bradle y d. meeker vice president—institutional client ...€¦ · 2 count includes 391...

T. ROWE PRICE 31

Institutional Client Service Executive

Bradley D. MeekerVice President—Institutional Client Service Executive § 25 years of investment experience; § 7 years with T. Rowe Price.

Bradley D. MeekerInstitutional Client Service Executive

BRADLEY D. MEEKER

FOR THE CHURCH FOUNDATION USE ONLY. NOT FOR FURTHER DISTRIBUTION.

MULTI-ASSET STRATEGYJUNE 16, 2018

Presentation to:

T. ROWE PRICE

TABLE OF CONTENTS

201806-519986

1 T. Rowe Price Organizational Overview

2 T. Rowe Price Asset Allocation Viewpoints

3 The Church Foundation Portfolio

1T. ROWE PRICE

T. ROWE PRICE ORGANIZATIONAL OVERVIEW

2T. ROWE PRICE 2T. ROWE PRICE

Stable and independent organization with zero long-term debt.

This helps us to operate with a long-term view and to continually reinvest in our business and investment capabilities, so that we can better serve our clients.

Managing a wide range of assets for a diverse client base.

Our investment capabilities span equity, fi xed income, and multi-asset strategies across asset classes, capitalizations, sectors, styles, and regions.

Providing more than surface-level analysis; we go beyond the numbers.

Our research platform allows us to explore distinct perspectives around the globe and transform information into insights for our clients.

Highly committed to putting client interests fi rst.

For more than 80 years, we have partnered with our clients to develop investment solutions to meet their needs and deliver sustainable long-term investment results.

A GLOBAL ASSET MANAGER FOCUSED ON CLIENT SUCCESSAs of March 31, 2018

1 The combined assets under management of the T. Rowe Price group of companies in USD as of March 31, 2018. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and T. Rowe Price (Canada), Inc.

2 83 portfolio managers, 22 associate portfolio managers, 10 regional portfolio managers, 12 sector portfolio managers, 156 investment analysts/credit analysts, 49 quantitative analysts, 6 solutions associates, 50 associate analysts, 31 portfolio specialists/generalists, 8 strategists, 4 specialty analysts, 59 traders, 15 trading analysts, 2 economists, 40 portfolio modeling associates, and 24 management associates.

1,014.2billion USD in assets under management1

Local presence in

16 countries

571investment professionals worldwide2

16 years portfoliomanageraverage tenure

Over

6,800 associates worldwide

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FOCUSED ON ATTRACTING AND RETAINING TOP INVESTMENT TALENTThrough All Market CyclesAs of March 31, 2018

571

401U.S.2

113EUROPE

35HONG KONG

7SINGAPORE

8SYDNEY

7TOKYO

INVESTMENT PROFESSIONALS

WORLDWIDE1


2 Count includes 391 Baltimore-based associates, 4 San Francisco-based associates, and 6 Philadelphia-based associates. Philadelphia-based associates joined the fi rm through a U.S. high yield fund acquisition in May 2017, and their research remains fully separate and distinct from T. Rowe Price’s existing high yield platform.

0

100

200

300

400

500

600

YTD2018

201220072002

5711

Multi--Asset Professionals

Fixed Income Professionals

Equity Professionals

42617

316

202

187

58

326263

206

122

80

98

14612

Investment ProfessionalsHeadcount2002—2018

As of 31 March 2018

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FOCUSED ON ATTRACTING AND RETAINING TOP INVESTMENT TALENTThrough All Market CyclesAs of March 31, 2018

571

401U.S.2

113EUROPE

35HONG KONG

7SINGAPORE

8SYDNEY

7TOKYO

INVESTMENT PROFESSIONALS

WORLDWIDE1


2 Count includes 391 Baltimore-based associates, 4 San Francisco-based associates, and 6 Philadelphia-based associates. Philadelphia-based associates joined the fi rm through a U.S. high yield fund acquisition in May 2017, and their research remains fully separate and distinct from T. Rowe Price’s existing high yield platform.

0

100

200

300

400

500

600

YTD2018

201220072002

5711

Multi--Asset Professionals

Fixed Income Professionals

Equity Professionals

42617

316

202

187

58

326263

206

122

80

98

14612

Investment ProfessionalsHeadcount2002—2018

As of 31 March 2018

4 T. ROWE PRICE

DIVERSIFIED BY ASSETS AND BY CLIENT TYPE

Footnote Nimbus Sans Novus Condensed 10/10

T. ROWE PRICE3

DIVERSIFIED BY ASSETS AND BY CLIENT TYPE

Numbers represent percentages of total firm AUM as of 31 March 2018. Numbers may not total 100% due to rounding.1 Based on investment strategy.

ASSET CLASS1 DISTRIBUTION TYPE

49%

9%

12%

2%

29%

U.S. Equity Global EquityU.S. Fixed Income Global Fixed IncomeMulti-Asset

47%

22%

11%

17%

3%

U.S. Intermediaries Institutional InvestorsRetirement—Full-Service Recordkeeping Individual InvestorsEx-U.S. Intermediaries

1 Based on investment strategy.

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MANY FACTORS CONTRIBUTED TO THIS HEALTHY GROWTHOver the past five to seven years


4

Many Factors Contributed to This Healthy Growth

Strong Investment Performance

New Intermediary Distribution Practices

Early Entrant Into Retirement

Date Funds

Our Unique Culture

Mutual Fund Industry Growth

Defined Contribution Evolution

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ACTIVE MANAGEMENT BELIEFS


7

Active Management Beliefs

We believe that active and passive will coexist and complement each other. Given the need for returns around the world, we believe there will always be demand for good active management.

We also believe that certain characteristics of active firms increase their odds of outperforming passive options: Firms with high integrity and significant financial strength Firms with an intense focus on people, investment process, and culture Firms with below-average fees and long-term horizons.

