497 1 c497.htm
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
Supplement to Prospectuses and Summary Prospectuses dated March 1, 2023
T. Rowe Price New Horizons Fund
Supplement to Prospectus and Summary Prospectus dated May 1, 2022
Effective April 26, 2023, the funds will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price.
Accordingly, effective April 26, 2023, the first sentence under “Purchase and Sale of Fund Shares” in each summary prospectus and section 1 of each prospectus is deleted in its entirety. In addition, the section entitled “Closed to New Investors” in Section 2 of the prospectus is deleted in its entirety.
The date of this supplement is March 22, 2023.
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Fund Name Ticker CUSIP
T. Rowe Price Emerging Markets Stock Fund – Investor Class PRMSX 77956H864
T. Rowe Price Emerging Markets Stock Fund – I Class PRZIX 77956H484
T. Rowe Price Institutional Emerging Markets Equity Fund IEMFX 74144Q203
T. Rowe Price New Horizons Fund – Investor Class PRNHX 779562107
T. Rowe Price New Horizons Fund – I Class PRJIX 779562206
We are writing to inform you that effective April 26, 2023, we are removing the purchase restrictions on the Emerging Markets Stock Fund, Institutional Emerging Markets Equity Fund, and New Horizons Fund.
These funds have been restricted to all investors due to capacity constraints. At that time, we were concerned that continued significant cash inflows would overwhelm the portfolio manager’s ability to invest prudently. This change now allows investors who trade directly with T. Rowe Price to open new accounts in the funds.
Since that time, market conditions have changed, and overall assets under management have decreased. Following a thorough review of net flows and other factors related to the potential capacity of the strategy, we believe we can accommodate controlled asset growth over time.
Thank you for your continued business and partnership with T. Rowe Price. If you have any questions regarding this matter, please feel free to reach out to us.
Download a prospectus for the T. Rowe Price Emerging Markets Stock Fund, the T. Rowe Price Institutional Emerging Markets Equity Fund and the T. Rowe Price New Horizons Fund.
All funds are subject to market risk, including the potential loss of principal.
This communication does not undertake to give investment advice in a fiduciary capacity. T. Rowe Price Associates, Inc., and/or its affiliates receive revenue from T. Rowe Price investment products and services.
This email may be considered advertising under federal law.
T. Rowe Price Investment Services, Inc.
Yes it is; however, once you open an account with T Rowe, you should be able to transfer the account to your brokerage account.
Most recently, I transferred some Vanguard admiral class shares to Merrill (for a bonus and to maintain a balance for higher credit card rebates). One cannot open new admiral share accounts there for most Vanguard funds.
I was told that I could not transfer Fidelity funds there - at least the funds I asked about. (Though they offer institutional share classes of several Fidelity MM funds with a $1K min.) But other brokerages can hold Fidelity funds, e.g. Schwab.
I have a legacy Franklin (from Legg Mason, from Citi, from Salamon Bros.) fund. The original share class, which became institutional (at Salamon) now has a $1M min. Multiple brokerages told me they could accept the transfer from Legg Mason. But Legg Mason refused to transfer any account unless it met the share class min. (Though it would transfer a smaller amount to a charity.)
Franklin was more agreeable, and I've transferred the holding. At the time of the transfer, I was told by the brokerage that they could hold (and sell) the shares but I would not be able to buy more shares. I just checked and the system appears to let me place a buy order. Things change.
I purchased a Columbia fund that was closed except for direct investment. The prospectus clearly stated that new accounts could not be transferred to a brokerage for six(?) months. After that holding period, transfers were allowed.
So the ability to transfer can depend on where to, where from, and when. The ability to add to the account may depend on the particular brokerage and possibly the fund rules as well. The best answer is to ask before opening the account.
I think the question has been answered above. I own FPA Queens Road Small Cap Value Fund I class since I owned its predecessor FPA Capital Fund. My broker has asked if I wanted to transfer my FPA account to them. I still keep the fund with FPA transfer agent since my history shows I was a FPA Capital investor despite not having $100K invested in the fund. Also, a brokerage may impose a restriction on my account (not verified as it may vary from brokerage to brokerage) since I do not have the $100K as required for the I class shares as well as should the fund close again, the brokerage may not allow additional investments.
You need to check with your broker on their requirements.
Their transaction fee for most other fund families is $49.95.
Brokerages extract fees from mutual fund families to carry their funds on the brokerage platform even when the platform charges investors a TF to trade those funds. If a fund family won't pay the fee for shelf space, the brokerage may decide to charge investors a higher transaction fee, or it may simply choose not to carry the fund family.
I assume that Fidelity gets value in being able to say that it offers Vanguard, D&C, and Schwab funds, regardless of how many people actually pay the higher TF.