Correspondence 0001741773-24-002730 from T. Rowe Price All-Cap Opportunities Fund, Inc. (CIK 0000773485)
T. Rowe Price All-Cap Opportunities Fund, Inc. (CIK 0000773485)
Date: June 20, 2024 · CIK: 0000773485 · Accession: 0001741773-24-002730
AI Filing Summary & Sentiment
File numbers found in text: 811-02396, 811-02603, 811-02684, 811-02958, 811-03055, 811-03872, 811-03894, 811-04119, 811-04163, 811-04441, 811-04521, 811-05860, 811-05986, 811-07173, 811-07353, 811-08207, 811-08279, 811-21055, 811-21149, 811-21185, 811-21919, 811-22243, 811-22557, 811-22620, 811-22939, 811-22968, 811-23180, 811-23494
Letter
Division of Investment Management Disclosure and Review and Accounting Office 100 F Street, N.E. Washington, D.C. 20549-4644
Re: Funds Listed in Exhibit
Dear Mr. Fox:
This letter responds to the Securities and Exchange Commission (SEC) Staff’s review comments discussed with Richard Sennett on June 4, 2024, related to the annual reports and Form N-CEN filings of the T. Rowe Price funds.
1. SEC Comment: Please ensure that the T. Rowe Price funds utilize the most recent version of Form N-CSR when submitting these filings in EDGAR.
Management Response: We confirm that the T. Rowe Price funds will use the most recent version of Form N-CSR.
2. SEC Comment: How much advisory fees did T. Rowe Price recoup for the Diversified Mid Cap Growth Fund during the 12/31/23 fiscal year end? The response to N-CEN Item C.8.c. indicates that “no” fees waived were subject to recoupment. The response to N-CEN Item C.8.d. indicates that there were expenses previously waived that were recouped during the period.
Management Response: During the fiscal year ended December 31, 2023, T. Rowe Price recouped $208.76 of advisory fees for Diversified Mid-Cap Growth Fund. This recoupment was for advisory fees waived in the previous fiscal year ended December 31, 2022. There were no advisory fees waived in fiscal year 2023 that were subject to recoupment as correctly reported in N-CEN. Our policy is to separately disclose expense waivers or recoupment in the financial statements, only to the extent such amounts round to $1,000 or greater. The amount of the recoupment did not round to $1,000 and therefore, was not disclosed in the financial statements.
3. SEC Comment: The 12/31/23 N-CEN Item B.22 for the International Bond Fund indicates that the fund had NAV errors that required shareholder reprocessing. However, there is no disclosure in the 12/31/23 financial statements regarding the NAV errors. Please explain why.
Management Response: The NAV error was not material to the financial statements and therefore, was not disclosed. Management followed its NAV error correction policy which is consistent with ICI’s NAV error correction guidance.
If you have any additional questions or would like to discuss any response, please contact me (410-577-5143, Alan.Dupski@troweprice.com), Rick Sennett (410-577-4308, Richard.Sennett@troweprice.com) or Shweta Prabhudesai (410-577-4063, Shweta.Prabhudesai@troweprice.com).