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ACTIVE MANAGEMENT IS HARD, WE'VE DONE IT WELL

T. Rowe Price has performed well versus benchmarks, across broad product offerings, overthe long term—including our important U.S. equity and target date offerings:

U.S. Equity:In an extensive 2017 study by T. Rowe Price, a majority of our 18 diversified active U.S. equity mutual funds beat their benchmark across multiple time periods over 20 years or their lifetime.1

Target Date Mutual Funds:Our study found that all 11 of the Retirement Funds (RFs) studied outperformed their combined index benchmarks in 100% of rolling 10-year periods from inception through December 31, 2017, net of fees.2

Past performance is no guarantee of future results.1) The 18 funds included in the study represented approximately 77% of total U.S. equity assets in the domestic and global equity mutual funds advised by the firm as of 12/31/2017. For additional information on the performance study methodology including performance, visit troweprice.com/complete-active-study.The study measured the performance of 18 diversified active U.S. equity mutual funds currently advised by T. Rowe Price, net of fees and trading costs, against their designated benchmarks over 1-, 3-, 5-, and 10-year rolling time periods. It looked at both the frequency of outperformance by counting active success rates—the percentage of periods in which a fund beat its benchmark —as well as the margin of outperformance by calculating the funds’ average annualized excess returns over those same rolling periods. The study spanned the 20 years up to the end of December 2017 for older funds or since inception for newer ones and measured performance net of fees and trading costs. It included two institutional portfolios that are not directly available to individual investors. Institutional funds that are clones of other funds were excluded from the study to avoid double counting. Diversified funds were defined as those that had the ability to invest across one or more U.S. equity categories.Benchmarks included the S&P 500, Russell 1000 Growth, Russell 2000 Growth, Russell 1000 Value, Russell 2000 Value, Russell 2000, Russell Midcap Growth, and Russell Midcap Value Indexes. Fund performance was measured against the designated benchmarks over rolling 12-month and 3-, 5-, and 10-year periods.2) The 11 RFs included in the study were those that had at least 10-year performance histories as of December 31, 2017. One RF with a relatively distant target date (2060) was excluded from the study because of its short performance track record. A separate set of target date funds using an alternative T. Rowe Price-designed glide path (the target glide path) also was excluded from the study because of the funds extremely limited historical track records.Our study found that the RFs studied outperformed their combined index benchmarks in 88% of rolling five-year periods, 83% of rolling three-year periods, and 63% of rolling one-year periods.As of December 31, 2017, each RF invested its assets in a portfolio of up to 21 underlying T. Rowe Price funds covering the major global equity and fixed income sectors. 20 of the 21 underlying T. Rowe Price funds were actively managed, while one --a core large-cap U.S. stock allocation --used passive management to replicate the returns on the S&P 500 Index. For a list of these funds, their inception dates and study methodology see,"Target Date Strategies: The Benefits of the T. Rowe Price Strategic Investing Approach" (March 2018).

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Footnote Nimbus Sans Novus Condensed 10/10Footnote Nimbus Sans Novus Condensed 10/10

OVER 25 YEARS OF OFFERING MULTI-ASSET CLASS SOLUTIONST. Rowe Price Multi-AssetAs of March 31, 2018

YIELD SEARCH BROADENSBUT MIND YOUR STEP

With additional Federal Reserve movement underway, active global diversification is warranted.

ited ingdom Turkey

Stable interest ratesCredit quality dropping

Political risk rising

dr

dr

dr

298.9 B1

USD in Assets Under Management

§ T. Rowe Price Multi-Asset beneifts from the firm's global presence. There are 271 global research professionals and 571 Global Investment Professionals. § The average Portfolio Manager tenure is 16 years and the average

Portfolio Manager Investment experience is 21 years.

TARGET DATE FUNDS2

TARGET STYLE FUNDS4

TARGET ALLOCATION FUNDS3

WORLD ALLOCATION FUNDS5

1yr

1yr

1yr

1yr

1yr

100%

1yr

1yr

1yr

1yr

1yr

100%

1yr

1yr

1yr

1yr

1yr

66%

1yr

1yr

1yr

1yr

1yr

100%

12 OF 12 FUNDS IN THE TOP QUARTILE

(10–YEAR HISTORY)

4 OF 4 FUNDS IN THE TOP QUARTILE

(10–YEAR HISTORY)

2 OF 3 FUNDS IN THE TOP TWO QUARTILES

(10–YEAR HISTORY)

1 OF 1 FUND TOP QUARTILE

(3–YEAR HISTORY)

37CFA

Charterholders

38MBA or Master's

12Ph.D.s

56Associates as of March 31, 2018

Past performance is not a reliable indicator of future performance. 1 The combined multi-asset portfolios managed by T. Rowe Price group of companies. Numbers may not total due to rounding. This figure includes assets that are held outside of T. Rowe Price, but where T. Rowe Price influences trade decisions. Based on cumulative return. T. Rowe Price Multi-asset funds (investor class only) outperformed their Lipper averages respectively. Not all funds outperformed for all periods. Results will vary and may be negative for other periods. All funds are subject to market risk, including possible loss of principal. Source: Lipper, Inc. Please see disclosures on the following page for 2,3,4,5.

