T. Rowe Price Institutional Mutual Funds u Differentiated solutions featuring our Institutional Separate Account Strategies u Below-average expense ratios u Fundamental, bottom-up approach to company research u Leverages our global research capabilities to unlock the best ideas Please contact a T. Rowe Price representative at 1-800-638-7780 or visit troweprice.com/fi for details.
• Not A Deposit • Not FDIC-Insured • Not Insured By Any Federal Government Agency • Not Guaranteed By Any Bank Or Credit Union • May Go Down In Value
T. Rowe Price Institutional Mutual Funds Investment Minimums and Eligibility
u Relationship minimum in each Institutional Fund is $1,000,000.
u Registered investment advisors may invest, subject to eligibility criteria.
05515-1052.wb 84675
u Shares may only be purchased and held by financial institutions.
5/09 E00-262
T. Rowe Price Institutional Mutual Funds
Periods Ended March 31, 2009
Annualized
Institutional U.S. Structured Research Fund Lipper Large-Cap Core Funds Average Institutional Large-Cap Value Fund Lipper Large-Cap Value Funds Average Institutional Large-Cap Core Growth Fund Lipper Large-Cap Growth Funds Average Institutional Large-Cap Growth Fund Lipper Large-Cap Growth Funds Average Institutional Mid-Cap Equity Growth Fund Lipper Mid-Cap Growth Funds Average Institutional Small-Cap Stock Fund2
2
Lipper Small-Cap Core Funds Average Institutional Global Large-Cap Equity Fund
3
Lipper Global Large-Cap Growth Funds Average Institutional Global Equity Fund3 Lipper Global Multi-Cap Growth Funds Average Institutional Foreign Equity Fund
5
Lipper International Large-Cap Core Funds Average
Expense Ratio
Ticker Symbol
Inception Date
One Year
Three Years
Five Years
Ten Years or Since Inception
Gross/Net
As of Date
TRISX
10/31/07
-36.28%
—
—
-34.58%1
0.76%/0.55%†
12/31/08
—
—
-37.32
-13.19%
-4.94%
TILCX
3/31/00
-39.44
-13.36
-4.16
1.171
—
—
-39.80
-14.40
-5.11
-1.611
1.27
3/31/09
TPLGX
9/30/03
-34.67
-11.20
-4.53
-1.821
0.79/0.65†
12/31/08
—
—
-35.29
-12.32
-4.69
-2.291
1.35
3/31/09
TRLGX
10/31/01
-32.56
-12.04
-4.03
-0.271
0.58/0.58†
12/31/08
—
—
-35.29
-12.32
-4.69
-2.68 1
1.35
3/31/09
PMEGX — TRSSX
7/31/96 — 3/31/00
-34.20 -38.89 -32.20
-11.43 -14.87 -15.58
-0.38 -4.23 -3.65
4.15 -0.34 1.621
0.66/0.66 1.47 0.74/0.74
12/31/08 3/31/09 12/31/08
—
—
-38.37
-17.16
-5.25
0.651
RPIGX
10/27/08
—
—
15.74
—
-35.27
1
1.27
3/31/09
0.63/0.63†
12/31/08
1.44
3/31/09
4.23/0.75†
10/31/08
—
—
-43.18
-14.50
-4.28
-11.39
1.56
3/31/09
TRGSX
6/30/06
-50.35
—
—
-16.161
0.97/0.75†
10/31/08
—
—
-42.74
-13.45
-3.60
-13.701
1.69
3/31/09
PRFEX
9/7/89
-48.40
-16.45
-4.30
-2.38
1.02/1.50†
10/31/08
—
—
-46.44
-15.03
-2.86
-1.22
1.51
3/31/09
IEMFX
10/31/02
-56.07
-13.17
3.14
11.19
1.10/1.10
10/31/08
Lipper Emerging Markets Funds Average
—
—
-50.27
-10.87
3.85
12.631
1.70
3/31/09
Institutional Africa & Middle East Fund3
TRIAX
4/30/08
—
—
-64.721
1.38/1.25†
10/31/08
Lipper Emerging Markets Funds Average
—
—
-50.27
-10.87
3.85
-53.941
TICPX
11/30/04
0.03
4.34
—
3.781
Institutional Emerging Markets Equity Fund3
Institutional Core Plus Fund Lipper Intermediate Investment Grade Debt Funds Average Institutional High Yield Fund4 Lipper High Current Yield Funds Average Institutional Floating Rate Fund4 Lipper Loan Participation Funds Average Institutional International Bond Fund3 Lipper International Income Funds Average Institutional Emerging Markets Bond Fund
3
Lipper Emerging Markets Debt Funds Average Institutional U.S. Structured Research Fund7 — Specifically designed to bring forth the best opportunities from 30+ T. Rowe Price analysts covering specific industries in the S&P 500 Index. Institutional Large-Cap Value Fund7 — Combines qualitative and quantitative inputs to assess potential and identify valuation anomalies, isolating undervalued companies while targeting substantial dividend income. Institutional Large-Cap Core Growth Fund7 — Emphasizes sustainable earnings growth to build a portfolio of high-quality companies with leading market positions. Institutional Large-Cap Growth Fund7 — An exclusive, concentrated selection of our best ideas in large-cap growth-oriented securities. Institutional Mid-Cap Equity Growth Fund4,8 — A distinct approach to mid-cap growth, looking for companies with higher-than-average expected annual growth rates along with solid financials to reduce risk. Institutional Small-Cap Stock Fund8 — A differentiated strategy with flexibility to invest in growth or undervalued opportunities, concentrating on “value creation” catalysts while emphasizing metrics specific to sectors and industries.
