africa Index. Prior to 1 July 2009, the benchmark was the S&P IFCG Africa and Middle East ex-Saudi Arabia and ex-Israel, a custom benchmark with the base line of the S&P/IFCI EMEA index which is a subset of the S&P/IFCI index excluding Saudi Arabia and Israel. Prior to 1 September 2008, this benchmark also excluded Kuwait. 

Frank Russell Company (“Russell”) is the source and owner of the Russell Index data contained or reflected in these materials and all trademarks and copyrights related thereto. Russell® is a registered trademark of Russell. Russell is not responsible for the formatting or configuration of this materials or for any inaccuracy in T. Rowe Price Associates’ presentation thereof. 

Effective 2 October 2006, the benchmark for the composite changed to the MSCI U.S. Small‐Cap Growth Index. Prior to this change, the benchmark was the Russell 2000 Growth Index. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Performance from a past firm is linked to the ongoing performance of the composite and continues to be in the same investment strategy and objective as the composite.

Effective 1 September 2009, the benchmark for the composite changed to Bloomberg Barclays U.S. Corporate Investment Grade Index. Prior to this change the benchmark was FTSE U.S. Credit/Asset-Backed Bond Index effective 1 July 2006 through 31 August 2009 and FTSE U.S. Index effective since composite inception through 30 June 2006. The changes were made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Effective 1 March 2018, the benchmark for the composite changed to Russell 1000 Value Index. Prior to this change, the primary benchmark for the composite was the S&P 500 Index. The changes were made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

The custom benchmark is calculated using the benchmarks of portfolios in the composite and is rebalanced monthly based on the beginning values of portfolios included in the composite. The benchmark consists of Bloomberg Barclays U.S. Long Treasury Bond Index, Bloomberg Barclays U.S. Long Credit Bond Index, Bloomberg Barclays U.S. Long Government/Credit Bond Index, Bloomberg Barclays Government/Credit Intermediate Index, Bloomberg Barclays U.S. Government Credit: 5‐10 Year Index and Bloomberg Barclays U.S. TIPS Index. The breakdown of the custom benchmark for different time periods is available upon request.

Effective 1 October 2013, the benchmark for the composite was changed to Russell Midcap Growth Index. Prior to 1 October 2013, the benchmark was the S&P MidCap 400 Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Effective 1 March 2018, the benchmark for the composite changed to Russell 1000 Value Index. Prior to this change, the primary benchmark for the composite was the S&P 500 Index. The changes were made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.