0 20 40 60 80 100 120

0

50

100

150

200

250

300

Aggressive Balanced: 106.5B

Equity Blend: 54.9B

Conservative Balanced: 20.3B

Balanced: 108.9B

Fixed Income: 8.1B

Asse

ts U

nder

Man

agem

ent (

Billi

ons

USD

)

20182008 2010 2012 2014 2016

MULTI-ASSET ASSETS UNDER MANAGEMENT Growth over 10 Years

0 20 40 60 80 100 120

0

50

100

150

200

250

300

Aggressive Balanced: 106.5B

Equity Blend: 54.9B

Conservative Balanced: 20.3B

Balanced: 108.9B

Fixed Income: 8.1B

Asse

ts U

nder

Man

agem

ent (

Billi

ons

USD

)

20182008 2010 2012 2014 2016

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2 15 of 25, 11 of 12, and 12 of 12 Target Date funds were in the top quartile of their Lipper peer group for the 1-, 5- and 10-year periods, respectively. Target Date funds include the Retirement 2005, Retirement 2010, Retirement 2015, Retirement 2020, Retirement 2025, Retirement 2030, Retirement 2035, Retirement 2040, Retirement 2045, Retirement 2050, Retirement 2055, Retirement 2060, Retirement Balanced, Target Date 2005, Target Date 2010, Target Date 2015, Target Date 2020, Target Date 2025, Target Date 2030, Target Date 2035, Target Date 2040, Target Date 2045, Target Date 2050, Target Date 2055. 3 4 of 4, 4 of 4 , and 4 of 4 Target Allocation funds were in the top quartile of their Lipper peer group for the 1-, 5- and 10-year periods, respectively. Target Allocation funds include the Personal Strategy Income, Personal Strategy Balanced, Personal Strategy Growth, and Balanced funds. 4 2 of 4, 3 of 4, and 2 of 3 Target Style funds were in the top two quartiles of their Lipper peer group for the 1-, 5- and 10-year periods, respectively. Target Style funds include the Spectrum Income, Spectrum Growth, Spectrum International, and Real Assets Funds. 5 1 of 1, and 1 of 1 World Allocation funds was in the 13th and 11th percentile of its Lipper peer group for the 1- and 3-year periods, respectively. World Allocation funds include the Global Allocation Fund. All funds referenced are T. Rowe Price direct managed mutual funds. T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price funds.

10 T. ROWE PRICE


3 T. ROWE PRICE

MULTI-ASSET INVESTING AT T. ROWE PRICE HISTORYT. Rowe Price Multi-Asset298.9 Billion USD in Assets Under Management1,2

As of March 31, 2018

Over 25 years of off ering multi-asset class solutions to help meet client objectives.

2000s2001College Savings Plan

2002Retirement Funds

2010s2010Real Assets Fund

2012Retirement Trusts2

2013Global AllocationFund

2013Target Funds3

20152015Retirement I Funds

1990s1990Asset Allocation Committee Created

1990Spectrum Growth and Spectrum Income Funds

1991Balanced Fund

1994Personal Strategy Funds

19951996SpectrumInternational Fund

20052008Retirement HybridTrusts2

2017T. Rowe Price® ActivePlus Portfolios

2017Retirement Income2020 Portfolio

2018Multi-StrategyTotal Return Fund

1 The combined multi-asset portfolios managed by T. Rowe Price group of companies. This fi gure includes assets that are held outside of T. Rowe Price,but where T. Rowe Price infl uences trade decisions.

2 The total assets are adjusted for cases where a particular investment might be represented on a standalone basis as well as a component in a multi-fund portfolio. The above timeline is intended to show the evolution of how the U.S. mutual funds and common trust funds were launched in the United States. This is not intended to be an off er or solicitation of any of these products. T. Rowe Price mutual funds are distributed by T. Rowe Price Investment Services, Inc. Call 1-800-638-7890 to request a prospectus, or summary prospectus; each includes objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. The T. Rowe Price Retirement Trusts and Retirement Hybrid Trusts (the “Trusts”) are not mutual funds. They are common trust funds established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. T. Rowe Price Investment Services, Inc., T. Rowe Price Advisory Services, Inc., and T. Rowe Price Trust Company are affi liated companies.

The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

For illustrative purposes only. Strategies/Structures shown are not available in all jurisdictions from T. Rowe Price.

1 The combined multi-asset portfolios managed by T. Rowe Price group of companies. This figure includes assets that are held outside of T. Rowe Price, but where T. Rowe Price influences trade decisions.2 The total assets are adjusted for cases where a particular investment might be represented on a standalone basis as well as a component in a multi-fund portfolio. For illustrative purposes only. Strategies/Structures shown are not available in all jurisdictions from T. Rowe Price.

The above timeline is intended to show the evolution of how the U.S. mutual funds and common trust funds were launched in the United States. This is not intended to be an offer or solicitation of any of these products. T. Rowe Price mutual funds are distributed by T. Rowe Price Investment Services, Inc. Call 1-877-804-2315 to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. The T. Rowe Price Retirement Trusts and Retirement Hybrid Trusts (the “Trusts”) are not mutual funds. They are common trust funds established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. T. Rowe Price Investment Services, Inc. and T. Rowe Price Trust Company are affiliated companies.

The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

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0

30

60

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210

240

270

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0

30

60

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1817161514131211100908070605040302010099989796959493929190

Ass

ets

in B

illio

ns (U

SD) A

ssets in Billions (U

SD)

1990Formed the T. Rowe PriceAsset Allocation Committee1990Spectrum Growth andIncome Funds

1991Balanced Fund

1994Personal Strategy Funds

1996Spectrum Int’l Fund

2001College SavingsPlans

2002Retirement Funds

2008Retirement Hybrid Trusts

2010Real Assets Fund

2012Retirement Trusts

2013Target Retirement Funds

2013Global Allocation Fund

2015Managed Volatility Strategy

2015Retirement I Funds

2016Global Allocation

SICAV

2017T. Rowe Price®

Active Plus Portfolios2017Retirement Income 2020 Portfolio2017Korean Target Dateand Income Funds2018Multi-Strategy TotalReturn Fund

OVER 25 YEARS OF OFFERING MULTI-ASSET SOLUTIONSAs of March 31, 2018

T. Rowe Price Multi-Asset298.9 Billion USD Assets Under Management1,2

1 The combined multi-asset portfolios managed by T. Rowe Price group of companies. This figure includes assets that are held outside of T. Rowe Price, but where T. Rowe Price influences trade decisions.2 The total assets are adjusted for cases where a particular investment might be represented on a standalone basis as well as a component in a multi-fund portfolio. For illustrative purposes only. Strategies/Structures shown are not available in all jurisdictions from T. Rowe Price.