—
1.70
3/31/09
0.45/0.43
5/31/07
—
—
-4.81
1.30
1.28
1.26
0.95
3/31/09
TRHYX
5/31/02
-14.22
-2.93
1.01
4.391
0.50/0.50
5/31/07
1
—
—
-20.73
-6.08
-1.37
2.06
1.28
3/31/09
RPIFX
1/31/08
-9.50
—
—
-9.291
0.55/0.55
1/31/08
—
—
-16.99
-6.32
-1.98
1.27
3/31/09
RPIIX
5/31/07
-11.92
—
—
2.571
0.55/0.55
12/31/08
—
—
-9.54
3.56
2.83
2.581
1.10
3/31/09
TREBX
11/30/06
-13.40
—
—
-3.66
0.70/0.70
12/31/08
—
—
-16.15
-1.33
3.50
-4.731
1.37
3/31/09
Institutional Global Large-Cap Equity Fund1,5 — A “best ideas” approach to global investing that leverages our research platform concentrating on growth-oriented large companies. Unburdened by geographical limitations, we seek to invest in those companies best positioned to capitalize on long-term global growth trends. Institutional Global Equity Fund1,5 — Condenses our highest-conviction global opportunities into one concentrated institutional offering. Institutional Foreign Equity Fund1,5 — Designed specifically to meet institutional investor needs for a diversified growth style in large, non-U.S. companies. Institutional Emerging Markets Equity Fund1,5 — Uses T. Rowe Price’s robust overseas research and portfolio management team to identify sustainable above-market earnings growth while screening for macroeconomic and political factors. Institutional Africa & Middle East Fund1,5 — A concentrated portfolio investing in frontier markets throughout the Africa and Middle East region. The fund leverages T. Rowe Price’s emerging market expertise and global research platform to exploit market inefficiencies and uncover stocks in the region that are mispriced.
1
-18.50
1
1
Institutional Core Plus Fund2 — Differentiates by integrating nonindex sectors and securities while investing primarily in investment-grade, U.S. fixed-income securities. Institutional High Yield Fund2,6 — Our fixed-income team offers a unique advantage with its ability to interact with our proprietary equity and credit research platform to fully evaluate lower-quality, high-yielding bonds. Institutional Floating Rate Fund2,6 — A niche opportunity to earn high current income and, secondarily, capital appreciation potential from primarily floating-rate securities. Institutional International Bond Fund2,5 — Concentrates on outperforming its benchmark by looking for inefficiencies in the global fixed-income and currency markets, thereby acting as a hedge while focusing on principal protection and current income. Institutional Emerging Markets Bond Fund2,5 — Invests primarily in sovereign debt, utilizing our proprietary credit research and relative value analysis while leveraging our global research team.
Funds that invest overseas generally carry more risk than funds that invest strictly in U.S. assets. The fund’s share price will fluctuate with changes in market, political, economic, and foreign currency exchange conditions. 2 Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. 3 Since institutional fund’s inception. 4 Closed to new investors. 5 The performance information shown does not reflect the deduction of a 2% redemption fee on shares held for 90 days or less. If it did, the performance would be lower. 6 The performance information shown does not reflect the deduction of a 1% redemption fee on shares held for 90 days or less. If it did, the performance would be lower. 7 All funds are subject to market risk, including possible loss of principal. 8 Small and medium-sized companies tend to have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. †This figure represents a contractual expense limitation under which the fund currently operates. Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, call 1-800-638-7780. Request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Figures include changes in principal value, reinvested dividends, and capital gain distributions. Source for Lipper data: Lipper Inc. 1
T. Rowe Price Investment Services, Inc., Distributor.
For Institutional Investor Use Only