Respectfully,
Alan
S. Dupski
Show Raw Text
CORRESP 1 filename1.htm June 20, 2024 Mr. Jason Fox Division of Investment Management U.S. Securities and Exchange Commission Disclosure and Review and Accounting Office 100 F Street, N.E. Washington, D.C. 20549-4644 Re: Funds Listed in Exhibit Dear Mr. Fox: This letter responds to the Securities and Exchange Commission (SEC) Staff’s review comments discussed with Richard Sennett on June 4, 2024, related to the annual reports and Form N-CEN filings of the T. Rowe Price funds. 1. SEC Comment: Please ensure that the T. Rowe Price funds utilize the most recent version of Form N-CSR when submitting these filings in EDGAR. Management Response: We confirm that the T. Rowe Price funds will use the most recent version of Form N-CSR. 2. SEC Comment: How much advisory fees did T. Rowe Price recoup for the Diversified Mid Cap Growth Fund during the 12/31/23 fiscal year end? The response to N-CEN Item C.8.c. indicates that “no” fees waived were subject to recoupment. The response to N-CEN Item C.8.d. indicates that there were expenses previously waived that were recouped during the period. Management Response: During the fiscal year ended December 31, 2023, T. Rowe Price recouped $208.76 of advisory fees for Diversified Mid-Cap Growth Fund. This recoupment was for advisory fees waived in the previous fiscal year ended December 31, 2022. There were no advisory fees waived in fiscal year 2023 that were subject to recoupment as correctly reported in N-CEN. Our policy is to separately disclose expense waivers or recoupment in the financial statements, only to the extent such amounts round to $1,000 or greater. The amount of the recoupment did not round to $1,000 and therefore, was not disclosed in the financial statements. 3. SEC Comment: The 12/31/23 N-CEN Item B.22 for the International Bond Fund indicates that the fund had NAV errors that required shareholder reprocessing. However, there is no disclosure in the 12/31/23 financial statements regarding the NAV errors. Please explain why. Management Response: The NAV error was not material to the financial statements and therefore, was not disclosed. Management followed its NAV error correction policy which is consistent with ICI’s NAV error correction guidance. If you have any additional questions or would like to discuss any response, please contact me (410-577-5143, Alan.Dupski@troweprice.com), Rick Sennett (410-577-4308, Richard.Sennett@troweprice.com) or Shweta Prabhudesai (410-577-4063, Shweta.Prabhudesai@troweprice.com). Respectfully, Alan S. Dupski Treasurer, T. Rowe Price Funds cc: John McCardell – Partner, PricewaterhouseCoopers LLP Fran Pollack-Matz – Deputy General Counsel, T. Rowe Price Associates, Inc. Arlene Klein – Chief Compliance Officer, T. Rowe Price Associates, Inc. EXHIBIT File # Registrant Name Series Name FYE Reviewed 811-02684 T. Rowe Price Tax-Free Income Fund, Inc. T. Rowe Price Tax-Free Income Fund 02/28/2023 811-03055 T. Rowe Price Tax-Exempt Money Fund, Inc. T. Rowe Price Tax-Exempt Money Fund 02/28/2023 811-03872 T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. T. Rowe Price Tax-Free Short-Intermediate Fund 02/28/2023 811-04163 T. Rowe Price Tax-Free High Yield Fund, Inc. T. Rowe Price Tax-Free High Yield Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price California Tax-Free Bond Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price Georgia Tax-Free Bond Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price Maryland Short-Term Tax-Free Bond Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price Maryland Tax-Free Bond Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price Maryland Tax-Free Money Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price New Jersey Tax-Free Bond Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price New York Tax-Free Bond Fund 02/28/2023 811-04521 T. Rowe Price State Tax-Free Funds, Inc. T. Rowe Price Virginia Tax-Free Bond Fund 02/28/2023 811-08207 T. Rowe Price Tax-Efficient Funds, Inc. T. Rowe Price Tax-Efficient Equity Fund 02/28/2023 811-22620 T. Rowe Price Multi-Sector Account Portfolios, Inc. T. Rowe Price Floating Rate Multi-Sector Account Portfolio 02/28/2023 811-22620 T. Rowe Price Multi-Sector Account Portfolios, Inc. T. Rowe Price High Yield Multi-Sector Account Portfolio 02/28/2023 811-22620 T. Rowe Price Multi-Sector Account Portfolios, Inc. T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio 02/28/2023 811-22968 T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. T. Rowe Price Intermediate Tax-Free High Yield Fund 02/28/2023 811-02396 T. Rowe Price New Income Fund, Inc. T. Rowe Price New Income Fund 05/31/2023 811-02603 T. Rowe Price Government Money Fund, Inc. T. Rowe Price Government Money Fund 05/31/2023 811-03894 T. Rowe Price Short-Term Bond Fund, Inc. T. Rowe Price Short Duration Income Fund 05/31/2023 811-03894 T. Rowe Price Short-Term Bond Fund, Inc. T. Rowe Price Short-Term Bond Fund 05/31/2023 811-03894 T. Rowe Price Short-Term Bond Fund, Inc. T. Rowe Price Ultra Short-Term Bond Fund 05/31/2023 811-04119 T. Rowe Price High Yield Fund, Inc. T. Rowe Price High Yield Fund 05/31/2023 811-04119 T. Rowe Price High Yield Fund, Inc. T. Rowe Price U.S. High Yield Fund 05/31/2023 811-04441 T. Rowe Price GNMA Fund, Inc. T. Rowe Price GNMA Fund 05/31/2023 811-05860 T. Rowe Price U.S. Treasury Funds, Inc. T. Rowe Price U.S. Treasury Intermediate Index Fund 05/31/2023 811-05860 T. Rowe Price U.S. Treasury Funds, Inc. T. Rowe Price U.S. Treasury Long-Term Index Fund 05/31/2023 811-05860 T. Rowe Price U.S. Treasury Funds, Inc. T. Rowe Price U.S. Treasury Money Fund 05/31/2023 811-05986 T. Rowe Price Index Trust, Inc. T. Rowe Price U.S. Limited Duration TIPS Index Fund 05/31/2023 811-07173 T. Rowe Price Spectrum Funds II, Inc. T. Rowe Price Spectrum Conservative Allocation Fund 05/31/2023 811-07173 T. Rowe Price Spectrum Funds II, Inc. T. Rowe Price Spectrum Moderate Allocation Fund 05/31/2023 811-07173 T. Rowe Price Spectrum Funds II, Inc. T. Rowe Price Spectrum Moderate Growth Allocation Fund 05/31/2023 811-07353 T. Rowe Price Corporate Income Fund, Inc. T. Rowe Price Corporate Income Fund 05/31/2023 811-08279 T. Rowe Price Reserve Investment Funds, Inc. T. Rowe Price Government