Mutual Fund Account Service Fee--As described in T. Rowe Price mutual fund prospectuses, an annual fee of $20 will be charged for each T. Rowe Price mutual fund account with a balance below $10,000. This account service fee, which is intended to help offset the disproportionally higher costs incurred by the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds' transfer agent, will be deducted automatically from the account's assets. Investors may qualify for a waiver of this account service fee in one of the following ways:

• Subscribe to electronic delivery of statements, confirmations, and prospectuses and shareholder reports (paper copies of fund documents are available, free of charge, upon request, to any shareholder regardless of whether the shareholder has elected electronic delivery); or 
• Maintain a balance of $50,000 or more across certain T. Rowe Price accounts (including mutual fund, T. Rowe Price Brokerage, and other accounts); or 
• Achieve the Select Services or higher benefit tier within the T. Rowe Price Summit Program.¹
  

View the T. Rowe Price mutual fund prospectuses for additional information about the account service fee.

Closeout Fee - a $20 fee is deducted from each IRA or ESA mutual fund account that is fully redeemed, transferred to a non-IRA or ESA, or transferred out of T. Rowe Price. The closeout fee also is deducted from SEP-IRA, SIMPLE IRA, Money Purchase Pension, Profit Sharing Plan, 403(b), and Individual 401(k) accounts that are closed without being transferred or rolled over to another T. Rowe Price retirement plan account. The fee is not charged to any accounts that have already been assessed the account service fee for that calendar year. More information on Small Business Retirement Plans.

Brokerage Fee - this annual $30 fee is assessed each September to Brokerage and Brokerage Advantage accounts. It is waived for investors with at least $250,000 in qualifying assets with T. Rowe Price. It also is waived for investors with at least five commission-generating trades in the past 12 months or for investors with at least $50,000 in T. Rowe Price mutual funds. The minimum initial investment for a Brokerage Advantage* account is $10,000, and there is a $40 cash management fee for accounts with activated debit card or checkwriting services. Customers subject to the $40 cash management fee will not be charged the $30 annual account fee.

*We no longer open Brokerage Advantage accounts. Fees apply to existing Brokerage Advantage accounts.

An expense ratio is a calculation of the annualized operating costs of a mutual fund divided by the average dollar value of the fund's average net assets and expressed as a percentage. The operating costs include management fees, but do not include brokerage fees and transaction costs that also may contribute to a fund's total expense. Operating expenses are taken out of a fund's assets and lower the return to a fund's investors. For example, an expense ratio of 1% equals $10 of expenses for every $1,000 in assets.

T. Rowe Price charges an annual account service fee to help offset the relatively higher costs associated with servicing lower balance accounts. Accounts with low balances result in a disproportionate amount of service in relation to the amount of the investment, and this fee helps apportion some of the operating cost more equitably within a fund. We are committed to helping clients achieve their long-term investment goals. We believe in active fund management and pursue a disciplined process to evaluate the stocks and bonds we invest in. But we don't believe it should cost a lot. We try to keep our expenses low, so your investment can go even further.

You may be subject to the account service fee if you hold Investor Class shares of any T. Rowe Price mutual fund, and you purchased those shares directly from T. Rowe Price and not through a financial intermediary or retirement plan account (that is recordkept by T. Rowe Price Retirement Plan Services), and the total value of those shares is less than $10,000 per account. Specifically, accounts subject to the account service fee are:

The account service fee does not apply to 529 plans. The fee also does not apply to Brokerage sweep accounts.

In addition, if you qualify for one of our three waivers, you will not be charged the account service fee if your balance in an account is less than $10,000.

The determination of whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of the last business day of August. The fee will be charged to an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. This transaction will be reflected on your September statement.

Our policy has changed and pre-payment of fees is no longer an option.

If your total eligible account balance is below $10,000 on the last business day of August for any reason, including market fluctuations, the fee will be assessed.

As described in our mutual fund prospectuses, investors qualify for a waiver of the account service fee in one of the following ways:

View the T. Rowe Price mutual fund prospectuses for additional information about the account service fee.

No, if you are enrolled in all e-delivery options, including account statements, account confirmations of activity, and prospectuses and shareholder reports, you do not need to do anything else and you will not be charged the fee. If you are not enrolled in all three selections, please log in to your account:

Small Business Retirement Plans that have an account balance below $10,000 on the last business day of August will be assessed a $20 account service fee, unless the participant meets one of the following waivers by:

To subscribe to paperless delivery of account statements and confirmations of activity through the T. Rowe Price Workplace Retirement website, please log on to your account:

To subscribe to paperless delivery of account statements and confirmations of activity through the T. Rowe Price Personal Investing website, please log on to your account:

If you opt for paperless delivery, we will waive your fee based on your enrollment.

More information on Small Business Retirement Plans.

The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price^® ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price Brokerage sweep account.

View the T. Rowe Price mutual fund prospectuses for additional information about the account service fee.