The above timeline is intended to show the evolution of how the U.S. mutual funds and common trust funds were launched in the United States. This is not intended to be an offer or solicitation of any of these products. T. Rowe Price mutual funds are distributed by T. Rowe Price Investment Services, Inc. Call 1-877-804-2315 to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. The T. Rowe Price Retirement Trusts and Retirement Hybrid Trusts (the “Trusts”) are not mutual funds. They are common trust funds established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. T. Rowe Price Investment Services, Inc. and T. Rowe Price Trust Company are affiliated companies.

The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

12T. ROWE PRICE

MULTI-ASSET—WE HAVE THE FUNDAMENTALS IN PLACE


T. ROWE PRICE9

MULTI-ASSET—WE HAVE THE FUNDAMENTALS IN PLACE

Strategic Portfolio Design

Tactical Asset Allocation

Active Security Selection

13 T. ROWE PRICE 10T. ROWE PRICE

T. Rowe Price Multi-Asset strategies seek to deliver value added through multiple sources with risk management a key consideration throughout the investment process.

INVESTMENT PROCESS AND SOURCES OF VALUE ADDEDAs of March 31, 2018

Stra

tegi

c Po

rtfoli

o Design Tactical Asset Allocation

Fundamentally-DrivenSecurity Selection

¹ 12 Sector Portfolio Managers, 156 Investment Analysts, 50 Associate Research Analysts, 49 Quantitative Analysts, and 4 Specialty Analysts.

Strategic Portfolio DesignUtilize a range of analysis based upon each strategy’s unique objectives, targeted risk/return profi le, client guidelines, and the range of underlying asset classes and sectors.

Tactical Asset AllocationAsset Allocation Committee’s tactical decisions to overweight or underweight asset classes and sectors based on relative valuation opportunities over a 6 to 18 month outlook for global fi nancial markets.

Fundamentally-Driven Security SelectionSector specialists are responsible for oversight and management of each underlying strategy through diversifi ed approaches, with an emphasis on actively managed strategies that leverage T. Rowe Price’s team of 271¹ global analysts.

14T. ROWE PRICE


MULTI-ASSETInvestment Increasing


T. ROWE PRICE10

MULTI-ASSET—INVESTMENT INCREASING

ProductTechnology

People

Enhanced and Innovative Capabilities

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T. ROWE PRICE ASSET ALLOCATION VIEWPOINTS

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IMPORTANT INFORMATION

This information was prepared for a U.S. institutional audience and is not intended for further distribution.

It represents the views of the T. Rowe Price Asset Allocation Committee only and may not reflect the opinion of all T. Rowe Price portfolio managers. The views contained herein are as of March 31, 2018 and are subject to change.

This material, including charts, is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information and opinions, including forecasts and forward-looking statements, are derived from proprietary and nonproprietary sources deemed to be reliable but are not guaranteed as to accuracy.

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Q1 2018 GLOBAL ENVIRONMENTAs of March 31, 2018

Footnote Nimbus Sans Novus Condensed 10/10Past Performance is not indicative of future results. 3


Q1 2018 Global Environment

MAJOR MARKET THEMES

KEY MARKET RISKS

Global Growth Momentum

Peaking

Global Earnings Strength

Extended Equity Valuations Higher Volatility

Higher U.S. Interest Rates and

Inflation

Monetary Stimulus Fading

Impacts of U.S. Tax Reform

Impacts of Disruptive

Technology

Trade Wars / Rising

Geopolitical Tensions

Acceleration in Inflation / Rates

Sharp Increase in Volatility

Increase in Regulation of Technology Companies

Monetary Policy Missteps / Fed

Overshoot

Earnings Disappointment

Rising Political Risk in Emerging

Markets

Sustainability of Commodity

Prices

Refer to page 16 for Important Information.

18 T. ROWE PRICE


Q1 2018 TACTICAL POSITIONINGAsset ClassAs of March 31, 2018

Footnote Nimbus Sans Novus Condensed 10/10Refer to page 16 for Important Information.

Underweight OverweightNeutral

ASSET CLASS

These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.

or Quarter Over Quarter Change

Equities Valuations modestly more attractive amidst decline in prices and stronger earnings growth. Global growth remains supportive. Higher rates, wages and input costs could weigh on margins.

Bonds Yields modestly more attractive after move higher. Recent upward trends in longer-term yields may begin to be offset by yield demand and modest long-term growth expectations.

Cash Yields more attractive as Fed advances rate hikes, yet still somewhat unattractive historically. Cash can provide a buffer against extended stock and bond valuations.

Change

Key Quarterly Changes

§ Broad global growth improvement is likely near the cyclical peak as key developed markets are expanding above potential. U.S. economic activity has been boosted by late-cycle fiscal spending, tax cuts and deregulation but growth will likely peak in 2018 as fiscal stimulus benefits fade amidst modestly increasing inflation and a tight labor market.

§ While fundamentals remain broadly supportive, tightening financial conditions, higher interest rates, and protectionist trade policies could be headwinds.

§ Valuations are elevated across asset classes, leaving risk skewed to the downside. Fixed income can provide downside protection in periods of market stress.

§ Increased our underweight to equities in favor of cash and bonds, as equity valuations remain elevated against a backdrop of increasing risks from higher inflation, rates and volatility. Improving economic growth and earnings environment provide support, but appear fully reflected in valuations and vulnerable to disappointment. Cash yields becoming more attractive.

§ Further increased our overweight to U.S. small-cap stocks based on attractive relative valuations versus large-caps, potential benefits from lower corporate tax rates, and less exposure to trade policy risks. The potential for increased U.S. fiscal spending and lower corporate taxes could provide catalysts for small-caps to outperform given their higher sensitivity to the domestic economy, higher marginal tax rates, and a potential to benefit from an increase in mergers and acquisitions.

§ Increased our underweight to developed ex-U.S. investment grade bonds as low yields and extended duration profiles may be vulnerable to rising rates, particularly in Europe as the ECB reduces purchases and markets begin discounting rate hikes. Developed ex-U.S. investment grade bonds hedged yield differential is more compelling than unhedged for US investors; however, long duration and prospects for higher rates from low levels are risks.

