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  • T. Rowe Price maintains an Excessive and Short-Term Trading Policy to help protect mutual funds and the funds' shareholders from the adverse impacts of frequent trading practices. A new, simplified policy, effective since August 1, 2011, applies more consistently to all T. Rowe Price mutual funds, except money market funds, and uses a 30-Day Purchase Block. Shareholders will be notified of actions that result in a 30-Day Purchase Block.

    What is T. Rowe Price's Trading Policy?

    Subject to certain exceptions, each T. Rowe Price fund restricts a shareholder's purchases or exchanges into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the "30-Day Purchase Block").

    Why Does T. Rowe Price Have a Trading Policy?

    Excessive transactions and short-term trading can be harmful to fund shareholders in various ways, such as disrupting a fund's portfolio management strategies, increasing a fund's trading costs, and negatively affecting its performance. Short-term traders in funds that invest in foreign securities may seek to take advantage of developments overseas that could lead to an anticipated difference between the price of the funds' shares and price movements in foreign markets. While there is no assurance that T. Rowe Price can prevent all excessive and short-term trading, the Boards of Directors/Trustees of the T. Rowe Price funds have adopted the following trading policy designed to deter such activity and protect the funds' shareholders.

    How Does the 30-Day Purchase Block Work?

    For online redemption or exchange transactions, there will be a warning message to indicate that purchase transactions for that fund will be restricted for a period of 30 calendar days. For redemption or exchange transactions over the phone or at a T. Rowe Price Investor Center, the associate will indicate that purchase transactions for that fund will be restricted for a period of 30 calendar days. For purposes of computing the period before another purchase may be made, the calendar day after the date of redemption is considered Day 1.

    For example, if the redemption takes place on September 1, then the first day of the block is September 2, and the account would be eligible to trade again on October 2.

    How Will I Be Notified of a 30-Day Purchase Block on My Account?

    Shareholders will be alerted to a 30-Day Purchase Block as follows:

    • If you transact online, transaction screens on our secure website will alert shareholders of actions that result in a 30-Day Purchase Block.
    • If you transact by phone, our associates will inform you that the action will result in a 30-Day Purchase Block.
    Are There Any Exceptions to the Excessive and Short-Term Trading Policy?

    The following types of transactions generally are not subject to the 30-Day Purchase Block:

    • Shares purchased or redeemed in money market funds;
    • Shares purchased or redeemed through a systematic purchase or withdrawal plan;
    • Checkwriting redemptions from bond and money funds;
    • Shares purchased through the reinvestment of dividends or capital gain distributions;
    • Shares redeemed by the fund to pay fund fees or shareholder account fees;
    • Transfers and changes of account registration within the same fund;
    • Shares purchased by asset transfer or direct rollover;
    • Shares purchased or redeemed through IRA conversions and recharacterizations;
    • Transactions in Section 529 college savings plans;
    • Shares converted from one share class to another share class in the same fund; and
    • Shares of T. Rowe Price funds that are purchased by another T. Rowe Price fund, including shares purchased by T. Rowe Price fund-of-fund products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price fund are still subject to the policy).

    Transactions in certain rebalancing, asset allocation, wrap programs and other advisory programs, as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.

    For additional information and details on Intermediary and Retirement Plan accounts, please refer to the prospectuses for the mutual funds or the Offering Circular for the common trust funds.

    Do You Charge a Redemption Fee?

    Yes, certain T. Rowe Price mutual funds charge a redemption fee. For further information, see our Redemption Fee Policy.

    Who Should I Call If I Have a Question About the Excessive and Short-Term Trading Policy?

    Please call customer service at 1-800-225-5132 to discuss any questions or concerns you have regarding this policy.