Reserve Fund 05/31/2023 811-08279 T. Rowe Price Reserve Investment Funds, Inc. T. Rowe Price Treasury Reserve Fund 05/31/2023 File # Registrant Name Series Name FYE Reviewed 811-21055 T. Rowe Price Institutional Income Funds, Inc. T. Rowe Price Institutional Floating Rate Fund 05/31/2023 811-21055 T. Rowe Price Institutional Income Funds, Inc. T. Rowe Price Institutional High Yield Fund 05/31/2023 811-21055 T. Rowe Price Institutional Income Funds, Inc. T. Rowe Price Institutional Long Duration Credit Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2005 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2010 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2015 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2020 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2025 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2030 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2035 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2040 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2045 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2050 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2055 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2060 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement 2065 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Balanced Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Balanced I Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2005 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2010 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2015 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2020 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2025 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2030 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2035 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2040 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2045 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2050 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2055 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2060 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement Blend 2065 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2005 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2010 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2015 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2020 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2025 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2030 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2035 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2040 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2045 Fund - I Class 05/31/2023 File # Registrant Name Series Name FYE Reviewed 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2050 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2055 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2060 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Retirement I 2065 Fund - I Class 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2005 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2010 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2015 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2020 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2025 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2030 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2035 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2040 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2045 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2050 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2055 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2060 Fund 05/31/2023 811-21149 T. Rowe Price Retirement Funds, Inc. T. Rowe Price Target 2065 Fund 05/31/2023 811-21185 T. Rowe Price Inflation Protected Bond Fund, Inc. T. Rowe Price Inflation Protected Bond Fund 05/31/2023 811-21919 T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc. T. Rowe Price Limited Duration Inflation Focused Bond Fund 05/31/2023 811-22243 T. Rowe Price Global Multi-Sector Bond Fund, Inc. T. Rowe Price Global Multi-Sector Bond Fund 05/31/2023 811-22557 T. Rowe Price Floating Rate Fund, Inc. T. Rowe Price Floating Rate Fund 05/31/2023 811-22939 T. Rowe Price Credit Opportunities Fund, Inc. T. Rowe Price Credit Opportunities Fund 05/31/2023 811-23180 T. Rowe Price Total Return Fund, Inc. T. Rowe Price Total Return Fund 05/31/2023 811-23494 T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Floating Rate ETF 05/31/2023 811-23494 T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Total Return ETF 05/31/2023 811-23494 T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price U.S. High Yield ETF 05/31/2023 811-23494 T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Ultra Short-Term Bond ETF 05/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Africa & Middle East Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Asia Opportunities Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price China Evolution Equity Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Emerging Europe Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Emerging Markets Discovery Stock Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Emerging Markets Stock Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price European Stock Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Global Growth Stock Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Global Impact Equity Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Global Stock Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price International Disciplined Equity Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price International Discovery Fund 10/31/2023 File # Registrant Name Series Name FYE Reviewed 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price International Stock Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price International Value Equity Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Japan Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Latin America Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price New Asia Fund 10/31/2023 811-02958 T. Rowe Price International Funds, Inc. T. Rowe Price Overseas Stock Fund 1