Capacity Constrained Strategies

We are committed to meeting the needs of current shareholders by investing in a manner that is consistent with the funds' objectives. By closing or restricting access to the funds to new investors, we believe we will preserve our ability to achieve the funds' objectives.

To ensure that our intermediary partners understand how these policies affect their underlying customers and overall business, it is important to understand the differences between official fund closings and the fund restrictions imposed by T. Rowe Price as the result of fund capacity concerns¹.

Closed Funds

  • A prospectus supplement generally is filed with the SEC announcing a fund's official closing to new investors
  • No new accounts or initial purchases from intermediary or direct customers will be accepted after the fund's closing date¹
  • Existing shareholders of the fund may continue to make subsequent purchases
  • Existing retirement plans may continue to permit access to new participants but no new plans may use the closed fund as an option in their investment lineup
  • Existing contract holders and separate accounts invested in the closed Variable Insurance Portfolios (VIPs) may continue to purchase shares of the closed VIP. Shares generally may not be purchased by a contract holder, separate account or insurance company not invested in the VIP prior to the fund's closing date
Funds closed to new investors
Fund Name Share Class Ticker Cusip Closing Date
Capital Appreciation Fund Inv PRWCX 77954M105 06/30/2014
Capital Appreciation Fund - Advisor Class Advisor PACLX 77954M204 06/30/2014
Capital Appreciation Fund - I Class I Cl TRAIX 77954M303 06/30/2014
Emerging Europe Fund2 Inv TREMX 77956H815 05/09/2022
Emerging Europe Fund - I Class2 I Cl TTEEX 77956H245 05/09/2022
Equity Index 500 Portfolio Portfolio QAAGTX 77954T704 04/26/2024
Institutional Small-Cap Stock Fund Inv TRSSX 45775L309 12/31/2013
Small-Cap Stock Fund Inv OTCFX 779572106 12/31/2013
Small-Cap Stock Fund - Advisor Class Advisor PASSX 779572403 12/31/2013
Small-Cap Stock Fund - I Class I Cl OTIIX 779572502 12/31/2013

Restricted Funds

  • A prospectus supplement generally is not filed with the SEC
  • A strategy may be restricted to new institutional clients, but open to intermediaries trading directly with T. Rowe Price.
  • A fund may be restricted for purchases made through financial intermediaries but open to customers who trade directly with T. Rowe Price
  • Financial intermediaries may continue to open new underlying customer accounts provided the platform on which they offer access to the fund has an existing funded position
  • Intermediary usage of restricted funds by platforms without an existing funded position in the fund requires written approval by designated T. Rowe Price personnel
Funds restricted for use by financial intermediaries

Access to these funds requires prior written approval before a new account may be opened.

Fund Name Share Class Ticker Cusip

1 - Exceptions

Certain limited exceptions may apply to these scenarios.  The funds reserve the right, when in the judgment of T. Rowe Price, it is not adverse to a fund's interest, to permit certain types of investors to open new accounts in a fund, to impose further restrictions, or to close a fund to any additional investments, all without notice.


2 - Exception (Closed Fund)

Closed to all purchases for new and existing investors.

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