19T. ROWE PRICE


Q1 2018 TACTICAL POSITIONINGEquitiesAs of March 31, 2018

Footnote Nimbus Sans Novus Condensed 10/10Refer to page 16 for Important Information.

Neutral

Regions

U.S. Valuations off recent peak, but still extended and margins could be pressured. Earnings momentum is positive with support from tax policy, but expectations appear elevated.

Global Ex-U.S. Modestly attractive valuations relative to U.S., improving economic growth, positive earnings trends and higher beta to global trade.

Emerging Markets Attractive relative valuations, improving global growth and positive earnings trends are supportive. Higher rates, hawkish trade policies and stability of energy prices are potential risks.

Style

U.S. Growth Expect secular growers to continue to benefit in structurally low growth environment, but valuations are less attractive after strong outperformance and narrow leadership.

U.S. Value A sustained pickup in growth and higher rates would be supportive for cyclical stocks. Financials benefit from decreasing regulation. Tax reform impacts could be near-term catalyst.

Global Ex-U.S. Growth Relative valuations are above historical averages after strong performance, particularly within cyclically sensitive areas, such as industrials, and also consumer staples.

Global Ex-U.S. Value Attractive relative valuation, Eurozone and Japanese economies earlier in the cycle, and improved outlook for European financials.

Capitalization

U.S. Large-Cap Valuations remain extended, and gains have been heavily concentrated in mega cap technology stocks that may face regulatory scrutiny.

U.S. Small-Cap Attractive relative valuations versus large-caps. Less vulnerable to trade policy, and could benefit from tax policy related capex spending and pickup in M&A.

Inflation-Sensitive

Real Asset Equities Energy supply/demand imbalances and slower Chinese growth are headwinds. REITs attractively valued, though late cycle in U.S. and vulnerable to rising rates.

Underweight OverweightEQ

UITI

ESThese views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.Change

or Month Over Month Change

20T. ROWE PRICE

TACTICAL POSITIONING—THE CHURCH FOUNDATION PORTFOLIO November 2007 Through May 2018

-4

0

4

8O/W Stocks

20172016201520142013201220112010200920082007

Equi

ty T

actic

al P

ositi

on (%

)

Overweight Equity

Underweight Equity

YTD 2018

Equity vs. Fixed Income Tactical Positioning U.S. vs. International Tactical Positioning

Large Cap vs. Small Cap Tactical Positioning Growth vs. Value Tactical Positioning

-4

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8O/W Stocks

20172016201520142013201220112010200920082007

Equi

ty T

actic

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ositi

on (%

)

Overweight U.S. Equity

Underweight U.S. Equity

YTD 2018

-4

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8O/W Stocks

20172016201520142013201220112010200920082007

Equi

ty T

actic

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ositi

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)

Overweight Large Cap

Underweight Large Cap

YTD 2018

-4

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8

12O/W Stocks

20172016201520142013201220112010200920082007

Equi

ty T

actic

al P

ositi

on (%

)

Overweight U.S. Growth

Underweight U.S. Growth

YTD 2018

21T. ROWE PRICE

STOCKS VS. BONDSAs of March 31, 2018


Past Performance is not indicative of future results. 9

Stocks vs. Bonds

Sources: FactSet, MSCI, and Standard & Poor’s. Data analysis by T. Rowe Price. US is represented by S&P 500, Europe is represented by MSCI Europe, and Japan is represented by MSCI Japan.


We increased our underweight to equities as valuations remain elevated against a backdrop of increasing risks from higher inflation, rates and volatility. Improving economic growth and earnings environment provide support, but appear fully reflected in valuations and vulnerable to disappointment.

EQUITY RISK PREMIUMSJanuary 1, 2013 to March 31, 2018

Broad global growth improvement is likely near the cyclical peak as key developed markets are expanding above potential. U.S. economic activity has been boosted by late-cycle fiscal spending, tax cuts and deregulation but growth will likely peak in 2018 as fiscal stimulus benefits fade amidst modestly increasing inflation and a tight labor market.

While fundamentals remain broadly supportive, tightening financial conditions, higher interest rates, and protectionist trade policies could be headwinds.

Valuations are elevated across asset classes, leaving risk skewed to the downside. Fixed income typically offers less downside risk in periods of market stress.

0

10

20

30

40

50

60

Num

ber o

f occ

urre

nces

Rolling 1 Year Returns, Monthly Observations, January 31 , 1990 to March 31, 2018

MSCI ACWI (Stocks) Bloomberg Barclays Global Aggregate (Bonds)

PERFORMANCE DISPERSION, STOCKS VS. BONDS

2%

3%

4%

5%

6%

7%

8%

9%

2013 2015 2017

Real

Ear

ning

s Yie

ld m

inus

Rea

l Yie

ld-t

o-W

orst

of 1

0 Ye

ar

Sove

reig

n Bo

nd

USUS Avg (2002-Present)EuropeEurope Avg (2002-Present)JapanJapan Avg (2002-Present)

Footnote Nimbus Sans Novus Condensed 10/10Footnote Nimbus Sans Novus Condensed 10/10Sources: FactSet, MSCI, Standard and Poor's. Data analysis by T. Rowe Price. US is represented by S&P 500, Europe is represented by MSCI Europe, and Japan is represented by MSCI Japan. Refer to page 16 for Important Information.

