David J. Wallack is the lead portfolio manager for the US Mid-Cap Value Equity Strategy in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Mid-Cap Value Equity Strategy and an Investment Advisory Committee member of the Global Natural Resources Equity and International Value Equity Strategies. David also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Funds.

David’s investment experience began in 1989, and has been with T. Rowe Price since 1990, beginning as a research analyst covering energy, natural resources, and utilities in the U.S. Equity Division. He was appointed to the Portfolio Management team for the Global Natural Resources Equity Strategy in 1996 before assuming his current role in 2001. Prior to T. Rowe Price, David was employed by Citibank in the Private Banking Group. He also was responsible for fundraising and project management at the J Paul Getty Trust and at Harvard University. 

David earned a B.A. in history from Connecticut College and an M.B.A. in industrial administration from Carnegie Mellon University, Graduate School of Industrial Administration. He also was named "Domestic Fund Manager of the Year" for 2016 by Morningstar.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a U.S. mutual fund prospectus or, if  available, a summary prospectus containing this and other information, call 1-800-638-7890 or visit troweprice.com . Read it carefully.

All investing is subject to risk, including the possible loss of principal.

Past performance cannot guarantee future results.

Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Managers' funds must currently have a Morningstar Analyst Rating^TM of Gold or Silver. David Wallack won the award for Domestic-Stock Funds in 2016.

Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc., including, but not limited to, Morningstar Research Services LLC. Morningstar's Manager Research Group produces various ratings including the Morningstar Analyst Rating for funds and the Morningstar Quantitative Rating for funds. The Analyst Rating is derived from a qualitative assessment process performed by a manager research analyst, whereas the Morningstar Quantitative Rating uses a machine-learning model based on the decision-making processes

of Morningstar's analysts, their past ratings decisions, and the data used to support those decisions. In both cases, the ratings are forward-looking assessments and include assumptions of future events, which may or may not occur or may differ significantly from what was assumed. The Analyst Ratings and Quantitative Ratings are statements of opinions, subject to change, are not to be considered as guarantees, and should not be used as the sole basis for investment decisions.

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Michele Ward is a portfolio specialist in the U.S. Equity Division. She acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the U.S. small- and mid-cap equity strategies and the Global Real Estate Equity and US Real Estate Equity Strategies. She also is a vice president of T. Rowe Price Group, Inc.  

Michele’s investment experience began in 1983, and she has been with T. Rowe Price since 2014, beginning in the U.S. Equity Division. Prior to this, Michele was employed by Hewitt EnnisKnupp as an associate partner, where she advised and educated plan sponsor investment committees on investment policy, plan structure, and regulatory and fiduciary issues.  

Michele earned a B.A., magna cum laude, in political science from Yale University and an M.B.A. from the Yale School of Management. She also has earned the Chartered Financial Analyst® designation. 

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