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THE CHURCH FOUNDATION PORTFOLIO

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INVESTMENT APPROACHThe Church Foundation Multi-Asset Portfolio

Objective: Invest in a diversified and customized multi-asset portfolio comprised of a mix of institutional commingled funds and mutual funds

We seek to provide broad sector diversification

Equities

§ Domestic

§ Large-Cap Growth

§ Large-Cap Value

§ Mid-Cap Growth

§ Mid-Cap Value

§ Small-Cap

§ International

§ EAFE Growth

§ EAFE Value

§ Emerging Markets

§ Real Assets

Bonds

§ Core Plus

§ Investment Grade

§ High Yield

§ Non-U.S. $ Bonds

§ Emerging Markets Bonds

Cash

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PORTFOLIO BREAKDOWNAs of March 31, 2018

Style NeutralCurrentTarget Max Min

Stocks 70.0% 67.5% 75.0% 55.0%

Bonds and Money Markets 30.0 32.5 45.0 25.0

StyleNeutral

AllocationCurrentTarget

Domestic Equity 46.6% 44.4%

International Equity 20.0 21.6

Real Assets Equity 3.5 1.5

Fixed Income 30.0 31.5

Cash 0.0 1.0

Numbers may not total due to rounding.

ASSET ALLOCATION RANGES

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PORTFOLIO BREAKDOWNThe Church Foundation PortfolioTotal Assets: $145,591,907As of March 31, 2018

Numbers may not total due to rounding.

CDs

Other

Medium-Term

Commercial Paper

Variable Rate Demand Notes

Institutional CorePlus Fund31.5%

U.S. Treasury Money Fund0.9%

Real Assets Fund—I Class1.5%

InstitutionalLarge-CapGrowth Fund18.3%

Emerging Markets Stock Fund—I Class2.3%

International ValueEquity Fund—I Class

10.2%

InternationalStock Fund—I Class

9.4%

InstitutionalSmall-Cap Stock Fund

5.2%Mid-Cap Value Fund—I Class

1.2%Institutional Mid-Cap

Growth Fund1.3%

Institutional Large-CapValue Fund

18.2%

CURRENT ALLOCATIONS

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PERFORMANCE SUMMARYAs of March 31, 2018

Annualized

ThreeMonths

One Year

ThreeYears

FiveYears

Ten Years

Since Inception 11/1/07

The Church Foundation Portfolio (Net of Fees) 0.08% 12.39% 7.42% 8.92% 7.84% 6.65%

Weighted Benchmark1 -0.92 10.63 6.83 8.08 6.89 5.90

Value Added 1.00 1.76 0.59 0.84 0.95 0.75

1 As of December 1, 2016, the weighted benchmark consisted of 49.0% Russell 3000 Index, 30.0% Bloomberg Barclays U.S. Aggregate Bond Index, and 21.0% MSCI AC World Ex-USA Index. From October 1, 2012, the custom benchmark consisted of 45.5% Russell 3000 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 19.5% MSCI AC World Ex-USA Index. From May 1, 2012 to September 30, 2012 the custom benchmark contained a range of 52%-45.5% Russell 3000 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13%-19.5% MSCI AC World Ex-USA Index. From April 1, 2010 to April 30, 2012, the custom benchmark consisted of 52% Russell 3000 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13% MSCI AC World Ex-USA Index. From inception to March 31, 2010, the custom benchmark consisted of 52% Wilshire 5000 Total Market Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13% MSCI EAFE Index.

Source: T. Rowe Price Modified Dietz Rate of Return. Total return includes all realized and unrealized gains and losses plus income. Performance figures are shown net of advisory fees. All investments are subject to risk, including the possible loss of the money you invest.

Past performance cannot guarantee future results.

Source for MSCI data: MSCI. 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 fi nancial products. This report is not approved, reviewed, or produced by MSCI.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell® is a trademark of Russell Investment Group.

Source for Bloomberg Barclays index data: Bloomberg Index Services Ltd. Copyright© 2018, Bloomberg Index Services Ltd. Used with permission.

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PERFORMANCE SUMMARYAs of March 31, 2018 Annualized

ThreeMonths

One Year

ThreeYears

FiveYears

Ten Years

Since Inception 11/1/07

The Church Foundation Portfolio (Net of Fees) 0.08% 12.39% 7.42% 8.92% 7.84% 6.65%

Weighted Benchmark1 -0.92 10.63 6.83 8.08 6.89 5.90

Value Added 1.00 1.76 0.59 0.84 0.95 0.75

The Church Foundation—Domestic Equity (Net of Fees) 1.22 18.80 12.01 15.12 11.31 9.34

U.S. Equity Linked Benchmark2 -0.65 13.80 10.23 13.04 9.76 8.02

Value Added 1.87 5.00 1.78 2.08 1.55 1.32

The Church Foundation—International Equity (Net of Fees) -0.10 15.67 6.19 6.50 3.30 1.79

Non-U.S. Equity Linked Benchmark3 -1.08 17.05 6.68 6.37 2.75 1.28

Value Added 0.98 -1.38 -0.49 0.13 0.55 0.51

The Church Foundation—Real Assets (Net of Fees) -4.54 3.17 2.63 1.88 – 1.995

Weighted Benchmark4 -5.00 7.54 5.79 3.00 – 3.025

Value Added 0.46 -4.37 -3.16 -1.12 – -1.035

The Church Foundation—Fixed Income (Net of Fees) -1.27 2.18 1.74 2.18 4.56 4.68

Bloomberg Barclays U.S. Aggregate Bond Index -1.46 1.20 1.20 1.82 3.63 3.86

Value Added 0.19 0.98 0.54 0.36 0.93 0.82

1 As of December 1, 2016, the weighted benchmark consisted of 49.0% Russell 3000 Index, 30.0% Bloomberg Barclays U.S. Aggregate Bond Index, and 21.0% MSCI AC World Ex-USA Index. From October 1, 2012, the custom benchmark consisted of 45.5% Russell 3000 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 19.5% MSCI AC World Ex-USA Index. From May 1, 2012 to September 30, 2012 the custom benchmark contained a range of 52%-45.5% Russell 3000 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13%-19.5% MSCI AC World Ex-USA Index. From April 1, 2010 to April 30, 2012, the custom benchmark consisted of 52% Russell 3000 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13% MSCI AC World Ex-USA Index. From inception to March 31, 2010, the custom benchmark consisted of 52% Wilshire 5000 Total Market Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13% MSCI EAFE Index.

2 As of April 1, 2010, the U.S. Equity Linked Benchmark is represented by the Russell 3000 Index. Prior to that, it was represented by the Wilshire 5000 Index.3 As of April 1, 2010, the Non-U.S. Equity Linked Benchmark is represented by the MSCI All-Country World Ex-U.S. Index. Prior to that, it was represented by the MSCI EAFE Index.4 As of December 1, 2013, the weighted benchmark is comprised of 25% MSCI All-Country World Index Metals & Mining, 20% Wilshire RESI, 20% FTSE EPRA/NAREIT Developed Real Estate Index, 19.5% MSCI All-Country World Index Energy, 10.5% MSCI All-Country World Index Materials, 4% MSCI All-Country World Index IMI Gold, 1.00% MSCI All-Country World Index IMI Precious Metals and Minerals. Prior to this date, the Combined Index Portfolio was comprised of 25% MSCI All-Country World Index Metals & Mining, 20% Wilshire RESI, 20% FTSE EPRA/NAREIT Developed Real Estate Index, 16.25% MSCI All-Country World Index Energy, 8.75% MSCI All-Country World Index Materials, 5% UBS World Infrastructure and Utilities Index, 4% MSCI All-Country World Index IMI Gold, 1.00% MSCI All-Country World Index IMI Precious Metals and Minerals.

5 Since inception as of October 11, 2012, which is when Real Assets Equities were added to the portfolio. Source: T. Rowe Price Modified Dietz Rate of Return. Total return includes all realized and unrealized gains and losses plus income. Performance figures are shown net of advisory fees. All investments are subject to risk, including the possible loss of the money you invest.

Past performance cannot guarantee future results.



§ Outperformance over the past twelve months was driven by security selection, particularly in the U.S. Large-Cap Growth and U.S. Large-Cap Value portfolios. § A strategic allocation to Real Assets Equities weighed on relative performance over the past year. § A tactical underweight to stocks relative to bonds and cash also detracted from relative performance over the period.

§ A beneficial underweight to real assets equities helped to offset some of the drag from our equity positioning.


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BIOGRAPHICAL BACKGROUNDS

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3 T. ROWE PRICE


MULTI-ASSET DIVISIONAs of April 30, 2018

Total Years of Investment Experience

Total Years of Investment Experience with

T. Rowe PriceManagementSebastien Page, CFA M.Sc., Sherbrooke University 20 2

Portfolio ManagementJerome A. Clark, CFA M.B.A., Johns Hopkins University 25 25Richard Coghlan, Ph.D. Ph.D., Brown University 21 <1 Kimberly E. DeDominicis M.B.A., New York University 19 18Andrew Jacobs van Merlen, CFA M.B.A., Cambridge University 15 15 Wyatt A. Lee, CFA M.B.A., Washington University 20 18Tim Murray, CFA M.S.F., Johns Hopkins University 22 10 Charles M. Shriver, CFA M.S.F., Loyola University 19 19 Toby M. Thompson, CFA, CAIA M.B.A., Loyola University 24 10Josh Yocum, CFA M.S., Loyola University 12 12

Portfolio Analysis and Implementation Guido F. Stubenrauch, CFA M.S.F., Loyola University 14 14Michael D. Fortner, CFA M.B.A., Loyola University 4 4Shane McMahon M.Sc., Dublin Institute of Technology 8 <1Matthew W. Novak M.B.A., Loyola University 6 6Bradley R. Raglin, CFA M.B.A., Loyola University 6 6Darren M. Scheinberg, CFA M.B.A., University of Maryland 9 9Suthinee Suangtho, CFA, IMC B.A., Chulalongkorn University 14 2

Multi-Asset SolutionsPeter S. Austin M.B.A., University of Pittsburgh 32 6Andrew P. Armstrong, CFA B.S., Carnegie Mellon University 4 4Jason DaCruz B.A., Rutgers University 5 2Justin C. Harvey, CFA, ASA M.B.A., University of North Carolina 10 4Yoram Lustig, CFA, PRM M.B.A., London Business School 15 <1Tina Moore B.A., Gettysburg College 3 3Thomas Poullaouec Diploma of Actuary, EURIA 16 <1Som Priestley, CFA M.B.A., Georgetown University 10 5Nick Samouilhan, CFA, FRM, Ph.D. Ph.D., University of Cape Town 9 <1Wenting Shen B.A., Williams College 12 <1Aaron Stonacek, ASA, CFA B.A., Bentley University 7 1Averie Thomas B.A., Davidson College 1 1Lowell Yura, ASA, CFA M.B.A., University of Chicago 20 <1

Staff Years are as of March 31, 2018.

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4T. ROWE PRICE

MULTI-ASSET DIVISIONAs of April 30, 2018


Total Years of Investment Experience With

T. Rowe PriceAlternative StrategiesRick de los Reyes M.B.A., Harvard Business School 18 11Douglas Cannon, CFA, Ph.D. Ph.D., Massachusetts Institute of Technology 7 3Runit Kumar, CFA B.S., New York University 6 3Karl Wacker M.B.A., Harvard Business School 21 1

Strategy and CommunicationsChristopher P. Dillon, CFA M.B.A., Wilmington University 21 12Kathryn Farrell, CFA M.B.A., University of Chicago 10 <1Matthew J. Ko, CFA B.S., James Madison University 16 <1Joseph F. Martel, CFA, CAIA M.B.A., University of Maryland 16 16Darrell M. Riley M.B.A., University of Chicago 24 21

Research and Development Stefan Hubrich, Ph.D., CFA, Director Ph.D., University of Maryland 14 12James A. Tzitzouris, Ph.D., Director Ph.D., Johns Hopkins University 19 19 Anna A. Dreyer, Ph.D., CFA, Associate Director Ph.D., Massachusetts Institute of Technology 9 9Elias Al-Najjar, Ph.D. Ph.D., University of Maryland Baltimore County 2 2David L. Clewell, CFA M.B.A., University of Maryland 11 6Preston Donovan, Ph.D. Ph.D., University of Maryland Baltimore County 3 3Chris Faulkner-MacDonagh, Ph.D. Ph.D., Yale University 20 1Oliver Gjoneski, Ph.D., ASA, CFA Ph.D., Duke University 5 3 Robert L. Harlow, CAIA, CFA M.S., Johns Hopkins University 9 9 Gregory Hein M.S., Johns Hopkins University 13 10Adam Langer, CFA M.S.E., Johns Hopkins University 5 <1Shannon Lucas B.S., Virginia Polytechnic Institute and State University 2 2Sean P. McWilliams M.S., Johns Hopkins University 8 8Jean-Jacques Mignon, CFA B.A., Johns Hopkins University 4 4 Robert A. Panariello, CFA, FRM, CAIA M.S.E., Johns Hopkins University 12 12John Pirie, CFA M.B.A., University of Chicago 29 1Luiza Pogorelova, Ph.D. Ph.D., Louisiana State University 1 1Andrew Tang, CFA B.S., University of Maryland 4 4Matthew Zapf, Ph.D., CFA Ph.D., University of Louisville 6 3Merrie A. Zhang M.S.E., Johns Hopkins University 3 3


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2T. ROWE PRICE


Total Years of Investment Experience with

T. Rowe PriceMulti-Asset

David R. Giroux, CFA Co-Chair Asset Allocation Committee,CIO—U.S. Equity & Multi-AssetPortfolio Manager, US Capital Appreciation Strategy

19 19

Charles M. Shriver, CFA Co-Chair Asset Allocation Committee,Portfolio Manager, Target Allocation Strategies 19 19

Sebastien Page, CFA Chair, Multi-Asset Steering Committee,Head of Global Multi-Asset 20 2

Jerome A. Clark, CFA Co-Portfolio Manager, Target Date Strategies 25 25

Wyatt A. Lee, CFA Co-Portfolio Manager, Target Date StrategiesPortfolio Manager, Real Assets Strategy 20 18

Equity

Christopher D. Alderson Head of International Equity,Co-Head of Global Equity 32 29

Frank Alonso Portfolio Manager, US Small-Cap Core Equity Strategy 17 17

Mark Finn, CFA, CPA Portfolio Manager, Value FundCo-Portfolio Manager, Institutional Large-Cap Value Fund 20 20

Robert W. Sharps, CFA Head of Investments, Group CIO 22 20

Justin Thomson Portfolio Manager, International Small-Cap Equity Strategy, CIO—International Equity 26 19

Fixed Income

Arif Husain, CFA

Head of International Fixed IncomePortfolio Manager, Dynamic Global Bond StrategyCo-Portfolio Manager, International Bond Strategy, Global Aggregate Bond Strategy

22 4

Daniel O. Shackelford, CFA Portfolio Manager, US Investment Grade Core Bond Strategy 37 19

Mark J. Vaselkiv Portfolio Manager, High Yield Bond StrategyCIO—Fixed Income 34 30

Distribution and Client Services

Edward C. Bernard Vice Chairman of the Board of DirectorsChairman of the T. Rowe Price Mutual Funds 30 30

ASSET ALLOCATION COMMITTEEAs of April 30, 2018


32 T. ROWE PRICE


Charles Shriver, CFACharles M. Shriver is a portfolio manager for several asset allocation portfolios within the Multi-Asset Division. He is the lead portfolio manager for the Global Allocation, Balanced, Spectrum, and Personal Strategy Funds. Mr. Shriver is a vice president of T. Rowe Price Group, Inc., and he is cochair of the Asset Allocation Committee.

Mr. Shriver has 18 years of investment experience, all of which have been with T. Rowe Price. He has been with the firm since 1991.

Mr. Shriver earned a B.A. in economics and rhetoric/communications studies from the University of Virginia, an M.S.F. in finance from Loyola University Maryland, and a graduate diploma in public economics from Stockholm University. He also has earned the Chartered Financial Analyst designation.

Toby M. Thompson, CFA, CAIAToby Thompson is a portfolio manager within the Multi-Asset Division. He serves as co-portfolio manager of the T. Rowe Price® ActivePlus Portfolios and Managed Volatility Strategies and is a member of the Investment Advisory Committees of the Global Allocation Fund, Balanced Fund, Personal Strategy Funds, and Spectrum Funds. Mr. Thompson is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Thompson has 24 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2007, he served as director of investments of the I.A.M. National Pension Fund. Before joining the I.A.M. National Pension Fund, Mr. Thompson was a principal with Brown Investment Advisory, where he worked in fixed income research, served as director of open architecture and asset allocation, and was a member of the firm's Strategic Investment Committee.

Mr. Thompson earned a B.S. in business and economics from Towson University and an M.B.A. in finance from Loyola University Maryland. He has earned the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations. Mr. Thompson is also the chairman of the National Aquarium Foundation in Baltimore.

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Bradley D. MeekerBrad Meeker is a North America institutional client service executive for Global Investment Services, the organization responsible for the firm's institutional business worldwide. He is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.

Mr. Meeker has 25 years of industry experience, seven of which have been at T. Rowe Price. Before joining the firm in 2010, Mr. Meeker was a director of client service for Turner Investment Partners, Inc. Prior to that, he was with Brandywine Global Investment Management, LLC, for nine years, most recently as vice president of institutional client service.

Mr. Meeker earned a B.A. from the University of Richmond and an M.B.A. from the University of Delaware. He is a Series 7 and 63 registered representative.

34T. ROWE PRICE


Important Information:This material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. 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. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

USA - Issued in the USA by T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, MD, 21202, which is regulated by the U.S. Securities and Exchange Commission. For Institutional Investors only.

T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are collectively and/or apart, trademarks of T. Rowe Price Group, Inc. © 2018 T. Rowe Price. All rights reserved.

bradle y d. meeker vice president—institutional client ...€¦ · 2 count includes 391...

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